KII Liquidating (KATYQ) 10-Q 11 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 27, 2014	Jul. 25, 2014
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-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Katy_Industries_Balance_Sheet_

Katy Industries - Balance Sheet (in thousands) (USD $)	Jun. 27, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
CURRENT ASSETS:	'	'
Cash	$512	$708
Accounts receivable, net	12,752	7,206
Inventories, net	12,336	10,004
Other current assets	2,042	663
Assets held for sale	21	74
Total current assets	27,663	18,655
OTHER ASSETS:	'	'
Goodwill	2,788	'
Intangibles, Net	4,005	'
Other	1,869	1,375
Total other assets	8,662	1,375
PROPERTY AND EQUIPMENT	'	'
Land and improvements	535	251
Buildings and improvements	6,175	3,080
Machinery and equipment	53,483	52,164
	60,193	55,495
Less - Accumulated depreciation	-49,620	-48,533
Property and equipment, net	10,573	6,962
Total assets	46,898	26,992
CURRENT LIABILITIES:	'	'
Accounts payable	8,408	5,983
Book overdraft	328	264
Accrued compensation	1,225	1,411
Accrued expenses	7,926	7,062
Payable to related party	3,400	2,750
Deferred revenue	186	186
Revolving credit agreement	22,237	7,706
Total current liabilities	43,710	25,362
DEFERRED REVENUE	227	316
OTHER LIABILITIES	3,765	3,794
Total liabilities	47,702	29,472
STOCKHOLDERS’ EQUITY (DEFICIT)	'	'
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	-880	-848
Accumulated deficit	-123,675	-125,383
Treasury stock, at cost, 1,871,128 shares	-21,437	-21,437
Total stockholders' equity (deficit)	-804	-2,480
Total liabilities and stockholders' equity	$46,898	$26,992

Katy_Industries_Balance_Sheet_1

Katy Industries - Balance Sheet (in thousands) (Parentheticals) (USD $)	Jun. 27, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified
15% Convertible preferred stock (in Dollars per share)	$0.15	$0.15
15% Convertible preferred stock, par value (in Dollars per share)	$100	$100
15% Convertible preferred stock, shares authorized	1,200,000	1,200,000
15% Convertible preferred stock, shares issued	1,131,551	1,131,551
15% Convertible preferred stock, shares outstanding	1,131,551	1,131,551
15% Convertible preferred stock, liquidation value (in Dollars)	$113,155	$113,155
Common stock, 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, shares	1,871,128	1,871,128

Katy_Industries_Statement_of_O

Katy Industries - Statement of Operations (in thousands) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
Net sales	$25,608	$20,804	$45,534	$38,965
Cost of goods sold	21,534	17,370	38,471	33,118
Gross profit	4,074	3,434	7,063	5,847
Selling, general and administrative expenses	3,292	2,900	7,182	6,285
Severance, restructuring and related charges	'	37	'	321
Operating income (loss)	782	497	-119	-759
Interest expense	-276	-206	-557	-376
Other, net	37	37	77	71
Income (loss) from continuing operations before income tax benefit (expense)	543	328	-599	-1,064
Income tax benefit (expense) from continuing operations	3	-6	2,307	-13
Income (loss) from continuing operations	546	322	1,708	-1,077
(Loss) income from operations of discontinued business (net of tax)	'	-182	'	387
Net income (loss)	546	140	1,708	-690
Net income (loss)	546	140	1,708	-690
Other comprehensive income (loss)	'	'	'	'
Foregin currency translation	6	1	-32	-11
Total comprehensive income (loss)	$552	$141	$1,676	($701)
Income (loss) per share of common stock - Basic:	'	'	'	'
Income (loss) from continuing operations (in Dollars per share)	$0.07	$0.04	$0.21	($0.14)
Discontinued operations (in Dollars per share)	'	($0.02)	'	$0.05
Net income (loss) (in Dollars per share)	$0.07	$0.02	$0.21	($0.09)
Income (loss) per share of common stock - Diluted:	'	'	'	'
Income (loss) from continuing operations (in Dollars per share)	$0.02	$0.02	$0.06	($0.14)
Discontinued operations (in Dollars per share)	'	($0.01)	'	$0.05
Net income (loss) (in Dollars per share)	$0.02	$0.01	$0.06	($0.09)
Weighted average common shares outstanding:	'	'	'	'
Basic (in Shares)	7,951	7,951	7,951	7,951
Diluted (in Shares)	26,810	26,810	26,810	7,951

