Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Feb. 12, 2014 | Jul. 13, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'ESCALADE INC | ' | ' |
Entity Central Index Key | '0000033488 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'ESCA | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 13,663,539 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $65,652,427 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $2,346 | $2,544 |
Time deposits | 1,700 | 1,200 |
Receivables, less allowances of $1,321 and $1,096 | 43,751 | 33,496 |
Inventories | 28,307 | 30,864 |
Prepaid expenses | 2,039 | 1,308 |
Deferred income tax benefit | 2,220 | 1,553 |
Prepaid income tax | 853 | 0 |
Total current assets | 81,216 | 70,965 |
Property, plant and equipment, net | 14,958 | 12,281 |
Intangible assets | 12,753 | 12,919 |
Goodwill | 13,113 | 12,017 |
Investments | 19,786 | 17,487 |
Other assets | 148 | 71 |
Total assets | 141,974 | 125,740 |
Current liabilities | ' | ' |
Notes payable | 21,700 | 17,070 |
Current portion of long-term debt | 1,563 | 2,000 |
Trade accounts payable | 2,483 | 3,946 |
Accrued liabilities | 17,933 | 15,274 |
Income tax payable | 0 | 19 |
Total current liabilities | 43,679 | 38,309 |
Long-term debt | 4,946 | 3,500 |
Deferred income tax liability | 5,394 | 3,474 |
Total liabilities | 54,019 | 45,283 |
Commitments and Contingencies | 0 | 0 |
Stockholders' equity | ' | ' |
Preferred stock Authorized: 1,000,000 shares, no par value, none issued | ' | ' |
Common stock Authorized: 30,000,000 shares, no par value Issued and outstanding: 2013 —13,656,557 shares, 2012—13,427,339 shares | 13,657 | 13,427 |
Retained earnings | 69,379 | 62,937 |
Accumulated other comprehensive income | 4,919 | 4,093 |
Total stockholders’ equity | 87,955 | 80,457 |
Total liabilities and stockholders’ equity | $141,974 | $125,740 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Receivables allowance (in dollars) | $1,321 | $1,096 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 13,656,557 | 13,427,339 |
Common stock, shares outstanding | 13,656,557 | 13,427,339 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net sales | $163,677 | $147,589 | $134,250 |
Costs, Expenses and Other Income | ' | ' | ' |
Cost of products sold | 113,349 | 103,174 | 92,541 |
Selling, administrative and general expenses | 33,450 | 31,370 | 35,942 |
Goodwill and intangible asset impairment charges | 0 | 13,384 | 0 |
Amortization | 2,381 | 2,246 | 1,596 |
Operating Income (Loss) | 14,497 | -2,585 | 4,171 |
Interest expense | 738 | 602 | 693 |
Other (income) | -2,929 | -3,031 | -3,397 |
Equity method investment impairment | 0 | 382 | 0 |
Income (Loss) Before Income Taxes | 16,688 | -538 | 6,875 |
Provision for Income Taxes | 6,883 | 4,392 | 2,434 |
Net Income (Loss) | $9,805 | ($4,930) | $4,441 |
Earnings Per Share Data | ' | ' | ' |
Basic earnings (loss) per share (in dollars per share) | $0.73 | ($0.37) | $0.35 |
Diluted earnings (loss) per share (in dollars per share) | $0.72 | ($0.37) | $0.33 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net income (Loss) | $9,805 | ($4,930) | $4,441 |
Foreign currency translation adjustment | 826 | 760 | -588 |
Comprehensive income (loss) | $10,631 | ($4,170) | $3,853 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||
Balance at Dec. 25, 2010 | $87,030 | $12,780 | $70,329 | $3,921 |
Balance (in shares) at Dec. 25, 2010 | ' | 12,780 | ' | ' |
Other comprehensive income (loss) | -588 | ' | ' | -588 |
Net income (loss) | 4,441 | ' | 4,441 | ' |
Expense of stock options | 548 | ' | 548 | ' |
Exercise of stock options | 126 | 57 | 69 | ' |
Exercise of stock options (in shares) | ' | 57 | ' | ' |
Settlement of restricted stock units | 0 | 20 | -20 | ' |
Settlement of restricted stock units (in shares) | ' | 20 | ' | ' |
Dividends declared | -4,138 | ' | -4,138 | ' |
Stock issued to directors as compensation | 146 | 27 | 119 | ' |
Stock issued to directors as compensation (in shares) | ' | 27 | ' | ' |
Balance at Dec. 31, 2011 | 87,565 | 12,884 | 71,348 | 3,333 |
Balance (in shares) at Dec. 31, 2011 | ' | 12,884 | ' | ' |
Other comprehensive income (loss) | 760 | ' | ' | 760 |
Net income (loss) | -4,930 | ' | -4,930 | ' |
Expense of stock options | 574 | ' | 574 | ' |
Exercise of stock options | 441 | 504 | -63 | ' |
Exercise of stock options (in shares) | ' | 504 | ' | ' |
Settlement of restricted stock units | 0 | 3 | -3 | ' |
Settlement of restricted stock units (in shares) | ' | 3 | ' | ' |
Dividends declared | -4,150 | ' | -4,150 | ' |
Stock issued to directors as compensation | 197 | 36 | 161 | ' |
Stock issued to directors as compensation (in shares) | ' | 36 | ' | ' |
Balance at Dec. 29, 2012 | 80,457 | 13,427 | 62,937 | 4,093 |
Balance (in shares) at Dec. 29, 2012 | ' | 13,427 | ' | ' |
Other comprehensive income (loss) | 826 | ' | ' | 826 |
Net income (loss) | 9,805 | ' | 9,805 | ' |
Expense of stock options | 557 | ' | 557 | ' |
Exercise of stock options | 636 | 184 | 452 | ' |
Exercise of stock options (in shares) | ' | 184 | ' | ' |
Settlement of restricted stock units | 0 | 17 | -17 | ' |
Settlement of restricted stock units (in shares) | ' | 17 | ' | ' |
Tax benefit from settlement of stock compensation | 110 | ' | 110 | ' |
Dividends declared | -4,622 | ' | -4,622 | ' |
Stock issued to directors as compensation | 186 | 29 | 157 | ' |
Stock issued to directors as compensation (in shares) | ' | 29 | ' | ' |
Balance at Dec. 28, 2013 | $87,955 | $13,657 | $69,379 | $4,919 |
Balance (in shares) at Dec. 28, 2013 | ' | 13,657 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income (loss) | $9,805 | ($4,930) | $4,441 |
Depreciation and amortization | 4,618 | 4,322 | 8,772 |
Goodwill and intangible asset impairment charges | 0 | 13,384 | 0 |
Equity method investment impairment charges | 0 | 382 | 0 |
Provision for doubtful accounts | 218 | 151 | -271 |
Stock option expense | 557 | 574 | 548 |
Equity in net income of joint venture investments | -2,934 | -2,998 | -3,328 |
Deferred income taxes | 1,254 | 503 | 863 |
Loss (gain) on disposals of assets | 30 | 66 | -355 |
Changes in | ' | ' | ' |
Accounts receivable | -10,370 | -6,691 | -1,148 |
Inventories | 5,449 | -1,731 | -6,302 |
Prepaids | -400 | 42 | -249 |
Other assets | 35 | -166 | 82 |
Income tax payable | -874 | 863 | 288 |
Accounts payable and accrued expenses | 1,002 | 2,343 | -1,083 |
Net cash provided by operating activities | 8,390 | 6,114 | 2,258 |
Investing Activities | ' | ' | ' |
Purchase of property and equipment | -2,355 | -2,423 | -2,375 |
Acquisitions | -6,485 | -1,250 | 0 |
Net (purchase) sale of short-term time deposits | -500 | -250 | 300 |
Dividends received from equity method investments | 617 | 444 | 323 |
Proceeds from sale of property and equipment | 1 | 16 | 3,428 |
Net cash (used in) provided by investing activities | -8,722 | -3,463 | 1,676 |
Financing Activities | ' | ' | ' |
Dividends paid | -4,622 | -5,076 | -3,212 |
Net increase (decrease) in overdraft facility | -2,452 | 203 | 662 |
Net increase in notes payable | 4,345 | 1,920 | 3,293 |
Proceeds from exercise of stock options | 636 | 441 | 126 |
Proceeds from restated credit agreement | 1,000 | 0 | 0 |
Reduction of long-term debt | 446 | -1,500 | -2,500 |
Tax benefit from settlement of stock compensation | 110 | 0 | 0 |
Director stock compensation | 186 | 197 | 146 |
Net cash (used in) financing activities | -351 | -3,815 | -1,485 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 485 | -113 | -164 |
Increase (Decrease) in Cash and Cash Equivalents | -198 | -1,277 | 2,285 |
Cash and Cash Equivalents, Beginning of Year | 2,544 | 3,821 | 1,536 |
Cash and Cash Equivalents, End of Year | 2,346 | 2,544 | 3,821 |
Supplemental Cash Flows Information | ' | ' | ' |
Interest paid | 809 | 640 | 683 |
Income taxes paid | 4,546 | 3,364 | 1,316 |
Seller note issued in purchase of real estate | 2,300 | 0 | 0 |
Dividend Payable | $0 | $0 | $926 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||||
Note 1 — Nature of Operations and Summary of Significant Accounting Policies | |||||||||||
Nature of Operations | |||||||||||
Escalade, Incorporated and its wholly-owned subsidiaries (Escalade, the Company, we, us or our) are engaged in the manufacture and sale of sporting goods and information security and print finishing products. The Company is headquartered in Evansville, Indiana and has manufacturing facilities in the United States of America, Mexico and Germany. The Company sells products to customers throughout the world. | |||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts of Escalade, Incorporated and its wholly-owned subsidiaries. All material inter-company accounts and transactions have been eliminated. | |||||||||||
Basis of Presentation | |||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The books and records of subsidiaries located in foreign countries are maintained according to generally accepted accounting principles in those countries. Upon consolidation, the Company evaluates the differences in accounting principles and determines whether adjustments are necessary to convert the foreign financial statements to the accounting principles upon which the consolidated financial statements are based. As a result of this evaluation no material adjustments were identified. | |||||||||||
Fiscal Year End | |||||||||||
The Company’s fiscal year is a 52 or 53 week period ending on the last Saturday in December. Fiscal year 2013 was 52 weeks long, ending on December 28, 2013. Fiscal year 2012 was 52 weeks long, ending on December 29, 2012. Fiscal year 2011 was 53 weeks long, ending on December 31, 2011. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Highly liquid financial instruments with insignificant interest rate risk and with original maturities of three months or less are classified as cash and cash equivalents. | |||||||||||
Accounts Receivable | |||||||||||
Revenue from the sale of the Company’s products is recognized as products are shipped to customers and accounts receivable are stated at the amount billed to customers. Interest and late charges billed to customers are not material and, because collection is uncertain, are not recognized until collected and are therefore not included in accounts receivable. The Company provides an allowance for doubtful accounts which is described in Note 2 – Certain Significant Estimates. | |||||||||||
Inventories | |||||||||||
Inventory cost is computed on a currently adjusted standard cost basis (which approximates actual cost on a current average or first-in, first-out basis). Work in process and finished goods inventory are determined to be saleable based on a demand forecast within a specific time horizon, generally one year or less. Inventory in excess of saleable amounts is reserved, and the remaining inventory is valued at the lower of cost or market. This inventory valuation reserve totaled $2.1 million and $2.1 million at fiscal year-end 2013 and 2012, respectively. Inventories, net of the valuation reserve, at fiscal year-ends were as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Raw materials | $ | 7,308 | $ | 8,330 | |||||||
Work in process | 4,151 | 4,247 | |||||||||
Finished goods | 16,848 | 18,287 | |||||||||
$ | 28,307 | $ | 30,864 | ||||||||
Property, Plant and Equipment | |||||||||||
Property, plant and equipment are recorded at cost. Depreciation and amortization are computed for financial reporting purposes principally using the straight-line method over the following estimated useful lives: buildings, 20-30 years; leasehold improvements, term of the lease; machinery and equipment, 5-15 years; and tooling, dies and molds, 2-4 years. Property, plant and equipment consist of the following: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Land | $ | 3,176 | $ | 1,805 | |||||||
Buildings and leasehold improvements | 18,905 | 17,719 | |||||||||
Machinery and equipment | 26,161 | 24,267 | |||||||||
Total cost | 48,242 | 43,791 | |||||||||
Accumulated depreciation and amortization | -33,284 | -31,510 | |||||||||
$ | 14,958 | $ | 12,281 | ||||||||
The Company evaluates the recoverability of certain long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Estimates of future cash flows used to test recoverability of long-lived assets include separately identifiable undiscounted cash flows expected to arise from the use and eventual disposition of the assets. Where estimated future cash flows are less than the carrying value of the assets, impairment losses are recognized based on the amount by which the carrying value exceeds the fair value of the assets. No asset impairment was recognized during the years ended 2013, 2012, or 2011. | |||||||||||
Investments | |||||||||||
Investments are composed of the following: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Non-marketable equity investments (equity method) | $ | 19,786 | $ | 17,487 | |||||||
Non-Marketable Equity Investments: The Company has minority equity positions in companies strategically related to the Company’s business, but does not have control over these companies. The accounting method employed is dependent on the level of ownership and degree of influence the Company can exert on operations. Where the equity interest is less than 20% and the degree of influence is not significant, the cost method of accounting is employed. Where the equity interest is greater than 20% but not more than 50%, the equity method of accounting is utilized. Under the equity method, the Company’s proportionate share of net income (loss) is recorded in other income on the consolidated statement of operations. The proportionate share of net income was $2.9 million, $3.0 million and $3.3 million in 2013, 2012 and 2011, respectively. Total cash dividends received from these equity investments amounted to $617 thousand, $444 thousand, and $323 thousand in 2013, 2012 and 2011, respectively. The Company considers whether the fair value of any of its equity investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and overall health of the investments’ industry), a write-down is recorded to estimated fair value. | |||||||||||
During 2013, the decision was made to cease operations and liquidate Escalade International, Ltd. Losses incurred include shutdown costs. As a result, the Company’s 50% portion of net loss for Escalade International, Ltd. for 2013 ($343) thousand and is included in other income on the Company’s statements of operations. | |||||||||||
During 2012, Escalade International, Ltd. performed below expectations, and this entity encountered unexpected attrition of certain significant customers as of the end of the third quarter 2012. Due to these events, the Company evaluated the economic and strategic benefits of continuing to hold this investment. Based on the review performed as of October 6, 2012, the Company determined that the fair value of this investment was less than its carrying value and that this impairment was other than temporary. As a result, the Company recognized other than temporary impairment of $382 thousand. There was no impairment loss recognized on equity method investments in 2011. | |||||||||||
Goodwill and Intangible Assets | |||||||||||
Goodwill represents the excess of the purchase price over fair value of net tangible and identifiable intangible assets of acquired businesses. Intangible assets consist of patents, consulting agreements, non-compete agreements, customer lists, and trademarks. Goodwill and trademarks are deemed to have indefinite lives and are not amortized, but are subject to impairment testing annually in accordance with guidance included in FASB ASC 350, Intangibles – Goodwill and Other. Other intangible assets are amortized using the straight-line method over the following lives: consulting agreements, the life of the agreement; customer lists, 5 years; non-compete agreements, the lesser of the term or 5 years; and patents, the lesser of the remaining life or 5 to 9 years. | |||||||||||
The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable, in accordance with guidance in FASB ASC 350, Intangibles – Goodwill and Other. A qualitative assessment is first performed to determine if the fair value of the reporting unit is "more likely than not" less than the carrying value. If so, we proceed to step one of the two-step goodwill impairment test, in which the fair value of the reporting unit is compared to its carrying value. If not, then performance of the second step of the goodwill impairment test is not necessary. If the carrying value of goodwill exceeds the implied estimated fair value calculated in the second step, an impairment charge to current operations is recorded to reduce the carrying value to the implied estimated fair value. | |||||||||||
During the third quarter of fiscal 2012, the Company determined that sufficient indicators of potential impairment existed to require an interim goodwill impairment analysis for the Martin Yale Group reporting unit, which comprises the Information Security and Print Finishing operating segment. These indicators included lower than expected operating profits and cash flows for the first nine months of 2012, coupled with continued economic weakness in the European and Asian markets. | |||||||||||
Based on this continuing trend, the earnings forecast for the next five years was revised resulting in a goodwill impairment loss of $13.2 million in the third quarter. In addition, the Company recorded an intangible asset impairment for this segment related to other intangibles of $0.2 million. The goodwill impairment loss reduced to zero the carrying value of goodwill recorded as part of various acquisitions in the Information Security and Print Finishing segment for purchases from 2003 through 2008. No impairment was recognized on goodwill or intangible assets in 2011. | |||||||||||
Employee Incentive Plan | |||||||||||
During 2007, the Company replaced two stock-based compensation plans with a new incentive plan explained in Note 10. The Company accounts for this plan under the recognition and measurement principles of FASB ASC 718, Equity Based Payments. | |||||||||||
