Supreme Industries (STS) 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 28, 2015	Apr. 27, 2015
Entity Registrant Name	SUPREME INDUSTRIES INC
Entity Central Index Key	350846
Document Type	10-Q
Document Period End Date	28-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-14
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Class A Common Stock
Entity Common Stock, Shares Outstanding		14,867,110
Class B Common Stock
Entity Common Stock, Shares Outstanding		1,742,482

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 28, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$69,014	$11,636,988
Investments	3,988,852	3,933,507
Accounts receivable, net	30,191,914	17,898,054
Inventories	39,127,698	22,661,814
Deferred income taxes	1,157,953	1,122,103
Other current assets	5,408,263	5,849,019
Total current assets	79,943,694	63,101,485
Property, plant and equipment, net	47,011,885	46,925,534
Other assets	838,505	914,735
Total assets	127,794,084	110,941,754
Current liabilities:
Current maturities of long-term debt	666,668	666,668
Trade accounts payable	15,947,914	8,958,026
Other accrued liabilities	8,018,181	9,027,829
Total current liabilities	24,632,763	18,652,523
Long-term debt	17,370,152	8,333,330
Deferred income taxes	2,967,279	2,886,188
Other long-term liabilities	67,250	37,308
Total liabilities	45,037,444	29,909,349
Stockholders' equity	82,756,640	81,032,405
Total liabilities and stockholders' equity	$127,794,084	$110,941,754

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net sales	$63,295,371	$53,393,557
Cost of sales	51,850,345	45,503,050
Gross profit	11,445,026	7,890,507
Selling, general and administrative expenses	8,420,650	7,519,990
Other income	-78,158	-37,225
Operating income	3,102,534	407,742
Interest expense	243,415	76,111
Income from continuing operations before income taxes	2,859,119	331,631
Income tax expense	926,000	107,614
Income from continuing operations	1,933,119	224,017
Discontinued operations
Gain on sale of discontinued operations, net of tax		87,036
Operating loss from discontinued operations, net of tax		-1,654,459
Loss from discontinued operations, net of tax		-1,567,423
Net income (loss)	1,933,119	-1,343,406
Other comprehensive income (loss), net of tax	-12,410	6,260
Comprehensive income (loss)	$1,920,709	($1,337,146)
Basic income (loss) per share:
Income from continuing operations (in dollars per share)	$0.12	$0.01
Loss from discontinued operations (in dollars per share)		($0.09)
Net income (loss) (in dollars per share)	$0.12	($0.08)
Diluted income (loss) per share:
Income from continuing operations (in dollars per share)	$0.11	$0.01
Loss from discontinued operations (in dollars per share)		($0.09)
Net income (loss) (in dollars per share)	$0.11	($0.08)
Shares used in the computation of income (loss) per share:
Basic (in shares)	16,569,115	16,202,499
Diluted (in shares)	16,905,228	16,631,421

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Cash flows from operating activities:
Net income (loss)	$1,933,119	($1,343,406)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	902,233	980,005
Deferred income taxes	45,241	92,601
Stock-based compensation expense	160,090	101,201
Gain on sale of discontinued operations		-127,994
(Gain) loss on sale of property, plant and equipment, net	-2,700	23,924
Changes in operating assets and liabilities	-21,930,235	-609,373
Net cash used in operating activities	-18,892,252	-883,042
Cash flows from investing activities:
Proceeds from sale of discontinued operations		3,884,656
Additions to property, plant and equipment	-912,354	-686,450
Proceeds from sale of property, plant, and equipment	2,700	9,613
Purchases of investments	-32,846	-5,270
Net cash provided by (used in) investing activities	-942,500	3,202,549
Cash flows from financing activities:
Proceeds from revolving line of credit and other long-term debt	11,903,489
Repayments of revolving line of credit and other long-term debt	-2,866,667	-166,667
Payments of cash dividends	-828,509
Treasury Stock Purchased	-87,230
Proceeds from exercise of stock options	145,695	48,332
Net cash provided by (used in) financing activities	8,266,778	-118,335
Change in cash and cash equivalents	-11,567,974	2,201,172
Cash and cash equivalents, beginning of period	11,636,988	3,894,277
Cash and cash equivalents, end of period	$69,014	$6,095,449

