The Eastern Company (EML) 10-Q 5 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 29, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	EASTERN CO
Entity Central Index Key	31,107
Current Fiscal Year End Date	--12-29
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	6,257,588
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 29, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [Abstract]
Net sales	$ 57,357,442	$ 56,007,937	$ 177,663,291	$ 150,095,975
Cost of products sold	(43,139,780)	(44,058,406)	(133,670,797)	(113,888,301)
Gross margin	14,217,662	11,949,531	43,992,494	36,207,674
Product development expenses	(2,004,919)	(1,848,861)	(5,089,178)	(4,162,151)
Selling and administrative expenses	(7,472,335)	(6,527,029)	(25,602,515)	(23,749,219)
Operating profit	4,740,408	3,573,641	13,300,801	8,296,304
Interest expense	(310,507)	(327,206)	(918,897)	(659,884)
Other income	228,787	13,513	673,287	69,278
Income before income taxes	4,658,688	3,259,948	13,055,191	7,705,698
Income taxes	892,027	1,029,467	2,929,858	2,491,674
Net income	$ 3,766,661	$ 2,230,481	$ 10,125,333	$ 5,214,024
Earnings per Share:
Basic (in dollars per share)	$ 0.60	$ 0.36	$ 1.62	$ 0.83
Diluted (in dollars per share)	0.60	0.35	1.61	0.83
Cash dividends per share: (in dollars per share)	$ 0.11	$ 0.11	$ 0.33	$ 0.33

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract]
Net income	$ 3,766,661	$ 2,230,481	$ 10,125,333	$ 5,214,024
Other comprehensive income/(loss):
Change in foreign currency translation	(540,998)	378,509	(815,314)	1,262,332
Change in marketable securities, net of tax benefit of: 2018 - $5,435 and $5,853 respectively 2017 - $22,688 and $17,135 respectively	19,801	31,379	18,383	41,548
Change in fair value of interest rate swap, net of tax benefit/(cost) of: 2018 - $71,428 and $12,263 respectively 2017 - $31,275 and $(10,406) respectively	38,833	16,978	265,480	(51,027)
Change in pension and postretirement benefit costs, net of taxes of: 2018 - $197,527 and $65,842 respectively 2017 - $338,592 and $112,865 respectively	222,725	206,682	668,174	620,048
Total other comprehensive income	(259,639)	633,548	136,723	1,872,901
Comprehensive income	$ 3,507,022	$ 2,864,029	$ 10,262,056	$ 7,086,925

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Other comprehensive income/(loss):
Change in marketable securities, income taxes benefit	$ 5,853	$ 17,135	$ 5,435	$ 22,688
Change in fair value of interest rate swap, income taxes benefit (cost)	12,263	(10,406)	71,428	31,275
Change in pension and postretirement benefit costs, income taxes benefit	$ 65,842	$ 112,865	$ 197,527	$ 338,592

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Sep. 29, 2018	Dec. 30, 2017
Current Assets
Cash and cash equivalents	$ 11,171,703	$ 22,275,477
Marketable securities	192,529	0
Accounts receivable, less allowances: $712,000 - 2018; $389,000 - 2017	30,515,259	27,119,910
Inventories	51,200,098	47,268,757
Prepaid expenses and other assets	3,629,899	3,401,456
Total Current Assets	96,709,488	100,065,600
Property, Plant and Equipment	73,315,481	70,267,515
Accumulated depreciation	(43,605,003)	(41,075,121)
Property, Plant and Equipment, Net	29,710,478	29,192,394
Goodwill	34,891,579	32,228,891
Trademarks	3,686,064	3,686,063
Patents and other intangibles net of accumulated amortization	10,698,635	9,275,158
Deferred income taxes	2,210,225	2,010,291
Total other assets	51,486,503	47,358,841
TOTAL ASSETS	177,906,469	176,458,397
Current Liabilities
Accounts payable	17,032,269	14,712,414
Accrued compensation	4,124,769	4,376,211
Other accrued expenses	4,544,159	3,606,057
Contingent liability	2,070,000	2,070,000
Current portion of long-term debt	1,937,000	6,550,000
Total Current Liabilities	29,708,197	31,314,682
Deferred income taxes	1,723,543	1,723,543
Other long-term liabilities	358,982	358,982
Long-term debt, less current portion	27,125,500	28,675,000
Accrued postretirement benefits	980,387	1,032,171
Accrued pension cost	22,849,651	26,423,429
Shareholders' Equity
Preferred Stock, no par value: Authorized and unissued: 2,000,000 shares	0	0
Common Stock, no par value, Authorized: 50,000,000 shares Issued: 8,952,317 shares in 2018 and 8,957,974 shares in 2017	29,769,535	29,501,123
Treasury Stock: 2,705,939 shares in 2018 and 2,694,729 shares in 2017	(19,420,784)	(19,105,723)
Retained earnings	106,061,448	97,921,903
Accumulated other comprehensive income (loss):
Foreign currency translation	(1,758,507)	(943,193)
Unrealized gain on interest rate swap & marketable security, net of tax	325,620	41,757
Unrecognized net pension and other postretirement benefit costs, net of tax	(19,817,103)	(20,485,277)
Accumulated other comprehensive loss	(21,249,990)	(21,386,713)
Total Shareholders' Equity	95,160,209	86,930,590
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 177,906,469	$ 176,458,397

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Sep. 29, 2018	Dec. 30, 2017
Current Assets
Accounts receivable, allowances	$ 712,000	$ 389,000
Shareholders' Equity
Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Preferred Stock, shares authorized (in shares)	2,000,000	2,000,000
Common Stock, 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)	8,952,317	8,957,974
Treasury Stock, shares (in shares)	2,705,939	2,694,729

