KII Liquidating (KATYQ) 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 27, 2013	Oct. 25, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'KATY INDUSTRIES INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	7,951,176
Amendment Flag	'false	'
Entity Central Index Key	'0000054681	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	27-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Katy_Industries_Balance_Sheet_

Katy Industries - Balance Sheet (in thousands) (USD $)	Sep. 27, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
CURRENT ASSETS:	'	'
Cash	$1,062	$621
Accounts receivable, net	8,666	9,270
Inventories, net	11,385	12,733
Other current assets	681	1,456
Assets held for sale	74	1,675
Total current assets	21,868	25,755
OTHER ASSETS:	1,617	1,835
PROPERTY AND EQUIPMENT:	'	'
Land and improvements	251	251
Buildings and improvements	3,084	3,084
Machinery and equipment	52,145	51,783
	55,480	55,118
Less - Accumulated depreciation	-48,210	-46,716
Property and equipment, net	7,270	8,402
Total assets	30,755	35,992
CURRENT LIABILITIES:	'	'
Accounts payable	6,710	6,172
Book overdraft	190	493
Accrued compensation	1,277	1,423
Accrued expenses	8,221	8,775
Payable to related party	2,625	2,250
Deferred revenue	186	688
Revolving credit agreement	8,710	10,903
Total current liabilities	27,919	30,704
DEFERRED REVENUE	356	1,917
OTHER LIABILITIES	5,602	5,964
Total liabilities	33,877	38,585
STOCKHOLDERS’ EQUITY:	'	'
15% Convertible preferred stock, $100 par value; authorized 1,200,000 shares; issued and outstanding 1,131,551 shares; liquidation value $113,155	108,256	108,256
Common stock, $1 par value; authorized 35,000,000 shares; issued 9,822,304 shares	9,822	9,822
Additional paid-in capital	27,110	27,110
Accumulated other comprehensive loss	-2,473	-2,463
Accumulated deficit	-124,400	-123,881
Treasury stock, at cost, 1,871,128 shares	-21,437	-21,437
Total stockholders' equity	-3,122	-2,593
Total liabilities and stockholders' equity	$30,755	$35,992

Katy_Industries_Balance_Sheet_1

Katy Industries - Balance Sheet (in thousands) (Parentheticals) (USD $)	9 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 27, 2013	Dec. 31, 2012
15% Convertible preferred stock, $100 par value (in Dollars per share)	$100	$100
15% Convertible preferred stock, authorized 1,200,000 shares	1,200,000	1,200,000
15% Convertible preferred stock, 1,131,551 issued shares	1,131,551	1,131,551
15% Convertible preferred stock, 1,131,551 shares outstanding	1,131,551	1,131,551
15% Convertible preferred stock liquidation value $113,155 (in Dollars)	$113,155	$113,155
Common stock, $1 par value (in Dollars per share)	$1	$1
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	9,822,304	9,822,304
Treasury stock, at cost, 1,871,128	1,871,128	1,871,128

Katy_Industries_Statement_of_O

Katy Industries - Statement of Operations (in thousands) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 27, 2013	Sep. 28, 2012	Sep. 27, 2013	Sep. 28, 2012
Net sales	$20,852	$22,209	$59,817	$61,969
Cost of goods sold	17,246	18,997	50,364	52,630
Gross profit	3,606	3,212	9,453	9,339
Selling, general and administrative expenses	2,951	3,444	9,236	11,287
Severance, restructuring and related charges	'	'	321	'
Loss (gain) on disposal of assets	230	'	230	-2
Operating income (loss)	425	-232	-334	-1,948
Interest expense	-302	-233	-678	-559
Other, net	66	40	137	264
Income (loss) from continuing operations before income tax expense	189	-425	-875	-2,243
Income tax expense from continuing operations	-4	-3	-17	-2
Income (loss) from continuing operations	185	-428	-892	-2,245
(Loss) income from operations of discontinued businesses (net of tax)	-14	-1,710	373	-3,193
Loss on sale of discontinued business (net of tax)	'	-616	'	-616
Net Income (loss)	171	-2,754	-519	-6,054
Other comprehensive (loss) income	'	'	'	'
Foregin currency translation	-34	67	-45	61
Total comprehensive income (loss)	$137	($2,687)	($564)	($5,993)
Income (loss) per share of common stock - Basic:	'	'	'	'
Income (loss) from continuing operations (in Dollars per share)	$0.02	($0.06)	($0.11)	($0.28)
Discontinued operations (in Dollars per share)	$0	($0.29)	$0.05	($0.48)
Net income (loss) (in Dollars per share)	$0.02	($0.35)	($0.06)	($0.76)
Income (loss) per share of common stock - Diluted:	'	'	'	'
Income (loss) from continuing operations (in Dollars per share)	$0.01	($0.06)	($0.11)	($0.28)
Discontinued operations (in Dollars per share)	($0.01)	($0.29)	$0.05	($0.48)
Net income (loss) (in Dollars per share)	$0	($0.35)	($0.06)	($0.76)
Weighted average common shares outstanding:	'	'	'	'
Basic (in Shares)	7,951	7,951	7,951	7,951
Diluted (in Shares)	26,810	7,951	7,951	7,951

Katy_Industries_Statement_of_C

Katy Industries - Statement of Cash Flows (in thousands) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013	Sep. 28, 2012
Cash flows from operating activities:	'	'
Net loss	($519)	($6,054)
Income (loss) from discontinued operations	373	-3,809
Loss from continuing operations	-892	-2,245
Depreciation	1,550	1,597
Amortization of intangible assets	'	196
Amortization of debt issuance costs	155	178
Stock-based compensation	15	52
Loss (gain) on sale or disposal of assets	230	-2
	1,058	-224
Changes in operating assets and liabilities:	'	'
Accounts receivable	-1,830	-1,541
Inventories	-742	1,993
Other assets	379	3,184
Accounts payable	1,390	-103
Accrued expenses	265	410
Payable to related party	375	500
Deferred revenue	-155	-146
Other	-393	115
	-711	4,412
Net cash provided by continuing operations	347	4,188
Net cash provided by (used in) discontinued operations	1,133	-590
Net cash provided by operating activities	1,480	3,598
Cash flows from investing activities:	'	'
Capital expenditures	-391	-548
Net cash used in continuing operations	-391	-548
Net cash provided by discontinued operations	1,913	258
Net cash provided by (used in) investing activities activities	1,522	-290
Cash flows from financing activities:	'	'
Net repayments on revolving loans	-2,193	-3,126
Decrease in book overdraft	-303	-216
Net cash used in financing activities	-2,496	-3,342
Effect of exchange rate changes on cash from continuing operations	-49	388
Effect of exchange rate changes on cash from discontinued operations	-16	-147
Effect of exchange rate changes on cash	-65	241
Net increase in cash	441	207
Cash, beginning of period	621	730
Cash, end of period	$1,062	$937

