Escalade (ESCA) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 11, 2015	Aug. 05, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 11, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	ESCALADE INC
Entity Central Index Key	33,488
Current Fiscal Year End Date	--12-26
Entity Filer Category	Accelerated Filer
Trading Symbol	ESCA
Entity Common Stock, Shares Outstanding		14,119,810

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014
Current Assets:
Cash and cash equivalents	$ 2,268	$ 3,232	$ 1,145
Time deposits	750	1,450	1,700
Receivables, less allowance of $744; $900; and $783; respectively	27,366	32,150	27,285
Inventories	31,601	23,775	26,321
Prepaid expenses	2,264	1,622	1,520
Deferred income tax benefit	1,154	925	2,394
Prepaid income tax	2,317	5,697	2,750
Assets held for sale	0	0	4,348
TOTAL CURRENT ASSETS	67,720	68,851	67,463
Property, plant and equipment, net	12,856	11,596	10,563
Intangible assets, net	11,987	13,465	9,712
Goodwill	14,875	14,875	13,242
Investments	17,562	18,949	18,223
Other assets	0	145	145
TOTAL ASSETS	125,000	127,881	119,348
Current Liabilities:
Notes payable	9,193	16,200	8,520
Current portion of long-term debt	1,604	1,586	1,580
Trade accounts payable	4,362	1,853	3,735
Accrued liabilities	11,622	12,107	10,716
Liabilities held for sale	0	0	5,130
TOTAL CURRENT LIABILITIES	26,781	31,746	29,681
Other Liabilities:
Long-term debt	2,155	3,360	3,758
Deferred income tax liability	2,997	2,996	5,456
TOTAL LIABILITIES	$ 31,933	$ 38,102	$ 38,895
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 - 14,115,061; 13,998,090; and 13,909,099; shares respectively	$ 14,115	$ 13,998	$ 13,909
Retained earnings	82,386	77,745	62,363
Accumulated other comprehensive income (loss)	(3,434)	(1,964)	4,181
TOTAL STOCKHOLDERS' EQUITY	93,067	89,779	80,453
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 125,000	$ 127,881	$ 119,348

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014
Receivables allowance (in dollars)	$ 744	$ 900	$ 783
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued	0	0	0
Common stock, shares authorized	30,000,000	30,000,000	30,000,000
Common stock, shares issued	14,115,061	13,998,090	13,909,099
Common stock, shares outstanding	14,115,061	13,998,090	13,909,099

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	4 Months Ended		6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014
Net sales	$ 43,795	$ 38,012	$ 77,214	$ 65,733
Costs, Expenses and Other Income
Cost of products sold	30,595	26,445	53,180	45,157
Selling, administrative and general expenses	8,199	6,879	14,113	11,994
Amortization	844	756	1,477	1,327
Operating Income	4,157	3,932	8,444	7,255
Interest expense	131	104	232	191
Other expense (income)	(515)	(213)	(1,248)	(401)
Income Before Income Taxes from Continuing Operations	4,541	4,041	9,460	7,465
Provision for Income Taxes from Continuing Operations	1,319	1,274	2,741	2,434
Net Income from Continuing Operations	3,222	2,767	6,719	5,031
Discontinued Operations
Loss from operations	0	(159)	0	(16)
Loss on classification as held for sale	0	(12,945)	0	(12,945)
Gain on disposal	0	547	0	547
Provision (benefit) for income taxes	0	(1,706)	0	(1,549)
Net Loss from Discontinued Operations	0	(10,851)	0	(10,865)
Net Income (Loss)	$ 3,222	$ (8,084)	$ 6,719	$ (5,834)
Basic Earnings Per Share Data:
Income from continuing operations (in dollars per share)	$ 0.23	$ 0.20	$ 0.48	$ 0.36
Loss from discontinued operations (in dollars per share)	0	(0.78)	0	(0.78)
Net Income (Loss) (in dollars per share)	0.23	(0.58)	0.48	(0.42)
Diluted Earnings Per Share Data:
Income from continuing operations (in dollars per share)	0.23	0.20	0.47	0.36
Loss from discontinued operations (in dollars per share)	0	(0.77)	0	(0.77)
Net Income (Loss) (in dollars per share)	0.23	(0.57)	0.47	(0.41)
Dividends declared	$ 0.11	$ 0.09	$ 0.21	$ 0.18

