Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 28, 2015 | Apr. 24, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DIXIE GROUP INC | |
Entity Central Index Key | 29332 | |
Current Fiscal Year End Date | -14 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,109,696 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 763,993 | |
Common Class C [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $743 | $394 |
Receivables, net | 51,730 | 50,524 |
Inventories | 110,254 | 104,207 |
Prepaid expenses | 6,328 | 5,970 |
Deferred income taxes | 14,154 | 12,722 |
TOTAL CURRENT ASSETS | 183,209 | 173,817 |
PROPERTY, PLANT AND EQUIPMENT, NET | 104,655 | 102,489 |
OTHER ASSETS | 24,503 | 24,574 |
TOTAL ASSETS | 312,367 | 300,880 |
CURRENT LIABILITIES | ||
Accounts payable | 29,389 | 22,108 |
Accrued expenses | 30,685 | 29,307 |
Current portion of long-term debt | 9,265 | 9,078 |
TOTAL CURRENT LIABILITIES | 69,339 | 60,493 |
LONG-TERM DEBT | 123,780 | 118,210 |
DEFERRED INCOME TAXES | 8,501 | 9,376 |
OTHER LONG-TERM LIABILITIES | 21,077 | 19,824 |
TOTAL LIABILITIES | 222,697 | 207,903 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 15,107,114 shares for 2015 and 15,007,423 shares for 2014 | 45,321 | 45,022 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 763,993 shares for 2015 and 764,191 shares for 2014 | 2,292 | 2,293 |
Additional paid-in capital | 154,939 | 155,127 |
Accumulated deficit | -110,420 | -107,952 |
Accumulated other comprehensive income (loss) | -2,462 | -1,513 |
TOTAL STOCKHOLDERS' EQUITY | 89,670 | 92,977 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $312,367 | $300,880 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parentheticals) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
Common stock, par value | $3 | $3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 15,107,114 | 15,007,423 |
Class B Common stock, par value | $3 | $3 |
Class B Common stock, shares authorized | 16,000,000 | 16,000,000 |
Class B Common stock, shares issued | 763,993 | 764,191 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | ||
NET SALES | $95,855 | $85,082 | ||
Cost of sales | 72,516 | 66,981 | ||
GROSS PROFIT | 23,339 | 18,101 | ||
Selling and administrative expenses | 24,757 | 20,117 | ||
Other operating expense, net | 490 | 152 | ||
Facility consolidation expenses | 775 | 73 | ||
Impairment of assets | 0 | [1] | 0 | |
OPERATING LOSS | -2,683 | -2,241 | ||
Interest expense | 1,177 | 1,012 | ||
Other expense, net | 10 | 10 | ||
Gain on purchase of business | 0 | -10,937 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | -3,870 | 7,674 | ||
Income tax provision (benefit) | -1,490 | 2,854 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS | -2,380 | 4,820 | ||
Loss from discontinued operations, net of tax | -88 | -192 | ||
NET INCOME (LOSS) | ($2,468) | $4,628 | ||
BASIC EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations | ($0.15) | $0.36 | ||
Discontinued operations | ($0.01) | ($0.02) | ||
Net income (loss) | ($0.16) | $0.34 | ||
BASIC SHARES OUTSTANDING | 15,435 | [2] | 12,789 | [2] |
DILUTED EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations | ($0.15) | $0.36 | ||
Discontinued operations | ($0.01) | ($0.02) | ||
Net income (loss) | ($0.16) | $0.34 | ||
DILUTED SHARES OUTSTANDING | 15,435 | [2],[3] | 13,017 | [2],[3] |
Dividends Per Share: | ||||
Common Stock | $0 | $0 | ||
Class B Common Stock | $0 | $0 | ||
[1] | Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. | |||
[2] | Includes Common and Class B Common shares, in thousands. | |||
[3] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three months ended March 28, 2015 and March 29, 2014 were 469 and 123, respectively. |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
NET INCOME (LOSS) | ($2,468) | $4,628 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Unrealized loss on interest rate swaps | -1,014 | -582 |
Reclassification of loss into earnings from interest rate swaps | 83 | 53 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -5 | -6 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -13 | -14 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -949 | -549 |
COMPREHENSIVE INCOME (LOSS) | ($3,417) | $4,079 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Income (loss) from continuing operations | ($2,380) | $4,820 | |
Loss from discontinued operations | -88 | -192 | |
Net income (loss) | -2,468 | 4,628 | |
Adjustments to reconcile net income (loss) to net cash used in operating activities, net of acquisitions: | |||
Depreciation and amortization - continuing operations | 3,637 | 2,972 | |
Depreciation and amortization - discontinued operations | 0 | 16 | |
Provision (benefit) for deferred income taxes | -1,722 | 2,709 | |
Net gain on property, plant and equipment disposals | -5 | 0 | |
Impairment of assets | 0 | [1] | 0 |
Gain on purchase of business | 0 | -10,937 | |
Stock-based compensation expense | 277 | 196 | |
Excess tax benefits from stock-based compensation | -236 | 0 | |
Bad debt expense | 32 | 67 | |
Changes in operating assets and liabilities: | |||
Receivables | -1,238 | -1,717 | |
Inventories | -6,047 | -2,096 | |
Other current assets | -1,945 | -977 | |
Accounts payable and accrued expenses | 8,383 | 1,758 | |
Other operating assets and liabilities | -358 | -203 | |
NET CASH USED IN OPERATING ACTIVITIES | -1,690 | -3,584 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net proceeds from sales of property, plant and equipment | 55 | 0 | |
Purchase of property, plant and equipment | -2,850 | -2,812 | |
Net cash paid in business acquisitions | 0 | -14,077 | |
NET CASH USED IN INVESTING ACTIVITIES | -2,795 | -16,889 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net borrowings on revolving credit facility | 318 | 23,158 | |
Borrowings on mortgage note payable | 6,290 | 0 | |
Payments on mortgage note payable | -157 | 0 | |
Payments on notes payable related to acquisitions | -253 | -233 | |
Borrowings on equipment financing | 84 | 0 | |
Payments on equipment financing | -720 | -419 | |
Payments on capital leases | -650 | -216 | |
Borrowings on notes payable | 0 | 745 | |
Payments on notes payable | -421 | -307 | |
Change in outstanding checks in excess of cash | 421 | -2,169 | |
Proceeds from exercise of stock options | 213 | 172 | |
Repurchases of Common Stock | -527 | -74 | |
Excess tax benefits from stock-based compensation | 236 | 0 | |
Payments for debt issuance costs | 0 | -84 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,834 | 20,573 | |
INCREASE IN CASH AND CASH EQUIVALENTS | 349 | 100 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 394 | 255 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 743 | 355 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 999 | 789 | |
Income taxes paid, net of tax refunds | 98 | 58 | |
Equipment purchased under capital leases | 0 | 1,487 | |
Equipment purchased under notes payable | 1,267 | 0 | |
Deposits utilized on purchased equipment | 1,587 | 0 | |
Assets acquired in acquisitions, net of cash acquired | 0 | 32,803 | |
Liabilities assumed in acquisitions | 0 | -5,573 | |
Accrued consideration for working capital adjustment in acquisitions | 0 | -1,293 | |
Accrued consideration for holdbacks in acquisition | 0 | -923 | |
Shortfall of tax benefits from stock-based compensation | ($90) | $0 | |
[1] | Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION |
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP") for interim financial statements which do not include all the information and footnotes required by such accounting principles for annual financial statements. In the opinion of management, all adjustments (generally consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 27, 2014. Operating results for the three month period ended March 28, 2015 is not necessarily indicative of the results that may be expected for the entire 2015 year. | |
The Company has one reportable segment, carpet and rug manufacturing. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS |
In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". The ASU was issued to change the requirements for reporting discontinued operations and to enhance the disclosures in this area. The ASU requires a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations only if the disposal represents a strategic shift and will have a major effect on an entity's operations and financial results. The ASU is effective prospectively for interim and annual reporting periods beginning after December 15, 2014. The adoption of this ASU did not have a material effect on the Company's Consolidated Condensed Financial Statements. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)". The ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method. The Company will be evaluating the effect that the ASU will have on the Consolidated Condensed Financial Statements and related disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe the adoption of this ASU will have a significant impact on the Consolidated Condensed Consolidated Financial Statements. |
Receivables_Net
Receivables, Net | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Receivables, Net | RECEIVABLES, NET | |||||||
Receivables are summarized as follows: | ||||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Customers, trade | $ | 47,941 | $ | 46,422 | ||||
Other receivables | 4,260 | 4,552 | ||||||
Gross receivables | 52,201 | 50,974 | ||||||
Less allowance for doubtful accounts | (471 | ) | (450 | ) | ||||
Receivables, net | $ | 51,730 | $ | 50,524 | ||||
Bad debt expense was $32 and $67 for the three months ended March 28, 2015 and March 29, 2014, respectively. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
Inventories are summarized as follows: | ||||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 40,946 | $ | 40,649 | ||||
Work-in-process | 20,953 | 19,976 | ||||||
Finished goods | 60,138 | 57,913 | ||||||
Supplies and other | 177 | 126 | ||||||
LIFO reserve | (11,960 | ) | (14,457 | ) | ||||
Inventories | $ | 110,254 | $ | 104,207 | ||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET | |||||||
Property, plant and equipment consists of the following: | ||||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Land and improvements | $ | 7,327 | $ | 7,327 | ||||
Buildings and improvements | 61,747 | 61,557 | ||||||
Machinery and equipment | 173,406 | 171,586 | ||||||
242,480 | 240,470 | |||||||
Accumulated depreciation | (137,825 | ) | (137,981 | ) | ||||
Property, plant and equipment, net | $ | 104,655 | $ | 102,489 | ||||
Depreciation of property, plant and equipment, including amounts for capital leases, totaled $3,488 in the three months ended March 28, 2015 and $2,870 in the three months ended March 29, 2014. |
Acquisitions
Acquisitions | 3 Months Ended | |||
Mar. 28, 2015 | ||||
Business Combinations [Abstract] | ||||
Acquisitions | ACQUISITIONS | |||
Atlas Carpet Mills, Inc. | ||||