Foreign Currency Translation | |||||||||||
The functional currency for the foreign operations of Escalade is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using a weighted average exchange rate during the year. The gains or losses resulting from the translation are included in Accumulated Other Comprehensive Income in the Consolidated Statements of Stockholders’ Equity and are excluded from net income (loss). Gains or losses resulting from foreign currency transactions are included in selling, general and administrative expense in the Consolidated Statements of Operations and were insignificant in fiscal years 2013, 2012, and 2011. | |||||||||||
Cost of Products Sold | |||||||||||
Cost of products sold is comprised of those costs directly associated with or allocated to the products sold and include materials, labor and factory overhead. | |||||||||||
Other Income | |||||||||||
The components of Other Income are as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Income from non-marketable equity investments accounted for | $ | 2,934 | $ | 2,998 | $ | 3,328 | |||||
on the equity method | |||||||||||
Royalty income from patents | — | 29 | 66 | ||||||||
Other | -4 | 4 | 3 | ||||||||
$ | 2,929 | $ | 3,031 | $ | 3,397 | ||||||
Provision for Income Taxes | |||||||||||
Income tax in the consolidated statement of operations includes deferred income tax provisions or benefits for all significant temporary differences in recognizing income and expenses for financial reporting and income tax purposes. A valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. | |||||||||||
Research and Development | |||||||||||
Research and development costs are charged to expense as incurred. Research and development costs incurred during 2013, 2012 and 2011 were approximately $1.8 million, $1.6 million, and $1.4 million, respectively. | |||||||||||
Reclassifications | |||||||||||
Certain reclassifications have been made to prior year financial statements to conform to the current year financial statement presentation. These reclassifications had no effect on net earnings. | |||||||||||
New Accounting Pronouncements | |||||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which clarifies the presentation requirements of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |||||||||||
Certain_Significant_Estimates
Certain Significant Estimates | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||
Note 2 — Certain Significant Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are evaluated on an ongoing basis and are based on experience; current and expected future conditions; third party evaluations; and various other assumptions believed reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and liabilities. Actual results may differ from the estimates and assumptions used in the financial statements and related notes. | |||||||||||
Listed below are certain significant estimates and assumptions related to the preparation of the consolidated financial statements: | |||||||||||
Goodwill | |||||||||||
In evaluating the recoverability of goodwill, it is necessary to estimate the fair values of the reporting units. In making this assessment, the Company estimates the fair market values of the reporting units using a discounted cash flow model and comparable market value data for similar entities. Key assumptions and estimates used in the cash flow model include discount rate, internal sales growth, margins, capital expenditure requirements, and working capital requirements. Recent performance of the reporting units is an important factor, but not the only factor, in the assessment. There are inherent assumptions and judgments required in the analysis of goodwill impairment. | |||||||||||
Product Warranty | |||||||||||
The Company provides limited warranties on certain of its products, for varying periods. Generally, the warranty periods range from 90 days to one year. However, some products carry extended warranties of seven-year, ten-year, and lifetime warranties. The Company records an accrued liability and reduction in sales for estimated future warranty claims based upon historical experience and management’s estimate of the level of future claims. Changes in the estimated amounts recognized in prior years are recorded as an adjustment to the accrued liability and sales in the current year. Changes in product warranty were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 1,308 | $ | 869 | $ | 656 | |||||
Additions | 1,045 | 1,524 | 1,087 | ||||||||
Deductions | -1,378 | -1,085 | -874 | ||||||||
Ending balance | $ | 975 | $ | 1,308 | $ | 869 | |||||
Inventory Valuation Reserves | |||||||||||
The Company evaluates inventory for obsolescence and excess quantities based on demand forecasts based on specified time frames; usually one year. The demand forecast is based on historical usage, sales forecasts and current as well as anticipated market conditions. All amounts in excess of the demand forecast are deemed to be excess or obsolete and a reserve is established based on the anticipated net realizable value. Changes in inventory valuation reserves were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 2,100 | $ | 1,556 | $ | 1,839 | |||||
Additions | 1,019 | 929 | 458 | ||||||||
Deductions | -1,008 | -385 | -741 | ||||||||
Ending balance | $ | 2,111 | $ | 2,100 | $ | 1,556 | |||||
Allowance for Doubtful Accounts | |||||||||||
The Company provides an allowance for doubtful accounts based upon a review of outstanding receivables, historical collection information and existing economic conditions. Accounts receivable are ordinarily due between 30 and 60 days after the issuance of the invoice. Accounts are considered delinquent when more than 90 days past due. Delinquent receivables are reserved or written off based on individual credit evaluation and specific circumstances of the customer. Changes in allowance for doubtful accounts were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 1,096 | $ | 938 | $ | 1,204 | |||||
Additions | 639 | 450 | 1,125 | ||||||||
Deductions | -414 | -292 | -1,391 | ||||||||
Ending balance | $ | 1,321 | $ | 1,096 | $ | 938 | |||||
Customer Allowances | |||||||||||
Customer allowances are common practice in the industries in which the Company operates. These agreements are typically in the form of advertising subsidies, volume rebates and catalog allowances and are accounted for as a reduction to gross sales. The Company reviews such allowances on an ongoing basis and accruals are adjusted, if necessary, as additional information becomes available. Changes in customer allowances were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 2,681 | $ | 2,605 | $ | 2,398 | |||||
Additions | 6,363 | 6,712 | 5,762 | ||||||||
Deductions | -5,759 | -6,636 | -5,555 | ||||||||
Ending balance | $ | 3,285 | $ | 2,681 | $ | 2,605 | |||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||
Note 3 — Accrued Liabilities | ||||||||
Accrued liabilities consist of the following: | ||||||||
In Thousands | 2013 | 2012 | ||||||
Employee compensation | $ | 6,669 | $ | 5,972 | ||||
Customer related allowances and accruals | 6,128 | 4,695 | ||||||
Other accrued items | 5,136 | 4,607 | ||||||
$ | 17,933 | $ | 15,274 | |||||
Operating_Leases
Operating Leases | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
Note 4 — Operating Leases | |||||
The Company leases warehouse and office space under non-cancelable operating leases that expire at various dates through 2017. Terms of the leases, including renewals, taxes, utilities, and maintenance, vary by lease. Total rental expense included in the results of operations relating to all leases was $1.2 million in 2013, and $1.5 million in 2012, and 2011. | |||||
At December 28, 2013, minimum rental payments under non-cancelable leases with terms of more than one year were as follows: | |||||
In Thousands | Amount | ||||
2,014 | $ | 831 | |||
2,015 | 451 | ||||
2,016 | 200 | ||||
2,017 | 43 | ||||
Thereafter | 22 | ||||
$ | 1,547 | ||||
Acquired_Intangible_Assets_and
Acquired Intangible Assets and Goodwill | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||
Note 5 — Acquired Intangible Assets and Goodwill | ||||||||||||||||||||
The carrying basis and accumulated amortization of recognized intangible assets are summarized in the following table: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
In Thousands | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Patents | $ | 24,356 | $ | 17,730 | $ | 23,306 | $ | 15,487 | ||||||||||||
Consulting agreements | 976 | 976 | 976 | 976 | ||||||||||||||||
Non-compete agreements | 2,652 | 2,243 | 2,347 | 2,174 | ||||||||||||||||
Customer list | 2,621 | 1,952 | 1,989 | 1,820 | ||||||||||||||||
Trademarks | 5,171 | 122 | 4,880 | 122 | ||||||||||||||||
$ | 35,776 | $ | 23,023 | $ | 33,498 | $ | 20,579 | |||||||||||||
Amortization expense was $2.4 million, $2.2 million and $1.6 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
Estimated future amortization expense for each reporting segment is summarized in the following table: | ||||||||||||||||||||
In Thousands | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||
Sporting Goods | $ | 2,479 | $ | 2,440 | $ | 1,249 | $ | 469 | $ | 244 | $ | 822 | ||||||||
Information Security and Print Finishing | — | — | — | — | — | — | ||||||||||||||
$ | 2,479 | $ | 2,440 | $ | 1,249 | $ | 469 | $ | 244 | $ | 822 | |||||||||
All goodwill is allocated to the operating segments of the business. The changes in the carrying amount of goodwill were: | ||||||||||||||||||||
In Thousands | Sporting Goods | Information Security | Total | |||||||||||||||||
and Print Finishing | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 12,017 | $ | 13,268 | $ | 25,285 | ||||||||||||||
Impairment losses | — | -13,187 | -13,187 | |||||||||||||||||
Foreign currency translation adjustment | — | -81 | -81 | |||||||||||||||||
Balance at December 29, 2012 | 12,017 | — | 12,017 | |||||||||||||||||
Acquisition | 1,096 | — | 1,096 | |||||||||||||||||
Balance at December 28, 2013 | $ | 13,113 | $ | — | $ | 13,113 | ||||||||||||||
The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable, in accordance with guidance in FASB ASC 350, Intangibles – Goodwill and Other. A qualitative assessment is first performed to determine if the fair value of the reporting unit is "more likely than not" less than the carrying value. If so, we proceed to step one of the two-step goodwill impairment test, in which the fair value of the reporting unit is compared to its carrying value. If not, then performance of the second step of the goodwill impairment test is not necessary. If the carrying value of goodwill exceeds the implied estimated fair value calculated in the second step, an impairment charge to current operations is recorded to reduce the carrying value to the implied estimated fair value. | ||||||||||||||||||||
During the third quarter of fiscal 2012, the Company determined that sufficient indicators of potential impairment existed to require an interim goodwill impairment analysis for the Martin Yale Group reporting unit, which comprises the Information Security and Print Finishing operating segment. These indicators included lower than expected operating profits and cash flows for the first nine months of 2012, coupled with continued economic weakness in the European and Asian markets. | ||||||||||||||||||||
Based on this trend, the earnings forecast for the next five years was revised resulting in a goodwill impairment loss of $13.2 million in 2012. In addition, the Company recorded an intangible asset impairment for this segment related to other intangibles of $0.2 million in 2012. The goodwill impairment loss reduced to zero the carrying value of goodwill recorded as part of various international acquisitions in the Information Security and Print Finishing segment for purchases from 2003 through 2008. | ||||||||||||||||||||
Equity_Interest_Investments
Equity Interest Investments | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||
Equity Method Investments Disclosure [Text Block] | ' | ||||||||||
Note 6 — Equity Interest Investments | |||||||||||
The Company has a 50% interest in a joint venture, Stiga Sports AB (Stiga). The joint venture is accounted for under the equity method of accounting. Stiga, located in Sweden, is a global sporting goods company producing table tennis equipment and game products. Financial information for Stiga reflected in the table below has been translated from local currency to U.S. dollars using exchange rates in effect at the respective year-end for balance sheet amounts and using average exchange rates for income statement amounts. Certain differences exist between U.S. GAAP and local GAAP in Sweden, and the impact of these differences is not reflected in the summarized information reflected in the table below. The most significant difference relates to the accounting for goodwill for Stiga which is amortized over eight years in Sweden but is not amortized for U.S. GAAP reporting purposes. The effect on Stiga’s net assets resulting from the amortization of goodwill for the years ended 2013 and 2012 are addbacks of $13.1 million and $11.4 million, respectively. These net differences are comprised of cumulative goodwill adjustments of $18.3 million offset by the related cumulative tax effect of $5.2 million as of December 28, 2013 and cumulative goodwill adjustments of $16.0 million offset by the related cumulative tax effect of $4.6 million as of December 29, 2012. The income statement impact of these goodwill and tax adjustments and other individually insignificant U.S. GAAP adjustments for the years ended December 28, 2013, December 29, 2012, and December 31, 2011 are to increase total Stiga net income by approximately $1.8 million, $1.7 million, and $1.6 million, respectively. | |||||||||||
In addition, the Company has a 50% interest in Neoteric Industries Inc. in Taiwan. The income and assets of Neoteric have no material impact on the Company’s financial reporting. During 2013, the Company also had a 50% interest in Escalade International Ltd. that was a sporting goods wholesaler, specializing in fitness equipment. The decision was made during 2013 to cease operations and liquidate Escalade International, Ltd. Losses incurred include shutdown costs. As a result, the Company’s 50% portion of net loss for Escalade International, Ltd. for 2013 was ($343) thousand and is included in other income on the Company’s statements of operations. The Company’s 50% portion of net income (loss) for Escalade International for the years ended December 29, 2012, and December 31, 2011 was ($137) thousand, and ($103) thousand respectively, and is included in other income on the Company’s statements of operations. Additional information regarding these entities is considered immaterial and has not been included in the combined totals listed below. | |||||||||||
During 2012, Escalade International, Ltd. performed below expectations, and the entity encountered unexpected attrition of certain significant customers through the end of the third quarter 2012. Due to these events, the Company evaluated the economic and strategic benefits of continuing to hold this investment. Based on the review as of October 6, 2012, the Company determined that the fair value of this investment was less than its carrying value and that this impairment was other than temporary. As a result, the Company recognized other than temporary impairment of $382 thousand. | |||||||||||
In accordance with Rule 8-03(b)(3) of Regulation S-X, summarized financial information for Stiga Sports AB balance sheets as of December 31, 2013 and 2012, and statements of operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Current assets | $ | 31,399 | $ | 28,538 | |||||||
Non-current assets | 8,967 | 8,065 | |||||||||
Total assets | 40,366 | 36,603 | |||||||||
Current liabilities | 10,019 | 10,850 | |||||||||
Non-current liabilities | 4,893 | 4,487 | |||||||||
Total liabilities | 14,912 | 15,337 | |||||||||
Net assets | $ | 25,454 | $ | 21,266 | |||||||
2013 | 2012 | 2011 | |||||||||
Net sales | $ | 48,914 | $ | 41,957 | $ | 45,588 | |||||
Gross profit | 23,636 | 20,756 | 21,746 | ||||||||
Net income | 4,914 | 4,534 | 5,223 | ||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||||
Note 7 — Borrowings | |||||||||||||||||||
On November 13, 2013, the Company entered into the First Amendment to its First Amended and Restated Credit Agreement dated August 27, 2013 (Restated Credit Agreement) with its issuing bank, JPMorgan Chase Bank, N.A. (Chase). Under the terms of the First Amendment to the Restated Credit Agreement, the Lender has increased by $9.0 million the amount available to the Company under its senior revolving credit facility in the maximum amount of now up to $31.0 million. The Company is required to repay the outstanding principal balance of the senior revolving credit facility, including all accrued and unpaid interest thereon, on the maturity date of August 27, 2016. The Company may prepay the senior revolving credit facility, in whole or in part, and reborrow prior to the maturity date. | |||||||||||||||||||
The existing term loan in the principal amount of $5.0 million remains outstanding and the maturity date has been extended by two years to August 27, 2018. As amended, the Company is required to repay the outstanding principal balance of the term loan, including all accrued and unpaid interest thereon, on August 27, 2018. The Company is required to make repayments of the principal balance of the term loan in equal installments of $250 thousand per calendar quarter, with interest accrued thereon. Principal amounts repaid in respect of the term loan may not be re-borrowed. In addition, the Euro overdraft facility has been reduced from €2.0 million to €1.0 million. The credit facility and term debt are secured by substantially all assets of the Company. | |||||||||||||||||||
