Supreme Industries (STS) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 01, 2017	Apr. 25, 2017
Entity Registrant Name	SUPREME INDUSTRIES INC
Entity Central Index Key	350,846
Document Type	10-Q
Document Period End Date	Apr. 1, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Common Class A
Entity Common Stock, Shares Outstanding		15,499,507
Common Class B
Entity Common Stock, Shares Outstanding		1,656,467

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 01, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 5,379,472	$ 35,222,620
Investments	4,110,156	3,003,002
Accounts receivable, net	33,869,415	20,106,253
Inventories	41,971,770	24,245,322
Other current assets	5,463,816	5,644,154
Total current assets	90,794,629	88,221,351
Property, plant and equipment, net	45,523,946	45,747,933
Total assets	136,318,575	133,969,284
Current liabilities:
Current maturities of long-term debt	7,104,666	7,195,105
Trade accounts payable	13,885,164	6,803,769
Other accrued liabilities	10,155,251	16,057,283
Total current liabilities	31,145,081	30,056,157
Deferred income taxes	2,354,401	2,181,778
Total liabilities	33,499,482	32,237,935
Stockholders' equity	102,819,093	101,731,349
Total liabilities and stockholders' equity	$ 136,318,575	$ 133,969,284

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net sales	$ 68,674,699	$ 69,449,903
Cost of sales	55,678,922	54,289,246
Gross profit	12,995,777	15,160,657
Selling, general and administrative expenses	10,051,472	9,414,951
Other income	(69,480)	(36,476)
Operating income	3,013,785	5,782,182
Interest expense	245,403	182,829
Income before income taxes	2,768,382	5,599,353
Income tax expense	905,397	1,840,000
Net income	1,862,985	3,759,353
Other comprehensive income, net of tax	21,268	32,090
Comprehensive income	$ 1,884,253	$ 3,791,443
Income per share:
Basic (in dollars per share)	$ 0.11	$ 0.23
Diluted (in dollars per share)	$ 0.11	$ 0.22
Shares used in the computation of income per share:
Basic (in shares)	17,099,107	16,682,812
Diluted (in shares)	17,101,080	17,127,836

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Cash flows from operating activities:
Net income	$ 1,862,985	$ 3,759,353
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	838,351	872,358
Deferred income taxes	172,623	(300,350)
Stock-based compensation expense	288,607	227,386
Gain on sale of property, plant and equipment, net	(7,738)	(300)
Changes in operating assets and liabilities	(25,002,928)	(9,382,120)
Net cash used in operating activities	(21,848,100)	(4,823,673)
Cash flows from investing activities:
Additions to property, plant and equipment	(539,046)	(399,324)
Proceeds from sale of property, plant and equipment	8,650	300
Purchases of investments	(1,088,737)	(23,560)
Net cash used in investing activities	(1,619,133)	(422,584)
Cash flows from financing activities:
Repayments of current maturities long-term debt	(166,669)	(166,667)
Payment of cash dividends	(5,724,469)	(5,572,859)
Treasury stock purchased	(522,687)	(161,769)
Proceeds from exercise of stock options	37,910	12,400
Net cash used in financing activities	(6,375,915)	(5,888,895)
Change in cash and cash equivalents	(29,843,148)	(11,135,152)
Cash and cash equivalents, beginning of period	35,222,620	17,247,891
Cash and cash equivalents, end of period	$ 5,379,472	$ 6,112,739

BASIS OF PRESENTATION AND OPINI

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT	3 Months Ended
	Apr. 01, 2017
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 31, 2016 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 April 1, 2017 and March 26, 2016 are for 13-week periods.

INVENTORIES

INVENTORIES	3 Months Ended
	Apr. 01, 2017
INVENTORIES
INVENTORIES	NOTE 2 — 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, net of applicable reserves of $1.2 million and $1.1 million as of April 1, 2017 and December 31, 2016, respectively: April 1, December 31, 2017 2016 Raw materials $ $ Work-in-progress Finished goods $ $

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Apr. 01, 2017
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 3 — 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 accrued 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 April 1, 2017 and December 31, 2016, because of the relatively short maturities of these financial instruments. The carrying amount of current maturities of long-term debt approximated fair value as of April 1, 2017 and December 31, 2016, based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding debt.