Katy_Industries_Statement_of_C

Katy Industries - Statement of Cash Flows (in thousands) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$1,708	($690)
Income from discontinued operations	'	387
Income (loss) from continuing operations	1,708	-1,077
Depreciation	1,110	1,084
Amortization of intangible assets	61	'
Amortization of debt issuance costs	213	102
Stock-based compensation	35	19
Deferred income taxes	-2,318	'
	809	128
Changes in operating assets and liabilities:	'	'
Accounts receivable	-4,031	-2,566
Inventories	-940	-1,994
Other assets	-1,245	436
Accounts payable	1,812	2,026
Accrued expenses	338	365
Payable to related party	250	250
Deferred revenue	-90	-98
Other	-66	-377
	-3,972	-1,958
Net cash used in continuing operations	-3,163	-1,830
Net cash provided by discontinued operations	53	866
Net cash used in operating activities	-3,110	-964
Cash flows from investing activities:	'	'
Payment for acquistion, net of cash received	-11,006	'
Capital expenditures	-373	-193
Net cash used in continuing operations	-11,379	-193
Net cash provided by discontinued operations	'	1,786
Net cash (used in) provided by investing activities	-11,379	1,593
Cash flows from financing activities:	'	'
Net borrowings	14,531	-512
Loan from related party	400	'
Increase (decrease) in book overdraft	64	-118
Direct costs associated with debt facilities	-672	'
Net cash provided by (used in) financing activities	14,323	-630
Effect of exchange rate changes on cash from continuing operations	-30	-76
Effect of exchange rate changes on cash from discontinued operations	'	-25
Effect of exchange rate changes on cash	-30	-101
Net decrease in cash	-196	-102
Cash, beginning of period	708	621
Cash, end of period	$512	$519

Note_1_SIGNIFICANT_ACCOUNTING_

Note 1. SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 27, 2014
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 June 27, 2014 and the related Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 27, 2014 and June 28, 2013 and Cash Flows for the six months ended June 27, 2014 and June 28, 2013 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 comprehensive income (loss) 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, 2013.  The Condensed Consolidated Balance Sheet as of December 31, 2013 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”).
	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 June 27, 2014 and June 28, 2013 consisted of 63 and 64 shipping days, respectively.  The six months ended June 27, 2014 and June 28, 2013 consisted of 124 and 126 shipping days, respectively.
	Use of Estimates – 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.
	Inventories – The components of inventories are as follows (amounts in thousands):
			June 27,			December 31,
			2014			2013
	Raw materials		$	6,363		$	5,803
	Finished goods			11,242			9,101
	Inventory reserves			(671	)		(534	)
	LIFO reserve			(4,598	)		(4,366	)
			$	12,336		$	10,004
	At June 27, 2014 and December 31, 2013, approximately 77% and 80%, 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 $4.6 million and $4.4 million at June 27, 2014 and December 31, 2013, respectively.
	Share-Based Payment – Compensation cost recognized during the three and six months ended June 27, 2014 and June 28, 2013 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 June 27, 2014 and June 28, 2013 based on the June 27, 2014 and June 28, 2013 fair values, 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 and Comprehensive Income (Loss).  The components of compensation income (expense) as a result of share-based payments are as follows (amounts in thousands):
			Three Months Ended						Six Months Ended
			June 27,			June 28,			June 27,			June 28,
			2014			2013			2014			2013
	Stock appreciation right income (expense)		$	9		$	60		$	(35	)	$	(19	)
	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 six months ended June 27, 2014 and June 28, 2013.
	The fair value of SARs, a liability award, was estimated at June 27, 2014 and June 28, 2013 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:
		27-Jun-14		28-Jun-13
	Expected term (years)	2.2- 5.0		0.6- 5.0
	Volatility	274.8% - 362.5%		238.2% - 353.2%
	Risk-free interest rate	0.5% - 1.6%		0.1% - 1.4%
	Accumulated Comprehensive Loss – The components of accumulated other comprehensive loss are foreign currency translation adjustments and pension and other postretirement benefits adjustments.  The balance of foreign currency translation adjustments was $0.6 million at June 27, 2014 and December 31, 2013.  The balance of pension and other postretirement benefits adjustments was $0.3 million at June 27, 2014 and December 31, 2013.
	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	6 Months Ended
	Jun. 27, 2014
Table Text Block [Abstract]	'
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	'
	Note 2.	NEW ACCOUNTING PRONOUNCEMENTS
	Recently Issued Accounting Standards – In March 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 adopted the FASB's amended guidance during the six months ended June 27, 2014. The adoption of the guidance did not have a significant impact on our financial position, results of operations or cash flows.
	In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, we will adopt this ASU on January 1, 2017. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU and we are currently evaluating which transition approach to use and the full impact this ASU will have on our future financial statements.

Note_3_DISCONTINUED_OPERATIONS

Note 3. DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 27, 2014
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 entered into agreements to sell certain assets related to the Glit division in the first quarter of 2013. The Company used the net proceeds from the sale of assets to settle the outstanding operating liabilities related to the division 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.
	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 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. Selected financial data for discontinued operations is summarized as follows (amounts in thousands):
			For the Six Months Ended
			28-Jun-13
			Total			Container			Gemtex		Glit
						Division			Division		Division
	Net sales		$	8,007		$	-		$	-	$	8,007
	Operating income (loss)  - net of tax		$	387		$	(301	)	$	13	$	675
			For the Three Months Ended
			28-Jun-13
			Total			Container			Gemtex		Glit
						Division			Division		Division
	Net sales		$	1,047		$	-		$	-	$	1,047
	Operating income (loss)  - net of tax		$	(182	)	$	(53	)	$	13	$	(142	)
	The Company recognized deferred revenue of $1.9 million in the six months ended June 28, 2013. The recognition of deferred revenue is included in net sales for the Glit Division.
	The components of assets and liabilities held for sale as of June 27, 2014 and December 31, 2013 are as follows (amounts in thousands):
			June 27,			December 31,
			2014			2013
	Assets
	Receivables from property and equipment sales		$	21		$	74