The First Amendment to the Restated Credit Agreement also revised the definitions of “Fixed Charges” and “Fixed Charge Coverage Ratio” and expressly permitted the Company to complete its acquisition of certain assets of DMI Sports, Inc. | |||||||||||||||||||
The Restated Credit Agreement allows Escalade to request the issuance of letters of credit of up to $5,000,000, subject to the aggregate undrawn amount of a letter of credit issued by The Bank of New York Trust Company, N.A. for the account of Martin Yale Industries, Inc. Each loan, other than a Eurodollar Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Base Rate. Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the interest period in effect plus the Applicable Rate. Applicable Rate means the applicable rate per annum set forth below, based upon Escalade’s Funded Debt to Adjusted Ratio as of the most recent determination date: | |||||||||||||||||||
Funded Debt to | Revolving | Term | ABR | ABR Term | Letter of | Commitment | |||||||||||||
Adjusted EBITDA | Eurodollar | Eurodollar | Revolving | Borrowing | Credit Fee | Fee | |||||||||||||
Ratio | Borrowing | Borrowing | Borrowing | ||||||||||||||||
Category 1 | |||||||||||||||||||
Greater than or equal to 2.50 | 2.5 | % | 2.75 | % | 0.5 | % | 0.75 | % | 2.5 | % | 0.45 | % | |||||||
to 1.0 | |||||||||||||||||||
Category 2 | |||||||||||||||||||
Greater than or equal to 2.25 | 2.25 | % | 2.5 | % | 0.25 | % | 0.5 | % | 2.25 | % | 0.4 | % | |||||||
to 1.0 but less than 2.50 | |||||||||||||||||||
to 1.0 | |||||||||||||||||||
Category 3 | |||||||||||||||||||
Greater than or equal to 2.00 | 2 | % | 2.25 | % | 0 | % | 0.25 | % | 2 | % | 0.35 | % | |||||||
to 1.0 but less than 2.50 to 1.0 | |||||||||||||||||||
Category 4 | |||||||||||||||||||
Greater than or equal to 1.75 | 1.75 | % | 2 | % | -0.25 | % | 0 | % | 1.75 | % | 0.3 | % | |||||||
to 1.0 but less than 2.00 to 1.0 | |||||||||||||||||||
Category 5 | |||||||||||||||||||
Less than 1.75 to 1.0 | 1.5 | % | 1.75 | % | -0.5 | % | -0.25 | % | 1.5 | % | 0.3 | % | |||||||
The Applicable Rate shall be determined as of the end of each quarter based upon the Company’s annual or quarterly consolidated financial statements and shall be effective during the period commencing the date of delivery to the agent. | |||||||||||||||||||
Indebtedness under the Restated Credit Agreement continues to be collateralized by liens on all of the present and future equity of each of the Company’s domestic subsidiaries and substantially all of the assets of the Company. In addition, each direct and indirect domestic subsidiary of Escalade has unconditionally guaranteed all of the indebtedness of Escalade arising under the Restated Credit Agreement and has secured its guaranty with a first priority security interest and lien on all of its assets. The Pledge and Security Agreement dated April 30, 2009 by and between Escalade and Chase, and each Pledge and Security Agreement dated April 30, 2009 by and between each such Escalade subsidiary and Chase continue in full force and effect, as amended by the Master Amendment to Pledge and Security Agreements dated May 31, 2010 entered into by Chase, Escalade and each such subsidiary. The Unlimited Continuing Guaranty dated April 30, 2009 applicable to each of Escalade’s domestic subsidiaries continues in full force and effect without change. | |||||||||||||||||||
During the first quarter 2013, the Company entered into a seller-financed agreement for the purchase of its formerly leased real estate in Mexico. The agreement requires sixteen quarterly installments of $156 thousand with a maturity date of November 30, 2016. The outstanding principal balance as of December 28, 2013 was $1.8 million. | |||||||||||||||||||
Short-Term Debt | |||||||||||||||||||
Short-term debt at fiscal year-ends was as follows: | |||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||
Senior secured revolving credit facility of $31.0 million with a | $ | 19,000 | $ | 11,918 | |||||||||||||||
maturity of August 27, 2016. The interest rates at December 29, | |||||||||||||||||||
2013 ranged between 1.938% and 3.0%. | |||||||||||||||||||
Euro overdraft facility of €1.0 million payable on demand. The | — | 2,452 | |||||||||||||||||
facility bears an interest rate of LIBOR plus 2.5%. | |||||||||||||||||||
Short-term debt reclassified from long-term debt | 4,263 | 4,700 | |||||||||||||||||
$ | 23,263 | $ | 19,070 | ||||||||||||||||
The weighted average interest rate on short-term debt outstanding at December 28, 2013 and December 29, 2012 was 2.03% and 2.14%, respectively. | |||||||||||||||||||
Long-Term Debt | |||||||||||||||||||
Long-term debt at fiscal year-ends was as follows: | |||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||
Term loan of $5.0 million with a maturity date of August 27, 2018. | $ | 4,750 | $ | 5,500 | |||||||||||||||
The interest rate at December 28, 2013, was 2.1875%. | |||||||||||||||||||
Mortgage payable (Wabash, Indiana Adjustable Rate Economic | 2,700 | 2,700 | |||||||||||||||||
Development Revenue Refunding Bonds), annual installments are | |||||||||||||||||||
optional, interest varies with short-term rates and is adjustable | |||||||||||||||||||
weekly based on market conditions, maximum rate is 10.00%, rate | |||||||||||||||||||
at December 28, 2013 is 2.25%, due September 2028, secured by | |||||||||||||||||||
plant facility, machinery and equipment, and a stand-by letter of | |||||||||||||||||||
credit | |||||||||||||||||||
Seller-financed agreement for real estate in Mexico. The agreement | 1,759 | - | |||||||||||||||||
requires sixteen quarterly installments of $156 thousand each | |||||||||||||||||||
with a maturity date of November 30, 2016. This agreement | |||||||||||||||||||
has an interest rate of zero percent and is secured by the financed | |||||||||||||||||||
real estate in Mexico. | |||||||||||||||||||
9,209 | 8,200 | ||||||||||||||||||
Portion classified as short-term debt | -4,263 | -4,700 | |||||||||||||||||
$ | 4,946 | $ | 3,500 | ||||||||||||||||
Maturities of long-term debt outstanding at December 28, 2013 are as follows: $4.3 million in 2014, $1.6 million in 2015, $1.6 million in 2016, $1.0 million in 2017, and $0.7 million in 2018. | |||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
Note 8 — Earnings Per Share | ||||||||
The shares used in the computation of the Company’s basic and diluted earnings per common share are as follows: | ||||||||
In Thousands | 2013 | 2012 | 2011 | |||||
Weighted average common shares outstanding | 13,506 | 13,244 | 12,849 | |||||
Dilutive effect of stock options | 125 | 160 | 562 | |||||
Weighted average common shares outstanding, assuming dilution | 13,631 | 13,404 | 13,411 | |||||
Number of anti-dilutive stock options | 271 | 451 | — | |||||
Weighted average common shares outstanding, assuming dilution, includes the incremental shares that would be issued upon the assumed exercise of stock options outstanding. | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 28, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
Note 9 — Employee Benefit Plans | |
The Company has an employee profit-sharing salary reduction plan, pursuant to the provisions of Section 401(k) of the Internal Revenue Code, for non-union employees. The Company's contribution is a matching percentage of the employee contribution as determined by the Board of Directors annually. The Company's expense for the plan was $510 thousand, $478 thousand and $331 thousand for 2013, 2012 and 2011, respectively. | |
Stock_Compensation_Plans
Stock Compensation Plans | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||
Note 10 — Stock Compensation Plans | ||||||||||||||||||||
In April 2007, Shareholders approved the Escalade, Incorporated 2007 Incentive Plan (2007 Incentive Plan), which is an incentive plan for key employees, directors and consultants with various equity-based incentives as described in the plan document. The 2007 Incentive Plan is a replacement for the 1997 Incentive Stock Option Plan and the 1997 Director Stock Compensation and Option Plan which expired at the end of April 2007. All options issued and outstanding under the expired plans will remain in effect until exercised, expired or forfeited. | ||||||||||||||||||||
The 2007 Incentive Plan is administered by the Board of Directors or a committee thereof, which is authorized to determine, among other things, the key employees, directors or consultants who will receive awards under the plan, the amount and type of award, exercise prices or performance criteria, if applicable, and vesting schedules. Under the original terms of the plan and subject to various restrictions contained in the plan document, the total number of shares of common stock which may be issued pursuant to awards under the Plan may not exceed 2,981,491. | ||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||
In 2009, 2008, and 2007, the Company granted restricted stock units to certain officers and directors of the Company at fair market value on the date of grant. The restricted stock units granted to employees of the Company vest over three to four years and are dependent on certain market criteria. The restricted stock units granted to directors vest immediately or within two years. All restricted stock units are payable in shares of the Company’s common stock upon vesting, subject to the deferral election arrangement, and are subject to forfeiture if on the vesting date the employee is not employed or the director no longer holds a position with the Company. | ||||||||||||||||||||
The Company issued no restricted stock units to employees or directors in 2013, 2012 and 2011. The following table presents a summary of non-vested restricted stock units granted to directors as of December 28, 2013: | ||||||||||||||||||||
Number of | ||||||||||||||||||||
Shares | ||||||||||||||||||||
Vested but unsettled | 33,742 | |||||||||||||||||||
Outstanding restricted stock units as of December 28, 2013 | 33,742 | |||||||||||||||||||
When vesting is dependent on certain market criteria, the fair value of restricted stock units is determined by the use of Monte Carlo techniques. The market price of the Company’s stock on the grant date is used to value restricted stock units where vesting is not contingent on market criteria. In 2013, 2012, and 2011 the Company recognized $0, $0, and $35 thousand respectively in compensation expense related to restricted stock units and as of December 28, 2013 and December 29, 2012, there was $0 and $0 respectively, of unrecognized compensation expense related to restricted stock units. | ||||||||||||||||||||
Stock Options | ||||||||||||||||||||
Total compensation expense recorded in the statements of operations for 2013, 2012 and 2011 relating to stock options was $557 thousand, $574 thousand and $548 thousand, respectively. As of December 28, 2013, there were $738 thousand of total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.2 years. | ||||||||||||||||||||
During 2013, the Company awarded 37,500 stock options to directors and 120,000 stock options to employees. The stock options awarded to directors vest at the end of one year and have an exercise price equal to the market price on the date of grant. Director stock options are subject to forfeiture, except for termination of services as a result of retirement, death or disability, if on the vesting date the director no longer holds a position with the Company. The 2013 stock options awarded to employees have a graded vesting of 25% per year over four years and are subject to forfeiture if on the vesting date the employee is no longer employed. | ||||||||||||||||||||
The following table summarizes option activity for each of the three years ended 2013: | ||||||||||||||||||||
Incentive Stock Options | Director Stock Options | |||||||||||||||||||
Granted | Outstanding | Granted | Outstanding | |||||||||||||||||
2013 | 120,000 | 559,950 | 37,500 | 80,000 | ||||||||||||||||
2012 | 200,000 | 607,875 | 37,500 | 85,000 | ||||||||||||||||
2011 | 200,000 | 915,625 | 37,500 | 69,024 | ||||||||||||||||
The fair value of each option grant award is estimated on the grant date using the Black-Scholes-Merton option valuation model using the following assumptions: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Risk-free interest rates | 0.52% | 0.84% | 1.51% | |||||||||||||||||
Dividend yields | 5.97% | 5.50% | 1.84% | |||||||||||||||||
Volatility factors of expected market price of common stock | 48.79% to 74.05% | 95.56% to 110.39% | 109.71% to 122.17% | |||||||||||||||||
Weighted average expected life of the options | 1-4 years | 1-4 years | 1-4 years | |||||||||||||||||
The following table summarizes stock option transactions for the three years ended 2013: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Option | Shares | Option | Shares | Option | |||||||||||||||
Price | Price | Price | ||||||||||||||||||
Outstanding at beginning of | 692,875 | $0.64 to $6.07 | 984,649 | $0.64 to $9.35 | 929,024 | $0.64 to $11.26 | ||||||||||||||
year | ||||||||||||||||||||
Issued during year | 157,500 | $5.85 to $6.06 | 237,500 | $5.28 to $5.66 | 237,500 | $6.07 | ||||||||||||||
Canceled or expired | -27,000 | -25,024 | -125,625 | |||||||||||||||||
Exercised during year | -183,425 | $0.64 to $6.07 | -504,250 | $0.64 to $2.56 | -56,250 | $0.64 to $2.56 | ||||||||||||||
Outstanding at end of year | 639,950 | $0.64 to $6.07 | 692,875 | $0.64 to $6.07 | 984,649 | $0.64 to $9.35 | ||||||||||||||
Exercisable at end of year | 198,825 | 192,625 | 69,399 | |||||||||||||||||
Weighted-average fair value of | $ | 2.21 | $ | 3.12 | $ | 4.03 | ||||||||||||||
options granted during the year | ||||||||||||||||||||
The total intrinsic value of options exercised was $929 thousand, $2.4 million, and $185 thousand for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 28, 2013: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||
Range of | Number of | Weighted-Average | Weighted-Average | Number of | Weighted-Average | |||||||||||||||
Exercise Prices | Shares | Remaining | Exercise Price | Shares | Exercise Price | |||||||||||||||
Contractual Life | ||||||||||||||||||||
$0.64 | 5,000 | 0.3 years | $ | 0.64 | 5,000 | $ | 0.64 | |||||||||||||
$2.56 | 116,750 | 1.2 years | $ | 2.56 | 55,625 | $ | 2.56 | |||||||||||||
$5.28 - $5.66 | 198,500 | 3.2 years | $ | 5.29 | 59,000 | $ | 5.29 | |||||||||||||
$5.85 - $6.06 | 155,500 | 4.2 years | $ | 5.86 | — | — | ||||||||||||||
$6.07 | 164,200 | 2.2 years | $ | 6.07 | 79,200 | $ | 6.07 | |||||||||||||
639,950 | 198,825 | |||||||||||||||||||
During the year ended December 28, 2013, the following activity occurred under the Company’s stock option plan: | ||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||
Options | Average Grant- | |||||||||||||||||||
Date Fair Value | ||||||||||||||||||||
Nonvested balance, beginning of year | 500,250 | $ | 3.02 | |||||||||||||||||
Granted | 157,500 | $ | 2.21 | |||||||||||||||||
Vested | -189,625 | $ | 2.85 | |||||||||||||||||
Forfeited | -27,000 | $ | 3.21 | |||||||||||||||||
Nonvested balance, end of year | 441,125 | $ | 2.79 | |||||||||||||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||
Note 11 — Other Comprehensive Income (Loss) | |||||||||||
The components of other comprehensive income (loss) were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Change in foreign currency translation adjustment | $ | 826 | $ | 760 | $ | -588 | |||||
The components of accumulated other comprehensive income, net of tax, were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Foreign currency translation adjustment | $ | 4,919 | $ | 4,093 | $ | 3,333 | |||||
Provision_for_Taxes
Provision for Taxes | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
Note 12 — Provision for Taxes | |||||||||||
Income before taxes and the provision for taxes consisted of the following: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Income (loss) before taxes: | |||||||||||
United States of America (USA) | $ | 19,803 | $ | 11,104 | $ | 8,481 | |||||
Non USA | -3,115 | -11,642 | -1,605 | ||||||||
$ | 16,688 | $ | -538 | $ | 6,875 | ||||||
Provision for taxes: | |||||||||||
Current | |||||||||||
Federal | $ | 5,060 | $ | 3,671 | $ | 965 | |||||
State | 560 | 303 | 38 | ||||||||
International | -26 | 83 | 568 | ||||||||
5,594 | 4,057 | 1,571 | |||||||||
Deferred | |||||||||||
Federal | 299 | 397 | 163 | ||||||||
State | 616 | 15 | 621 | ||||||||
International | 374 | -77 | 79 | ||||||||
1,289 | 335 | 863 | |||||||||
$ | 6,883 | $ | 4,392 | $ | 2,434 | ||||||
The Company has not provided for USA deferred taxes or foreign withholding taxes on undistributed earnings for non-USA subsidiaries where the Company intends to reinvest these earnings indefinitely in operations outside the USA. | |||||||||||
The provision for income taxes was computed based on financial statement income. A reconciliation of the provision for income taxes to the amount computed using the statutory rate follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Income tax at statutory rate | $ | 5,840 | $ | -188 | $ | 2,338 | |||||
Increase (decrease) in income tax resulting from | |||||||||||
State tax expense, net of federal effect | 764 | 509 | 394 | ||||||||
Federal true-ups | -18 | -113 | 113 | ||||||||
Federal tax credits | -256 | -247 | -159 | ||||||||
Effect of foreign tax rates | -362 | -94 | -370 | ||||||||
Valuation allowances (state and foreign) | 1,400 | 39 | 448 | ||||||||
Goodwill impairment (worldwide) | — | 4,684 | — | ||||||||
Captive insurance earnings | -390 | -379 | -301 | ||||||||
Incentive stock options | 130 | 152 | 115 | ||||||||
Uncertain tax positions | — | — | -174 | ||||||||
Other | -225 | 29 | 30 | ||||||||
Recorded provision for income taxes | $ | 6,883 | $ | 4,392 | $ | 2,434 | |||||
The provision for income taxes was computed based on financial statement income. In accordance with FASB ASC 740, the Company has recorded the following changes in uncertain tax positions: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Balance, beginning of year | $ | - | $ | 46 | |||||||
