The Eastern Company (EML) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 29, 2024 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	--12-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 29, 2024
Entity Filer Category	Accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding	6,228,432
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 OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Net sales	$ 73,151,889	$ 68,337,790	$ 141,080,976	$ 140,833,158
Cost of products sold	(54,941,336)	(53,189,948)	(106,674,324)	(110,187,615)
Gross margin	18,210,553	15,147,842	34,406,652	30,645,543
Product development expense	(1,301,487)	(1,431,110)	(2,661,284)	(2,832,309)
Selling and administrative expenses	(11,536,949)	(11,289,037)	(23,035,906)	(23,226,674)
Operating profit	5,372,117	2,427,695	8,709,462	4,586,560
Interest expense	(829,934)	(781,104)	(1,674,969)	(1,507,110)
Other (expense) income	(20,066)	252,180	(9,712)	(378,520)
Income before income taxes	4,522,117	1,898,771	7,024,781	2,700,930
Income tax expense	(1,014,245)	(499,564)	(1,569,336)	(694,409)
Net income	$ 3,507,872	$ 1,399,207	$ 5,455,445	$ 2,006,521
Earnings per share:
Basic	$ 0.56	$ 0.22	$ 0.88	$ 0.32
Diluted	0.56	0.22	0.87	0.32
Cash dividends per share:	$ 0.11	$ 0.11	$ 0.22	$ 0.22

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Net income	$ 3,507,872	$ 1,399,207	$ 5,455,445	$ 2,006,521
Change in foreign currency translation	(472,078)	(431,042)	(629,078)	(94,457)
Change in fair value of foreign currency swap, net of tax benefit of: 2024 - $(109,797) and $(17,103) respectively	(477,378)	0	(74,362)	0
Change in fair value of interest rate swap, net of tax benefit of: 2023 - $(274,957) and $(362,648) respectively	0	(1,172,067)	0	(1,449,754)
Change in pension and postretirement benefit costs, net of taxes of: 2024 - $71,355 and $142,710 respectively; 2023 - $74,359 and $148,719 respectively	237,501	252,670	480,837	505,338
Total other comprehensive loss	(711,955)	(1,350,439)	(222,603)	(1,038,873)
Comprehensive income	$ 2,795,917	$ 48,768	$ 5,232,842	$ 967,648

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 29, 2024	Dec. 30, 2023
Current Assets
Cash and cash equivalents	$ 11,706,497	$ 8,299,453
Marketable securities	2,034,602	986,477
Accounts receivable, less allowances: 2024 - $562,498; 2023 - $564,816	42,327,344	37,057,488
Inventories	56,879,677	59,272,207
Current portion of notes receivable	192,933	573,269
Prepaid expenses and other assets	5,127,614	6,047,814
Total Current Assets	118,268,667	112,236,708
Property, Plant and Equipment	62,804,268	60,270,096
Accumulated depreciation	(33,485,314)	(31,980,335)
Property, Plant and Equipment, Net	29,318,954	28,289,761
Goodwill	70,700,912	70,776,893
Trademarks	5,514,853	5,514,960
Patents and other intangibles net of accumulated amortization	13,372,930	15,325,927
Long term notes receivable, less current portion	284,330	374,932
Deferred Income Taxes	2,536,357	2,283,571
Right of Use Assets	15,682,994	17,236,449
Other Long-Term Assets	222,504	0
Total Other Assets	108,314,880	111,512,732
TOTAL ASSETS	255,902,501	252,039,201
Current Liabilities
Accounts payable	27,683,500	25,319,473
Accrued compensation	5,493,325	5,379,381
Other accrued expenses	5,098,540	4,556,623
Current portion of operating lease liability	3,846,537	4,424,369
Current portion of finance lease liability	182,219	182,010
Current portion of long-term debt	2,853,935	2,871,870
Other current liabilities	296,866	0
Total Current Liabilities	45,454,922	42,733,726
Other long-term liabilities	640,724	640,724
Operating lease liability, less current portion	11,836,457	12,812,079
Finance lease liability, less current portion	665,217	728,100
Long-term debt, less current portion	39,575,849	41,063,865
Accrued postretirement benefits	579,832	554,758
Accrued pension cost	20,662,798	21,025,365
Total Liabilities	119,415,799	119,558,617
Shareholders' Equity
Common Stock, no par value, Authorized: 50,000,000 shares Issued: 9,122,953 shares as of 2024 and 9,091,815 shares as of 2023 Outstanding: 6,228,432 shares as of 2024 and 6,217,370 shares as of 2023	34,575,179	33,950,859
Treasury Stock: 2,894,521 shares as of 2024 and 2,874,445 shares as of 2023	(23,762,587)	(23,280,467)
Retained earnings	148,891,689	144,805,168
Accumulated other comprehensive loss:
Foreign currency translation	(1,495,677)	(866,599)
Unrealized loss on foreign currency swap, net of tax	(74,362)	0
Unrecognized net pension and postretirement benefit costs, net of tax	(21,647,540)	(22,128,377)
Accumulated other comprehensive loss	(23,217,579)	(22,994,976)
Total Shareholders' Equity	136,486,702	132,480,584
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 255,902,501	$ 252,039,201