Note_1_SIGNIFICANT_ACCOUNTING_

Note 1. SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 27, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	Note 1.	SIGNIFICANT ACCOUNTING POLICIES
	Consolidation Policy and Basis of Presentation – The condensed consolidated financial statements include the accounts of Katy Industries, Inc. and subsidiaries in which it has a greater than 50% voting interest or significant influence, collectively “Katy” or the “Company”.  All significant intercompany accounts, profits and transactions have been eliminated in consolidation.  The Condensed Consolidated Balance Sheet at September 27, 2013 and the related Condensed Consolidated Statements of Operations for the three and nine months ended September 27, 2013 and September 28, 2012 and Cash Flows for the nine months ended September 27, 2013 and September 28, 2012 have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations and cash flows of the Company for the interim periods.  Interim results may not be indicative of results to be realized for the entire year.  The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.  The Condensed Consolidated Balance Sheet as of December 31, 2012 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”).
	As discussed in Note 3, on January 24, 2013 the Company announced the closure of the Glit division, on July 24, 2012 the Company announced the closure of the Container division in Norwalk, California, and on September 20, 2012 the Company sold certain assets related to the Gemtex division.  The Company accounted for these divisions as discontinued operations, and accordingly, has reclassified the financial results for all periods presented to reflect them as such.  Unless otherwise noted, discussions in these notes pertain to the Company’s continuing operations.
	Fiscal Year – The Company operates and reports using a 4-4-5 fiscal year which always ends on December 31.  As a result, December and January do not typically consist of five and four weeks, respectively.  The three months ended September 27, 2013 and September 28, 2012 each consisted of 63 shipping days.  The nine months ended September 27, 2013 and September 28, 2012 consisted of 189 shipping days and 190 shipping days, respectively.
	Use of Estimates and Reclassifications – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
	Certain reclassifications on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Loss and Condensed Consolidated Statements of Cash Flows were made to the 2012 amounts in order to conform to the 2013 presentation.
	Inventories – The components of inventories are as follows (amounts in thousands):
			September 27,				December 31,
			2013				2012
	Raw materials		$	6,122			$	6,133
	Finished goods			10,226				11,708
	Inventory reserves			(547	)			(871	)
	LIFO reserve			(4,416	)			(4,237	)
			$	11,385			$	12,733
	At September 27, 2013 and December 31, 2012, approximately 81% and 65%, respectively, of Katy’s inventories were accounted for using the last-in, first-out (“LIFO”) method of costing, while the remaining inventories were accounted for using the first-in, first-out (“FIFO”) method.  Current cost, as determined using the FIFO method, exceeded LIFO cost by $4.4 million and $4.2 million at September 27, 2013 and December 31, 2012, respectively.
	Share-Based Payment – Compensation cost recognized during the three and nine months ended September 27, 2013 and September 28, 2012 includes: a) compensation cost for all stock options based on the grant date fair value amortized over the options’ vesting period and b) compensation cost for outstanding stock appreciation rights (“SARs”) as of September 27, 2013 and September 28, 2012 based on the September 27, 2013 and September 28, 2012 fair value, respectively.  The Company re-measures the fair value of SARs each reporting period until the award is settled and compensation expense is recognized each reporting period for changes in fair value and vesting.
	Compensation (income) expense is included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations.  The components of compensation (income) expense are as follows (amounts in thousands):
			Three Months Ended							Nine Months Ended
			September 27,				September 28,			September 27,		September 28,
			2013				2012			2013		2012
	Stock appreciation right (income) expense			(4	)			(65	)		15		52
	The fair value of stock options is estimated at the date of grant using a Black-Scholes option pricing model.  As the Company does not have sufficient historical exercise data to provide a basis for estimating the expected term, the Company uses the simplified method for estimating the expected term by averaging the minimum and maximum lives expected for each award.  In addition, the Company estimated volatility by considering its historical stock volatility over a term comparable to the remaining expected life of each award.  The risk-free interest rate is the current yield available on U.S. treasury issues with a remaining term equal to each award.  The Company estimates forfeitures using historical results.  Its estimates of forfeitures will be adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from their estimate.  There were no stock options granted during the three and nine months ended September 27, 2013 and September 28, 2012.
	The fair value of SARs, a liability award, was estimated at September 27, 2013 and September 28, 2012 using a Black-Scholes option pricing model.  The Company estimated the expected term by averaging the minimum and maximum lives expected for each award.  In addition, the Company estimated volatility by considering its historical stock volatility over a term comparable to the remaining expected life of each award.  The risk-free interest rate is the current yield available on U.S. treasury issues with a remaining term equal to each award.  The Company estimates forfeitures using historical results.  Its estimates of forfeitures will be adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from their estimate.  The assumptions for expected term, volatility and risk-free rate are presented in the table below:
			September 27,			September 28,
			2013			2012
	Expected term (years)		0.4 - 4.8			0.2 - 4.8
	Volatility		217.5% - 360.3%			293.5% - 459.0%
	Risk-free interest rate		0.1% - 1.3%			0.1% - 0.6%
	Accumulated Other Comprehensive (Loss) Income – The components of accumulated other comprehensive (loss) income are foreign currency translation adjustments and pension and other postretirement benefits adjustments.  The balance of foreign currency translation adjustments was $0.5 million at September 27, 2013 and December 31, 2012.  The balance of pension and other postretirement benefits adjustments was $1.9 million at each of September 27, 2013 and December 31, 2012.
	Segment Reporting – Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief decision maker or group in deciding how to allocate resources and in assessing performance.  The Company’s chief decision maker reviews the results of operations and requests for capital expenditures based on one industry segment: manufacturing, importing and distributing commercial cleaning and storage products.  The Company’s entire revenue is generated through this segment.

Note_2_NEW_ACCOUNTING_PRONOUNC

Note 2. NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 27, 2013
Table Text Block [Abstract]	'
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	'
	Note 2.	NEW ACCOUNTING PRONOUNCEMENTS
	Recently Adopted Accounting Standards – In July 2012, the Financial Accounting Standards Board (FASB) issued guidance concerning the testing of indefinite-lived intangible assets for impairment. This guidance gives an entity the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Codification Subtopic 350-30, Intangibles-Goodwill and Other, General Intangibles Other than Goodwill.  Under the guidance, an entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments in this Accounting Standards Update (ASU) are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The amendments in this ASU did not have a material impact of the consolidated financial statements.
	Recently Issued Accounting Standards – In March of 2013, the Financial Accounting Standards Board (“FASB”) issued amended guidance that resolves the diversity in practice for the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity. The amended guidance requires that when a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income in instances when a sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, the amended guidance clarifies that the sale of an investment in a foreign entity includes both (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. In these instances, an entity is required to release the cumulative translation adjustment into net income. We will adopt the FASB's amended guidance during the three months ended March 31, 2014. We do not expect the adoption of the guidance to have a significant impact on our financial position, results of operations or cash flows.

Note_3_DISCONTINUED_OPERATIONS

Note 3. DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 27, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	Note 3.	DISCONTINUED OPERATIONS
	On January 24, 2013, the Company announced the closure of the Glit division of Continental Commercial Products, LLC. The Company ceased the majority of the operations of the division in the first quarter of 2013.  In addition, the Company sold certain assets related to the Glit division in the second quarter of 2013. The Company used  the net proceeds from the sale of assets to settle the outstanding operating liabilities related to the division, pay off the outstanding borrowing related to the CapEx Sublimit (see Note 5), and reduce the outstanding balance under the PB Loan Agreement (as defined in Note 5 below).
	On July 24, 2012, the Company announced the closure of the Container division of CCP. The Company sold certain assets related to the Container division for $0.6 million. The Company used the net proceeds from the transaction to reduce its outstanding balance under the PB Loan Agreement (see Note 5).
	On September 20, 2012, the Company sold certain assets related to the Gemtex division to 2340258 Ontario, Inc. (the “Buyer”), a corporation incorporated under the laws of the Province of Ontario, for $1.0 million, $0.7 million of which will be payable in 48 monthly installments subject to certain prepayment requirements in connection with the generation of excess cash by the Buyer.  The Company used the net proceeds from the transaction to reduce its outstanding balance under the PB Loan Agreement (see Note 5).
	The closure of the Glit and Container divisions and the sale of the Gemtex division met the criteria for classification as discontinued operations in accordance with GAAP; therefore, the Company has classified the results of the Glit, Container and Gemtex divisions as discontinued operations for all periods presented. The assets sold as part of the Glit, Container and Gemtex divisions have been recorded as assets held for sale at December 31, 2012. Selected financial data for discontinued operations is summarized as follows (amounts in thousands):
			For the Three Months Ended
			27-Sep-13
			Total			Container			Gemtex			Glit
						Division			Division			Division
	Net sales		$	(14	)	$	-		$	-		$	(14	)
	Operating income (loss)  - net of tax		$	(14	)	$	(9	)	$	(1	)	$	(4	)
			For the Three Months Ended
			28-Sep-12
			Total			Container			Gemtex			Glit
						Division			Division			Division
	Net sales		$	9,122		$	2,751		$	1,297		$	5,074
	Operating loss - net of tax		$	(1,710	)	$	(163	)	$	(806	)	$	(741	)
			For the Nine Months Ended
			27-Sep-13
			Total			Container			Gemtex			Glit
						Division			Division			Division
	Net sales		$	7,993		$	-		$	-		$	7,993
	Operating income (loss)  - net of tax		$	373		$	(310	)	$	12		$	671
			For the Nine Months Ended
			28-Sep-12
			Total			Container			Gemtex			Glit
						Division			Division			Division
	Net sales		$	28,705		$	8,449		$	4,402		$	15,854
	Operating loss - net of tax		$	(3,193	)	$	(334	)	$	(1,154	)	$	(1,705	)
	The Company recognized deferred revenue of $1.9 million and $0.4 million in the nine months ended September 27, 2013 and the nine months ended September 28, 2012, respectively. The recognition of deferred revenue is included in net sales for the Glit Division.
	The components of assets held for sale as of September 27, 2013 and December 31, 2012 are as follows (amounts in thousands):
			September 27,			December 31,
			2013			2012
	Assets
	Property and equipment, net		$	-		$	1,300
	Intangibles			-			375
	Receivables from property and equipment sales			74			-
			$	74		$	1,675