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Operating Activities
Net income	$ 10,125,333	$ 5,214,024
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,483,035	3,230,174
Unrecognized pension and postretirement benefits	(2,197,580)	74,839
Loss on sale of equipment and other assets	55,823	18,585
Provision for doubtful accounts	211,292	52,663
Issuance of stock compensation	268,412	130,547
Changes in operating assets and liabilities:
Accounts receivable	(4,116,321)	(3,894,569)
Inventories	(4,730,310)	2,267,945
Prepaid expenses and other	(158,549)	(2,686,763)
Other assets	(6,864)	494,750
Accounts payable	2,614,554	1,466,401
Accrued compensation	(200,967)	(172,509)
Other accrued expenses	1,747,682	3,978,256
Net cash provided by operating activities	7,095,540	10,174,343
Investing Activities
Marketable securities	(174,145)	(366,554)
Business Acquisition, net of cash acquired	(4,994,685)	(42,148,000)
Capitalized software	(1,311,567)	0
Purchases of property, plant and equipment	(2,850,365)	(1,457,641)
Net cash used in investing activities	(9,330,762)	(43,972,195)
Financing Activities
Proceeds from issuance of long-term debt	0	31,000,000
Proceeds from short term borrowings	7,000,000	6,614,611
Payments on revolving credit note	(12,000,000)	(1,614,611)
Principal payments on long-term debt	(1,162,500)	(2,173,214)
Purchase common stock for the Treasury	(315,061)	0
Dividends paid	(2,067,957)	(2,065,607)
Net cash used in financing activities	(8,545,518)	31,761,179
Effect of exchange rate changes on cash	(323,034)	505,388
Net change in cash and cash equivalents	(11,103,774)	(1,531,285)
Cash and cash equivalents at beginning of period	22,275,477	22,725,376
Cash and cash equivalents at end of period	$ 11,171,703	$ 21,194,091

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 29, 2018
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 Regulation S-X 10-01 and do not include all of the information and footnotes required by generally accepted accounting principles in the United States ("GAAP") for complete financial statements. Refer to the Company's consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 30, 2017 (the "2017 Form 10-K" filed with the Securities and Exchange Commission on March 15, 2018 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 herein. 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 30, 2017 has been derived from the audited consolidated balance sheet at that date. Commencing with the financial statements contained in the Company's 10-Q for the period ended September 30, 2017, engineering expenses (which have been renamed product development expenses commencing with the June 30, 2018 Quarterly Report on Form 10-Q) have been separately identified for all periods presented. These expenses have been reclassified from cost of products sold and selling and administrative expenses. Product development expenses are not necessarily a cost of product sold. Commencing with this Quarterly Report on Form 10-Q, in accordance with ASU 2017-07 – Compensation – Retirement Benefits, net periodic pension costs have been separately identified for all periods presented. These expenses have been reclassified to cost of products sold from other income.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 29, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Note B – Earnings Per Share The denominators used to calculate earnings per share are as follow: Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Basic: Weighted average shares outstanding 6,263,733 6,258,278 6,262,332 6,259,872 Diluted: Weighted average shares outstanding 6,263,733 6,258,278 6,262,332 6,259,872 Dilutive stock options 27,916 36,679 27,916 36,679 Denominator for diluted earnings per share 6,291,649 6,294,957 6,290,248 6,296,551

Inventories

Inventories	9 Months Ended
	Sep. 29, 2018
Inventories [Abstract]
Inventories	Note C – Inventories Inventories consist of the following components: September 29, 2018 December 30, 2017 Raw material and component parts $ 15,523,900 $ 14,331,915 Work in process 8,360,316 7,718,379 Finished goods 27,315,882 25,218,463 Total inventories $ 51,200,098 $ 47,268,757

Segment Information

Segment Information	9 Months Ended
	Sep. 29, 2018
Segment Information [Abstract]
Segment Information	Note D – Segment Information Financial information by segment is as follows: Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Revenues: Sales to unaffiliated customers: Industrial Hardware $ 106,621,484 $ 83,500,656 $ 34,210,857 $ 32,959,599 Security Products 49,926,265 46,232,410 16,918,909 16,115,356 Metal Products 21,115,542 20,362,909 6,227,676 6,932,982 $ 177,663,291 $ 150,095,975 $ 57,357,442 $ 56,007,937 Income before income taxes: Industrial Hardware $ 7,116,732 $ 2,877,052 $ 1,832,203 $ 1,813,133 Security Products 5,055,569 4,290,745 2,406,390 1,604,950 Metal Products 1,128,500 1,128,507 501,815 155,558 Operating Profit 13,300,801 8,296,304 4,740,408 3,573,641 Interest expense (918,897 ) (659,884 ) (310,507 ) (327,206 ) Other income 673,287 69,278 228,787 13,513 $ 13,055,191 $ 7,705,698 $ 4,658,688 $ 3,259,948