Additions for current year tax positions | - | - | |||||||||
Additions for prior year tax positions | - | - | |||||||||
Settlements | - | - | |||||||||
Reductions settlements | - | - | |||||||||
Reductions for prior year tax positions | - | -46 | |||||||||
Balance, end of year | $ | - | $ | - | |||||||
Interest costs and penalties related to income taxes are classified as interest expense and selling, general and administrative costs, respectively in the Company’s financial statements. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and multiple state and foreign jurisdictions. The Company is subject to future examinations by federal, state and other tax authorities for all years after 2009. | |||||||||||
The components of the net deferred tax liabilities are as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Assets | |||||||||||
Employee benefits | $ | 308 | $ | 59 | |||||||
Valuation reserves | 2,458 | 1,728 | |||||||||
Property and equipment | 57 | 233 | |||||||||
Stock based compensation | 195 | 178 | |||||||||
Federal and state credits | 165 | 865 | |||||||||
Net operating loss carry forward | 8,632 | 7,606 | |||||||||
Total assets | 11,815 | 10,669 | |||||||||
Liabilities | |||||||||||
Unrealized equity investment income | -3,157 | -2,555 | |||||||||
Goodwill and intangible assets | -2,708 | -2,668 | |||||||||
Prepaid insurance | -175 | -103 | |||||||||
Total liabilities | -6,040 | -5,326 | |||||||||
Valuation Allowance | |||||||||||
Beginning balance | -7,264 | -7,075 | |||||||||
Increase during period | -1,685 | -189 | |||||||||
Ending balance | -8,949 | -7,264 | |||||||||
$ | -3,174 | $ | -1,921 | ||||||||
Deferred tax assets (liabilities) are included in the consolidated balance sheets as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Deferred income tax asset - current | $ | 2,220 | $ | 1,553 | |||||||
Deferred income tax asset (liability) – long-term | -5,394 | -3,474 | |||||||||
$ | -3,174 | $ | -1,921 | ||||||||
The Company has state unused net operating losses of approximately $1.4 million. All operating loss carry-forwards expire in various amounts through 2029. In addition, the Company has foreign unused net operating loss carry-forwards of approximately $28.2 million of which an estimated $27.8 million has been reserved as the Company does not expect to be able to utilize these carryforwards. | |||||||||||
Operating_Segment_and_Geograph
Operating Segment and Geographic Information | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||
Note 13 — Operating Segment and Geographic Information | |||||||||||
The following table presents certain operating segment information. | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Sporting Goods | |||||||||||
Net revenue | $ | 132,991 | $ | 112,599 | $ | 96,971 | |||||
Operating income | 18,469 | 14,160 | 11,217 | ||||||||
Interest expense | 170 | 273 | 686 | ||||||||
Provision for taxes | 7,212 | 5,482 | 4,529 | ||||||||
Net income | 11,087 | 8,433 | 6,068 | ||||||||
Identifiable assets | 91,137 | 77,902 | 69,324 | ||||||||
Non-marketable equity investments (equity method) | — | — | — | ||||||||
Depreciation & amortization | 3,844 | 3,398 | 2,623 | ||||||||
Capital expenditures | 2,170 | 2,065 | 1,595 | ||||||||
Information Security and Print Finishing | |||||||||||
Net revenue | 30,686 | 34,990 | 37,279 | ||||||||
Operating income (loss) | -1,687 | -14,628 | 71 | ||||||||
Interest expense | 335 | 515 | 445 | ||||||||
Provision for taxes | 764 | 543 | 551 | ||||||||
Net loss | -2,790 | -15,683 | -921 | ||||||||
Identifiable assets | 23,203 | 25,578 | 40,396 | ||||||||
Non-marketable equity investments (equity method) | 331 | 323 | 318 | ||||||||
Depreciation & amortization | 774 | 924 | 974 | ||||||||
Capital expenditures | 185 | 358 | 780 | ||||||||
All Other | |||||||||||
Net revenue | — | — | — | ||||||||
Operating loss | -2,285 | -2,117 | -7,117 | ||||||||
Interest expense | 233 | -186 | -438 | ||||||||
Benefit for taxes | -1,093 | -1,633 | -2,646 | ||||||||
Net income (loss) | 1,508 | 2,320 | -706 | ||||||||
Identifiable assets | 27,634 | 22,260 | 20,395 | ||||||||
Non-marketable equity investments (equity method) | 19,455 | 17,164 | 14,079 | ||||||||
Depreciation & amortization | — | — | 5,175 | ||||||||
Capital expenditures | — | — | — | ||||||||
Total | |||||||||||
Net revenue | 163,677 | 147,589 | 134,250 | ||||||||
Operating income (loss) | 14,497 | -2,585 | 4,171 | ||||||||
Interest expense | 738 | 602 | 693 | ||||||||
Provision for taxes | 6,883 | 4,392 | 2,434 | ||||||||
Net income (loss) | 9,805 | -4,930 | 4,441 | ||||||||
Identifiable assets | 141,974 | 125,740 | 130,115 | ||||||||
Non-marketable equity investments (equity method) | 19,786 | 17,487 | 14,397 | ||||||||
Depreciation & amortization | 4,618 | 4,322 | 8,772 | ||||||||
Capital expenditures | 2,355 | 2,423 | 2,375 | ||||||||
Each operating segment is individually managed and has separate financial results that are reviewed by the Company’s management. Each segment contains closely related products that are unique to the particular segment. There were no changes to the composition of segments in 2013. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. | |||||||||||
The Sporting Goods segment consists of home entertainment products such as table tennis tables and accessories; basketball goals; pool tables and accessories; outdoor playsets; soccer and hockey tables; archery equipment and accessories; and fitness, arcade and darting products. Customers include retailers, dealers and wholesalers located throughout the United States and Europe. | |||||||||||
The Information Security and Print Finishing segment consists of products such as high-security data shredders, disintegrators and deguassers, and office machinery used in the office and graphic arts environment. Office environment products include folding machines; and paper trimmers and cutters. Customers include end-users, as well as, retailers, wholesalers, catalogs, specialty dealers and business partners. | |||||||||||
All other segments consist of general and administrative expenses not specifically related to the operating business segments and includes investment income from equity investments. | |||||||||||
Interest expense is allocated to operating segments based on working capital usage and the provision for taxes is allocated based on a combined federal and state statutory rate of 39.4% adjusted for actual taxes on foreign income. Permanent tax adjustments and timing differences are included in the all other segment. | |||||||||||
Identifiable assets are principally those assets used in each segment. The assets in the all other segment are principally cash and cash equivalents; deferred tax assets; and investments. | |||||||||||
During 2013, 2012 and 2011 the Company had one customer which accounted for approximately 16%, 18% and 16%, respectively, of the Company’s total consolidated revenues. No other customer accounted for 10% or more of consolidated total revenues. Within the Sporting Goods segment, this customer accounted for approximately 20%, 23% and 22% of total revenues in 2013, 2012 and 2011, respectively. | |||||||||||
As of December 28, 2013 and December 29, 2012 the Company had a significant portion of its total accounts receivable with two customers. These two customers accounted for approximately 24% and 10% of total accounts receivable at December 28, 2013, respectively, and approximately 31% and 10% of total accounts receivable at December 29, 2012, respectively. | |||||||||||
As of December 28, 2013, approximately 18 employees of the Company's labor force were covered by a collective bargaining agreement that expires April 30, 2016. | |||||||||||
Raw materials for Escalade’s various product lines consist of wood, tempered glass, particle board, standard grades of steel and steel tubing, aluminum, engineering plastics, fiberglass and packaging materials. Escalade relies upon domestic, Mexico, and Asian suppliers for these materials and upon various Asian manufacturers for certain of its game room product needs and other items. | |||||||||||
Net sales by geographic region/country were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
North America | $ | 144,296 | $ | 127,013 | $ | 112,907 | |||||
Europe | 11,805 | 13,220 | 12,240 | ||||||||
Other | 7,576 | 7,356 | 9,103 | ||||||||
$ | 163,677 | $ | 147,589 | $ | 134,250 | ||||||
Net sales are attributed to country based on location of customer and are for continuing operations. | |||||||||||
Identified assets by geographic region/country were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
North America | $ | 127,405 | $ | 110,977 | $ | 105,717 | |||||
Europe | 14,581 | 14,763 | 24,398 | ||||||||
$ | 141,986 | $ | 125,740 | $ | 130,115 | ||||||
Summary_of_Quarterly_Results
Summary of Quarterly Results | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
Note 14 — Summary of Quarterly Results | ||||||||||||||
In thousands, except per share data (unaudited) | 23-Mar | 13-Jul | 5-Oct | 28-Dec | ||||||||||
2013 | ||||||||||||||
Net sales | $ | 31,838 | $ | 46,985 | $ | 38,482 | $ | 46,372 | ||||||
Operating income | 3,048 | 5,337 | 3,245 | 2,867 | ||||||||||
Net income | 1,624 | 2,618 | 2,513 | 3,050 | ||||||||||
Basic earnings per share | $ | 0.12 | $ | 0.19 | $ | 0.19 | $ | 0.23 | ||||||
In thousands, except per share data (unaudited) | 24-Mar | 14-Jul | 6-Oct | 29-Dec | ||||||||||
2012 | ||||||||||||||
Net sales | $ | 30,565 | $ | 42,029 | $ | 34,206 | $ | 40,789 | ||||||
Operating income (loss) | 2,742 | 2,689 | -10,387 | 2,371 | ||||||||||
Net income (loss) | 1,576 | 1,087 | -11,503 | 3,910 | ||||||||||
Basic earnings (loss) per share | $ | 0.12 | $ | 0.08 | $ | -0.86 | $ | 0.29 | ||||||
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 28, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Note 15 — Acquisitions | |
All of the Company’s acquisitions have been accounted for using the purchase method of accounting. | |
2013 | |
In November 2013, the Company acquired substantially all of the business and assets of DMI Sports, Inc. relating to DMI’s indoor games and accessories such as darts, table tennis, game tables, and billiards. Escalade believes these assets, including the acquired brands and trade names, will complement Escalade’s existing product lines in this category. Escalade did not acquire the outdoor games business conducted by DMI Sports, which business was retained by DMI Sports. The total price of $6.1 million was paid in cash and was composed of inventory, goodwill, patented technology, customer lists, trademarks, non-compete, fixed assets and other assets. | |
2012 | |
In November 2012, the Company acquired the bowfishing assets of Cajun Archery, which is an archery company located in Utah. The total price of $600 thousand was paid in cash and was composed of customer lists, unpatented technology, fixed assets and other assets. | |
In December 2012, the Company acquired the North American patent rights for rigid air technology from BDZ Holdings, which is a holding company located in United Kingdom. The total price of $650 thousand was allocated to intangible assets. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 16 — Commitments and Contingencies | |||||
The Company has obtained a letter of credit for the benefit of a certain mortgage holder. At December 28, 2013, the balance of the letter of credit was $2.7 million. It is to be used in the event of a default in either interest or principal payments. | |||||
The Company is involved in litigation arising in the normal course of its business. The Company does not believe that the disposition or ultimate resolution of existing claims or lawsuits will have a material adverse effect on the business or financial condition of the Company. | |||||
The Company has entered into various agreements whereby it is required to make royalty and license payments. At December 28, 2013, the Company had future estimated minimum non-cancelable royalty and license payments as follows: | |||||
In Thousands | Amount | ||||
2014 | $ | 455 | |||
2015 | 455 | ||||
2016 | 440 | ||||
2017 | 440 | ||||
2018 | 375 | ||||
Thereafter | — | ||||
$ | 2,165 | ||||
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||
Note 17 -– Fair Values of Financial Instruments | |||||||||||||||
The following methods were used to estimate the fair value of all financial instruments recognized in the accompanying balance sheets at amounts other than fair values. | |||||||||||||||
Cash and Cash Equivalents and Time Deposits | |||||||||||||||
Fair values of cash and cash equivalents and time deposits approximate cost due to the short period of time to maturity. | |||||||||||||||
Notes Payable and Long-term Debt | |||||||||||||||
The Company believes the carrying value of short-term debt, including current portion of long-term debt, and long-term debt adequately reflects the fair value of these instruments. | |||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments in accordance with FASB ASC 825 at December 28, 2013 and December 29, 2012. | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
2013 | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||
In Thousands | Active Markets | Other | Unobservable | ||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||
Assets (Level 1) | Inputs (Level | ||||||||||||||
2) | |||||||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 2,346 | $ | 2,346 | $ | - | $ | - | |||||||
Time deposits | $ | 1,700 | $ | 1,700 | $ | - | $ | - | |||||||
Financial liabilities | |||||||||||||||
Note payable and Short-term debt | $ | 21,700 | $ | - | $ | 21,700 | $ | - | |||||||
Current portion of Long-term debt | $ | 1,563 | $ | - | $ | 1,563 | $ | - | |||||||
Long-term debt | $ | 4,946 | $ | - | $ | 4,946 | $ | - | |||||||
Fair Value Measurements Using | |||||||||||||||
2012 | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||
In Thousands | Active Markets | Other | Unobservable | ||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||
Assets (Level 1) | Inputs (Level | ||||||||||||||
2) | |||||||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 2,544 | $ | 2,544 | $ | - | $ | - | |||||||
Time deposits | $ | 1,200 | $ | 1,200 | $ | - | $ | - | |||||||
Financial liabilities | |||||||||||||||
Note payable and Short-term debt | $ | 17,070 | $ | - | $ | 17,070 | $ | - | |||||||
Current portion of Long-term debt | $ | 2,000 | $ | - | $ | 2,000 | $ | - | |||||||
Long-term debt | $ | 3,500 | $ | - | $ | 3,500 | $ | - | |||||||
The outstanding balance of the euro overdraft facility is included in Notes payable and Short-term debt. For the periods ended December 28, 2013 and December 29, 2012, the balance of the euro overdraft facility was zero and $2.5 million, respectively. | |||||||||||||||
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. | |||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||
During the third quarter of fiscal 2012, the Company determined that sufficient indicators of potential impairment existed to require an interim goodwill impairment analysis for the Martin Yale Group reporting unit, which comprises the Information Security and Print Finishing operating segment. For purposes of the interim impairment testing in the third quarter of 2012, the fair value of the Martin Yale Group reporting unit was determined using a combination of two methods; one based on market earnings multiples of peer companies identified for the business unit (the market approach), and a discounted cash flow model with estimates of cash flows based on internal forecasts of revenues and expenses over a five year period plus a terminal value period (the income approach). | |||||||||||||||
To arrive at the Martin Yale Group reporting unit’s future cash flows, the Company uses estimates of economic and market information, including growth rates in revenues, costs, and estimates of future expected changes in operating margins, tax rates, and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures, and changes in future working capital requirements. Under the income approach, the Company applied a risk-adjusted discount rate of 11.2% to the future cash flows from the Martin Yale Group reporting unit. In addition to the earnings multiples and the discount rates disclosed above, certain other judgments and estimates are used to prepare the goodwill impairment test. | |||||||||||||||
The fair values of the intangible assets for the Martin Yale Group reporting unit were estimated considering estimated royalty savings, discounted cash flows and average attrition rates associated with these assets. | |||||||||||||||
As a result of the impairment tests performed, the goodwill of the Martin Yale Group reporting unit was written down to the implied fair value of zero from its carrying value of $13.2 million as of October 6, 2012. The intangible assets of this reporting unit were written down to their estimated fair value of $1.7 million from their carrying value of $1.9 million as of October 6, 2012. Because of the significance of the unobservable inputs and management judgment used in the goodwill and intangible asset impairment analyses, these measurements were classified in level three of the valuation hierarchy. | |||||||||||||||
Equity Method Investments | |||||||||||||||
For purposes of the impairment analysis of the equity method investment in Escalade International, Ltd, the Company considered the impact of attrition of certain significant customers on future cash flows of this entity as well as expectations regarding future divestiture of the investment. At the end of the third quarter of 2012 the Company was negotiating to sell its investment to the remaining shareholders of Escalade International, Ltd. Based on consideration of cash flows related to the potential divestiture, the Company determined that an other than temporary impairment in the amount of $382 thousand was appropriate. Consequently, the investment was written down to its estimated fair value of $0.5 million from its carrying value of $0.9 million as of October 6, 2012. Because of the significance of the unobservable inputs and management judgment used in the equity method impairment analysis, this measurement was classified in level three of the valuation hierarchy. | |||||||||||||||
