The Eastern Company (EML) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2023 shares
Cover [Abstract]
Entity Registrant Name	THE EASTERN COMPANY
Entity Central Index Key	0000031107
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2023
Entity Filer Category	Accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding	6,238,413
Entity File Number	001-35383
Entity Incorporation State Country Code	CT
Entity Tax Identification Number	06-0330020
Entity Address Address Line 1	3 Enterprise Drive
Entity Address Address Line 2	Suite 408
Entity Address City Or Town	Shelton
Entity Address State Or Province	CT
Entity Address Postal Zip Code	06484
City Area Code	203
Local Phone Number	729-2255
Security 12b Title	Common Stock, No Par Value
Trading Symbol	EML
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Net sales	$ 65,635,680	$ 71,636,746	$ 206,468,838	$ 210,191,448
Cost of products sold	(49,260,313)	(55,056,160)	(159,447,930)	(163,047,360)
Gross margin	16,375,367	16,580,586	47,020,908	47,144,088
Product development expense	(1,425,159)	(1,011,961)	(4,257,468)	(3,168,333)
Selling general and administrative expenses	(9,700,342)	(10,121,683)	(32,927,015)	(30,129,112)
Operating profit	5,249,866	5,446,942	9,836,425	13,846,643
Interest expense	(1,067,779)	(645,773)	(2,574,890)	(1,583,894)
Other (expense) income	(135,839)	1,118,453	(514,357)	2,118,783
Income from continuing operations before income taxes	4,046,248	5,919,622	6,747,178	14,381,532
Income tax expense	(984,289)	(1,423,363)	(1,678,698)	(3,498,365)
Net income from continuing operations	3,061,959	4,496,259	5,068,480	10,883,167
Discontinued Operations (see Note B)
Gain from operations of discontinued operations	0	495,820	0	1,426,569
Income tax expense	0	(133,500)	0	(384,104)
Gain from discontinued operations	0	362,320	0	1,042,465
Net income	$ 3,061,959	$ 4,858,579	$ 5,068,480	$ 11,925,632
Earnings per share from continuing operations:
Basic	$ 0.49	$ 0.72	$ 0.81	$ 1.75
Diluted	0.49	0.72	0.81	1.74
Earnings per share from discontinued operations:
Basic	0	0.06	0	0.17
Diluted	0	0.06	0	0.17
Total earnings per share:
Basic	0.49	0.78	0.81	1.92
Diluted	0.49	0.78	0.81	1.91
Cash dividends 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. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net income	$ 3,061,959	$ 4,858,579	$ 5,068,480	$ 11,925,632
Other comprehensive (loss) income:
Change in foreign currency translation	(87,572)	(1,387,274)	(182,029)	(2,358,170)
Change in fair value of interest rate swap, net of tax cost of: 2023 - $0 and $(274,957) respectively; 2022 - $163,533 and $590,827 respectively	0	517,855	(1,449,754)	1,870,954
Change in pension and postretirement benefit costs, net of taxes of: 2023 - $74,360 and $223,079 respectively; 2022 - $92,235 and $276,705 respectively	252,668	313,408	758,006	940,225
Total other comprehensive income (loss)	165,096	(556,011)	(873,777)	453,009
Comprehensive income	$ 3,227,055	$ 4,302,568	$ 4,194,703	$ 12,378,641

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 9,540,786	$ 10,187,522
Accounts receivable, less allowances: 2023 - $718,568; 2022 - $677,000	42,838,864	42,886,250
Inventories	60,648,599	64,636,591
Current portion of notes receivable	570,696	1,006,421
Prepaid expenses and other assets	5,876,920	6,598,774
Total Current Assets	119,475,865	125,315,558
Property, Plant and Equipment	60,077,603	56,112,889
Accumulated depreciation	(32,088,351)	(30,000,797)
Property, Plant and Equipment, Net	27,989,252	26,112,092
Goodwill	70,764,166	70,777,459
Trademarks	5,514,890	5,514,886
Patents and other intangibles net of accumulated amortization	16,080,034	18,819,897
Long term notes receivable, less current portion	446,627	2,276,631
Deferred Income Taxes	657,607	488,989
Right of Use Assets	15,796,743	12,217,521
Total Other Assets	109,260,067	110,095,383
TOTAL ASSETS	256,725,184	261,523,033
Current Liabilities
Accounts payable	30,257,077	27,638,317
Accrued compensation	4,205,484	3,327,832
Other accrued expenses	4,830,717	3,944,964
Current portion of operating lease liability	3,540,157	3,059,547
Current portion of finance lease liability	150,362	0
Current portion of long-term debt	3,000,000	9,010,793
Total Current Liabilities	45,983,797	46,981,453
Other long-term liabilities	754,763	754,762
Operating lease liability, less current portion	12,256,587	9,195,205
Finance lease liability, less current portion	792,484	0
Long-term debt, less current portion	45,661,186	55,136,231
Accrued postretirement benefits	672,064	666,222
Accrued pension cost	21,958,215	22,174,465
Total Liabilities	128,079,096	134,908,338
Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares
Common Stock, no par value, Authorized: 50,000,000 shares Issued: 9,086,096 shares in 2023 and 9,056,421 shares in 2022 Outstanding: 6,238,413 shares in 2023 and 6,221,976 shares in 2022	33,737,465	33,586,165
Treasury Stock: 2,847,683 shares in 2023 and 2,834,445 shares in 2022	(22,790,230)	(22,544,684)
Retained earnings	141,985,268	138,985,852
Accumulated other comprehensive loss:
Foreign currency translation	(1,323,007)	(1,140,978)
Unrealized gain on interest rate swap, net of tax	0	1,449,754
Unrecognized net pension and postretirement benefit costs, net of tax	(22,963,408)	(23,721,414)
Accumulated other comprehensive loss	(24,286,415)	(23,412,638)
Total Shareholders' Equity	128,646,088	126,614,695
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 256,725,184	$ 261,523,033

