Supreme Industries (STS) Inactive 10-Q30 Jul 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 28, 2014	Jul. 28, 2014	Jul. 28, 2014
	Jun. 28, 2014	Common Class A [Member]	Common Class B [Member]
Entity Registrant Name	'SUPREME INDUSTRIES INC	'	'
Entity Central Index Key	'0000350846	'	'
Document Type	'10-Q	'	'
Document Period End Date	28-Jun-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-27	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Common Stock, Shares Outstanding	'	14,737,922	1,771,949
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q2	'	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 28, 2014	Dec. 28, 2013
Current assets:	'	'
Cash and cash equivalents	$12,549,318	$3,894,277
Investments	2,914,660	2,865,287
Accounts receivable, net	21,867,794	21,623,319
Inventories	24,590,163	32,496,255
Deferred income taxes	1,866,907	1,844,648
Other current assets	1,125,906	3,199,571
Total current assets	64,914,748	65,923,357
Property, plant and equipment, at cost	95,602,834	95,541,208
Less, Accumulated depreciation and amortization	49,244,651	49,153,369
Property, plant and equipment, net	46,358,183	46,387,839
Other assets	1,067,195	1,219,655
Total assets	112,340,126	113,530,851
Current liabilities:	'	'
Current maturities of long-term debt	666,668	666,668
Trade accounts payable	12,712,063	15,888,955
Other accrued liabilities	10,901,268	11,787,833
Total current liabilities	24,279,999	28,343,456
Long-term debt	8,666,664	8,999,998
Deferred income taxes	1,749,220	2,078,366
Other long-term liabilities	53,641	28,864
Total liabilities	34,749,524	39,450,684
Stockholders' equity	77,590,602	74,080,167
Total liabilities and stockholders' equity	$112,340,126	$113,530,851

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Consolidated Statements of Comprehensive Income	'	'	'	'
Net sales	$71,552,068	$68,909,290	$124,945,625	$125,280,459
Cost of sales	56,914,412	54,386,401	102,417,462	99,654,522
Gross profit	14,637,656	14,522,889	22,528,163	25,625,937
Selling, general and administrative expenses	8,301,473	8,126,775	15,821,463	15,931,705
Other income	-61,970	-16,733	-99,195	-723,695
Operating income	6,398,153	6,412,847	6,805,895	10,417,927
Interest expense	77,335	39,472	153,446	137,565
Income from continuing operations before income taxes	6,320,818	6,373,375	6,652,449	10,280,362
Income tax expense	2,065,386	2,399,580	2,173,000	3,696,085
Income from continuing operations	4,255,432	3,973,795	4,479,449	6,584,277
Discontinued operations	'	'	'	'
Gain on sale of discontinued operations, net of tax	'	'	87,036	'
Operating loss of discontinued operations, net of tax	'	-3,048,664	-1,654,459	-3,355,340
Loss of discontinued operations, net of tax	'	-3,048,664	-1,567,423	-3,355,340
Net income	4,255,432	925,131	2,912,026	3,228,937
Other comprehensive income (loss), net of tax	14,782	-26,815	21,042	-31,269
Comprehensive income	$4,270,214	$898,316	$2,933,068	$3,197,668
Basic income (loss) per share:	'	'	'	'
Income from continuing operations (in dollars per share)	$0.26	$0.25	$0.27	$0.41
Loss from discontinued operations (in dollars per share)	'	($0.19)	($0.09)	($0.21)
Net income (loss) (in dollars per share)	$0.26	$0.06	$0.18	$0.20
Diluted income (loss) per share:	'	'	'	'
Income from continuing operations (in dollars per share)	$0.25	$0.24	$0.26	$0.40
Loss from discontinued operations (in dollars per share)	'	($0.18)	($0.09)	($0.20)
Net income (loss) (in dollars per share)	$0.25	$0.06	$0.17	$0.20
Shares used in the computation of income (loss) per share:	'	'	'	'
Basic (in shares)	16,341,887	16,098,387	16,258,466	16,053,098
Diluted (in shares)	16,757,781	16,462,115	16,705,887	16,356,692

