Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 23, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | EASTERN CO | |
Entity Central Index Key | 31107 | |
Current Fiscal Year End Date | -16 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 6,221,817 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Sep-13 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Current Assets | ||
Cash and cash equivalents | $19,080,745 | $18,482,144 |
Accounts receivable, less allowances: $425,000 - 2013; $487,000 - 2012 | 18,662,614 | 18,368,774 |
Inventories | 30,425,463 | 29,384,780 |
Prepaid expenses and other assets | 3,352,951 | 3,365,904 |
Recoverable income taxes receivable | 0 | 1,158,632 |
Deferred income taxes | 1,066,161 | 1,064,202 |
Total Current Assets | 72,587,934 | 71,824,436 |
Property, Plant and Equipment | 62,073,438 | 58,130,024 |
Accumulated depreciation | -35,072,372 | -32,469,281 |
Net Property, Plant and Equipment | 27,001,066 | 25,660,743 |
Other Assets | ||
Goodwill | 13,889,060 | 13,933,599 |
Trademarks | 176,540 | 170,512 |
Patents, technology and other intangibles net of accumulated amortization | 1,519,100 | 1,653,957 |
Deferred income taxes | 2,168,037 | 2,610,903 |
Total Other Assets | 17,752,737 | 18,368,971 |
TOTAL ASSETS | 117,341,737 | 115,854,150 |
Current Liabilities | ||
Accounts payable | 8,224,036 | 7,607,658 |
Accrued compensation | 2,465,905 | 3,453,709 |
Other accrued expenses | 1,043,375 | 2,414,135 |
Current portion of long-term debt | 1,428,571 | 1,428,571 |
Total Current Liabilities | 13,161,887 | 14,904,073 |
Other long-term liabilities | 607,463 | 607,463 |
Long-term debt, less current portion | 5,000,000 | 6,071,428 |
Accrued postretirement benefits | 2,669,762 | 2,507,726 |
Accrued pension cost | 20,766,553 | 20,181,361 |
Shareholders' Equity | ||
Voting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares | 0 | 0 |
Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares | 0 | 0 |
Common Stock, no par value: Authorized: 50,000,000 shares Issued: 8,916,546 shares in 2013 and 8,914,478 shares in 2012 | 28,615,949 | 28,585,498 |
Treasury Stock: 2,694,729 shares in 2013 and 2012 | -19,105,723 | -19,105,723 |
Retained earnings | 81,767,475 | 78,717,589 |
Accumulated other comprehensive income (loss): | ||
Foreign currency translation | 2,303,111 | 2,640,478 |
Unrecognized net pension and postretirement benefit costs, net of tax | -18,444,740 | -19,255,743 |
Accumulated other comprehensive loss | -16,141,629 | -16,615,265 |
Total Shareholders' Equity | 75,136,072 | 71,582,099 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $117,341,737 | $115,854,150 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Current Assets | ||
Accounts receivable, allowances | $425,000 | $487,000 |
Shareholders' Equity | ||
Voting Preferred Stock, no par value (in dollars per share) | $0 | $0 |
Voting Preferred Stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Nonvoting Preferred Stock, no par value (in dollars per share) | $0 | $0 |
Nonvoting Preferred Stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common Stock, no par value (in dollars per share) | $0 | $0 |
Common Stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, shares issued (in shares) | 8,916,546 | 8,914,478 |
Treasury Stock, shares (in shares) | 2,694,729 | 2,694,729 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [Abstract] | ||||
Net sales | $34,256,086 | $39,644,050 | $108,196,240 | $121,699,533 |
Cost of products sold | -27,031,677 | -31,478,557 | -86,174,409 | -96,104,184 |
Gross margin | 7,224,409 | 8,165,493 | 22,021,831 | 25,595,349 |
Selling and administrative expenses | -4,767,505 | -4,830,971 | -14,671,986 | -14,947,179 |
Operating profit | 2,456,904 | 3,334,522 | 7,349,845 | 10,648,170 |
Interest expense | -78,629 | -93,238 | -249,481 | -281,142 |
Other income | 8,201 | 3,462 | 36,660 | 14,185 |
Income before income taxes | 2,386,476 | 3,244,746 | 7,137,024 | 10,381,213 |
Income taxes | 587,693 | 1,020,771 | 2,158,699 | 3,479,284 |
Net income | $1,798,783 | $2,223,975 | $4,978,325 | $6,901,929 |
Earnings per share: | ||||
Basic (in dollars per share) | $0.29 | $0.36 | $0.80 | $1.11 |
Diluted (in dollars per share) | $0.29 | $0.36 | $0.80 | $1.11 |
Cash dividends per share (in dollars per share) | $0.11 | $0.10 | $0.31 | $0.30 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Net income | $1,798,783 | $2,223,975 | $4,978,325 | $6,901,929 |
Other comprehensive income/(loss): | ||||
Change in foreign currency translation | 199,495 | 554,596 | -337,367 | 606,529 |
Change in pension and postretirement benefit costs, net of taxes of: 2013 - $442,866 and $149,033, respectively 2012 - $308,343 and $112,154, respectively | 272,919 | 206,013 | 811,003 | 566,390 |
Total other comprehensive income | 472,414 | 760,609 | 473,636 | 1,172,919 |
Comprehensive income | $2,271,197 | $2,984,584 | $5,451,961 | $8,074,848 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Other comprehensive income/(loss): | ||||
Change in pension and postretirement benefit costs, taxes | $149,033 | $112,154 | $442,866 | $308,343 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Operating Activities | ||