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 718,568	$ 677,000
Shareholders' Equity
Voting Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Voting Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Nonvoting Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Nonvoting Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
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)	9,086,096	9,056,421
Common Stock, shares outstanding (in shares)	6,238,413	6,221,976
Treasury Stock, shares (in shares)	2,847,683	2,834,445

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Operating Activities
Net income	$ 5,068,480	$ 11,925,632
Less: gain from discontinued operations	0	1,042,465
Net income from continuing operations	5,068,480	10,883,167
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	5,471,633	5,389,394
Unrecognized pension and postretirement benefits	635,677	(477,560)
Loss (Gain) on sale of equipment and other assets	331,474	(345,718)
Provision for doubtful accounts	(88,353)	35,000
Stock compensation expense	151,300	699,454
Changes in operating assets and liabilities:
Accounts receivable	116,025	(8,008,687)
Inventories	4,628,294	(5,217,395)
Prepaid expenses and other	888,342	(1,082,483)
Other assets	190,216	340,925
Accounts payable	1,499,401	(537,072)
Accrued compensation	476,714	(957,022)
Other accrued expenses	(119,557)	(1,046,094)
Net cash provided by (used in) operating activities	19,249,646	(324,091)
Investing Activities
Business Acquisition	(547,638)	0
Issuance of Notes Receivable	0	(400,000)
Payments received from notes receivable	2,265,730	748,148
Proceeds from sale of equipment	0	2,171,073
Purchases of property, plant, and equipment	(4,718,673)	(1,734,553)
Net cash (used in) provided by investing activities	(3,000,581)	784,668
Financing Activities
Principal payments on long-term debt	(74,919,004)	(5,688,866)
Principal payments on short-term borrowings (revolver)	(300,029)	(1,000,000)
Proceeds from short term borrowings (revolver)	0	10,000,000
Proceeds from new long-term debt financing	60,000,000	0
Financing leases, net	674,558	(161,906)
Purchase common stock for treasury	(245,546)	(1,637,072)
Dividends paid	(2,069,043)	(2,054,875)
Net cash used in financing activities	(16,859,064)	(542,719)
Discontinued Operations
Cash used in operating activities	0	(610,887)
Cash used in discontinued operations	0	(610,887)
Effect of exchange rate changes on cash	(36,737)	(257,093)
Net change in cash and cash equivalents	(646,737)	(950,122)
Cash and cash equivalents at beginning of period	10,187,522	6,602,429
Cash and cash equivalents at end of period ?	9,540,786	5,652,307
Supplemental disclosure of cash flow information:
Interest	2,482,362	1,753,699
Income taxes	1,321,170	3,197,375
Non-cash investing and financing activities
Right of use asset	3,579,222	1,743,518
Lease liability	$ (4,484,838)	$ (1,608,530)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Basis of Presentation
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 Rule 8-03 of Regulation S-X and do not include all the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. Refer to the consolidated financial statements of The Eastern Company (together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 14, 2023 (the “2022 Form 10-K”), 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. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. All intercompany accounts and transactions are eliminated. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated balance sheet at that date. The Company’s fiscal year is a 52-53-week fiscal year ending on the Saturday nearest to December 31. References to 2022, the 2022 fiscal year or fiscal 2022 mean the 52-week period ended on December 31, 2022, and references to 2023, the 2023 fiscal year or fiscal 2023 mean the 52-week period ending on December 30, 2023. In a 52-week fiscal year, each quarter has 13 weeks. References to the third quarter of 2022, the third fiscal quarter of 2022, the third quarter of fiscal 2022 or the three months ended October 1, 2022, mean the period from July 3, 2022 to October 1, 2022. References to the third quarter of 2023, the third fiscal quarter of 2023, the third fiscal quarter of 2023 or the three months ended September 30, 2023, mean the 13-week period from July 2, 2023 to September 30, 2023. References to the first nine months of 2022, the first nine months of fiscal 2022 or the nine months ended October 1, 2022 mean the period from January 2, 2022 to October 1, 2022. References to the first nine months of 2023, the first nine months of fiscal 2023 or the nine months ended September 30, 2023 mean the period from January 1, 2023 to September 30, 2023. Certain amounts in the 2022 financial statements have been reclassified to conform with the 2023 presentation with no impact or change to previously reported net income or shareholders’ equity.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2023
Discontinued Operations
Discontinued Operations	Note B – Discontinued Operations In the second quarter of 2021, the Company determined that the companies included in our former Diversified Products segment no longer fit with our long-term strategy and the Company initiated the process of selling the companies within the Diversified Products segment, which process was completed with the sale of the Company’s Argo EMS business (“Argo”) on October 19, 2022. Argo supplied printed circuit boards and other electronic assemblies to original equipment manufacturers in various industries, including measurement systems, semiconductor equipment manufacturing, and industrial control, medical, and military products. We believe that the sale of the Diversified Products segment has allowed management to focus on our core capabilities and offerings. The former Diversified Products segment met the criteria to be held for sale and furthermore, we determined that the assets held for sale qualified for discontinued operations. As such, the financial results of the Diversified Products segment are reflected in our unaudited condensed consolidated statements of income as discontinued operations for the prior periods presented. The results of the former Diversified Products segment are not reflected in the unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2023 because dispositions of the businesses that comprised that segment were completed prior to the start of the period. Summarized Financial Information of Discontinued Operations The following table represents income from discontinued operations, net of tax: Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ - $ 2,516,064 $ - $ 7,356,491 Cost of products sold - (1,656,694 ) - (4,943,751 ) Gross margin - 859,370 - 2,412,740 Selling, general and administrative expenses - (311,190 ) - (857,747 ) Operating income - 548,180 - 1,554,993 Interest expense - (52,360 ) - (128,424 ) Gain from discontinued operations before income taxes - 495,820 - 1,426,569 Income tax expense - (133,500 ) - (384,104 ) Income from discontinued operations, net of tax $ - $ 362,320 $ - $ 1,042,465