Note_4_EARNINGS_LOSS_PER_SHARE

Note 4. EARNINGS (LOSS) PER SHARE	6 Months Ended
	Jun. 27, 2014
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					Six Months Ended
			June 27,		June 28,			June 27,		June 28,
			2014		2013			2014		2013
	Income (loss) from continuing operations		$	546	$	322		$	1,708		(1,077	)
	Discontinued operations			-		(182	)		-		387
	Net income (loss)		$	546	$	140		$	1,708	$	(690	)
	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		18,859			18,859		-
	Average common shares outstanding - Diluted			26,810		26,810			26,810		7,951
	Per share amount - Basic:
	Income (loss) from continuing operations		$	0.07	$	0.04		$	0.21	$	(0.14	)
	Discontinued operations			-		(0.02	)		-		0.05
	Net income (loss)		$	0.07	$	0.02		$	0.21	$	(0.09	)
	Per share amount - Diluted:
	Income (loss) from continuing operations		$	0.02	$	0.02		$	0.06	$	(0.14	)
	Discontinued operations			-		(0.01	)		-		0.05
	Net income (loss)		$	0.02	$	0.01		$	0.06	$	(0.09	)

Note_5_INDEBTEDNESS

Note 5. INDEBTEDNESS	6 Months Ended
	Jun. 27, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	Note 5.	INDEBTEDNESS
	On February 19, 2014, the Company and BMO Harris Bank N.A. entered into a Credit and Security Agreement (the “BMO Credit Agreement”),  which provides the Company a $27.0 million revolving credit facility, including a $3.0 million sub-limit for letters of credit. The proceeds of the Company’s initial borrowing under the BMO Credit Agreement were used to repay the PrivateBank Loan and Security Agreement (the “PB Loan Agreement”), finance the acquisition of FTW (as defined in Note 8), and pay certain fees and expenses related to the negotiation and consummation of the BMO Credit Agreement and the acquisition. All extensions of credit under the BMO Credit Agreement are collateralized by a first priority security interest in and lien upon substantially all present and future assets and properties of the Company.
	The BMO Credit Agreement has an expiration date of February 17, 2017 and its borrowing base is determined by eligible inventory, accounts receivable, machinery and equipment and owned real estate, amounting to $25.1 million at June 27, 2014. The borrowing base under the BMO Credit Agreement is reduced by the outstanding amount of standby and commercial letters of credit. Currently, the Company’s largest letters of credit relate to its casualty insurance programs. Total outstanding letters of credit were $1.2 million at June 27, 2014. Upon extinguishment of the PB loan Agreement, the Company was required to advance cash to PrivateBank as collateral for the outstanding letters of credit in the amount of $1.5 million, of which $1.0 million was still outstanding at June 27, 2014. The cash advance is recorded within other current assets and the revolving credit agreement in the Consolidated Balance Sheets. There was $22.2 million outstanding under the BMO Loan Agreement and $7.7 million outstanding under the PB Loan Agreement as of June 27, 2014 and December 31, 2013, respectively.
	Borrowings under the BMO Credit Agreement bear interest at a per annum rate equal to, at the Borrower’s option, (a) the Base Rate plus applicable Base Rate Margin, which varies from 0.50% to 1.00% based on average excess availability, or (b) reserve adjusted Eurodollar Rate plus the applicable Eurodollar Rate Margin, which varies from 1.50% to 2.00% based on average excess availability. The Base Rate is the greatest of (i) BMO Harris’ prime commercial rate as in effect on such day, (ii) the sum of the Fed Funds rate for such day plus 0.5%, and (iii) the Eurodollar Rate for one month plus 1.50%. The Eurodollar Rate is the British Bankers Association LIBOR Rate, as published by Reuters (or other commercially available source) with a term equivalent to the applicable one, two, three or six month interest period. An unused commitment fee of 25 basis points per annum is payable quarterly on the average unused amount of the BMO Credit Agreement. The BMO Credit Agreement includes financial covenants regarding fixed charge coverage ratio, maximum annual capital expenditures and minimum availability through June 2014. The Company was in compliance with the financial covenants at June 27, 2014.
	The BMO Credit Agreement requires a lockbox agreement which provides receipts (subject to certain exceptions) to be swept daily to reduce borrowings outstanding and allows for certain credit reserves to be set from time to time. These provisions in the BMO Credit Agreement cause the BMO Credit Agreement 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 BMO Credit Agreement, which is classified as a current liability. The BMO Credit Agreement does not expire or have a maturity date within one year, but rather has a final expiration date of February 17, 2017.
	All of the debt under the BMO Credit Agreement is re-priced to current rates at frequent intervals.  Therefore, its fair value approximates its carrying value at June 27, 2014.  For the three and six months ended June 27, 2014, the Company had amortization of debt issuance costs, included within interest expense, of $54,000 and $215,000, respectively. Included in amortization of debt issuance costs for the six months ended June 27, 2014 is approximately $109,000 of debt issuance costs written off due to the extinguishment of the PB Loan Agreement.For the three and six months ended June 28, 2013, the Company had amortization of debt issuance costs, included within interest expense, of $54,000 and $102,000, respectively.