Note_4_EARNINGS_LOSS_PER_SHARE

Note 4. EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 27, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	Note 4.  EARNINGS (LOSS) PER SHARE
	The consolidated financial statements include basic and diluted earnings (loss) per share. Diluted per share information is calculated by considering the impact of potential common stock on the weighted average shares outstanding. Potential common stock consists of (a) incremental shares that would be available for issuance upon the assumed exercise of stock options “in the money” based on the average stock price for the respective period and (b) convertible preferred shares, owned by Kohlberg & Co. LLC (see Note 9), accounted for using the “if converted” basis, which assumes their conversion to common stock at a ratio of 16.6:1. The basic and diluted earnings per share (“EPS”) calculations are as follows:
		Three Months Ended						Nine Months Ended
		September 27,			September 28,			September 27,			September 28,
		2013			2012			2013			2012
	Income (loss) from continuing operations	$	185		$	(428	)	$	(892	)	$	(2,245	)
	(Loss) income from Discontinued operations		(14	)		(1,710	)		373			(3,193	)
	Loss on sale of discontinued businesses (net of tax)		-			(616	)		-			(616	)
	Net income (loss)	$	171		$	(2,754	)	$	(519	)	$	(6,054	)
	Average common shares outstanding - Basic		7,951			7,951			7,951			7,951
	Dilutive effect of stock options		-			-			-			-
	Dilutive effect of convertible preferred stock		18,859			-			-			-
	Average common shares outstanding - Diluted		26,810			7,951			7,951			7,951
	Per share amount - Basic:
	Loss from continuing operations	$	0.02		$	(0.06	)	$	(0.11	)	$	(0.28	)
	Discontinued operations		(0.00	)		(0.29	)		0.05			(0.48	)
	Net income (loss)	$	0.02		$	(0.35	)	$	(0.06	)	$	(0.76	)
	Per share amount - Diluted:
	Loss from continuing operations	$	0.01		$	(0.06	)	$	(0.11	)	$	(0.28	)
	Discontinued operations		(0.01	)		(0.29	)		0.05			(0.48	)
	Net income (loss)	$	0		$	(0.35	)	$	(0.06	)	$	(0.76	)
	As of September 27, 2013, no options were in the money and 12,000 options were out of the money. As of September 28, 2012, no options were in the money and 32,000 options were out of the money. At September 27, 2013 and September 28, 2012, 1,131,551 convertible preferred shares were outstanding, which are in total convertible into 18,859,183 shares of Katy common stock. Convertible preferred shares were not included in the calculation of diluted earnings (loss) per share for the three months ended September 28, 2012, the nine months ended September 27, 2013 and the nine months ended September 28, 2012, because of their anti-dilutive impact as a result of the Company’s net loss position.

Note_5_INDEBTEDNESS

Note 5. INDEBTEDNESS	9 Months Ended
	Sep. 27, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	Note 5.	INDEBTEDNESS
	On October 4, 2011, CCP, Glit/Gemtex, Ltd. and 3254018 Nova Scotia Limited (collectively, the “Borrowers”), wholly-owned subsidiaries of the Company, entered into a Loan and Security Agreement (as amended, the “PB Loan Agreement”) with the PrivateBank and Trust Company (“PrivateBank”).  On May 31, 2012, the PB Loan Agreement was amended (the “First Amendment”) to provide additional flexibility under the financial covenants by replacing the minimum fixed charge ratio covenant for the period of April 27, 2012 to October 26, 2012, with a minimum earnings before interest, taxes, depreciation and amortization covenant and reduced the borrowing availability by $1 million. In addition, the Company and PrivateBank agreed to certain specified transactions, which could include the sale or disposition of certain assets. The PB Loan Agreement was amended a second time on August 17, 2012 to modify the definition of earnings before interest, taxes, depreciation and amortization. In conjunction with the announced closure of the Glit division (see note 3), the PB Loan Agreement was amended a third time (the “Third Amendment”) on February 18, 2013.  The Third Amendment reduced the revolving credit facility from $20 million to $16 million on February 18, 2013 and from $16 million to $15 million on March 15, 2013, which correlates to the current size of the Company.  In addition, the Third Amendment established a new fixed charge ratio covenant.
	The PB Loan Agreement, as amended, is a $15.0 million revolving credit facility, including a $3.0 million sub-limit for letters of credit. From October 4, 2011 to May 31, 2012 the PB Loan Agreement included a $2.5 million sub-limit for capital expenditures (“CapEx Sublimit”). The proceeds of the Borrowers’ initial borrowing under the PB Loan Agreement were used to repay the Revolving Credit, Term Loan and Security Agreement, as amended (“PNC Credit Agreement”), with PNC Bank, National Association (“PNC Bank”) and pay fees and expenses associated with the negotiation and consummation of the credit facility.  All extensions of credit under the PB Loan Agreement are collateralized by a first priority security interest in and lien upon substantially all present and future assets and properties of the Company and the Borrowers.  The Company guarantees the obligations of the Borrowers under the PB Loan Agreement.  There was $8.7 million and $10.9 million outstanding under the PB Loan Agreement as of September 27, 2013 and December 31, 2012, respectively.
	The PB Loan Agreement has an expiration date of September 29, 2014 and its borrowing base is determined by eligible inventory and accounts receivable, amounting to $14.4 million at September 27, 2013.  The Company’s borrowing base under the PB Loan Agreement is reduced by the outstanding amount of standby and commercial letters of credit and any outstanding borrowings under the CapEx Sublimit.  There were $0.2 million in outstanding borrowings under the CapEx Sublimit as of December 31, 2012. Currently, the Company’s largest letters of credit relate to its casualty insurance programs.  The PB Loan Agreement requires the Company to have a minimum level of availability such that eligible collateral must exceed the sum of its outstanding borrowings and letters of credit by $1.3 million. Total outstanding letters of credit were $1.7 million at September 27, 2013. Our unused borrowing availability at September 27, 2013 under the PB Loan Agreement was $2.7 million.
	Borrowings under the PB Loan Agreement bear interest at a per annum rate equal to the sum of the Prime Rate Revolving Loans Applicable Margin plus the Prime Rate (each as defined in the PB Loan Agreement), or an aggregate of 4.75% and 4.25% at September 27, 2013 and December 31, 2012, respectively.  An unused commitment fee of 50 basis points per annum is payable monthly on the average unused amount of the PB Loan Agreement.
	The PB Loan Agreement includes a financial covenant regarding fixed charge coverage ratio.  The Company was in compliance with this financial covenant at September 27, 2013.
	All of the debt under the PB Loan Agreement is re-priced to current rates at frequent intervals.  Therefore, its fair value approximates its carrying value at September 27, 2013.  For the three and nine months ended September 27, 2013, the Company had amortization of debt issuance costs, included within interest expense, of $54,000 and $155,000, respectively. For the three and nine months ended September 28, 2012, the Company had amortization of debt issuance costs, included within interest expense, of $89,000 and $178,000, respectively.
	The PB Loan Agreement requires lockbox agreements which provide for all Company receipts to be swept daily to reduce borrowings outstanding.  These agreements, combined with the existence of a material adverse effect (“MAE”) clause in the PB Loan Agreement, cause the revolving credit facility to be classified as a current liability, per guidance in the Accounting Standards Codification established by the Financial Accounting Standards Board.  The Company does not expect to repay, or be required to repay, within one year, the balance of the revolving credit facility, which is classified as a current liability.  The revolving credit facility does not expire or have a maturity date within one year, but rather has a final expiration date of September 29, 2014.  The MAE clause, which is a fairly typical requirement in commercial credit agreements, allows the lender to require the loan to become due if it determines there has been a material adverse effect on the Company’s operations, business, properties, assets, liabilities, condition, or prospects.

