Restatement | 12 Months Ended |
Dec. 31, 2014 |
Accounting Changes and Error Corrections [Abstract] | |
Restatement | Restatement |
We have restated our consolidated financial statements as of December 31, 2013, and for the years ended December 31, 2013 and 2012 and our unaudited quarterly financial information for the first three quarters in the year ended December 31, 2014 and for each of the quarters in the year ended December 31, 2013, to correct errors in prior periods primarily related to (i) a long-term contract (“Contract”) following the discovery of misconduct by employees in the recording of direct labor costs to the Contract from 2009 through the third quarter 2014 which resulted in the identification of a forward loss provision that should have been recorded in 2009 and the impact on subsequent periods of adjustments to the forward loss provision based on information available at the time (“Forward Loss Adjustments”); and (ii) the year end reconciliation of income taxes payable and deferred tax balances identified errors primarily in 2013, 2012, and 2011 (“Tax Adjustments”). The misconduct and its related financial impact were concealed from our senior management, internal auditors, and external auditors. |
The Forward Loss Adjustments were based on certain assumptions and estimates. To determine the loss on the Contract, we estimated the number of units we would have expected to ship over the life of the Contract at inception of the Contract using external market industry data for fiscal years 2009, 2010, 2011, 2012, and 2013. We used data obtained directly from the customer for 2014 and 2015. The total estimated costs at any given point in time would typically include actual historical costs up to that time plus the estimated cost to produce units to be delivered. In addition, the estimated total cost for the life of the Contract includes certain inefficiencies on labor, material, and overhead costs during the initial start-up period. However, as we progress along the learning curve, the direct labor hours and overhead rates are expected to decrease as we gain technical knowhow and efficiency in producing the product. As a result of the misconduct by the employees in the recording of direct labor hours to the Contract, the historical actual direct labor hours charged to the Contract were inaccurate. As a result, we estimated the costs to complete future units at the end of each period based on an estimate of the direct labor hours chargeable to the Contract, including consideration of anticipated learning curve efficiencies that would decrease the direct labor hours over the remaining term of the Contract. Further, we used the actual direct labor hours incurred by the employees assigned to the Contract as a basis for projecting future hours, less an estimate of the time not allocable to the Contract. Using this model, we calculated the Forward Loss Adjustments from the inception of the Contract in 2009 through the expected life of the Contract. As a result of the Forward Loss Adjustments, cost of goods sold increased (decreased) approximately $6.7 million in 2009, $1.3 million in 2010, $(0.3) million in 2011, $(2.2) million in 2012, $(0.9) million in 2013, and $(0.8) million in the nine months ended September 27, 2014. |
The Tax Adjustments were necessary as a result of certain calculation errors. The Tax Adjustments resulted in a net decrease to income tax expense of approximately $0.9 million in 2013 and zero in 2012. The Tax Adjustments in 2011 resulted in a reduction to the carrying value of goodwill totaling approximately $4.0 million due to a calculation error in the original purchase price allocation and subsequent performance of step 2 of our annual goodwill impairment analysis related to deferred income taxes and thus, (i) reduced deferred income taxes by approximately $2.7 million and (ii) generated a pre-tax goodwill impairment charge of approximately $1.4 million. Further, the Tax Adjustments in 2011 reduced deferred tax assets by approximately $1.6 million that were established as a result of shared-based compensation expenses recorded previously and should have been reduced as the tax deductions were utilized. Moreover, the restated amounts include previously identified and disclosed immaterial adjustments. |
We evaluated the cumulative impact of these items on prior periods in accordance with the guidance in ASC 250-10, Accounting Changes and Error Corrections, relating to SEC Staff Accounting Bulletin No. 99, Materiality (“SAB 99”) and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), and we concluded these errors were in the aggregate material to the prior reporting periods, and therefore, restatement of previously filed financial statements was necessary to our previously issued 2013, 2012, 2011, and 2010 financial statements. |
The adjustments related to the years prior to 2012 are reflected in the beginning retained earnings for 2012. The cumulative impact of these adjustments decreased retained earnings by approximately $7.0 million, net of tax, at the beginning of 2012. |
The account balances labeled “As Reported” in the following tables for the years ended December 31, 2013 and 2012 represent the previously reported audited balances in our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2013. Certain prior period amounts have been reclassified to conform to current year’s presentation. The effects of these prior period errors on the consolidated financial statements are as follows (in thousands, except per share data): |
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| | December 31, 2013 | | | | | | | | | | | | |
Consolidated Balance Sheet: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 48,814 | | | $ | — | | | $ | 48,814 | | | | | | | | | | | | | |
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Accounts receivable (less allowance for doubtful accounts of $489 at December 31, 2013) | | 91,909 | | | — | | | 91,909 | | | | | | | | | | | | | |
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Inventories | | 140,507 | | | — | | | 140,507 | | | | | | | | | | | | | |
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Production cost of contracts | | 11,599 | | | — | | | 11,599 | | | | | | | | | | | | | |
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Deferred income taxes | | 10,850 | | | 1,819 | | | 12,669 | | | | | | | | | | | | | |
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Other current assets | | 27,085 | | | 998 | | | 28,083 | | | | | | | | | | | | | |
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Total Current Assets | | 330,764 | | | 2,817 | | | 333,581 | | | | | | | | | | | | | |
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Property and Equipment, Net | | 96,090 | | | — | | | 96,090 | | | | | | | | | | | | | |
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Goodwill | | 161,940 | | | (4,371 | ) | | 157,569 | | | | | | | | | | | | | |
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Intangibles, Net | | 165,465 | | | — | | | 165,465 | | | | | | | | | | | | | |
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Other Assets | | 9,940 | | | — | | | 9,940 | | | | | | | | | | | | | |
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Total Assets | | $ | 764,199 | | | $ | (1,554 | ) | | $ | 762,645 | | | | | | | | | | | | | |
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Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 25 | | | $ | — | | | $ | 25 | | | | | | | | | | | | | |
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Accounts payable | | 58,111 | | | — | | | 58,111 | | | | | | | | | | | | | |
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Accrued liabilities | | 45,453 | | | 4,669 | | | 50,122 | | | | | | | | | | | | | |
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Total Current Liabilities | | 103,589 | | | 4,669 | | | 108,258 | | | | | | | | | | | | | |
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Long-Term Debt, Less Current Portion | | 332,677 | | | — | | | 332,677 | | | | | | | | | | | | | |
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Deferred Income Taxes | | 68,489 | | | (500 | ) | | 67,989 | | | | | | | | | | | | | |