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 28, 2014	Jun. 29, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$2,912,026	$3,228,937
Adjustments to reconcile net income (loss) to net cash from operating activities:	'	'
Depreciation and amortization	1,917,847	1,761,455
Provision for losses on doubtful receivables	2,944	77,505
Deferred income taxes	-351,405	755,749
Stock-based compensation expense	225,642	192,017
Gain on sale of discontinued operations	-127,994	'
(Gain) loss on sale of property, plant and equipment, net	48,920	-346,393
Changes in operating assets and liabilities	1,525,543	-1,193,616
Net cash used in operating activities	6,153,523	4,475,654
Cash flows from investing activities:	'	'
Proceeds from sale of discontinued operations	3,884,656	'
Additions to property, plant and equipment	-1,442,337	-3,660,390
Proceeds from sale of property, plant, and equipment	54,863	1,245,459
Proceeds from sale of investments	2,887,193	34,769
Purchases of investments	-2,901,248	'
Net cash provided by (used in) investing activities	2,483,127	-2,380,162
Cash flows from financing activities:	'	'
Proceeds from revolving line of credit and other long-term debt	'	46,442,128
Repayments of revolving line of credit and other long-term debt	-333,334	-48,354,219
Payment of debt issuance costs	'	-353,383
Proceeds from exercise of stock options	351,725	136,148
Net cash provided by (used in) financing activities	18,391	-2,129,326
Change in cash and cash equivalents	8,655,041	-33,834
Cash and cash equivalents, beginning of period	3,894,277	59,056
Cash and cash equivalents, end of period	$12,549,318	$25,222

BASIS_OF_PRESENTATION_AND_OPIN

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT	6 Months Ended
BASIS OF PRESENTATION AND OPINION OF MANAGEMENT	Jun. 28, 2014
BASIS OF PRESENTATION AND OPINION OF MANAGEMENT	'
BASIS OF PRESENTATION AND OPINION OF MANAGEMENT	'
	NOTE 1 – BASIS OF PRESENTATION AND OPINION OF MANAGEMENT
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all of the information and financial statement disclosures necessary for a fair presentation of consolidated financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, the information furnished herein includes all adjustments necessary to reflect a fair presentation of the interim periods reported. The December 28, 2013 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. References to “we,” “us,” “our,” “its,” “Supreme,” or the “Company” refer to Supreme Industries, Inc. and its subsidiaries.
	The Company has adopted a 52- or 53-week fiscal year ending the last Saturday in December. The results of operations for the three and six months ended June 28, 2014 and June 29, 2013 are for 13-week and 26-week periods, respectively.

RECENTLY_ISSUED_ACCOUNTING_PRO

RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS	6 Months Ended
RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS	Jun. 28, 2014
RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS	'
RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS.	'

	NOTE 2 – RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS
	In May 2014, the Financial Accounting Standards Board issued guidance on recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance supersedes existing U.S. GAAP and industry-specific guidance related to revenue recognition. The Company has the option to apply the provisions of the guidance using one of the following two methods: (1) retrospectively to each prior reporting period presented, or (2) retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial adoption. The guidance is effective for annual and interim periods beginning after December 15, 2016. Early adoption of the guidance is not permitted. The Company is currently evaluating the provisions of this guidance and has not yet determined the impact, if any, that the implementation of this guidance will have on its results of operations or financial condition.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS.	6 Months Ended
	Jun. 28, 2014
DISCONTINUED OPERATIONS.	'
DISCONTINUED OPERATIONS.	'
	NOTE 3 — DISCONTINUED OPERATIONS

	On December 31, 2013, the Company announced its intention to divest its shuttle bus business. The progressively competitive environment in the bus industry led to intensified price cutting, making it more difficult to sustain profitability. Shuttle bus products represented less than 13% of the Company’s consolidated sales for the year ended December 28, 2013, but have had a material adverse effect on reported financial results in recent years.

	On February 28, 2014, the Company entered into an Asset Purchase Agreement (the “Agreement”) for the sale of certain assets of the Company’s shuttle bus division. Pursuant to the terms of the Agreement and upon satisfaction of the closing conditions, the Company sold the assets of the shuttle bus operations including: machinery and equipment, inventory, trademarks, engineering drawings, bills of materials, customer lists, customer purchasing histories, price lists, distribution lists, supplier lists, production data, quality control records, procedures related to the shuttle bus business, demonstrator vehicles, and all open purchase orders and unexpired governmental and municipal bid contracts. In addition, the purchaser assumed certain warranty obligations.