Note_6_RETIREMENT_BENEFIT_PLAN

Note 6. RETIREMENT BENEFIT PLANS	9 Months Ended
	Sep. 27, 2013
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	Note 6.	RETIREMENT BENEFIT PLANS
	Certain subsidiaries have pension plans covering substantially all of their employees.  These plans are noncontributory, defined benefit pension plans.  The benefits to be paid under these plans are generally based on employees’ retirement age and years of service.  The Company’s funding policies, subject to the minimum funding requirements of employee benefit and tax laws, are to contribute such amounts as determined on an actuarial basis to provide the plans with assets sufficient to meet the benefit obligations.  Plan assets consist primarily of fixed income investments, corporate equities and government securities.  The Company also provides certain health care and life insurance benefits for some of its retired employees.  The postretirement health plans are unfunded.
	Information regarding the Company’s net periodic benefit cost for pension and other postretirement benefit plans for the three and nine months ended September 27, 2013 and September 28, 2012 is as follows (amounts in thousands):
			Pension Benefits
			Three Months Ended						Nine Months Ended
			September 27,			September 28,			September 27,			September 28,
			2013			2012			2013			2012
	Components of net periodic benefit cost:
	Interest cost		$	14		$	16		$	43		$	50
	Expected return on plan assets		$	(14	)	$	(14	)		(42	)		(43	)
	Amortization of net loss		$	12		$	11			35			35
	Net periodic benefit cost		$	12		$	13		$	36		$	42
			Other Benefits
			Three Months Ended						Nine Months Ended
			September 27,			September 28,			September 27,			September 28,
			2013			2012			2013			2012
	Components of net periodic benefit cost:
	Interest cost		$	27		$	31		$	80		$	93
	Amortization of net loss			15			12			44			36
	Net periodic benefit cost		$	42		$	43		$	124		$	129
	During the three and nine months ended September 27, 2013, the Company made contributions to the pension plans of $19,000 and $57,000, respectively.  The Company expects to contribute an additional $19,000 to the pension plans throughout the remainder of 2013.  The Company uses a December 31 measurement date for its pension and other postretirement benefit plans.  The fair value of plan assets was determined by using quoted prices in active markets for identical assets (Level 1 inputs per the fair value hierarchy).

Note_7_STOCK_INCENTIVE_PLANS

Note 7. STOCK INCENTIVE PLANS	9 Months Ended
	Sep. 27, 2013
Employee Stock Ownership Plan (ESOP), Debt Structure [Abstract]	'
Employee Stock Ownership Plan (ESOP), Debt Structure, Indirect Loan, Description	'
	Note 7.	STOCK INCENTIVE PLANS
	The Company has various stock incentive plans that provide for the granting of stock options, nonqualified stock options, SARs, restricted stock, performance units or shares and other incentive awards to certain employees and directors.  Options have been granted at or above the market price of the Company’s stock at the date of grant, typically vest over a three-year period, and are exercisable not less than twelve months or more than ten years after the date of grant.  SARs have been granted at or above the market price of the Company’s stock at the date of grant, typically vest over periods up to three years, and expire ten years from the date of issue.  No more than 50% of the cumulative number of vested SARs held by an employee can be exercised in any one calendar year.
	The following table summarizes stock option activity under each of the Company’s applicable plans:
			Options			Weighted		Weighted	Aggregate
						Average		Average	Intrinsic
						Exercise		Remaining	Value
						Price		Contractual	(in thousands)
								Life
	Outstanding at December 31, 2012			18,000		$	4.64
	Granted			-		$	-
	Exercised			-		$	-
	Expired			(6,000	)	$	4.31
	Cancelled			-		$	-
	Outstanding at September 27, 2013			12,000		$	4.8	1.2 years	$	-
	Vested and Exercisable at September 27, 2013			12,000		$	4.8	1.2 years	$	-
	The following table summarizes SARs activity under each of the Company’s applicable plans:
			SARs
	Non-Vested at December 31, 2012			3,334
	Granted			4,000
	Vested			(7,334	)
	Cancelled			-
	Non-Vested at September 27, 2013			-
	Total Outstanding at September 27, 2013			186,000
	At September 27, 2013 and December 31, 2012, the aggregate liability related to SARs was $48,000 and $33,000, respectively, and is included in accrued expenses in the Condensed Consolidated Balance Sheets.

Note_8_INCOME_TAXES

Note 8. INCOME TAXES	9 Months Ended
	Sep. 27, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	Note 8.	INCOME TAXES
	At September 27, 2013 and December 31, 2012, the Company had approximately $155.1 million of Federal net operating loss carry-forwards (“Federal NOLs”), which will expire in years 2020 through 2032 if not utilized prior to that time.  Due to tax laws governing change in control events and their relation to the Recapitalization, approximately $2.6 million of the Federal NOLs are subject to certain limitations as to the amount that can be used to offset taxable income in any single year.  The remainder of the Company’s domestic and foreign net operating loss carry-forwards relate to certain U.S. operating subsidiaries, and the Company’s Canadian operations, respectively, and can only be used to offset income from these operations.  At September 27, 2013 and December 31, 2012, the Company’s Canadian subsidiary has Canadian net operating loss carry-forwards of approximately $6.5 million that will expire in 2028 through 2032.  The tax credit carry-forwards relate to United States federal minimum tax credits of $1.2 million that have no expiration date, general business credits of $0.1 million that expire in years 2020 through 2022, and foreign tax credit carryovers of $12.0 million that expire in years 2013 through 2017.
	Valuation allowances are recorded when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized.  A history of operating losses incurred by the domestic and foreign subsidiaries provides significant negative evidence with respect to the Company’s ability to generate future taxable income, a requirement in order to recognize deferred tax assets.  For this reason, the Company was unable to conclude that it was more likely than not that certain deferred tax assets would be utilized in the future.  The valuation allowance relates to federal, state and foreign net operating loss carry-forwards, foreign and domestic tax credits, and certain other deferred tax assets to the extent they exceed deferred tax liabilities.
	Accounting for Uncertainty in Income Taxes
	Included in the balances at each of September 27, 2013 and December 31, 2012 are $0.1 million of liabilities for unrecognized tax benefits.  Because of the impact of deferred tax accounting, other than interest and penalties, the recognition of these liabilities would not affect the annual effective tax rate.
	The Company recognizes interest and penalties accrued related to the unrecognized tax benefits in the income tax provision.  The Company had approximately $25,000 of interest and penalties accrued at each of September 27, 2013 and December 31, 2012.