Note_6_RETIREMENT_BENEFIT_PLAN

Note 6. RETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 27, 2014
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 six months ended June 27, 2014 and June 28, 2013 is as follows (amounts in thousands):
			Pension Benefits
			Three Months Ended						Six Months Ended
			June 27,			June 28,			June 27,			June 28,
			2014			2013			2014			2013
	Components of net periodic benefit cost:
	Interest cost		$	16		$	15		$	30		$	29
	Expected return on plan assets			(17	)		(14	)		(32	)		(28	)
	Amortization of net loss			10			11			19			23
	Net periodic benefit cost		$	9		$	12		$	17		$	24
			Other Benefits
			Three Months Ended						Six Months Ended
			June 27,			June 28,			June 27,			June 28,
			2014			2013			2014			2013
	Components of net periodic benefit cost:
	Interest cost		$	10		$	27		$	20		$	53
	Amortization of net loss			(4	)		14			(9	)		29
	Net periodic benefit cost		$	6		$	41		$	11		$	82
	During the three and six months ended June 27, 2014, the Company made contributions to the pension plans of $14,000 and $28,000, respectively.  The Company expects to contribute an additional $28,000 to the pension plans throughout the remainder of 2014.  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	6 Months Ended
	Jun. 27, 2014
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:
								Weighted
						Weighted		Average	Aggregate
						Average		Remaining	Intrinsic
						Exercise		Contractual	Value
			Options			Price		Life	(in thousands)
	Outstanding at December 31, 2013			12,000		$	4.8
	Granted			-		$	-
	Exercised			-		$	-
	Expired			6,000		$	5.91
	Cancelled			-		$	-
	Outstanding at June 27, 2014			6,000		$	3.69	0.91 years	$	-
	Vested and Exercisable at June 27, 2014			6,000		$	3.69	0.91 years	$	-
	The following table summarizes SARs activity under each of the Company’s applicable plans:
			SARs
	Non-Vested at December 31, 2013			-
	Granted			4,000
	Vested			(4,000	)
	Cancelled			-
	Non-Vested at June 27, 2014			-
	Total Outstanding at June 27, 2014			50,000
	At June 27, 2014 and December 31, 2013, the aggregate liability related to SARs was $55,000 and $20,000, respectively, and is included in accrued expenses in the Condensed Consolidated Balance Sheets.

Note_8_INCOME_TAXES

Note 8. INCOME TAXES	6 Months Ended
	Jun. 27, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	Note 8.	INCOME TAXES
	The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company and its subsidiaries are generally no longer subject to U.S. federal, state and local examinations by tax authorities for years before 2009.
	As a result of the acquisition of Ft. Wayne Holdings Inc. (“FTW”), the Company recorded deferred tax liabilities of $2.4 million which reduced its net deferred tax assets. The reduction in deferred tax assets caused a release of a valuation allowance of $2.3 million.
	As of June 27, 2014 and December 31, 2013, the Company had deferred tax assets, net of deferred tax liabilities, of $79.5 and $81.9 million, respectively. Domestic net operating loss (“NOL”) carry forwards comprised $62.1 million of the deferred tax assets for both periods. Katy’s history of operating losses in many of its taxing jurisdictions provides significant negative evidence with respect to the Company’s ability to generate future taxable income. As a result, valuation allowances have been recorded as of such dates for the full amount of deferred tax assets, net of the amount of deferred tax liabilities.
	Accounting for Uncertainty in Income Taxes
	Included in the balances at each of June 27, 2014 and December 31, 2013 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 June 27, 2014 and December 31, 2013.

Note_9_RELATED_PARTY_TRANSACTI

Note 9. RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 27, 2014
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 June 27, 2014 and December 31, 2013, the Company owed Kohlberg $3.0 million and $2.8 million, respectively, for these services, which is recorded in current liabilities on the Condensed Consolidated Balance Sheets.  For each of the three and six months ended June 27, 2014 and June 28, 2013, $0.1 million and $0.3 million, respectively, is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations for these services.
	In February 2014, loans of $0.1 million each were received from two directors of the Company, and a loan of $0.2 million was received from Kohlberg & Co. L.L.C., In connection with these loans, the Company entered into subordinated promissory notes with these individuals and Kohlberg & Co. L.L.C., respectively. These notes were used to finance the acquisition of FTW and are set to mature on December 31, 2014. The notes accrue interest at a rate of 15% per year, which will be paid by capitalizing such interest and adding such capitalized interest to the principal amount of the subordinated notes.