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Other Long-Term Liabilities | | 19,750 | | | (300 | ) | | 19,450 | | | | | | | | | | | | | |
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Total Liabilities | | 524,505 | | | 3,869 | | | 528,374 | | | | | | | | | | | | | |
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Commitments and Contingencies | | | | | | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | |
Common stock - $0.01 par value; 35,000,000 shares authorized; 10,960,054 shares issued at December 31, 2013 | | 110 | | | — | | | 110 | | | | | | | | | | | | | |
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Treasury stock, at cost; 143,300 shares at December 31, 2013 | | (1,924 | ) | | — | | | (1,924 | ) | | | | | | | | | | | | |
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Additional paid-in capital | | 70,542 | | | (1,633 | ) | | 68,909 | | | | | | | | | | | | | |
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Retained earnings | | 174,828 | | | (3,790 | ) | | 171,038 | | | | | | | | | | | | | |
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Accumulated other comprehensive loss | | (3,862 | ) | | — | | | (3,862 | ) | | | | | | | | | | | | |
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Total Shareholders’ Equity | | 239,694 | | | (5,423 | ) | | 234,271 | | | | | | | | | | | | | |
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Total Liabilities and Shareholders’ Equity | | $ | 764,199 | | | $ | (1,554 | ) | | $ | 762,645 | | | | | | | | | | | | | |
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| | Year Ended December 31, 2013 | | | | | | | | | | | | |
Consolidated Statement of Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Revenues | | $ | 736,650 | | | $ | — | | | $ | 736,650 | | | | | | | | | | | | | |
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Cost of Sales | | 614,233 | | | (1,735 | ) | | 612,498 | | | | | | | | | | | | | |
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Gross Profit | | 122,417 | | | 1,735 | | | 124,152 | | | | | | | | | | | | | |
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Selling, General and Administrative Expenses | | 84,849 | | | — | | | 84,849 | | | | | | | | | | | | | |
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Operating Income | | 37,568 | | | 1,735 | | | 39,303 | | | | | | | | | | | | | |
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Interest Expense | | (29,918 | ) | | — | | | (29,918 | ) | | | | | | | | | | | | |
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Income Before Taxes | | 7,650 | | | 1,735 | | | 9,385 | | | | | | | | | | | | | |
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Income Tax Benefit | | (1,693 | ) | | (300 | ) | | (1,993 | ) | | | | | | | | | | | | |
Net Income | | $ | 9,343 | | | $ | 2,035 | | | $ | 11,378 | | | | | | | | | | | | | |
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Earnings Per Share | | | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.87 | | | $ | 0.19 | | | $ | 1.06 | | | | | | | | | | | | | |
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Diluted earnings per share | | $ | 0.86 | | | $ | 0.19 | | | $ | 1.05 | | | | | | | | | | | | | |
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Weighted-Average Number of Shares Outstanding | | | | | | | | | | | | | | | | | | |
Basic | | 10,695 | | | — | | | 10,695 | | | | | | | | | | | | | |
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Diluted | | 10,852 | | | — | | | 10,852 | | | | | | | | | | | | | |
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| | Year Ended December 31, 2012 | | | | | | | | | | | | |
Consolidated Statement of Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Revenues | | $ | 747,037 | | | $ | — | | | $ | 747,037 | | | | | | | | | | | | | |
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Cost of Sales | | 605,585 | | | (2,525 | ) | | 603,060 | | | | | | | | | | | | | |
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Gross Profit | | 141,452 | | | 2,525 | | | 143,977 | | | | | | | | | | | | | |
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Selling, General and Administrative Expenses | | 86,639 | | | 416 | | | 87,055 | | | | | | | | | | | | | |
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Operating Income | | 54,813 | | | 2,109 | | | 56,922 | | | | | | | | | | | | | |
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Interest Expense | | (32,798 | ) | | — | | | (32,798 | ) | | | | | | | | | | | | |
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Income Before Taxes | | 22,015 | | | 2,109 | | | 24,124 | | | | | | | | | | | | | |
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Income Tax Expense | | 5,578 | | | 923 | | | 6,501 | | | | | | | | | | | | | |
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Net Income | | $ | 16,437 | | | $ | 1,186 | | | $ | 17,623 | | | | | | | | | | | | | |
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Earnings Per Share | | | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 1.55 | | | $ | 0.11 | | | $ | 1.67 | | | | | | | | | | | | | |
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Diluted earnings per share | | $ | 1.55 | | | $ | 0.11 | | | $ | 1.66 | | | | | | | | | | | | | |
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Weighted-Average Number of Shares Outstanding | | | | | | | | | | | | | | | | | | |
Basic | | 10,580 | | | — | | | 10,580 | | | | | | | | | | | | | |
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Diluted | | 10,628 | | | — | | | 10,628 | | | | | | | | | | | | | |
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| | Year Ended December 31, 2013 | | | | | | | | | | | | |
Consolidated Statement of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Income | | $ | 9,343 | | | $ | 2,035 | | | $ | 11,378 | | | | | | | | | | | | | |
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Pension Adjustments | | | | | | | | | | | | | | | | | | |
Amortization of actuarial loss included in net income, net of tax benefit of $408 for 2013 | | 685 | | | — | | | 685 | | | | | | | | | | | | | |
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Actuarial gain arising during the period, net of tax expense of $1,737 for 2013 | | 2,921 | | | — | | | 2,921 | | | | | | | | | | | | | |
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Other Comprehensive Income | | 3,606 | | | — | | | 3,606 | | | | | | | | | | | | | |
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Comprehensive Income | | $ | 12,949 | | | $ | 2,035 | | | $ | 14,984 | | | | | | | | | | | | | |
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| | Year Ended December 31, 2012 | | | | | | | | | | | | |
Consolidated Statement of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Income | | $ | 16,437 | | | $ | 1,186 | | | $ | 17,623 | | | | | | | | | | | | | |
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Pension Adjustments | | | | | | | | | | | | | | | | | | |
Amortization of actuarial loss included in net income, net of tax benefit of $427 for 2012 | | 720 | | | — | | | 720 | | | | | | | | | | | | | |
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Actuarial loss arising during the period, net of tax benefit of $300 for 2012 | | (863 | ) | | — | | | (863 | ) | | | | | | | | | | | | |
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Other Comprehensive Loss | | (143 | ) | | — | | | (143 | ) | | | | | | | | | | | | |
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Comprehensive Income | | $ | 16,294 | | | $ | 1,186 | | | $ | 17,480 | | | | | | | | | | | | | |
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| | Year Ended December 31, 2013 | | | | | | | | | | | | |
Consolidated Cash Flow Statement: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | |
Net Income | | $ | 9,343 | | | $ | 2,035 | | | $ | 11,378 | | | | | | | | | | | | | |
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Adjustments to Reconcile Net Income to | | | | | | | | | | | | | | | | | | |
Net Cash Provided by Operating Activities: | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 30,926 | | | — | | | 30,926 | | | | | | | | | | | | | |