CONSOLIDATED CONDENSED STATEME5

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	4 Months Ended		6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014
Net Income (Loss)	$ 3,222	$ (8,084)	$ 6,719	$ (5,834)
Foreign currency translation adjustment	418	(1,163)	(1,470)	(738)
Comprehensive Income (Loss)	$ 3,640	$ (9,247)	$ 5,249	$ (6,572)

CONSOLIDATED CONDENSED STATEME6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014
Operating Activities:
Net income (loss)	$ 6,719	$ (5,834)
Reconciling adjustments:
Impairment of Information Security business	0	12,678
Depreciation and amortization	2,605	2,305
Loss (gain) on disposal of property and equipment	1	(1)
Stock-based compensation	299	322
Additional discontinued operations activities	0	(1,244)
Changes in
Adjustments necessary to reconcile net income (loss) to net cash provided by operating activities	626	3,644
Net cash provided by operating activities	10,250	11,870
Investing Activities:
Purchase of property and equipment	(2,388)	(912)
Purchase of short-term time deposits	0	(500)
Acquisitions	0	(162)
Proceeds from sale of property and equipment	0	7
Dividends received from equity method investments	928	0
Proceeds from disposal of short-term time deposits	700	500
Discontinued operations activities	0	4,861
Net cash provided (used) by investing activities	(760)	3,794
Financing Activities:
Net decrease in notes payable	(7,007)	(13,383)
Net increase in overdraft facility	0	203
Principal payments on long-term debt	(1,187)	(1,170)
Proceeds from exercise of stock options	672	1,169
Cash dividends paid	(2,956)	(2,498)
Director stock compensation	24	78
Net cash used by financing activities	(10,454)	(15,601)
Effect of exchange rate changes on cash	0	69
Net increase (decrease) in cash and cash equivalents	(964)	132
Cash and cash equivalents, beginning of period (includes zero and $1,255 respectively of cash reported as assets held for sale)	3,232	2,346
Cash and cash equivalents, end of period (includes zero and $1,333 respectively of cash reported as assets held for sale)	2,268	2,478
Supplemental Cash Flows Information
Dividends Payable	$ 2	$ 42

CONSOLIDATED CONDENSED STATEME7

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014	Dec. 28, 2013
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 0	$ 0	$ 1,333	$ 1,255

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 11, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note A – Summary of Significant Accounting Policies Presentation of Consolidated Condensed Financial Statements – The significant accounting policies followed by the Company and its wholly owned subsidiaries for interim financial reporting are consistent with the accounting policies followed for its annual financial reporting. All adjustments that are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated condensed financial statements. The consolidated condensed balance sheet of the Company as of December 27, 2014 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2014 filed with the Securities and Exchange Commission.

Seasonal Aspects

Seasonal Aspects	6 Months Ended
	Jul. 11, 2015
Accounting Policies [Abstract]
Seasonal Aspects [Text Block]	Note B - Seasonal Aspects The results of operations for the three and six month periods ended July 11, 2015 and July 12, 2014 are not necessarily indicative of the results to be expected for the full year.

Inventories

Inventories	6 Months Ended
	Jul. 11, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note C - Inventories July 11, December 27, July 12, In thousands 2015 2014 2014 Raw materials $ 4,074 $ 3,950 $ 5,486 Work in progress 4,044 3,967 4,286 Finished goods 23,483 15,858 16,549 $ 31,601 $ 23,775 $ 26,321 Additionally, the Company had inventory totaling, zero, zero and $ 6,785

Equity Interest Investments

Equity Interest Investments	6 Months Ended
	Jul. 11, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments Disclosure [Text Block]	Note D – Equity Interest Investments The Company has a 50 10.6 13.8 14.8 4.2 19.3 5.5 50 0.3 50 1.0 0.4 July 11, December 27, July 12, In thousands 2015 2014 2014 Current assets $ 24,578 $ 30,539 $ 25,571 Non-current assets 9,101 8,082 8,500 Total assets 33,679 38,621 34,071 Current liabilities 3,911 7,669 6,632 Non-current liabilities 5,781 4,229 4,664 Total liabilities 9,692 11,898 11,296 Net assets $ 23,987 $ 26,723 $ 22,775 Three Months Ended Six Months Ended July 11, 2015 July 12, 2014 July 11, 2015 July 12, 2014 Net sales $ 11,716 $ 11,393 $ 17,315 $ 16,738 Gross profit 5,724 5,490 8,595 8,346 Net income 690 295 1,208 388