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 29, 2018
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Note E – Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842). ASU 2016-02 requires leases to present right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. The guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for years beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the impact of the new guidance. In February 2017, the FASB issued ASU No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting. ASU 2017-06 provides guidance for reporting by an employee benefit plan for its interest in a master trust. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This ASU should be applied retrospectively with earlier application permitted as of the beginning of an interim or annual reporting period after December 15, 2018. The Company is in the process of determining the effect that the adoption of ASU 2017-06 will have on the accompanying 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. 29, 2018
Debt [Abstract]
Debt	Note F – Debt On April 3, 2017, the Company signed an amended and restated loan agreement (the "Restated Loan Agreement") with People's United Bank that included a $31 million term portion and a $10 million revolving credit portion. Proceeds of the loan were used to repay the remaining outstanding term loan of the Company (approximately $1,429,000) and to acquire 100% of the common stock of Velvac Holdings, Inc. ("Velvac"). The term portion of the Restated Loan Agreement requires quarterly principal payments of $387,500 for a two-year period beginning July 3, 2017. The repayment amount then increases to $775,000 per quarter beginning July 1, 2019. The term loan is a five-year loan with the remaining balance due on March 1, 2022. The revolving credit portion of the Restated Loan Agreement has a quarterly commitment fee ranging from 0.2% to 0.375% based on operating results on an annualized basis. The interest rates on the term and revolving credit portions of the Restated Loan Agreement vary. The interest rates vary based on the LIBOR rate plus a margin spread of 1.75% to 2.50%. The margin spread is based on operating results calculated on a rolling-four-quarter basis. The Company may also borrow funds at the lender's prime rate. On September 29, 2018, the interest rate for one half ($14.5 million) of the term portion of the Restated Loan Agreement was 3.85%, using a one month LIBOR rate, and the interest rate for the remaining balance ($14.5 million) of the term portion was 4.08%, based on a three month LIBOR rate. As of September 29, 2018, the interest rate for the undrawn revolving credit portion of the Restated Loan Agreement was 3.85%, based on a one month LIBOR rate. The Company's loan covenants under the Restated Loan Agreement require the Company to maintain a consolidated minimum debt service coverage ratio (to be tested quarterly) of at least 1.1 to 1 for 12 months trailing periods through December 31, 2018 and of at least 1.2 to 1 for subsequent 12 month trailing periods. In addition, the Company will be required to show a maximum total leverage ratio of 4.0x for the calendar year ended December 31, 2018, 3.5x for the calendar year ended December 31, 2019, 3.25x for calendar year ended December 31, 2020 and 3.0x for each calendar year thereafter. The Company was in compliance with all covenants in 2017 and 2018. On April 4, 2017, the Company entered into an interest rate swap contract with the lender with an original notional amount of $15,500,000, which is equal to 50% of the outstanding balance of the term portion of the Restated Loan Agreement on that date. The notional amount will decrease on a quarterly basis beginning July 3, 2017 in accordance with the principal repayment schedule of the term portion of the Restated Loan Agreement. The Company has a fixed interest rate of 1.92% on the swap contract and will pay the difference between the fixed interest rate and the LIBOR when LIBOR is below 1.92% and the Company will receive interest when the LIBOR rate exceeds 1.92%.