Net income | $4,978,325 | $6,901,929 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,916,310 | 2,550,290 |
Loss on sale of equipment and other assets | 28,065 | 17,713 |
Provision for doubtful accounts | 76,201 | 94,315 |
Deferred income taxes | -1,959 | 18 |
Issuance of Common Stock for directors' fees | 16,872 | 18,451 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -499,335 | -923,685 |
Inventories | -1,092,971 | 1,058,395 |
Prepaid expenses and other | 201,459 | 94,487 |
Prepaid pension cost | 1,842,832 | -555,684 |
Recoverable taxes receivable | 1,158,632 | 647,949 |
Other assets | -59,685 | -86,365 |
Accounts payable | 655,352 | -243,280 |
Accrued compensation | -960,059 | 62,476 |
Other accrued expenses | -1,366,903 | 1,132,760 |
Net cash provided by operating activities | 7,893,136 | 10,769,769 |
Investing Activities | ||
Purchases of property, plant and equipment | -4,160,251 | -3,549,674 |
Proceeds from sales of equipment and other assets | 0 | 19,000 |
Net cash used in investing activities | -4,160,251 | -3,530,674 |
Financing Activities | ||
Principal payments on long-term debt | -1,071,429 | -892,857 |
Principal payments on revolving credit loan | 0 | -3,000,000 |
Proceeds from issuance of long-term debt | 0 | 5,000,000 |
Proceeds from sales of Common Stock | 13,580 | 61,110 |
Dividends paid | -1,928,439 | -1,864,709 |
Net cash used in financing activities | -2,986,288 | -696,456 |
Effect of exchange rate changes on cash | -147,996 | 133,409 |
Net change in cash and cash equivalents | 598,601 | 6,676,048 |
Cash and cash equivalents at beginning of period | 18,482,144 | 11,147,297 |
Cash and cash equivalents at end of period | $19,080,745 | $17,823,345 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note A – Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. Refer to the Company’s consolidated financial statements and notes thereto included in its Form 10-K for the year ended December 29, 2012 for additional information. | |
The accompanying condensed consolidated financial statements are unaudited. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for interim periods have been reflected therein. All intercompany accounts and transactions are eliminated. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. | |
The condensed consolidated balance sheet as of December 29, 2012 has been derived from the audited consolidated balance sheet at that date. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | Note B – Earnings Per Share | |||||||
The denominators used in the earnings per share computations follow: | ||||||||
Nine Months Ended | Three Months Ended | |||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | |||||
Basic: | ||||||||
Weighted average shares outstanding | 6,220,620 | 6,216,113 | 6,221,515 | 6,219,241 | ||||
Diluted: | ||||||||
Weighted average shares outstanding | 6,220,620 | 6,216,113 | 6,221,515 | 6,219,241 | ||||
Dilutive stock options | 17,027 | 15,816 | 16,559 | 15,486 | ||||
Denominator for diluted earnings per share | 6,237,647 | 6,231,929 | 6,238,074 | 6,234,727 |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventories [Abstract] | |||||||||
Inventories | Note C – Inventories | ||||||||
The components of inventories follow: | |||||||||
28-Sep-13 | 29-Dec-12 | ||||||||
Raw material and component parts | $ | 8,762,534 | $ | 8,473,007 | |||||
Work in process | 6,389,347 | 6,160,578 | |||||||
Finished goods | 15,273,582 | 14,751,195 | |||||||
$ | 30,425,463 | $ | 29,384,780 |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||
Segment Information | Note D – Segment Information | ||||||||||||||||
Segment financial information follows: | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||
Revenues: | |||||||||||||||||
Sales to unaffiliated customers: | |||||||||||||||||
Industrial Hardware | $ | 46,682,686 | $ | 55,610,830 | $ | 15,067,122 | $ | 18,656,171 | |||||||||
Security Products | 36,647,899 | 38,689,676 | 12,690,410 | 12,593,633 | |||||||||||||
Metal Products | 24,865,655 | 27,399,027 | 6,498,554 | 8,394,246 | |||||||||||||
$ | 108,196,240 | $ | 121,699,533 | $ | 34,256,086 | $ | 39,644,050 | ||||||||||
Income before income taxes: | |||||||||||||||||
Industrial Hardware | $ | 3,507,935 | $ | 6,138,342 | $ | 1,444,830 | $ | 2,048,559 | |||||||||
Security Products | 1,737,150 | 3,489,090 | 499,717 | 1,145,886 | |||||||||||||
Metal Products | 2,104,760 | 1,020,738 | 512,357 | 140,077 | |||||||||||||
Operating Profit | 7,349,845 | 10,648,170 | 2,456,904 | 3,334,522 | |||||||||||||
Interest expense | (249,481 | ) | (281,142 | ) | (78,629 | ) | (93,238 | ) | |||||||||
Other income | 36,660 | 14,185 | 8,201 | 3,462 | |||||||||||||
$ | 7,137,024 | $ | 10,381,213 | $ | 2,386,476 | $ | 3,244,746 |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 28, 2013 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note E – Recent Accounting Pronouncements |