Income Taxes

Income Taxes	6 Months Ended
	Jul. 11, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note E – Income Taxes The provision for income taxes was computed based on financial statement income. In accordance with FASB Accounting Standards Codification (ASC) 740, the Company has recorded the following changes in uncertain tax positions: Six Months Ended In thousands July 11, 2015 July 12, 2014 Beginning balance $ — $ — Additions for current year tax positions — 751 Additions for prior year tax positions — — Settlements — — Reductions or settlements — — Reductions for prior year tax positions — — Ending balance $ — $ 751

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jul. 11, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note F – 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 Fair values of notes payable and long-term debt approximates the carrying value and is estimated based on borrowing rates currently available to the Company for bank loans with similar terms and maturities and determined through the use of a discounted cash flow model. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable July 11, 2015 Carrying Assets Inputs Inputs In thousands Amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 2,268 $ 2,268 $ — $ — Time deposits $ 750 $ 750 $ — $ — Financial liabilities Notes payable $ 9,193 $ — $ 9,193 $ — Current portion of long-term debt $ 1,604 $ — $ 1,604 $ — Long-term debt $ 2,155 $ — $ 2,155 $ — Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 27, 2014 Carrying Assets Inputs Inputs In thousands Amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 3,232 $ 3,232 $ — $ — Time deposits $ 1,450 $ 1,450 $ — $ — Financial liabilities Notes payable $ 16,200 $ — $ 16,200 $ — Current portion of long-term debt $ 1,586 $ — $ 1,586 $ — Long-term debt $ 3,360 $ — $ 3,360 $ — Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable July 12, 2014 Carrying Assets Inputs Inputs In thousands Amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 2,478 $ 2,478 $ — $ — Time deposits $ 1,700 $ 1,700 $ — $ — Financial liabilities Notes payable $ 8,520 $ — $ 8,520 $ — Current portion of Long-term debt $ 1,580 $ — $ 1,580 $ — Long-term debt $ 3,758 $ — $ 3,758 $ —

Stock Compensation

Stock Compensation	6 Months Ended
	Jul. 11, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note G – Stock Compensation The fair value of stock-based compensation is recognized in accordance with the provisions of FASB ASC 718, Stock Compensation During the six months ended July 11, 2015 and pursuant to the 2007 Incentive Plan, in lieu of director fees, the Company awarded to certain directors 1,562 10,000 38,250 15 0.10 For the three months and six months ended July 11, 2015, the Company recognized stock based compensation expense of $ 188 323 243 400 0.9 0.9

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jul. 11, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note H – Discontinued Operations On October 1, 2014, the Company completed the sale of the Information Security business. The sale of the Information Security business, coupled with the sale of our Print Finishing business on June 30, 2014, represents the Company’s exit from the Information Security and Print Finishing segment. As a result, the Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented and certain assets and liabilities in prior periods are classified as held for sale. The carrying value of these assets was greater than their fair value, less the cost to sell the Information Security business, resulting in an impairment of certain accounts receivables, inventories, long-lived assets, intangible assets and other assets totaling $12.9 million. The impairment charge reduced the carrying value of intangible assets to fair value and the remaining assets to the lower of their carrying amount or fair value less cost to sell. The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. The Company does not expect to have any further significant losses to record in the future for these assets. Because of the significance of the unobservable inputs and management’s judgment used in the assets held for sell analysis, these measurements were classified in level three of the valuation hierarchy. Three Months Ended Six Months Ended July 11, July 12, July 11, July 12, All Amounts in Thousands 2015 2014 2015 2014 Net sales $ — $ 9,555 $ — $ 15,908 Cost of products sold — 6,277 — 10,282 Selling, administrative and general expenses — 3,331 — 5,467 Interest expense — 93 — 162 Other expense (income) — 13 — 13 Loss Before Income Taxes — (159) — (16) Discontinued Operations Loss on classification as held for sale — (12,945) — (12,945) Gain on disposal — 547 — 547 Provision (benefit) for income taxes — (1,706) — (1,549) Net Loss from Discontinued Operations $ — $ (10,851) $ — $ (10,865) The assets and liabilities held for sale are summarized below. July 11, December 27, July 12, All Amounts in Thousands 2015 2014 2014 ASSETS Cash and cash equivalents $ — $ — $ 1,333 Receivables, net — — 2,710 Inventories — — 6,785 Prepaid expenses — — 693 Property, plant and equipment, net — — 3,347 Intangible assets — — 1,110 Investments — — 329 Other assets — — 95 Less valuation allowance 12,054 Assets held for sale $ — $ — $ 4,348 LIABILITIES Trade accounts payable $ — $ — $ 565 Accrued liabilities — — 4,565 Liabilities held for sale $ — $ — $ 5,130