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2023
Total earnings per share:
Earnings per Share	Note C – Earnings Per Share The denominators used to calculate earnings per share are as follows: Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Basic: Weighted average shares outstanding 6,241,796 6,209,014 6,233,493 6,226,493 Diluted: Weighted average shares outstanding 6,241,796 6,209,014 6,233,493 6,226,493 Dilutive stock appreciation rights 32,462 14,102 32,462 14,102 Denominator for diluted earnings per share 6,274,258 6,223,116 6,265,955 6,240,595

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventories
Inventories	Note D – Inventories Inventories from continuing operations consist of the following components: September 30, 2023 December 31, 2022 Raw material and component parts $ 24,325,177 $ 25,924,696 Work in process 8,747,860 9,323,082 Finished goods 27,575,562 29,388,813 Total inventories $ 60,648,599 $ 64,636,591

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill
Goodwill	Note E - Goodwill The aggregate carrying amount of goodwill from continuing operations is approximately $70.8 million as of September 30, 2023 and includes the write-off of approximately $0.5 million of goodwill associated with the closure of Associated Toolmakers, Ltd. in the second quarter of 2023. Additionally, the Company recorded approximately $0.5 million of goodwill associated with the acquisition of Sureflex, Inc. in the second quarter of 2023. See Note O – Business Acquisition for further details. No impairment was recognized in the third quarter of 2023. The Company evaluates its reporting units for impairment annually in December, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Such events and circumstances could include, among other things, increased competition or unexpected loss of market share, significant adverse changes in the markets in which the Company operates, or unexpected business disruptions. The Company tests reporting units for impairment by comparing the estimated fair value of each reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its estimated fair value, the Company records an impairment loss based on the difference between fair value and carrying amount not to exceed the associated carrying amount of goodwill. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. The values assigned to the key assumptions represent management’s assessment of future trends in the relevant industry and have been based on historical data from both external and internal sources.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases
Leases	Note F – Leases The Company presents right-of-use (ROU) assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, Leases. The Company accounts for non-lease components as part of the lease component to which they relate. Lease accounting involves significant judgements, including making estimates related to the lease term, lease payments, and discount rate. The Company has operating leases for buildings, warehouses, and office equipment. The Company determines whether an arrangement is, or contains, a lease at contract inception. An arrangement contains a lease if the Company has the right to direct the use of and obtain substantially all the economic benefits of an identified asset. ROU assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew. The exercise of lease renewal options is at our sole discretion. All options to extend, when it is reasonably certain the option will be exercised, have been included in the calculation of the ROU asset and lease liability. Currently, the Company has twenty-one operating leases with a lease liability of $15.8 million and four finance leases with a lease liability of $0.9 million as of September 30, 2023. The terms and conditions of the leases are determined by the individual agreements. The leases do not contain residual value guarantees, restrictions, or covenants that could cause the Company to incur additional financial obligations. There are no related party lease transactions. There are no leases that have not yet commenced that could create significant rights and obligations for the Company. Approximate total minimum lease payments for each of the next five fiscal years is estimated to be as follows: remainder of 2023 - $1.0 million; 2024 - $3.6 million; 2025 - $2.4 million; 2026 - $1.8 million; 2027 - $1.5 million; and $6.5 million thereafter. The weighted average remaining lease term is 7.3 years. The implicit interest rate used was 5.0% to 8.25%.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt
Debt	Note G - Debt On June 16, 2023, the Company entered into a credit agreement with TD Bank, N.A., Wells Fargo Bank, Bank of America, and M&T Bank as lenders (the “Credit Agreement”), that included a $60 million term portion and a $30 million revolving commitment portion. The proceeds of the term loan were used to repay the Company’s remaining outstanding term loan and to terminate its existing credit facility with Santander Bank, N.A. (approximately $59 million). The term loan portion of the credit facility requires quarterly principal payments of (i) $750,000 beginning on September 30, 2023 through June 30, 2025, (ii) $1,125,000 beginning on September 30, 2025 through June 30, 2027, and (iii) $1,500,000 beginning on September 30, 2027 through March 31, 2028, with the balance of the term loan payable on the maturity date of June 16, 2028. Amounts outstanding under the revolving portion of the credit facility are generally due and payable on the expiration date of the Credit Agreement (June 16, 2028). The Company can elect to prepay some or all the outstanding balance from time to time without penalty. A commitment fee is payable on the unused portion of the revolving credit facility based on the Company’s consolidated ratio of net debt to adjusted EBITDA from time to time. Currently, the commitment fee is 0.30%. As of September 30, 2023, the Company has not borrowed any funds on the revolving commitment portion of the credit facility. The term loan bears interest at a variable rate based on the term secured overnight financing rate (“SOFR”), plus an adjustment of ten basis points, plus an applicable margin of 1.875% to 2.625%, depending on the Company’s senior net leverage ratio. Borrowings under the revolving portion bear interest at a variable rate based on, at the Company’s election, a base rate plus an applicable margin of 0.875% to 1.625% or term SOFR, plus an adjustment of ten basis points, plus an applicable margin of 1.875% to 2.625%, with such margins determined based on the Company’s senior net leverage ratio. The Company’s obligations under the Credit Agreement are secured by a lien on certain of the Company’s and its subsidiaries’ assets pursuant to a Pledge and Security Agreement, dated as of June 16, 2023, with TD Bank N.A., as administrative agent. The Company’s loan covenants under the Credit Agreement require the Company to maintain a senior net leverage ratio not to exceed 3.5 to 1. In addition, the Company is required to maintain a fixed charge coverage ratio to be not less than 1.25 to 1. The Company was in compliance with all its covenants under the Credit Agreement on September 30, 2023, and through the date of filing this Form 10-Q.