Note_10_COMMITMENTS_AND_CONTIN

Note 10. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 27, 2014
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_BUSINESS_ACQUISTIONS

Note 11. BUSINESS ACQUISTIONS	6 Months Ended
	Jun. 27, 2014
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
	Note 11.	BUSINESS ACQUISITIONS
	On February 19, 2014, the Company acquired all of the equity interests of FTW, the parent company of Ft. Wayne Plastics, Inc. (“FWP”), a leading manufacturer of medium- to large- sized molded plastic components, specializing in low pressure, multi-nozzle structural plastic and gas assist solutions, for $11.5 million in cash, subject to certain pre-closing and post-closing purchase price adjustments. The acquisition of FWP’s premiere manufacturing capabilities and dedication to customer service are highly complementary with the Company.
	The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of February 19, 2014 are set forth below:
	Current assets		$	3,076
	Long-term assets			4,349
	Intangible assets			4,066
	Goodwill			2,788
	Total Assets Acquried			14,279
	Deferred tax liabilities			(2,440	)
	Other liabilities			(833	)
	Total liabilities assumed			(3,273	)
	Net assets acquired		$	11,006
	The accompanying consolidated statements of income for the three and six months ended June 27, 2014 and June 28, 2013 do not include any revenues or expenses related to the acquisition prior to the respective closing date. The following unaudited pro forma consolidated financial information is presented as if the acquisition had occurred at the beginning of the periods presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if these acquisitions had actually occurred during those periods, or the results that may be obtained in the future as a result of these acquisitions.
	Pro Forma (unaudited)		Three months ended					Six months ended
			June 27,					June 27,
			2014			2013		2014		2013
	Net Sales		$	25,625		$	25,170	$	47,063	$	47,597
	Gross profit			3,979			4,296		7,182		7,493
	Income (loss) from continuing operations			411			758		1,707		(264	)
	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			18,859		18,859		-
	Average common shares outstanding - Diluted			26,810			26,810		26,810		7,951
	Basic earnings per share		$	0.05		$	0.1	$	0.21	$	(0.03	)
	Diluted earnings per share		$	0.02		$	0.03	$	0.06	$	(0.03	)

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 27, 2014
Accounting Policies [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	Recently Issued Accounting Standards – In March 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 adopted the FASB's amended guidance during the six months ended June 27, 2014. The adoption of the guidance did not 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)	6 Months Ended
	Jun. 27, 2014
Accounting Policies [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
			June 27,			December 31,
			2014			2013
	Raw materials		$	6,363		$	5,803
	Finished goods			11,242			9,101
	Inventory reserves			(671	)		(534	)
	LIFO reserve			(4,598	)		(4,366	)
			$	12,336		$	10,004
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	'
			Three Months Ended						Six Months Ended
			June 27,			June 28,			June 27,			June 28,
			2014			2013			2014			2013
	Stock appreciation right income (expense)		$	9		$	60		$	(35	)	$	(19	)
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
		27-Jun-14		28-Jun-13
	Expected term (years)	2.2- 5.0		0.6- 5.0
	Volatility	274.8% - 362.5%		238.2% - 353.2%
	Risk-free interest rate	0.5% - 1.6%		0.1% - 1.4%

Note_3_DISCONTINUED_OPERATIONS1

Note 3. DISCONTINUED OPERATIONS (Tables)	6 Months Ended															3 Months Ended
	Jun. 27, 2014					Jun. 27, 2014										Jun. 27, 2014
						ForTheSixMonthsEndedJune272014										ForTheThreeMonthsEndedJune272014
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 Six Months Ended										For the Three Months Ended
							28-Jun-13										28-Jun-13
							Total		Container			Gemtex		Glit			Total			Container			Gemtex		Glit
									Division			Division		Division						Division			Division		Division
						Net sales	$	8,007	$	-		$	-	$	8,007	Net sales	$	1,047		$	-		$	-	$	1,047
						Operating income (loss)  - net of tax	$	387	$	(301	)	$	13	$	675	Operating income (loss)  - net of tax	$	(182	)	$	(53	)	$	13	$	(142	)
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	'					'										'
		June 27,		December 31,
		2014		2013
	Assets
	Receivables from property and equipment sales	$	21	$	74

Note_4_EARNINGS_LOSS_PER_SHARE1

Note 4. EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 27, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended					Six Months Ended
		June 27,		June 28,			June 27,		June 28,
		2014		2013			2014		2013
	Income (loss) from continuing operations	$	546	$	322		$	1,708		(1,077	)
	Discontinued operations		-		(182	)		-		387
	Net income (loss)	$	546	$	140		$	1,708	$	(690	)
	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		18,859			18,859		-
	Average common shares outstanding - Diluted		26,810		26,810			26,810		7,951
	Per share amount - Basic:
	Income (loss) from continuing operations	$	0.07	$	0.04		$	0.21	$	(0.14	)
	Discontinued operations		-		(0.02	)		-		0.05
	Net income (loss)	$	0.07	$	0.02		$	0.21	$	(0.09	)
	Per share amount - Diluted:
	Income (loss) from continuing operations	$	0.02	$	0.02		$	0.06	$	(0.14	)
	Discontinued operations		-		(0.01	)		-		0.05
	Net income (loss)	$	0.02	$	0.01		$	0.06	$	(0.09	)