	The Company continued to operate the business for a period of time following the date of the Agreement to finish certain orders. The transaction closed on March 28, 2014. Net proceeds from the sale were $3.9 million and net assets of the shuttle bus operations sold consisted of: inventory of $4.1 million, machinery and equipment of $0.2 million, reduced by a warranty obligation of $0.5 million, resulting in a gain of $0.1 million, net of tax, recorded during the three month period ended March 29, 2014. The Agreement contains a five-year period during which the Company will not compete in the shuttle bus business, with the exception that the non-competition does not apply to the Company’s trolley bus division.

	The results for the shuttle bus division are classified as discontinued operations as follows:

		Three Months Ended					Six Months Ended
		June 28,		June 29,			June 28,			June 29,
		2014		2013			2014			2013
	Net sales	$	—	$	7,637,937		$	6,549,209		$	17,147,659
	Loss before income taxes	—		(5,006,017		)	(2,306,655		)	(5,509,590		)
	Loss after income taxes	—		(3,048,664		)	(1,567,423		)	(3,355,340		)

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 28, 2014
INVENTORIES	'
INVENTORIES	'

	NOTE 4 — INVENTORIES

	Inventories, which are stated at the lower of cost or market with cost determined using the first-in, first-out method, consist of the following:

		June 28,		December 28,
		2014		2013
	Raw materials	$	17,250,905	$	20,877,513
	Work-in-progress	2,752,850		3,673,301
	Finished goods	4,586,408		7,945,441
		$	24,590,163	$	32,496,255

OTHER_CURRENT_ASSETS

OTHER CURRENT ASSETS	6 Months Ended
OTHER CURRENT ASSETS	Jun. 28, 2014
OTHER CURRENT ASSETS	'
OTHER CURRENT ASSETS	'
	NOTE 5 – OTHER CURRENT ASSETS
	Other current assets included assets held for sale of $0.5 million at December 28, 2013. During the first quarter of 2014, the Company reclassified the $0.5 million from assets held for sale to property, plant, and equipment.

FAIR_VALUE_MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended
FAIR VALUE MEASUREMENT	Jun. 28, 2014
FAIR VALUE MEASUREMENT	'
FAIR VALUE MEASUREMENT	'
	NOTE 6 – FAIR VALUE MEASUREMENT
	Generally accepted accounting principles (“GAAP”) define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
	Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
	Level 2: Significant other observable inputs (other than Level 1 prices such as quoted prices for similar assets or liabilities); quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
	Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
	The Company used the following methods and significant assumptions to estimate the fair value of items:
	Investments: The fair values of investments available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs).
	Derivatives: Our derivative instruments consist of interest rate swaps, currently reflected as other long-term liabilities on the Consolidated Condensed Balance Sheets. The Company obtains fair values from financial institutions that utilize internal models with observable market data inputs to estimate the fair value of these instruments (Level 2 inputs).
	The carrying amounts of cash and cash equivalents, accounts receivable, and trade accounts payable approximated fair value as of June 28, 2014, and December 28, 2013, because of the relatively short maturities of these financial instruments. The carrying amount of long-term debt, including current maturities, approximated fair value as of June 28, 2014, and December 28, 2013, based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding long-term debt.

LONGTERM_DEBT

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 28, 2014
LONG-TERM DEBT	'
LONG-TERM DEBT	'
	NOTE 7 – LONG-TERM DEBT
	Credit Agreement
	On December 19, 2012, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo. Under the terms of the Credit Agreement, Wells Fargo agreed to provide to the Company a credit facility of up to $45.0 million, consisting of a revolving credit facility, a term loan facility, and a letter of credit facility. The Credit Agreement is for a period of five years ending on December 19, 2017. Financial covenants in the Credit Agreement include a consolidated total leverage ratio, a consolidated fixed charge coverage ratio, and a limitation on annual capital expenditures. As of June 28, 2014, the effective interest rate for all borrowings against the Credit Agreement was 2.48% and the Company was in compliance with all three financial covenants.