Stock Options and awards

Stock Options and awards	9 Months Ended
	Sep. 30, 2023
Stock Options and awards
Stock Options and awards	Note H - Stock Options and Awards On February 19, 2020, the Board of Directors of the Company (the “Board”) adopted the Eastern Company 2020 Stock Incentive Plan (the “2020 Plan”), which replaced The Eastern Company 2010 Executive Stock Incentive Plan after its expiration in February 2020. On April 29, 2020, at the Company’s 2020 Annual Meeting of Shareholders, the shareholders of the Company approved and adopted the 2020 Plan. The Company has no other existing plan pursuant to which equity awards may be granted. Incentive stock options granted under the 2020 Plan must have exercise prices that are not less than 100% of the fair market value of the Company’s common stock on the dates the stock options are granted. Restricted stock awards may also be granted to participants under the 2020 Plan with restrictions determined by the Compensation Committee of the Board. Under the 2020 Plan, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Board. During the first nine months of fiscal 2023 and 2022, the Company granted stock awards with respect to 79,500 and 43,300 shares of Company common stock respectively, that were subject to the meeting of performance measurements or time based. For the first nine months of fiscal years 2023 and 2022, the Company used fair market value to determine the associated expense with stock awards. The 2020 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 difference between the fair value of the Company’s common stock at the date of grant and the fair value as of the exercise date resulting in the issuance of the Company’s common stock. During the first nine months of fiscal 2023 and 2022 the Company did not issue any SARs. Stock-based compensation (income) expense, including forfeitures, in connection with SARs and stock awards previously granted to employees was approximately $5,000 and $131,000 in the third quarter of 2023 and the third quarter of 2022, respectively, and was approximately $(158,000) and $381,000 in the first nine months of fiscal years 2023 and 2022, respectively. As of September 30, 2023, there were 889,992 shares of Company common stock reserved and available for future grant under the 2020 Plan. The following tables set forth the outstanding SARs for the period specified: Nine Months Ended Year Ended September 30, 2023 December 31, 2022 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Outstanding at beginning of period 146,166 $ 23.22 180,833 $ 22.88 Expired (50,833 ) 24.24 - - Exercised (33,333 ) 21.10 (16,667 ) 21.20 Forfeited (49,000 ) 22.80 (18,000 ) 21.74 Outstanding at end of period 13,000 24.19 146,166 23.22 SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of September 30, 2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable as of September 30, 2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $19.44 - $26.30 13,000 0.7 $ 24.19 13,000 0.7 $ 24.19 The following tables set forth the outstanding stock awards for the period specified: Nine Months Ended Year Ended September 30, 2023 December 31, 2022 Shares Shares Outstanding at beginning of period 64,500 27,300 Issued 79,500 43,300 Exercised (10,600 ) - Forfeited (47,300 ) (6,100 ) Outstanding at end of period 86,100 64,500 As of September 30, 2023, outstanding SARs and stock awards had an intrinsic value of $1,562,715.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2023
Share Repurchase Program
Share Repurchase Program	Note I – Share Repurchase Program On August 21, 2023, the Company announced that the Board of Directors of the Company had approved a new share repurchase program authorizing the Company to repurchase up to 200,000 shares of the Company’s common stock through August 20, 2028. The Company’s share repurchase program does not obligate it to acquire the Company’s common stock at any specific cost per share. 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. Below is a summary of the Company’s shares repurchased during the third quarter of 2023 under the prior share repurchase program. Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that may yet be Purchased Under the Plans or Programs Balance as of July 1, 2023 139,716 $ 24.61 139,716 60,284 July 2, 2023 – September 30, 2023 - - - (60,284 ) Balance as of September 30, 2023 139,716 $ 24.61 139,716 - Below is a summary of the Company’s shares repurchased during the third quarter of 2023 under the new share repurchase program. Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that may yet be Purchased Under the Plans or Programs Balance as of July 1, 2023 - $ - - - July 2, 2023 – September 30, 2023 13,238 18.55 13,238 186,762 Balance as of September 30, 2023 13,238 $ 18.55 13,238 186,762

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue Recognition
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 in accordance with FASB Accounting Standards Codification (“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 are 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. Customer volume rebates, product returns, discount and allowance are variable considerations 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. The Company has no future performance obligations and does not capitalize costs to obtain or fulfill contracts.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes
Income Taxes	Note K - 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 2018 and is no longer subject to non-U.S. income tax examinations by foreign tax authorities for years prior to 2016. The total amount of unrecognized tax benefits could increase or decrease within the next 12 months for several 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 value of unrecognized tax benefits during the nine months ended September 30, 2023. 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.