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Asset impairments | | 6,975 | | | — | | | 6,975 | | | | | | | | | | | | | |
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Stock-based compensation expense | | 2,438 | | | — | | | 2,438 | | | | | | | | | | | | | |
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Deferred income taxes | | (2,242 | ) | | 691 | | | (1,551 | ) | | | | | | | | | | | | |
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Recovery of doubtful accounts | | (77 | ) | | — | | | (77 | ) | | | | | | | | | | | | |
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Other | | 6,223 | | | (886 | ) | | 5,337 | | | | | | | | | | | | | |
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Changes in Assets and Liabilities: | | | | | | | | | | | | | | | | | | |
Accounts receivable | | 5,468 | | | — | | | 5,468 | | | | | | | | | | | | | |
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Inventories | | 7,811 | | | (849 | ) | | 6,962 | | | | | | | | | | | | | |
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Production cost of contracts | | (5,101 | ) | | — | | | (5,101 | ) | | | | | | | | | | | | |
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Other assets | | (11,192 | ) | | (981 | ) | | (12,173 | ) | | | | | | | | | | | | |
Accounts payable | | 4,533 | | | — | | | 4,533 | | | | | | | | | | | | | |
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Accrued and other liabilities | | (9,143 | ) | | (10 | ) | | (9,153 | ) | | | | | | | | | | | | |
Net Cash Provided by Operating Activities | | 45,962 | | | — | | | 45,962 | | | | | | | | | | | | | |
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Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | (12,403 | ) | | — | | | (12,403 | ) | | | | | | | | | | | | |
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Proceeds from sales of assets | | 139 | | | — | | | 139 | | | | | | | | | | | | | |
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Net Cash Used in Investing Activities | | (12,264 | ) | | — | | | (12,264 | ) | | | | | | | | | | | | |
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Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | |
Repayment of term loan and other debt | | (33,024 | ) | | — | | | (33,024 | ) | | | | | | | | | | | | |
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Debt issue cost paid | | (365 | ) | | — | | | (365 | ) | | | | | | | | | | | | |
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Net proceeds from issuance of common stock under stock plans | | 1,968 | | | — | | | 1,968 | | | | | | | | | | | | | |
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Net Cash Used in Financing Activities | | (31,421 | ) | | — | | | (31,421 | ) | | | | | | | | | | | | |
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Net Increase in Cash and Cash Equivalents | | 2,277 | | | — | | | 2,277 | | | | | | | | | | | | | |
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Cash and Cash Equivalents at Beginning of Year | | 46,537 | | | — | | | 46,537 | | | | | | | | | | | | | |
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Cash and Cash Equivalents at End of Year | | $ | 48,814 | | | $ | — | | | $ | 48,814 | | | | | | | | | | | | | |
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Supplemental Disclosures of Cash Flow Information | | | | | | | | | | | | | | | | | | |
Interest paid | | $ | 27,614 | | | $ | — | | | $ | 27,614 | | | | | | | | | | | | | |
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Taxes paid | | $ | 7,835 | | | $ | — | | | $ | 7,835 | | | | | | | | | | | | | |
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Non-cash activities: | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment not paid | | $ | 1,000 | | | $ | — | | | $ | 1,000 | | | | | | | | | | | | | |
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| | Year Ended December 31, 2012 | | | | | | | | | | | | |
Consolidated Cash Flow Statement: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | |
Net Income | | $ | 16,437 | | | $ | 1,186 | | | $ | 17,623 | | | | | | | | | | | | | |
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Adjustments to Reconcile Net Income to | | | | | | | | | | | | | | | | | | |
Net Cash Provided by Operating Activities: | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 29,413 | | | — | | | 29,413 | | | | | | | | | | | | | |
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Stock-based compensation expense | | 1,959 | | | — | | | 1,959 | | | | | | | | | | | | | |
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Deferred income taxes | | (142 | ) | | 1,240 | | | 1,098 | | | | | | | | | | | | | |
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Provision for doubtful accounts | | 78 | | | — | | | 78 | | | | | | | | | | | | | |
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Other | | 2,391 | | | (2,210 | ) | | 181 | | | | | | | | | | | | | |
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Changes in Assets and Liabilities: | | | | | | | | | | | | | | | | | | |
Accounts receivable | | (1,204 | ) | | — | | | (1,204 | ) | | | | | | | | | | | | |
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Inventories | | 6,185 | | | (315 | ) | | 5,870 | | | | | | | | | | | | | |
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Production cost of contracts | | (1,324 | ) | | — | | | (1,324 | ) | | | | | | | | | | | | |
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Other assets | | 6,846 | | | (17 | ) | | 6,829 | | | | | | | | | | | | | |
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Accounts payable | | (8,097 | ) | | — | | | (8,097 | ) | | | | | | | | | | | | |
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Accrued and other liabilities | | (5,008 | ) | | 116 | | | (4,892 | ) | | | | | | | | | | | | |
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Net Cash Provided by Operating Activities | | 47,534 | | | — | | | 47,534 | | | | | | | | | | | | | |
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Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | (15,813 | ) | | — | | | (15,813 | ) | | | | | | | | | | | | |
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Proceeds from sales of assets | | 31 | | | — | | | 31 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Investing Activities | | (15,782 | ) | | — | | | (15,782 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | |
Repayment of term loan and other debt | | (26,478 | ) | | — | | | (26,478 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net proceeds from issuance of common stock under stock plans | | (186 | ) | | — | | | (186 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Financing Activities | | (26,664 | ) | | — | | | (26,664 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Increase in Cash and Cash Equivalents | | 5,088 | | | — | | | 5,088 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash and Cash Equivalents at Beginning of Year | | 41,449 | | | — | | | 41,449 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash and Cash Equivalents at End of Year | | $ | 46,537 | | | $ | — | | | $ | 46,537 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Supplemental Disclosures of Cash Flow Information | | | | | | | | | | | | | | | | | | |
Interest paid | | $ | 31,505 | | | $ | — | | | $ | 31,505 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Taxes paid | | $ | 1,953 | | | $ | — | | | $ | 1,953 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
The following tables present the unaudited condensed consolidated quarterly financial data for the first three quarters in the years ended December 31, 2014 and 2013 (in thousands, except per share data): |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | September 27, 2014 | | June 28, 2014 |
Unaudited Condensed Consolidated Balance Sheets: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Assets | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 40,852 | | | $ | — | | | $ | 40,852 | | | $ | 43,751 | | | $ | — | | | $ | 43,751 | |
|
Accounts receivable (less allowance for doubtful accounts of $275 and $254 at September 27, 2014 and June 28, 2014, respectively) | | 104,396 | | | — | | | 104,396 | | | 105,209 | | | — | | | 105,209 | |