	Revolving Credit Facility

	The revolving credit facility provides for borrowings of up to $35.0 million. The revolving credit facility bears interest at (i) LIBOR plus a margin which varies from 1.50% to 2.50% based upon a leverage ratio of total indebtedness to trailing four quarter EBITDA or (ii) the higher of (a) the prime rate and (b) the federal funds rate plus 0.50% plus a margin which varies from 0.50% to 1.50% based upon the debt to EBITDA leverage ratio. The revolving credit facility also requires a quarterly commitment fee ranging from 0.20% to 0.50% per annum depending on the Company’s financial ratios and based upon the average daily unused portion. As of June 28, 2014, and December 28, 2013, there were no borrowings against the revolving credit facility. The Company had unused credit capacity of $31.3 million at June 28, 2014.
	Term Loan Facility
	The term loan facility provides for borrowings of up to $10.0 million. Effective April 29, 2013, the Company and Wells Fargo entered into a $10.0 million term loan by converting $10.0 million of revolving credit facility borrowings to term debt. The term loan is secured by real estate and improvements, payable in quarterly installments of $166,667 commencing on June 28, 2013, plus interest at prime rate or LIBOR (as defined in the Credit Agreement), with the remaining balance due upon maturity on December 19, 2017. As of June 28, 2014, the outstanding balance under the term loan facility was $9.3 million.

	On August 9, 2013, the Company entered into an interest rate swap agreement for a portion of the term loan with a notional amount of $5.0 million. The interest rate swap agreement provides for a 3.1% fixed interest rate and matures on December 19, 2017. The Company designated this swap agreement as a cash flow hedge on its variable rate debt and records the fair value of the swap agreement as an asset or liability on the balance sheet, with changes in fair value recognized in other comprehensive income (loss).
	Letter of Credit Facility
	Outstanding letters of credit, related to the Company’s workers’ compensation insurance policies, reduce available borrowings under the Credit Agreement and aggregated $3.7 million at June 28, 2014.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 28, 2014
STOCK-BASED COMPENSATION	'
STOCK-BASED COMPENSATION	'
	NOTE 8 — STOCK-BASED COMPENSATION

	The following table summarizes the activity for the unvested restricted stock for the six months ended June 28, 2014:

		Unvested		Weighted - Average
		Restricted		Grant Date
		Stock		Fair Value
	Unvested, December 28, 2013	110,431		$	3.99
	Granted	60,896		$	4.83
	Vested	(31,063	)	$	4.25
	Unvested, June 28, 2014	140,264		$	5.1

	The total fair value of restricted shares vested and recognized as stock-based compensation expense during the six months ended June 28, 2014 was $143,142.

	A summary of the status of the Company’s outstanding stock options as of June 28, 2014, and changes during the six months ended June 28, 2014 are as follows:

				Weighted - Average
		Options		Exercise Price
	Outstanding, December 28, 2013	535,431		$	2.79
	Granted	—		—
	Exercised	(151,504	)	$	3.43
	Expired	—		—
	Forfeited	—		—
	Outstanding, June 28, 2014	383,927		$	2.54

	As of June 28, 2014, outstanding exercisable options had an intrinsic value of $1,480,722 and a weighted-average remaining contractual life of 2.2 years.

	Total unrecognized compensation expense related to all share-based awards outstanding at June 28, 2014, was $716,031 and will be recorded over a weighted average contractual life of 2.2 years.

	Beginning in 2012, as a part of annual director compensation, a stock award is paid to each of the Company’s outside directors equal to $27,500 divided by the closing sales price on the grant date. The grants are made in quarterly increments. Shares granted during the first six months of 2014 totaled 12,432 and stock-based compensation expense recognized during the six months ended June 28, 2014 was $82,500.

INCOME_TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 28, 2014
INCOME TAXES	'
INCOME TAXES	'
	NOTE 9 – INCOME TAXES

	For the three and six months ended June 28, 2014, the Company recorded income tax expense from continuing operations of $2.1 million and $2.2 million at an effective tax rate of 32.7%. For the three and six months ended June 29, 2013, the Company recorded income tax expense from continuing operations of $2.4 million and $3.7 million at an effective tax rate of 37.7% and 36.0% respectively. The year-over-year reduction in effective tax rate was primarily due to reductions in: (1) the Company’s state effective tax rate due to mix of income by state, (2) increased benefit from its captive insurance company, and (3) increased benefit from the allowable domestic manufacturing deduction.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 28, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 10 – COMMITMENTS AND CONTINGENCIES
	The Company is subject to various investigations, claims, and legal proceedings covering a wide range of matters that arise in the ordinary course of its business activities, certain of which are covered in whole or in part by insurance. The Company establishes accruals for these matters to the extent that losses are deemed probable and are reasonably estimable. Although the outcome of these matters cannot be fully determined on the basis of information currently available, it is the opinion of management that the ultimate outcome of these matters would not be significant to the Company’s consolidated financial position, results of operations, or cash flow.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS. (Tables) (Shuttle Bus Division [Member])	6 Months Ended
	Jun. 28, 2014
Shuttle Bus Division [Member]	'
Discontinued operations	'
Schedule of results for the facilities classified as discontinued operations	'