In July 2012, the FASB issued authoritative guidance to amend previous guidance on the annual and interim testing of indefinite-lived intangible assets for impairment. The guidance provides entities with the option of first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If it is determined, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not less than the carrying amount, a quantitative impairment test would still be required. The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company. | |
In February 2013, the FASB issued authoritative guidance which adds new disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income. The guidance requires that an entity present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of Accumulated Other Comprehensive Income based on its source and the income statement line items affected by the reclassification. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012. The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company. | |
In July 2013, the FASB issued authoritative guidance that requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2013. We are currently evaluating the impact of this guidance on our financial statements. | |
The Company has implemented all new accounting pronouncements that are in effect and that could impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued, but are not yet effective, that might have a material impact on the consolidated financial statements of the Company. |
Debt
Debt | 9 Months Ended |
Sep. 28, 2013 | |
Debt [Abstract] | |
Debt | Note F – Debt |
On January 25, 2012, the Company signed an amendment to its secured Loan Agreement with People’s United Bank (“People’s”) which included an additional $5,000,000 term portion (the “2012 Term Loan”). The 2012 Term Loan requires quarterly payments of $178,571 for a period of seven (7) years, maturing on January 31, 2019. | |
Interest on the original term portion of the Loan Agreement is fixed at 4.98%. Interest on the 2012 Term Loan is fixed at 3.90% Prior to the amendment, the interest rate on the revolving credit portion of the Loan Agreement varied based on the LIBOR rate or People’s Prime rate plus a margin spread of 2.25%, with a floor rate of 4.0%. As part of the amendment signed on January 25, 2012, this was changed to the LIBOR rate or People’s Prime rate plus 2.25%, with a floor of 3.25%; additionally the maturity date was extended to January 31, 2014. During December 2011, the Company used $3,000,000 of the revolving credit, along with existing cash, to fund a discretionary pension payment. This amount was repaid in January 2012. The Company did not utilize the revolving credit during the remainder of Fiscal 2012 or during the quarter or nine month period ended September 28, 2013. | |
The Company has loan covenants under the Loan Agreement which require the Company to maintain a fixed charge coverage ratio of at least 1.1 to 1, a leverage ratio of no more than 1.75 to 1, and minimum tangible net worth of $43 million as of the end of Fiscal 2010 increasing each year by 50% of consolidated net income. This amount is approximately $52.8 million for Fiscal 2013 and was $48.5 million for Fiscal 2012. In addition, the Company has restrictions on, among other things, new capital leases, purchases or redemptions of its capital stock, mergers and divestitures, and new borrowing. The Company was in compliance with all covenants in 2012 and for the three and nine month periods ended September 28, 2013. |
Goodwill
Goodwill | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||
Goodwill | Note G – Goodwill | ||||||||||||||||
The following is a roll-forward of goodwill from year-end 2012 to the end of the third quarter 2013: | |||||||||||||||||
Industrial | Security | Metal | Total | ||||||||||||||
Hardware | Products | Products | |||||||||||||||
Segment | Segment | Segment | |||||||||||||||
Beginning balance | $ | 2,099,783 | $ | 11,833,816 | $ | — | $ | 13,933,599 | |||||||||
Foreign exchange | (44,539 | ) | — | — | (44,539 | ) | |||||||||||
Ending balance | $ | 2,055,244 | $ | 11,833,816 | $ | — | $ | 13,889,060 |
Intangibles
Intangibles | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Intangibles [Abstract] | |||||||||||||||||||||
Intangibles | Note H – Intangibles | ||||||||||||||||||||
Patents are recorded at cost and are amortized using the straight-line method over the lives of the patents. Technology and licenses are recorded at cost and are generally amortized on a straight-line basis over periods ranging from 5 to 17 years. Non-compete agreements and customer relationships are being amortized using the straight-line method over a period of 5 years. Trademarks are not amortized as their lives are deemed to be indefinite. | |||||||||||||||||||||
The gross carrying amount and accumulated amortization of amortizable intangible assets: | |||||||||||||||||||||
Industrial | Security | Metal | Total | Weighted-Average | |||||||||||||||||
Hardware | Products | Products | Amortization Period (Years) | ||||||||||||||||||
Segment | Segment | Segment | |||||||||||||||||||
2013 Patents and developed | |||||||||||||||||||||
technology | |||||||||||||||||||||
Gross Amount: | $ | 2,669,756 | $ | 1,036,742 | $ | 5,839 | $ | 3,712,337 | 16.1 | ||||||||||||
Accumulated Amortization: | 1,689,150 | 498,248 | 5,839 | 2,193,237 | |||||||||||||||||
