Supreme Industries (STS) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 26, 2015	Oct. 15, 2015
Entity Registrant Name	SUPREME INDUSTRIES INC
Entity Central Index Key	350,846
Document Type	10-Q
Document Period End Date	Sep. 26, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-26
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Class A Common Stock
Entity Common Stock, Shares Outstanding		14,975,583
Class B Common Stock
Entity Common Stock, Shares Outstanding		1,742,482

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 26, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$ 8,708,028	$ 11,636,988
Investments	2,922,932	3,933,507
Accounts receivable, net	24,589,600	17,898,054
Inventories	28,742,316	22,661,814
Deferred income taxes	1,035,664	1,122,103
Other current assets	6,628,833	5,849,019
Total current assets	72,627,373	63,101,485
Property, Plant and Equipment, Net	47,150,805	46,925,534
Other assets	686,045	914,735
Total assets	120,464,223	110,941,754
Current liabilities:
Current maturities of long-term debt	666,668	666,668
Trade accounts payable	10,278,143	8,958,026
Other accrued liabilities	9,303,141	9,027,829
Total current liabilities	20,247,952	18,652,523
Long-term debt	7,833,332	8,333,330
Deferred income taxes	2,770,610	2,886,188
Other long-term liabilities	78,778	37,308
Total liabilities	30,930,672	29,909,349
Stockholders' equity	89,533,551	81,032,405
Total liabilities and stockholders' equity	$ 120,464,223	$ 110,941,754

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net sales	$ 64,818,118	$ 58,023,699	$ 210,708,719	$ 182,969,324
Cost of sales	52,175,728	46,736,407	171,153,245	149,153,869
Gross profit	12,642,390	11,287,292	39,555,474	33,815,455
Selling, general and administrative expenses	8,693,633	7,783,492	26,394,787	23,604,955
Other income	(110,133)	(299,148)	(408,648)	(398,343)
Operating income	4,058,890	3,802,948	13,569,335	10,608,843
Interest (income) expense, net	(72,004)	101,983	199,658	255,429
Income from continuing operations before income taxes	4,130,894	3,700,965	13,369,677	10,353,414
Income tax expense	1,334,000	1,232,000	4,293,000	3,405,000
Income from continuing operations	2,796,894	2,468,965	9,076,677	6,948,414
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	2,796,894	2,468,965	9,076,677	5,380,991
Other comprehensive income (loss), net of tax	(72,481)	(4,309)	(102,881)	16,733
Comprehensive income	$ 2,724,413	$ 2,464,656	$ 8,973,796	$ 5,397,724
Basic income (loss) per share:
Income from continuing operations (in dollars per share)	$ 0.17	$ 0.15	$ 0.54	$ 0.42
Loss from discontinued operations (in dollars per share)				(0.09)
Net income (in dollars per share)	0.17	0.15	0.54	0.33
Diluted income (loss) per share:
Income from continuing operations (in dollars per share)	0.16	0.15	0.53	0.41
Loss from discontinued operations (in dollars per share)				(0.09)
Net income (in dollars per share)	$ 0.16	$ 0.15	$ 0.53	$ 0.32
Shares used in the computation of income (loss) per share:
Basic (in shares)	16,764,923	16,385,403	16,663,607	16,311,598
Diluted (in shares)	17,062,801	16,762,994	16,984,060	16,714,412

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014
Cash flows from operating activities:
Net income	$ 9,076,677	$ 5,380,991
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	2,698,741	2,834,556
Deferred income taxes	(29,138)	433,153
Stock-based compensation expense	572,173	356,961
Gain on sale of discontinued operations		(127,994)
(Gain) loss on sale of property, plant and equipment, net	(168,480)	111,508
Changes in operating assets and liabilities	(10,965,706)	(2,672,061)
Net cash provided by operating activities	1,184,267	6,317,114
Cash flows from investing activities:
Proceeds from sale of discontinued operations		3,884,656
Additions to property, plant and equipment	(3,500,431)	(2,901,331)
Proceeds from sale of property, plant, and equipment	408,834	803,976
Proceeds from sale of investments	1,029,000	3,175,591
Purchases of investments	(92,330)	(3,216,041)
Net cash provided by (used in) investing activities	(2,154,927)	1,746,851
Cash flows from financing activities:
Proceeds from revolving line of credit and other long-term debt	38,570,153
Repayments of revolving line of credit and other long-term debt	(39,070,151)	(500,001)
Payments of cash dividends	(1,829,027)	(413,326)
Treasury Stock Purchased	(157,308)
Proceeds from exercise of stock options	528,033	398,594
Net cash used in financing activities	(1,958,300)	(514,733)
Change in cash and cash equivalents	(2,928,960)	7,549,232
Cash and cash equivalents, beginning of period	11,636,988	3,894,277
Cash and cash equivalents, end of period	$ 8,708,028	$ 11,443,509