Segment Information

Segment Information	6 Months Ended
	Jul. 11, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note I - Segment Information For the Three Months Ended July 11, 2015 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 43,795 $ — $ — $ 43,795 Operating income (loss) 5,253 — (1,096) 4,157 Net income (loss) 3,237 — (15) 3,222 As of and for the Six Months Ended July 11, 2015 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 77,214 $ — $ — $ 77,214 Operating income (loss) 10,497 — (2,053) 8,444 Net income 6,453 — 266 6,719 Total assets $ 99,163 $ — $ 25,837 $ 125,000 For the Three Months Ended July 12, 2014 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 38,012 $ 9,555 $ — $ 47,567 Operating income (loss) 5,198 (53) (1,266) 3,879 Net income (loss) 3,144 (10,851) (377) (8,084) As of and for the Six Months Ended July 12, 2014 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 65,733 $ 15,908 $ — $ 81,642 Operating income (loss) 9,467 159 (2,212) 7,414 Net income (loss) 5,763 (10,865) (732) (5,834) Total assets $ 88,099 $ 4,348 $ 26,901 $ 119,348

Dividend Payment

Dividend Payment	6 Months Ended
	Jul. 11, 2015
Payments of Dividends [Abstract]
Dividend Payment Terms [Text Block]	Note J – Dividend Payment On June 19, 2015, the company paid a quarterly dividend of $ 0.11 1.6 On March 20, 2015, the Company paid a quarterly dividend of $ 0.10 1.4

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 11, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note K - Earnings Per Share Three Months Ended Six Months Ended July 11, July 12, July 11, July 12, In thousands 2015 2014 2015 2014 Weighted average common shares outstanding 14,072 13,867 14,047 13,789 Dilutive effect of stock options and restricted stock units 193 284 185 266 Weighted average common shares outstanding, assuming dilution 14,265 14,151 14,232 14,055 Stock options that are anti-dilutive as to earnings per share and unvested restricted stock units which have a market condition for vesting that has not been achieved are ignored in the computation of dilutive earnings per share. No stock options or restricted stock units were excluded in the computation of dilutive earnings per share in 2015 and 2014.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jul. 11, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note L – New Accounting Standards There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended July 11, 2015, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014, that are of significance, or potential significance to the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 11, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note M – Commitments and Contingencies The Company is involved in litigation arising in the normal course of 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 11, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note N – Subsequent Events On July 29, 2015, the Company acquired substantially all the business and assets of Onix Sports, Inc., a leader in pickleball equipment.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 11, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	July 11, December 27, July 12, In thousands 2015 2014 2014 Raw materials $ 4,074 $ 3,950 $ 5,486 Work in progress 4,044 3,967 4,286 Finished goods 23,483 15,858 16,549 $ 31,601 $ 23,775 $ 26,321

Equity Interest Investments (Ta

Equity Interest Investments (Tables)	6 Months Ended
	Jul. 11, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Joint Ventures Financial Information [Table Text Block]	July 11, December 27, July 12, In thousands 2015 2014 2014 Current assets $ 24,578 $ 30,539 $ 25,571 Non-current assets 9,101 8,082 8,500 Total assets 33,679 38,621 34,071 Current liabilities 3,911 7,669 6,632 Non-current liabilities 5,781 4,229 4,664 Total liabilities 9,692 11,898 11,296 Net assets $ 23,987 $ 26,723 $ 22,775 Three Months Ended Six Months Ended July 11, 2015 July 12, 2014 July 11, 2015 July 12, 2014 Net sales $ 11,716 $ 11,393 $ 17,315 $ 16,738 Gross profit 5,724 5,490 8,595 8,346 Net income 690 295 1,208 388