DEBT

DEBT	3 Months Ended
	Apr. 01, 2017
DEBT
DEBT	NOTE 4 — 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 Company had unused credit capacity of $35.0 million at April 1, 2017. 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 3.06% at April 1, 2017 and 3.05% at December 31, 2016. Pursuant to the Credit Agreement, the financial covenants include a consolidated total leverage ratio, a consolidated fixed charge coverage ratio, a limitation on annual capital expenditures, and a limitation on quarterly cash dividends. As of April 1, 2017 and December 31, 2016, the Company was in compliance with all financial covenants. The Credit Agreement is for a period of five years ending on December 19, 2017. The Company expects to enter into a new credit agreement before the Credit Agreement expires. 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 April 1, 2017, and December 31, 2016, there were no borrowings against the revolving credit facility. Term Loan Facility The term loan facility provides for borrowings of up to $10.0 million. 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 April 1, 2017 and December 31, 2016, the outstanding balance under the term loan facility was $7.3 million and $7.5 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. As of April 1, 2017 and December 31, 2016, cash deposits with insurance carriers totaled $1.9 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Apr. 01, 2017
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 5 — STOCK-BASED COMPENSATION The following table summarizes the activity for the outstanding stock options for the three months ended April 1, 2017: Weighted - Average Options Exercise Price Outstanding, December 31, 2016 $ Exercised ) $ Outstanding, April 1, 2017 — The following table summarizes the activity for the unvested restricted stock for the three months ended April 1, 2017: Unvested Weighted - Average Restricted Grant Date Stock Fair Value Unvested, December 31, 2016 $ Granted $ Vested ) $ Forfeited — $ — Unvested, April 1, 2017 $ The total fair value of restricted shares vested and recognized as stock-based compensation expense during the three months ended April 1, 2017 was $218,607. As a part of annual director compensation, a stock award is paid to each of the Company’s outside directors equal to $40,000 divided by the closing sales price on the grant date. The grants are made in quarterly increments. The director stock-based compensation expense recognized during the three months ended April 1, 2017 was $70,000. Total unrecognized compensation expense related to all share-based awards outstanding at April 1, 2017, was approximately $2.3 million and is to be recorded over a weighted-average contractual life of 2.4 years. On May 25, 2016, the Company held its annual meeting of stockholders at which the Company’s stockholders approved the 2016 Long-Term Incentive Plan (the “Plan”) which had previously been approved by the Board of Directors and recommended to the stockholders. The Plan is effective until May 25, 2026; provided, however, any awards issued prior to the Plan’s termination will remain outstanding in accordance with their terms. The Plan authorizes the issuance of 1,000,000 shares of the Company’s Class A Common Stock with certain officers being limited to receiving grants of 100,000 shares in any one year. Employees, contractors and non-employee directors of the Company and its subsidiaries are eligible to receive awards under the Plan. The following types of awards may be granted under the Plan: (1) stock options (incentive and non-qualified); (2) stock appreciation rights; (3) restricted stock and restricted stock units; (4) dividend equivalent rights; (5) performance awards based on achieving specified performance goals; and (6) other awards. As of April 1, 2017, shares reserved for the granting of future share-based awards totaled 913,731, compared to 1,012,140 shares at December 31, 2016.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Apr. 01, 2017
INCOME TAXES
INCOME TAXES	NOTE 6 — INCOME TAXES For the three months ended April 1, 2017, the Company recorded income tax expense of $0.9 million at an effective tax rate of 32.7% compared with $1.8 million at an effective tax rate of 32.9% for the three months ended March 26, 2016. 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
	Apr. 01, 2017
COMMON STOCK
COMMON STOCK	NOTE 7 — COMMON STOCK The Company declared and paid a three and one-half cents ($ 0.035) per share cash dividend to all Class A and Class B common stockholders during the quarter ended April 1, 2017. The Company also paid a thirty cents ($0.30) per share dividend declared on November 9, 2016, during the quarter ended April 1, 2017. The dividend declared on November 9, 2016 consisted of a special dividend of twenty six and one-half cents ($0.265) per share, in addition to a regular quarterly dividend of three and one-half cents ($0.035) per share.