Retirement Benefit Plans

Retirement Benefit Plans	9 Months Ended
	Sep. 29, 2018
Retirement Benefit Plans [Abstract]
Retirement Benefit Plans	Note G – 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. In addition, the Company provides health care and life insurance for retired salaried employees in the U.S. who meet specific eligibility requirements. Significant disclosures relating to these benefit plans for the third quarter and first nine months of fiscal years 2018 and 2017 are as follows: Pension Benefits Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Service cost $ 989,881 $ 952,078 $ 329,959 $ 317,360 Interest cost 2,330,373 2,373,167 776,790 791,055 Expected return on plan assets (3,914,637 ) (3,587,682 ) (1,304,879 ) (1,195,895 ) Amortization of prior service cost 98,072 109,312 32,691 36,438 Amortization of the net loss 832,584 923,614 277,528 307,871 Net periodic benefit cost $ 336,273 $ 770,489 $ 112,089 $ 256,829 Postretirement Benefits Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Service cost $ 27,768 $ 20,542 $ 9,256 $ 6,847 Interest cost 57,871 60,620 19,290 20,206 Expected return on plan assets (41,738 ) (38,621 ) (13,913 ) (12,874 ) Amortization of prior service cost (3,804 ) (16,083 ) (1,268 ) (5,361 ) Amortization of the net loss (49,193 ) (58,201 ) (16,397 ) (19,400 ) Net periodic benefit cost $ (9,096 ) $ (31,743 ) $ (3,032 ) $ (10,582 ) 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 fiscal year 2018, the Company has contributed $2,510,000 into its pension plans and $97,000 to its postretirement plan. The Company made additional contributions in excess of the minimum amount required in order to take advantage of the higher tax deduction on its 2017 tax return. The Company intends to make an additional $8,000 of contributions to its postretirement plan during the remainder of the year. The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code (the "401(k) Plan") covering substantially all U.S. non-union employees. The 401(k) Plan allows participants to make voluntary contributions from their annual compensation on a pre-tax basis, subject to limitations under the Internal Revenue Code. The 401(k) Plan provides for contributions by the Company at its discretion. The Company made contributions to the 401(k) Plan as follows: Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Regular matching contribution $ 436,088 $ 346,713 $ 129,968 $ 111,291 Transitional credit contribution 273,742 307,597 68,128 76,526 Non-discretionary contribution 558,547 339,220 17,715 15,987 Total contributions for the period $ 1,268,377 $ 993,530 $ 215,811 $ 203,804 The non-discretionary contribution of $502,617 made in the nine months ended September 29, 2018 was expensed in the prior fiscal year.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 29, 2018
Stock Based Compensation [Abstract]
Stock Based Compensation	Note H – Stock Based Compensation The Company accounts for its stock based awards in accordance with FASB Accounting Standards Codification (ASC) 718-10, Compensation – Stock Compensation, which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of the Company's common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions could materially affect the determination of the fair value of stock-based compensation, which, in turn, could materially affect the related amount recognized in the Company's consolidated statements of operations. As of September 29, 2018, the Company had one stock option plan, the 2010 Executive Stock Incentive Plan (the "2010 Plan"), for officers, other key employees, and non-employee directors. Incentive stock options granted under the 2010 plan 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 (the "Compensation Committee"). Under the 2010 Plan, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee. No options or restricted stock were granted in the third quarter of fiscal years 2018 and 2017. The 2010 Plan also permits the issuance of stock appreciation rights ("SARs"). The SARs are in the form of an option with a cashless exercise price equal to the fair value of the Company's common stock at the date of grant. During the third quarter of 2018, the Company did not issue any SARs. Stock-based compensation expense in connection with SARs granted and vested to employees for the third quarter of 2018 and 2017 was approximately $74,000 and $47,000, respectively, and for the first nine months of fiscal years 2018 and 2017 was approximately $203,000 and $117,000 respectively As of September 29, 2018, there were 275,000 units reserved and available for future grants under the 2010 Plan. The following tables set forth the outstanding SARs for the periods specified: Nine Months Ended September 29, 2018 Year Ended December 30, 2017 Units Weighted - Average Exercise Price Units Weighted - Average Exercise Price Outstanding at beginning of period 141,500 $ 20.36 -- $ -- Issued 51,000 24.90 149,500 20.39 Forfeited (2,000 ) 19.10 (8,000 ) 21.10 Outstanding at end of period 190,500 21.44 141,500 20.36 SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Exercisable as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price $ 19.10-24.90 190,500 3.7 $ 21.44 20,670 3.4 $ 19.10 The following tables set forth the outstanding restricted stock grants for the periods specified: Nine Months Ended September 29, 2018 Year Ended December 30, 2017 Shares Weighted - Average Exercise Price Shares Weighted - Average Exercise Price Outstanding at beginning of period 25,000 $ — — $ — Issued — — 25,000 — Forfeited — — — — Outstanding at end of period 25,000 — 25,000 — Restricted Stock Grants Outstanding and Exercisable Range of Exercise Prices Outstanding as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Exercisable as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price $ 0.00 25,000 3.7 — — — — At September 29, 2018, outstanding SARs and restricted stock grants had an intrinsic value of $2,019,000.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 29, 2018
Income Taxes [Abstract]
Income Taxes	Note I – Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, and in various states and foreign jurisdictions. With limited exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2013 and is no longer subject to non-U.S. income tax examinations by foreign tax authorities for years prior to 2011. The Tax Cuts and Jobs Act (the "2017 Tax Act") was enacted into law on December 22, 2017. The 2017 Tax Act significantly changed U.S. corporate income tax laws by, among other provisions, reducing the maximum U.S. corporate income tax rate from 35% to 21% starting in 2018, and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. The final impact on the Company resulting from the 2017 Tax Act's transition tax legislation may differ from the aforementioned reasonable estimate due to the complexity of calculating and supporting with primary evidence U.S. tax attributes, such as accumulated foreign earnings and profits, foreign tax paid, and other tax components involved in foreign tax credit calculations for prior years back to 1986. Such differences could be material due to, among other things, changes in interpretations of the 2017 Tax Act, future legislative action to address questions that arise because of the 2017 Tax Act, changes in accounting standards for income taxes or related interpretations in response to the 2017 Tax Act, or any updates or changes to estimates the Company has utilized to calculate the reasonable estimate of the transition tax. Pursuant to SAB118, the company is allowed a measurement period of up to one year after the enactment date of the 2017 Tax Act to finalize the recording of the related tax impacts. During the nine months ended September 29, 2018, no measurement period adjustments were recorded. The company expects to finalize and record any related ad The total amount of unrecognized tax benefits could increase or decrease within the next 12 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 ASC Topic 740, "Income Taxes." There have been no significant changes to the amount of unrecognized tax benefits during the nine months ended September 29, 2018. 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.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 29, 2018
Revenue Recognition [Abstract]
Revenue Recognition	Note J – Revenue Recognition The Company's revenues result from the sale of goods and services and reflect the consideration to which the Company expects to be entitled. The Company records revenues based on a five-step model in accordance with FASB ASC Topic 606, "Revenue from Contracts with Customers." The Company has defined purchase orders as contracts in accordance with ASC Topic 606. For its customer contracts, the Company identifies its performance obligations, which is delivering goods or services, determines the transaction price, allocates the contract transaction price to the performance obligations (when applicable), and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when the customer obtains control of that good or service. The Company's revenues are recorded at a point in time from the sale of tangible products. Revenues are recognized when products are shipped. The Company has elected the Modified Retrospective Method (the "Cumulative Effect Method") to comply with ASC Topic 606. The Cumulative Effect Method does not affect the amounts for the prior periods, but requires that the current period be reported in accordance with ASC Topic 606. ASC Topic 606 was adopted on December 31, 2017, which was the first day of the Company's 2018 fiscal year. The financial effect of ASC Topic 606 on the September 29, 2018 financial statements was not material. Customer volume rebates, product returns, discount and allowance are variable consideration and are recorded as a reduction of revenue in the same period that the related sales are recorded. The Company has reviewed the overall sales transactions for variable consideration and has determined that these costs are not material. Refer to Note D for revenues reported by segment. The Company has not experienced any impairment losses, has no material future performance obligations and does not have material costs to obtain or fulfill contracts to capitalize.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 29, 2018
Financial Instruments and Fair Value Measurements [Abstract]
Financial Instruments and Fair Value Measurements	Note K - 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 to the Company is its accounts receivable with customers. The Company has established credit limits for customers and monitors their balances to mitigate the risk of loss. At September 29, 2018 and December 30, 2017, there were no significant concentrations of credit risk. No one customer represented more than 10% of the Company's net trade receivables at September 29, 2018 or at December 30, 2017. The maximum exposure to credit risk is primarily represented by the carrying amount of the Company's accounts receivable. Interest Rate Risk The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt, which bears interest at variable rates based on the LIBOR rate plus a margin spread of 1.75% to 2.50%. The Company has an interest rate swap with a notional amount of $14,531,250 on September 29, 2018 to convert approximately 50% of the term portion of its Restated Loan Agreement from variable to fixed interest rates. The valuation of this swap is determined using the three month LIBOR rate index and mitigates the Company's exposure to interest rate risk. Currency Exchange Rate Risk The Company's currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB and the Hong Kong dollar. Because of the Company's limited exposure to any single foreign market, any currency exchange gains or losses have not been material and are not expected to be material in the future. As a result, the Company does not attempt to mitigate its foreign currency exposure through the acquisition of any speculative or leveraged financial instruments. 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. The assets or liabilities requiring fair value measurements on September 29, 2018 are as follows: Fair Value Level 1 Level 2 Level 3 Financial Receivable Interest rate swap $ 404,257 $ — $ 404,257 $ — Total assets $ 404,257 $ — $ 404,257 $ — The Company's interest rate swap is not an exchange-traded instrument. However, it is valued based on observable inputs for similar liabilities and thus classified as Level 2. The amount of the interest rate swap is included in other accrued assets.