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts of Escalade, Incorporated and its wholly-owned subsidiaries. All material inter-company accounts and transactions have been eliminated. | |||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||
Basis of Presentation | |||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The books and records of subsidiaries located in foreign countries are maintained according to generally accepted accounting principles in those countries. Upon consolidation, the Company evaluates the differences in accounting principles and determines whether adjustments are necessary to convert the foreign financial statements to the accounting principles upon which the consolidated financial statements are based. As a result of this evaluation no material adjustments were identified. | |||||||||||
Fiscal Period, Policy [Policy Text Block] | ' | ||||||||||
Fiscal Year End | |||||||||||
The Company’s fiscal year is a 52 or 53 week period ending on the last Saturday in December. Fiscal year 2013 was 52 weeks long, ending on December 28, 2013. Fiscal year 2012 was 52 weeks long, ending on December 29, 2012. Fiscal year 2011 was 53 weeks long, ending on December 31, 2011. | |||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
Highly liquid financial instruments with insignificant interest rate risk and with original maturities of three months or less are classified as cash and cash equivalents. | |||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||||
Accounts Receivable | |||||||||||
Revenue from the sale of the Company’s products is recognized as products are shipped to customers and accounts receivable are stated at the amount billed to customers. Interest and late charges billed to customers are not material and, because collection is uncertain, are not recognized until collected and are therefore not included in accounts receivable. The Company provides an allowance for doubtful accounts which is described in Note 2 – Certain Significant Estimates. | |||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||
Inventories | |||||||||||
Inventory cost is computed on a currently adjusted standard cost basis (which approximates actual cost on a current average or first-in, first-out basis). Work in process and finished goods inventory are determined to be saleable based on a demand forecast within a specific time horizon, generally one year or less. Inventory in excess of saleable amounts is reserved, and the remaining inventory is valued at the lower of cost or market. This inventory valuation reserve totaled $2.1 million and $2.1 million at fiscal year-end 2013 and 2012, respectively. Inventories, net of the valuation reserve, at fiscal year-ends were as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Raw materials | $ | 7,308 | $ | 8,330 | |||||||
Work in process | 4,151 | 4,247 | |||||||||
Finished goods | 16,848 | 18,287 | |||||||||
$ | 28,307 | $ | 30,864 | ||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||
Property, Plant and Equipment | |||||||||||
Property, plant and equipment are recorded at cost. Depreciation and amortization are computed for financial reporting purposes principally using the straight-line method over the following estimated useful lives: buildings, 20-30 years; leasehold improvements, term of the lease; machinery and equipment, 5-15 years; and tooling, dies and molds, 2-4 years. Property, plant and equipment consist of the following: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Land | $ | 3,176 | $ | 1,805 | |||||||
Buildings and leasehold improvements | 18,905 | 17,719 | |||||||||
Machinery and equipment | 26,161 | 24,267 | |||||||||
Total cost | 48,242 | 43,791 | |||||||||
Accumulated depreciation and amortization | -33,284 | -31,510 | |||||||||
$ | 14,958 | $ | 12,281 | ||||||||
The Company evaluates the recoverability of certain long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Estimates of future cash flows used to test recoverability of long-lived assets include separately identifiable undiscounted cash flows expected to arise from the use and eventual disposition of the assets. Where estimated future cash flows are less than the carrying value of the assets, impairment losses are recognized based on the amount by which the carrying value exceeds the fair value of the assets. No asset impairment was recognized during the years ended 2013, 2012, or 2011. | |||||||||||
Investment, Policy [Policy Text Block] | ' | ||||||||||
Investments | |||||||||||
Investments are composed of the following: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Non-marketable equity investments (equity method) | $ | 19,786 | $ | 17,487 | |||||||
Non-Marketable Equity Investments: The Company has minority equity positions in companies strategically related to the Company’s business, but does not have control over these companies. The accounting method employed is dependent on the level of ownership and degree of influence the Company can exert on operations. Where the equity interest is less than 20% and the degree of influence is not significant, the cost method of accounting is employed. Where the equity interest is greater than 20% but not more than 50%, the equity method of accounting is utilized. Under the equity method, the Company’s proportionate share of net income (loss) is recorded in other income on the consolidated statement of operations. The proportionate share of net income was $2.9 million, $3.0 million and $3.3 million in 2013, 2012 and 2011, respectively. Total cash dividends received from these equity investments amounted to $617 thousand, $444 thousand, and $323 thousand in 2013, 2012 and 2011, respectively. The Company considers whether the fair value of any of its equity investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and overall health of the investments’ industry), a write-down is recorded to estimated fair value. | |||||||||||
During 2013, the decision was made to cease operations and liquidate Escalade International, Ltd. Losses incurred include shutdown costs. As a result, the Company’s 50% portion of net loss for Escalade International, Ltd. for 2013 ($343) thousand and is included in other income on the Company’s statements of operations. | |||||||||||
During 2012, Escalade International, Ltd. performed below expectations, and this entity encountered unexpected attrition of certain significant customers as of the end of the third quarter 2012. Due to these events, the Company evaluated the economic and strategic benefits of continuing to hold this investment. Based on the review performed as of October 6, 2012, the Company determined that the fair value of this investment was less than its carrying value and that this impairment was other than temporary. As a result, the Company recognized other than temporary impairment of $382 thousand. There was no impairment loss recognized on equity method investments in 2011. | |||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||
Goodwill and Intangible Assets | |||||||||||
Goodwill represents the excess of the purchase price over fair value of net tangible and identifiable intangible assets of acquired businesses. Intangible assets consist of patents, consulting agreements, non-compete agreements, customer lists, and trademarks. Goodwill and trademarks are deemed to have indefinite lives and are not amortized, but are subject to impairment testing annually in accordance with guidance included in FASB ASC 350, Intangibles – Goodwill and Other. Other intangible assets are amortized using the straight-line method over the following lives: consulting agreements, the life of the agreement; customer lists, 5 years; non-compete agreements, the lesser of the term or 5 years; and patents, the lesser of the remaining life or 5 to 9 years. | |||||||||||
The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable, in accordance with guidance in FASB ASC 350, Intangibles – Goodwill and Other. A qualitative assessment is first performed to determine if the fair value of the reporting unit is "more likely than not" less than the carrying value. If so, we proceed to step one of the two-step goodwill impairment test, in which the fair value of the reporting unit is compared to its carrying value. If not, then performance of the second step of the goodwill impairment test is not necessary. If the carrying value of goodwill exceeds the implied estimated fair value calculated in the second step, an impairment charge to current operations is recorded to reduce the carrying value to the implied estimated fair value. | |||||||||||
During the third quarter of fiscal 2012, the Company determined that sufficient indicators of potential impairment existed to require an interim goodwill impairment analysis for the Martin Yale Group reporting unit, which comprises the Information Security and Print Finishing operating segment. These indicators included lower than expected operating profits and cash flows for the first nine months of 2012, coupled with continued economic weakness in the European and Asian markets. | |||||||||||
Based on this continuing trend, the earnings forecast for the next five years was revised resulting in a goodwill impairment loss of $13.2 million in the third quarter. In addition, the Company recorded an intangible asset impairment for this segment related to other intangibles of $0.2 million. The goodwill impairment loss reduced to zero the carrying value of goodwill recorded as part of various acquisitions in the Information Security and Print Finishing segment for purchases from 2003 through 2008. No impairment was recognized on goodwill or intangible assets in 2011. | |||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||
Employee Incentive Plan | |||||||||||
During 2007, the Company replaced two stock-based compensation plans with a new incentive plan explained in Note 10. The Company accounts for this plan under the recognition and measurement principles of FASB ASC 718, Equity Based Payments. | |||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||
Foreign Currency Translation | |||||||||||
The functional currency for the foreign operations of Escalade is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using a weighted average exchange rate during the year. The gains or losses resulting from the translation are included in Accumulated Other Comprehensive Income in the Consolidated Statements of Stockholders’ Equity and are excluded from net income (loss). Gains or losses resulting from foreign currency transactions are included in selling, general and administrative expense in the Consolidated Statements of Operations and were insignificant in fiscal years 2013, 2012, and 2011. | |||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||||
Cost of Products Sold | |||||||||||
Cost of products sold is comprised of those costs directly associated with or allocated to the products sold and include materials, labor and factory overhead. | |||||||||||
Other Income Policy [Policy Text Block] | ' | ||||||||||
Other Income | |||||||||||
The components of Other Income are as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Income from non-marketable equity investments accounted for on the equity method | $ | 2,934 | $ | 2,998 | $ | 3,328 | |||||
Royalty income from patents | -- | 29 | 66 | ||||||||
Other | -4 | 4 | 3 | ||||||||
$ | 2,929 | $ | 3,031 | $ | 3,397 | ||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||
Provision for Income Taxes | |||||||||||
Income tax in the consolidated statement of operations includes deferred income tax provisions or benefits for all significant temporary differences in recognizing income and expenses for financial reporting and income tax purposes. A valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. | |||||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||||
Research and Development | |||||||||||
Research and development costs are charged to expense as incurred. Research and development costs incurred during 2013, 2012 and 2011 were approximately $1.8 million, $1.6 million, and $1.4 million, respectively. | |||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||
Reclassifications | |||||||||||
Certain reclassifications have been made to prior year financial statements to conform to the current year financial statement presentation. These reclassifications had no effect on net earnings. | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||
New Accounting Pronouncements | |||||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which clarifies the presentation requirements of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively. The adoption of this standard is not expected to have a material impact to the Company’s consolidated financial statements. | |||||||||||
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||
Inventories, net of the valuation reserve, at fiscal year-ends were as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Raw materials | $ | 7,308 | $ | 8,330 | |||||||
Work in process | 4,151 | 4,247 | |||||||||
Finished goods | 16,848 | 18,287 | |||||||||
$ | 28,307 | $ | 30,864 | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||
Property, plant and equipment consist of the following: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Land | $ | 3,176 | $ | 1,805 | |||||||
Buildings and leasehold improvements | 18,905 | 17,719 | |||||||||
Machinery and equipment | 26,161 | 24,267 | |||||||||
Total cost | 48,242 | 43,791 | |||||||||
Accumulated depreciation and amortization | -33,284 | -31,510 | |||||||||
$ | 14,958 | $ | 12,281 | ||||||||
Investments in and Advances to Affiliates [Table Text Block] | ' | ||||||||||
Investments are composed of the following: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Non-marketable equity investments (equity method) | $ | 19,786 | $ | 17,487 | |||||||
Schedule of Other Nonoperating Income, by Component [Table Text Block] | ' | ||||||||||
The components of Other Income are as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Income from non-marketable equity investments accounted for on the equity method | $ | 2,934 | $ | 2,998 | $ | 3,328 | |||||
Royalty income from patents | -- | 29 | 66 | ||||||||
Other | -4 | 4 | 3 | ||||||||
$ | 2,929 | $ | 3,031 | $ | 3,397 | ||||||
Certain_Significant_Estimates_
Certain Significant Estimates (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Product Warranty [Member] | ' | ||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||
Valuation and Qualifying Accounts [Table Text Block] | ' | ||||||||||
Changes in product warranty were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 1,308 | $ | 869 | $ | 656 | |||||
Additions | 1,045 | 1,524 | 1,087 | ||||||||
Deductions | -1,378 | -1,085 | -874 | ||||||||
Ending balance | $ | 975 | $ | 1,308 | $ | 869 | |||||
Inventory Valuation Reserves [Member] | ' | ||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||
Valuation and Qualifying Accounts [Table Text Block] | ' | ||||||||||
Changes in inventory valuation reserves were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 2,100 | $ | 1,556 | $ | 1,839 | |||||
Additions | 1,019 | 929 | 458 | ||||||||
Deductions | -1,008 | -385 | -741 | ||||||||
Ending balance | $ | 2,111 | $ | 2,100 | $ | 1,556 | |||||
Allowance for Doubtful Accounts [Member] | ' | ||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||
Valuation and Qualifying Accounts [Table Text Block] | ' | ||||||||||
Changes in allowance for doubtful accounts were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 1,096 | $ | 938 | $ | 1,204 | |||||
Additions | 639 | 450 | 1,125 | ||||||||
Deductions | -414 | -292 | -1,391 | ||||||||
Ending balance | $ | 1,321 | $ | 1,096 | $ | 938 | |||||
Customer Allowances [Member] | ' | ||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ||||||||||
Valuation and Qualifying Accounts [Table Text Block] | ' | ||||||||||
Changes in customer allowances were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 2,681 | $ | 2,605 | $ | 2,398 | |||||
Additions | 6,363 | 6,712 | 5,762 | ||||||||
Deductions | -5,759 | -6,636 | -5,555 | ||||||||
Ending balance | $ | 3,285 | $ | 2,681 | $ | 2,605 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities consist of the following: | ||||||||
In Thousands | 2013 | 2012 | ||||||
Employee compensation | $ | 6,669 | $ | 5,972 | ||||
Customer related allowances and accruals | 6,128 | 4,695 | ||||||
Other accrued items | 5,136 | 4,607 | ||||||
$ | 17,933 | $ | 15,274 | |||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
At December 28, 2013, minimum rental payments under non-cancelable leases with terms of more than one year were as follows: | |||||
In Thousands | Amount | ||||
2014 | $ | 831 | |||
2015 | 451 | ||||
2016 | 200 | ||||
2017 | 43 | ||||
Thereafter | 22 | ||||
$ | 1,547 | ||||
Acquired_Intangible_Assets_and1
Acquired Intangible Assets and Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||
The carrying basis and accumulated amortization of recognized intangible assets are summarized in the following table: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
In Thousands | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Patents | $ | 24,356 | $ | 17,730 | $ | 23,306 | $ | 15,487 | ||||||||||||
Consulting agreements | 976 | 976 | 976 | 976 | ||||||||||||||||
Non-compete agreements | 2,652 | 2,243 | 2,347 | 2,174 | ||||||||||||||||
Customer list | 2,621 | 1,952 | 1,989 | 1,820 | ||||||||||||||||
Trademarks | 5,171 | 122 | 4,880 | 122 | ||||||||||||||||
$ | 35,776 | $ | 23,023 | $ | 33,498 | $ | 20,579 | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||
Estimated future amortization expense for each reporting segment is summarized in the following table: | ||||||||||||||||||||
In Thousands | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||