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 29, 2024	Dec. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 562,498	$ 564,816
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)	9,122,953	9,091,815
Common Stock, shares outstanding (in shares)	6,228,432	6,217,370
Treasury Stock, shares (in shares)	2,894,521	2,874,445

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating Activities
Net income	$ 5,455,445	$ 2,006,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,741,969	3,621,126
Reduction in carrying amount of ROU assets	1,553,455	4,404,043
Unrecognized pension and postretirement benefits	10,219	656,655
Loss on sale of equipment and other assets	40,801	318,775
Provision for doubtful accounts	4,000	(16,731)
Stock compensation expense	624,320	10,185
Changes in operating assets and liabilities:
Accounts receivable	(5,266,258)	918,871
Inventories	2,365,449	7,711,536
Prepaid expenses and other	1,006,407	562,548
Other assets	28,721	163,077
Accounts payable	2,939,089	(953,660)
Accrued compensation	96,109	(165,590)
Operating lease liability	(1,553,455)	(4,395,424)
Other accrued expenses	(784,960)	(1,283,477)
Net cash provided by operating activities	10,261,311	13,558,455
Investing Activities
Marketable securities	(999,960)	0
Business acquisition	0	(547,638)
Payments received from notes receivable	470,937	2,309,236
Proceeds from sale of equipment	18,000	0
Purchases of property, plant, and equipment	(2,834,977)	(1,978,784)
Net cash used in investing activities	(3,346,000)	(217,186)
Financing Activities
Proceeds from new long-term debt financing	0	60,000,000
Principal payments on long-term debt	(1,505,952)	(69,248,743)
Payments on short term borrowings (revolver)	0	(252,025)
Financing leases, net	(62,674)	674,558
Purchase common stock for treasury	(482,120)	0
Dividends paid	(1,368,924)	(1,369,941)
Net cash used in financing activities	(3,419,670)	(10,196,151)
Effect of exchange rate changes on cash	(88,597)	(127,966)
Net change in cash and cash equivalents	3,407,044	3,017,152
Cash and cash equivalents at beginning of period	8,299,453	10,187,522
Cash and cash equivalents at end of period	11,706,497	13,204,674
Supplemental disclosure of cash flow information:
Interest	1,639,713	1,364,527
Income taxes	1,599,765	315,120
Non-cash investing and financing activities
Right of use asset	144,445	4,404,043
Lease liability	$ (144,445)	$ (5,355,510)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 29, 2024
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 30, 2023, filed with the Securities and Exchange Commission on March 12, 2024 (the “2023 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 30, 2023 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 in this Quarterly Report on Form 10-Q for the quarterly period ended June 29, 2024 (this “Form 10-Q”) to 2023, the 2023 fiscal year or fiscal 2023 mean the 52-week period ended on December 30, 2023, and references to 2024, the 2024 fiscal year or fiscal 2024 mean the 52-week period ending on December 28, 2024. In a 52-week fiscal year, each quarter has 13 weeks. References to the second quarter of 2023, the second fiscal quarter of 2023 or the three months ended July 1, 2023, mean the 13-week period from April 2, 2023 to July 1, 2023. References to the second quarter of 2024, the second fiscal quarter of 2024 or the three months ended June 29, 2024, mean the 13-week period from March 31, 2023 to June 29, 2024. References to the first six months of 2023 or the six months ended July 1, 2023 mean the period from January 1, 2023 to July 1, 2023. References to the first six months of 2024 or the six months ended June 29, 2024 mean the period from December 31, 2023 to June 29, 2024. Certain amounts in the 2023 financial statements have been reclassified to conform with the 2024 presentation with no impact or change to previously reported net income or shareholders’ equity.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 29, 2024
Earnings per share:
Earnings Per Share	Note B – Earnings Per Share The denominators used to calculate earnings per share are as follows: Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Basic: Weighted average shares outstanding 6,233,153 6,232,717 6,224,596 6,227,873 Diluted: Weighted average shares outstanding 6,233,153 6,232,717 6,224,596 6,227,873 Dilutive stock appreciation rights 25,626 32,462 25,626 32,462 Denominator for diluted earnings per share 6,258,779 6,265,179 6,250,222 6,260,335