Note_9_RELATED_PARTY_TRANSACTI

Note 9. RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 27, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	Note 9.	RELATED PARTY TRANSACTIONS
	Kohlberg & Co., L.L.C., whose affiliate holds all 1,131,551 shares of the Company’s Convertible Preferred Stock, provides ongoing management oversight and advisory services to the Company.  At September 27, 2013 and December 31, 2012, the Company owed Kohlberg $2.6 million and $2.3 million, respectively, for these services, which is recorded in current liabilities on the Condensed Consolidated Balance Sheets.  For each of the three and nine months ended September 27, 2013 and September 28, 2012, $0.1 million and $0.4 million, respectively, is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations for these services.

Note_10_COMMITMENTS_AND_CONTIN

Note 10. COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 27, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 10.	COMMITMENTS AND CONTINGENCIES
	General Environmental Claims
	The Company and certain of its current and former direct and indirect corporate predecessors, subsidiaries and divisions are involved in remedial activities at certain present and former locations and have been identified by the United States Environmental Protection Agency (“EPA”), state environmental agencies and private parties as potentially responsible parties (“PRPs”) at a number of hazardous waste disposal sites under the Comprehensive Environmental Response, Compensation and Liability Act (“Superfund”) or equivalent state laws and, as such, may be liable for the cost of cleanup and other remedial activities at these sites.  Responsibility for cleanup and other remedial activities at a Superfund site is typically shared among PRPs based on an allocation formula.  Under the federal Superfund statute, parties could be held jointly and severally liable, thus subjecting them to potential individual liability for the entire cost of cleanup at the site.  Based on its estimate of allocation of liability among PRPs, the probability that other PRPs, many of whom are large, solvent, public companies, will fully pay the costs apportioned to them, currently available information concerning the scope of contamination, estimated remediation costs, estimated legal fees and other factors, the Company has recorded and accrued for environmental liabilities in amounts that it deems reasonable and believes that any liability with respect to these matters in excess of the accruals will not be material.  The ultimate costs will depend on a number of factors and the amount currently accrued represents management’s best current estimate on an undiscounted basis of the total costs to be incurred.  The Company expects this amount to be substantially paid over the next five to ten years.
	Other Claims
	There are a number of product liability, asbestos and workers’ compensation claims pending against the Company and its subsidiaries.  Many of these claims are proceeding through the litigation process and the final outcome will not be known until a settlement is reached with the claimant or the case is adjudicated.  The Company estimates that it can take up to ten years from the date of the injury to reach a final outcome on certain claims.  With respect to the product liability and workers’ compensation claims, the Company has provided for its share of expected losses beyond the applicable insurance coverage, including those incurred but not reported to the Company or its insurance providers, which are developed using actuarial techniques. Such accruals are developed using currently available claim information, and represent management’s best estimates, including estimated legal fees, on an undiscounted basis.  The ultimate cost of any individual claim can vary based upon, among other factors, the nature of the injury, the duration of the disability period, the length of the claim period, the jurisdiction of the claim and the nature of the final outcome.
	Although management believes that the actions specified above in this section individually and in the aggregate are not likely to have outcomes that will have a material adverse effect on the Company’s financial position, results of operations or cash flow, further costs could be significant and will be recorded as a charge to operations when, and if, current information dictates a change in management’s estimates.

Note_11_SEVERANCE_RESTRUCTURIN

Note 11. SEVERANCE, RESTRUCTURING AND RELATED CHARGES	9 Months Ended
	Sep. 27, 2013
Restructuring and Related Activities [Abstract]	'
Restructuring and Related Activities Disclosure [Text Block]	'
	Note 11.	SEVERANCE, RESTRUCTURING AND RELATED CHARGES
	In the first quarter of 2013 the Company restructured its shared services functions   These changes are reflective of the Company’s efforts to implement a more profitable and efficient business model.
	A summary of charges is as follows:
			Three Months Ended			Nine Months Ended
			27-Sep-13			27-Sep-13
	One-time termination benefits		$	-		$	321
	A rollforward of restructuring liabilities from December 31, 2012 is as follows:
			One-time
			Termination
			Benefits
	Restructuring liabilities at December 31, 2012		$	-
	Additions			321
	Payments			(233	)
	Other			-
	Restructuring liabilities at September 27, 2013		$	88

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 27, 2013
Accounting Policies [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	Recently Adopted Accounting Standards – In July 2012, the Financial Accounting Standards Board (FASB) issued guidance concerning the testing of indefinite-lived intangible assets for impairment. This guidance gives an entity the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Codification Subtopic 350-30, Intangibles-Goodwill and Other, General Intangibles Other than Goodwill.  Under the guidance, an entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments in this Accounting Standards Update (ASU) are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The amendments in this ASU did not have a material impact of the consolidated financial statements.
	Recently Issued Accounting Standards – In March of 2013, the Financial Accounting Standards Board (“FASB”) issued amended guidance that resolves the diversity in practice for the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity. The amended guidance requires that when a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent is required to release any related cumulative translation adjustment into net income in instances when a sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, the amended guidance clarifies that the sale of an investment in a foreign entity includes both (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. In these instances, an entity is required to release the cumulative translation adjustment into net income. We will adopt the FASB's amended guidance during the three months ended March 31, 2014. We do not expect the adoption of the guidance to have a significant impact on our financial position, results of operations or cash flows

Note_1_SIGNIFICANT_ACCOUNTING_1

Note 1. SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 27, 2013
Accounting Policies [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		September 27,				December 31,
		2013				2012
	Raw materials	$	6,122			$	6,133
	Finished goods		10,226				11,708
	Inventory reserves		(547	)			(871	)
	LIFO reserve		(4,416	)			(4,237	)
		$	11,385			$	12,733
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	'
		Three Months Ended							Nine Months Ended
		September 27,				September 28,			September 27,		September 28,
		2013				2012			2013		2012
	Stock appreciation right (income) expense		(4	)			(65	)		15		52
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
		September 27,			September 28,
		2013			2012
	Expected term (years)	0.4 - 4.8			0.2 - 4.8
	Volatility	217.5% - 360.3%			293.5% - 459.0%
	Risk-free interest rate	0.1% - 1.3%			0.1% - 0.6%

Note_3_DISCONTINUED_OPERATIONS1

Note 3. DISCONTINUED OPERATIONS (Tables)	3 Months Ended													9 Months Ended																							3 Months Ended
	Sep. 28, 2012													Sep. 27, 2013										Sep. 28, 2012													Sep. 27, 2013
																																					ForTheThreeMonthsEndedJune282013
Note 3. DISCONTINUED OPERATIONS (Tables) [Line Items]	'													'										'													'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'													'										'													'For the Three Months Ended June 28, 2013
		For the Three Months Ended													For the Nine Months Ended										For the Nine Months Ended
		28-Sep-12													27-Sep-13										28-Sep-12													For the Three Months Ended
		Total			Container			Gemtex			Glit				Total		Container			Gemtex		Glit			Total			Container			Gemtex			Glit				27-Sep-13
					Division			Division			Division						Division			Division		Division						Division			Division			Division				Total			Container			Gemtex			Glit
																																									Division			Division			Division
	Net sales	$	9,122		$	2,751		$	1,297		$	5,074		Net sales	$	7,993	$	-		$	-	$	7,993	Net sales	$	28,705		$	8,449		$	4,402		$	15,854
																																					Net sales	$	(14	)	$	-		$	-		$	(14	)
	Operating loss - net of tax	$	(1,710	)	$	(163	)	$	(806	)	$	(741	)	Operating income (loss)  - net of tax	$	373	$	(310	)	$	12	$	671	Operating loss - net of tax	$	(3,193	)	$	(334	)	$	(1,154	)	$	(1,705	)
																																					Operating income (loss)  - net of tax	$	(14	)	$	(9	)	$	(1	)	$	(4	)
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	'													'										'													'
															September 27,		December 31,
															2013		2012
														Assets
														Property and equipment, net	$	-	$	1,300
														Intangibles		-		375
														Receivables from property and equipment sales		74		-
															$	74	$	1,675