Effective March 19, 2014, the Company acquired all outstanding stock of Atlas Carpet Mills, Inc. ("Atlas") for total purchase price consideration of $18,759, including a cash payment of $16,543, accrued consideration relating to holdbacks for certain inventories and customer claims of $923 and accrued consideration for a working capital adjustment of $1,293. The Company financed the transaction with availability under its revolving credit facility. | ||||
Atlas is a California-based manufacturer and marketer of high-end commercial broadloom and tile carpeting serving soft floorcovering markets. Atlas has a strong reputation for exceptional design, quality and service. This brand is sold through the existing Atlas sales force and broadens the Company's product offerings for commercial applications along with the Company's Masland Contract brand. | ||||
The acquisition was accounted for as a business combination which generally requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The acquisition did not represent a significant business combination. The fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase of $10,937. This amount differs from the amounts originally reported in the first quarter of 2014 as result of changes in the provisional fair value of the assets and liabilities of Atlas. The following table summarizes the fair values of the assets acquired and liabilities assumed as of March 19, 2014 based on the purchase price allocation. The components of the purchase price allocation consisted of the following: | ||||
Cash | $ | 2,466 | ||
Receivables | 4,998 | |||
Inventories | 10,981 | |||
Other current assets | 797 | |||
Assets held for sale | 5,152 | |||
Property, plant and equipment | 6,716 | |||
Finite intangible asset | 3,300 | |||
Other assets | 859 | |||
Accounts payable | (2,286 | ) | ||
Accrued expenses | (2,883 | ) | ||
Capital lease obligation | (404 | ) | ||
Fair value of net assets acquired | $ | 29,696 | ||
Total consideration | 18,759 | |||
Gain on purchase of business | $ | (10,937 | ) | |
The Company believes that several factors were significant in the recognition of a gain from the acquisition of Atlas. Atlas had higher cost of dyeing due to the lack of capacity utilization and therefore needed to lower costs by combining dye facilities with another operation. In addition, Atlas had a higher cost of modular carpet tile manufacturing due to outsourcing the tile manufacturing operations. Therefore, Atlas would have had to make significant investments in product and manufacturing equipment to be competitive in the modular carpet manufacturing business. Finally, the Seller had the desire to see Atlas operated as an independent brand and organization in the future. All of these objectives were achieved by combining Atlas with the Company in a mutually advantageous relationship. | ||||
The Company determined that it is impracticable to provide comparative pro forma financial information related to the acquisition. Significant estimates of amounts to be included in pro forma financial information would be required and subject to an inordinate level of subjectivity. Net sales related to Atlas included in the Company’s Consolidated Condensed Statement of Operations for the three months ended March 28, 2015 and March 29, 2014 were $10,155 and $1,666, respectively. | ||||
Burtco Enterprises, Inc. | ||||
Effective September 22, 2014, the Company acquired certain assets and assumed certain liabilities of Burtco Enterprises, Inc. ("Burtco") for total purchase price consideration of $2,549, including a cash payment of $2,430 and accrued consideration for a working capital adjustment of $119. | ||||
Since 1979, Burtco has created high-quality, custom-crafted carpet designed for the hospitality industry. Burtco manufactures both wool and solution-dyed computer yarn placement (CYP) products that are used in public spaces and hotel guest rooms. | ||||
These products will broaden the product offerings for commercial applications under the Company's Masland Contract brand. | ||||
The acquisition was accounted for as a business combination which generally requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The acquisition did not represent a significant business combination. The fair value of the net assets acquired totaled $2,722. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||
The carrying amount of goodwill is $3,389 as of March 28, 2015 and December 27, 2014. | ||||||||||||||||||||||||
The following table represents the details of the Company's intangible assets: | ||||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||
March 28, | December 27, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 208 | $ | (36 | ) | $ | 172 | $ | 208 | $ | (32 | ) | $ | 176 | ||||||||||
Rug design coding | 144 | (32 | ) | 112 | 144 | (29 | ) | 115 | ||||||||||||||||
Trade names | 3,300 | (283 | ) | 3,017 | 3,300 | (214 | ) | 3,086 | ||||||||||||||||
Total | $ | 3,652 | $ | (351 | ) | $ | 3,301 | $ | 3,652 | $ | (275 | ) | $ | 3,377 | ||||||||||
Amortization expense for intangible assets is summarized as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, | March 29, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Customer relationships | $ | 4 | $ | 15 | ||||||||||||||||||||
Rug design coding | 3 | 4 | ||||||||||||||||||||||
Trade names | 69 | 25 | ||||||||||||||||||||||
Amortization expense | $ | 76 | $ | 44 | ||||||||||||||||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses | ACCRUED EXPENSES | |||||||
Accrued expenses are summarized as follows: | ||||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Compensation and benefits | $ | 9,570 | $ | 8,894 | ||||
Provision for customer rebates, claims and allowances | 7,062 | 7,960 | ||||||
Advanced customer deposits | 5,235 | 3,501 | ||||||
Outstanding checks in excess of cash | 1,611 | 1,190 | ||||||
Other | 7,207 | 7,762 | ||||||
Accrued expenses | $ | 30,685 | $ | 29,307 | ||||
Product_Warranty_Reserves
Product Warranty Reserves | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Product Warranty Reserves | PRODUCT WARRANTY RESERVES | |||||||
The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. Product warranty reserves are included in accrued expenses in the Company's Consolidated Condensed Financial Statements. The following is a summary of the Company's product warranty activity. | ||||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Product warranty reserve at beginning of period | $ | 2,214 | $ | 1,850 | ||||
Warranty reserve assumed in business combination | — | 209 | ||||||
Warranty liabilities accrued | 1,808 | 1,014 | ||||||
Warranty liabilities settled | (1,988 | ) | (1,208 | ) | ||||
Changes for pre-existing warranty liabilities | 511 | 136 | ||||||
Product warranty reserve at end of period | $ | 2,545 | $ | 2,001 | ||||
LongTerm_Debt_and_Credit_Arran
Long-Term Debt and Credit Arrangements | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS | |||||||
Long-term debt consists of the following: | ||||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Revolving credit facility - Tranche A | $ | 83,214 | $ | 82,897 | ||||
Notes payable - buildings | 14,429 | 8,295 | ||||||
Obligation to Development Authority of Gordon County | 3,144 | 3,413 | ||||||
Note payable - Robertex acquisition | 3,078 | 3,062 | ||||||
Equipment notes payable | 13,994 | 13,362 | ||||||
Notes payable | 839 | 1,261 | ||||||
Capital lease obligations | 14,347 | 14,998 | ||||||
Total long-term debt | 133,045 | 127,288 | ||||||
Less: current portion of long-term debt | (9,265 | ) | (9,078 | ) | ||||
Long-term debt | $ | 123,780 | $ | 118,210 | ||||
Revolving Credit Facility | ||||||||
On March 14, 2014, the Company amended its revolving credit facility effective as of March 19, 2014 to permit the acquisition of Atlas. In addition, the revolving portion of the facility ("Tranche A Advance") provides for a maximum of $150,000 of revolving credit, subject to borrowing base availability. The borrowing base is currently equal to specified percentages of the Company's eligible accounts receivable, inventories, fixed assets and real property less reserves established, from time to time, by the administrative agent under the facility. In addition, the term of the revolving credit facility was extended from August 1, 2018 to March 14, 2019. The revolving credit facility is secured by a first priority lien on substantially all of the Company's assets. | ||||||||
At the Company's election, Tranche A Advances of the revolving credit facility bears interest at annual rates equal to either (a) LIBOR for 1, 2 or 3 month periods, as selected by the Company, plus an applicable margin of either 1.50%, 1.75% or 2.00%, or (b) the higher of the prime rate, the Federal Funds rate plus 0.5%, or a daily LIBOR rate plus 1.00%, plus an applicable margin of either 0.50%, 0.75% or 1.00%. The applicable margin is determined based on availability under the revolving credit facility with margins increasing as availability decreases. The Company pays an unused line fee on the average amount by which the aggregate commitments exceed utilization of the senior credit facility equal to 0.375% per annum. | ||||||||
The revolving credit facility includes certain affirmative and negative covenants that impose restrictions on the Company's financial and business operations. The revolving credit facility requires the Company to maintain a fixed charge coverage ratio of 1.1 to 1.0 during any period that borrowing availability is less than $16,500. As of March 28, 2015, the unused borrowing availability under the revolving credit facility was $32,776. | ||||||||
Notes Payable - Buildings | ||||||||
On November 7, 2014, the Company entered into a ten-year $8,330 note payable to purchase a previously leased distribution center in Adairsville, Georgia. The note payable is scheduled to mature on November 7, 2024 and is secured by the distribution center. The note payable bears interest at a variable rate equal to one month LIBOR plus 2.0% and is payable in equal monthly installments of principal of $35, plus interest calculated on the declining balance of the note, with a final payment of $4,165 due on maturity. In addition, the Company entered into an interest rate swap with an amortizing notional amount effective November 7, 2014 which effectively fixes the interest rate at 4.50%. | ||||||||
On January 23, 2015, the Company entered into a ten-year $6,290 note payable to finance an owned facility in Saraland, Alabama. The note payable is scheduled to mature on January 7, 2025 and is secured by the facility. The note payable bears interest at a variable rate equal to one month LIBOR plus 2.0% and is payable in equal monthly installments of principal of $26, plus interest calculated on the declining balance of the note, with a final payment of $3,145 due on maturity. In addition, the Company entered into a forward interest rate swap with an amortizing notional amount effective January 7, 2017 which effectively fixes the interest rate at 4.30%. | ||||||||
Obligation to Development Authority of Gordon County | ||||||||