Fair Value of Instruments

Fair Value of Instruments	6 Months Ended
	Jun. 29, 2024
Fair Value of Instruments
Fair Value of Instruments	Note C – Fair Value of Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. The Company’s financial instruments are primarily investments in marketable securities (Level 1), designated foreign currency hedge contracts – see Note O, Financial Instruments and Fair Value Measurements Retirement Benefit Plans The carrying amounts of other financial instruments (cash and cash equivalents, marketable securities, accounts receivable, accounts payable and debt) as of June 29, 2024 and December 30, 2023, approximate fair value because of their short-term nature and market-based interest rates.

Inventories

Inventories	6 Months Ended
	Jun. 29, 2024
Inventories
Inventories	Note D – Inventories Inventories consist of the following components: June 29, 2024 December 30, 2023 Raw material and component parts $ 23,511,138 $ 24,500,087 Work in process 9,555,150 9,957,068 Finished goods 23,813,389 24,815,052 Total inventories $ 56,879,677 $ 59,272,207

Goodwill

Goodwill	6 Months Ended
	Jun. 29, 2024
Goodwill
Goodwill	Note E - Goodwill The aggregate carrying amount of goodwill is approximately $70.7 million as of June 29, 2024. No impairment was recognized in the second quarter of 2024. 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	6 Months Ended
	Jun. 29, 2024
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 nineteen operating leases with a lease liability of $15.7 million and two finance leases with a lease liability of $0.8 million as of June 29, 2024. 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. The future payments (in millions) due under non-cancelable operating and finance leases as of June 29, 2024 are as follows: Operating Finance 2024 $ 2.1 $ 0.1 2025 3.2 0.2 2026 2.5 0.2 2027 2.1 0.2 2028 1.9 0.2 thereafter 6.4 0.2 18.3 1.0 Less effects of discounting (2.6 ) (0.2 ) Lease liabilities recognized $ 15.7 $ 0.8 As of June 29, 2024, the weighted average lease term for all operating and finance leases is 7.0 and 5.6 years, respectively. The weighted average discount rate associated with operating and finance leases was 6.4% and 6.3%, respectively.

Debt

Debt	6 Months Ended
	Jun. 29, 2024
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 of 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%. The Company has no borrowings outstanding under the revolving commitment portion of the credit facility as of June 29, 2024. 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 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 June 29, 2024, and through the date of filing this Form 10-Q.

Stock Options and Awards

Stock Options and Awards	6 Months Ended
	Jun. 29, 2024
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 six months of fiscal 2024 and 2023, the Company granted stock awards with respect to 92,016 and 64,500 shares of Company common stock, respectively, that were subject to the meeting of performance measurements or time based. For the first six months of fiscal years 2024 and 2023, 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. The Company did not issue any SARs during the first six months of fiscal 2024 and 2023. Stock-based compensation (income) expense, including forfeitures, in connection with SARs and stock awards previously granted to employees was approximately $(20,000) and $21,000 in the second quarter of 2024 and the second quarter of 2023, respectively, and was approximately $414,000 and $(163,000) in the first six months of fiscal years 2024 and 2023, respectively. As of June 29, 2024, there were 792,819 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: Six Months Ended Year Ended June 29, 2024 December 30, 2023 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Outstanding at beginning of period 13,000 $ 24.19 146,166 $ 23.22 Expired (9,000 ) 26.30 (50,833 ) 24.24 Exercised - - (33,333 ) 21.10 Forfeited - - (49,000 ) 22.80 Outstanding at end of period 4,000 20.20 13,000 24.19 SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of June 29, 2024 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable as of June 29, 2024 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 20.20 4,000 0.8 $ 20.20 4,000 0.8 $ 20.20 The following tables set forth the outstanding stock awards for the period specified: Six Months Ended Year Ended June 29, 2024 December 30, 2023 Shares Shares Outstanding at beginning of period 89,400 64,500 Issued 92,016 82,800 Exercised (23,734 ) (10,600 ) Forfeited (11,266 ) (47,300 ) Outstanding at end of period 146,416 89,400 As of June 29, 2024, outstanding SARs and stock awards had an intrinsic value of $3,750,304.