BASIS OF PRESENTATION AND OPINI

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT	9 Months Ended
	Sep. 26, 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 and nine months ended September 26, 2015 and September 27, 2014 are for 13-week and 39-week periods, respectively.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 26, 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: Nine Months Ended September 27, 2014 Net sales $ Loss before income taxes ) Loss after income taxes )

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 26, 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: September 26, December 27, 2015 2014 Raw materials $ $ Work-in-progress Finished goods $ $

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 26, 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 an interest rate swap, 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 September 26, 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 September 26, 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.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 26, 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 $35.0 million at September 26, 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 2.70% at September 26, 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 during the three months ended September 26, 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. As of September 26, 2015, and December 27, 2014, there were no borrowings outstanding against the revolving credit facility. 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 September 26, 2015 and December 27, 2014, the outstanding balance under the term loan facility was $8.5 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.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 26, 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 nine months ended September 26, 2015: Weighted - Average Options Exercise Price Outstanding, December 27, 2014 $ Exercised ) $ Outstanding, September 26, 2015 $ At September 26, 2015, the aggregate intrinsic value of options exercisable and the intrinsic value of all options outstanding approximated $1,133,439 and had a weighted-average remaining contractual life of 1.64 years. The following table summarizes the activity for the unvested restricted stock for the nine months ended September 26, 2015: Unvested Weighted - Average Restricted Grant Date Stock Fair Value Unvested, December 27, 2014 $ Granted $ Vested ) $ Forfeited ) $ Unvested, September 26, 2015 $ The total fair value of restricted shares vested and recognized as stock-based compensation expense during the nine months ended September 26, 2015 was $427,798. 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 nine months of 2015 totaled 18,634 and the related stock-based compensation expense recognized during the nine months ended September 26, 2015 was $144,375. Total unrecognized compensation expense related to all share-based awards outstanding at September 26, 2015, was approximately $1,097,840 and is to be recorded over a weighted-average contractual life of 2.0 years. As of September 26, 2015, 633,315 shares were reserved for the granting of future share-based awards compared to 761,078 shares at December 27, 2014.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 26, 2015
INCOME TAXES
INCOME TAXES	NOTE 7 — INCOME TAXES For the three months ended September 26, 2015, the Company recorded income tax expense of $1.3 million at an effective tax rate of 32.3% compared with $1.2 million at an effective tax rate of 33.3% for the three months ended September 27, 2014. For the nine months ended September 26, 2015, the Company recorded income tax expense of $4.3 million at an effective tax rate of 32.1% compared with $3.4 million at an effective tax rate of 32.9% for the nine months ended September 27, 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	9 Months Ended
	Sep. 26, 2015
COMMON STOCK
COMMON STOCK	NOTE 8 — COMMON STOCK The Company paid the following cash dividends on its outstanding Class A and Class B Common Stock during the nine months ended September 26, 2015: Cash Dividend Declaration Date Record Date Paid Date Per Share Nov. 11, 2014 Dec. 12, 2014 Jan. 2, 2015 $ Mar. 3, 2015 Mar. 17, 2015 Mar. 24, 2015 $ May 12, 2015 May 27, 2015 June 3, 2015 $ Aug. 13, 2015 Aug. 24, 2015 Aug. 31, 2015 $

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 26, 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.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 26, 2015
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	NOTE 10 — 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 and is effective for annual and interim periods beginning after December 15, 2017. 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. In July 2015, the Financial Accounting Standards Board issued guidance on subsequent measurement of inventory, which changes the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value. The guidance is effective for annual and interim periods beginning after December 15, 2016. 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 (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 26, 2015
Shuttle Bus Division
Discontinued operations
Schedule of results for the facilities classified as discontinued operations	Nine Months Ended September 27, 2014 Net sales $ Loss before income taxes ) Loss after income taxes )