BASIS_OF_PRESENTATION_AND_OPIN

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT	3 Months Ended
	Mar. 28, 2015
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 27, 2014 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 months ended March 28, 2015 and March 29, 2014 are for 13-week periods, respectively.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 28, 2015
DISCONTINUED OPERATIONS.
DISCONTINUED OPERATIONS.	NOTE 2 — 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
		March 29, 2014
	Net sales	$	6,549,209
	Loss before income taxes	(2,306,655		)
	Loss after income taxes	(1,567,423		)

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 28, 2015
INVENTORIES
INVENTORIES	NOTE 3 — 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:
		March 28,		December 27,
		2015		2014
	Raw materials	$	27,830,262	$	15,880,826
	Work-in-progress	5,121,540		3,136,994
	Finished goods	6,175,896		3,643,994
		$	39,127,698	$	22,661,814

FAIR_VALUE_MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 28, 2015
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT
	NOTE 4 — 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 Condensed Consolidated 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 March 28, 2015 and December 27, 2014, 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 March 28, 2015 and December 27, 2014, 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	3 Months Ended
	Mar. 28, 2015
LONG-TERM DEBT
LONG-TERM DEBT
	NOTE 5 — 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 Bank, National Association (“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.  The Company had unused credit capacity of $25.8 million at March 28, 2015.  Interest on outstanding borrowings under the Credit Agreement is based on Wells Fargo’s prime rate or LIBOR depending on the pricing option selected and the Company’s leverage ratio (as defined in the Credit Agreement) resulting in an effective interest rate of 2.86% at March 28, 2015 and 2.50% at December 27, 2014.  Pursuant to the Credit Agreement, the financial covenants include a consolidated total leverage ratio, a consolidated fixed charge coverage ratio, and a limitation on annual capital expenditures. On August 27, 2014, the Company entered into an amendment of the Credit Agreement. The amendment changed the cash dividend limit from a percentage of consolidated net income for the immediately preceding fiscal quarter to a flat per fiscal quarter limit of $0.03 per share of capital stock then issued and outstanding. The Company was in compliance with all provisions of the Credit Agreement upon receipt of a waiver of default. The Company had a technical event of default caused by payment of cash dividends in excess of $0.03 per share during the first quarter of 2015. This was caused by the cash dividend declared in the fourth quarter of 2014 being paid on January 2, 2015.
	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.  The Company’s cash management system and revolving credit facility are designed to maintain zero cash balances and, accordingly, checks outstanding in excess of bank balances are classified as borrowings under the revolving credit facility. Checks outstanding in excess of bank balances were $5.8 million and additional borrowings against the revolving credit facility totaled $3.4 million at March 28, 2015.  There were no borrowings against the revolving credit facility at December 27, 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, with the remaining balance due upon maturity on December 19, 2017. As of March 28, 2015 and December 27, 2014, the outstanding balance under the term loan facility was $8.8 million and $9.0 million, respectively.
	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. During 2014, the Company replaced all outstanding letters of credit with cash deposits with its insurance carriers totaling $3.3 million, thereby utilizing idle cash to avoid letters of credit fees and earn interest on the cash deposits.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 28, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
	NOTE 6 — STOCK-BASED COMPENSATION
	The following table summarizes the activity for the outstanding stock options for the three months ended March 28, 2015:
				Weighted - Average
		Options		Exercise Price
	Outstanding, December 27, 2014	351,808		$	2.61
	Granted	—		—
	Exercised	(62,184	)	$	2.74
	Expired	—		—
	Forfeited	—		—
	Outstanding, March 28, 2015	289,624		$	2.58
	At March 28, 2015, the aggregate intrinsic value of options exercisable and the intrinsic value of all options outstanding approximated $1,541,054 and had a weighted-average remaining contractual life of 1.5 years.
	The following table summarizes the activity for the unvested restricted stock for the three months ended March 28, 2015:
		Unvested		Weighted - Average
		Restricted		Grant Date
		Stock		Fair Value
	Unvested, December 27, 2014	105,817		$	5.19
	Granted	122,890		$	8.43
	Vested	(20,636	)	$	5.43
	Unvested, March 28, 2015	208,071		$	7.08
	The total fair value of restricted shares vested and recognized as stock-based compensation expense during the three months ended March 28, 2015 was $111,965.
	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 to outside directors during the first three months of 2015 totaled 6,818 and the related stock-based compensation expense recognized during the three months ended March 28, 2015 was $48,125.
	Total unrecognized compensation expense related to all share-based awards outstanding at March 28, 2015, was approximately $1,473,635 and is to be recorded over a weighted-average contractual life of 2.5 years.
	As of March 28, 2015, 631,370 shares were reserved for the granting of future share-based awards compared to 761,078 shares at December 27, 2014.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 28, 2015
INCOME TAXES
INCOME TAXES
	NOTE 7 — INCOME TAXES
	For the three months ended March 28, 2015, the Company recorded income tax expense of $0.9 million at an effective tax rate of 32.4% compared with $0.1 million at an effective tax rate of 32.4% for the three months ended March 29, 2014.  The rates differ from the federal statutory rate primarily because of varying state income tax rates and permanent federal income tax differences including benefits from a captive insurance company and the allowable domestic manufacturer deduction.