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Jun. 29, 2024
Share Repurchase Program
Share Repurchase Program	Note I – Share Repurchase Program On August 21, 2023, the Company announced that the Board 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 second quarter of 2024 under the 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 March 30, 2024 50,076 $ 19.38 50,076 149,924 March 31, 2024 – June 29, 2024 10,000 24.73 10,000 139,924 Balance as of June 29, 2024 60,076 $ 20.27 60,076 139,924

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 29, 2024
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	6 Months Ended
	Jun. 29, 2024
Income Taxes
Income Taxes	Note K - Income Taxes The Company files income tax returns in the U.S. at the federal and state levels, and in 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 2019 and is no longer subject to non-U.S. income tax examinations by foreign tax authorities for years prior to 2017. 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 six months ended June 29, 2024. 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	6 Months Ended
	Jun. 29, 2024
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. All of these pension plans are frozen and participants in these plans have not accrued benefits since the date on which these plans were frozen. 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 six months 2024 and 2023 are as follows: Pension Benefits Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Service cost $ 178,004 $ 216,153 $ 356,007 $ 432,306 Interest cost 966,704 990,053 1,933,406 1,980,107 Expected return on plan assets (1,099,034 ) (1,049,014 ) (2,198,069 ) (2,098,030 ) Amortization of prior service cost - - - - Amortization of the net loss 327,363 342,865 654,728 685,730 Net periodic benefit cost (benefit) $ 373,037 $ 500,057 $ 746,072 $ 1,000,113 Other Postretirement Benefits Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Service cost $ 3,574 $ 6,486 $ 7,148 $ 12,972 Interest cost 12,951 14,533 25,902 29,066 Expected return on plan assets (4,684 ) (4,849 ) (9,368 ) (9,698 ) Amortization of prior service cost 1,060 1,060 2,120 2,120 Amortization of the net loss (19,567 ) (16,895 ) (39,134 ) (33,790 ) Net periodic benefit cost $ (6,666 ) $ 335 $ (13,332 ) $ 670 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 2024, the Company expects to make cash contributions to its qualified pension plans of approximately $2,100,000 and approximately $50,000 into its other postretirement plan. As of June 29, 2024, the Company has contributed $979,000 to its pension plans and $14,000 to its postretirement plan in fiscal year 2024 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 401(k) Plan as follows: Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Regular matching contribution $ 261,993 $ 253,665 $ 547,556 $ 506,426 Transitional credit contribution 21,964 26,344 50,870 60,663 Non-discretionary contribution 102,873 89,163 213,763 521,112 Total contributions for the period $ 386,830 $ 369,172 $ 812,189 $ 1,088,201 The non-discretionary contribution of $328,953 made in the six months ended July 1, 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	6 Months Ended
	Jun. 29, 2024
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note M - Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We do not expect this new standard to have a significant impact on our disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign and (3) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The update also requires entities to disclose their income tax payments to various jurisdictions. This standard is effective for fiscal years beginning after December 15, 2024. We do not expect this new standard to have a significant impact on our disclosures. 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	6 Months Ended
	Jun. 29, 2024
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 June 29, 2024, there was one significant concentration of credit risk with a customer, who had receivables representing 13% of our net accounts receivable. This same customer represented 12% of the Company’s net accounts receivable as of December 30, 2023. 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 under the credit agreement, 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.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 29, 2024
Financial Instruments and Fair Value Measurements
Financial Instruments and Fair Value Measurements	Note O – Financial Instruments and Fair Value Measurements The Company incurs certain manufacturing, marketing, and selling costs in international markets in local currency. Accordingly, earnings and cash flows are exposed to market risk from changes in foreign currency exchange rates relative to the U.S. dollar, the Company’s reporting currency. The Company has a program in place that is designed to mitigate the exposure to changes in foreign currency exchange rates. The program includes the use of derivative financial instruments to minimize, for a period of time, the impact on its financial results from changes in foreign exchange rates. The Company utilizes foreign currency forward contracts to hedge the anticipated cash flows from transactions denominated in foreign currencies, namely Mexican pesos. This does not eliminate the impact of the volatility of foreign exchange rates. However, because the Company generally enters into forward contracts twelve to eighteen months out, rates are fixed for a twelve-to-eighteen-month period, thereby facilitating financial planning and resource allocation. Designated Foreign Currency Hedge Contracts All of the Company’s designated foreign currency hedge contracts as of June 29, 2024 were cash flow hedges under ASC 815, “Derivatives and Hedging” (“ASC 815”). The Company records the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income until the related third-party transaction occurs. Once the related third-party transaction occurs, the Company reclassifies the effective portion of any related gain or loss on the designated foreign currency hedge contracts to earnings. In the event the hedged forecasted transaction does not occur, or it becomes probable that it will not occur, the Company will reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time. The Company had designated foreign currency hedge contracts outstanding in the contract amount of $14.4 million as of June 29, 2024 and $0.0 million as of December 30, 2023. As of June 29, 2024 a loss of $0.1 million, net of tax, will be reclassified to earnings within the next eighteen months. All currency cash flow hedges outstanding as of June 29, 2024 mature within eighteen months. Fair Value of Derivative Instruments The following table presents the effect of the Company’s derivative instruments designated as cash flow hedges under ASC 815 in its unaudited Condensed Consolidated Statements of Operations for the six months ended June 29, 2024: Derivative Instruments Amount of Loss Recognized in Accumulated Other Comprehensive Income Amount of Gain Reclassified from Accumulated Other Comprehensive Income into Earnings Location in Condensed Consolidated Statement of Operations Designated foreign currency hedge contracts, net of tax $ (57,259 ) $ 18,891 Cost of products sold ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its derivative instruments using the framework prescribed by ASC 820, “Fair Value Measurements and Disclosures”, by considering the estimated amount it would receive or pay to sell or transfer these instruments at the reporting date. Generally, the Company uses inputs that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; other observable inputs for the asset or liability; and inputs derived principally from, or corroborated by, observable market data by correlation or other means. As of June 29, 2024, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments. The following tables present the fair value of the Company’s derivative instruments as they appear in its Condensed Consolidated Balance Sheets as of June 29, 2024 and December 30, 2023: Location in Condensed Consolidated Balance Sheets As of June 29, 2024 As of December 30, 2023 Derivative Assets: Designated foreign currency hedge contracts Other long-term assets $ 222,504 $ - Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 296,866 $ -