Business Acquisition

Business Acquisition	9 Months Ended
	Sep. 29, 2018
Business Acquisition [Abstract]
Business Acquisition	Note L – Business Acquisition Effective June 1, 2018 the Company acquired certain assets of Load N Lock Systems, Inc. ("Load N Lock"), including accounts receivable, inventories, furniture, fixtures and equipment, intellectual property rights, and assumed certain liabilities and rights existing under all sales and purchase agreements. Load N Lock provides innovative truck cap and tonneau cover locks that keep truck contents safe and secure. Load N Lock developed and patented the first integrated power lock for the automotive industry and has developed numerous truck cap and tonneau cover lock related products. Load N Lock provides its innovative products and solutions to the automotive industry's leading manufacturers in the United States and Asia. Load N Lock has been included in the Security Products segment of the Company from the date of the acquisition. The cost of the acquisition of Load N Lock was approximately $4,995,000. The above acquisition was accounted for under ASC 805. The acquired business is included in the consolidated operating results of the Company from the date of acquisition. The excess of the cost of Load N Lock over the fair market value of the net assets acquired was $2,694,700, which has been recorded as goodwill. In connection with the above acquisition, the Company recorded the following intangible assets: Asset Class/Description Amount Weighted-average Life in Years Patents, technology, and licenses Customer relationships $ 689,675 8.3 Intellectual property 586,762 8.3 Non-compete agreements 52,570 8.3 $ 1,329,007 8.3 There is no anticipated residual value relating to these intangible assets. Neither the actual results nor the pro forma effects of the acquisition of Load N Lock are material to the Company's financial statements.

Shareholder's Equity Share Repu

Shareholder's Equity Share Repurchase Program	9 Months Ended
	Sep. 29, 2018
Shareholder's Equity Share Repurchase Program [Abstract]
Shareholder's Equity Share Repurchase Program	Note M – Shareholder's Equity Share Repurchase Program On May 2, 2018, the Company announced that its Board of Directors had authorized a new program to repurchase up to 200,000 shares of the Company's common stock. The Company's share repurchase program does not obligate it to acquire the Company's common stock at any specific cost per share. During the third quarter of 2018, the Company repurchased 11,210 shares of its common stock for $315,000 in connection with the share repurchase program. Under this program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 29, 2018
Earnings Per Share [Abstract]
Denominators Used in the Earnings Per Share Computations	The denominators used to calculate earnings per share are as follow: Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Basic: Weighted average shares outstanding 6,263,733 6,258,278 6,262,332 6,259,872 Diluted: Weighted average shares outstanding 6,263,733 6,258,278 6,262,332 6,259,872 Dilutive stock options 27,916 36,679 27,916 36,679 Denominator for diluted earnings per share 6,291,649 6,294,957 6,290,248 6,296,551

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 29, 2018
Inventories [Abstract]
Components of Inventories	Inventories consist of the following components: September 29, 2018 December 30, 2017 Raw material and component parts $ 15,523,900 $ 14,331,915 Work in process 8,360,316 7,718,379 Finished goods 27,315,882 25,218,463 Total inventories $ 51,200,098 $ 47,268,757

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 29, 2018
Segment Information [Abstract]
Segment Financial Information	Financial information by segment is as follows: Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Revenues: Sales to unaffiliated customers: Industrial Hardware $ 106,621,484 $ 83,500,656 $ 34,210,857 $ 32,959,599 Security Products 49,926,265 46,232,410 16,918,909 16,115,356 Metal Products 21,115,542 20,362,909 6,227,676 6,932,982 $ 177,663,291 $ 150,095,975 $ 57,357,442 $ 56,007,937 Income before income taxes: Industrial Hardware $ 7,116,732 $ 2,877,052 $ 1,832,203 $ 1,813,133 Security Products 5,055,569 4,290,745 2,406,390 1,604,950 Metal Products 1,128,500 1,128,507 501,815 155,558 Operating Profit 13,300,801 8,296,304 4,740,408 3,573,641 Interest expense (918,897 ) (659,884 ) (310,507 ) (327,206 ) Other income 673,287 69,278 228,787 13,513 $ 13,055,191 $ 7,705,698 $ 4,658,688 $ 3,259,948

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	9 Months Ended
	Sep. 29, 2018
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 years 2018 and 2017 are as follows: Pension Benefits Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Service cost $ 989,881 $ 952,078 $ 329,959 $ 317,360 Interest cost 2,330,373 2,373,167 776,790 791,055 Expected return on plan assets (3,914,637 ) (3,587,682 ) (1,304,879 ) (1,195,895 ) Amortization of prior service cost 98,072 109,312 32,691 36,438 Amortization of the net loss 832,584 923,614 277,528 307,871 Net periodic benefit cost $ 336,273 $ 770,489 $ 112,089 $ 256,829 Postretirement Benefits Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Service cost $ 27,768 $ 20,542 $ 9,256 $ 6,847 Interest cost 57,871 60,620 19,290 20,206 Expected return on plan assets (41,738 ) (38,621 ) (13,913 ) (12,874 ) Amortization of prior service cost (3,804 ) (16,083 ) (1,268 ) (5,361 ) Amortization of the net loss (49,193 ) (58,201 ) (16,397 ) (19,400 ) Net periodic benefit cost $ (9,096 ) $ (31,743 ) $ (3,032 ) $ (10,582 )
Defined Contribution Plan	The Company made contributions to the 401(k) Plan as follows: Nine Months Ended Three Months Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Regular matching contribution $ 436,088 $ 346,713 $ 129,968 $ 111,291 Transitional credit contribution 273,742 307,597 68,128 76,526 Non-discretionary contribution 558,547 339,220 17,715 15,987 Total contributions for the period $ 1,268,377 $ 993,530 $ 215,811 $ 203,804