Retirement Benefit Plans

Retirement Benefit Plans	9 Months Ended
	Sep. 30, 2023
Retirement Benefit Plans
Retirement Benefit Plans	Note L - Retirement Benefit Plans The Company has four non-contributory defined benefit pension plans covering most U.S. employees. Three of these pension plans are frozen and participants in these three plans have not accrued benefits since the date on which these plans were frozen. A fourth pension plan does not permit new participants but existing participants in this fourth pension plan continue to accrue benefits. Plan benefits are generally based upon age at retirement, years of service and, for the plan covering salaried employees, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain 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 first three months and first nine months 2023 and 2022 are as follows: Pension Benefits Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Service cost $ 216,153 $ 269,744 $ 648,459 $ 809,231 Interest cost 990,053 608,188 2,970,160 1,824,568 Expected return on plan assets (1,049,016 ) (1,460,658 ) (3,147,046 ) (4,381,980 ) Amortization of prior service cost - 16,563 - 49,689 Amortization of the net loss 342,866 390,075 1,028,596 1,170,225 Net periodic benefit cost (benefit) $ 500,056 $ (176,088 ) $ 1,500,169 $ (528,267 ) Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Service cost $ 6,486 $ 13,323 $ 19,458 $ 39,969 Interest cost 14,533 10,988 43,599 32,964 Expected return on plan assets (4,849 ) (4,400 ) (14,547 ) (13,200 ) Amortization of prior service cost 1,060 1,060 3,180 3,180 Amortization of the net loss (16,895 ) (2,054 ) (50,685 ) (6,162 ) Net periodic benefit cost $ 335 $ 18,917 $ 1,005 $ 56,751 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 2023, the Company expects to contribute approximately $1,300,000 into its pension plans and approximately $50,000 into its postretirement plan. As of September 30, 2023, the Company has contributed $800,000 to its pension plans, has contributed $32,000 to its postretirement plan, and expects to make the remaining contributions as required during the remainder of the fiscal 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 plan as follows: Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Regular matching contribution $ 241,487 $ 149,673 $ 747,913 $ 522,327 Transitional credit contribution 23,271 28,144 83,935 107,886 Non-discretionary contribution 83,302 16,715 654,552 376,861 Total contributions for the period $ 348,060 $ 194,532 $ 1,486,400 $ 1,007,074 The non-discretionary contribution of $328,953 made in the nine months ended September 30, 2023, was accrued for, and expensed in the prior fiscal year. Effective January 1, 2023, the non-discretionary contributions are being contributed on a weekly basis.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2023
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note M - Recent Accounting Pronouncements 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.

Concentration of risk

Concentration of risk	9 Months Ended
	Sep. 30, 2023
Concentration of risk
Concentration of risk	Note N - Concentration of Risk 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 accounts receivable due from customers. The Company has established credit limits for customers and monitors their balances to mitigate the risk of loss. As of September 30, 2023, there was one significant concentration of credit risk with a customer, who had receivables representing 12% of our net accounts receivable. One single customer represented 14% of the Company’s net accounts receivable as of December 31, 2022. The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable. The Company has deposits that exceed amounts up to $250,000 that are insured by the Federal Deposit Insurance Corporation (FDIC), but the Company does not consider this a significant concentration of credit risk based on the strength of the financial institution. 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 term SOFR, plus an adjustment of ten basis points, plus an applicable margin of 1.875% to 2.625%, depending on the Company’s senior net leverage ratio. Currency Exchange Rate Risk The Company’s currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB, Hong Kong dollar and United Kingdom pound sterling. Because of the Company’s limited exposure to any single foreign market, any 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.

Business Acquisition

Business Acquisition	9 Months Ended
	Sep. 30, 2023
Business Acquisition
Business Acquisition	Note O – Business Acquisition On June 29, 2023, the Company acquired certain assets, including accounts receivable, inventories, furniture, fixtures and equipment, intellectual property rights, and rights existing under all sales and purchase agreements, and assumed certain liabilities of Sureflex, Inc. (“Sureflex”). These assets are held in our Velvac, Inc. (“Velvac”) subsidiary. We expect that Sureflex, which manufactures tractor-trailer electrical connection cable assemblies, will enable the Company to manufacture electrical products and become more competitive with respect to cost and quality. The acquisition of Sureflex was accounted for under Business Combinations (ASC Topic 805). The acquired business is included in the consolidated operating results of the Company from the effective date of the acquisition. The excess of the cost of Sureflex over the fair market value of the net assets acquired of $0.5 million has been recorded as goodwill. Neither the actual results nor the pro forma effects of the Sureflex acquisition are material to the Company’s financial statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2023
Discontinued Operations
Schedule of income from discontinued operations	Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ - $ 2,516,064 $ - $ 7,356,491 Cost of products sold - (1,656,694 ) - (4,943,751 ) Gross margin - 859,370 - 2,412,740 Selling, general and administrative expenses - (311,190 ) - (857,747 ) Operating income - 548,180 - 1,554,993 Interest expense - (52,360 ) - (128,424 ) Gain from discontinued operations before income taxes - 495,820 - 1,426,569 Income tax expense - (133,500 ) - (384,104 ) Income from discontinued operations, net of tax $ - $ 362,320 $ - $ 1,042,465