Net September 28, 2013 per Balance Sheet | $ | 980,606 | $ | 538,494 | $ | - | $ | 1,519,100 | |||||||||||||
2012 Patents and developed | |||||||||||||||||||||
technology | |||||||||||||||||||||
Gross Amount: | $ | 2,732,307 | $ | 1,021,409 | $ | 5,839 | $ | 3,759,555 | 15.8 | ||||||||||||
Accumulated Amortization: | 1,652,199 | 447,732 | 5,667 | 2,105,598 | |||||||||||||||||
Net December 29, 2012 per Balance Sheet | $ | 1,080,108 | $ | 573,677 | $ | 172 | $ | 1,653,957 |
Retirement_Benefit_Plans
Retirement Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Retirement Benefit Plans [Abstract] | |||||||||||||||||
Retirement Benefit Plans | Note I – Retirement Benefit Plans | ||||||||||||||||
The Company has non-contributory defined benefit pension plans covering certain U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation. The Company also sponsors unfunded nonqualified supplemental retirement plans that provide certain current and former officers with benefits in excess of limits imposed by federal tax law. | |||||||||||||||||
The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements. | |||||||||||||||||
Significant disclosures relating to these benefit plans for the third quarter and first nine months of fiscal 2013 and 2012 follow: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2,259,723 | $ | 2,034,985 | $ | 755,661 | $ | 687,789 | |||||||||
Interest cost | 2,130,467 | 2,151,392 | 710,350 | 723,432 | |||||||||||||
Expected return on plan assets | (3,302,736 | ) | (2,948,242 | ) | (1,100,912 | ) | (982,747 | ) | |||||||||
Amortization of prior service cost | 192,345 | 165,787 | 69,630 | 82,968 | |||||||||||||
Amortization of the net loss | 1,065,295 | 726,863 | 353,579 | 241,171 | |||||||||||||
Net periodic benefit cost | $ | 2,345,094 | $ | 2,130,785 | $ | 788,308 | $ | 752,613 | |||||||||
Postretirement Benefits | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 151,926 | $ | 130,210 | $ | 50,642 | $ | 43,403 | |||||||||
Interest cost | 106,565 | 107,541 | 35,522 | 35,847 | |||||||||||||
Expected return on plan assets | (73,041 | ) | (72,779 | ) | (24,347 | ) | (24,259 | ) | |||||||||
Amortization of prior service cost | (17,916 | ) | (17,917 | ) | (5,972 | ) | (5,972 | ) | |||||||||
Amortization of the net loss | 14,145 | - | 4,715 | - | |||||||||||||
Net periodic benefit cost | $ | 181,679 | $ | 147,055 | $ | 60,560 | $ | 49,019 | |||||||||
The Company’s funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In 2013, the Company expects to contribute $3,237,000 into its pension plans and $55,000 into its postretirement plan. As of September 28, 2013, the Company has made contributions totaling $491,000 into its pension plans and $28,000 to its postretirement plan and will make the remaining contributions as required during the remainder of the year. | |||||||||||||||||
The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. non-union employees. The plan allows participants to make voluntary contributions of up to 100% of their annual compensation on a pretax basis, subject to IRS limitations. The plan provides for contributions by the Company at its discretion. The Company made contributions of $48,062 and $148,797 in the third quarter and first nine months of 2013, respectively and $47,463 and $144,191 in the third quarter and first nine months of 2012, respectively. |
Stock_Based_Compensation_and_S
Stock Based Compensation and Stock Options | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Stock Based Compensation and Stock Options [Abstract] | |||||||||||||||||
Stock Based Compensation and Stock Options | Note J – Stock Based Compensation and Stock Options | ||||||||||||||||
The Company has stock option plans for officers, other key employees, and non-employee directors. As of September 28, 2013 two plans have shares reserved for future issuance, the 1995 and 2010 plans. Incentive stock options granted under the 1995 and 2010 plans must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted. Restricted stock awards may also be granted to participants under the 2010 plan with restrictions determined by the Compensation Committee of the Company’s Board of Directors. Under the 1995 and 2010 plans, nonqualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company’s Board of Directors. No options or restricted stock were granted in the first nine months of 2013 or 2012. | |||||||||||||||||
As of September 28, 2013, there were 500,000 shares available for future grant under the above noted 2010 plan and there were no shares available for grant under the 1995 plan. As of September 28, 2013, there were 520,000 shares of common stock reserved under all option plans for future issuance. | |||||||||||||||||
Nine Months Ended | Year Ended | ||||||||||||||||
28-Sep-13 | 29-Dec-12 | ||||||||||||||||
Shares | Weighted - Average Exercise Price | Shares | Weighted - Average Exercise Price | ||||||||||||||
Outstanding at beginning of period | 21,000 | $ | 13.58 | 25,500 | $ | 13.58 | |||||||||||
Exercised | (1,000 | ) | 13.58 | (4,500 | ) | 13.58 | |||||||||||
Outstanding at end of period | 20,000 | 13.58 | 21,000 | 13.58 | |||||||||||||