Note_4_EARNINGS_LOSS_PER_SHARE1

Note 4. EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 27, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended						Nine Months Ended
		September 27,			September 28,			September 27,			September 28,
		2013			2012			2013			2012
	Income (loss) from continuing operations	$	185		$	(428	)	$	(892	)	$	(2,245	)
	(Loss) income from Discontinued operations		(14	)		(1,710	)		373			(3,193	)
	Loss on sale of discontinued businesses (net of tax)		-			(616	)		-			(616	)
	Net income (loss)	$	171		$	(2,754	)	$	(519	)	$	(6,054	)
	Average common shares outstanding - Basic		7,951			7,951			7,951			7,951
	Dilutive effect of stock options		-			-			-			-
	Dilutive effect of convertible preferred stock		18,859			-			-			-
	Average common shares outstanding - Diluted		26,810			7,951			7,951			7,951
	Per share amount - Basic:
	Loss from continuing operations	$	0.02		$	(0.06	)	$	(0.11	)	$	(0.28	)
	Discontinued operations		(0.00	)		(0.29	)		0.05			(0.48	)
	Net income (loss)	$	0.02		$	(0.35	)	$	(0.06	)	$	(0.76	)
	Per share amount - Diluted:
	Loss from continuing operations	$	0.01		$	(0.06	)	$	(0.11	)	$	(0.28	)
	Discontinued operations		(0.01	)		(0.29	)		0.05			(0.48	)
	Net income (loss)	$	0		$	(0.35	)	$	(0.06	)	$	(0.76	)

Note_6_RETIREMENT_BENEFIT_PLAN1

Note 6. RETIREMENT BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 27, 2013
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Plans, Policy [Policy Text Block]	'
		Pension Benefits
		Three Months Ended						Nine Months Ended
		September 27,			September 28,			September 27,			September 28,
		2013			2012			2013			2012
	Components of net periodic benefit cost:
	Interest cost	$	14		$	16		$	43		$	50
	Expected return on plan assets	$	(14	)	$	(14	)		(42	)		(43	)
	Amortization of net loss	$	12		$	11			35			35
	Net periodic benefit cost	$	12		$	13		$	36		$	42
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block]	'
		Other Benefits
		Three Months Ended						Nine Months Ended
		September 27,			September 28,			September 27,			September 28,
		2013			2012			2013			2012
	Components of net periodic benefit cost:
	Interest cost	$	27		$	31		$	80		$	93
	Amortization of net loss		15			12			44			36
	Net periodic benefit cost	$	42		$	43		$	124		$	129

Note_7_STOCK_INCENTIVE_PLANS_T

Note 7. STOCK INCENTIVE PLANS (Tables)	9 Months Ended
	Sep. 27, 2013
Employee Stock Ownership Plan (ESOP), Debt Structure [Abstract]	'
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block]	'
		Options			Weighted		Weighted	Aggregate
					Average		Average	Intrinsic
					Exercise		Remaining	Value
					Price		Contractual	(in thousands)
							Life
	Outstanding at December 31, 2012		18,000		$	4.64
	Granted		-		$	-
	Exercised		-		$	-
	Expired		(6,000	)	$	4.31
	Cancelled		-		$	-
	Outstanding at September 27, 2013		12,000		$	4.8	1.2 years	$	-
	Vested and Exercisable at September 27, 2013		12,000		$	4.8	1.2 years	$	-
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
		SARs
	Non-Vested at December 31, 2012		3,334
	Granted		4,000
	Vested		(7,334	)
	Cancelled		-
	Non-Vested at September 27, 2013		-
	Total Outstanding at September 27, 2013		186,000

Note_11_SEVERANCE_RESTRUCTURIN1

Note 11. SEVERANCE, RESTRUCTURING AND RELATED CHARGES (Tables)	9 Months Ended
	Sep. 27, 2013
Restructuring and Related Activities [Abstract]	'
Reorganization Items, Description of Pension and Other Postretirement Plans Related Charges	'
		Three Months Ended			Nine Months Ended
		27-Sep-13			27-Sep-13
	One-time termination benefits	$	-		$	321
Restructuring and Related Costs [Table Text Block]	'
		One-time
		Termination
		Benefits
	Restructuring liabilities at December 31, 2012	$	-
	Additions		321
	Payments		(233	)
	Other		-
	Restructuring liabilities at September 27, 2013	$	88

Note_1_SIGNIFICANT_ACCOUNTING_2

Note 1. SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 27, 2013	Dec. 31, 2012
Accounting Policies [Abstract]	'	'
Percentage of LIFO Inventory	81.00%	65.00%
FIFO Inventory Amount	$4.40	$4.20
Foreign Currency Transaction Loss, before Tax	0.5	'
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Current	$1.90	'

Note_1_SIGNIFICANT_ACCOUNTING_3

Note 1. SIGNIFICANT ACCOUNTING POLICIES (Details) - Inventories – The components of inventories are as follows (amounts in thousands): (USD $)	Sep. 27, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Inventories – The components of inventories are as follows (amounts in thousands): [Abstract]	'	'
Raw materials	$6,122	$6,133
Finished goods	10,226	11,708
Inventory reserves	-547	-871
LIFO reserve	-4,416	-4,237
	$11,385	$12,733

Note_1_SIGNIFICANT_ACCOUNTING_4

Note 1. SIGNIFICANT ACCOUNTING POLICIES (Details) - Compensation expense (income) is included in selling, general and administrative expense in the Cond (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013	Sep. 28, 2012	Sep. 27, 2013	Sep. 28, 2012
Compensation expense (income) is included in selling, general and administrative expense in the Cond [Abstract]	'	'	'	'
Stock appreciation right (income) expense	($4)	($65)	$15	$52

Note_3_DISCONTINUED_OPERATIONS2

Note 3. DISCONTINUED OPERATIONS (Details) (USD $)	0 Months Ended			0 Months Ended
In Millions, unless otherwise specified	Jul. 24, 2012	Sep. 27, 2013	Sep. 28, 2012	Sep. 20, 2012	Sep. 20, 2012
				IndemnificationEscrow	MaintenanceAdjustment
Note 3. DISCONTINUED OPERATIONS (Details) [Line Items]	'	'	'	'	'
Proceeds from Sales of Business, Affiliate and Productive Assets	$0.60	'	'	$1	'
InitialReceivableOnSaleOfAsset	'	'	'	'	0.7
Deferred Revenue	'	$1.90	$0.40	'	'

Note_3_DISCONTINUED_OPERATIONS3

Note 3. DISCONTINUED OPERATIONS (Details) - For the Three Months Ended September 27, 2013 (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013
September272013Total	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	($14)
Operating income (loss) - net of tax	-14
September272013ContainerDivision	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Operating income (loss) - net of tax	-9
September272013GemtexDivision	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Operating income (loss) - net of tax	-1
September272013GlitDivision	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	-14
Operating income (loss) - net of tax	($4)

Note_3_DISCONTINUED_OPERATIONS4

Note 3. DISCONTINUED OPERATIONS (Details) - For the Three Months Ended September 28, 2012 Total Container Division Gemtex Di (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 28, 2012
ForThreeMonthsEndedSeptember282012	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	$9,122
Operating loss - net of tax	-1,710
ForThreeMonthsEndedSeptember282012Container	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	2,751
Operating loss - net of tax	-163
ForThreeMonthsEndedSeptember282012Gemtex	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	1,297
Operating loss - net of tax	-806
ForThreeMonthsEndedSeptember282012Glit	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	5,074
Operating loss - net of tax	($741)