Sporting Goods | $ | 2,479 | $ | 2,440 | $ | 1,249 | $ | 469 | $ | 244 | $ | 822 | ||||||||
Information Security and Print Finishing | - | - | - | - | - | - | ||||||||||||||
$ | 2,479 | $ | 2,440 | $ | 1,249 | $ | 469 | $ | 244 | $ | 822 | |||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||
All goodwill is allocated to the operating segments of the business. The changes in the carrying amount of goodwill were: | ||||||||||||||||||||
In Thousands | Sporting Goods | Information Security | Total | |||||||||||||||||
and Print Finishing | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 12,017 | $ | 13,268 | $ | 25,285 | ||||||||||||||
Impairment losses | — | -13,187 | -13,187 | |||||||||||||||||
Foreign currency translation adjustment | — | -81 | -81 | |||||||||||||||||
Balance at December 29, 2012 | 12,017 | — | 12,017 | |||||||||||||||||
Acquisition | 1,096 | — | 1,096 | |||||||||||||||||
Balance at December 28, 2013 | $ | 13,113 | $ | — | $ | 13,113 | ||||||||||||||
Equity_Interest_Investments_Ta
Equity Interest Investments (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||
Schedule of Joint Ventures Balance Sheet Information [Table Text Block] | ' | ||||||||||
In accordance with Rule 8-03(b)(3) of Regulation S-X, summarized financial information for Stiga Sports AB balance sheets as of December 31, 2013 and 2012, and statements of operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Current assets | $ | 31,399 | $ | 28,538 | |||||||
Non-current assets | 8,967 | 8,065 | |||||||||
Total assets | 40,366 | 36,603 | |||||||||
Current liabilities | 10,019 | 10,850 | |||||||||
Non-current liabilities | 4,893 | 4,487 | |||||||||
Total liabilities | 14,912 | 15,337 | |||||||||
Net assets | $ | 25,454 | $ | 21,266 | |||||||
Schedule of Joint Ventures Income Statement Information [Table Text Block] | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Net sales | $ | 48,914 | $ | 41,957 | $ | 45,588 | |||||
Gross profit | 23,636 | 20,756 | 21,746 | ||||||||
Net income | 4,914 | 4,534 | 5,223 | ||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Funded Debt to Adjusted Ratio Percentage [Table Text Block] | ' | ||||||||||||||||||
Applicable Rate means the applicable rate per annum set forth below, based upon Escalade’s Funded Debt to Adjusted Ratio as of the most recent determination date: | |||||||||||||||||||
Funded Debt to | Revolving | Term | ABR | ABR Term | Letter of | Commitment | |||||||||||||
Adjusted EBITDA | Eurodollar | Eurodollar | Revolving | Borrowing | Credit Fee | Fee | |||||||||||||
Ratio | Borrowing | Borrowing | Borrowing | ||||||||||||||||
Category 1 | |||||||||||||||||||
Greater than or equal to 2.50 | 2.5 | % | 2.75 | % | 0.5 | % | 0.75 | % | 2.5 | % | 0.45 | % | |||||||
to 1.0 | |||||||||||||||||||
Category 2 | |||||||||||||||||||
Greater than or equal to 2.25 | 2.25 | % | 2.5 | % | 0.25 | % | 0.5 | % | 2.25 | % | 0.4 | % | |||||||
to 1.0 but less than 2.50 | |||||||||||||||||||
to 1.0 | |||||||||||||||||||
Category 3 | |||||||||||||||||||
Greater than or equal to 2.00 | 2 | % | 2.25 | % | 0 | % | 0.25 | % | 2 | % | 0.35 | % | |||||||
to 1.0 but less than 2.50 to 1.0 | |||||||||||||||||||
Category 4 | |||||||||||||||||||
Greater than or equal to 1.75 | 1.75 | % | 2 | % | -0.25 | % | 0 | % | 1.75 | % | 0.3 | % | |||||||
to 1.0 but less than 2.00 to 1.0 | |||||||||||||||||||
Category 5 | |||||||||||||||||||
Less than 1.75 to 1.0 | 1.5 | % | 1.75 | % | -0.5 | % | -0.25 | % | 1.5 | % | 0.3 | % | |||||||
Schedule of Short-term Debt [Table Text Block] | ' | ||||||||||||||||||
Short-term debt at fiscal year-ends was as follows: | |||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||
Senior secured revolving credit facility of $31.0 million with a | $ | 19,000 | $ | 11,918 | |||||||||||||||
maturity of August 27, 2016. The interest rates at December 29, | |||||||||||||||||||
2013 ranged between 1.938% and 3.0%. | |||||||||||||||||||
Euro overdraft facility of €1.0 million payable on demand. The | — | 2,452 | |||||||||||||||||
facility bears an interest rate of LIBOR plus 2.5%. | |||||||||||||||||||
Short-term debt reclassified from long-term debt | 4,263 | 4,700 | |||||||||||||||||
$ | 23,263 | $ | 19,070 | ||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||
Long-term debt at fiscal year-ends was as follows: | |||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||
Term loan of $5.0 million with a maturity date of August 27, 2018. | $ | 4,750 | $ | 5,500 | |||||||||||||||
The interest rate at December 28, 2013, was 2.1875%. | |||||||||||||||||||
Mortgage payable (Wabash, Indiana Adjustable Rate Economic | 2,700 | 2,700 | |||||||||||||||||
Development Revenue Refunding Bonds), annual installments are | |||||||||||||||||||
optional, interest varies with short-term rates and is adjustable | |||||||||||||||||||
weekly based on market conditions, maximum rate is 10.00%, rate | |||||||||||||||||||
at December 28, 2013 is 2.25%, due September 2028, secured by | |||||||||||||||||||
plant facility, machinery and equipment, and a stand-by letter of | |||||||||||||||||||
credit | |||||||||||||||||||
Seller-financed agreement for real estate in Mexico. The agreement | 1,759 | - | |||||||||||||||||
requires sixteen quarterly installments of $156 thousand each | |||||||||||||||||||
with a maturity date of November 30, 2016. This agreement | |||||||||||||||||||
has an interest rate of zero percent and is secured by the financed | |||||||||||||||||||
real estate in Mexico. | |||||||||||||||||||
9,209 | 8,200 | ||||||||||||||||||
Portion classified as short-term debt | -4,263 | -4,700 | |||||||||||||||||
$ | 4,946 | $ | 3,500 | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||
The shares used in the computation of the Company’s basic and diluted earnings per common share are as follows: | ||||||||
In Thousands | 2013 | 2012 | 2011 | |||||
Weighted average common shares outstanding | 13,506 | 13,244 | 12,849 | |||||
Dilutive effect of stock options | 125 | 160 | 562 | |||||
Weighted average common shares outstanding, assuming dilution | 13,631 | 13,404 | 13,411 | |||||
Number of anti-dilutive stock options | 271 | 451 | — | |||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||||
The following table presents a summary of non-vested restricted stock units granted to directors as of December 28, 2013: | ||||||||||||||||||||
Number of | ||||||||||||||||||||
Shares | ||||||||||||||||||||
Vested but unsettled | 33,742 | |||||||||||||||||||
Outstanding restricted stock units as of December 28, 2013 | 33,742 | |||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes option activity for each of the three years ended 2013: | ||||||||||||||||||||
Incentive Stock Options | Director Stock Options | |||||||||||||||||||
Granted | Outstanding | Granted | Outstanding | |||||||||||||||||
2013 | 120,000 | 559,950 | 37,500 | 80,000 | ||||||||||||||||
2012 | 200,000 | 607,875 | 37,500 | 85,000 | ||||||||||||||||
2011 | 200,000 | 915,625 | 37,500 | 69,024 | ||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||
The fair value of each option grant award is estimated on the grant date using the Black-Scholes-Merton option valuation model using the following assumptions: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Risk-free interest rates | 0.52% | 0.84% | 1.51% | |||||||||||||||||
Dividend yields | 5.97% | 5.50% | 1.84% | |||||||||||||||||
Volatility factors of expected market price of common stock | 48.79% to 74.05% | 95.56% to 110.39% | 109.71% to 122.17% | |||||||||||||||||
Weighted average expected life of the options | 1-4 years | 1-4 years | 1-4 years | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes stock option transactions for the three years ended 2013: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Option | Shares | Option | Shares | Option | |||||||||||||||
Price | Price | Price | ||||||||||||||||||
Outstanding at beginning of | 692,875 | $0.64 to $6.07 | 984,649 | $0.64 to $9.35 | 929,024 | $0.64 to $11.26 | ||||||||||||||
year | ||||||||||||||||||||
Issued during year | 157,500 | $5.85 to $6.06 | 237,500 | $5.28 to $5.66 | 237,500 | $6.07 | ||||||||||||||
Canceled or expired | -27,000 | -25,024 | -125,625 | |||||||||||||||||
Exercised during year | -183,425 | $0.64 to $6.07 | -504,250 | $0.64 to $2.56 | -56,250 | $0.64 to $2.56 | ||||||||||||||
Outstanding at end of year | 639,950 | $0.64 to $6.07 | 692,875 | $0.64 to $6.07 | 984,649 | $0.64 to $9.35 | ||||||||||||||
Exercisable at end of year | 198,825 | 192,625 | 69,399 | |||||||||||||||||
Weighted-average fair value of | $ | 2.21 | $ | 3.12 | $ | 4.03 | ||||||||||||||
options granted during the year | ||||||||||||||||||||
Schedule Of Share Based Compensation Stock Options Outstanding [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes information about stock options outstanding at December 28, 2013: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||
Range of | Number of | Weighted-Average | Weighted-Average | Number of | Weighted-Average | |||||||||||||||
Exercise Prices | Shares | Remaining | Exercise Price | Shares | Exercise Price | |||||||||||||||
Contractual Life | ||||||||||||||||||||
$0.64 | 5,000 | 0.3 years | $ | 0.64 | 5,000 | $ | 0.64 | |||||||||||||
$2.56 | 116,750 | 1.2 years | $ | 2.56 | 55,625 | $ | 2.56 | |||||||||||||
$5.28 - $5.66 | 198,500 | 3.2 years | $ | 5.29 | 59,000 | $ | 5.29 | |||||||||||||
$5.85 - $6.06 | 155,500 | 4.2 years | $ | 5.86 | — | — | ||||||||||||||
$6.07 | 164,200 | 2.2 years | $ | 6.07 | 79,200 | $ | 6.07 | |||||||||||||
639,950 | 198,825 | |||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | |||||||||||||||||||
During the year ended December 28, 2013, the following activity occurred under the Company’s stock option plan: | ||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||
Options | Average Grant- | |||||||||||||||||||
Date Fair Value | ||||||||||||||||||||
Nonvested balance, beginning of year | 500,250 | $ | 3.02 | |||||||||||||||||
Granted | 157,500 | $ | 2.21 | |||||||||||||||||
Vested | -189,625 | $ | 2.85 | |||||||||||||||||
Forfeited | -27,000 | $ | 3.21 | |||||||||||||||||
Nonvested balance, end of year | 441,125 | $ | 2.79 | |||||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||
The components of other comprehensive income (loss) were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Change in foreign currency translation adjustment | $ | 826 | $ | 760 | $ | -588 | |||||
The components of accumulated other comprehensive income, net of tax, were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Foreign currency translation adjustment | $ | 4,919 | $ | 4,093 | $ | 3,333 | |||||
Provision_for_Taxes_Tables
Provision for Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
Income before taxes and the provision for taxes consisted of the following: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Income (loss) before taxes: | |||||||||||
United States of America (USA) | $ | 19,803 | $ | 11,104 | $ | 8,481 | |||||
Non USA | -3,115 | -11,642 | -1,605 | ||||||||
$ | 16,688 | $ | -538 | $ | 6,875 | ||||||
Provision for taxes: | |||||||||||
Current | |||||||||||
Federal | $ | 5,060 | $ | 3,671 | $ | 965 | |||||
State | 560 | 303 | 38 | ||||||||
International | -26 | 83 | 568 | ||||||||
5,594 | 4,057 | 1,571 | |||||||||
Deferred | |||||||||||
Federal | 299 | 397 | 163 | ||||||||
State | 616 | 15 | 621 | ||||||||
International | 374 | -77 | 79 | ||||||||
1,289 | 335 | 863 | |||||||||
$ | 6,883 | $ | 4,392 | $ | 2,434 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
A reconciliation of the provision for income taxes to the amount computed using the statutory rate follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Income tax at statutory rate | $ | 5,840 | $ | -188 | $ | 2,338 | |||||
Increase (decrease) in income tax resulting from | |||||||||||
State tax expense, net of federal effect | 764 | 509 | 394 | ||||||||
Federal true-ups | -18 | -113 | 113 | ||||||||
Federal tax credits | -256 | -247 | -159 | ||||||||
Effect of foreign tax rates | -362 | -94 | -370 | ||||||||
Valuation allowances (state and foreign) | 1,400 | 39 | 448 | ||||||||
Goodwill impairment (worldwide) | — | 4,684 | — | ||||||||
Captive insurance earnings | -390 | -379 | -301 | ||||||||
Incentive stock options | 130 | 152 | 115 | ||||||||
Uncertain tax positions | — | — | -174 | ||||||||
Other | -225 | 29 | 30 | ||||||||
Recorded provision for income taxes | $ | 6,883 | $ | 4,392 | $ | 2,434 | |||||
Schedule Of Uncertain Tax Benefits [Table Text Block] | ' | ||||||||||
The provision for income taxes was computed based on financial statement income. In accordance with FASB ASC 740, the Company has recorded the following changes in uncertain tax positions: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Balance, beginning of year | $ | - | $ | 46 | |||||||
Additions for current year tax positions | - | - | |||||||||
Additions for prior year tax positions | - | - | |||||||||
Settlements | - | - | |||||||||
Reductions settlements | - | - | |||||||||
Reductions for prior year tax positions | - | -46 | |||||||||
Balance, end of year | $ | - | $ | - | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
The components of the net deferred tax liabilities are as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Assets | |||||||||||
Employee benefits | $ | 308 | $ | 59 | |||||||
Valuation reserves | 2,458 | 1,728 | |||||||||
Property and equipment | 57 | 233 | |||||||||
Stock based compensation | 195 | 178 | |||||||||
Federal and state credits | 165 | 865 | |||||||||
Net operating loss carry forward | 8,632 | 7,606 | |||||||||
Total assets | 11,815 | 10,669 | |||||||||
Liabilities | |||||||||||
Unrealized equity investment income | -3,157 | -2,555 | |||||||||
Goodwill and intangible assets | -2,708 | -2,668 | |||||||||
Prepaid insurance | -175 | -103 | |||||||||
Total liabilities | -6,040 | -5,326 | |||||||||
Valuation Allowance | |||||||||||
Beginning balance | -7,264 | -7,075 | |||||||||
Increase during period | -1,685 | -189 | |||||||||
Ending balance | -8,949 | -7,264 | |||||||||
$ | -3,174 | $ | -1,921 | ||||||||
Deferred tax assets (liabilities) are included in the consolidated balance sheets as follows: | |||||||||||
In Thousands | 2013 | 2012 | |||||||||
Deferred income tax asset - current | $ | 2,220 | $ | 1,553 | |||||||
Deferred income tax asset (liability) – long-term | -5,394 | -3,474 | |||||||||
$ | -3,174 | $ | -1,921 | ||||||||
Operating_Segment_and_Geograph1
Operating Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||
The following table presents certain operating segment information. | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
Sporting Goods | |||||||||||
Net revenue | $ | 132,991 | $ | 112,599 | $ | 96,971 | |||||
Operating income | 18,469 | 14,160 | 11,217 | ||||||||
Interest expense | 170 | 273 | 686 | ||||||||
Provision for taxes | 7,212 | 5,482 | 4,529 | ||||||||
Net income | 11,087 | 8,433 | 6,068 | ||||||||
Identifiable assets | 91,137 | 77,902 | 69,324 | ||||||||
Non-marketable equity investments (equity method) | — | — | — | ||||||||
Depreciation & amortization | 3,844 | 3,398 | 2,623 | ||||||||
Capital expenditures | 2,170 | 2,065 | 1,595 | ||||||||
Information Security and Print Finishing | |||||||||||
Net revenue | 30,686 | 34,990 | 37,279 | ||||||||
Operating income (loss) | -1,687 | -14,628 | 71 | ||||||||
Interest expense | 335 | 515 | 445 | ||||||||
Provision for taxes | 764 | 543 | 551 | ||||||||
Net loss | -2,790 | -15,683 | -921 | ||||||||
Identifiable assets | 23,203 | 25,578 | 40,396 | ||||||||
Non-marketable equity investments (equity method) | 331 | 323 | 318 | ||||||||
Depreciation & amortization | 774 | 924 | 974 | ||||||||
Capital expenditures | 185 | 358 | 780 | ||||||||
All Other | |||||||||||
Net revenue | — | — | — | ||||||||
Operating loss | -2,285 | -2,117 | -7,117 | ||||||||
Interest expense | 233 | -186 | -438 | ||||||||
Benefit for taxes | -1,093 | -1,633 | -2,646 | ||||||||
Net income (loss) | 1,508 | 2,320 | -706 | ||||||||
Identifiable assets | 27,634 | 22,260 | 20,395 | ||||||||
Non-marketable equity investments (equity method) | 19,455 | 17,164 | 14,079 | ||||||||
Depreciation & amortization | — | — | 5,175 | ||||||||
Capital expenditures | — | — | — | ||||||||
Total | |||||||||||
Net revenue | 163,677 | 147,589 | 134,250 | ||||||||
Operating income (loss) | 14,497 | -2,585 | 4,171 | ||||||||
Interest expense | 738 | 602 | 693 | ||||||||
Provision for taxes | 6,883 | 4,392 | 2,434 | ||||||||
Net income (loss) | 9,805 | -4,930 | 4,441 | ||||||||
Identifiable assets | 141,974 | 125,740 | 130,115 | ||||||||
Non-marketable equity investments (equity method) | 19,786 | 17,487 | 14,397 | ||||||||
Depreciation & amortization | 4,618 | 4,322 | 8,772 | ||||||||
Capital expenditures | 2,355 | 2,423 | 2,375 | ||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||
Net sales by geographic region/country were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
North America | $ | 144,296 | $ | 127,013 | $ | 112,907 | |||||
Europe | 11,805 | 13,220 | 12,240 | ||||||||
Other | 7,576 | 7,356 | 9,103 | ||||||||
$ | 163,677 | $ | 147,589 | $ | 134,250 | ||||||
Identified assets by geographic region/country were as follows: | |||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||
North America | $ | 127,405 | $ | 110,977 | $ | 105,717 | |||||
Europe | 14,581 | 14,763 | 24,398 | ||||||||
$ | 141,986 | $ | 125,740 | $ | 130,115 | ||||||
Summary_of_Quarterly_Results_T
Summary of Quarterly Results (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
Summary of Quarterly Results | ||||||||||||||
In thousands, except per share data (unaudited) | 23-Mar | 13-Jul | 5-Oct | 28-Dec | ||||||||||
2013 | ||||||||||||||
Net sales | $ | 31,838 | $ | 46,985 | $ | 38,482 | $ | 46,372 | ||||||
Operating income | 3,048 | 5,337 | 3,245 | 2,867 | ||||||||||
Net income | 1,624 | 2,618 | 2,513 | 3,050 | ||||||||||
Basic earnings per share | $ | 0.12 | $ | 0.19 | $ | 0.19 | $ | 0.23 | ||||||
In thousands, except per share data (unaudited) | 24-Mar | 14-Jul | 6-Oct | 29-Dec | ||||||||||