Options Outstanding and Exercisable | |||||||||||||||||
Weighted- Average Remaining Contractual Life | |||||||||||||||||
Outstanding as of September 28, 2013 | Weighted- Average Exercise Price | ||||||||||||||||
Range of Exercise Prices | |||||||||||||||||
$13.58 | 20,000 | 1.2 | $13.580 | ||||||||||||||
At September 28, 2013, outstanding and exercisable options had an intrinsic value of $41,600. The total intrinsic value of stock options exercised in the first nine months of 2013 was $1,590. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Taxes [Abstract] | |
Income Taxes | Note K – Income Taxes |
The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2010 and non-U.S. income tax examinations by tax authorities prior to 2007. During the first quarter of 2013, the Company was notified by the Internal Revenue Service that they will be examining the tax returns for Fiscal Years 2010 and 2011. On September 18, 2013, the Internal Revenue Service completed its audit with no changes. | |
The total amount of unrecognized tax benefits could increase or decrease within the next twelve months for a number of reasons, including the closure of federal, state and foreign tax years by expiration of the statute of limitations and the recognition and measurement considerations under FASB Accounting Standards Codification (“ASC”) 740. There have been no significant changes to the amount of unrecognized tax benefits during the three or nine month period ended September 28, 2013. As a result of the completed IRS audit, the Company recorded a net tax benefit of $25,480 due to the release of accrued interest on unrecognized tax benefits resulting from timing differences. This net tax benefit does not impact the effective tax rate, since the uncertainty that generated the tax benefit relates only to the period in which the items are deductible on a tax return. Further, as a result of the expiration of the statute of limitations in the U.S. federal jurisdiction and various state jurisdictions, the Company recorded a net tax benefit of $82,863. This net tax benefit resulted from the release of unrecognized tax benefits related to deferred foreign income and state income tax nexus issues, and the associated accrued interest. The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits will not increase or decrease significantly over the next twelve months. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 28, 2013 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | Note L - Financial Instruments and Fair Value Measurements |
Financial Risk Management Objectives and Policies | |
The Company is exposed primarily to credit, interest rate and currency exchange rate risks which arise in the normal course of business. | |
Credit Risk | |
Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. The primary credit risk for the Company is its receivable accounts with customers. The Company has established credit limits for customers and monitors their balances to mitigate the risk of loss. At September 28, 2013 and December 29, 2012, there were no significant concentrations of credit risk. No one customer represented more than 10% of the Company’s net trade receivables at September 28, 2013 or at December 29, 2012. The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable. | |
Interest Rate Risk | |
On September 28, 2013, the Company has no exposure to the risk of changes in market interest rates as the interest rates on the outstanding debt are fixed at 4.98% and 3.90%. | |
Fair Value Measurements | |
Assets and liabilities that require fair value measurement are recorded at fair value using market and income valuation approaches and considering the Company’s and counterparty’s credit risk. The Company uses the market approach and the income approach to value assets and liabilities as appropriate. There are no assets or liabilities requiring fair value measurements on September 28, 2013 or December 29, 2012. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Denominators used in the earnings per share computations | The denominators used in the earnings per share computations follow: | |||||||
Nine Months Ended | Three Months Ended | |||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | |||||
Basic: | ||||||||
Weighted average shares outstanding | 6,220,620 | 6,216,113 | 6,221,515 | 6,219,241 | ||||
Diluted: | ||||||||
Weighted average shares outstanding | 6,220,620 | 6,216,113 | 6,221,515 | 6,219,241 | ||||
Dilutive stock options | 17,027 | 15,816 | 16,559 | 15,486 | ||||
Denominator for diluted earnings per share | 6,237,647 | 6,231,929 | 6,238,074 | 6,234,727 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventories [Abstract] | |||||||||
Components of inventories | The components of inventories follow: | ||||||||
28-Sep-13 | 29-Dec-12 | ||||||||
Raw material and component parts | $ | 8,762,534 | $ | 8,473,007 | |||||
Work in process | 6,389,347 | 6,160,578 | |||||||
Finished goods | 15,273,582 | 14,751,195 | |||||||
$ | 30,425,463 | $ | 29,384,780 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||
Segment financial information | Segment financial information follows: | ||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||