Note_3_DISCONTINUED_OPERATIONS5

Note 3. DISCONTINUED OPERATIONS (Details) - For the Nine Months Ended September 27, 2013 Total Container Division Gemtex Di (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013
ForNineMonthsEndedSeptember272013Total	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	$7,993
Operating income (loss) - net of tax	373
ForNineMonthsEndedSeptember272013Container	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Operating income (loss) - net of tax	-310
ForNineMonthsEndedSeptember272013Gemtex	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Operating income (loss) - net of tax	12
ForNineMonthsEndedSeptember272013Glit	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	7,993
Operating income (loss) - net of tax	$671

Note_3_DISCONTINUED_OPERATIONS6

Note 3. DISCONTINUED OPERATIONS (Details) - For the Nine Months Ended September 28, 2013 Total Container Division Gemtex Div (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 28, 2012
ForNineMonthsEndedSeptember282012Total	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	$28,705
Operating loss - net of tax	-3,193
ForNineMonthsEndedSeptember282012Container	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	8,449
Operating loss - net of tax	-334
ForNineMonthsEndedSeptember282012Gemtex	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	4,402
Operating loss - net of tax	-1,154
ForNineMonthsEndedSeptember282012Glit	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net sales	15,854
Operating loss - net of tax	($1,705)

Note_3_DISCONTINUED_OPERATIONS7

Note 3. DISCONTINUED OPERATIONS (Details) - The components of assets held for sale are as follows (amounts in thousands): (USD $)	Sep. 27, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Property and equipment, net	'	$1,300
Intangibles	'	375
Receivables from property and equipment sales	74	'
	$74	$1,675

Note_4_EARNINGS_LOSS_PER_SHARE2

Note 4. EARNINGS (LOSS) PER SHARE (Details)	Sep. 27, 2013	Sep. 28, 2012
Earnings Per Share [Abstract]	'	'
OptionsOutOfTheMoney	12,000	32,000
Redeemable Convertible Preferred Stock, Shares Outstanding (Deprecated 2011-01-31)	1,131,551	18,859,183

Note_4_EARNINGS_LOSS_PER_SHARE3

Note 4. EARNINGS (LOSS) PER SHARE (Details) - The consolidated financial statements include basic and diluted earnings (loss) per share. Diluted p (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 27, 2013	Sep. 28, 2012	Sep. 27, 2013	Sep. 28, 2012
Note 4. EARNINGS (LOSS) PER SHARE (Details) - The consolidated financial statements include basic and diluted earnings (loss) per share. Diluted p [Line Items]	'	'	'	'
Income (loss) from continuing operations (in Dollars)	($185)	$428	$892	$2,245
(Loss) income from Discontinued operations (in Dollars)	'	'	373	-3,809
Loss on sale of discontinued businesses (net of tax) (in Dollars)	'	-616	'	-616
Net income (loss) (in Dollars)	171	-2,754	-519	-6,054
Average common shares outstanding - Basic (in Shares)	7,951	7,951	7,951	7,951
Average common shares outstanding - Diluted (in Shares)	26,810	7,951	7,951	7,951
Per share amount - Basic:	'	'	'	'
Loss from continuing operations	$0.02	($0.06)	($0.11)	($0.28)
Discontinued operations	$0	($0.29)	$0.05	($0.48)
Net income (loss)	$0.02	($0.35)	($0.06)	($0.76)
Per share amount - Diluted:	'	'	'	'
Loss from continuing operations	$0.01	($0.06)	($0.11)	($0.28)
Discontinued operations	($0.01)	($0.29)	$0.05	($0.48)
Net income (loss)	$0	($0.35)	($0.06)	($0.76)
EPSThreeMonthsEndedSeptember272013	'	'	'	'
Note 4. EARNINGS (LOSS) PER SHARE (Details) - The consolidated financial statements include basic and diluted earnings (loss) per share. Diluted p [Line Items]	'	'	'	'
Income (loss) from continuing operations (in Dollars)	185	'	'	'
(Loss) income from Discontinued operations (in Dollars)	-14	'	'	'
Net income (loss) (in Dollars)	171	'	'	'
Average common shares outstanding - Basic (in Shares)	7,951	'	'	'
Dilutive effect of convertible preferred stock (in Dollars)	18,859	'	'	'
Average common shares outstanding - Diluted (in Shares)	26,810	'	'	'
Per share amount - Basic:	'	'	'	'
Loss from continuing operations	$0.02	'	'	'
Discontinued operations	$0	'	'	'
Net income (loss)	$0.02	'	'	'
Per share amount - Diluted:	'	'	'	'
Loss from continuing operations	$0.01	'	'	'
Discontinued operations	($0.01)	'	'	'
Net income (loss)	$0	'	'	'
EPSThreeMonthsEndedSeptember282012	'	'	'	'
Note 4. EARNINGS (LOSS) PER SHARE (Details) - The consolidated financial statements include basic and diluted earnings (loss) per share. Diluted p [Line Items]	'	'	'	'
Income (loss) from continuing operations (in Dollars)	'	-428	'	'
(Loss) income from Discontinued operations (in Dollars)	'	-1,710	'	'
Loss on sale of discontinued businesses (net of tax) (in Dollars)	'	-616	'	'
Net income (loss) (in Dollars)	'	-2,754	'	'
Average common shares outstanding - Basic (in Shares)	'	7,951	'	'
Average common shares outstanding - Diluted (in Shares)	'	7,951	'	'
Per share amount - Basic:	'	'	'	'
Loss from continuing operations	'	($0.06)	'	'
Discontinued operations	'	($0.29)	'	'
Net income (loss)	'	($0.35)	'	'
Per share amount - Diluted:	'	'	'	'
Loss from continuing operations	'	($0.06)	'	'
Discontinued operations	'	($0.29)	'	'
Net income (loss)	'	($0.35)	'	'
EPSNineMonthsEndedSeptember272013	'	'	'	'
Note 4. EARNINGS (LOSS) PER SHARE (Details) - The consolidated financial statements include basic and diluted earnings (loss) per share. Diluted p [Line Items]	'	'	'	'
Income (loss) from continuing operations (in Dollars)	'	'	-892	'
(Loss) income from Discontinued operations (in Dollars)	'	'	373	'
Net income (loss) (in Dollars)	'	'	-519	'
Average common shares outstanding - Basic (in Shares)	'	'	7,951	'
Average common shares outstanding - Diluted (in Shares)	'	'	7,951	'
Per share amount - Basic:	'	'	'	'
Loss from continuing operations	'	'	($0.11)	'
Discontinued operations	'	'	$0.05	'
Net income (loss)	'	'	($0.06)	'
Per share amount - Diluted:	'	'	'	'
Loss from continuing operations	'	'	($0.11)	'
Discontinued operations	'	'	$0.05	'
Net income (loss)	'	'	($0.06)	'
EPSNineMonthsEndedSeptember282012	'	'	'	'
Note 4. EARNINGS (LOSS) PER SHARE (Details) - The consolidated financial statements include basic and diluted earnings (loss) per share. Diluted p [Line Items]	'	'	'	'
Income (loss) from continuing operations (in Dollars)	'	'	'	-2,245
(Loss) income from Discontinued operations (in Dollars)	'	'	'	-3,193
Loss on sale of discontinued businesses (net of tax) (in Dollars)	'	'	'	-616
Net income (loss) (in Dollars)	'	'	'	($6,054)
Average common shares outstanding - Basic (in Shares)	'	'	'	7,951
Average common shares outstanding - Diluted (in Shares)	'	'	'	7,951
Per share amount - Basic:	'	'	'	'
Loss from continuing operations	'	'	'	($0.28)
Discontinued operations	'	'	'	($0.48)
Net income (loss)	'	'	'	($0.76)
Per share amount - Diluted:	'	'	'	'
Loss from continuing operations	'	'	'	($0.28)
Discontinued operations	'	'	'	($0.48)
Net income (loss)	'	'	'	($0.76)