Business Acquisition

Business Acquisition	6 Months Ended
	Jun. 29, 2024
Business Acquisition
Business Acquisition	Note P – 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 ASC Topic 805, “Business Combinations”. 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 29, 2024
Earnings per share:
Schedule of Denominators Used in Earnings Per Share Computations	Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Basic: Weighted average shares outstanding 6,233,153 6,232,717 6,224,596 6,227,873 Diluted: Weighted average shares outstanding 6,233,153 6,232,717 6,224,596 6,227,873 Dilutive stock appreciation rights 25,626 32,462 25,626 32,462 Denominator for diluted earnings per share 6,258,779 6,265,179 6,250,222 6,260,335

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 29, 2024
Inventories
Schedule of Inventories from continuing operations	June 29, 2024 December 30, 2023 Raw material and component parts $ 23,511,138 $ 24,500,087 Work in process 9,555,150 9,957,068 Finished goods 23,813,389 24,815,052 Total inventories $ 56,879,677 $ 59,272,207

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 29, 2024
Leases
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases	Operating Finance 2024 $ 2.1 $ 0.1 2025 3.2 0.2 2026 2.5 0.2 2027 2.1 0.2 2028 1.9 0.2 thereafter 6.4 0.2 18.3 1.0 Less effects of discounting (2.6 ) (0.2 ) Lease liabilities recognized $ 15.7 $ 0.8