|
Inventories | | 145,468 | | | — | | | 145,468 | | | 142,201 | | | — | | | 142,201 | |
|
Production cost of contracts | | 10,375 | | | — | | | 10,375 | | | 11,023 | | | — | | | 11,023 | |
|
Deferred income taxes | | 13,664 | | | 1,521 | | | 15,185 | | | 11,513 | | | 1,416 | | | 12,929 | |
|
Other current assets | | 20,444 | | | 1,486 | | | 21,930 | | | 20,602 | | | 998 | | | 21,600 | |
|
Total Current Assets | | 335,199 | | | 3,007 | | | 338,206 | | | 334,299 | | | 2,414 | | | 336,713 | |
|
Property and Equipment, Net | | 93,181 | | | — | | | 93,181 | | | 94,070 | | | — | | | 94,070 | |
|
Goodwill | | 161,940 | | | (4,371 | ) | | 157,569 | | | 161,940 | | | (4,371 | ) | | 157,569 | |
|
Intangibles, Net | | 157,694 | | | — | | | 157,694 | | | 160,285 | | | — | | | 160,285 | |
|
Other Assets | | 7,657 | | | — | | | 7,657 | | | 8,660 | | | — | | | 8,660 | |
|
Total Assets | | $ | 755,671 | | | $ | (1,364 | ) | | $ | 754,307 | | | $ | 759,254 | | | $ | (1,957 | ) | | $ | 757,297 | |
|
Liabilities and Shareholders’ Equity | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 26 | | | $ | — | | | $ | 26 | | | $ | 26 | | | $ | — | | | $ | 26 | |
|
Accounts payable | | 55,083 | | | — | | | 55,083 | | | 53,749 | | | — | | | 53,749 | |
|
Accrued liabilities | | 42,916 | | | 3,871 | | | 46,787 | | | 47,973 | | | 3,589 | | | 51,562 | |
|
Total Current Liabilities | | 98,025 | | | 3,871 | | | 101,896 | | | 101,748 | | | 3,589 | | | 105,337 | |
|
Long-Term Debt, Less Current Portion | | 310,157 | | | — | | | 310,157 | | | 317,664 | | | — | | | 317,664 | |
|
Deferred Income Taxes | | 73,078 | | | (500 | ) | | 72,578 | | | 69,747 | | | (500 | ) | | 69,247 | |
|
Other Long-Term Liabilities | | 16,858 | | | (300 | ) | | 16,558 | | | 17,456 | | | (300 | ) | | 17,156 | |
|
Total Liabilities | | 498,118 | | | 3,071 | | | 501,189 | | | 506,615 | | | 2,789 | | | 509,404 | |
|
Commitments and Contingencies | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | |
Common stock - $0.01 par value; 35,000,000 shares authorized; 10,945,806 and 10,892,133 shares issued at September 27, 2014 and June 28, 2014, respectively | | 109 | | | — | | | 109 | | | 109 | | | — | | | 109 | |
|
Additional paid-in capital | | 72,563 | | | (1,633 | ) | | 70,930 | | | 70,337 | | | (1,633 | ) | | 68,704 | |
|
Retained earnings | | 188,551 | | | (2,802 | ) | | 185,749 | | | 185,929 | | | (3,113 | ) | | 182,816 | |
|
Accumulated other comprehensive loss | | (3,670 | ) | | — | | | (3,670 | ) | | (3,736 | ) | | — | | | (3,736 | ) |
|
Total Shareholders’ Equity | | 257,553 | | | (4,435 | ) | | 253,118 | | | 252,639 | | | (4,746 | ) | | 247,893 | |
|
Total Liabilities and Shareholders’ Equity | | $ | 755,671 | | | $ | (1,364 | ) | | $ | 754,307 | | | $ | 759,254 | | | $ | (1,957 | ) | | $ | 757,297 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | March 29, 2014 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Balance Sheet: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 29,415 | | | $ | — | | | $ | 29,415 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accounts receivable (less allowance for doubtful accounts of $427 at March 29, 2014) | | 100,570 | | | — | | | 100,570 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Inventories | | 148,895 | | | — | | | 148,895 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Production cost of contracts | | 10,479 | | | — | | | 10,479 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Deferred income taxes | | 13,836 | | | 1,504 | | | 15,340 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other current assets | | 21,664 | | | 998 | | | 22,662 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Current Assets | | 324,859 | | | 2,502 | | | 327,361 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Property and Equipment, Net | | 94,168 | | | — | | | 94,168 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Goodwill | | 161,940 | | | (4,371 | ) | | 157,569 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Intangibles, Net | | 162,875 | | | — | | | 162,875 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other Assets | | 9,320 | | | — | | | 9,320 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Assets | | $ | 753,162 | | | $ | (1,869 | ) | | $ | 751,293 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 25 | | | $ | — | | | $ | 25 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accounts payable | | 53,973 | | | — | | | 53,973 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accrued liabilities | | 39,628 | | | 3,824 | | | 43,452 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Current Liabilities | | 93,626 | | | 3,824 | | | 97,450 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Long-Term Debt, Less Current Portion | | 325,171 | | | — | | | 325,171 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Deferred Income Taxes | | 70,556 | | | (500 | ) | | 70,056 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other Long-Term Liabilities | | 18,922 | | | (300 | ) | | 18,622 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Liabilities | | 508,275 | | | 3,024 | | | 511,299 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | |
Common stock - $0.01 par value; 35,000,000 shares authorized; 10,999,632 shares issued at March 29, 2014 | | 110 | | | — | | | 110 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Treasury stock, at cost; 143,300 shares at March 29, 2014 | | (1,924 | ) | | — | | | (1,924 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Additional paid-in capital | | 71,037 | | | (1,633 | ) | | 69,404 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Retained earnings | | 179,457 | | | (3,260 | ) | | 176,197 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accumulated other comprehensive loss | | (3,793 | ) | | — | | | (3,793 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Shareholders’ Equity | | 244,887 | | | (4,893 | ) | | 239,994 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Liabilities and Shareholders’ Equity | | $ | 753,162 | | | $ | (1,869 | ) | | $ | 751,293 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 27, 2014 | | Nine Months Ended September 27, 2014 |
Unaudited Condensed Consolidated Statements of Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Revenues | | $ | 188,164 | | | $ | — | | | $ | 188,164 | | | $ | 554,433 | | | $ | — | | | $ | 554,433 | |
|
Cost of Sales | | 154,770 | | | 282 | | | 155,052 | | | 448,526 | | | (798 | ) | | 447,728 | |
|
Gross Profit | | 33,394 | | | (282 | ) | | 33,112 | | | 105,907 | | | 798 | | | 106,705 | |
|
Selling, General and Administrative Expenses | | 23,050 | | | — | | | 23,050 | | | 65,005 | | | — | | | 65,005 | |
|
Operating Income | | 10,344 | | | (282 | ) | | 10,062 | | | 40,902 | | | 798 | | | 41,700 | |
|
Interest Expense | | (6,975 | ) | | — | | | (6,975 | ) | | (21,094 | ) | | — | | | (21,094 | ) |
|
Other Income | | 1,600 | | | — | | | 1,600 | | | 1,600 | | | — | | | 1,600 | |
|
Income Before Taxes | | 4,969 | | | (282 | ) | | 4,687 | | | 21,408 | | | 798 | | | 22,206 | |
|
Income Tax Expense | | 2,347 | | | (593 | ) | | 1,754 | | | 7,685 | | | (190 | ) | | 7,495 | |
|
Net Income | | $ | 2,622 | | | $ | 311 | | | $ | 2,933 | | | $ | 13,723 | | | $ | 988 | | | $ | 14,711 | |
|
Earnings Per Share | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.24 | | | $ | 0.03 | | | $ | 0.27 | | | $ | 1.26 | | | $ | 0.09 | | | $ | 1.35 | |
|
Diluted earnings per share | | $ | 0.24 | | | $ | 0.03 | | | $ | 0.26 | | | $ | 1.23 | | | $ | 0.09 | | | $ | 1.31 | |
|
Weighted-Average Number of Shares Outstanding | | | | | | | | | | | | |
Basic | | 10,921 | | | — | | | 10,921 | | | 10,902 | | | — | | | 10,902 | |
|
Diluted | | 11,150 | | | — | | | 11,150 | | | 11,202 | | | — | | | 11,202 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 28, 2014 | | Six Months Ended June 28, 2014 |
Unaudited Condensed Consolidated Statements of Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Revenues | | $ | 186,516 | | | $ | — | | | $ | 186,516 | | | $ | 366,269 | | | $ | — | | | $ | 366,269 | |
|
Cost of Sales | | 149,073 | | | (235 | ) | | 148,838 | | | 293,756 | | | (1,080 | ) | | 292,676 | |
|