		Three Months Ended					Six Months Ended
		June 28,		June 29,			June 28,			June 29,
		2014		2013			2014			2013
	Net sales	$	—	$	7,637,937		$	6,549,209		$	17,147,659
	Loss before income taxes	—		(5,006,017		)	(2,306,655		)	(5,509,590		)
	Loss after income taxes	—		(3,048,664		)	(1,567,423		)	(3,355,340		)

INVENTORIES_Tables

INVENTORIES. (Tables)	6 Months Ended
	Jun. 28, 2014
INVENTORIES	'
Schedule of inventories	'

		June 28,		December 28,
		2014		2013
	Raw materials	$	17,250,905	$	20,877,513
	Work-in-progress	2,752,850		3,673,301
	Finished goods	4,586,408		7,945,441
		$	24,590,163	$	32,496,255

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION. (Tables)	6 Months Ended
STOCK-BASED COMPENSATION. (Tables)	Jun. 28, 2014
STOCK-BASED COMPENSATION	'
Schedule of the activity for unvested restricted stock	'
		Unvested		Weighted - Average
		Restricted		Grant Date
		Stock		Fair Value
	Unvested, December 28, 2013	110,431		$	3.99
	Granted	60,896		$	4.83
	Vested	(31,063	)	$	4.25
	Unvested, June 28, 2014	140,264		$	5.1


Summary of the status of outstanding stock options and changes during the period	'
				Weighted - Average
		Options		Exercise Price
	Outstanding, December 28, 2013	535,431		$	2.79
	Granted	—		—
	Exercised	(151,504	)	$	3.43
	Expired	—		—
	Forfeited	—		—
	Outstanding, June 28, 2014	383,927		$	2.54

BASIS_OF_PRESENTATION_AND_OPIN1

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT (Details)	3 Months Ended		6 Months Ended
BASIS OF PRESENTATION AND OPINION OF MANAGEMENT (Details)	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Basis of presentation and opinion of management	'	'	'	'
Length of fiscal years	'91 days	'91 days	'182 days	'182 days
Minimum [Member]	'	'	'	'
Basis of presentation and opinion of management	'	'	'	'
Length of fiscal years	'	'	'364 days	'
Maximum [Member]	'	'	'	'
Basis of presentation and opinion of management	'	'	'	'
Length of fiscal years	'	'	'371 days	'

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS. (Details) (USD $)	3 Months Ended	6 Months Ended		3 Months Ended	6 Months Ended		3 Months Ended
	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013	Mar. 29, 2014	Dec. 28, 2013
				Shuttle Bus Division [Member]	Shuttle Bus Division [Member]	Shuttle Bus Division [Member]	Shuttle Bus Division [Member]	Shuttle Bus Division [Member]
							Supreme Corporation [Member]	Maximum [Member]
Discontinued operations	'	'	'	'	'	'	'	'
Products sales expressed as a percentage of consolidated sales	'	'	'	'	'	'	'	13.00%
Net proceeds from the sale of assets	'	$3,884,656	'	'	'	'	$3,900,000	'
Inventory	'	'	'	'	'	'	4,100,000	'
Machinery and equipment	'	'	'	'	'	'	200,000	'
Reduction in proceeds due to warranty obligation	'	'	'	'	'	'	500,000	'
Gain on sale of business, net of tax	'	87,036	'	'	'	'	100,000	'
Period for which the entity will not compete under asset purchase agreement	'	'	'	'	'	'	'5 years	'
Operating results	'	'	'	'	'	'	'	'
Net sales	'	'	'	7,637,937	6,549,209	17,147,659	'	'
Loss before income taxes	'	'	'	-5,006,017	-2,306,655	-5,509,590	'	'
Loss of discontinued Bus operations, net of tax	($3,048,664)	($1,567,423)	($3,355,340)	($3,048,664)	($1,567,423)	($3,355,340)	'	'

INVENTORIES_Details

INVENTORIES. (Details) (USD $)	Jun. 28, 2014	Dec. 28, 2013
INVENTORIES	'	'
Raw materials	$17,250,905	$20,877,513
Work-in-progress	2,752,850	3,673,301
Finished goods	4,586,408	7,945,441
Total	$24,590,163	$32,496,255