On November 2, 2012, the Company signed a 6.00% seller-financed note of $5,500 with Lineage PCR, Inc. (“Lineage”) related to the acquisition of the continuous carpet dyeing facility in Calhoun, Georgia. Effective December 28, 2012, through a series of agreements between the Company, the Development Authority of Gordon County, Georgia (the “Authority”) and Lineage, obligations with identical payment terms as the original note to Lineage became payment obligations to the Authority. These transactions were consummated in order to provide a tax abatement to the Company related to the real estate and equipment at this facility. The tax abatement plan provides for abatement for certain components of the real and personal property taxes for up to ten years. At any time, the Company has the option to pay off the obligation, plus a nominal amount. The debt to the Authority bears interest at 6.00% and is payable in equal monthly installments of principal and interest of $106 over 57 months. | ||||||||
Note Payable - Robertex Acquisition | ||||||||
On July 1, 2013, the Company signed a 4.50% seller-financed note of $4,000, which was recorded at a fair value of $3,749, with Robert P. Rothman related to the acquisition of Robertex Associates, LLC ("Robertex") in Calhoun, Georgia. The note is payable in five annual installments of principal of $800 plus interest. The note matures June 30, 2018. | ||||||||
Equipment Notes Payable | ||||||||
The Company's equipment financing notes have terms ranging from three to seven years, bear interest ranging from 1.00% to 6.86% and are due in monthly or quarterly installments through their maturity dates. In connection with certain of the notes, the Company is required to maintain funds in a separate escrow account. At March 28, 2015 and December 27, 2014, the balances held were $574 and $574, respectively, and are included in other current assets on the Company’s Consolidated Condensed Balance Sheets. The Company's equipment financing notes are secured by the specific equipment financed and do not contain any financial covenants. | ||||||||
Capital Lease Obligations | ||||||||
The Company's capital lease obligations have terms ranging from three to seven years, bear interest ranging from 2.90% to 7.37% and are due in monthly or quarterly installments through their maturity dates. The Company's capital lease obligations are secured by the specific equipment leased. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
Fair value is defined as the exchange value of an asset or a liability in an orderly transaction between market participants. The fair value guidance outlines a valuation framework and establishes a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and disclosures. The hierarchy consists of three levels as follows: | ||||||||||||||||
Level 1 - Quoted market prices in active markets for identical assets or liabilities as of the reported date; | ||||||||||||||||
Level 2 - Other than quoted market prices in active markets for identical assets or liabilities, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other than quoted prices for assets or liabilities and prices that are derived principally from or corroborated by market data by correlation or other means; and | ||||||||||||||||
Level 3 - Measurements using management's best estimate of fair value, where the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||
The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of March 28, 2015 and December 27, 2014: | ||||||||||||||||
March 28, | December 27, | Fair Value Hierarchy Level | ||||||||||||||
2015 | 2014 | |||||||||||||||
Assets: | ||||||||||||||||
Rabbi Trust (1) | $ | 15,503 | $ | 15,316 | Level 2 | |||||||||||
Interest rate swaps (2) | — | 34 | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 4,508 | $ | 3,040 | Level 2 | |||||||||||
Deferred compensation plan (3) | 14,318 | 14,331 | Level 2 | |||||||||||||
Contingent consideration (4) | 1,625 | 1,855 | Level 3 | |||||||||||||
-1 | The Company maintains a Rabbi Trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||||||||||||||
-2 | The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. | |||||||||||||||
-3 | Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds. | |||||||||||||||
-4 | As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate. | |||||||||||||||
Changes in the fair value measurements using significant unobservable inputs (Level 3) during the three months ending March 28, 2015 and March 29, 2014 were as follows: | ||||||||||||||||
March 28, | March 29, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Beginning balance | $ | 1,855 | $ | 2,751 | ||||||||||||
Fair value adjustments | 26 | 45 | ||||||||||||||
Settlements | (256 | ) | (58 | ) | ||||||||||||
Ending balance | $ | 1,625 | $ | 2,738 | ||||||||||||
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three months ending March 28, 2015 or March 29, 2014. If any, the Company recognizes the transfers in or transfers out at the end of the reporting period. | ||||||||||||||||
The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: | ||||||||||||||||
March 28, | December 27, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 743 | $ | 743 | $ | 394 | $ | 394 | ||||||||
Notes receivable, including current portion | 282 | 282 | 282 | 282 | ||||||||||||
Interest rate swaps | — | — | 34 | 34 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 133,045 | 127,438 | 127,288 | 119,776 | ||||||||||||
Interest rate swaps | 4,508 | 4,508 | 3,040 | 3,040 | ||||||||||||
The fair values of the Company's long-term debt and capital leases were estimated using market rates the Company believes would be available for similar types of financial instruments and represent level 2 measurements. The fair values of cash and cash equivalents and notes receivable approximate their carrying amounts due to the short-term nature of the financial instruments. |
Derivatives
Derivatives | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Derivatives | DERIVATIVES | ||||||||
The Company's earnings, cash flows and financial position are exposed to market risks relating to interest rates. It is the Company's policy to minimize its exposure to adverse changes in interest rates and manage interest rate risks inherent in funding the Company with debt. The Company addresses this risk by maintaining a mix of fixed and floating rate debt and entering into interest rate swaps for a portion of its variable rate debt to minimize interest rate volatility. | |||||||||
The following is a summary of the Company's interest rate swaps as of March 28, 2015: | |||||||||
Type | Notional Amount | Effective Date | Fixed Rate | Variable Rate | |||||
Interest rate swap | $ | 10,000 | October 3, 2011 through September 1, 2016 | 1.33% | 1 Month LIBOR | ||||
Interest rate swap | $ | 10,000 | March 1, 2013 through September 1, 2016 | 1.62% | 1 Month LIBOR | ||||
Interest rate swap | $ | 5,000 | June 1, 2013 through September 1, 2016 | 1.70% | 1 Month LIBOR | ||||
Interest rate swap | $ | 25,000 | September 1, 2016 through September 1, 2021 | 3.11% | 1 Month LIBOR | ||||
Interest rate swap | $ | 25,000 | September 1, 2015 through September 1, 2021 | 3.30% | 1 Month LIBOR | ||||
Interest rate swap | $ | 8,191 | -1 | November 7, 2014 through November 7, 2024 | 4.50% | 1 Month LIBOR | |||
Interest rate swap | $ | 5,661 | -2 | January 7, 2017 through January 7, 2025 | 4.30% | 1 Month LIBOR | |||
(1) Interest rate swap notional amount amortizes by $35 monthly to maturity. | |||||||||
(2) Interest rate swap notional amount amortizes by $26 monthly to maturity. | |||||||||
The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Condensed Balance Sheets: | |||||||||
Location on Consolidated Balance Sheets | Fair Value | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Asset Derivatives: | |||||||||
Derivatives designated as hedging instruments: | |||||||||
Interest rate swaps | Other Assets | $ | — | $ | 34 | ||||
Total Asset Derivatives | $ | — | $ | 34 | |||||
Liability Derivatives: | |||||||||
Derivatives designated as hedging instruments: | |||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 840 | $ | 650 | ||||
Interest rate swaps, long-term portion | Other Long-Term Liabilities | 3,668 | 2,390 | ||||||
Total Liability Derivatives | $ | 4,508 | $ | 3,040 | |||||
The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: | |||||||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedges - interest rate swaps | $ | (1,635 | ) | $ | (940 | ) | |||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedges - interest rate swaps | $ | (134 | ) | $ | (86 | ) | |||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedges - interest rate swaps | $ | — | $ | — | |||||
-1 | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. | ||||||||
-2 | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to March 28, 2015 is $840. | ||||||||
-3 | The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | |||||||
Defined Contribution Plans | ||||||||
The Company sponsors a 401(k) defined contribution plan that covers a significant portion, or approximately 86% of the Company's associates. This plan includes a mandatory Company match on the first 1% of participants' contributions. The Company matches the next 2% of participants' contributions if the Company meets prescribed earnings levels. The plan also provides for additional Company contributions above the 3% level if the Company attains certain additional performance targets. Matching contribution expense for this 401(k) plan was $235 and $232 for the three months ended March 28, 2015 and March 29, 2014, respectively. | ||||||||
Additionally, the Company sponsors a 401(k) defined contribution plan that covers those associates at one facility who are under a collective-bargaining agreement, or approximately 14% of the Company's associates. Under this plan, the Company generally matches participants' contributions, on a sliding scale, up to a maximum of 2.75% of the participant's earnings. Matching contribution expense for the collective-bargaining 401(k) plan was $19 and $18 for the three months ended March 28, 2015 and March 29, 2014, respectively. | ||||||||
Non-Qualified Retirement Savings Plan | ||||||||
The Company sponsors a non-qualified retirement savings plan that allows eligible associates to defer a specified percentage of their compensation. The obligations owed to participants under this plan were $14,318 at March 28, 2015 and $14,331 at December 27, 2014 and are included in other long-term liabilities in the Company's Consolidated Condensed Balance Sheets. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company utilizes a Rabbi Trust to hold, invest and reinvest deferrals and contributions under the plan. Amounts are invested in Company-owned life insurance in the Rabbi Trust and the cash surrender value of the policies was $15,503 at March 28, 2015 and $15,316 at December 27, 2014 and is included in other assets in the Company's Consolidated Condensed Balance Sheets. | ||||||||
Multi-Employer Pension Plan | ||||||||