Revenues: | |||||||||||||||||
Sales to unaffiliated customers: | |||||||||||||||||
Industrial Hardware | $ | 46,682,686 | $ | 55,610,830 | $ | 15,067,122 | $ | 18,656,171 | |||||||||
Security Products | 36,647,899 | 38,689,676 | 12,690,410 | 12,593,633 | |||||||||||||
Metal Products | 24,865,655 | 27,399,027 | 6,498,554 | 8,394,246 | |||||||||||||
$ | 108,196,240 | $ | 121,699,533 | $ | 34,256,086 | $ | 39,644,050 | ||||||||||
Income before income taxes: | |||||||||||||||||
Industrial Hardware | $ | 3,507,935 | $ | 6,138,342 | $ | 1,444,830 | $ | 2,048,559 | |||||||||
Security Products | 1,737,150 | 3,489,090 | 499,717 | 1,145,886 | |||||||||||||
Metal Products | 2,104,760 | 1,020,738 | 512,357 | 140,077 | |||||||||||||
Operating Profit | 7,349,845 | 10,648,170 | 2,456,904 | 3,334,522 | |||||||||||||
Interest expense | (249,481 | ) | (281,142 | ) | (78,629 | ) | (93,238 | ) | |||||||||
Other income | 36,660 | 14,185 | 8,201 | 3,462 | |||||||||||||
$ | 7,137,024 | $ | 10,381,213 | $ | 2,386,476 | $ | 3,244,746 |
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||
Roll-forward of goodwill | The following is a roll-forward of goodwill from year-end 2012 to the end of the third quarter 2013: | ||||||||||||||||
Industrial | Security | Metal | Total | ||||||||||||||
Hardware | Products | Products | |||||||||||||||
Segment | Segment | Segment | |||||||||||||||
Beginning balance | $ | 2,099,783 | $ | 11,833,816 | $ | — | $ | 13,933,599 | |||||||||
Foreign exchange | (44,539 | ) | — | — | (44,539 | ) | |||||||||||
Ending balance | $ | 2,055,244 | $ | 11,833,816 | $ | — | $ | 13,889,060 | |||||||||
Intangibles_Tables
Intangibles (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Intangibles [Abstract] | |||||||||||||||||||||
Gross carrying amount and accumulated amortization of amortizable intangible assets | The gross carrying amount and accumulated amortization of amortizable intangible assets: | ||||||||||||||||||||
Industrial | Security | Metal | Total | Weighted-Average | |||||||||||||||||
Hardware | Products | Products | Amortization Period (Years) | ||||||||||||||||||
Segment | Segment | Segment | |||||||||||||||||||
2013 Patents and developed | |||||||||||||||||||||
technology | |||||||||||||||||||||
Gross Amount: | $ | 2,669,756 | $ | 1,036,742 | $ | 5,839 | $ | 3,712,337 | 16.1 | ||||||||||||
Accumulated Amortization: | 1,689,150 | 498,248 | 5,839 | 2,193,237 | |||||||||||||||||
Net September 28, 2013 per Balance Sheet | $ | 980,606 | $ | 538,494 | $ | - | $ | 1,519,100 | |||||||||||||
2012 Patents and developed | |||||||||||||||||||||
technology | |||||||||||||||||||||
Gross Amount: | $ | 2,732,307 | $ | 1,021,409 | $ | 5,839 | $ | 3,759,555 | 15.8 | ||||||||||||
Accumulated Amortization: | 1,652,199 | 447,732 | 5,667 | 2,105,598 | |||||||||||||||||
Net December 29, 2012 per Balance Sheet | $ | 1,080,108 | $ | 573,677 | $ | 172 | $ | 1,653,957 |
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Retirement Benefit Plans [Abstract] | |||||||||||||||||
Significant disclosures relating to benefit plans | Significant disclosures relating to these benefit plans for the third quarter and first nine months of fiscal 2013 and 2012 follow: | ||||||||||||||||
Pension Benefits | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2,259,723 | $ | 2,034,985 | $ | 755,661 | $ | 687,789 | |||||||||
Interest cost | 2,130,467 | 2,151,392 | 710,350 | 723,432 | |||||||||||||
Expected return on plan assets | (3,302,736 | ) | (2,948,242 | ) | (1,100,912 | ) | (982,747 | ) | |||||||||
Amortization of prior service cost | 192,345 | 165,787 | 69,630 | 82,968 | |||||||||||||
Amortization of the net loss | 1,065,295 | 726,863 | 353,579 | 241,171 | |||||||||||||
Net periodic benefit cost | $ | 2,345,094 | $ | 2,130,785 | $ | 788,308 | $ | 752,613 | |||||||||
Postretirement Benefits | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 151,926 | $ | 130,210 | $ | 50,642 | $ | 43,403 | |||||||||
Interest cost | 106,565 | 107,541 | 35,522 | 35,847 | |||||||||||||
Expected return on plan assets | (73,041 | ) | (72,779 | ) | (24,347 | ) | (24,259 | ) | |||||||||
Amortization of prior service cost | (17,916 | ) | (17,917 | ) | (5,972 | ) | (5,972 | ) | |||||||||
Amortization of the net loss | 14,145 | - | 4,715 | - | |||||||||||||
Net periodic benefit cost | $ | 181,679 | $ | 147,055 | $ | 60,560 | $ | 49,019 |
Stock_Based_Compensation_and_S1
Stock Based Compensation and Stock Options (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Stock Based Compensation and Stock Options [Abstract] | |||||||||||||||||
Stock option activity | As of September 28, 2013, there were 500,000 shares available for future grant under the above noted 2010 plan and there were no shares available for grant under the 1995 plan. As of September 28, 2013, there were 520,000 shares of common stock reserved under all option plans for future issuance. | ||||||||||||||||
Nine Months Ended | Year Ended | ||||||||||||||||
28-Sep-13 | 29-Dec-12 | ||||||||||||||||
Shares | Weighted - Average Exercise Price | Shares | Weighted - Average Exercise Price | ||||||||||||||