Gross Profit | | 37,443 | | | 235 | | | 37,678 | | | 72,513 | | | 1,080 | | | 73,593 | |
|
Selling, General and Administrative Expenses | | 20,868 | | | — | | | 20,868 | | | 41,955 | | | — | | | 41,955 | |
|
Operating Income | | 16,575 | | | 235 | | | 16,810 | | | 30,558 | | | 1,080 | | | 31,638 | |
|
Interest Expense | | (6,994 | ) | | — | | | (6,994 | ) | | (14,119 | ) | | — | | | (14,119 | ) |
|
Income Before Taxes | | 9,581 | | | 235 | | | 9,816 | | | 16,439 | | | 1,080 | | | 17,519 | |
|
Income Tax Expense | | 3,109 | | | 88 | | | 3,197 | | | 5,338 | | | 403 | | | 5,741 | |
|
Net Income | | $ | 6,472 | | | $ | 147 | | | $ | 6,619 | | | $ | 11,101 | | | $ | 677 | | | $ | 11,778 | |
|
Earnings Per Share | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.6 | | | $ | 0.01 | | | $ | 0.61 | | | $ | 1.02 | | | $ | 0.06 | | | $ | 1.08 | |
|
Diluted earnings per share | | $ | 0.59 | | | $ | 0.01 | | | $ | 0.6 | | | $ | 1 | | | $ | 0.06 | | | $ | 1.06 | |
|
Weighted-Average Number of Shares Outstanding | | | | | | | | | | | | |
Basic | | 10,871 | | | — | | | 10,871 | | | 10,864 | | | — | | | 10,864 | |
|
Diluted | | 11,045 | | | — | | | 11,045 | | | 11,122 | | | — | | | 11,122 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 29, 2014 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Statement of Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Revenues | | $ | 179,753 | | | $ | — | | | $ | 179,753 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Cost of Sales | | 144,683 | | | (845 | ) | | 143,838 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Gross Profit | | 35,070 | | | 845 | | | 35,915 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Selling, General and Administrative Expenses | | 21,087 | | | — | | | 21,087 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Operating Income | | 13,983 | | | 845 | | | 14,828 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Interest Expense | | (7,125 | ) | | — | | | (7,125 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Income Before Taxes | | 6,858 | | | 845 | | | 7,703 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Income Tax Expense | | 2,229 | | | 315 | | | 2,544 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Income | | $ | 4,629 | | | $ | 530 | | | $ | 5,159 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Earnings Per Share | | | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.43 | | | $ | 0.05 | | | $ | 0.48 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Diluted earnings per share | | $ | 0.42 | | | $ | 0.05 | | | $ | 0.46 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Weighted-Average Number of Shares Outstanding | | | | | | | | | | | | | | | | | | |
Basic | | 10,844 | | | — | | | 10,844 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Diluted | | 11,107 | | | — | | | 11,107 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 27, 2014 | | Nine Months Ended September 27, 2014 |
Unaudited Condensed Consolidated Statements of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Income | | $ | 2,622 | | | $ | 311 | | | $ | 2,933 | | | $ | 13,723 | | | $ | 988 | | | $ | 14,711 | |
|
Pension Adjustments | | | | | | | | | | | | |
Amortization of actuarial loss and prior service costs, net of tax benefit of approximately $40 and $124 for the three months and nine months ended September 27, 2014, respectively | | (66 | ) | | — | | | (66 | ) | | (192 | ) | | — | | | (192 | ) |
|
Other Comprehensive Loss | | (66 | ) | | — | | | (66 | ) | | (192 | ) | | — | | | (192 | ) |
|
Comprehensive Income | | $ | 2,556 | | | $ | 311 | | | $ | 2,867 | | | $ | 13,531 | | | $ | 988 | | | $ | 14,519 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 28, 2014 | | Six Months Ended June 28, 2014 |
Unaudited Condensed Consolidated Statements of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Income | | $ | 6,472 | | | $ | 147 | | | $ | 6,619 | | | $ | 11,101 | | | $ | 677 | | | $ | 11,778 | |
|
Pension Adjustments | | | | | | | | | | | | |
Amortization of actuarial loss and prior service costs, net of tax benefit of approximately $48 and $84 for the three months and six months ended June 28, 2014, respectively | | (57 | ) | | — | | | (57 | ) | | (126 | ) | | — | | | (126 | ) |
|
Other Comprehensive Loss | | (57 | ) | | — | | | (57 | ) | | (126 | ) | | — | | | (126 | ) |
|
Comprehensive Income | | $ | 6,415 | | | $ | 147 | | | $ | 6,562 | | | $ | 10,975 | | | $ | 677 | | | $ | 11,652 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 29, 2014 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Statement of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Income | | $ | 4,629 | | | $ | 530 | | | $ | 5,159 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Pension Adjustments | | | | | | | | | | | | | | | | | | |
Amortization of actuarial loss included in net income, net of tax benefit of $36 for the three months ended March 29, 2014 | | (69 | ) | | — | | | (69 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Other Comprehensive Loss | | (69 | ) | | — | | | (69 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Comprehensive Income | | $ | 4,560 | | | $ | 530 | | | $ | 5,090 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 27, 2014 | | Six Months Ended June 28, 2014 |
Unaudited Condensed Consolidated Cash Flow Statements: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Cash Flows from Operating Activities | | | | | | | | | | | | |
Net Income | | $ | 13,723 | | | $ | 988 | | | $ | 14,711 | | | $ | 11,101 | | | $ | 677 | | | $ | 11,778 | |
|
Adjustments to Reconcile Net Income to | | | | | | | | | | | | |
Net Cash Provided by Operating Activities: | | | | | | | | | | | | |
Depreciation and amortization | | 21,829 | | | — | | | 21,829 | | | 15,125 | | | — | | | 15,125 | |
|
Stock-based compensation expense | | 2,520 | | | — | | | 2,520 | | | 1,288 | | | — | | | 1,288 | |
|
Deferred income taxes | | 1,775 | | | 298 | | | 2,073 | | | 595 | | | 403 | | | 998 | |
|
Recovery of doubtful accounts | | (214 | ) | | — | | | (214 | ) | | (235 | ) | | — | | | (235 | ) |
|
Other | | 649 | | | (798 | ) | | (149 | ) | | 1,111 | | | (1,080 | ) | | 31 | |
|
Changes in Assets and Liabilities: | | | | | | | | | | | | |
Accounts receivable | | (12,273 | ) | | — | | | (12,273 | ) | | (13,066 | ) | | — | | | (13,066 | ) |
|
Inventories | | (4,961 | ) | | — | | | (4,961 | ) | | (1,694 | ) | | — | | | (1,694 | ) |
|
Production cost of contracts | | (1,408 | ) | | — | | | (1,408 | ) | | (1,734 | ) | | — | | | (1,734 | ) |
|
Other assets | | 7,121 | | | (488 | ) | | 6,633 | | | 6,563 | | | — | | | 6,563 | |
|
Accounts payable | | (2,447 | ) | | — | | | (2,447 | ) | | (4,363 | ) | | — | | | (4,363 | ) |
|
Accrued and other liabilities | | (5,400 | ) | | — | | | (5,400 | ) | | 835 | | | — | | | 835 | |
|
Net Cash Provided by Operating Activities | | 20,914 | | | — | | | 20,914 | | | 15,526 | | | — | | | 15,526 | |
|
Cash Flows from Investing Activities | | | | | | | | | | | | |
Purchases of property and equipment | | (9,329 | ) | | — | | | (9,329 | ) | | (5,997 | ) | | — | | | (5,997 | ) |
|
Proceeds from sales of assets | | 83 | | | — | | | 83 | | | 51 | | | — | | | 51 | |
|
Insurance recoveries related to property and equipment | | 1,600 | | | — | | | 1,600 | | | — | | | — | | | — | |
|
Net Cash Used in Investing Activities | | (7,646 | ) | | — | | | (7,646 | ) | | (5,946 | ) | | — | | | (5,946 | ) |
|
Cash Flows from Financing Activities | | | | | | | | | | | | |
Repayment of term loan and other debt | | (22,519 | ) | | — | | | (22,519 | ) | | (15,012 | ) | | — | | | (15,012 | ) |
|
Net proceeds from issuance of common stock under stock plans | | 1,289 | | | — | | | 1,289 | | | 369 | | | — | | | 369 | |
|
Net Cash Used in Financing Activities | | (21,230 | ) | | — | | | (21,230 | ) | | (14,643 | ) | | — | | | (14,643 | ) |
|
Net Decrease in Cash and Cash Equivalents | | (7,962 | ) | | — | | | (7,962 | ) | | (5,063 | ) | | — | | | (5,063 | ) |
|
Cash and Cash Equivalents at Beginning of Year | | 48,814 | | | — | | | 48,814 | | | 48,814 | | | — | | | 48,814 | |
|
Cash and Cash Equivalents at End of Year | | $ | 40,852 | | | $ | — | | | $ | 40,852 | | | $ | 43,751 | | | $ | — | | | $ | 43,751 | |
|