COMMON_STOCK

COMMON STOCK	3 Months Ended
	Mar. 28, 2015
COMMON STOCK
COMMON STOCK	NOTE 8 — COMMON STOCK
	The Company declared and paid a two and one-half cent ($.025) per share cash dividend to all Class A and Class B common stockholders during the quarter ended March 28, 2015.  The Company also paid the dividend declared on November 11, 2014, during the quarter ended March 28, 2015.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 28, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
	NOTE 9 — 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)	3 Months Ended
	Mar. 28, 2015
Shuttle Bus Division
Discontinued operations
Schedule of results for the facilities classified as discontinued operations
		Three Months Ended
		March 29, 2014
	Net sales	$	6,549,209
	Loss before income taxes	(2,306,655		)
	Loss after income taxes	(1,567,423		)

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 28, 2015
INVENTORIES
Schedule of inventories
		March 28,		December 27,
		2015		2014
	Raw materials	$	27,830,262	$	15,880,826
	Work-in-progress	5,121,540		3,136,994
	Finished goods	6,175,896		3,643,994
		$	39,127,698	$	22,661,814

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 28, 2015
STOCK-BASED COMPENSATION
Summary of the activity for the outstanding stock options
				Weighted - Average
		Options		Exercise Price
	Outstanding, December 27, 2014	351,808		$	2.61
	Granted	—		—
	Exercised	(62,184	)	$	2.74
	Expired	—		—
	Forfeited	—		—
	Outstanding, March 28, 2015	289,624		$	2.58
Schedule of the activity for the unvested restricted stock
		Unvested		Weighted - Average
		Restricted		Grant Date
		Stock		Fair Value
	Unvested, December 27, 2014	105,817		$	5.19
	Granted	122,890		$	8.43
	Vested	(20,636	)	$	5.43
	Unvested, March 28, 2015	208,071		$	7.08

BASIS_OF_PRESENTATION_AND_OPIN1

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT (Details)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Basis of presentation and opinion of management
Length of fiscal quarters	91 days	91 days
Minimum
Basis of presentation and opinion of management
Length of fiscal years	364 days
Maximum
Basis of presentation and opinion of management
Length of fiscal years	371 days

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Dec. 28, 2013
Discontinued operations
Net proceeds from sale of assets	$3,884,656
Gain on sale of business, net of tax	87,036
Operating results
Loss after income taxes	-1,567,423
Shuttle Bus Division
Discontinued operations
Net proceeds from sale of assets	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	100,000
Period for which the entity will not compete under asset purchase agreement	5 years
Operating results
Net sales	6,549,209
Loss before income taxes	-2,306,655
Loss after income taxes	($1,567,423)
Shuttle Bus Division | Maximum
Discontinued operations
Products sales expressed as a percentage of consolidated sales		13.00%

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Mar. 28, 2015	Dec. 27, 2014
INVENTORIES
Raw materials	$27,830,262	$15,880,826
Work-in-progress	5,121,540	3,136,994
Finished goods	6,175,896	3,643,994
Total	$39,127,698	$22,661,814