Stock Options and awards (Table

Stock Options and awards (Tables)	6 Months Ended
	Jun. 29, 2024
Stock Options and Awards
Schedule of Stock Appreciation Rights Activity	Six Months Ended Year Ended June 29, 2024 December 30, 2023 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Outstanding at beginning of period 13,000 $ 24.19 146,166 $ 23.22 Expired (9,000 ) 26.30 (50,833 ) 24.24 Exercised - - (33,333 ) 21.10 Forfeited - - (49,000 ) 22.80 Outstanding at end of period 4,000 20.20 13,000 24.19
Schedule of SARs Outstanding and Exercisable	SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of June 29, 2024 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable as of June 29, 2024 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 20.20 4,000 0.8 $ 20.20 4,000 0.8 $ 20.20
Schedule of Outstanding Stock Grants	Six Months Ended Year Ended June 29, 2024 December 30, 2023 Shares Shares Outstanding at beginning of period 89,400 64,500 Issued 92,016 82,800 Exercised (23,734 ) (10,600 ) Forfeited (11,266 ) (47,300 ) Outstanding at end of period 146,416 89,400

Share Repurchase Program (Table

Share Repurchase Program (Tables)	6 Months Ended
	Jun. 29, 2024
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 March 30, 2024 50,076 $ 19.38 50,076 149,924 March 31, 2024 – June 29, 2024 10,000 24.73 10,000 139,924 Balance as of June 29, 2024 60,076 $ 20.27 60,076 139,924

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	6 Months Ended
	Jun. 29, 2024
Retirement Benefit Plans
Schedule of Significant Disclosures Relating to Benefit Plans	Pension Benefits Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Service cost $ 178,004 $ 216,153 $ 356,007 $ 432,306 Interest cost 966,704 990,053 1,933,406 1,980,107 Expected return on plan assets (1,099,034 ) (1,049,014 ) (2,198,069 ) (2,098,030 ) Amortization of prior service cost - - - - Amortization of the net loss 327,363 342,865 654,728 685,730 Net periodic benefit cost (benefit) $ 373,037 $ 500,057 $ 746,072 $ 1,000,113 Other Postretirement Benefits Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Service cost $ 3,574 $ 6,486 $ 7,148 $ 12,972 Interest cost 12,951 14,533 25,902 29,066 Expected return on plan assets (4,684 ) (4,849 ) (9,368 ) (9,698 ) Amortization of prior service cost 1,060 1,060 2,120 2,120 Amortization of the net loss (19,567 ) (16,895 ) (39,134 ) (33,790 ) Net periodic benefit cost $ (6,666 ) $ 335 $ (13,332 ) $ 670
Schedule of Company made contributions towards benefit plans	Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Regular matching contribution $ 261,993 $ 253,665 $ 547,556 $ 506,426 Transitional credit contribution 21,964 26,344 50,870 60,663 Non-discretionary contribution 102,873 89,163 213,763 521,112 Total contributions for the period $ 386,830 $ 369,172 $ 812,189 $ 1,088,201

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 29, 2024
Financial Instruments and Fair Value Measurements
Schedule of Fair Value of Derivative Instruments	Derivative Instruments Amount of Loss Recognized in Accumulated Other Comprehensive Income Amount of Gain Reclassified from Accumulated Other Comprehensive Income into Earnings Location in Condensed Consolidated Statement of Operations Designated foreign currency hedge contracts, net of tax $ (57,259 ) $ 18,891 Cost of products sold
Schedule of Fair Value of Derivative Condensed Consolidated Balance Sheets	Location in Condensed Consolidated Balance Sheets As of June 29, 2024 As of December 30, 2023 Derivative Assets: Designated foreign currency hedge contracts Other long-term assets $ 222,504 $ - Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 296,866 $ -

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Basic:
Weighted Average Shares Outstanding	6,233,153	6,232,717	6,224,596	6,227,873
Diluted :
Weighted Average Shares Outstanding	6,233,153	6,232,717	6,224,596	6,227,873
Dilutive Stock Appreciation Rights	25,626	32,462	25,626	32,462
Denominator For Diluted Earnings Per Share (in Shares)	6,258,779	6,265,179	6,250,222	6,260,335

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 29, 2024	Dec. 30, 2023
Inventories
Raw Material And Component Parts	$ 23,511,138	$ 24,500,087
Work In Process	9,555,150	9,957,068
Finished Goods	23,813,389	24,815,052
Total Inventories	$ 56,879,677	$ 59,272,207

Goodwill (Details Narrative)

Goodwill (Details Narrative) $ in Millions	Jun. 29, 2024 USD ($)
Goodwill
Aggregate carrying amount of goodwill	$ 70.7

Leases (Details)