The Company contributes to a multi-employer pension plan under the terms of a collective-bargaining agreement that covers its union-represented employees. Expenses related to the multi-employer pension plan were $65 and $67 for the three months ended March 28, 2015 and March 29, 2014, respectively. | ||||||||
Postretirement Plans | ||||||||
The Company inherited a legacy postretirement benefit plan that provides life insurance to a limited number of associates as a result of a prior acquisition. The Company also sponsors a postretirement benefit plan that provides medical insurance for a limited number of associates who retired prior to January 1, 2003 and life insurance to a limited number of associates upon retirement. | ||||||||
Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: | ||||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Service cost | $ | 2 | $ | 2 | ||||
Interest cost | 5 | 5 | ||||||
Amortization of prior service credits | (22 | ) | (22 | ) | ||||
Recognized net actuarial gains | (9 | ) | (10 | ) | ||||
Net periodic benefit cost (credit) | $ | (24 | ) | $ | (25 | ) |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES |
The Company's effective income tax rate for the period ending March 28, 2015 is based upon the projected estimated annual income tax rate. The effective income tax rates for the three months ended March 28, 2015 and March 29, 2014 approximate the Company's federal and state statutory rates. | |
The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $400 at March 28, 2015 and December 27, 2014. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of March 28, 2015 and December 27, 2014. | |
The Company and its subsidiaries are subject to United States federal income taxes, as well as income taxes in a number of state jurisdictions. The tax years subsequent to 2010 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2010. A few state jurisdictions remain open to examination for tax years subsequent to 2009. |
Common_Stock_and_Earnings_Loss
Common Stock and Earnings (Loss) Per Share | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||
Common Stock and Earnings (Loss) Per Share | COMMON STOCK AND EARNINGS (LOSS) PER SHARE | |||||||
Common Stock | ||||||||
On May 20, 2014, the Company completed its equity offering of 2,500,000 shares of Common Stock at a price of $10.65 per share, raising approximately $24,559 after deducting underwriter fees and costs directly related to the offering. The Company used the net proceeds from the offering for general corporate purposes and to reduce the balance under the Company's revolving credit facility, including borrowings associated with the acquisition of Atlas Carpet Mills. | ||||||||
Earnings (Loss) Per Share | ||||||||
The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented. | ||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: | ||||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Basic earnings (loss) per share: | ||||||||
Income (loss) from continuing operations | $ | (2,380 | ) | $ | 4,820 | |||
Less: Allocation of earnings to participating securities | — | (197 | ) | |||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (2,380 | ) | $ | 4,623 | |||
Basic weighted-average shares outstanding (1) | 15,435 | 12,789 | ||||||
Basic earnings (loss) per share - continuing operations | $ | (0.15 | ) | $ | 0.36 | |||
Diluted earnings (loss) per share: | ||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (2,380 | ) | $ | 4,623 | |||
Add: Undistributed earnings reallocated to unvested shareholders | — | 3 | ||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (2,380 | ) | $ | 4,626 | |||
Basic weighted-average shares outstanding (1) | 15,435 | 12,789 | ||||||
Effect of dilutive securities: | ||||||||
Stock options (2) | — | 166 | ||||||
Directors' stock performance units (2) | — | 62 | ||||||
Diluted weighted-average shares outstanding (1)(2) | 15,435 | 13,017 | ||||||
Diluted earnings (loss) per share - continuing operations | $ | (0.15 | ) | $ | 0.36 | |||
-1 | Includes Common and Class B Common shares, in thousands. | |||||||
-2 | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three months ended March 28, 2015 and March 29, 2014 were 469 and 123, respectively. |
Stock_Compensation_Expense
Stock Compensation Expense | 3 Months Ended |
Mar. 28, 2015 | |
Share-based Compensation [Abstract] | |
Stock Compensation Expense | STOCK COMPENSATION EXPENSE |
The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity instrument issued and records such expense in selling and administrative expenses in the Company's Consolidated Condensed Financial Statements. The number of shares to be issued is determined by dividing the specified dollar value of the award by the market value per share on the grant date. The Company's stock compensation expense was $277 for the three months ended March 28, 2015 and $196 for the three months ended March 29, 2014. | |
On March 12, 2015, the Company issued 114,625 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $1,021, or $8.910 per share, and will be recognized as stock compensation expense over the vesting periods which range from 2 to 29 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Components of other comprehensive income (loss) are as follows: | ||||||||||||
Three Months Ended | ||||||||||||
March 28, | March 29, | |||||||||||
2015 | 2014 | |||||||||||
Other comprehensive income (loss): | ||||||||||||
Unrealized loss on interest rate swaps: | ||||||||||||
Before income taxes | $ | (1,635 | ) | $ | (940 | ) | ||||||
Income taxes | (621 | ) | (358 | ) | ||||||||
Net of taxes | (1,014 | ) | (582 | ) | ||||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||
Before income taxes | 134 | 86 | ||||||||||
Income taxes | 51 | 33 | ||||||||||
Net of taxes | 83 | 53 | ||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (9 | ) | (10 | ) | ||||||||
Income taxes | (4 | ) | (4 | ) | ||||||||
Net of taxes | (5 | ) | (6 | ) | ||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (22 | ) | (22 | ) | ||||||||
Income taxes | (9 | ) | (8 | ) | ||||||||
Net of taxes | (13 | ) | (14 | ) | ||||||||
Other comprehensive income (loss) | $ | (949 | ) | $ | (549 | ) | ||||||
-1 | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Condensed Statement of Operations. | |||||||||||
-2 | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statement of Operations. | |||||||||||
Components of accumulated other comprehensive income (loss), net of tax, are as follows: | ||||||||||||
Interest Rate Swaps | Post-Retirement Liabilities | Total | ||||||||||
Balance at December 27, 2014 | (1,841 | ) | 328 | (1,513 | ) | |||||||
Unrealized loss on interest rate swaps, net of tax of $621 | (1,014 | ) | — | (1,014 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $51 | 83 | — | 83 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $4 | — | (5 | ) | (5 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $9 | — | (13 | ) | (13 | ) | |||||||
Balance at March 28, 2015 | $ | (2,772 | ) | $ | 310 | $ | (2,462 | ) | ||||
Other_Income_Expense
Other (Income) Expense | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Other (Income) Expense | OTHER (INCOME) EXPENSE | |||||||
Other operating expense, net is summarized as follows: | ||||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Other operating expense, net: | ||||||||
Gain on property, plant and equipment disposals | $ | (6 | ) | $ | — | |||
Loss on currency exchanges | 343 | 120 | ||||||
Amortization of intangibles | 76 | 44 | ||||||
Retirement expenses | 33 | 31 | ||||||
Miscellaneous (income) expense | 44 | (43 | ) | |||||
Other operating expense, net | $ | 490 | $ | 152 | ||||
Other expense, net is summarized as follows: | ||||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Other expense, net: | ||||||||
Earnings from equity investments | $ | — | $ | 3 | ||||
Miscellaneous (income) expense | 10 | 7 | ||||||
Other expense, net | $ | 10 | $ | 10 | ||||
Facility_Consolidation_Expense
Facility Consolidation Expenses | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||
Facility Consolidation Expenses | FACILITY CONSOLIDATION EXPENSES | |||||||||||||||||||||||
2014 Warehousing, Distribution & Manufacturing Consolidation Plan | ||||||||||||||||||||||||
The Company developed a plan to align its warehousing, distribution and manufacturing to support its growth and manufacturing strategy resulting in better cost structure and improved distribution capabilities and customer service. The key element and first major step of this plan was the acquisition of a facility to serve as a finished goods warehouse and a cut-order and distribution center in Adairsville, Georgia. Costs related to the consolidation include moving and relocation expenses, information technology expenses and expenses relating to conversion and realignment of equipment. In addition, this plan includes the elimination of both carpet dyeing and yarn dyeing in the Company's Atmore, Alabama facility designed to more fully accommodate the distribution and manufacturing realignment. As a result, the dyeing operations in Atmore was moved to the Company's continuous dyeing facility, skein dyeing operation and other outside dyeing processors. These costs should completed in the first half of fiscal 2016. | ||||||||||||||||||||||||
2014 Atlas Integration Plan | ||||||||||||||||||||||||
As a part of the March 19, 2014 acquisition of Atlas, the Company developed a plan to close the operations of the Atlas dyeing facility in Los Angeles and move the carpet dyeing of their products to the Company's dyeing operation located in Santa Ana, California. Costs related to the consolidation include equipment relocation, computer systems modifications and severance costs and should be completed in fiscal 2015. | ||||||||||||||||||||||||
Costs related to the facility consolidation plans are summarized as follows: | ||||||||||||||||||||||||
As of March 28, 2015 | ||||||||||||||||||||||||
Accrued Balance at December 27, 2014 | 2015 Expenses To Date | 2015 Cash Payments | Accrued Balance at March 28, 2015 | Total Costs Incurred To Date | Total Expected Costs | |||||||||||||||||||
Warehousing, Distribution & Manufacturing Consolidation Plan | $ | — | $ | 605 | $ | (605 | ) | $ | — | $ | 4,652 | $ | 5,639 | |||||||||||
Atlas Integration Plan | — | 170 | (170 | ) | — | 1,637 | 1,846 | |||||||||||||||||
Totals | $ | — | $ | 775 | -1 | $ | (775 | ) | $ | — | $ | 6,289 | -1 | $ | 7,485 | |||||||||
Asset impairments | $ | — | -2 | $ | 1,133 | -2 | $ | 1,133 | ||||||||||||||||
(1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. | ||||||||||||||||||||||||
(2) Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES |
The Company assesses its exposure related to legal matters, including those pertaining to product liability, safety and health matters and other items that arise in the regular course of its business. If the Company determines that it is probable a loss has been incurred, the amount of the loss, or an amount within the range of loss, that can be reasonably estimated will be recorded. | |
Environmental Remediation | |