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Total earnings per share:
Schedule of Denominators Used in Earnings Per Share Computations	Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Basic: Weighted average shares outstanding 6,241,796 6,209,014 6,233,493 6,226,493 Diluted: Weighted average shares outstanding 6,241,796 6,209,014 6,233,493 6,226,493 Dilutive stock appreciation rights 32,462 14,102 32,462 14,102 Denominator for diluted earnings per share 6,274,258 6,223,116 6,265,955 6,240,595

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventories
Schedule of Inventories from continuing operations	September 30, 2023 December 31, 2022 Raw material and component parts $ 24,325,177 $ 25,924,696 Work in process 8,747,860 9,323,082 Finished goods 27,575,562 29,388,813 Total inventories $ 60,648,599 $ 64,636,591

Stock Options and awards (Table

Stock Options and awards (Tables)	9 Months Ended
	Sep. 30, 2023
Stock Options and awards
Schedule of SARs Outstanding and Exercisable	Nine Months Ended Year Ended September 30, 2023 December 31, 2022 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Outstanding at beginning of period 146,166 $ 23.22 180,833 $ 22.88 Expired (50,833 ) 24.24 - - Exercised (33,333 ) 21.10 (16,667 ) 21.20 Forfeited (49,000 ) 22.80 (18,000 ) 21.74 Outstanding at end of period 13,000 24.19 146,166 23.22 SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of September 30, 2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable as of September 30, 2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $19.44 - $26.30 13,000 0.7 $ 24.19 13,000 0.7 $ 24.19
Schedule of Outstanding Stock Grants	Nine Months Ended Year Ended September 30, 2023 December 31, 2022 Shares Shares Outstanding at beginning of period 64,500 27,300 Issued 79,500 43,300 Exercised (10,600 ) - Forfeited (47,300 ) (6,100 ) Outstanding at end of period 86,100 64,500

Share Repurchase Program (Table

Share Repurchase Program (Tables)	9 Months Ended
	Sep. 30, 2023
Share Repurchase Program
Schedule of Company's shares repurchased	Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that may yet be Purchased Under the Plans or Programs Balance as of July 1, 2023 139,716 $ 24.61 139,716 60,284 July 2, 2023 – September 30, 2023 - - - (60,284 ) Balance as of September 30, 2023 139,716 $ 24.61 139,716 - Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that may yet be Purchased Under the Plans or Programs Balance as of July 1, 2023 - $ - - - July 2, 2023 – September 30, 2023 13,238 18.55 13,238 186,762 Balance as of September 30, 2023 13,238 $ 18.55 13,238 186,762

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefit Plans
Schedule of Significant Disclosures Relating to Benefit Plans	Pension Benefits Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Service cost $ 216,153 $ 269,744 $ 648,459 $ 809,231 Interest cost 990,053 608,188 2,970,160 1,824,568 Expected return on plan assets (1,049,016 ) (1,460,658 ) (3,147,046 ) (4,381,980 ) Amortization of prior service cost - 16,563 - 49,689 Amortization of the net loss 342,866 390,075 1,028,596 1,170,225 Net periodic benefit cost (benefit) $ 500,056 $ (176,088 ) $ 1,500,169 $ (528,267 ) Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Service cost $ 6,486 $ 13,323 $ 19,458 $ 39,969 Interest cost 14,533 10,988 43,599 32,964 Expected return on plan assets (4,849 ) (4,400 ) (14,547 ) (13,200 ) Amortization of prior service cost 1,060 1,060 3,180 3,180 Amortization of the net loss (16,895 ) (2,054 ) (50,685 ) (6,162 ) Net periodic benefit cost $ 335 $ 18,917 $ 1,005 $ 56,751
Schedule of Company made contributions towards benefit plans	Three Months Ended Nine Months Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Regular matching contribution $ 241,487 $ 149,673 $ 747,913 $ 522,327 Transitional credit contribution 23,271 28,144 83,935 107,886 Non-discretionary contribution 83,302 16,715 654,552 376,861 Total contributions for the period $ 348,060 $ 194,532 $ 1,486,400 $ 1,007,074