Note_6_RETIREMENT_BENEFIT_PLAN1

Note 6. RETIREMENT BENEFIT PLANS (Tables)	3 Months Ended											6 Months Ended
	Jun. 27, 2014											Jun. 27, 2014
Compensation and Retirement Disclosure [Abstract]	'											'
Pension and Other Postretirement Plans, Policy [Policy Text Block]	'											'
													Pension Benefits
													Three Months Ended						Six Months Ended
													June 27,			June 28,			June 27,			June 28,
													2014			2013			2014			2013
												Components of net periodic benefit cost:
												Interest cost	$	16		$	15		$	30		$	29
												Expected return on plan assets		(17	)		(14	)		(32	)		(28	)
												Amortization of net loss		10			11			19			23
												Net periodic benefit cost	$	9		$	12		$	17		$	24
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	'											'
		Other Benefits
		Three Months Ended					Six Months Ended
		June 27,			June 28,		June 27,			June 28,
		2014			2013		2014			2013
	Components of net periodic benefit cost:
	Interest cost	$	10		$	27	$	20		$	53
	Amortization of net loss		(4	)		14		(9	)		29
	Net periodic benefit cost	$	6		$	41	$	11		$	82

Note_7_STOCK_INCENTIVE_PLANS_T

Note 7. STOCK INCENTIVE PLANS (Tables)	6 Months Ended
	Jun. 27, 2014
Employee Stock Ownership Plan (ESOP), Debt Structure [Abstract]	'
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block]	'
							Weighted
					Weighted		Average	Aggregate
					Average		Remaining	Intrinsic
					Exercise		Contractual	Value
		Options			Price		Life	(in thousands)
	Outstanding at December 31, 2013		12,000		$	4.8
	Granted		-		$	-
	Exercised		-		$	-
	Expired		6,000		$	5.91
	Cancelled		-		$	-
	Outstanding at June 27, 2014		6,000		$	3.69	0.91 years	$	-
	Vested and Exercisable at June 27, 2014		6,000		$	3.69	0.91 years	$	-
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
		SARs
	Non-Vested at December 31, 2013		-
	Granted		4,000
	Vested		(4,000	)
	Cancelled		-
	Non-Vested at June 27, 2014		-
	Total Outstanding at June 27, 2014		50,000

Note_11_BUSINESS_ACQUISTIONS_T

Note 11. BUSINESS ACQUISTIONS (Tables)	6 Months Ended
	Jun. 27, 2014
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
	Current assets	$	3,076
	Long-term assets		4,349
	Intangible assets		4,066
	Goodwill		2,788
	Total Assets Acquried		14,279
	Deferred tax liabilities		(2,440	)
	Other liabilities		(833	)
	Total liabilities assumed		(3,273	)
	Net assets acquired	$	11,006
Business Acquisition, Pro Forma Information [Table Text Block]	'
	Pro Forma (unaudited)	Three months ended					Six months ended
		June 27,					June 27,
		2014			2013		2014		2013
	Net Sales	$	25,625		$	25,170	$	47,063	$	47,597
	Gross profit		3,979			4,296		7,182		7,493
	Income (loss) from continuing operations		411			758		1,707		(264	)
	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			18,859		18,859		-
	Average common shares outstanding - Diluted		26,810			26,810		26,810		7,951
	Basic earnings per share	$	0.05		$	0.1	$	0.21	$	(0.03	)
	Diluted earnings per share	$	0.02		$	0.03	$	0.06	$	(0.03	)

Note_1_SIGNIFICANT_ACCOUNTING_2

Note 1. SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Dec. 31, 2013
Accounting Policies [Abstract]	'	'	'
ShippingDaysInThePeriod	124	126	'
Percentage of LIFO Inventory	77.00%	'	80.00%
FIFO Inventory Amount	$4.60	'	$4.40
Foreign Currency Transaction Loss, before Tax	0.6	'	'
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Current	'	'	$0.30

Note_1_SIGNIFICANT_ACCOUNTING_3

Note 1. SIGNIFICANT ACCOUNTING POLICIES (Details) - Inventories – The components of inventories are as follows (amounts in thousands): (USD $)	Jun. 27, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventories – The components of inventories are as follows (amounts in thousands): [Abstract]	'	'
Raw materials	$6,363	$5,803
Finished goods	11,242	9,101
Inventory reserves	-671	-534
LIFO reserve	-4,598	-4,366
	$12,336	$10,004

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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
Compensation expense (income) is included in selling, general and administrative expense in the Cond [Abstract]	'	'	'	'
Stock appreciation right income (expense)	$9	$60	($35)	($19)

Note_1_SIGNIFICANT_ACCOUNTING_5

Note 1. SIGNIFICANT ACCOUNTING POLICIES (Details) - The fair value of SARs, a liability award, was estimated at June 27, 2014 and June 28, 2013	6 Months Ended
	Jun. 27, 2014	Jun. 28, 2013
	SixMonthsEnded06-27-2014	SixMonthsEnded06-28-2013
Note 1. SIGNIFICANT ACCOUNTING POLICIES (Details) - The fair value of SARs, a liability award, was estimated at June 27, 2014 and June 28, 2013 [Line Items]	'	'
Expected term (years)	'2 years 73 days	'219 days
Volatility	274.80%	238.20%
Risk-free interest rate	0.50%	0.10%

Note_3_DISCONTINUED_OPERATIONS2

Note 3. DISCONTINUED OPERATIONS (Details) (USD $)	0 Months Ended
In Millions, unless otherwise specified	Jul. 24, 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	'	'	$0.70