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 11, 2015
Income Tax Disclosure [Abstract]
Schedule Of Uncertain Tax Benefits [Table Text Block]	The provision for income taxes was computed based on financial statement income. In accordance with FASB Accounting Standards Codification (ASC) 740, the Company has recorded the following changes in uncertain tax positions: Six Months Ended In thousands July 11, 2015 July 12, 2014 Beginning balance $ — $ — Additions for current year tax positions — 751 Additions for prior year tax positions — — Settlements — — Reductions or settlements — — Reductions for prior year tax positions — — Ending balance $ — $ 751

Fair Values of Financial Inst25

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jul. 11, 2015
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 and the level within the fair value hierarchy in which the fair value measurements fall in accordance with FASB ASC 825 at July 11, 2015, December 27, 2014 and July 12, 2014. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable July 11, 2015 Carrying Assets Inputs Inputs In thousands Amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 2,268 $ 2,268 $ — $ — Time deposits $ 750 $ 750 $ — $ — Financial liabilities Notes payable $ 9,193 $ — $ 9,193 $ — Current portion of long-term debt $ 1,604 $ — $ 1,604 $ — Long-term debt $ 2,155 $ — $ 2,155 $ — Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 27, 2014 Carrying Assets Inputs Inputs In thousands Amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 3,232 $ 3,232 $ — $ — Time deposits $ 1,450 $ 1,450 $ — $ — Financial liabilities Notes payable $ 16,200 $ — $ 16,200 $ — Current portion of long-term debt $ 1,586 $ — $ 1,586 $ — Long-term debt $ 3,360 $ — $ 3,360 $ — Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable July 12, 2014 Carrying Assets Inputs Inputs In thousands Amount (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 2,478 $ 2,478 $ — $ — Time deposits $ 1,700 $ 1,700 $ — $ — Financial liabilities Notes payable $ 8,520 $ — $ 8,520 $ — Current portion of Long-term debt $ 1,580 $ — $ 1,580 $ — Long-term debt $ 3,758 $ — $ 3,758 $ —

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jul. 11, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	The results of operations presented as discontinued operations are summarized below. Three Months Ended Six Months Ended July 11, July 12, July 11, July 12, All Amounts in Thousands 2015 2014 2015 2014 Net sales $ — $ 9,555 $ — $ 15,908 Cost of products sold — 6,277 — 10,282 Selling, administrative and general expenses — 3,331 — 5,467 Interest expense — 93 — 162 Other expense (income) — 13 — 13 Loss Before Income Taxes — (159) — (16) Discontinued Operations Loss on classification as held for sale — (12,945) — (12,945) Gain on disposal — 547 — 547 Provision (benefit) for income taxes — (1,706) — (1,549) Net Loss from Discontinued Operations $ — $ (10,851) $ — $ (10,865) The assets and liabilities held for sale are summarized below. July 11, December 27, July 12, All Amounts in Thousands 2015 2014 2014 ASSETS Cash and cash equivalents $ — $ — $ 1,333 Receivables, net — — 2,710 Inventories — — 6,785 Prepaid expenses — — 693 Property, plant and equipment, net — — 3,347 Intangible assets — — 1,110 Investments — — 329 Other assets — — 95 Less valuation allowance 12,054 Assets held for sale $ — $ — $ 4,348 LIABILITIES Trade accounts payable $ — $ — $ 565 Accrued liabilities — — 4,565 Liabilities held for sale $ — $ — $ 5,130

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 11, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented. For the Three Months Ended July 11, 2015 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 43,795 $ — $ — $ 43,795 Operating income (loss) 5,253 — (1,096) 4,157 Net income (loss) 3,237 — (15) 3,222 As of and for the Six Months Ended July 11, 2015 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 77,214 $ — $ — $ 77,214 Operating income (loss) 10,497 — (2,053) 8,444 Net income 6,453 — 266 6,719 Total assets $ 99,163 $ — $ 25,837 $ 125,000 For the Three Months Ended July 12, 2014 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 38,012 $ 9,555 $ — $ 47,567 Operating income (loss) 5,198 (53) (1,266) 3,879 Net income (loss) 3,144 (10,851) (377) (8,084) As of and for the Six Months Ended July 12, 2014 Sporting Discontinued In thousands Goods Operations Corp. Total Revenues from external customers $ 65,733 $ 15,908 $ — $ 81,642 Operating income (loss) 9,467 159 (2,212) 7,414 Net income (loss) 5,763 (10,865) (732) (5,834) Total assets $ 88,099 $ 4,348 $ 26,901 $ 119,348