The Company accrues for losses associated with environmental remediation obligations when such losses are probable and estimable. Remediation obligations are accrued based on the latest available information and are recorded at undiscounted amounts. The Company regularly monitors the progress of environmental remediation. If studies indicate that the cost of remediation has changed from the previous estimate, an adjustment to the liability would be recorded in the period in which such determination is made. (See Note 21) |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ||||||||
Discontinued Operations | DISCONTINUED OPERATIONS | |||||||
The Company has previously either sold or discontinued certain operations that are accounted for as "Discontinued Operations" under applicable accounting guidance. Discontinued operations are summarized as follows: | ||||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Carousel | ||||||||
Net sales | $ | 221 | $ | 231 | ||||
Loss before income taxes | $ | (103 | ) | $ | (228 | ) | ||
Income tax benefit | (39 | ) | (76 | ) | ||||
Loss from discontinued operations, net of tax | $ | (64 | ) | $ | (152 | ) | ||
Previously Discontinued Operations | ||||||||
Loss from discontinued operations: | ||||||||
Workers' compensation costs | $ | (26 | ) | $ | (38 | ) | ||
Environmental remediation costs | (12 | ) | (23 | ) | ||||
Loss from discontinued operations, before taxes | (38 | ) | (61 | ) | ||||
Income tax benefit | (14 | ) | (21 | ) | ||||
Loss from discontinued operations, net of tax | $ | (24 | ) | $ | (40 | ) | ||
Carousel | ||||||||
In the fourth quarter of 2014, the Company discontinued the Carousel specialty tufting and weaving operation that was part of the 2013 Robertex, Inc. acquisition. Operating results associated with Carousel have been classified as discontinued operations for all periods presented. | ||||||||
Previously Discontinued Operations | ||||||||
Undiscounted reserves are maintained for the self-insured workers' compensation obligations. These reserves are administered by a third-party workers' compensation service provider under the supervision of Company personnel. Such reserves are reassessed on a quarterly basis. Pre-tax cost incurred for workers' compensation as a component of discontinued operations primarily represents a change in estimate for each period for medical costs associated with the Company's obligations. | ||||||||
Reserves for environmental remediation obligations are established on an undiscounted basis. The Company has an accrual for environmental remediation obligations of $1,635 and $1,637 as of March 28, 2015 and December 27, 2014, respectively. The liability established represents the Company's best estimate of possible loss and is the reasonable amount to which there is any meaningful degree of certainty given the periods of estimated remediation and the dollars applicable to such remediation for those periods. The actual timeline to remediate, and thus, the ultimate cost to complete such remediation through these remediation efforts, may differ significantly from our estimates. Pre-tax cost for environmental remediation obligations classified as discontinued operations were primarily a result of specific events requiring action and additional expense in each period. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 28, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS |
The Company purchases a portion of its product needs in the form of fiber, yarn, carpet and dyeing services from Engineered Floors, an entity substantially controlled by Robert E. Shaw, a shareholder of the Company. Mr. Shaw holds approximately 8.4% of the Company's Common Stock, which represents approximately 4.2% of the total vote of all classes of the Company's Common Stock. Engineered Floors is one of several suppliers of such services to the Company. Total purchases from Engineered Floors for during the three months ended March 28, 2015 and March 29, 2014 were approximately $1,861 and $2,663, respectively; or approximately 2.6% and 4.0%, respectively, of the Company's cost of goods sold. Purchases from Engineered Floors are based on market value, negotiated prices. The Company has no contractual arrangements or commitments with Mr. Shaw associated with its business relationship with Engineered Floors. Transactions with Engineered Floors were reviewed and approved by the Company's board of directors. | |
The Company is a party to a 5-year lease with the seller of Atlas Carpet Mills, Inc. to lease three manufacturing facilities as part of the acquisition in 2014. The seller is an associate of the Company. Rent paid to the seller during the three months ended March 28, 2015 and March 29, 2014 was $114 and $15, respectively. The lease was based on current market values for similar facilities. | |
The Company is a party to a 10-year lease with the Rothman Family Partnership to lease a manufacturing facility as part of the Robertex acquisition in 2013. The seller is an associate of the Company. Rent paid to the seller during the three months ended March 28, 2015 and March 29, 2014 was $65 and $64, respectively. The lease was based on current market values for similar facilities. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 28, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On April 1, 2015, the Company entered into a 15-year operating lease agreement to lease office space in Dalton, Georgia. The lease is to begin on or about September 1, 2015. Base annual rent is initially set at approximately $25 per month. Total base rent payable over the lease period is $4,493. | |
On April 29, 2015, the Company granted 100,000 shares of restricted stock to the Company's Chief Executive Officer. The shares will vest 4 years from the date the award was granted and will be subject to both a performance and service condition. |
Receivables_Net_Tables
Receivables, Net (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: | |||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Customers, trade | $ | 47,941 | $ | 46,422 | ||||
Other receivables | 4,260 | 4,552 | ||||||
Gross receivables | 52,201 | 50,974 | ||||||
Less allowance for doubtful accounts | (471 | ) | (450 | ) | ||||
Receivables, net | $ | 51,730 | $ | 50,524 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: | |||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 40,946 | $ | 40,649 | ||||
Work-in-process | 20,953 | 19,976 | ||||||
Finished goods | 60,138 | 57,913 | ||||||
Supplies and other | 177 | 126 | ||||||
LIFO reserve | (11,960 | ) | (14,457 | ) | ||||
Inventories | $ | 110,254 | $ | 104,207 | ||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: | |||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Land and improvements | $ | 7,327 | $ | 7,327 | ||||
Buildings and improvements | 61,747 | 61,557 | ||||||
Machinery and equipment | 173,406 | 171,586 | ||||||
242,480 | 240,470 | |||||||
Accumulated depreciation | (137,825 | ) | (137,981 | ) | ||||
Property, plant and equipment, net | $ | 104,655 | $ | 102,489 | ||||
Acquisitions_Tables
Acquisitions (Tables) (Atlas Carpet Mills [Member]) | 3 Months Ended | |||
Mar. 28, 2015 | ||||
Atlas Carpet Mills [Member] | ||||
Business Acquisition [Line Items] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ||||
Cash | $ | 2,466 | ||
Receivables | 4,998 | |||
Inventories | 10,981 | |||
Other current assets | 797 | |||
Assets held for sale | 5,152 | |||
Property, plant and equipment | 6,716 | |||
Finite intangible asset | 3,300 | |||
Other assets | 859 | |||
Accounts payable | (2,286 | ) | ||
Accrued expenses | (2,883 | ) | ||
Capital lease obligation | (404 | ) | ||
Fair value of net assets acquired | $ | 29,696 | ||
Total consideration | 18,759 | |||
Gain on purchase of business | $ | (10,937 | ) | |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following table represents the details of the Company's intangible assets: | |||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||
March 28, | December 27, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 208 | $ | (36 | ) | $ | 172 | $ | 208 | $ | (32 | ) | $ | 176 | ||||||||||
Rug design coding | 144 | (32 | ) | 112 | 144 | (29 | ) | 115 | ||||||||||||||||
Trade names | 3,300 | (283 | ) | 3,017 | 3,300 | (214 | ) | 3,086 | ||||||||||||||||
Total | $ | 3,652 | $ | (351 | ) | $ | 3,301 | $ | 3,652 | $ | (275 | ) | $ | 3,377 | ||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense for intangible assets is summarized as follows: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, | March 29, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Customer relationships | $ | 4 | $ | 15 | ||||||||||||||||||||
Rug design coding | 3 | 4 | ||||||||||||||||||||||
Trade names | 69 | 25 | ||||||||||||||||||||||
Amortization expense | $ | 76 | $ | 44 | ||||||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: | |||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Compensation and benefits | $ | 9,570 | $ | 8,894 | ||||
Provision for customer rebates, claims and allowances | 7,062 | 7,960 | ||||||
Advanced customer deposits | 5,235 | 3,501 | ||||||
Outstanding checks in excess of cash | 1,611 | 1,190 | ||||||
Other | 7,207 | 7,762 | ||||||
Accrued expenses | $ | 30,685 | $ | 29,307 | ||||
Product_Warranty_Reserves_Tabl
Product Warranty Reserves (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. Product warranty reserves are included in accrued expenses in the Company's Consolidated Condensed Financial Statements. The following is a summary of the Company's product warranty activity. | |||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Product warranty reserve at beginning of period | $ | 2,214 | $ | 1,850 | ||||
Warranty reserve assumed in business combination | — | 209 | ||||||
Warranty liabilities accrued | 1,808 | 1,014 | ||||||
Warranty liabilities settled | (1,988 | ) | (1,208 | ) | ||||
Changes for pre-existing warranty liabilities | 511 | 136 | ||||||
Product warranty reserve at end of period | $ | 2,545 | $ | 2,001 | ||||
LongTerm_Debt_and_Credit_Arran1
Long-Term Debt and Credit Arrangements (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: | |||||||
March 28, | December 27, | |||||||
2015 | 2014 | |||||||
Revolving credit facility - Tranche A | $ | 83,214 | $ | 82,897 | ||||
Notes payable - buildings | 14,429 | 8,295 | ||||||
Obligation to Development Authority of Gordon County | 3,144 | 3,413 | ||||||
Note payable - Robertex acquisition | 3,078 | 3,062 | ||||||
Equipment notes payable | 13,994 | 13,362 | ||||||
Notes payable | 839 | 1,261 | ||||||
Capital lease obligations | 14,347 | 14,998 | ||||||
Total long-term debt | 133,045 | 127,288 | ||||||
Less: current portion of long-term debt | (9,265 | ) | (9,078 | ) | ||||
Long-term debt | $ | 123,780 | $ | 118,210 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of March 28, 2015 and December 27, 2014: | |||||||||||||||
March 28, | December 27, | Fair Value Hierarchy Level | ||||||||||||||
2015 | 2014 | |||||||||||||||
Assets: | ||||||||||||||||
Rabbi Trust (1) | $ | 15,503 | $ | 15,316 | Level 2 | |||||||||||