SALE OF TROLLEY BUSINESS

SALE OF TROLLEY BUSINESS	3 Months Ended
	Apr. 01, 2017
SALE OF TROLLEY BUSINESS
SALE OF TROLLEY BUSINESS	NOTE 8 — SALE OF TROLLEY BUSINESS On May 11, 2016, the Company entered into an Asset Purchase Agreement for the sale of certain assets of the Company’s trolley business. Trolley products represented less than 1% of the Company’s consolidated net sales for the first three months of 2017 and approximately 2% for the first three months of 2016. The after-tax impact on consolidated operations for both periods was immaterial. The first stage of the transaction closed on June 30, 2016 and the final stage of the transaction is scheduled to close in the second quarter of 2017. The Company anticipates no material gain or loss will be recognized on the sale. The sale of the trolley business does not meet the criteria of the Financial Accounting Standards Board (“FASB”) ASU 2014-8 (Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity) and will not be reported as discontinued operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Apr. 01, 2017
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. On January 3, 2017, an amended complaint was filed against the Company’s subsidiary, Supreme Corporation, in a suit (SVI, Inc. v. Supreme Corporation, Hometown Trolley (a/k/a Double K, Inc.) and Dustin Pence) in the United States District Court, District of Nevada. The amended complaint (original complaint filed on May 16, 2016), filed by Supreme Corporation’s former trolley distributor, alleges that Supreme Corporation’s sale of its trolley assets to another trolley manufacturer was improper. Claims alleged against Supreme Corporation include: (i) misappropriation of trade secrets; (ii) civil conspiracy/collusion; (iii) tortious interference with contractual relationships; (iv) tortious interference with prospective economic advantage; (v) unjust enrichment; (vi) breach of contract; (vii) breach of the covenant of good faith and fair dealing; (viii) breach of fiduciary duties; (ix) promissory estoppel; (x) declaratory relief establishing a joint venture or partnership; and (xi) cancellation of a trademark registration. The plaintiff alleges that the net present value of the amount lost by the plaintiff is approximately $40,000,000. Supreme Corporation has filed a motion to dismiss which is pending. Due to the inherent risk of litigation, the outcome of this case is uncertain and unpredictable; however, at this time, management believes that the allegations are without merit and is vigorously defending the matter. On November 4, 2016, a putative class action lawsuit was filed against the Company, Mark Weber (the Company’s Chief Executive Officer) and Matthew W. Long (the Company’s Chief Financial Officer) in the United States District Court for the Central District of California alleging the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 by making material, misleading statements in July 2016 regarding projected backlog. The plaintiff seeks to recover unspecified damages. On February 14, 2017, the court transferred the venue of the case to the Northern District of Indiana upon the joint stipulation of the plaintiff and the defendants. An amended complaint was filed on April 24, 2017 challenging statements made during a putative class period of October 22, 2015 through October 21, 2016. Due to the inherent risk of litigation, the outcome of this case is uncertain and unpredictable; however, at this time, management believes that the allegations are without merit and is vigorously defending the matter.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Apr. 01, 2017
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	NOTE 10 — RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . This ASU provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize 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. ASU 2014-09 (as updated by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20) is for annual periods, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for years beginning after December 15, 2016, to be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the effects of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s results of operations, cash flows or financial position, however, this new accounting guidance may require enhanced footnote disclosures. The Company will adopt the accounting standard during the first quarter of 2018 as required, but has not yet decided on a transition method. In February 2016, the FASB issued ASU 2016-02, Leases . The ASU provides guidance that will require an entity to recognize lease assets and lease liabilities on its balance sheet for leases in excess of one year that were previously classified as operating leases under U.S. GAAP. The guidance also requires companies to disclose in the footnotes to the financial statements information about the amount, timing, and uncertainty of the payments made for the lease agreements. The guidance is effective for financial statements issued for annual and interim periods beginning after December 15, 2018 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company’s results of operations, cash flows or financial position.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Apr. 01, 2017
INVENTORIES
Schedule of inventories	April 1, December 31, 2017 2016 Raw materials $ $ Work-in-progress Finished goods $ $

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Apr. 01, 2017
STOCK-BASED COMPENSATION
Summary of the activity for the outstanding stock options	Weighted - Average Options Exercise Price Outstanding, December 31, 2016 $ Exercised ) $ Outstanding, April 1, 2017 —
Summary of the activity for the unvested restricted stock	Unvested Weighted - Average Restricted Grant Date Stock Fair Value Unvested, December 31, 2016 $ Granted $ Vested ) $ Forfeited — $ — Unvested, April 1, 2017 $

BASIS OF PRESENTATION AND OPI17

BASIS OF PRESENTATION AND OPINION OF MANAGEMENT (Details)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
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

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Apr. 01, 2017	Dec. 31, 2016
INVENTORIES
Inventory reserves	$ 1,200,000	$ 1,100,000
Raw materials	29,862,338	17,404,606
Work-in-progress	5,288,096	3,397,225
Finished goods	6,821,336	3,443,491
Total	$ 41,971,770	$ 24,245,322

DEBT (Details)