Outstanding at beginning of period | 21,000 | $ | 13.58 | 25,500 | $ | 13.58 | |||||||||||
Exercised | (1,000 | ) | 13.58 | (4,500 | ) | 13.58 | |||||||||||
Outstanding at end of period | 20,000 | 13.58 | 21,000 | 13.58 | |||||||||||||
Options outstanding and exercisable | Options Outstanding and Exercisable | ||||||||||||||||
Weighted- Average Remaining Contractual Life | |||||||||||||||||
Outstanding as of September 28, 2013 | Weighted- Average Exercise Price | ||||||||||||||||
Range of Exercise Prices | |||||||||||||||||
$13.58 | 20,000 | 1.2 | $13.580 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Basic [Abstract] | ||||
Weighted average shares outstanding (in shares) | 6,221,515 | 6,219,241 | 6,220,620 | 6,216,113 |
Diluted [Abstract] | ||||
Weighted average shares outstanding (in shares) | 6,221,515 | 6,219,241 | 6,220,620 | 6,216,113 |
Dilutive stock options (in shares) | 16,559 | 15,486 | 17,027 | 15,816 |
Denominator for diluted earnings per share (in shares) | 6,238,074 | 6,234,727 | 6,237,647 | 6,231,929 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Components of inventories [Abstract] | ||
Raw material and component parts | $8,762,534 | $8,473,007 |
Work in process | 6,389,347 | 6,160,578 |
Finished goods | 15,273,582 | 14,751,195 |
Inventories | $30,425,463 | $29,384,780 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Segment Reporting Information [Line Items] | ||||
Revenues, sales to unaffiliated customers | $34,256,086 | $39,644,050 | $108,196,240 | $121,699,533 |
Operating Profit | 2,456,904 | 3,334,522 | 7,349,845 | 10,648,170 |
Interest expense | -78,629 | -93,238 | -249,481 | -281,142 |
Other income | 8,201 | 3,462 | 36,660 | 14,185 |
Income before income taxes | 2,386,476 | 3,244,746 | 7,137,024 | 10,381,213 |
Industrial Hardware [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, sales to unaffiliated customers | 15,067,122 | 18,656,171 | 46,682,686 | 55,610,830 |
Income before income taxes | 1,444,830 | 2,048,559 | 3,507,935 | 6,138,342 |
Security Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, sales to unaffiliated customers | 12,690,410 | 12,593,633 | 36,647,899 | 38,689,676 |
Income before income taxes | 499,717 | 1,145,886 | 1,737,150 | 3,489,090 |
Metal Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, sales to unaffiliated customers | 6,498,554 | 8,394,246 | 24,865,655 | 27,399,027 |
Income before income taxes | $512,357 | $140,077 | $2,104,760 | $1,020,738 |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2011 | Sep. 28, 2013 | Jan. 25, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | Sep. 28, 2013 | Jan. 25, 2012 |
Revolving Credit Line [Member] | Revolving Credit Line [Member] | Loan Agreement [Member] | Loan Agreement [Member] | Loan Agreement [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | ||
Debt Instrument [Line Items] | ||||||||
Additional term loan | $5,000,000 | |||||||
Periodic payment of loan | 178,571 | |||||||
Period of loan | 7 years | |||||||
Maturity date of loan | 31-Jan-14 | 31-Jan-19 | ||||||
Fixed rate of interest (in hundredths) | 4.98% | 3.90% | ||||||
Description of variable rate basis | LIBOR rate or People's Prime rate | |||||||
Basis spread on variable rate (in hundredths) | 2.25% | |||||||
Floor rate of loan (in hundredths) | 3.25% | 3.25% | ||||||
Line of credit facility amount outstanding | 3,000,000 | |||||||
Fixed charge coverage ratio as multiple, minimum | 1.1 | |||||||
Leverage ratio as multiple, maximum | 1.75 | |||||||
Minimum tangible net worth | $52,800,000 | $48,500,000 | $43,000,000 | |||||
Percentage of consolidated net income for increase of minimum tangible net worth requirement (in hundredths) | 50.00% |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended |
Sep. 28, 2013 | |
Goodwill [Roll Forward] | |
Beginning balance | $13,933,599 |
Foreign exchange | -44,539 |
Ending balance | 13,889,060 |
Industrial Hardware Segment [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 2,099,783 |
Foreign exchange | -44,539 |
Ending balance | 2,055,244 |
Security Products Segment [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 11,833,816 |
Foreign exchange | 0 |
Ending balance | 11,833,816 |
Metal Products Segment [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 0 |
Foreign exchange | 0 |
Ending balance | $0 |
Intangibles_Details
Intangibles (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2013 | Dec. 29, 2012 | |
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract] | ||
Net as per Balance Sheet | $1,519,100 | $1,653,957 |
Patents and developed technology [Member] | ||
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract] | ||
Gross Amount | 3,712,337 | 3,759,555 |
Accumulated Amortization | 2,193,237 | 2,105,598 |
Net as per Balance Sheet | 1,519,100 | 1,653,957 |
Weighted Average Amortization Period | 16 years 1 month 6 days | 15 years 9 months 18 days |
Patents and developed technology [Member] | Industrial Hardware Segment [Member] | ||
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract] | ||
Gross Amount | 2,669,756 | 2,732,307 |
Accumulated Amortization | 1,689,150 | 1,652,199 |
Net as per Balance Sheet | 980,606 | 1,080,108 |