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 29, 2018
Stock Based Compensation [Abstract]
Stock Appreciation Rights Activity	The following tables set forth the outstanding SARs for the periods specified: Nine Months Ended September 29, 2018 Year Ended December 30, 2017 Units Weighted - Average Exercise Price Units Weighted - Average Exercise Price Outstanding at beginning of period 141,500 $ 20.36 -- $ -- Issued 51,000 24.90 149,500 20.39 Forfeited (2,000 ) 19.10 (8,000 ) 21.10 Outstanding at end of period 190,500 21.44 141,500 20.36
SARs Outstanding and Exercisable	SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Exercisable as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price $ 19.10-24.90 190,500 3.7 $ 21.44 20,670 3.4 $ 19.10
Restricted Stock Activity	The following tables set forth the outstanding restricted stock grants for the periods specified: Nine Months Ended September 29, 2018 Year Ended December 30, 2017 Shares Weighted - Average Exercise Price Shares Weighted - Average Exercise Price Outstanding at beginning of period 25,000 $ — — $ — Issued — — 25,000 — Forfeited — — — — Outstanding at end of period 25,000 — 25,000 —
Restricted Stock Grants Outstanding and Exercisable	Restricted Stock Grants Outstanding and Exercisable Range of Exercise Prices Outstanding as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Exercisable as of September 29, 2018 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price $ 0.00 25,000 3.7 — — — —

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 29, 2018
Financial Instruments and Fair Value Measurements [Abstract]
Assets or Liabilities Measured at Fair Value Measurements	The assets or liabilities requiring fair value measurements on September 29, 2018 are as follows: Fair Value Level 1 Level 2 Level 3 Financial Receivable Interest rate swap $ 404,257 $ — $ 404,257 $ — Total assets $ 404,257 $ — $ 404,257 $ —

Business Acquisition (Tables)

Business Acquisition (Tables)	9 Months Ended
	Sep. 29, 2018
Business Acquisition [Abstract]
Intangible Assets	In connection with the above acquisition, the Company recorded the following intangible assets: Asset Class/Description Amount Weighted-average Life in Years Patents, technology, and licenses Customer relationships $ 689,675 8.3 Intellectual property 586,762 8.3 Non-compete agreements 52,570 8.3 $ 1,329,007 8.3

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Basic [Abstract]
Weighted average shares outstanding (in shares)	6,262,332	6,259,872	6,263,733	6,258,278
Diluted [Abstract]
Weighted average shares outstanding (in shares)	6,262,332	6,259,872	6,263,733	6,258,278
Dilutive stock options (in shares)	27,916	36,679	27,916	36,679
Denominator for diluted earnings per share (in shares)	6,290,248	6,296,551	6,291,649	6,294,957

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 29, 2018	Dec. 30, 2017
Components of inventories [Abstract]
Raw material and component parts	$ 15,523,900	$ 14,331,915
Work in process	8,360,316	7,718,379
Finished goods	27,315,882	25,218,463
Total inventories	$ 51,200,098	$ 47,268,757

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Segment Reporting Information [Abstract]
Revenues, sales to unaffiliated customers	$ 57,357,442	$ 56,007,937	$ 177,663,291	$ 150,095,975
Operating Profit	4,740,408	3,573,641	13,300,801	8,296,304
Interest expense	(310,507)	(327,206)	(918,897)	(659,884)
Other income	228,787	13,513	673,287	69,278
Income before income taxes	4,658,688	3,259,948	13,055,191	7,705,698
Operating Segments [Member] | Industrial Hardware [Member]
Segment Reporting Information [Abstract]
Revenues, sales to unaffiliated customers	34,210,857	32,959,599	106,621,484	83,500,656
Operating Profit	1,832,203	1,813,133	7,116,732	2,877,052
Operating Segments [Member] | Security Products [Member]
Segment Reporting Information [Abstract]
Revenues, sales to unaffiliated customers	16,918,909	16,115,356	49,926,265	46,232,410
Operating Profit	2,406,390	1,604,950	5,055,569	4,290,745
Operating Segments [Member] | Metal Products [Member]
Segment Reporting Information [Abstract]
Revenues, sales to unaffiliated customers	6,227,676	6,932,982	21,115,542	20,362,909
Operating Profit	$ 501,815	$ 155,558	$ 1,128,500	$ 1,128,507

Debt (Details)