Note_3_DISCONTINUED_OPERATIONS3

Note 3. DISCONTINUED OPERATIONS (Details) - For the Six Months Ended (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2013	Jun. 28, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Net sales	$1,047	($387)
Operating income (loss) - net of tax	-182	'
TotalSixMonthEnded06-28-2013	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Net sales	'	8,007
Operating income (loss) - net of tax	'	387
ContainerSixMonthEnded06-28-2013	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Operating income (loss) - net of tax	'	-301
GemtexSixMonthEnded06-28-2013	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Operating income (loss) - net of tax	'	13
GlitSixMonthEnded06-28-2013	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Net sales	'	8,007
Operating income (loss) - net of tax	'	$675

Note_3_DISCONTINUED_OPERATIONS4

Note 3. DISCONTINUED OPERATIONS (Details) - For the Three Months Ended (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2013	Jun. 28, 2013
For the Three Months Ended [Abstract]	'	'
Net sales	$1,047	($387)
Operating income (loss) - net of tax	($182)	'

Note_3_DISCONTINUED_OPERATIONS5

Note 3. DISCONTINUED OPERATIONS (Details) - The components of assets held for sale are as follows (amounts in thousands): (USD $)	Jun. 27, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
The components of assets held for sale are as follows (amounts in thousands): [Abstract]	'	'
Receivables from property and equipment sales	$21	$74

Note_4_EARNINGS_LOSS_PER_SHARE2

Note 4. EARNINGS (LOSS) PER SHARE (Details) - The consolidated financial statements include basic and diluted earnings (loss) per share. (USD $)	3 Months Ended				6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 27, 2014	Jun. 27, 2014	Jun. 27, 2013	Jun. 28, 2013	Jun. 27, 2014	Jun. 27, 2013	Jun. 28, 2013
The consolidated financial statements include basic and diluted earnings (loss) per share. [Abstract]	'	'	'	'	'	'	'
Income (loss) from continuing operations (in Dollars)	$546	$546	'	$322	$1,708	'	($1,077)
Discontinued operations (in Dollars)	'	'	'	-1,047	'	'	387
Net income (loss) (in Dollars)	546	546	'	140	1,708	'	-690
Average common shares outstanding - Basic (in Shares)	7,951	7,951	'	7,951	7,951	'	7,951
Dilutive effect of convertible preferred stock (in Dollars)	'	$18,859	'	$18,859	$18,859	'	'
Average common shares outstanding - Diluted (in Shares)	26,810	26,810	26,810	26,810	26,810	7,951	7,951
Per share amount - Basic:	'	'	'	'	'	'	'
Income (loss) from continuing operations	$0.07	$0.07	'	$0.04	$0.21	'	($0.14)
Discontinued operations	'	'	'	($0.02)	'	'	$0.05
Net income (loss)	$0.07	$0.07	'	$0.02	$0.21	'	($0.09)
Per share amount - Diluted:	'	'	'	'	'	'	'
Income (loss) from continuing operations	$0.02	$0.02	'	$0.02	$0.06	'	($0.14)
Discontinued operations	'	'	'	($0.01)	'	'	$0.05
Net income (loss)	$0.02	$0.02	'	$0.01	$0.06	'	($0.09)

Note_5_INDEBTEDNESS_Details

Note 5. INDEBTEDNESS (Details) (USD $)	3 Months Ended	6 Months Ended			6 Months Ended	12 Months Ended
	Jun. 27, 2014	Jun. 27, 2014	Jun. 27, 2013	Feb. 19, 2014	Jun. 27, 2014	Dec. 31, 2013
					PBLoanAmountOutstanding	PBLoanAmountOutstanding
Note 5. INDEBTEDNESS (Details) [Line Items]	'	'	'	'	'	'
Notes Payable, Noncurrent	'	'	'	$27,000,000	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	3,000,000	'	'
Line of Credit Facility, Fair Value of Amount Outstanding	25,100,000	25,100,000	'	'	'	'
Line of Credit Facility, Maximum Month-end Outstanding Amount	'	1,200,000	'	'	'	'
Line of Credit Facility, Collateral Fees, Amount	'	1,500,000	'	'	'	'
Line of Credit Facility, Collateral Fees	'	'$1.0	'	'	'	'
Line of Credit Facility, Maximum Amount Outstanding During Period	'	'	'	'	22,200,000	7,700,000
Line of Credit Facility, Interest Rate at Period End	0.50%	0.50%	'	'	'	'
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	'	0.25%	'	'	'	'
Interest Expense, Borrowings	54,000	'	215,000	'	'	'
Debt Issuance Cost	'	109,000	'	'	'	'
Amortization of Debt Discount (Premium)	$54,000	$102,000	'	'	'	'

Note_6_RETIREMENT_BENEFIT_PLAN2

Note 6. RETIREMENT BENEFIT PLANS (Details) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 27, 2014	Jun. 27, 2014	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]	'	'	'
Pension Contributions	$14,000	$28,000	'
Defined Benefit Plan, Amount and Timing of Assets Expected to be Returned to Employer During Following 12 Month Period	'	'	'$28,000

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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
	ForTheThreeMonthsEndedJune272014	ForTheThreeMonthsEndedJune282013	ForTheSixMonthsEndedJune272014	SixMonthsEnded06-28-2013
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	$16	$15	$30	$29
Expected return on plan assets	-17	-14	-32	-28
Amortization of net loss	10	11	19	23
Net periodic benefit cost	$9	$12	$17	$24