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 26, 2015
INVENTORIES
Schedule of inventories	September 26, December 27, 2015 2014 Raw materials $ $ Work-in-progress Finished goods $ $

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 26, 2015
STOCK-BASED COMPENSATION
Summary of the activity for the outstanding stock options	Weighted - Average Options Exercise Price Outstanding, December 27, 2014 $ Exercised ) $ Outstanding, September 26, 2015 $
Schedule of the activity for the unvested restricted stock	Unvested Weighted - Average Restricted Grant Date Stock Fair Value Unvested, December 27, 2014 $ Granted $ Vested ) $ Forfeited ) $ Unvested, September 26, 2015 $

COMMON STOCK (Tables)

COMMON STOCK (Tables)	9 Months Ended
	Sep. 26, 2015
COMMON STOCK
Schedule of cash dividend declared on its outstanding Class A and Class B common stock	Cash Dividend Declaration Date Record Date Paid Date Per Share Nov. 11, 2014 Dec. 12, 2014 Jan. 2, 2015 $ Mar. 3, 2015 Mar. 17, 2015 Mar. 24, 2015 $ May 12, 2015 May 27, 2015 June 3, 2015 $ Aug. 13, 2015 Aug. 24, 2015 Aug. 31, 2015 $

BASIS OF PRESENTATION AND OPI19

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT (Details)	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Basis of presentation and opinion of management
Length of fiscal quarters	91 days	91 days	273 days	273 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	9 Months Ended
	Mar. 29, 2014	Sep. 27, 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 ($)	Sep. 26, 2015	Dec. 27, 2014
INVENTORIES
Raw materials	$ 20,063,344	$ 15,880,826
Work-in-progress	4,040,830	3,136,994
Finished goods	4,638,142	3,643,994
Total	$ 28,742,316	$ 22,661,814

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)	Jun. 28, 2013	Dec. 19, 2012	Sep. 26, 2015	Dec. 27, 2014	Aug. 27, 2014	Aug. 09, 2013	Apr. 29, 2013
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			$ 35,000,000
Effective interest rate (as a percent)			2.70%	2.50%
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
Borrowings outstanding under credit facility			$ 0	$ 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			$ 8,500,000	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

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	9 Months Ended
	Sep. 26, 2015	Dec. 27, 2014
Stock-based compensation, additional disclosure
Total unrecognized compensation expense	$ 1,097,840
Recognition of unrecognized compensation expense over weighted average contractual life	2 years
Shares reserved for the grant of future share-based awards	633,315	761,078
Stock options
Options
Outstanding at the beginning of the period (in shares)	351,808
Exercised (in shares)	(167,995)
Outstanding at the end of the period (in shares)	183,813
Weighted - Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 2.61
Exercised (in dollars per share)	3.29
Outstanding at the end of the period (in dollars per share)	$ 1.98
Stock-based compensation, additional disclosure
Intrinsic value of outstanding exercisable options	$ 1,133,439
Weighted-average remaining contractual life of options exercisable	1 year 7 months 21 days
Restricted Stock
Number of Shares
Unvested at the beginning of the period (in shares)	105,817
Granted (in shares)	122,890
Vested (in shares)	(72,557)
Forfeited (in shares)	(13,761)
Unvested at the end of the period (in shares)	142,389
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)	5.90
Forfeited (in dollars per share)	7.87
Unvested at the end of the period (in dollars per share)	$ 7.37
Total fair value of shares vested and recognized as stock-based compensation expense during the year	$ 427,798
Stock-based compensation, additional disclosure
Granted (in shares)	122,890
Director
Number of Shares
Granted (in shares)	18,634
Stock-based compensation, additional disclosure
Annual stock award paid as compensation to outside directors	$ 27,500
Granted (in shares)	18,634
Stock-based compensation expense	$ 144,375

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
INCOME TAXES
Income tax expense	$ 1,334,000	$ 1,232,000	$ 4,293,000	$ 3,405,000
Effective tax rate (as a percent)	32.30%	33.30%	32.10%	32.90%

COMMON STOCK (Details)

COMMON STOCK (Details) - $ / shares	Aug. 31, 2015	Jun. 03, 2015	Mar. 24, 2015	Jan. 02, 2015
COMMON STOCK
Cash dividend paid to all Class A and Class B Common stockholders	$ 0.030	$ 0.030	$ 0.025	$ 0.025