Debt (Details) - USD ($)	Apr. 04, 2017	Apr. 03, 2017	Sep. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Sep. 29, 2018	Sep. 30, 2017	Dec. 30, 2017
Debt Instruments [Abstract]
Payments on revolving credit note						$ (12,000,000)	$ (1,614,611)
Velvac Holdings, Inc [Member]
Debt Instruments [Abstract]
Percentage of common stock acquired		100.00%
LIBOR [Member]
Debt Instruments [Abstract]
Term of variable rate						3 months
LIBOR [Member] | Minimum [Member]
Debt Instruments [Abstract]
Basis spread on variable rate						1.75%
LIBOR [Member] | Maximum [Member]
Debt Instruments [Abstract]
Basis spread on variable rate						2.50%
Restated Loan Agreement [Member] | Minimum [Member]
Debt Instruments [Abstract]
Fixed charge coverage ratio as multiple, 2018						1.1
Fixed charge coverage ratio as multiple, thereafter						1.2
Restated Loan Agreement [Member] | Maximum [Member]
Debt Instruments [Abstract]
Leverage ratio as multiple, through 2018						4
Leverage ratio as multiple, through 2019						3.5
Leverage ratio as multiple, through 2020						3.25
Leverage ratio as multiple, there after						3
Term Loan [Member]
Debt Instruments [Abstract]
Maximum borrowing capacity						$ 31,000,000
Proceeds from credit facility		$ 1,429,000
Quarterly principal payment						$ 387,500
Period for quarterly principal payment						2 years
Term of loan						5 years
Maturity date of loan						Mar. 1, 2022
Term Loan [Member] | Forecast [Member]
Debt Instruments [Abstract]
Quarterly principal payment			$ 775,000
Term Loan [Member] | Interest Rate Swap [Member]
Debt Instruments [Abstract]
Fixed rate of interest	1.92%
Original notional amount	$ 15,500,000					$ 14,531,250
Percentage of outstanding balance of term loan	50.00%					50.00%
Term Loan [Member] | 1 Month LIBOR [Member]
Debt Instruments [Abstract]
Fixed rate of interest						3.85%
Revolving credit loan						$ 14,500,000
Term of variable rate						1 month
Term Loan [Member] | 3 Month LIBOR [Member]
Debt Instruments [Abstract]
Fixed rate of interest						4.08%
Revolving credit loan						$ 14,500,000
Term of variable rate						3 months
Revolving Credit Loan [Member]
Debt Instruments [Abstract]
Maximum borrowing capacity						$ 10,000,000
Proceeds from credit facility		$ 6,600,000
Revolving credit loan						$ 0
Payments on revolving credit note					$ (5,000,000)			$ (1,614,611)
Maturity date of loan						Apr. 1, 2022
Revolving Credit Loan [Member] | Minimum [Member]
Debt Instruments [Abstract]
Quarterly commitment fee percentage						0.20%
Revolving Credit Loan [Member] | Maximum [Member]
Debt Instruments [Abstract]
Quarterly commitment fee percentage						0.375%
Revolving Credit Loan [Member] | Load N Lock [Member]
Debt Instruments [Abstract]
Revolving credit loan				$ 5,000,000
Payments on revolving credit note				$ (5,000,000)
Revolving Credit Loan [Member] | LIBOR [Member] | Minimum [Member]
Debt Instruments [Abstract]
Basis spread on variable rate						1.75%
Revolving Credit Loan [Member] | LIBOR [Member] | Maximum [Member]
Debt Instruments [Abstract]
Basis spread on variable rate						2.50%
Revolving Credit Loan [Member] | 1 Month LIBOR [Member]
Debt Instruments [Abstract]
Fixed rate of interest						3.85%
Term of variable rate						1 month

Retirement Benefit Plans, Net P

Retirement Benefit Plans, Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Pension Benefits [Member]
Components of the net periodic benefit cost [Abstract]
Service cost	$ 329,959	$ 317,360	$ 989,881	$ 952,078
Interest cost	776,790	791,055	2,330,373	2,373,167
Expected return on plan assets	(1,304,879)	(1,195,895)	(3,914,637)	(3,587,682)
Amortization of prior service cost	32,691	36,438	98,072	109,312
Amortization of the net loss	277,528	307,871	832,584	923,614
Net periodic benefit cost	112,089	256,829	336,273	770,489
Additional information [Abstract]
Contributions required by the Company in defined benefit plan	2,510,000		2,510,000
Postretirement Benefits [Member]
Components of the net periodic benefit cost [Abstract]
Service cost	9,256	6,847	27,768	20,542
Interest cost	19,290	20,206	57,871	60,620
Expected return on plan assets	(13,913)	(12,874)	(41,738)	(38,621)
Amortization of prior service cost	(1,268)	(5,361)	(3,804)	(16,083)
Amortization of the net loss	(16,397)	(19,400)	(49,193)	(58,201)
Net periodic benefit cost	(3,032)	$ (10,582)	(9,096)	$ (31,743)
Additional information [Abstract]
Contributions required by the Company in defined benefit plan	$ 97,000		97,000
Employer contributions made			$ 8,000

Retirement Benefit Plans, Defin

Retirement Benefit Plans, Defined Contribution Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Defined Contribution Plan [Abstract]
Total contributions for the period	$ 215,811	$ 203,804	$ 1,268,377	$ 993,530
Regular Matching Contribution [Member]
Defined Contribution Plan [Abstract]
Total contributions for the period	129,968	111,291	436,088	346,713
Transitional Credit Contribution [Member]
Defined Contribution Plan [Abstract]
Total contributions for the period	68,128	76,526	273,742	307,597
Non-discretionary Contribution [Member]
Defined Contribution Plan [Abstract]
Total contributions for the period	$ 17,715	$ 15,987	558,547	$ 339,220
Non-Union U.S. Employees [Member]
Defined Contribution Plan [Abstract]
Total contributions for the period			$ 502,617