DEBT (Details) - USD ($)	Jun. 28, 2013	Dec. 19, 2012	Apr. 01, 2017	Dec. 31, 2016	Aug. 09, 2013
Amended And Restated Credit Agreement | Wells Fargo
Debt.
Maximum borrowing capacity		$ 45,000,000
Term of credit agreement		5 years
Unused credit capacity under the agreement			$ 35,000,000
Amended And Restated Credit Agreement | Wells Fargo | Prime Rate [Member]
Debt.
Effective interest rate (as a percent)			3.06%	3.05%
Variable interest rate basis			prime rate
Amended And Restated Credit Agreement | Wells Fargo | London Interbank Offered Rate L I B O R [Member]
Debt.
Variable interest rate basis			LIBOR
Revolving Credit Facility | Wells Fargo
Debt.
Maximum borrowing capacity			$ 35,000,000
Borrowings outstanding under credit facility			$ 0	$ 0
Revolving Credit Facility | Wells Fargo | Prime Rate [Member]
Debt.
Variable interest rate basis			prime rate
Revolving Credit Facility | Wells Fargo | London Interbank Offered Rate L I B O R [Member]
Debt.
Variable interest rate basis			LIBOR
Revolving Credit Facility | Wells Fargo | Debt Instrument Variable Rate Federal Funds Rate [Member]
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
Debt.
Quarterly commitment fee (as a percent)			0.20%
Revolving Credit Facility | Wells Fargo | Minimum | London Interbank Offered Rate L I B O R [Member]
Debt.
Basis spread on variable interest rate basis (as a percent)			1.50%
Revolving Credit Facility | Wells Fargo | Minimum | Base Rate [Member]
Debt.
Basis spread on variable interest rate basis (as a percent)			0.50%
Revolving Credit Facility | Wells Fargo | Maximum
Debt.
Quarterly commitment fee (as a percent)			0.50%
Revolving Credit Facility | Wells Fargo | Maximum | London Interbank Offered Rate L I B O R [Member]
Debt.
Basis spread on variable interest rate basis (as a percent)			2.50%
Revolving Credit Facility | Wells Fargo | Maximum | Base Rate [Member]
Debt.
Basis spread on variable interest rate basis (as a percent)			1.50%
Secured Debt [Member] | Interest Rate Swap | Cash Flow Hedging
Debt.
Notional amount					$ 5,000,000
Fixed interest rate (as a percent)					3.10%
Secured Debt [Member] | Wells Fargo
Debt.
Maximum borrowing capacity			$ 10,000,000
Principal amount payable in quarterly installments	$ 166,667
Term loan facility			$ 7,300,000	7,500,000
Secured Debt [Member] | Wells Fargo | Prime Rate [Member]
Debt.
Variable interest rate basis			prime rate
Secured Debt [Member] | Wells Fargo | London Interbank Offered Rate L I B O R [Member]
Debt.
Variable interest rate basis			LIBOR
Letter Of Credit
Debt.
Aggregate outstanding amount			$ 1,900,000	$ 1,900,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Dec. 31, 2016	May 25, 2016
Stock-based compensation, additional disclosure
Total unrecognized compensation expense	$ 2,300,000
Recognition of unrecognized compensation expense over weighted average contractual life	2 years 4 months 24 days
Shares reserved for the grant of future share-based awards	913,731	1,012,140
Director [Member]
Stock-based compensation, additional disclosure
Annual stock award paid as compensation to outside directors	$ 40,000
Stock-based compensation expense	$ 70,000
Employee And Nonemployee Stock Option
Options
Outstanding at the beginning of the period (in shares)	17,850
Exercised (in shares)	(17,850)
Weighted - Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 2.12
Exercised (in dollars per share)	$ 2.12
Employee And Nonemployee Stock Option | 2016 Plan | Common Class A
Stock-based compensation, additional disclosure
Shares available for grant			1,000,000
Employee And Nonemployee Stock Option | 2016 Plan | Common Class A | Maximum
Stock-based compensation, additional disclosure
Number of shares that can be granted in any one year	100,000
Restricted Stock [Member]
Number of Shares
Unvested at the beginning of the period (in shares)	129,666
Granted (in shares)	77,495
Vested (in shares)	(24,130)
Unvested at the end of the period (in shares)	183,031
Weighted - Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 8.12
Granted (in dollars per share)	19.54
Vested (in dollars per share)	9.06
Unvested at the end of the period (in dollars per share)	$ 12.83
Total fair value of shares vested and recognized as stock-based compensation expense during the year	$ 218,607
Stock-based compensation, additional disclosure
Granted (in shares)	77,495

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
INCOME TAXES
Income tax expense	$ 905,397	$ 1,840,000
Effective tax rate (as a percent)	32.70%	32.90%

COMMON STOCK (Details)

COMMON STOCK (Details) - $ / shares	Nov. 09, 2016	Apr. 01, 2017
Cash dividend declared	$ 0.300
Cash dividend paid		$ 0.035
Special cash dividend	$ 0.265
Common Class A and B
Common stock dividends declared and paid		$ 0.035

SALE OF TROLLEY BUSINESS (Detai

SALE OF TROLLEY BUSINESS (Details) - Trolley Business - Disposed of by sale	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Discontinued operations
Concentration risk (as a percent)		2.00%
Maximum
Discontinued operations
Concentration risk (as a percent)	1.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jan. 03, 2017USD ($)
Amended Complaint
Loss contingencies
Net present value of amount lost by plaintiff	$ 40,000,000