Leases (Details) $ in Millions	Jun. 29, 2024 USD ($)
Leases
2024 operating lease	$ 2.1
2025 operating lease	3.2
2026 operating lease	2.5
2027 operating lease	2.1
2028 operating lease	1.9
Thereafter finance lease	6.4
Operating leases, future minimum payments due gross	18.3
Less effects of discounting OperatingLeases	(2.6)
Lease liabilities recognized Operating Leases	15.7
2024 Finance lease	0.1
2025 finance lease	0.2
2026 finance lease	0.2
2027 financ lease	0.2
2028 Finance lease	0.2
Thereafter finance lease	0.2
Finance leases, future minimum payments due gross	1
Less effects of discounting Finance Leases	(0.2)
Lease liabilities recognized financing Leases	$ 0.8

Leases (Details Narrative)

Leases (Details Narrative) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Leases
Operating lease liabilities	$ 15.7
Finance lease liabilities	$ 0.8
Weighted average lease term for operating leases	7 years
Weighted average lease term for finance leases	5 years 7 months 6 days
Weighted average discount rate operating leases	6.40%
Weighted average discount rate finance leases	6.30%

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 16, 2023	Jun. 29, 2024
Line Of Credit Member [Member]
Annual Commitment Fee Percentage	0.30%
Medium Term Notes [Member] | September 30, 2023 through June 30, 2025 [Member]
Quarterly Principal Payment		$ 750,000
Medium Term Notes [Member] | September 30, 2025 through June 30, 2027 [Member]
Quarterly Principal Payment		1,125,000
Medium Term Notes [Member] | September 30, 2027 through March 31, 2028 [Member]
Quarterly Principal Payment		$ 1,500,000
Medium Term Notes [Member] | Interest Rate Swap [Member]
Term portion loan	$ 60,000,000
Revolving Commitment Portion	$ 30,000,000
Minimum [Member] | Credit Agreement [Member]
Variable Interest Rate Based On Senior Net Leverage Ratio		1.875%
Minimum [Member] | Medium Term Notes [Member]
Variable Interest Rate Based On Senior Net Leverage Ratio		0.875%
Maximum [Member] | Credit Agreement [Member]
Variable Interest Rate Based On Senior Net Leverage Ratio		2.625%
Maximum [Member] | Medium Term Notes [Member]
Variable Interest Rate Based On Senior Net Leverage Ratio		1.625%

Stock Options and Awards (Detai

Stock Options and Awards (Details) - Stcok Options [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Number of units outstanding at beginning of period	13,000	146,166
Number of units, Expired	(9,000)	(50,833)
Number of units, Exercised	0	(33,333)
Number of units, Forfeited	0	(49,000)
Number of units outstanding at end of period	4,000	13,000
Weighted average exercise price, beginning balance	$ 24.19	$ 23.22
Weighted average exercise price, Expired	26.30	24.24
Weighted average exercise price, exercised	0	21.10
Weighted average exercise price, forfeited	0	22.80
Weighted average exercise price, ending balance	$ 20.20	$ 24.19

Stock Options and Awards (Det_2

Stock Options and Awards (Details 1)	6 Months Ended
	Jun. 29, 2024 $ / shares shares
Outstanding | shares	4,000
Exercisable | shares	4,000
Range of Exercise Prices (in dollar per share)	$ 20.20
Minimum [Member] | SAR [Member]
Weighted- Average Remaining Contractual Life	9 months 18 days
Weighted avaerage exercise price	$ 20.20
Maximum [Member] | SAR [Member]
Weighted- Average Remaining Contractual Life	9 months 18 days
Weighted avaerage exercise price	$ 20.20

Stock Options and Awards (Det_3

Stock Options and Awards (Details 2) - Stock Options [Member] - shares	6 Months Ended	12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Number of units outstanding at beginning of period	89,400	64,500
Number of units, Issued	92,016	82,800
Number of units, Exercised	(23,734)	(10,600)
Number of units, Forfeited	(11,266)	(47,300)
Number of units outstanding at end of period	146,416	89,400

Stock Options and Awards (Det_4

Stock Options and Awards (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Stock compensation expense	$ 20,000	$ 21,000
Stock compensation expense	(20,000)	$ (21,000)
Intrinsic value	792,819
2020 Plan [Member]
Intrinsic value	$ 3,750,304
Stock Option Granted	92,016	64,500
Stock Options [Member]
Stock compensation expense	$ 414,000	$ 163,000
Stock compensation expense	$ (414,000)	$ (163,000)
Stock Option Granted	92,016		82,800