Supplemental Disclosures of Cash Flow Information | | | | | | | | | | | | |
Interest paid | | $ | 24,090 | | | $ | — | | | $ | 24,090 | | | $ | 1,440 | | | $ | — | | | $ | 1,440 | |
|
Taxes paid | | $ | 3,410 | | | $ | — | | | $ | 3,410 | | | $ | 3,249 | | | $ | — | | | $ | 3,249 | |
|
Non-cash activities: | | | | | | | | | | | | |
Purchases of property and equipment not paid | | $ | 418 | | | $ | — | | | $ | 418 | | | $ | 722 | | | $ | — | | | $ | 722 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 29, 2014 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Cash Flow Statement: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | |
Net Income | | $ | 4,629 | | | $ | 530 | | | $ | 5,159 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Adjustments to Reconcile Net Income to | | | | | | | | | | | | | | | | | | |
Net Cash Provided by Operating Activities: | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 7,426 | | | — | | | 7,426 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Stock-based compensation expense | | 364 | | | — | | | 364 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Deferred income taxes | | (919 | ) | | 315 | | | (604 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Recovery of doubtful accounts | | (62 | ) | | — | | | (62 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Other | | 88 | | | (845 | ) | | (757 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Changes in Assets and Liabilities: | | | | | | | | | | | | | | | | | | |
Accounts receivable | | (8,599 | ) | | — | | | (8,599 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Inventories | | (8,388 | ) | | — | | | (8,388 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Production cost of contracts | | 513 | | | — | | | 513 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other assets | | 5,440 | | | — | | | 5,440 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accounts payable | | (4,138 | ) | | — | | | (4,138 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Accrued and other liabilities | | (6,067 | ) | | — | | | (6,067 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Operating Activities | | (9,713 | ) | | — | | | (9,713 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | (2,192 | ) | | — | | | (2,192 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Proceeds from sales of assets | | 5 | | | — | | | 5 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Investing Activities | | (2,187 | ) | | — | | | (2,187 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | |
Repayment of term loan and other debt | | (7,506 | ) | | — | | | (7,506 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net proceeds from issuance of common stock under stock plans | | 7 | | | — | | | 7 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Financing Activities | | (7,499 | ) | | — | | | (7,499 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Decrease in Cash and Cash Equivalents | | (19,399 | ) | | — | | | (19,399 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash and Cash Equivalents at Beginning of Year | | 48,814 | | | — | | | 48,814 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash and Cash Equivalents at End of Year | | $ | 29,415 | | | $ | — | | | $ | 29,415 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Supplemental Disclosures of Cash Flow Information | | | | | | | | | | | | | | | | | | |
Interest paid | | $ | 11,397 | | | $ | — | | | $ | 11,397 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Taxes paid | | $ | 58 | | | $ | — | | | $ | 58 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Non-cash activities: | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment not paid | | $ | 182 | | | $ | — | | | $ | 182 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | September 28, 2013 | | June 29, 2013 |
Unaudited Condensed Consolidated Balance Sheets: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Assets | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 32,597 | | | $ | — | | | $ | 32,597 | | | $ | 33,510 | | | $ | — | | | $ | 33,510 | |
|
Accounts receivable (less allowance for doubtful accounts of $425 and $532 at September 28, 2013 and June 29, 2013, respectively) | | 92,637 | | | — | | | 92,637 | | | 105,577 | | | — | | | 105,577 | |
|
Inventories | | 148,524 | | | — | | | 148,524 | | | 148,906 | | | (1,080 | ) | | 147,826 | |
|
Production cost of contracts | | 19,926 | | | — | | | 19,926 | | | 19,049 | | | — | | | 19,049 | |
|
Deferred income taxes | | 7,110 | | | 1,601 | | | 8,711 | | | 7,016 | | | 2,136 | | | 9,152 | |
|
Other current assets | | 23,505 | | | 1,466 | | | 24,971 | | | 18,005 | | | 17 | | | 18,022 | |
|
Total Current Assets | | 324,299 | | | 3,067 | | | 327,366 | | | 332,063 | | | 1,073 | | | 333,136 | |
|
Property and Equipment, Net | | 93,840 | | | — | | | 93,840 | | | 95,602 | | | — | | | 95,602 | |
|
Goodwill | | 161,940 | | | (4,371 | ) | | 157,569 | | | 161,940 | | | (4,371 | ) | | 157,569 | |
|
Intangibles, Net | | 168,188 | | | — | | | 168,188 | | | 170,911 | | | — | | | 170,911 | |
|
Other Assets | | 11,779 | | | — | | | 11,779 | | | 12,310 | | | — | | | 12,310 | |
|
Total Assets | | $ | 760,046 | | | $ | (1,304 | ) | | $ | 758,742 | | | $ | 772,826 | | | $ | (3,298 | ) | | $ | 769,528 | |
|
Liabilities and Shareholders’ Equity | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 3,029 | | | $ | — | | | $ | 3,029 | | | $ | 3,033 | | | $ | — | | | $ | 3,033 | |
|
Accounts payable | | 49,668 | | | — | | | 49,668 | | | 50,864 | | | — | | | 50,864 | |
|
Accrued liabilities | | 39,320 | | | 4,300 | | | 43,620 | | | 48,392 | | | 4,655 | | | 53,047 | |
|
Total Current Liabilities | | 92,017 | | | 4,300 | | | 96,317 | | | 102,289 | | | 4,655 | | | 106,944 | |
|
Long-Term Debt, Less Current Portion | | 340,184 | | | — | | | 340,184 | | | 347,690 | | | — | | | 347,690 | |
|
Deferred Income Taxes | | 64,504 | | | (621 | ) | | 63,883 | | | 65,980 | | | (621 | ) | | 65,359 | |
|
Other Long-Term Liabilities | | 22,097 | | | (300 | ) | | 21,797 | | | 22,900 | | | (300 | ) | | 22,600 | |
|
Total Liabilities | | 518,802 | | | 3,379 | | | 522,181 | | | 538,859 | | | 3,734 | | | 542,593 | |
|
Commitments and Contingencies | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | |
Common stock - $0.01 par value; 35,000,000 shares authorized; 10,923,469 and 10,822,180 shares issued at September 28, 2013 and June 29, 2013, respectively | | 109 | | | — | | | 109 | | | 108 | | | — | | | 108 | |
|
Treasury stock, at cost; 143,300 shares at both September 28, 2013 and June 29, 2013 | | (1,924 | ) | | — | | | (1,924 | ) | | (1,924 | ) | | — | | | (1,924 | ) |
|
Additional paid-in capital | | 70,679 | | | (1,633 | ) | | 69,046 | | | 68,211 | | | (1,633 | ) | | 66,578 | |
|
Retained earnings | | 179,332 | | | (3,050 | ) | | 176,282 | | | 174,696 | | | (5,399 | ) | | 169,297 | |
|
Accumulated other comprehensive loss | | (6,952 | ) | | — | | | (6,952 | ) | | (7,124 | ) | | — | | | (7,124 | ) |
|
Total Shareholders’ Equity | | 241,244 | | | (4,683 | ) | | 236,561 | | | 233,967 | | | (7,032 | ) | | 226,935 | |
|