Patents and developed technology [Member] | Security Products Segment [Member] | ||
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract] | ||
Gross Amount | 1,036,742 | 1,021,409 |
Accumulated Amortization | 498,248 | 447,732 |
Net as per Balance Sheet | 538,494 | 573,677 |
Patents and developed technology [Member] | Metal Products Segment [Member] | ||
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract] | ||
Gross Amount | 5,839 | 5,839 |
Accumulated Amortization | 5,839 | 5,667 |
Net as per Balance Sheet | $0 | $172 |
Technology and licenses [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful lives of intangible assets | 5 years | |
Technology and licenses [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful lives of intangible assets | 17 years | |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful lives of intangible assets | 5 years | |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful lives of intangible assets | 5 years |
Retirement_Benefit_Plans_Detai
Retirement Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Significant disclosures relating to benefit plans [Abstract] | ||||
Percentage of voluntary contributions allowed to participants, maximum (in hundredths) | 100.00% | |||
Contributions made by the Company under Section 401(k) | $48,062 | $47,463 | $148,797 | $144,191 |
Pension Benefits [Member] | ||||
Significant disclosures relating to benefit plans [Abstract] | ||||
Service cost | 755,661 | 687,789 | 2,259,723 | 2,034,985 |
Interest cost | 710,350 | 723,432 | 2,130,467 | 2,151,392 |
Expected return on plan assets | -1,100,912 | -982,747 | -3,302,736 | -2,948,242 |
Amortization of prior service cost | 69,630 | 82,968 | 192,345 | 165,787 |
Amortization of the net loss | 353,579 | 241,171 | 1,065,295 | 726,863 |
Net periodic benefit cost | 788,308 | 752,613 | 2,345,094 | 2,130,785 |
Contributions required by the company in defined benefit plan in 2013 | 3,237,000 | |||
Contributions made by Company | 491,000 | |||
Postretirement Benefits [Member] | ||||
Significant disclosures relating to benefit plans [Abstract] | ||||
Service cost | 50,642 | 43,403 | 151,926 | 130,210 |
Interest cost | 35,522 | 35,847 | 106,565 | 107,541 |
Expected return on plan assets | -24,347 | -24,259 | -73,041 | -72,779 |
Amortization of prior service cost | -5,972 | -5,972 | -17,916 | -17,917 |
Amortization of the net loss | 4,715 | 0 | 14,145 | 0 |
Net periodic benefit cost | 60,560 | 49,019 | 181,679 | 147,055 |
Contributions required by the company in defined benefit plan in 2013 | 55,000 | |||
Contributions made by Company | $28,000 |
Stock_Based_Compensation_and_S2
Stock Based Compensation and Stock Options (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2013 | Dec. 29, 2012 | |
Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of plans that have shares reserved for further issuance | 2 | |
Percentage of fair market value of stock on grant date for exercise price, minimum (in hundredths) | 100.00% | |
Options granted (in shares) | 0 | |
Shares of common stock reserved under all option plans for future issuance (in shares) | 520,000 | |
Stock Option Activity [Roll Forward] | ||
Outstanding at beginning of period (in shares) | 21,000 | 25,500 |
Exercised (in shares) | -1,000 | -4,500 |
Outstanding at end of period (in shares) | 20,000 | 21,000 |
Weighted - Average Exercise Price [Roll Forward] | ||
Outstanding at beginning of period (in dollars per share) | $13.58 | $13.58 |
Exercised (in dollars per share) | $13.58 | $13.58 |
Outstanding at end of period (in dollars per share) | $13.58 | $13.58 |
Options Outstanding and Exercisable [Abstract] | ||
Range of Exercise Price (in dollars per share) | $13.58 | |
Outstanding as of September 28, 2013 (in shares) | 20,000 | |
Weighted - Average Remaining Contractual Life | 1 year 2 months 12 days | |
Weighted- Average Exercise Price (in dollars per share) | $13.58 | |
Options outstanding and exercisable, intrinsic value | $41,600 | |
Total intrinsic value of stock options exercised | $1,590 | |
1995 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grant (in shares) | 0 | |
2010 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grant (in shares) | 500,000 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted (in shares) | 0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2013 | Sep. 28, 2013 | |
Income Taxes [Abstract] | ||
Significant changes to the amount of unrecognized tax benefits | $0 | $0 |
Period over which unrecognized tax benefits will not increase or decrease | 12 months | |
Net tax benefit due to release of accrued interest | 25,480 | |
Net tax benefit due to expiration of statute of limitation | $82,863 |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Details) | Sep. 28, 2013 | Dec. 29, 2012 |
Customer | Customer | |
Credit Risk [Abstract] | ||
Number of customers that represented more than 10% of trade receivables | 0 | 0 |
Loan Agreement [Member] | ||
Interest Rate Risk [Abstract] | ||
Fixed rate of interest (in hundredths) | 4.98% | |
2012 Term Loan [Member] | ||
Interest Rate Risk [Abstract] | ||
Fixed rate of interest (in hundredths) | 3.90% |