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Oct. 01, 2022	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Oct. 01, 2022
Net Sales	$ 65,635,680		$ 71,636,746		$ 206,468,838	$ 210,191,448
Cost of products sold	(49,260,313)		(55,056,160)		(159,447,930)	(163,047,360)
Gross margin	16,375,367		16,580,586		47,020,908	47,144,088
Selling general and administrative expenses	(9,700,342)		(10,121,683)		(32,927,015)	(30,129,112)
Operating income	5,249,866		5,446,942		9,836,425	13,846,643
Interest expense	(1,067,779)		(645,773)		(2,574,890)	(1,583,894)
Income tax (expense) benefit	(984,289)		(1,423,363)		(1,678,698)	(3,498,365)
Income (loss) from discontinued operations, net of tax	$ 0		$ 362,320		0	$ 1,042,465
Discontinued Operation [Member]
Net Sales		$ 0		$ 2,516,064	0		$ 7,356,491
Cost of products sold		0		(1,656,694)	0		(4,943,751)
Gross margin		0		859,370	0		2,412,740
Selling general and administrative expenses		0		(311,190)	0		(857,747)
Operating income		0		548,180	0		1,554,993
Interest expense		0		(52,360)	0		(128,424)
Gain from discontinued operations before income taxes		0		495,820	0		1,426,569
Income tax (expense) benefit		0		(133,500)	0		(384,104)
Income (loss) from discontinued operations, net of tax		$ 0		$ 362,320	$ 0		$ 1,042,465

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic [abstract]
Weighted Average Shares Outstanding	6,241,796	6,209,014	6,233,493	6,226,493
Diluted [abstract]
Weighted Average Shares Outstanding	6,241,796	6,209,014	6,233,493	6,226,493
Dilutive Stock Appreciation Rights	32,462	14,102	32,462	14,102
Denominator For Diluted Earnings Per Share (in Shares)	6,274,258	6,223,116	6,265,955	6,240,595

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Inventories
Raw Material And Component Parts	$ 24,325,177	$ 25,924,696
Work In Process	8,747,860	9,323,082
Finished Goods	27,575,562	29,388,813
Total Inventories	$ 60,648,599	$ 64,636,591

Goodwill (Details Narrative)

Goodwill (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill
Goodwill writeoff	$ 0.5
Goodwill, Net	70.8
Goodwill acquisition	$ 0.5

Leases (Details Narrative)

Leases (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Lease Liability	$ 15.8
Operating Lease Term	12 months
Lease weighted average remaining lease terms	7 years 3 months 18 days
2023	$ 1
2024	3.6
2025	2.4
2026	1.8
2027	1.5
Thereafter	$ 6.5
Minimum [Member]
Interest Rate	5%
Maximum [Member]
Interest Rate	8.25%
Stock Options [Member]
Lease Liability	$ 0.9

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 16, 2023	Sep. 30, 2023
Credit Agreement [Member]
Ratio Description		applicable margin of 1.875% to 2.625%, with such margins determined based on the Company’s senior net leverage ratio. The Company’s obligations under the Credit Agreement are secured by a lien on certain of the Company’s and its subsidiaries’ assets pursuant to a Pledge and Security Agreement
Revolving Credit Loan [Member]
Annual Commitment Fee Percentage	0.30%
Revolving Credit Loan [Member] | Minimum [Member] | LIBOR [Member]
Basis Spread On Variable Rate		0.875
Revolving Credit Loan [Member] | Maximum [Member] | LIBOR [Member]
Basis Spread On Variable Rate		1.625
Term Loan [Member] | September 30, 2023 through June 30, 2024 [Member]
Quarterly Principal Payment		$ 750,000
Term Loan [Member] | September 30, 2025 through June 30, 2027 [Member]
Quarterly Principal Payment		1,125,000
Term Loan [Member] | September 30, 2027 through March 31, 2028 [Member]
Quarterly Principal Payment		$ 1,500,000
Term Loan [Member] | Minimum [Member]
Variable Interest Rate Based On Senior Net Leverage Ratio		1.875
Term Loan [Member] | Maximum [Member]
Variable Interest Rate Based On Senior Net Leverage Ratio		2.625
Interest Rate Swap [Member] | Term Loan [Member]
Term portion loan	$ 60,000,000
Revolving Commitment Portion	$ 30,000,000

Stock Options and Awards (Detai

Stock Options and Awards (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number Of Units, Forfeited	(47,300)	(6,100)
Stock Options [Member]
Number Of Units Outstanding At Beginning Of Period	146,166	180,833
Number Of Units, Expired	(50,833)
Number Of Units, Exercised	(33,333)	(16,667)
Number Of Units, Forfeited	(49,000)	(18,000)
Number Of Units Outstanding At End Of Period	13,000	146,166
Weighted Average Exercise Price, Beginning Balance	$ 23.22	$ 22.88
Weighted Average Exercise Price,Expired	24.24	0
Weighted Average Exercise Price, Exercised	21.10	21.20
Weighted Average Exercise Price, Forfeited	22.80	21.74
Weighted Average Exercise Price, Ending Balance	$ 24.19	$ 23.22

Stock Options and Awards (Det_2

Stock Options and Awards (Details 1) - SAR [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Outstanding | shares	13,000
Weighted- Average Remaining Contractual Life, Oustanding	8 months 12 days
Weighted Average Exercise Price, Oustanding	$ 24.19
Exercisable | shares	13,000
Weighted- Average Remaining Contractual Life, Exercisable	8 months 12 days
Weighted Average Exercise Price, Exercisable	$ 24.19
Minimum [Member]
Range Of Exercise Prices	19.44
Maximum [Member]
Range Of Exercise Prices	$ 26.30

Stock Options and Awards (Det_3

Stock Options and Awards (Details 2) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Stock Options and awards
Number Of Units Outstanding At Beginning Of Period	64,500	27,300
Number Of Units, Issued	79,500	43,300
Number Of Units, Exercised	(10,600)
Number Of Units, Forfeited	(47,300)	(6,100)
Number Of Units Outstanding At End Of Period	86,100	64,500