2012 | ||||||||||||||
Net sales | $ | 30,565 | $ | 42,029 | $ | 34,206 | $ | 40,789 | ||||||
Operating income (loss) | 2,742 | 2,689 | -10,387 | 2,371 | ||||||||||
Net income (loss) | 1,576 | 1,087 | -11,503 | 3,910 | ||||||||||
Basic earnings (loss) per share | $ | 0.12 | $ | 0.08 | $ | -0.86 | $ | 0.29 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule Of Minimum Payments Under Non Cancelable Royalty And License [Table Text Block] | ' | ||||
At December 28, 2013, the Company had future estimated minimum non-cancelable royalty and license payments as follows: | |||||
In Thousands | Amount | ||||
2014 | $ | 455 | |||
2015 | 455 | ||||
2016 | 440 | ||||
2017 | 440 | ||||
2018 | 375 | ||||
Thereafter | — | ||||
$ | 2,165 | ||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments in accordance with FASB ASC 825 at December 28, 2013 and December 29, 2012. | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
2013 | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||
In Thousands | Active Markets | Other | Unobservable | ||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||
Assets (Level 1) | Inputs (Level | ||||||||||||||
2) | |||||||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 2,346 | $ | 2,346 | $ | - | $ | - | |||||||
Time deposits | $ | 1,700 | $ | 1,700 | $ | - | $ | - | |||||||
Financial liabilities | |||||||||||||||
Note payable and Short-term debt | $ | 21,700 | $ | - | $ | 21,700 | $ | - | |||||||
Current portion of Long-term debt | $ | 1,563 | $ | - | $ | 1,563 | $ | - | |||||||
Long-term debt | $ | 4,946 | $ | - | $ | 4,946 | $ | - | |||||||
Fair Value Measurements Using | |||||||||||||||
2012 | Fair Value | Quoted Prices in | Significant | Significant | |||||||||||
In Thousands | Active Markets | Other | Unobservable | ||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||
Assets (Level 1) | Inputs (Level | ||||||||||||||
2) | |||||||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 2,544 | $ | 2,544 | $ | - | $ | - | |||||||
Time deposits | $ | 1,200 | $ | 1,200 | $ | - | $ | - | |||||||
Financial liabilities | |||||||||||||||
Note payable and Short-term debt | $ | 17,070 | $ | - | $ | 17,070 | $ | - | |||||||
Current portion of Long-term debt | $ | 2,000 | $ | - | $ | 2,000 | $ | - | |||||||
Long-term debt | $ | 3,500 | $ | - | $ | 3,500 | $ | - | |||||||
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Raw materials | $7,308 | $8,330 |
Work in progress | 4,151 | 4,247 |
Finished goods | 16,848 | 18,287 |
Total Inventory | $28,307 | $30,864 |
Nature_of_Operations_and_Summa4
Nature of Operations and Summary of Significant Accounting Policies (Details 1) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Land | $3,176 | $1,805 |
Buildings and leasehold improvements | 18,905 | 17,719 |
Machinery and equipment | 26,161 | 24,267 |
Total cost | 48,242 | 43,791 |
Accumulated depreciation and amortization | -33,284 | -31,510 |
Property, Plant and Equipment | $14,958 | $12,281 |
Nature_of_Operations_and_Summa5
Nature of Operations and Summary of Significant Accounting Policies (Details 2) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Non-marketable equity investments (equity method) | $19,786 | $17,487 | $14,397 |
Nature_of_Operations_and_Summa6
Nature of Operations and Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Income from non-marketable equity investments accounted for on the equity method | $2,934 | $2,998 | $3,328 |
Royalty income from patents | 0 | 29 | 66 |
Other | -4 | 4 | 3 |
Other Income | $2,929 | $3,031 | $3,397 |
Nature_of_Operations_and_Summa7
Nature of Operations and Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Oct. 06, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Inventory Valuation Reserves | ' | $2,100,000 | $2,100,000 | ' |
Equity Method Investment, Description of Principal Activities | ' | 'Where the equity interest is less than 20% and the degree of influence is not significant, the cost method of accounting is employed. Where the equity interest is greater than 20% but not more than 50%, the equity method of accounting is utilized. | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 617,000 | 444,000 | 323,000 |
Research and Development Expense, Total | ' | 1,800,000 | 1,600,000 | 1,400,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | 200,000 | ' |
Goodwill, Impairment Loss | 13,200,000 | 0 | 13,187,000 | ' |
Equity Method Investment, Other than Temporary Impairment | ' | 0 | 382,000 | 0 |
Proportionate Net Income | ' | 2,900,000 | 3,000,000 | 3,300,000 |
Equity Method Investment, Ownership Percentage | ' | 50.00% | ' | ' |
Other Operating Income (Expense), Net | ' | $343,000 | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '30 years | ' | ' |
Building [Member] | Minimum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '20 years | ' | ' |
Machinery and Equipment, Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '15 years | ' | ' |
Machinery and Equipment, Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '5 years | ' | ' |
Tools, Dies and Molds [Member] | Maximum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '4 years | ' | ' |
Tools, Dies and Molds [Member] | Minimum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '2 years | ' | ' |
Agreements [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '5 years | ' | ' |
Patents [Member] | Maximum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '9 years | ' | ' |
Patents [Member] | Minimum [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '5 years | ' | ' |
Customer Lists [Member] | ' | ' | ' | ' |
Nature Of Operations and Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '5 years | ' | ' |
Certain_Significant_Estimates_1
Certain Significant Estimates (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Product Warranty [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning balance | $1,308 | $869 | $656 |
Additions | 1,045 | 1,524 | 1,087 |
Deductions | -1,378 | -1,085 | -874 |
Ending balance | 975 | 1,308 | 869 |
Inventory Valuation Reserves [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 2,100 | 1,556 | 1,839 |
Additions | 1,019 | 929 | 458 |
Deductions | -1,008 | -385 | -741 |
Ending balance | 2,111 | 2,100 | 1,556 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 1,096 | 938 | 1,204 |
Additions | 639 | 450 | 1,125 |
Deductions | -414 | -292 | -1,391 |
Ending balance | 1,321 | 1,096 | 938 |
Customer Allowances [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 2,681 | 2,605 | 2,398 |
Additions | 6,363 | 6,712 | 5,762 |
Deductions | -5,759 | -6,636 | -5,555 |
Ending balance | $3,285 | $2,681 | $2,605 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Line Items] | ' | ' |
Employee compensation | $6,669 | $5,972 |
Customer related allowances and accruals | 6,128 | 4,695 |
Other accrued items | 5,136 | 4,607 |
Accrued Liabilities | $17,933 | $15,274 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $831 |
2015 | 451 |
2016 | 200 |
2017 | 43 |
Thereafter | 22 |
Minimum rental payments under non-cancelable leases | $1,547 |
Operating_Leases_Details_Textu
Operating Leases (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Net, Total | $1.20 | $1.50 | $1.50 |
Acquired_Intangible_Assets_and2
Acquired Intangible Assets and Goodwill (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross Carrying Amount | $35,776 | $33,498 |
Finite-Lived Intangible Assets, Accumulated Amortization | 23,023 | 20,579 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross Carrying Amount | 24,356 | 23,306 |
Finite-Lived Intangible Assets, Accumulated Amortization | 17,730 | 15,487 |
Consulting Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross Carrying Amount | 976 | 976 |
Finite-Lived Intangible Assets, Accumulated Amortization | 976 | 976 |
Non-compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross Carrying Amount | 2,652 | 2,347 |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,243 | 2,174 |
Customer Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross Carrying Amount | 2,621 | 1,989 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,952 | 1,820 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross Carrying Amount | 5,171 | 4,880 |
Finite-Lived Intangible Assets, Accumulated Amortization | $122 | $122 |
Acquired_Intangible_Assets_and3
Acquired Intangible Assets and Goodwill (Details 1) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $2,479 |
2015 | 2,440 |
2016 | 1,249 |
2017 | 469 |
2018 | 244 |
Thereafter | 822 |
Sporting Goods [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 2,479 |
2015 | 2,440 |
2016 | 1,249 |
2017 | 469 |
2018 | 244 |
Thereafter | 822 |
Information Security And Print Finishing [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 0 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
Thereafter | $0 |
Acquired_Intangible_Assets_and4
Acquired Intangible Assets and Goodwill (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 06, 2012 | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Beginning, Balance | ' | $12,017 | $25,285 |
Impairment losses | -13,200 | 0 | -13,187 |
Foreign currency translation adjustment | ' | ' | -81 |
Acquisition | ' | 1,096 | ' |
Ending, Balance | ' | 13,113 | 12,017 |
Sporting Goods [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Beginning, Balance | ' | 12,017 | 12,017 |
Impairment losses | ' | ' | 0 |
Foreign currency translation adjustment | ' | ' | 0 |
Acquisition | ' | 1,096 | ' |
Ending, Balance | ' | 13,113 | 12,017 |
Information Security and Print Finishing [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Beginning, Balance | ' | 0 | 13,268 |
Impairment losses | ' | ' | -13,187 |
Foreign currency translation adjustment | ' | ' | -81 |
Acquisition | ' | 0 | ' |
Ending, Balance | ' | $0 | $0 |
Acquired_Intangible_Assets_and5
Acquired Intangible Assets and Goodwill (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Oct. 06, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Goodwill [Line Items] | ' | ' | ' | ' |
Amortization, Total | ' | $2,400,000 | $2,200,000 | $1,600,000 |
Goodwill, Impairment Loss | 13,200,000 | 0 | 13,187,000 | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | $200,000 | ' |
Equity_Interest_Investments_De
Equity Interest Investments (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Current assets | $81,216 | $70,965 | ' |
Total assets | 141,974 | 125,740 | 130,115 |
Current liabilities | 43,679 | 38,309 | ' |
Total liabilities | 54,019 | 45,283 | ' |
Stiga Sports AB [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Current assets | 31,399 | 28,538 | ' |
Non-current assets | 8,967 | 8,065 | ' |
Total assets | 40,366 | 36,603 | ' |
Current liabilities | 10,019 | 10,850 | ' |
Non-current liabilities | 4,893 | 4,487 | ' |
Total liabilities | 14,912 | 15,337 | ' |
Net assets | $25,454 | $21,266 | ' |
Equity_Interest_Investments_De1
Equity Interest Investments (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Mar. 23, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Mar. 24, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $46,372 | $38,482 | $46,985 | $31,838 | $40,789 | $34,206 | $42,029 | $30,565 | $163,677 | $147,589 | $134,250 |
Net income | 3,050 | 2,513 | 2,618 | 1,624 | 3,910 | -11,503 | 1,087 | 1,576 | 9,805 | -4,930 | 4,441 |
Stiga Sports AB [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 48,914 | 41,957 | 45,588 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 23,636 | 20,756 | 21,746 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $4,914 | $4,534 | $5,223 |
Equity_Interest_Investments_De2
Equity Interest Investments (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Mar. 23, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Mar. 24, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Net Income (Loss) Attributable To Parent | $3,050,000 | $2,513,000 | $2,618,000 | $1,624,000 | $3,910,000 | ($11,503,000) | $1,087,000 | $1,576,000 | $9,805,000 | ($4,930,000) | $4,441,000 |
Equity Method Investment, Other than Temporary Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 382,000 | 0 |
Stiga Sports AB [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Amortization Of Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | 11,400,000 | ' |
Goodwill, Translation Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 18,300,000 | 16,000,000 | ' |
Cumulative goodwill adjustments, tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 4,600,000 | ' |
Adjustments For Net Income Impact | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,700,000 | 1,600,000 |
Escalade International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Percentage of Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Net Income (Loss) Attributable To Parent | ' | ' | ' | ' | ' | ' | ' | ' | $343,000 | $137,000 | $103,000 |
Borrowings_Details
Borrowings (Details) | 12 Months Ended |
Dec. 28, 2013 | |
Category 1 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Funded Debt to Adjusted EBITDA Ratio | 'Greater than or equal to 2.50 to 1.0 |
Revolving Eurodollar Borrowing | 2.50% |
Term Eurodollar Borrowing | 2.75% |
ABR Revolving borrowing | 0.50% |
ABR Term Borrowing | 0.75% |
Letter Of Credit Fee | 2.50% |
Commitment Fee | 0.45% |
Category 2 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Funded Debt to Adjusted EBITDA Ratio | 'Greater than or equal to 2.25 to 1.0 but less than 2.50 to 1.0 |
Revolving Eurodollar Borrowing | 2.25% |
Term Eurodollar Borrowing | 2.50% |
ABR Revolving borrowing | 0.25% |
ABR Term Borrowing | 0.50% |
Letter Of Credit Fee | 2.25% |
Commitment Fee | 0.40% |
Category 3 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Funded Debt to Adjusted EBITDA Ratio | 'Greater than or equal to 2.00 to 1.0 but less than 2.50 to 1.0 |
Revolving Eurodollar Borrowing | 2.00% |
Term Eurodollar Borrowing | 2.25% |
ABR Revolving borrowing | 0.00% |
ABR Term Borrowing | 0.25% |
Letter Of Credit Fee | 2.00% |
Commitment Fee | 0.35% |
Category 4 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Funded Debt to Adjusted EBITDA Ratio | 'Greater than or equal to 1.75 to 1.0 but less than 2.00 to 1.0 |
Revolving Eurodollar Borrowing | 1.75% |
Term Eurodollar Borrowing | 2.00% |
ABR Revolving borrowing | -0.25% |
ABR Term Borrowing | 0.00% |
Letter Of Credit Fee | 1.75% |
Commitment Fee | 0.30% |
Category 5 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Funded Debt to Adjusted EBITDA Ratio | 'Less than 1.75 to 1.0 |
Revolving Eurodollar Borrowing | 1.50% |
Term Eurodollar Borrowing | 1.75% |
ABR Revolving borrowing | -0.50% |
ABR Term Borrowing | -0.25% |
Letter Of Credit Fee | 1.50% |
Commitment Fee | 0.30% |
Borrowings_Details_1
Borrowings (Details 1) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Secured Debt, Current | $19,000 | $11,918 |
Other Short-term Borrowings | 4,263 | 4,700 |
Short-term Debt, Total | 23,263 | 19,070 |
Euro Overdraft Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other Short-term Borrowings | $0 | $2,452 |
Borrowings_Details_2
Borrowings (Details 2) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $9,209 | $8,200 |
Portion classified as short-term debt | -4,263 | -4,700 |
Long-Term Debt, Excluding Current Maturities | 4,946 | 3,500 |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 4,750 | 5,500 |
Mortgage Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 2,700 | 2,700 |
Seller Financed Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $1,759 | $0 |
Borrowings_Details_Textual
Borrowings (Details Textual) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 28, 2013 | Dec. 28, 2013 | Aug. 27, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
USD ($) | EUR (€) | EUR (€) | EUR (€) | Euro Overdraft Facility [Member] | Euro Overdraft Facility [Member] | Minimum [Member] | Maximum [Member] | Term Loan [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Seller Financed Agreement [Member] | |
USD ($) | USD ($) | USD ($) | Maximum [Member] | USD ($) | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase (Decrease), Net, Total | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | 27-Aug-16 | 27-Aug-16 | ' | ' | ' | ' | ' | ' | 27-Aug-18 | 30-Sep-28 | ' | 30-Nov-16 |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Overdrafts | ' | ' | 1,000,000 | 2,000,000 | 0 | 2,500,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Book Overdrafts | ' | -1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,000 |
Long-term Line of Credit, Noncurrent | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 |
Short-term Debt, Weighted Average Interest Rate | 2.03% | 2.03% | ' | 2.14% | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | 1.94% | 3.00% | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | 'The facility bears an interest rate of LIBOR plus 2.5%. | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 2.19% | 2.25% | 10.00% | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted average common shares outstanding | 13,506 | 13,244 | 12,849 |
Dilutive effect of stock options | 125 | 160 | 562 |
Weighted average common shares outstanding, assuming dilution | 13,631 | 13,404 | 13,411 |
Number of anti-dilutive stock options | 271 | 451 | 0 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details Textual) (Profit Sharing Salary Reduction Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Profit Sharing Salary Reduction Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other Labor-related Expenses | $510 | $478 | $331 |
Stock_Compensation_Plans_Detai
Stock Compensation Plans (Details) | Dec. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested but unsettled | 33,742 |
Outstanding restricted stock units as of December 28,2013 | 33,742 |
Stock_Compensation_Plans_Detai1
Stock Compensation Plans (Details 1) | 12 Months Ended | |||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 25, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Option, Granted | 157,500 | 237,500 | 237,500 | ' |
Option, Outstanding | 639,950 | 692,875 | 984,649 | 929,024 |
Incentive Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Option, Granted | 120,000 | 200,000 | 200,000 | ' |