OTHER_CURRENT_ASSETS_Details

OTHER CURRENT ASSETS (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 28, 2013
OTHER CURRENT ASSETS	'	'
Assets held for sale	'	$0.50
Reclassification of real estate assets held for sale to property, plant, and equipment	$0.50	'

LONGTERM_DEBT_Details

LONG-TERM DEBT. (Details) (USD $)

0 Months Ended

6 Months Ended

0 Months Ended

Dec. 19, 2012

Jun. 28, 2014

Dec. 28, 2013

Apr. 29, 2013

Dec. 19, 2012

Jun. 28, 2014

Aug. 09, 2013

Jun. 28, 2013

Jun. 28, 2014

Apr. 29, 2013

Dec. 19, 2012

Jun. 28, 2014

Amended And Restated Credit Agreement [Member]

Revolving Credit Facility [Member]

Secured Debt [Member]

Letter Of Credit [Member]

Wells Fargo [Member]

Interest Rate Swap [Member]

Wells Fargo [Member]

item

Prime Rate [Member]

London Interbank Offered Rate L I B O R [Member]

Base Rate [Member]

Debt Instrument Variable Rate Federal Funds Rate [Member]

Minimum [Member]

Maximum [Member]

Cash Flow Hedging [Member]

London Interbank Offered Rate L I B O R [Member]

Base Rate [Member]

London Interbank Offered Rate L I B O R [Member]

Base Rate [Member]

Long-term debt.

Maximum borrowing capacity

$45,000,000

$35,000,000

$10,000,000

Term of credit agreement

'5 years

Unused credit capacity under the agreement

31,300,000

Number of financial covenants to be complied with

Variable interest rate basis

'prime rate

'LIBOR

'federal funds rate plus 0.50%

'federal funds rate

Basis spread on variable interest rate basis (as a percent)

0.50%

1.50%

0.50%

2.50%

1.50%

Interest rate (as a percent)

2.48%

Quarterly commitment fee (as a percent)

0.20%

0.50%

Principal amount of debt

10,000,000

Amount of line of credit facility converted to term debt

10,000,000

Principal amount payable in quarterly installments

166,667

Outstanding amount

9,300,000

Notional amount

5,000,000

Fixed interest rate (as a percent)

3.10%

Aggregate outstanding amount

$3,700,000

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION. (Details 3) (USD $)	6 Months Ended
STOCK-BASED COMPENSATION. (Details 3) (USD $)	Jun. 28, 2014
Restricted Stock [Member]	'
Number of Shares	'
Unvested at the beginning of the period (in shares)	110,431
Granted (in shares)	60,896
Vested (in shares)	-31,063
Unvested at the end of the period (in shares)	140,264
Weighted - Average Grant Date Fair Value	'
Unvested at the beginning of the period (in dollars per share)	$3.99
Granted (in dollars per share)	$4.83
Vested (in dollars per share)	$4.25
Unvested at the end of the period (in dollars per share)	$5.10
Total fair value of shares vested and recognized as stock-based compensation expense during the year	$143,142
Stock-based compensation, additional disclosure	'
Granted (in shares)	60,896
Employee And Nonemployee Stock Option [Member]	'
Options	'
Outstanding at the beginning of the period (in shares)	535,431
Exercised (in shares)	-151,504
Outstanding at the end of the period (in shares)	383,927
Weighted - Average Exercise Price	'
Outstanding at the beginning of the period (in dollars per share)	$2.79
Exercised (in dollars per share)	$3.43
Outstanding at the end of the period (in dollars per share)	$2.54
Stock-based compensation, additional disclosure	'
Intrinsic value of outstanding exercisable options	1,480,722
Weighted-average remaining contractual life of options exercisable	'2 years 2 months 12 days
Total unrecognized compensation expense	716,031
Recognition of unrecognized compensation expense over weighted average contractual life	'2 years 2 months 12 days
Director [Member]	'
Number of Shares	'
Granted (in shares)	12,432
Stock-based compensation, additional disclosure	'
Stock award paid as compensation to outside directors	27,500
Granted (in shares)	12,432
Stock-based compensation expense	$82,500

INCOME_TAXES_Details

INCOME TAXES. (Details) (USD $)	3 Months Ended		6 Months Ended
INCOME TAXES. (Details) (USD $)	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
INCOME TAXES	'	'	'	'
Income tax expense	$2,065,386	$2,399,580	$2,173,000	$3,696,085
Effective tax rate (as a percent)	32.70%	37.70%	32.70%	36.00%