Note_5_INDEBTEDNESS_Details

Note 5. INDEBTEDNESS (Details) (USD $)	3 Months Ended		6 Months Ended	8 Months Ended	9 Months Ended
	Sep. 27, 2013	Sep. 28, 2012	Dec. 31, 2012	31-May-12	Sep. 27, 2013	Sep. 28, 2012	Mar. 15, 2013	Mar. 14, 2013	Feb. 18, 2013	Feb. 17, 2013	Oct. 04, 2011
Note 5. INDEBTEDNESS (Details) [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Notes Payable, Noncurrent	$14,400,000	'	'	'	$14,400,000	'	'	'	'	'	$1,000,000
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	'	'	'	15,000,000	16,000,000	16,000,000	20,000,000	'
Line of Credit Facility, Revolving Credit, Description (Deprecated 2012-01-31)	'	'	'	'$15.0	'	'	'	'	'	'	'
LineofCreditSubLimitforLOC	'	'	'	3,000,000	'	'	'	'	'	'	'
LineOfCreditSubLimiteForCapitalExpenditures	'	'	'	2,500,000	'	'	'	'	'	'	'
Line of Credit Facility, Amount Outstanding	1,700,000	'	'	'	1,700,000	'	'	'	'	'	'
LineOfCreditAmountOutstandingCapEx	'	'	200,000	'	'	'	'	'	'	'	'
CollateralizedMinimum	'	'	1,300,000	'	'	'	'	'	'	'	'
Debt Instrument, Unused Borrowing Capacity, Amount	2,700,000	'	'	'	2,700,000	'	'	'	'	'	'
Line of Credit Facility, Interest Rate at Period End	4.75%	'	4.25%	'	4.75%	'	'	'	'	'	'
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage (in Basis Points)	'	'	'	'	0.50%	'	'	'	'	'	'
Amortization of Debt Discount (Premium)	54,000	'	'	'	155,000	'	'	'	'	'	'
Interest Expense, Borrowings	'	89,000	'	'	'	178,000	'	'	'	'	'
PBLoanAmountOutstanding	'	'	'	'	'	'	'	'	'	'	'
Note 5. INDEBTEDNESS (Details) [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Line of Credit Facility, Amount Outstanding	$8,700,000	'	$10,900,000	'	$8,700,000	'	'	'	'	'	'

Note_6_RETIREMENT_BENEFIT_PLAN2

Note 6. RETIREMENT BENEFIT PLANS (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 27, 2013	Sep. 27, 2013	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]	'	'	'
Pension Contributions	$19,000	$57,000	$19,000

Note_6_RETIREMENT_BENEFIT_PLAN3

Note 6. RETIREMENT BENEFIT PLANS (Details) - Information regarding the Company’s net periodic benefit cost for pension and other postretirement b (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013	Sep. 28, 2012	Sep. 27, 2013	Sep. 28, 2012
	ThreeMonthsEndedSeptember272013	ThreeMonthsEndedSeptember282012	NineMonthsEndedSeptember272013	NineMonthsEndedSeptember282012
Note 6. RETIREMENT BENEFIT PLANS (Details) - Information regarding the Company’s net periodic benefit cost for pension and other postretirement b [Line Items]	'	'	'	'
Interest cost	$14	$16	$43	$50
Expected return on plan assets	-14	-14	-42	-43
Amortization of net loss	12	11	35	35
Net periodic benefit cost	$12	$13	$36	$42

Note_6_RETIREMENT_BENEFIT_PLAN4

Note 6. RETIREMENT BENEFIT PLANS (Details) - Pension Benefits Three Months Ended Nine Months Ended September 27, 2013 (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013	Sep. 28, 2012	Sep. 27, 2013	Sep. 28, 2012
	OtherBenefitsThreeMonthsEndedSeptember272013	OtherBenefitsThreeMonthsEndedSeptember282012	OtherBenefitsNineMonthsEndedSeptember272013	OtherBenefitsNineMonthsEndedSeptember282012
Note 6. RETIREMENT BENEFIT PLANS (Details) - Pension Benefits Three Months Ended Nine Months Ended September 27, 2013 [Line Items]	'	'	'	'
Interest cost	$27	$31	$80	$93
Amortization of net loss	15	12	44	36
Net periodic benefit cost	$42	$43	$124	$129

Note_7_STOCK_INCENTIVE_PLANS_D

Note 7. STOCK INCENTIVE PLANS (Details) (USD $)	Sep. 27, 2013	Dec. 31, 2012
Employee Stock Ownership Plan (ESOP), Debt Structure [Abstract]	'	'
Derivative, Net Liability Position, Aggregate Fair Value	$48,000	$33,000

Note_7_STOCK_INCENTIVE_PLANS_D1

Note 7. STOCK INCENTIVE PLANS (Details) - The following table summarizes stock option activity under each of the Company’s applicable plans: (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2012	Sep. 27, 2013
The following table summarizes stock option activity under each of the Company’s applicable plans: [Abstract]	'	'
Outstanding at	18,000	186,000
Outstanding at (in Dollars per share)	'	$4.64
Vested and Exercisable at September 27, 2013	12,000	'
Vested and Exercisable at September 27, 2013 (in Dollars per share)	'	$4.80
Granted	0	'
Granted (in Dollars per share)	'	$0
Granted	'	0
Granted (in Dollars)	'	$0
Exercised	0	'
Exercised (in Dollars per share)	'	$0
Exercised	'	0
Exercised (in Dollars)	'	0
Expired	-6,000	'
Expired (in Dollars per share)	'	$4.31
Cancelled	0	'
Cancelled (in Dollars per share)	'	$0
Cancelled	'	0
Cancelled (in Dollars)	'	$0

Note_7_STOCK_INCENTIVE_PLANS_D2

Note 7. STOCK INCENTIVE PLANS (Details) - The following table summarizes SARs activity under each of the Company’s applicable plans:	9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013	Dec. 31, 2012
The following table summarizes SARs activity under each of the Company’s applicable plans: [Abstract]	'	'
Non-Vested at	3,334	'
Total Outstanding at September 27, 2013	186,000	18,000
Granted	4,000	'
Vested	-7,334	'

Note_8_INCOME_TAXES_Details

Note 8. INCOME TAXES (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 27, 2013	Dec. 31, 2013	Dec. 31, 2028	Dec. 31, 2020	Dec. 31, 2012
Income Tax Disclosure [Abstract]	'	'	'	'	'
Operating Loss Carryforwards	'	'	'	'	$155,100,000
Valuation Allowance, Deferred Tax Asset, Change in Amount	2,600,000	'	'	'	'
Deferred Tax Assets, Net of Valuation Allowance	'	'	6,500,000	'	'
DeferredTaxCreditCarryForwardFederalMinimumTaxCredit	'	1,200,000	'	'	'
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	'	'	'	100,000	'
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	'	'	'	12,000,000	'
Unrecognized Tax Benefits	100,000	'	'	'	'
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$25,000	'	'	'	'

Note_9_RELATED_PARTY_TRANSACTI1

Note 9. RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 29, 2013	Sep. 27, 2013	Sep. 28, 2012	Dec. 31, 2012
Related Party Transactions [Abstract]	'	'	'	'
RelatedPartyConvertiblePreferredStock (in Shares)	1,131,551	'	'	'
Due to Related Parties	'	$2.60	'	$2.30
Other Selling, General and Administrative Expense	'	$0.10	$0.40	'

Note_11_SEVERANCE_RESTRUCTURIN2

Note 11. SEVERANCE, RESTRUCTURING AND RELATED CHARGES (Details) - A summary of charges is as follows: (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2013
A summary of charges is as follows: [Abstract]	'
One-time termination benefits	$321

Note_11_SEVERANCE_RESTRUCTURIN3

Note 11. SEVERANCE, RESTRUCTURING AND RELATED CHARGES (Details) - A rollforward of restructuring liabilities from December 31, 2012 is as follows: (USD $)	Sep. 27, 2013
In Thousands, unless otherwise specified
A rollforward of restructuring liabilities from December 31, 2012 is as follows: [Abstract]	'
Restructuring liabilities at	$88
Additions	321
Payments	($233)