Interest rate swaps (2) | — | 34 | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 4,508 | $ | 3,040 | Level 2 | |||||||||||
Deferred compensation plan (3) | 14,318 | 14,331 | Level 2 | |||||||||||||
Contingent consideration (4) | 1,625 | 1,855 | Level 3 | |||||||||||||
-1 | The Company maintains a Rabbi Trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||||||||||||||
-2 | The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. | |||||||||||||||
-3 | Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds. | |||||||||||||||
-4 | As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate. | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in the fair value measurements using significant unobservable inputs (Level 3) during the three months ending March 28, 2015 and March 29, 2014 were as follows: | |||||||||||||||
March 28, | March 29, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Beginning balance | $ | 1,855 | $ | 2,751 | ||||||||||||
Fair value adjustments | 26 | 45 | ||||||||||||||
Settlements | (256 | ) | (58 | ) | ||||||||||||
Ending balance | $ | 1,625 | $ | 2,738 | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: | |||||||||||||||
March 28, | December 27, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 743 | $ | 743 | $ | 394 | $ | 394 | ||||||||
Notes receivable, including current portion | 282 | 282 | 282 | 282 | ||||||||||||
Interest rate swaps | — | — | 34 | 34 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 133,045 | 127,438 | 127,288 | 119,776 | ||||||||||||
Interest rate swaps | 4,508 | 4,508 | 3,040 | 3,040 | ||||||||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of the Company's interest rate swaps as of March 28, 2015: | ||||||||
Type | Notional Amount | Effective Date | Fixed Rate | Variable Rate | |||||
Interest rate swap | $ | 10,000 | October 3, 2011 through September 1, 2016 | 1.33% | 1 Month LIBOR | ||||
Interest rate swap | $ | 10,000 | March 1, 2013 through September 1, 2016 | 1.62% | 1 Month LIBOR | ||||
Interest rate swap | $ | 5,000 | June 1, 2013 through September 1, 2016 | 1.70% | 1 Month LIBOR | ||||
Interest rate swap | $ | 25,000 | September 1, 2016 through September 1, 2021 | 3.11% | 1 Month LIBOR | ||||
Interest rate swap | $ | 25,000 | September 1, 2015 through September 1, 2021 | 3.30% | 1 Month LIBOR | ||||
Interest rate swap | $ | 8,191 | -1 | November 7, 2014 through November 7, 2024 | 4.50% | 1 Month LIBOR | |||
Interest rate swap | $ | 5,661 | -2 | January 7, 2017 through January 7, 2025 | 4.30% | 1 Month LIBOR | |||
(1) Interest rate swap notional amount amortizes by $35 monthly to maturity. | |||||||||
(2) Interest rate swap notional amount amortizes by $26 monthly to maturity. | |||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Condensed Balance Sheets: | ||||||||
Location on Consolidated Balance Sheets | Fair Value | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Asset Derivatives: | |||||||||
Derivatives designated as hedging instruments: | |||||||||
Interest rate swaps | Other Assets | $ | — | $ | 34 | ||||
Total Asset Derivatives | $ | — | $ | 34 | |||||
Liability Derivatives: | |||||||||
Derivatives designated as hedging instruments: | |||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 840 | $ | 650 | ||||
Interest rate swaps, long-term portion | Other Long-Term Liabilities | 3,668 | 2,390 | ||||||
Total Liability Derivatives | $ | 4,508 | $ | 3,040 | |||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: | ||||||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedges - interest rate swaps | $ | (1,635 | ) | $ | (940 | ) | |||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedges - interest rate swaps | $ | (134 | ) | $ | (86 | ) | |||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedges - interest rate swaps | $ | — | $ | — | |||||
-1 | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. | ||||||||
-2 | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to March 28, 2015 is $840. | ||||||||
-3 | The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: | |||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Service cost | $ | 2 | $ | 2 | ||||
Interest cost | 5 | 5 | ||||||
Amortization of prior service credits | (22 | ) | (22 | ) | ||||
Recognized net actuarial gains | (9 | ) | (10 | ) | ||||
Net periodic benefit cost (credit) | $ | (24 | ) | $ | (25 | ) |
Common_Stock_and_Earnings_Loss1
Common Stock and Earnings (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: | |||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Basic earnings (loss) per share: | ||||||||
Income (loss) from continuing operations | $ | (2,380 | ) | $ | 4,820 | |||
Less: Allocation of earnings to participating securities | — | (197 | ) | |||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (2,380 | ) | $ | 4,623 | |||
Basic weighted-average shares outstanding (1) | 15,435 | 12,789 | ||||||
Basic earnings (loss) per share - continuing operations | $ | (0.15 | ) | $ | 0.36 | |||
Diluted earnings (loss) per share: | ||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (2,380 | ) | $ | 4,623 | |||
Add: Undistributed earnings reallocated to unvested shareholders | — | 3 | ||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (2,380 | ) | $ | 4,626 | |||
Basic weighted-average shares outstanding (1) | 15,435 | 12,789 | ||||||
Effect of dilutive securities: | ||||||||
Stock options (2) | — | 166 | ||||||
Directors' stock performance units (2) | — | 62 | ||||||
Diluted weighted-average shares outstanding (1)(2) | 15,435 | 13,017 | ||||||
Diluted earnings (loss) per share - continuing operations | $ | (0.15 | ) | $ | 0.36 | |||
-1 | Includes Common and Class B Common shares, in thousands. | |||||||
-2 | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three months ended March 28, 2015 and March 29, 2014 were 469 and 123, respectively. |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | Components of other comprehensive income (loss) are as follows: | |||||||||||
Three Months Ended | ||||||||||||
March 28, | March 29, | |||||||||||
2015 | 2014 | |||||||||||
Other comprehensive income (loss): | ||||||||||||
Unrealized loss on interest rate swaps: | ||||||||||||
Before income taxes | $ | (1,635 | ) | $ | (940 | ) | ||||||
Income taxes | (621 | ) | (358 | ) | ||||||||
Net of taxes | (1,014 | ) | (582 | ) | ||||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||
Before income taxes | 134 | 86 | ||||||||||
Income taxes | 51 | 33 | ||||||||||
Net of taxes | 83 | 53 | ||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (9 | ) | (10 | ) | ||||||||
Income taxes | (4 | ) | (4 | ) | ||||||||
Net of taxes | (5 | ) | (6 | ) | ||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (22 | ) | (22 | ) | ||||||||
Income taxes | (9 | ) | (8 | ) | ||||||||
Net of taxes | (13 | ) | (14 | ) | ||||||||
Other comprehensive income (loss) | $ | (949 | ) | $ | (549 | ) | ||||||
-1 | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Condensed Statement of Operations. | |||||||||||
-2 | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statement of Operations. | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Components of accumulated other comprehensive income (loss), net of tax, are as follows: | |||||||||||
Interest Rate Swaps | Post-Retirement Liabilities | Total | ||||||||||
Balance at December 27, 2014 | (1,841 | ) | 328 | (1,513 | ) | |||||||
Unrealized loss on interest rate swaps, net of tax of $621 | (1,014 | ) | — | (1,014 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $51 | 83 | — | 83 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $4 | — | (5 | ) | (5 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $9 | — | (13 | ) | (13 | ) | |||||||
Balance at March 28, 2015 | $ | (2,772 | ) | $ | 310 | $ | (2,462 | ) | ||||
Other_Income_Expense_Tables
Other (Income) Expense (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Other (Income) Expense [Abstract] | ||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Other operating expense, net is summarized as follows: | |||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Other operating expense, net: | ||||||||
Gain on property, plant and equipment disposals | $ | (6 | ) | $ | — | |||
Loss on currency exchanges | 343 | 120 | ||||||
Amortization of intangibles | 76 | 44 | ||||||
Retirement expenses | 33 | 31 | ||||||
Miscellaneous (income) expense | 44 | (43 | ) | |||||
Other operating expense, net | $ | 490 | $ | 152 | ||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other expense, net is summarized as follows: | |||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Other expense, net: | ||||||||
Earnings from equity investments | $ | — | $ | 3 | ||||
Miscellaneous (income) expense | 10 | 7 | ||||||
Other expense, net | $ | 10 | $ | 10 | ||||
Facility_Consolidation_Expense1
Facility Consolidation Expenses (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | Costs related to the facility consolidation plans are summarized as follows: | |||||||||||||||||||||||
As of March 28, 2015 | ||||||||||||||||||||||||
Accrued Balance at December 27, 2014 | 2015 Expenses To Date | 2015 Cash Payments | Accrued Balance at March 28, 2015 | Total Costs Incurred To Date | Total Expected Costs | |||||||||||||||||||
Warehousing, Distribution & Manufacturing Consolidation Plan | $ | — | $ | 605 | $ | (605 | ) | $ | — | $ | 4,652 | $ | 5,639 | |||||||||||
Atlas Integration Plan | — | 170 | (170 | ) | — | 1,637 | 1,846 | |||||||||||||||||
Totals | $ | — | $ | 775 | -1 | $ | (775 | ) | $ | — | $ | 6,289 | -1 | $ | 7,485 | |||||||||
Asset impairments | $ | — | -2 | $ | 1,133 | -2 | $ | 1,133 | ||||||||||||||||
(1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. | ||||||||||||||||||||||||
(2) Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Discontinued operations are summarized as follows: | |||||||
Three Months Ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Carousel | ||||||||
Net sales | $ | 221 | $ | 231 | ||||
Loss before income taxes | $ | (103 | ) | $ | (228 | ) | ||
Income tax benefit | (39 | ) | (76 | ) | ||||
Loss from discontinued operations, net of tax | $ | (64 | ) | $ | (152 | ) | ||
Previously Discontinued Operations | ||||||||
Loss from discontinued operations: | ||||||||
Workers' compensation costs | $ | (26 | ) | $ | (38 | ) | ||
Environmental remediation costs | (12 | ) | (23 | ) | ||||
Loss from discontinued operations, before taxes | (38 | ) | (61 | ) | ||||
Income tax benefit | (14 | ) | (21 | ) | ||||
Loss from discontinued operations, net of tax | $ | (24 | ) | $ | (40 | ) |
Receivables_Net_Details
Receivables, Net (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Customers, trade | $47,941 | $46,422 | |
Other receivables | 4,260 | 4,552 | |
Gross receivables | 52,201 | 50,974 | |
Less allowance for doubtful accounts | -471 | -450 | |
Receivables, net | 51,730 | 50,524 | |
Allowance for doubtful accounts [Abstract] | |||
Bad debt expense | $32 | $67 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $40,946 | $40,649 |
Work-in-process | 20,953 | 19,976 |
Finished goods | 60,138 | 57,913 |
Supplies and other | 177 | 126 |