Note_6_RETIREMENT_BENEFIT_PLAN4

Note 6. RETIREMENT BENEFIT PLANS (Details) - Pension Benefits Three Months Ended Six Months Ended June 27, June 28, June (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Jun. 28, 2013
	ThreeMonthsEnded06-27-2014	ThreeMonthsEnded06-28-2013	SixMonthsEnded06-27-2014	SixMonthsEnded06-28-2013
Note 6. RETIREMENT BENEFIT PLANS (Details) - Pension Benefits Three Months Ended Six Months Ended June 27, June 28, June [Line Items]	'	'	'	'
Interest cost	$10	$27	$20	$53
Amortization of net loss	-4	14	-9	29
Net periodic benefit cost	$6	$41	$11	$82

Note_7_STOCK_INCENTIVE_PLANS_D

Note 7. STOCK INCENTIVE PLANS (Details) (USD $)	Jun. 27, 2014	Dec. 31, 2013
Employee Stock Ownership Plan (ESOP), Debt Structure [Abstract]	'	'
Derivative, Net Liability Position, Aggregate Fair Value	$55,000	$20,000

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 $)	6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 27, 2014
The following table summarizes stock option activity under each of the Company’s applicable plans: [Abstract]	'
Outstanding at	12,000
Outstanding at	$4.80
Outstanding at	'332 days
Vested and Exercisable at June 27, 2014	6,000
Vested and Exercisable at June 27, 2014	$3.69
Vested and Exercisable at June 27, 2014	'332 days
Granted	0
Granted	$0
Granted	0
Granted	$0
Exercised	0
Exercised	$0
Exercised	0
Exercised	0
Expired	6,000
Expired	$5.91
Cancelled	0
Cancelled	$0
Cancelled	0
Cancelled	$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:	6 Months Ended
	Jun. 27, 2014
The following table summarizes SARs activity under each of the Company’s applicable plans: [Abstract]	'
Granted	4,000
Vested	-4,000
Total Outstanding at June 27, 2014	50,000

Note_8_INCOME_TAXES_Details

Note 8. INCOME TAXES (Details) (USD $)	6 Months Ended
	Jun. 27, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Operating Loss Carryforwards	'	$2,400,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	2,300,000	'
Deferred Tax Assets, Net of Valuation Allowance	79,500,000	81,900,000
DeferredTaxCreditCarryForwardFederalMinimumTaxCredit	62,100,000	'
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 $)	1 Months Ended	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Feb. 28, 2014	Jun. 27, 2014	Jun. 28, 2013	Jun. 27, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]	'	'	'	'	'
RelatedPartyConvertiblePreferredStock (in Shares)	'	'	'	1,131,551	'
Due to Related Parties	$0.10	$3	'	$3	$2.80
Other Selling, General and Administrative Expense	'	0.1	'	'	'
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	'	'	0.3	'	'
Related Party Transaction, Amounts of Transaction	$0.20	'	'	'	'
Short-term Debt, Interest Rate Increase	15.00%	'	'	'	'

Note_11_BUSINESS_ACQUISTIONS_D

Note 11. BUSINESS ACQUISTIONS (Details)	0 Months Ended
	Feb. 19, 2014
Business Combinations [Abstract]	'
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block]	'
	$11.5 million

Note_11_BUSINESS_ACQUISTIONS_D1

Note 11. BUSINESS ACQUISTIONS (Details) - The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fai (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Feb. 19, 2014
The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fai [Abstract]	'
Current assets	$3,076
Long-term assets	4,349
Intangible assets	4,066
Goodwill	2,788
Total Assets Acquried	14,279
Deferred tax liabilities	-2,440
Other liabilities	-833
Total liabilities assumed	-3,273
Net assets acquired	$11,006

Note_11_BUSINESS_ACQUISTIONS_D2

Note 11. BUSINESS ACQUISTIONS (Details) - The accompanying consolidated statements of income for the six months ended June 27, 2014 and 2013 (USD $)	3 Months Ended				6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 27, 2014	Jun. 27, 2014	Jun. 27, 2013	Jun. 28, 2013	Jun. 27, 2014	Jun. 27, 2013	Jun. 28, 2013
The accompanying consolidated statements of income for the six months ended June 27, 2014 and 2013 [Abstract]	'	'	'	'	'	'	'
Net Sales	$25,625	'	$25,170	'	$47,063	$47,597	'
Gross profit	3,979	'	4,296	'	7,182	7,493	'
Income (loss) from continuing operations	411	'	758	'	1,707	-264	'
Average common shares outstanding - Basic (in Shares)	7,951	'	7,951	'	7,951	7,951	'
Dilutive effect of convertible preferred stock	$18,859	'	$18,859	'	$18,859	'	'
Average common shares outstanding - Diluted (in Shares)	26,810	26,810	26,810	26,810	26,810	7,951	7,951
Basic earnings per share (in Dollars per share)	$0.05	'	$0.10	'	$0.21	($0.03)	'
Diluted earnings per share (in Dollars per share)	$0.02	'	$0.03	'	$0.06	($0.03)	'