Stock Based Compensation (Detai

Stock Based Compensation (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 29, 2018USD ($)Plan$ / sharesshares	Sep. 30, 2017USD ($)shares	Sep. 29, 2018USD ($)Plan$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Dec. 30, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Number of plans that have shares reserved for further issuance | Plan	1		1
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Percentage of fair market value of stock on grant date for exercise price			100.00%
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Stock-based compensation expense | $	$ 74,000	$ 47,000	$ 203,000	$ 117,000
Number of Units, Stock Appreciation Rights (SARs) [Roll Forward]
Outstanding at beginning of period (in shares) | shares			141,500	0	0
Issued (in shares) | shares	0		51,000		149,500
Forfeited (in shares) | shares			(2,000)		(8,000)
Outstanding at end of period (in shares) | shares	190,500		190,500		141,500
Weighted - Average Exercise Price, Stock Appreciation Rights (SARs) [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 20.36	$ 0	$ 0
Issued (in dollars per share) | $ / shares			24.90		20.39
Forfeited (in dollars per share) | $ / shares			19.10		21.10
Outstanding at end of period (in dollars per share) | $ / shares	$ 21.44		21.44		$ 20.36
SARs and Restricted Stock Grants Outstanding and Exercisable [Abstract]
Minimum Range of Exercise Prices (in dollars per share) | $ / shares			19.10
Maximum Range of Exercise Prices (in dollars per share) | $ / shares			$ 24.90
Outstanding (in shares) | shares	190,500		190,500
Weighted- Average Remaining Contractual Life			3 years 8 months 12 days
Weighted- Average Exercise Price (in dollars per share) | $ / shares	$ 21.44		$ 21.44
Exercisable (in shares) | shares	20,670		20,670
Exercisable, Weighted- Average Remaining Contractual life			3 years 4 months 24 days
Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ / shares	$ 19.10		$ 19.10
Stock Options [Member]
Number of Units, Stock Appreciation Rights (SARs) [Roll Forward]
Issued (in shares) | shares	0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Restricted stock granted (in shares) | shares	0	0	0		25,000
Number of Units, Restricted Stock [Roll Forward]
Outstanding at beginning of period (in shares) | shares			25,000	0	0
Issued (in shares) | shares	0	0	0		25,000
Forfeited (in shares) | shares			0		0
Outstanding at end of period (in shares) | shares	25,000		25,000		25,000
Weighted - Average Exercise Price, Restricted Stock [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 0	$ 0	$ 0
Issued (in dollars per share) | $ / shares			0		0
Forfeited (in dollars per share) | $ / shares			0		0
Outstanding at end of period (in dollars per share) | $ / shares	$ 0		0		$ 0
SARs and Restricted Stock Grants Outstanding and Exercisable [Abstract]
Maximum Range of Exercise Prices (in dollars per share) | $ / shares			$ 0
Outstanding (in shares) | shares	25,000		25,000
Weighted- Average Remaining Contractual Life			3 years 8 months 12 days
Weighted- Average Exercise Price (in dollars per share) | $ / shares	$ 0		$ 0
Exercisable (in shares) | shares	0		0
Exercisable, Weighted- Average Remaining Contractual life			0 years
Exercisable, Weighted- Average Exercise Price (in dollars per share) | $ / shares	$ 0		$ 0
SARs and Restricted Stock [Member]
SARs and Restricted Stock Grants Outstanding and Exercisable [Abstract]
Outstanding SARs and grants, intrinsic value | $	$ 2,019,000		$ 2,019,000
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Shares available for future grant (in shares) | shares	275,000		275,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 29, 2018	Dec. 30, 2017
Income Taxes [Abstract]
Corporate income tax rate	21.00%	35.00%
Significant changes to the amount of unrecognized tax benefits	$ 0

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements (Details) - USD ($)	Apr. 04, 2017	Sep. 29, 2018
Financial Receivable [Abstract]
Interest rate swap		$ 404,257
Total assets		$ 404,257
LIBOR [Member]
Interest Rate Risk [Abstract]
Term of variable rate		3 months
LIBOR [Member] | Minimum [Member]
Interest Rate Risk [Abstract]
Debt instrument, variable interest rate		1.75%
LIBOR [Member] | Maximum [Member]
Interest Rate Risk [Abstract]
Debt instrument, variable interest rate		2.50%
Term Loan [Member] | Interest Rate Swap [Member]
Interest Rate Risk [Abstract]
Interest rate swap, notional amount	$ 15,500,000	$ 14,531,250
Percentage of outstanding balance of term loan	50.00%	50.00%
Level 1 [Member]
Financial Receivable [Abstract]
Interest rate swap		$ 0
Total assets		0
Level 2 [Member]
Financial Receivable [Abstract]
Interest rate swap		404,257
Total assets		404,257
Level 3 [Member]
Financial Receivable [Abstract]
Interest rate swap		0
Total assets		$ 0

Business Acquisition (Details)

Business Acquisition (Details) - USD ($)	1 Months Ended
	Jun. 30, 2018	Sep. 29, 2018	Jun. 01, 2018	Dec. 30, 2017
Recognized amounts of identifiable assets acquired and liabilities assumed [Abstract]
Goodwill		$ 34,891,579		$ 32,228,891
Load N Lock [Member]
Recognized amounts of identifiable assets acquired and liabilities assumed [Abstract]
Acquisition costs	$ 4,995,000
Goodwill			$ 2,694,700
Intangible Assets Acquired [Abstract]
Intangible assets	$ 1,329,007
Weighted-average life	8 years 3 months 18 days
Load N Lock [Member] | Customer Relationships [Member]
Intangible Assets Acquired [Abstract]
Intangible assets	$ 689,675
Weighted-average life	8 years 3 months 18 days
Load N Lock [Member] | Intellectual Property [Member]
Intangible Assets Acquired [Abstract]
Intangible assets	$ 586,762
Weighted-average life	8 years 3 months 18 days
Load N Lock [Member] | Non-compete Agreements [Member]
Intangible Assets Acquired [Abstract]
Intangible assets	$ 52,570
Weighted-average life	8 years 3 months 18 days

Shareholder's Equity Share Re_2

Shareholder's Equity Share Repurchase Program (Details) - USD ($)	3 Months Ended
	Sep. 29, 2018	May 02, 2018
Shareholder's Equity Share Repurchase Program [Abstract]
Number of shares authorized to be repurchased (in shares)		200,000
Stock repurchased (in shares)	11,210
Share repurchase amount	$ 315,000