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended
	Dec. 19, 2012	Mar. 28, 2015	Jun. 28, 2013	Dec. 27, 2014	Sep. 27, 2014	Aug. 27, 2014	Apr. 29, 2013	Aug. 09, 2013
				item
Credit Agreement | Wells Fargo
Long-term debt.
Maximum borrowing capacity	$45,000,000
Term of credit agreement	5 years
Unused credit capacity under the agreement		25,800,000
Effective interest rate (as a percent)		2.86%			2.50%
Number of financial covenants to be complied with		3		3
Flat cash dividend limit of capital stock issued and outstanding (per share)						$0.03
Credit Agreement | Wells Fargo | Prime rate
Long-term debt.
Variable interest rate basis		prime rate
Credit Agreement | Wells Fargo | LIBOR
Long-term debt.
Variable interest rate basis		LIBOR
Revolving credit facility | Wells Fargo
Long-term debt.
Maximum borrowing capacity		35,000,000
Checks outstanding in excess of bank balances		5,800,000
Outstanding amount		3,400,000		0
Amount of line of credit facility converted to term debt							10,000,000
Revolving credit facility | Wells Fargo | Prime rate
Long-term debt.
Variable interest rate basis		prime rate
Revolving credit facility | Wells Fargo | LIBOR
Long-term debt.
Variable interest rate basis		LIBOR
Revolving credit facility | Wells Fargo | Alternate base rate
Long-term debt.
Variable interest rate basis		federal funds rate plus 0.50%
Revolving credit facility | Wells Fargo | Federal funds rate
Long-term debt.
Variable interest rate basis		federal funds rate
Basis spread on variable interest rate basis (as a percent)		0.50%
Revolving credit facility | Wells Fargo | Minimum
Long-term debt.
Quarterly commitment fee (as a percent)		0.20%
Revolving credit facility | Wells Fargo | Minimum | LIBOR
Long-term debt.
Basis spread on variable interest rate basis (as a percent)		1.50%
Revolving credit facility | Wells Fargo | Minimum | Alternate base rate
Long-term debt.
Basis spread on variable interest rate basis (as a percent)		0.50%
Revolving credit facility | Wells Fargo | Maximum
Long-term debt.
Quarterly commitment fee (as a percent)		0.50%
Revolving credit facility | Wells Fargo | Maximum | LIBOR
Long-term debt.
Basis spread on variable interest rate basis (as a percent)		2.50%
Revolving credit facility | Wells Fargo | Maximum | Alternate base rate
Long-term debt.
Basis spread on variable interest rate basis (as a percent)		1.50%
Term Loan Facility | Interest rate swap | Cash flow
Long-term debt.
Notional amount								5,000,000
Fixed interest rate (as a percent)								3.10%
Term Loan Facility | Wells Fargo
Long-term debt.
Maximum borrowing capacity	10,000,000
Principal amount of debt							10,000,000
Principal amount payable in quarterly installments			166,667
Outstanding amount		8,800,000		9,000,000
Term Loan Facility | Wells Fargo | Prime rate
Long-term debt.
Variable interest rate basis		prime rate
Term Loan Facility | Wells Fargo | LIBOR
Long-term debt.
Variable interest rate basis		LIBOR
Letter Of Credit
Long-term debt.
Aggregate outstanding amount				3,300,000

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended
	Mar. 28, 2015	Dec. 27, 2014
Stock-based compensation, additional disclosure
Total unrecognized compensation expense	$1,473,635
Recognition of unrecognized compensation expense over weighted average contractual life	2 years 6 months
Shares reserved for the grant of future share-based awards	631,370	761,078
Stock options
Options
Outstanding at the beginning of the period (in shares)	351,808
Exercised (in shares)	-62,184
Outstanding at the end of the period (in shares)	289,624
Weighted - Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$2.61
Exercised (in dollars per share)	$2.74
Outstanding at the end of the period (in dollars per share)	$2.58
Stock-based compensation, additional disclosure
Intrinsic value of outstanding exercisable options	1,541,054
Weighted-average remaining contractual life of options exercisable	1 year 6 months
Restricted Stock
Number of Shares
Unvested at the beginning of the period (in shares)	105,817
Granted (in shares)	122,890
Vested (in shares)	-20,636
Unvested at the end of the period (in shares)	208,071
Weighted - Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$5.19
Granted (in dollars per share)	$8.43
Vested (in dollars per share)	$5.43
Unvested at the end of the period (in dollars per share)	$7.08
Total fair value of shares vested and recognized as stock-based compensation expense during the year	111,965
Stock-based compensation, additional disclosure
Granted (in shares)	122,890
Director
Number of Shares
Granted (in shares)	6,818
Stock-based compensation, additional disclosure
Annual stock award paid as compensation to outside directors	27,500
Granted (in shares)	6,818
Stock-based compensation expense	$48,125

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
INCOME TAXES
Income tax expense	$926,000	$107,614
Effective tax (as a percent)	32.40%	32.40%

COMMON_STOCK_Details

COMMON STOCK (Details) (USD $)	3 Months Ended
	Mar. 28, 2015
COMMON STOCK
Cash dividend paid to all Class A and Class B Common stockholders	$0.03