Option, Outstanding | 559,950 | 607,875 | 915,625 | ' |
Director Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Option, Granted | 37,500 | 37,500 | 37,500 | ' |
Option, Outstanding | 80,000 | 85,000 | 69,024 | ' |
Stock_Compensation_Plans_Detai2
Stock Compensation Plans (Details 2) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Risk-free interest rates | 0.52% | 0.84% | 1.51% |
Dividend yields | 5.97% | 5.50% | 1.84% |
Maximum [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Volatility factors of expected market price of common stock | 74.05% | 110.39% | 122.17% |
Weighted average expected life of the options | '4 years | '4 years | '4 years |
Minimum [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Volatility factors of expected market price of common stock | 48.79% | 95.56% | 109.71% |
Weighted average expected life of the options | '1 year | '1 year | '1 year |
Stock_Compensation_Plans_Detai3
Stock Compensation Plans (Details 3) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, Outstanding at beginning of year | 692,875 | 984,649 | 929,024 |
Options, Issued during year | 157,500 | 237,500 | 237,500 |
Options, Canceled or expired | -27,000 | -25,024 | -125,625 |
Options, Exercised during year | -183,425 | -504,250 | -56,250 |
Options, Outstanding at end of year | 639,950 | 692,875 | 984,649 |
Options, Exercisable at end of year | 198,825 | 192,625 | 69,399 |
Weighted-average fair value of options granted during the year | $2.21 | $3.12 | $4.03 |
Weighted Average Exercise Price, Issued during year | ' | ' | $6.07 |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Exercise Price, Outstanding at beginning of year | $6.07 | $9.35 | $11.26 |
Weighted Average Exercise Price, Issued during year | $6.06 | $5.66 | $2.56 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $6.07 | $2.56 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $6.07 | $6.07 | $9.35 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Exercise Price, Outstanding at beginning of year | $0.64 | $0.64 | $0.64 |
Weighted Average Exercise Price, Issued during year | $5.85 | $5.28 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $0.64 | ' | $0.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $0.64 | $0.64 | $0.64 |
Stock_Compensation_Plans_Detai4
Stock Compensation Plans (Details 4) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 25, 2010 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
Range Of Exercise Prices 0.64 [Member] | Range Of Exercise Prices 2.56 [Member] | Range Of Exercise Prices 5.28-5.66 [Member] | Range Of Exercise Prices 5.85-6.06 [Member] | Range Of Exercise Prices 6.07 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Outstanding, Number of Shares | 639,950 | 692,875 | 984,649 | 929,024 | 5,000 | 116,750 | 198,500 | 155,500 | 164,200 |
Options Outstanding, Weighted-Average Remaining Contractual Life | ' | ' | ' | ' | '3 months 18 days | '1 year 2 months 12 days | '3 years 2 months 12 days | '4 years 2 months 12 days | '2 years 2 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | ' | ' | ' | ' | $0.64 | $2.56 | $5.29 | $5.86 | $6.07 |
Options Exercisable, Number of Shares | 198,825 | 192,625 | 69,399 | ' | 5,000 | 55,625 | 59,000 | 0 | 79,200 |
Options Exercisable, Weighted-Average Exercise Price | ' | ' | ' | ' | $0.64 | $2.56 | $5.29 | $0 | $6.07 |
Stock_Compensation_Plans_Detai5
Stock Compensation Plans (Details 5) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Schedule of Nonvested Shares Activity [Line Items] | ' | ' | ' |
Options, Granted | 157,500 | 237,500 | 237,500 |
Weighted Average Exercise Price, Granted | ' | ' | $6.07 |
Nonvested Stock Option Plan [Member] | ' | ' | ' |
Schedule of Nonvested Shares Activity [Line Items] | ' | ' | ' |
Options, Outstanding at beginning of year | 500,250 | ' | ' |
Options, Granted | 157,500 | ' | ' |
Options, Vested | -189,625 | ' | ' |
Options, Forfeited | -27,000 | ' | ' |
Options, Outstanding at end of year | 441,125 | ' | ' |
Weighted Average Exercise Price, Outstanding at beginning of year | 3.02 | ' | ' |
Weighted Average Exercise Price, Granted | 2.21 | ' | ' |
Weighted Average Exercise Price, Vested | 2.85 | ' | ' |
Weighted Average Exercise Price, Forfeited | 3.21 | ' | ' |
Weighted Average Exercise Price, Outstanding at end of year | 2.79 | ' | ' |
Stock_Compensation_Plan_Detail
Stock Compensation Plan (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,981,491 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 157,500 | 237,500 | 237,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 0 | 0 | 35,000 |
Employee and Non Employee Service Share-based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | 0 | 0 | ' |
Director Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 37,500 | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 557,000 | 574,000 | 548,000 |
Employee and Non Employee Service Share-based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | 738,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 2 months 12 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 120,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 929,000 | 2,400,000 | 185,000 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Change in foreign currency translation adjustment | $826 | $760 | ($588) |
Foreign currency translation adjustment | $4,919 | $4,093 | $3,333 |
Provision_for_Taxes_Details
Provision for Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income (loss) before taxes: | ' | ' | ' |
United States of America (USA) | $19,803 | $11,104 | $8,481 |
Non USA | -3,115 | -11,642 | -1,605 |
Income Before Income Taxes | 16,688 | -538 | 6,875 |
Provision for taxes: | ' | ' | ' |
Federal | 5,060 | 3,671 | 965 |
State | 560 | 303 | 38 |
International | -26 | 83 | 568 |
Provision for taxes, Total | 5,594 | 4,057 | 1,571 |
Deferred | ' | ' | ' |
Federal | 299 | 397 | 163 |
State | 616 | 15 | 621 |
International | 374 | -77 | 79 |
Deferred Income Tax Expense (Benefit) | 1,289 | 335 | 863 |
Income Tax Expense (Benefit), Total | $6,883 | $4,392 | $2,434 |
Provision_for_Taxes_Details_1
Provision for Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Income tax at statutory rate | $5,840 | ($188) | $2,338 |
Increase (decrease) in income tax resulting from | ' | ' | ' |
State tax expense, net of federal effect | 764 | 509 | 394 |
Federal true-ups | -18 | -113 | 113 |
Federal tax credits | -256 | -247 | -159 |
Effect of foreign tax rates | -362 | -94 | -370 |
Valuation allowances (state and foreign) | 1,400 | 39 | 448 |
Goodwill impairment (worldwide) | 0 | 4,684 | 0 |
Captive insurance earnings | -390 | -379 | -301 |
Incentive stock options | 130 | 152 | 115 |
Uncertain tax positions | 0 | 0 | -174 |
Other | -225 | 29 | 30 |
Recorded provision for income taxes | $6,883 | $4,392 | $2,434 |
Provision_for_Taxes_Details_2
Provision for Taxes (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Contingency [Line Items] | ' | ' |
Balance, beginning of year | $0 | $46 |
Additions for current year tax positions | 0 | 0 |
Additions for prior year tax positions | 0 | 0 |
Settlements | 0 | 0 |
Reductions settlements | 0 | 0 |
Reductions for prior year tax positions | 0 | -46 |
Balance, end of year | $0 | $0 |
Provision_for_Taxes_Details_3
Provision for Taxes (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Assets | ' | ' |
Employee benefits | $308 | $59 |
Valuation reserves | 2,458 | 1,728 |
Property and equipment | 57 | 233 |
Stock based compensation | 195 | 178 |
Federal and state credits | 165 | 865 |
Net operating loss carry forward | 8,632 | 7,606 |
Total assets | 11,815 | 10,669 |
Liabilities | ' | ' |
Unrealized equity investment income | -3,157 | -2,555 |
Goodwill and intangible assets | -2,708 | -2,668 |
Prepaid insurance | -175 | -103 |
Total liabilities | -6,040 | -5,326 |
Valuation Allowance | ' | ' |
Beginning balance | -7,264 | -7,075 |
Increase during period | -1,685 | -189 |
Ending balance | -8,949 | -7,264 |
Deferred Tax Assets, Net | ($3,174) | ($1,921) |
Provision_for_Taxes_Details_4
Provision for Taxes (Details 4) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ' | ' |
Deferred income tax asset - current | $2,220 | $1,553 |
Deferred income tax asset (liability) - long-term | -5,394 | -3,474 |
Deferred Tax Assets Net | ($3,174) | ($1,921) |
Provision_for_Taxes_Details_Te
Provision for Taxes (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $1.40 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 28.2 |
Operating Loss Carryforwards, Valuation Allowance, Total | $27.80 |
Operating Loss Carryforwards, Expiration Date | 31-Dec-29 |
Operating_Segment_and_Geograph2
Operating Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Mar. 23, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Mar. 24, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $46,372 | $38,482 | $46,985 | $31,838 | $40,789 | $34,206 | $42,029 | $30,565 | $163,677 | $147,589 | $134,250 |
Operating income | 2,867 | 3,245 | 5,337 | 3,048 | 2,371 | -10,387 | 2,689 | 2,742 | 14,497 | -2,585 | 4,171 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 738 | 602 | 693 |
Provision for taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,883 | 4,392 | 2,434 |
Net income | 3,050 | 2,513 | 2,618 | 1,624 | 3,910 | -11,503 | 1,087 | 1,576 | 9,805 | -4,930 | 4,441 |
Identifiable assets | 141,974 | ' | ' | ' | 125,740 | ' | ' | ' | 141,974 | 125,740 | 130,115 |
Non-marketable equity investments (equity method) | 19,786 | ' | ' | ' | 17,487 | ' | ' | ' | 19,786 | 17,487 | 14,397 |
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,618 | 4,322 | 8,772 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,355 | 2,423 | 2,375 |
Sporting Goods [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 132,991 | 112,599 | 96,971 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 18,469 | 14,160 | 11,217 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 170 | 273 | 686 |
Provision for taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,212 | 5,482 | 4,529 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 11,087 | 8,433 | 6,068 |
Identifiable assets | 91,137 | ' | ' | ' | 77,902 | ' | ' | ' | 91,137 | 77,902 | 69,324 |
Non-marketable equity investments (equity method) | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,844 | 3,398 | 2,623 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,170 | 2,065 | 1,595 |
Information Security and Print Finishing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 30,686 | 34,990 | 37,279 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -1,687 | -14,628 | 71 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 335 | 515 | 445 |
Provision for taxes | ' | ' | ' | ' | ' | ' | ' | ' | 764 | 543 | 551 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -2,790 | -15,683 | -921 |
Identifiable assets | 23,203 | ' | ' | ' | 25,578 | ' | ' | ' | 23,203 | 25,578 | 40,396 |
Non-marketable equity investments (equity method) | 331 | ' | ' | ' | 323 | ' | ' | ' | 331 | 323 | 318 |
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 774 | 924 | 974 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 185 | 358 | 780 |
All Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -2,285 | -2,117 | -7,117 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 233 | -186 | -438 |
Provision for taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,093 | -1,633 | -2,646 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,508 | 2,320 | -706 |
Identifiable assets | 27,634 | ' | ' | ' | 22,260 | ' | ' | ' | 27,634 | 22,260 | 20,395 |
Non-marketable equity investments (equity method) | 19,455 | ' | ' | ' | 17,164 | ' | ' | ' | 19,455 | 17,164 | 14,079 |
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 5,175 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Operating_Segment_and_Geograph3
Operating Segment and Geographic Information (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Mar. 23, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Mar. 24, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $46,372 | $38,482 | $46,985 | $31,838 | $40,789 | $34,206 | $42,029 | $30,565 | $163,677 | $147,589 | $134,250 |
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 144,296 | 127,013 | 112,907 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,805 | 13,220 | 12,240 |
Other Credit Derivatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $7,576 | $7,356 | $9,103 |
Operating_Segment_and_Geograph4
Operating Segment and Geographic Information (Details 2) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $141,974 | $125,740 | $130,115 |
North America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 127,405 | 110,977 | 105,717 |
Europe [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $14,581 | $14,763 | $24,398 |
Operating_Segment_and_Geograph5
Operating Segment and Geographic Information (Details Textual) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 39.40% | ' | ' |
Sporting Goods [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Entity-Wide Revenue, Major Customer, Percentage | 20.00% | 23.00% | 22.00% |
Customer One [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage Of Accounts Receivables | 24.00% | 31.00% | ' |
Customer Two [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage Of Accounts Receivables | 10.00% | 10.00% | ' |
Consolidated Total Revenues [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage Of Consolidated Revenues For Remaining Customers | 'No other customer accounted for 10% or more of consolidated total revenues. | ' | ' |
Entity-Wide Revenue, Major Customer, Percentage | 16.00% | 18.00% | 16.00% |
Summary_of_Quarterly_Results_D
Summary of Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Mar. 23, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Mar. 24, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $46,372 | $38,482 | $46,985 | $31,838 | $40,789 | $34,206 | $42,029 | $30,565 | $163,677 | $147,589 | $134,250 |
Operating income | 2,867 | 3,245 | 5,337 | 3,048 | 2,371 | -10,387 | 2,689 | 2,742 | 14,497 | -2,585 | 4,171 |
Net income (loss) | $3,050 | $2,513 | $2,618 | $1,624 | $3,910 | ($11,503) | $1,087 | $1,576 | $9,805 | ($4,930) | $4,441 |
Basic earnings per share | $0.23 | $0.19 | $0.19 | $0.12 | $0.29 | ($0.86) | $0.08 | $0.12 | $0.73 | ($0.37) | $0.35 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Cajun Archery [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition Cost Of Acquired Entity Purchase Price one | $6,100 | $600 |
Business Acquisition, Effective Date of Acquisition | 30-Nov-13 | 30-Nov-12 |
Rigid Air Technology [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition Cost Of Acquired Entity Purchase Price one | ' | $650 |
Business Acquisition, Effective Date of Acquisition | ' | 31-Dec-12 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Line Items] | ' |
2014 | $455 |
2015 | 455 |
2016 | 440 |
2017 | 440 |
2018 | 375 |
Thereafter | 0 |
Royalty And License Future Minimum Payments Due | $2,165 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (Letter of Credit [Member], USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Letter of Credit [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Long-term Line of Credit | $2.70 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 25, 2010 |
In Thousands, unless otherwise specified | ||||
Financial assets, Fair Value | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value | $2,346 | $2,544 | $3,821 | $1,536 |
Time deposits, Fair Value | 1,700 | 1,200 | ' | ' |
Financial liabilities, Fair Value | ' | ' | ' | ' |
Note payable and Short-term debt, Fair Value | 21,700 | 17,070 | ' | ' |
Current portion of Long-term debt, Fair Value | 1,563 | 2,000 | ' | ' |
Long-term debt, Fair Value | 4,946 | 3,500 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Financial assets, Fair Value | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value | 2,346 | 2,544 | ' | ' |
Time deposits, Fair Value | 1,700 | 1,200 | ' | ' |
Financial liabilities, Fair Value | ' | ' | ' | ' |
Note payable and Short-term debt, Fair Value | 0 | 0 | ' | ' |
Current portion of Long-term debt, Fair Value | 0 | 0 | ' | ' |
Long-term debt, Fair Value | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Financial assets, Fair Value | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value | 0 | 0 | ' | ' |
Time deposits, Fair Value | 0 | 0 | ' | ' |
Financial liabilities, Fair Value | ' | ' | ' | ' |
Note payable and Short-term debt, Fair Value | 21,700 | 17,070 | ' | ' |
Current portion of Long-term debt, Fair Value | 1,563 | 2,000 | ' | ' |
Long-term debt, Fair Value | 4,946 | 3,500 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Financial assets, Fair Value | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value | 0 | 0 | ' | ' |
Time deposits, Fair Value | 0 | 0 | ' | ' |
Financial liabilities, Fair Value | ' | ' | ' | ' |
Note payable and Short-term debt, Fair Value | 0 | 0 | ' | ' |
Current portion of Long-term debt, Fair Value | 0 | 0 | ' | ' |
Long-term debt, Fair Value | $0 | $0 | ' | ' |
Fair_Values_of_Financial_Instr3
Fair Values of Financial Instruments (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||
Oct. 06, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Aug. 27, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Euro Overdraft Facility [Member] | Euro Overdraft Facility [Member] | |
USD ($) | USD ($) | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Overdrafts | ' | ' | ' | ' | € 1,000,000 | € 2,000,000 | $0 | $2,500,000 |
Fair Value Inputs, Discount Rate | ' | 11.20% | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | 13,200,000 | 0 | 13,187,000 | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets, Fair Value Disclosure | 1,700,000 | ' | ' | ' | ' | ' | ' | ' |
Impairment Of Finite Lived Intangible Assets Carrying Value | 1,900,000 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Other than Temporary Impairment | ' | 0 | 382,000 | 0 | ' | ' | ' | ' |
Equity Method Investments, Fair Value Disclosure | 900,000 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | $500,000 | ' | ' | ' | ' | ' | ' | ' |