Total Liabilities and Shareholders’ Equity | | $ | 760,046 | | | $ | (1,304 | ) | | $ | 758,742 | | | $ | 772,826 | | | $ | (3,298 | ) | | $ | 769,528 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | March 30, 2013 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Balance Sheet: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 29,994 | | | $ | — | | | $ | 29,994 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accounts receivable (less allowance for doubtful accounts of $409 at March 30, 2013) | | 96,391 | | | — | | | 96,391 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Inventories | | 149,402 | | | (940 | ) | | 148,462 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Production cost of contracts | | 20,193 | | | — | | | 20,193 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Deferred income taxes | | 11,077 | | | 2,232 | | | 13,309 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other current assets | | 12,756 | | | 17 | | | 12,773 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Current Assets | | 319,813 | | | 1,309 | | | 321,122 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Property and Equipment, Net | | 97,005 | | | — | | | 97,005 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Goodwill | | 161,940 | | | (4,371 | ) | | 157,569 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Intangibles, Net | | 173,633 | | | — | | | 173,633 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other Assets | | 13,217 | | | — | | | 13,217 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Assets | | $ | 765,608 | | | $ | (3,062 | ) | | $ | 762,546 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 3,038 | | | $ | — | | | $ | 3,038 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accounts payable | | 50,481 | | | — | | | 50,481 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accrued liabilities | | 40,048 | | | 5,053 | | | 45,101 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Current Liabilities | | 93,567 | | | 5,053 | | | 98,620 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Long-Term Debt, Less Current Portion | | 355,196 | | | — | | | 355,196 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Deferred Income Taxes | | 66,386 | | | (621 | ) | | 65,765 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other Long-Term Liabilities | | 23,239 | | | (300 | ) | | 22,939 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Liabilities | | 538,388 | | | 4,132 | | | 542,520 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | |
Common stock - $0.01 par value; 35,000,000 shares authorized; 10,746,950 shares issued at March 30, 2013 | | 107 | | | — | | | 107 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Treasury stock, at cost; 143,300 shares at March 30, 2013 | | (1,924 | ) | | — | | | (1,924 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Additional paid-in capital | | 67,141 | | | (1,633 | ) | | 65,508 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Retained earnings | | 169,192 | | | (5,561 | ) | | 163,631 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accumulated other comprehensive loss | | (7,296 | ) | | — | | | (7,296 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Shareholders’ Equity | | 227,220 | | | (7,194 | ) | | 220,026 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Liabilities and Shareholders’ Equity | | $ | 765,608 | | | $ | (3,062 | ) | | $ | 762,546 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 28, 2013 | | Nine Months Ended September 28, 2013 |
Unaudited Condensed Consolidated Statements of Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Revenues | | $ | 181,288 | | | $ | — | | | $ | 181,288 | | | $ | 548,675 | | | $ | — | | | $ | 548,675 | |
|
Cost of Sales | | 148,984 | | | (1,435 | ) | | 147,549 | | | 446,202 | | | (2,114 | ) | | 444,088 | |
|
Gross Profit | | 32,304 | | | 1,435 | | | 33,739 | | | 102,473 | | | 2,114 | | | 104,587 | |
|
Selling, General and Administrative Expenses | | 20,351 | | | — | | | 20,351 | | | 65,175 | | | — | | | 65,175 | |
|
Operating Income | | 11,953 | | | 1,435 | | | 13,388 | | | 37,298 | | | 2,114 | | | 39,412 | |
|
Interest Expense | | (7,403 | ) | | — | | | (7,403 | ) | | (22,668 | ) | | — | | | (22,668 | ) |
|
Other Income | | — | | | — | | | — | | | — | | | — | | | — | |
|
Income Before Taxes | | 4,550 | | | 1,435 | | | 5,985 | | | 14,630 | | | 2,114 | | | 16,744 | |
|
Income Tax (Benefit) Expense | | (86 | ) | | (914 | ) | | (1,000 | ) | | 783 | | | (661 | ) | | 122 | |
|
Net Income | | $ | 4,636 | | | $ | 2,349 | | | $ | 6,985 | | | $ | 13,847 | | | $ | 2,775 | | | $ | 16,622 | |
|
Earnings Per Share: | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.43 | | | $ | 0.22 | | | $ | 0.65 | | | $ | 1.3 | | | $ | 0.26 | | | $ | 1.56 | |
|
Diluted earnings per share | | $ | 0.42 | | | $ | 0.22 | | | $ | 0.64 | | | $ | 1.28 | | | $ | 0.26 | | | $ | 1.54 | |
|
Weighted-Average Number of Shares Outstanding: | | | | | | | | | | | | |
Basic | | 10,722 | | | — | | | 10,722 | | | 10,657 | | | — | | | 10,657 | |
|
Diluted | | 10,917 | | | — | | | 10,917 | | | 10,785 | | | — | | | 10,785 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 29, 2013 | | Six Months Ended June 29, 2013 |
Unaudited Condensed Consolidated Statements of Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Revenues | | $ | 191,472 | | | $ | — | | | $ | 191,472 | | | $ | 367,387 | | | $ | — | | | $ | 367,387 | |
|
Cost of Sales | | 154,156 | | | (258 | ) | | 153,898 | | | 297,218 | | | (679 | ) | | 296,539 | |
|
Gross Profit | | 37,316 | | | 258 | | | 37,574 | | | 70,169 | | | 679 | | | 70,848 | |
|
Selling, General and Administrative Expenses | | 22,273 | | | — | | | 22,273 | | | 44,824 | | | — | | | 44,824 | |
|
Operating Income | | 15,043 | | | 258 | | | 15,301 | | | 25,345 | | | 679 | | | 26,024 | |
|
Interest Expense | | (7,442 | ) | | — | | | (7,442 | ) | | (15,265 | ) | | — | | | (15,265 | ) |
|
Income Before Taxes | | 7,601 | | | 258 | | | 7,859 | | | 10,080 | | | 679 | | | 10,759 | |
|
Income Tax Expense | | 2,097 | | | 96 | | | 2,193 | | | 869 | | | 253 | | | 1,122 | |
|
Net Income | | $ | 5,504 | | | $ | 162 | | | $ | 5,666 | | | $ | 9,211 | | | $ | 426 | | | $ | 9,637 | |
|
Earnings Per Share | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.52 | | | $ | 0.02 | | | $ | 0.53 | | | $ | 0.87 | | | $ | 0.04 | | | $ | 0.91 | |
|
Diluted earnings per share | | $ | 0.51 | | | $ | 0.02 | | | $ | 0.53 | | | $ | 0.86 | | | $ | 0.04 | | | $ | 0.9 | |
|
Weighted-Average Number of Shares Outstanding | | | | | | | | | | | | |
Basic | | 10,648 | | | — | | | 10,648 | | | 10,624 | | | — | | | 10,624 | |
|
Diluted | | 10,790 | | | — | | | 10,790 | | | 10,731 | | | — | | | 10,731 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 30, 2013 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Statement of Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Revenues | | $ | 175,915 | | | $ | — | | | $ | 175,915 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Cost of Sales | | 143,062 | | | (421 | ) | | 142,641 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Gross Profit | | 32,853 | | | 421 | | | 33,274 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Selling, General and Administrative Expenses | | 22,551 | | | — | | | 22,551 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Operating Income | | 10,302 | | | 421 | | | 10,723 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Interest Expense | | (7,823 | ) | | — | | | (7,823 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Income Before Taxes | | 2,479 | | | 421 | | | 2,900 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Income Tax Benefit | | (1,228 | ) | | 157 | | | (1,071 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Income | | $ | 3,707 | | | $ | 264 | | | $ | 3,971 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Earnings Per Share | | | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.35 | | | $ | 0.02 | | | $ | 0.37 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Diluted earnings per share | | $ | 0.35 | | | $ | 0.02 | | | $ | 0.37 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Weighted-Average Number of Shares Outstanding | | | | | | | | | | | | | | | | | | |
Basic | | 10,600 | | | — | | | 10,600 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Diluted | | 10,670 | | | — | | | 10,670 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 28, 2013 | | Nine Months Ended September 28, 2013 |
Unaudited Condensed Consolidated Statements of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Income | | $ | 4,636 | | | $ | 2,349 | | | $ | 6,985 | | | $ | 13,847 | | | $ | 2,775 | | | $ | 16,622 | |
|
Pension Adjustments | | | | | | | | | | | | |
Amortization of actuarial loss and prior service costs, net of tax benefit of approximately $102 and $306 for the three months and nine months ended September 28, 2013, respectively | | (172 | ) | | — | | | (172 | ) | | (516 | ) | | — | | | (516 | ) |
|
Other Comprehensive Loss | | (172 | ) | | — | | | (172 | ) | | (516 | ) | | — | | | (516 | ) |
|
Comprehensive Income | | $ | 4,464 | | | $ | 2,349 | | | $ | 6,813 | | | $ | 13,331 | | | $ | 2,775 | | | $ | 16,106 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 29, 2013 | | Six Months Ended June 29, 2013 |