LIFO reserve | -11,960 | -14,457 |
Inventories | $110,254 | $104,207 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Property, Plant and Equipment [Line Items] | |||
Land and improvements | $7,327 | $7,327 | |
Buildings and improvements | 61,747 | 61,557 | |
Machinery and equipment | 173,406 | 171,586 | |
Property, plant and equipment, gross | 242,480 | 240,470 | |
Accumulated depreciation | -137,825 | -137,981 | |
Property, plant and equipment, net | 104,655 | 102,489 | |
Depreciation | $3,488 | $2,870 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 | Mar. 19, 2014 | Sep. 22, 2014 |
Business Acquisition [Line Items] | |||||
Accrued consideration for working capital adjustment in acquisitions | $0 | ($1,293) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Gain on purchase of business | 0 | -10,937 | |||
Atlas Carpet Mills [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash paid | 16,543 | ||||
Accrued consideration for working capital adjustment in acquisitions | 1,293 | ||||
Accrued consideration for holdbacks | 923 | ||||
Total purchase price consideration | 18,759 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Cash | 2,466 | ||||
Receivables | 4,998 | ||||
Inventories | 10,981 | ||||
Other current assets | 797 | ||||
Assets held for sale | 5,152 | ||||
Property, plant and equipment | 6,716 | ||||
Finite intangible assets | 3,300 | ||||
Other assets | 859 | ||||
Accounts payable | -2,286 | ||||
Accrued expenses | -2,883 | ||||
Capital lease obligation | -404 | ||||
Fair value of net assets acquired | 29,696 | ||||
Gain on purchase of business | 10,937 | ||||
Revenue of Atlas since acquisition date | 10,155 | 1,666 | |||
Burtco Enterprises [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash paid | 2,430 | ||||
Accrued consideration for working capital adjustment in acquisitions | 119 | ||||
Total purchase price consideration | 2,549 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Fair value of net assets acquired | $2,722 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $3,389 | $3,389 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Schedule of Intangible Assets (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $3,652 | $3,652 | |
Accumulated Amortization | -351 | -275 | |
Net | 3,301 | 3,377 | |
Amortization of intangibles | 76 | 44 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 208 | 208 | |
Accumulated Amortization | -36 | -32 | |
Net | 172 | 176 | |
Amortization of intangibles | 4 | 15 | |
Rug Design Coding [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 144 | 144 | |
Accumulated Amortization | -32 | -29 | |
Net | 112 | 115 | |
Amortization of intangibles | 3 | 4 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 3,300 | 3,300 | |
Accumulated Amortization | -283 | -214 | |
Net | 3,017 | 3,086 | |
Amortization of intangibles | $69 | $25 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Compensation and benefits | $9,570 | $8,894 |
Provision for customer rebates, claims and allowances | 7,062 | 7,960 |
Advanced customer deposits | 5,235 | 3,501 |
Outstanding checks in excess of cash | 1,611 | 1,190 |
Other | 7,207 | 7,762 |
Accrued expenses | $30,685 | $29,307 |
Product_Warranty_Reserves_Deta
Product Warranty Reserves (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Product Warranties Disclosures [Abstract] | ||
Product warranty reserve at beginning of period | $2,214 | $1,850 |
Warranty reserve assumed in business combination | 0 | 209 |
Warranty liabilities accrued | 1,808 | 1,014 |
Warranty liabilities settled | -1,988 | -1,208 |
Changes for pre-existing warranty liabilities | 511 | 136 |
Product warranty reserve at end of period | $2,545 | $2,001 |
LongTerm_Debt_and_Credit_Arran2
Long-Term Debt and Credit Arrangements (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Revolving credit facility - Tranche A | $83,214 | $82,897 |
Notes payable - buildings | 14,429 | 8,295 |
Obligation to Development Authority of Gordon County | 3,144 | 3,413 |
Note payable - Robertex acquisition | 3,078 | 3,062 |
Equipment notes payable | 13,994 | 13,362 |
Notes payable | 839 | 1,261 |
Capital lease obligations | 14,347 | 14,998 |
Total long-term debt | 133,045 | 127,288 |
Less: current portion of long-term debt | -9,265 | -9,078 |
Long-term debt | $123,780 | $118,210 |
LongTerm_Debt_and_Credit_Arran3
Long-Term Debt and Credit Arrangements (Amended Revolving Credit Facility) (Details) (Amended Revolving Credit Facility [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Rate | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | $150,000 |
Commitment Fee Percentage | 0.38% |
Line of Credit Facility, Amended Minimum Borrowing Capacity for No Financial Covenants | 16,500 |
Remaining Borrowing Capacity | $32,776 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Fixed Charge Coverage Ratio | 1.1 |
Alternative [Member] | Minimum [Member] | Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.50% |
Alternative [Member] | Midpoint [Member] | Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.75% |
Alternative [Member] | Maximum [Member] | Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 2.00% |
Alternative B [Member] | Federal Funds [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 0.50% |
Alternative B [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.00% |
Alternative B [Member] | Minimum [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 0.50% |
Alternative B [Member] | Midpoint [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 0.75% |
Alternative B [Member] | Maximum [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.00% |
LongTerm_Debt_and_Credit_Arran4
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 | Nov. 07, 2014 | Jan. 07, 2017 | Jan. 23, 2015 |
Rate | Rate | Rate | |||
Debt Instrument [Line Items] | |||||
Notes payable - buildings | $14,429 | $8,295 | |||
Building - Adairsville [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable - buildings | 8,330 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||
Debt Instrument, Periodic Payment, Principal | 35 | ||||
Final Payment on Debt Instument | 4,165 | ||||
Fixed Interest Rate | 4.50% | ||||
Building - Saraland [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable - buildings | 6,290 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||
Debt Instrument, Periodic Payment, Principal | 26 | ||||
Final Payment on Debt Instument | $3,145 | ||||
Fixed Interest Rate | 4.30% |
LongTerm_Debt_and_Credit_Arran5
Long-Term Debt and Credit Arrangements (Obligation to Development Authority of Gordon County) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 | Nov. 02, 2012 |
M | Rate | ||
Debt Instrument [Line Items] | |||
Obligation to Development Authority of Gordon County | $3,144 | $3,413 | |
Note payable, Development Authority [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Obligation to Development Authority of Gordon County | 5,500 | ||
Debt Instrument, Periodic Payment | $106 | ||
Term of Obligation to Development Authority of Gordon County (in months) | 57 |
LongTerm_Debt_and_Credit_Arran6
Long-Term Debt and Credit Arrangements (Note Payable - Robertex Acquisition) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 | Jul. 01, 2013 |
Y | Rate | ||
Debt Instrument [Line Items] | |||
Note payable - Robertex acquisition | $3,078 | $3,062 | |
Note Payable - Robertex Acquisition [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Note payable - Robertex acquisition | 3,749 | 4,000 | |
Term of Note Payable | 5 | ||
Debt Instrument, Annual Principal Payment | $800 |
LongTerm_Debt_and_Credit_Arran7
Long-Term Debt and Credit Arrangements (Equipment Notes Payable) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 |
Y | ||
Rate | ||
Debt Instrument [Line Items] | ||
Escrow Deposit | 574 | $574 |
Minimum [Member] | Equipment Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |
Term of Note Payable | 3 | |
Maximum [Member] | Equipment Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.86% | |
Term of Note Payable | 7 |
LongTerm_Debt_and_Credit_Arran8
Long-Term Debt and Credit Arrangements (Capital Lease Obligations) (Details) (Capital Lease Obligations [Member]) | 3 Months Ended |
Mar. 28, 2015 | |
Y | |
Rate | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.90% |
Term of Capital Lease Obligation (in months) | 3 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 7.37% |
Term of Capital Lease Obligation (in months) | 7 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements - Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 28, 2015 | Dec. 27, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Rabbi trust | $15,503 | [1] | $15,316 | [1] |
Interest rate swaps | 0 | [2] | 34 | [2] |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Interest rate swaps | 4,508 | [2] | 3,040 | [2] |
Deferred compensation plan | 14,318 | [3] | 14,331 | [3] |
Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Contingent consideration | $1,625 | [4] | $1,855 | [4] |
[1] | The Company maintains a Rabbi Trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||
[2] | The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. | |||
[3] | Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds. | |||
[4] | As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate. |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Measurements - Liabilities Measured on Recurring Basis Unobservable Input Reconciliation) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $1,855 | $2,751 |
Fair value adjustments | 26 | 45 |
Settlements | -256 | -58 |
Ending balance | $1,625 | $2,738 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $743 | $394 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 0 | 34 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 133,045 | 127,288 |
Interest rate swaps | 4,508 | 3,040 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 743 | 394 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 0 | 34 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 127,438 | 119,776 |
Interest rate swaps | $4,508 | $3,040 |
Derivatives_Summary_of_Derivat
Derivatives (Summary of Derivative Instruments) (Details) (Interest Rate Swap [Member], USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | Rate |
Effective October 3, 2011 through September 1, 2016 [Member] | |
Derivative [Line Items] | |
Notional Amount | $10,000 |
Fixed Interest Rate | 1.33% |
Effective March 1, 2013 through September 1, 2016 [Member] | |
Derivative [Line Items] | |
Notional Amount | 10,000 |
Fixed Interest Rate | 1.62% |
Effective June 1, 2013 through September 1, 2016 [Member] | |
Derivative [Line Items] | |
Notional Amount | 5,000 |
Fixed Interest Rate | 1.70% |
Effective September 1, 2016 through September 1, 2021 [Member] | |
Derivative [Line Items] | |
Notional Amount | 25,000 |
Fixed Interest Rate | 3.11% |
Effective September 1, 2015 through September 1, 2021 [Member] | |
Derivative [Line Items] | |
Notional Amount | 25,000 |
Fixed Interest Rate | 3.30% |
Effective November 7, 2014 through November 7, 2024 [Member] | |