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 11, 2015
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares [Table Text Block]	The shares used in computation of the Company’s basic and diluted earnings per common share are as follows: Three Months Ended Six Months Ended July 11, July 12, July 11, July 12, In thousands 2015 2014 2015 2014 Weighted average common shares outstanding 14,072 13,867 14,047 13,789 Dilutive effect of stock options and restricted stock units 193 284 185 266 Weighted average common shares outstanding, assuming dilution 14,265 14,151 14,232 14,055

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014
Inventory [Line Items]
Raw materials	$ 4,074	$ 3,950	$ 5,486
Work in progress	4,044	3,967	4,286
Finished goods	23,483	15,858	16,549
Total Inventory	$ 31,601	$ 23,775	$ 26,321

Inventories (Details Textual)

Inventories (Details Textual) - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014
Inventory [Line Items]
Disposal Group, Including Discontinued Operation, Inventory	$ 0	$ 0	$ 6,785

Equity Interest Investments (De

Equity Interest Investments (Details) - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014
Schedule of Equity Method Investments [Line Items]
Current assets	$ 67,720	$ 68,851	$ 67,463
Total assets	125,000	127,881	119,348
Current liabilities	26,781	31,746	29,681
Total liabilities	31,933	38,102	38,895
Stiga Sports AB [Member]
Schedule of Equity Method Investments [Line Items]
Current assets	24,578	30,539	25,571
Non-current assets	9,101	8,082	8,500
Total assets	33,679	38,621	34,071
Current liabilities	3,911	7,669	6,632
Non-current liabilities	5,781	4,229	4,664
Total liabilities	9,692	11,898	11,296
Net assets	$ 23,987	$ 26,723	$ 22,775

Equity Interest Investments (32

Equity Interest Investments (Details 1) - USD ($) $ in Thousands	4 Months Ended		6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014
Schedule of Equity Method Investments [Line Items]
Net sales	$ 43,795	$ 38,012	$ 77,214	$ 65,733
Net income	3,222	(8,084)	6,719	(5,834)
Stiga Sports AB [Member]
Schedule of Equity Method Investments [Line Items]
Net sales	11,716	11,393	17,315	16,738
Gross profit	5,724	5,490	8,595	8,346
Net income	$ 690	$ 295	$ 1,208	$ 388

Equity Interest Investments (33

Equity Interest Investments (Details Textual) - USD ($)	4 Months Ended		6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) Attributable To Parent	$ 3,222,000	$ (8,084,000)	$ 6,719,000	$ (5,834,000)
Stiga Sports AB [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Amortization Of Goodwill			$ 10,600,000	13,800,000
Goodwill, Translation Adjustments			14,800,000	19,300,000
Cumulative goodwill adjustments, tax effect			4,200,000	5,500,000
Adjustments For Net Income Impact			$ 0	$ 300,000
Stiga Sports AB [Member] | Parent [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%	50.00%	50.00%
Net Income (Loss) Attributable To Parent			$ 1,000,000	$ 400,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014
Income Tax Contingency [Line Items]
Beginning balance	$ 0	$ 0
Additions for current year tax positions	0	751
Additions for prior year tax positions	0	0
Settlements	0	0
Reductions or settlements	0	0
Reductions for prior year tax positions	0	0
Ending balance	$ 0	$ 751

Fair Values of Financial Inst35

Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014	Dec. 28, 2013
Financial assets, Carrying Amount
Cash and cash equivalents, Carrying Amount	$ 2,268	$ 3,232	$ 2,478	$ 2,346
Time deposits, Carrying Amount	750	1,450	1,700
Financial liabilities, Carrying Amount
Notes payable, Carrying Amount	9,193	16,200	8,520
Current portion of Long-term debt, Carrying Amount	1,604	1,586	1,580
Long-term debt, Carrying Amount	2,155	3,360	3,758
Fair Value, Inputs, Level 1 [Member]
Financial assets, Fair Value
Cash and cash equivalents, Fair Value	2,268	3,232	2,478
Time deposits, Fair Value	750	1,450	1,700
Financial liabilities, Fair Value
Notes payable, Fair Value	0	0	0
Current portion of Long-term debt, Fair Value	0	0	0
Long-term debt, Fair Value	0	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets, Fair Value
Cash and cash equivalents, Fair Value	0	0	0
Time deposits, Fair Value	0	0	0
Financial liabilities, Fair Value
Notes payable, Fair Value	9,193	16,200	8,520
Current portion of Long-term debt, Fair Value	1,604	1,586	1,580
Long-term debt, Fair Value	2,155	3,360	3,758
Fair Value, Inputs, Level 3 [Member]
Financial assets, Fair Value
Cash and cash equivalents, Fair Value	0	0	0
Time deposits, Fair Value	0	0	0
Financial liabilities, Fair Value
Notes payable, Fair Value	0	0	0
Current portion of Long-term debt, Fair Value	0	0	0
Long-term debt, Fair Value	$ 0	$ 0	$ 0