Unaudited Condensed Consolidated Statements of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Net Income | | $ | 5,504 | | | $ | 162 | | | $ | 5,666 | | | $ | 9,211 | | | $ | 426 | | | $ | 9,637 | |
|
Pension Adjustments | | | | | | | | | | | | |
Amortization of actuarial loss and prior service costs, net of tax benefit of approximately $102 and $204 for the three months and six months ended June 29, 2013, respectively | | (172 | ) | | — | | | (172 | ) | | (344 | ) | | — | | | (344 | ) |
|
Other Comprehensive Loss | | (172 | ) | | — | | | (172 | ) | | (344 | ) | | — | | | (344 | ) |
|
Comprehensive Income | | $ | 5,332 | | | $ | 162 | | | $ | 5,494 | | | $ | 8,867 | | | $ | 426 | | | $ | 9,293 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 30, 2013 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Statement of Comprehensive Income: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Net Income | | $ | 3,707 | | | $ | 264 | | | $ | 3,971 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Pension Adjustments | | | | | | | | | | | | | | | | | | |
Amortization of actuarial loss included in net income, net of tax benefit of $102 for the three months ended March 30, 2013 | | (172 | ) | | — | | | (172 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Other Comprehensive Loss | | (172 | ) | | — | | | (172 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Comprehensive Income | | $ | 3,535 | | | $ | 264 | | | $ | 3,799 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 28, 2013 | | Six Months Ended June 29, 2013 |
Unaudited Condensed Consolidated Cash Flow Statements: | | As Reported | | Adjustments | | As Restated | | As Reported | | Adjustments | | As Restated |
Cash Flows from Operating Activities | | | | | | | | | | | | |
Net Income | | $ | 13,847 | | | $ | 2,775 | | | $ | 16,622 | | | $ | 9,211 | | | $ | 426 | | | $ | 9,637 | |
|
Adjustments to Reconcile Net Income to | | | | | | | | | | | | |
Net Cash Provided by Operating Activities: | | | | | | | | | | | | |
Depreciation and amortization | | 21,375 | | | — | | | 21,375 | | | 14,173 | | | — | | | 14,173 | |
|
Stock-based compensation expense | | 1,711 | | | — | | | 1,711 | | | 805 | | | — | | | 805 | |
|
Deferred income taxes | | 45 | | | 788 | | | 833 | | | 1,615 | | | 253 | | | 1,868 | |
|
Recovery of doubtful accounts | | (141 | ) | | — | | | (141 | ) | | (34 | ) | | — | | | (34 | ) |
|
Other | | 1,434 | | | (1,265 | ) | | 169 | | | 809 | | | (910 | ) | | (101 | ) |
|
Changes in Assets and Liabilities: | | | | | | | | | | | | |
Accounts receivable | | 4,804 | | | — | | | 4,804 | | | (8,243 | ) | | — | | | (8,243 | ) |
|
Inventories | | (206 | ) | | (849 | ) | | (1,055 | ) | | (588 | ) | | 231 | | | (357 | ) |
|
Production cost of contracts | | (3,396 | ) | | — | | | (3,396 | ) | | (1,843 | ) | | — | | | (1,843 | ) |
|
Other assets | | (9,033 | ) | | (1,449 | ) | | (10,482 | ) | | (3,473 | ) | | — | | | (3,473 | ) |
|
Accounts payable | | (2,910 | ) | | — | | | (2,910 | ) | | (1,714 | ) | | — | | | (1,714 | ) |
|
Accrued and other liabilities | | (12,819 | ) | | — | | | (12,819 | ) | | (3,775 | ) | | — | | | (3,775 | ) |
|
Net Cash Provided by Operating Activities | | 14,711 | | | — | | | 14,711 | | | 6,943 | | | — | | | 6,943 | |
|
Cash Flows from Investing Activities | | | | | | | | | | | | |
Purchases of property and equipment | | (7,321 | ) | | — | | | (7,321 | ) | | (5,253 | ) | | — | | | (5,253 | ) |
|
Proceeds from sales of assets | | 123 | | | — | | | 123 | | | 111 | | | — | | | 111 | |
|
Net Cash Used in Investing Activities | | (7,198 | ) | | — | | | (7,198 | ) | | (5,142 | ) | | — | | | (5,142 | ) |
|
Cash Flows from Financing Activities | | | | | | | | | | | | |
Repayment of term loan and other debt | | (22,518 | ) | | — | | | (22,518 | ) | | (15,012 | ) | | — | | | (15,012 | ) |
|
Debt issue cost paid | | (181 | ) | | — | | | (181 | ) | | (181 | ) | | — | | | (181 | ) |
|
Net proceeds from issuance of common stock under stock plans | | 1,246 | | | — | | | 1,246 | | | 365 | | | — | | | 365 | |
|
Net Cash Used in Financing Activities | | (21,453 | ) | | — | | | (21,453 | ) | | (14,828 | ) | | — | | | (14,828 | ) |
|
Net Decrease in Cash and Cash Equivalents | | (13,940 | ) | | — | | | (13,940 | ) | | (13,027 | ) | | — | | | (13,027 | ) |
|
Cash and Cash Equivalents at Beginning of Year | | 46,537 | | | — | | | 46,537 | | | 46,537 | | | — | | | 46,537 | |
|
Cash and Cash Equivalents at End of Year | | $ | 32,597 | | | $ | — | | | $ | 32,597 | | | $ | 33,510 | | | $ | — | | | $ | 33,510 | |
|
Supplemental Disclosures of Cash Flow Information: | | | | | | | | | | | | |
Interest paid | | $ | 25,640 | | | $ | — | | | $ | 25,640 | | | $ | 1,951 | | | $ | — | | | $ | 1,951 | |
|
Taxes paid | | $ | 6,542 | | | $ | — | | | $ | 6,542 | | | $ | 1,743 | | | $ | — | | | $ | 1,743 | |
|
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 30, 2013 | | | | | | | | | | | | |
Unaudited Condensed Consolidated Cash Flow Statement: | | As Reported | | Adjustments | | As Restated | | | | | | | | | | | | |
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | |
Net Income | | $ | 3,707 | | | $ | 264 | | | $ | 3,971 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Adjustments to Reconcile Net Income to | | | | | | | | | | | | | | | | | | |
Net Cash Provided by Operating Activities: | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 7,033 | | | — | | | 7,033 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Stock-based compensation expense | | 693 | | | — | | | 693 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Deferred income taxes | | (2,040 | ) | | 157 | | | (1,883 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Recovery of doubtful accounts | | (157 | ) | | — | | | (157 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Other | | 246 | | | (512 | ) | | (266 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Changes in Assets and Liabilities: | | | | | | | | | | | | | | | | | | |
Accounts receivable | | 1,066 | | | — | | | 1,066 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Inventories | | (1,084 | ) | | 91 | | | (993 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Production cost of contracts | | (2,559 | ) | | — | | | (2,559 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Other assets | | 1,456 | | | — | | | 1,456 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Accounts payable | | (2,097 | ) | | — | | | (2,097 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Accrued and other liabilities | | (12,386 | ) | | — | | | (12,386 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Operating Activities | | (6,122 | ) | | — | | | (6,122 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | (2,612 | ) | | — | | | (2,612 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Proceeds from sales of assets | | 5 | | | — | | | 5 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Investing Activities | | (2,607 | ) | | — | | | (2,607 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | |
Repayment of term loan and other debt | | (7,506 | ) | | — | | | (7,506 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Debt issue cost paid | | (181 | ) | | — | | | (181 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net proceeds from issuance of common stock under stock plans | | (127 | ) | | — | | | (127 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Cash Used in Financing Activities | | (7,814 | ) | | — | | | (7,814 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Net Decrease in Cash and Cash Equivalents | | (16,543 | ) | | — | | | (16,543 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash and Cash Equivalents at Beginning of Year | | 46,537 | | | — | | | 46,537 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Cash and Cash Equivalents at End of Year | | $ | 29,994 | | | $ | — | | | $ | 29,994 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Supplemental Disclosures of Cash Flow Information: | | | | | | | | | | | | | | | | | | |
Interest paid | | $ | 12,037 | | | $ | — | | | $ | 12,037 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Taxes paid | | $ | 563 | | | $ | — | | | $ | 563 | | | | | | | | | | | | | |
| | | | | | | | | | | |