Derivative [Line Items] | |
Notional Amount | 8,191 |
Fixed Interest Rate | 4.50% |
Derivative, Amortizing Notional Amount | 35 |
Effective January 7, 2015 through January 7, 2025 [Member] | |
Derivative [Line Items] | |
Notional Amount | 5,661 |
Fixed Interest Rate | 4.30% |
Derivative, Amortizing Notional Amount | $26 |
Derivatives_Derivatives_Fair_V
Derivatives (Derivatives - Fair Value and Designation) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Asset, Fair Value, Net [Abstract] | ||
Interest rate swaps | $0 | $34 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 4,508 | 3,040 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Net [Abstract] | ||
Interest rate swaps | 0 | 34 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 840 | 650 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $3,668 | $2,390 |
Derivatives_Schedule_of_Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) (Designated as Hedging Instrument [Member], Interest Rate Swap [Member], USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the interest rate swap | ($1,635) | ($940) | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income | -134 | [1],[2] | -86 | [1],[2] |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 840 | |||
Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on interest rate swaps | $0 | [3] | $0 | [3] |
[1] | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. | |||
[2] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to March 28, 2015 is $840. | |||
[3] | The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Rate | ||
Non-Collective-Bargaining Plan [Member] | ||
Defined Contribution Plans [Line Items] | ||
Percentage of Employees Covered | 86.00% | |
Employer Matching Contribution, Percentage | 1.00% | |
Employer Matching Contribution, Discretionary Percentage | 2.00% | |
Maximum Annual Contribution Per Employee, Percentage | 3.00% | |
Cost Recognized | $235 | $232 |
Collective-Bargaining Plan [Member] | ||
Defined Contribution Plans [Line Items] | ||
Percentage of Employees Covered | 14.00% | |
Maximum Annual Contribution Per Employee, Percentage | 2.75% | |
Cost Recognized | $19 | $18 |
Employee_Benefit_Plans_Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Liability to Participants | $14,318 | $14,331 |
Cash Surrender Value of Life Insurance | $15,503 | $15,316 |
Employee_Benefit_Plans_MultiEm
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Multiemployer Plans [Line Items] | ||
Contributions | $65 | $67 |
Employee_Benefit_Plans_Other_P
Employee Benefit Plans (Other Postretirement Plans - Funded Status) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | $2 | $2 |
Interest cost | 5 | 5 |
Amortization of prior service credits | -22 | -22 |
Recognized net actuarial gains | -9 | -10 |
Net periodic benefit cost (credit) | ($24) | ($25) |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $400 | $400 |
Unrecognized tax benefits, income tax penalties and interest accrued | $0 | $0 |
Common_Stock_and_Earnings_Loss2
Common Stock and Earnings (Loss) Per Share (Common Stock) (Details) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 28, 2014 |
Equity [Abstract] | |
Number of Shares Issued From Equity Offering | 2,500,000 |
Price Per Share From Equity Offering | $10.65 |
Proceeds from equity offering, net of issuance costs | $24,559 |
Common_Stock_and_Earnings_Loss3
Common Stock and Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | ||
Basic earnings (loss) per share: | ||||
Income (loss) from continuing operations | ($2,380) | $4,820 | ||
Less: Allocation of earnings to participating securities | 0 | -197 | ||
Income (loss) from continuing operations available to common shareholders - basic | -2,380 | 4,623 | ||
Basic weighted-average shares outstanding (1) | 15,435 | [1] | 12,789 | [1] |
Basic earnings (loss) per share - continuing operations | ($0.15) | $0.36 | ||
Diluted earnings (loss) per share: | ||||
Income (loss) from continuing operations available to common shareholders - basic | -2,380 | 4,623 | ||
Add: Undistributed earnings reallocated to unvested shareholders | 0 | 3 | ||
Income (loss) from continuing operations available to common shareholders - basic | ($2,380) | $4,626 | ||
Effect of dilutive securities: | ||||
Stock options (2) | 0 | [2] | 166 | [2] |
Directors' stock performance units (2) | 0 | [2] | 62 | [2] |
Diluted weighted-average shares outstanding (1)(2) | 15,435 | [1],[2] | 13,017 | [1],[2] |
Diluted earnings (loss) per share - continuing operations | ($0.15) | $0.36 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 469 | 123 | ||
[1] | Includes Common and Class B Common shares, in thousands. | |||
[2] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three months ended March 28, 2015 and March 29, 2014 were 469 and 123, respectively. |
Stock_Compensation_Expense_Det
Stock Compensation Expense (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Apr. 29, 2015 | Mar. 12, 2015 |
Y | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $277 | $196 | ||
Restricted Stock Granted in Period | 100,000 | 114,625 | ||
Grant Date Fair Value of Restricted Stock | $1,021 | |||
Weighted Average Grant Date Fair Value of Resticted Stock | $8.91 | |||
Minimum Award Vesting Period of Restricted Stock Issued | 2 | |||
Maximum Award Vesting Period of Restricted Stock Issued | 29 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | ||
Unrealized gain (loss) on interest rate swaps: | ||||
Before income taxes | ($1,635) | ($940) | ||
Income taxes | -621 | -358 | ||
Net of taxes | -1,014 | -582 | ||
Reclassification of loss into earnings from interest rate swaps (1): | ||||
Before income taxes | 134 | [1] | 86 | [1] |
Income taxes | 51 | 33 | ||
Net of taxes | 83 | 53 | ||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||
Before income taxes | -9 | [2] | -10 | [2] |
Income taxes | -4 | -4 | ||
Net of taxes | -5 | -6 | ||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||
Before income taxes | -22 | [2] | -22 | [2] |
Income taxes | -9 | -8 | ||
Net of taxes | -13 | -14 | ||
Other comprehensive income (loss) | ($949) | ($549) | ||
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Condensed Statement of Operations. | |||
[2] | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statement of Operations. |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss - interest rate swaps | ($1,841) | |
Accumulated other comprehensive - postretirement liabilities | 328 | |
Accumulated other comprehensive loss - total | -1,513 | |
Unrealized loss on interest rate swaps | -1,014 | -582 |
Reclassification of loss into earnings from interest rate swaps | 83 | 53 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -5 | -6 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -13 | -14 |
Accumulated other comprehensive loss - interest rate swaps | -2,772 | |
Accumulated other comprehensive - postretirement liabilities | 310 | |
Accumulated other comprehensive loss - total | -2,462 | |
Unrealized gain (loss) on interest rate swaps - income taxes | -621 | -358 |
Reclassification of loss into earnings from interest rate swaps - income taxes | 51 | 33 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans - income taxes | -4 | -4 |
Reclassification of prior service credits into earnings from postretirement benefit plans - income taxes | ($9) | ($8) |
Other_Income_Expense_Details
Other (Income) Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Other operating (income) expense, net: | ||
Gain on property, plant and equipment disposals | ($6) | $0 |
Loss on currency exchanges | 343 | 120 |
Amortization of intangibles | 76 | 44 |
Retirement expenses | 33 | 31 |
Miscellaneous (income) expense | 44 | -43 |
Other operating (income) expense, net | $490 | $152 |
Other_Income_Expense_Component
Other (Income) Expense (Components of Other Nonoperating (Income) Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Other (income) expense, net: | ||
Earnings from equity investments | $0 | $3 |
Miscellaneous (income) expense | 10 | 7 |
Other (income) expense, net | $10 | $10 |
Facility_Consolidation_Expense2
Facility Consolidation Expenses (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Accrued balance at December 27, 2014 | $0 | ||
2015 Expenses to Date | 775 | [1] | |
2015 Cash Payments | -775 | ||
Accrued balance at March 28, 2015 | 0 | ||
Total Costs Incurred to Date | 6,289 | [1] | |
Total Expected Costs | 7,485 | ||
Impairment of assets | 0 | [2] | 0 |
2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued balance at December 27, 2014 | 0 | ||
2015 Expenses to Date | 605 | ||
2015 Cash Payments | -605 | ||
Accrued balance at March 28, 2015 | 0 | ||
Total Costs Incurred to Date | 4,652 | ||
Total Expected Costs | 5,639 | ||
2014 Atlas Integration Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued balance at December 27, 2014 | 0 | ||
2015 Expenses to Date | 170 | ||
2015 Cash Payments | -170 | ||
Accrued balance at March 28, 2015 | 0 | ||
Total Costs Incurred to Date | 1,637 | ||
Total Expected Costs | 1,846 | ||
Asset Impairments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total Costs Incurred to Date | 1,133 | [2] | |
Total Expected Costs | $1,133 | ||
[1] | Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. | ||
[2] | Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Loss from discontinued operations: | ||
Loss from discontinued operations, net of tax | ($88) | ($192) |
Carousel [Member] | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | ||
Net sales | 221 | 231 |
Loss before income taxes | -103 | -228 |
Income tax benefit | -39 | -76 |
Loss from discontinued operations, net of tax | -64 | -152 |
Previously Discontinued Operations [Member] | ||
Loss from discontinued operations: | ||
Workers' compensation costs | -26 | -38 |
Environmental remediation costs | -12 | -23 |
Loss from discontinued operations, before taxes | -38 | -61 |
Income tax benefit | -14 | -21 |
Loss from discontinued operations, net of tax | ($24) | ($40) |
Discontinued_Operations_Enviro
Discontinued Operations (Environmental Remediation) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $1,635 | $1,637 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Rate | Rate | |
Robert E Shaw [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership of Common Stock, Percentage | 8.40% | |
Voting Interest of Common Stock, Percentage | 4.20% | |
Related Party Transaction, Purchases from Related Party | $1,861 | $2,663 |
Related Party Transaction, Purchases from Related Party, Percentage | 2.60% | 4.00% |
James Horwich [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | 114 | 15 |
Robert P Rothman [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Purchases from Related Party | $65 | $64 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | ||
Mar. 28, 2015 | Apr. 29, 2015 | Mar. 12, 2015 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures [Abstract] | |||
Restricted Stock Granted in Period | 100,000 | 114,625 | |
Restricted Stock Vesting Period | 4 years | ||
Subsequent Events [Abstract] | |||
Monthly Rent Expense | $25 | ||
Total Rent Payable | $4,493 |