Stock Compensation (Details Tex

Stock Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jun. 19, 2015	Mar. 20, 2015	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense			$ 188	$ 243	$ 323	$ 400
Employee and Non Employee Service Share-based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized			$ 900	$ 900	$ 900	$ 900
Cumulative Average Volume Weighted Average Price Per Share					15.00%
Common Stock, Dividends, Per Share, Cash Paid	$ 0.11	$ 0.10
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross					1,562
Employee Stock Option [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross					10,000
Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross					38,250

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	4 Months Ended		6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 0	$ 9,555	$ 0	$ 15,908
Cost of products sold	0	6,277	0	10,282
Selling, administrative and general expenses	0	3,331	0	5,467
Interest expense	0	93	0	162
Other expense (income)	0	13	0	13
Income Before Income Taxes	0	(159)	0	(16)
Discontinued Operations
Loss on classification as held for sale	0	(12,945)	0	(12,945)
Gain on disposal	0	547	0	547
Provision for income taxes	0	(1,706)	0	(1,549)
Net Loss from Discontinued Operations	$ 0	$ (10,851)	$ 0	$ (10,865)

Discontinued Operations (Deta38

Discontinued Operations (Details 1) - USD ($) $ in Thousands	Jul. 11, 2015	Dec. 27, 2014	Jul. 12, 2014	Dec. 28, 2013
ASSETS
Cash and cash equivalents	$ 0	$ 0	$ 1,333	$ 1,255
Receivables, net	0	0	2,710
Inventories	0	0	6,785
Prepaid expenses	0	0	693
Property, plant and equipment, net	0	0	3,347
Intangible assets	0	0	1,110
Investments	0	0	329
Other assets	0	0	95
Less valuation allowance			12,054
Assets held for sale	0	0	4,348
LIABILITIES
Trade accounts payable	0	0	565
Accrued liabilities	0	0	4,565
Liabilities held for sale	$ 0	$ 0	$ 5,130

Discontinued Operations (Deta39

Discontinued Operations (Details Textual) $ in Millions	6 Months Ended
	Jul. 11, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset Impairment Charges, Total	$ 12.9

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	4 Months Ended		6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014	Dec. 27, 2014
Segment Reporting Information [Line Items]
Revenues from external customers	$ 43,795	$ 47,567	$ 77,214	$ 81,642
Operating income (loss)	4,157	3,879	8,444	7,414
Net income	3,222	(8,084)	6,719	(5,834)
Total assets	125,000	119,348	125,000	119,348	$ 127,881
Sporting Goods [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	43,795	38,012	77,214	65,733
Operating income (loss)	5,253	5,198	10,497	9,467
Net income	3,237	3,144	6,453	5,763
Total assets	99,163	88,099	99,163	88,099
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	0	9,555	0	15,908
Operating income (loss)	0	(53)	0	159
Net income	0	(10,851)	0	(10,865)
Total assets	0	4,348	0	4,348
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	0	0	0	0
Operating income (loss)	(1,096)	(1,266)	(2,053)	(2,212)
Net income	(15)	(377)	266	(732)
Total assets	$ 25,837	$ 26,901	$ 25,837	$ 26,901

Dividend Payment (Details Textu

Dividend Payment (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jun. 19, 2015	Mar. 20, 2015
Dividend Payment Terms [Line Items]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.11	$ 0.10
Dividends, Common Stock, Cash (in dollars)	$ 1.6	$ 1.4

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	4 Months Ended		6 Months Ended
	Jul. 11, 2015	Jul. 12, 2014	Jul. 11, 2015	Jul. 12, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding	14,072	13,867	14,047	13,789
Dilutive effect of stock options and restricted stock units	193	284	185	266
Weighted average common shares outstanding, assuming dilution	14,265	14,151	14,232	14,055