Share Repurchase Program (Detai

Share Repurchase Program (Details)	3 Months Ended
	Jun. 29, 2024 $ / 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	149,924
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs	139,924
Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs, Ending Balance	139,924
Average Price Paid Per Share [Member]
Average Price Paid Per Share, Beginning Balance | $ / shares	$ 19.38
Average Price Paid Per Share During The Period | $ / shares	24.73
Average Price Paid Per Share, Ending Balance | $ / shares	$ 20.27
Total Number of Shares Purchased [Member]
Total Number Of Shares Purchased, Beginning Balance	50,076
Total Number Of Shares Purchased	10,000
Total Number Of Shares Purchased,ending Balance	60,076
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	50,076
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs	10,000
Total Number Of Shares Purchased As Part Of Publicly Announced Plansor Programs, Ending Balance	60,076

Share Repurchase Program (Det_2

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		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pension Benefit [Member]
Service cost	$ 178,004	$ 216,153	$ 356,007	$ 432,306
Interest cost	966,704	990,053	1,933,406	1,980,107
Expected return on plan assets	(1,099,034)	(1,049,014)	(2,198,069)	(2,098,030)
Amortization of prior service cost	0	0	0	0
Amortization of the net loss	327,363	342,865	654,728	685,730
Net periodic benefit cost	373,037	500,057	746,072	1,000,113
Other Postretirement Benefit [Member]
Service cost	3,574	6,486	7,148	12,972
Interest cost	12,951	14,533	25,902	29,066
Expected return on plan assets	(4,684)	(4,849)	(9,368)	(9,698)
Amortization of prior service cost	1,060	1,060	2,120	2,120
Amortization of the net loss	(19,567)	(16,895)	(39,134)	(33,790)
Net periodic benefit cost	$ (6,666)	$ 335	$ (13,332)	$ 670

Retirement Benefit Plans (Det_2

Retirement Benefit Plans (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Total contributions for the period	$ 386,830	$ 369,172	$ 812,189	$ 1,088,201
Regular Matching Contributions [Member]
Total contributions for the period	261,993	253,665	547,556	506,426
Transitional Credit Contributions [Member]
Total contributions for the period	21,964	26,344	50,870	60,663
Non-Discretionary Contributions [Member]
Total contributions for the period	$ 102,873	$ 89,163	$ 213,763	$ 521,112

Retirement Benefit Plans (Det_3

Retirement Benefit Plans (Details Narrative) - USD ($)	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Accrued amount for non discretionary safe harbor contribution		$ 328,953
Pension Benefit [Member]
2024	$ 2,100,000
Cash contributions	979,000
Other Postretirement Benefit [Member]
2024	50,000
Cash contributions	$ 14,000

Concentration of Risk (Details

Concentration of Risk (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Federal Deposit Insurance Corporation (FDIC)	$ 250,000
Minimum [Member] | Line Of Credit Member [Member] | LIBOR [Member]
Basis spread on variable rate	1.875%
Maximum [Member] | Line Of Credit Member [Member] | LIBOR [Member]
Basis spread on variable rate	2.625%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Threshold percentage of concentration risk	13%	12%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements (Details)	6 Months Ended
	Jun. 29, 2024 USD ($)
Gain Reclassified from OCI to Earnings [Member]
Designated foreign currency hedge contracts, net of tax	$ 18,891
Loss in Accumulated Other Comprehensive Income [Member]
Designated foreign currency hedge contracts, net of tax	$ (57,259)

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements (Details 1) - USD ($)	Jun. 29, 2024	Dec. 30, 2023
Derivative Assets [Member]
Designated foreign currency hedge contracts assets	$ 222,504	$ 0
Derivative Liabilities [Member]
Designated foreign currency hedge contracts liabilities	$ 296,866	$ 0

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements (Details Narrative) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Financial Instruments and Fair Value Measurements
Foreign currency hedge contracts outstanding	$ 14.4	$ 0
Loss reclassified to earnings net of tax	$ 0.1

Business Acquisition (Details N

Business Acquisition (Details Narrative) $ in Millions	Jun. 29, 2024 USD ($)
Business Acquisition
Goodwill	$ 0.5