Stock Options and Awards (Det_4

Stock Options and Awards (Details Narrative) - USD ($)	9 Months Ended				12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Intrinsic value	$ 1,562,715	$ 1,562,715
Number Of Units, Issued		79,500			43,300
Stock Compensation Expense	$ 5,000	$ (158,000)	$ 381,000	$ 131,000
2020 Plan [Member]
Number Of Units, Issued		79,500		43,300
Common Stock Shares Reserved For Future Issuance	889,992	889,992

Share Repurchase Program (Detai

Share Repurchase Program (Details)	3 Months Ended
	Sep. 30, 2023 $ / shares shares
Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs [Member]
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs, Beginning Balance	60,284
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs, during period	(60,284)
Average Price Paid Per Share [Member]
Average Price Paid Per Share, Beginning Balance | $ / shares	$ 24.61
Average Price Paid Per Share During The Period | $ / shares	0
Average Price Paid Per Share, Ending Balance | $ / shares	$ 24.61
Total Number of Shares Purchased [Member]
Total Number Of Shares Purchased, Beginning Balance	139,716
Total Number Of Shares Purchased,ending Balance	139,716
Total Number of Shares Purchased As Part of Publicly Announced Plansor Programs [Member]
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs, Beginning Balance	139,716
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs, Ending Balance	139,716

Share Repurchase Program (Det_2

Share Repurchase Program (Details 1)	3 Months Ended
	Sep. 30, 2023 $ / shares shares
Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs [Member]
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs, Beginning Balance	60,284
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs, during period	(60,284)
Total Number of Shares Purchased [Member]
Total Number Of Shares Purchased, Beginning Balance	139,716
Total Number Of Shares Purchased,ending Balance	139,716
September 30, 2023 [Member] | Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs [Member]
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs, during period	186,762
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs, Ending Balance	186,762
September 30, 2023 [Member] | Average Price Paid Per Share [Member]
Average Price Paid Per Share During The Period | $ / shares	$ 18.55
Average Price Paid Per Share, Ending Balance | $ / shares	$ 18.55
September 30, 2023 [Member] | Total Number of Shares Purchased [Member]
Total Number Of Shares Purchased, during period	13,238
Total Number Of Shares Purchased,ending Balance	13,238
Total Number of Shares Purchased As Part of Publicly Announced Plansor Programs [Member]
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs, Beginning Balance	139,716
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs, Ending Balance	139,716
Total Number of Shares Purchased As Part of Publicly Announced Plansor Programs [Member] | September 30, 2023 [Member]
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs, Ending Balance	13,238
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs, During period	13,238

Share Repurchase Program (Det_3

Share Repurchase Program (Details Narrative)	Aug. 21, 2023 shares
Share Repurchase Program
Number Of Shares Authorized To Be Repurchased	200,000

Retirement Benefit Plans (Detai

Retirement Benefit Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Pension Benefit [Member]
Service Cost	$ 216,153	$ 269,744	$ 648,459	$ 809,231
Interest Cost	990,053	608,188	2,970,160	1,824,568
Expected Return On Plan Assets	(1,049,016)	(1,460,658)	(3,147,046)	(4,381,980)
Amortization Of Prior Service Cost	0	16,563	0	49,689
Amortization Of The Net Loss	342,866	390,075	1,028,596	1,170,225
Net Periodic Benefit Cost	(500,056)	176,088	(1,500,169)	528,267
Other Postretirement Benefit [Member]
Service Cost	6,486	13,323	19,458	39,969
Interest Cost	14,533	10,988	43,599	32,964
Expected Return On Plan Assets	(4,849)	(4,400)	(14,547)	(13,200)
Amortization Of The Net Loss	1,060	1,060	3,180	3,180
Net Periodic Benefit Cost	16,895	2,054	50,685	6,162
Gain On Significant Event	$ 335	$ 18,917	$ 1,005	$ 56,751

Retirement Benefit Plans (Det_2

Retirement Benefit Plans (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Total Contributions For The Period	$ 348,060	$ 194,532	$ 1,486,400	$ 1,007,074
Regular Matching Contributions [Member]
Total Contributions For The Period	241,487	149,673	747,913	522,327
Transitional Credit Contributions [Member]
Total Contributions For The Period	23,271	28,144	83,935	107,886
Non-Discretionary Contributions [Member]
Total Contributions For The Period	$ 83,302	$ 16,715	$ 654,552	$ 376,861

Retirement Benefit Plans (Det_3

Retirement Benefit Plans (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jan. 03, 2023
Non-discretionary contribution	$ 328,953
Pension Benefit [Member]
Cash Contributions	800,000	$ 1,300,000
Other Postretirement Benefit [Member]
Cash Contributions	$ 32,000	$ 50,000

Concentration of Risk (Details

Concentration of Risk (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2021
Federal Deposit Insurance Corporation	$ 250,000
Minimum [Member] | Revolving Credit Loan [Member]
Debt bear interest on variable rate	1.87%
Maximum [Member] | Revolving Credit Loan [Member]
Debt bear interest on variable rate	2.62%
One Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Threshold Percentage Of Concentration Risk	12%	14%

Business Acquisition (Details N

Business Acquisition (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 29, 2023	Sep. 30, 2023	Oct. 01, 2022
Business Acquisition
Business acquisition net assets acquired	$ 500,000	$ 547,638	$ 0