KII Liquidating (KATYQ) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 27, 2015	Apr. 24, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	KATY INDUSTRIES INC
Entity Central Index Key	54681
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,951,176
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	27-Mar-15

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 27, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash	$143	$66
Accounts receivable, net	11,373	10,840
Inventories, net	18,433	15,881
Other current assets	811	659
Total current assets	30,760	27,446
OTHER ASSETS:
Goodwill	2,556	2,556
Intangibles, Net	3,862	3,909
Other	2,359	1,839
Total other assets	8,777	8,304
PROPERTY AND EQUIPMENT
Land and improvements	535	535
Buildings and improvements	6,175	6,175
Machinery and equipment	52,986	52,711
Property and equipment, gross	59,696	59,421
Less - Accumulated depreciation	-49,713	-49,263
Property and equipment, net	9,983	10,158
Total assets	49,520	45,908
CURRENT LIABILITIES:
Accounts payable	11,751	7,327
Book overdraft	350	699
Accrued compensation	1,639	1,457
Accrued expenses	7,662	7,093
Payable to related party	3,775	3,650
Deferred revenue	186	186
Revolving credit agreement	21,768	21,967
Total current liabilities	47,131	42,379
DEFERRED REVENUE	93	130
OTHER LIABILITIES	4,881	4,090
Total liabilities	52,105	46,599
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS' (DEFICIT) 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	-1,602	-1,544
Accumulated deficit	-124,734	-122,898
Treasury stock, at cost, 1,871,128 shares	-21,437	-21,437
Total stockholders' (deficit) equity	-2,585	-691
Total liabilities and stockholders' (deficit) equity	$49,520	$45,908

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)	Mar. 27, 2015	Dec. 31, 2014
STOCKHOLDERS' (DEFICIT) EQUITY
Convertible preferred stock percentage (in hundredths)	15.00%	15.00%
15% Convertible preferred stock, par value (in dollars per share)	$100	$100
15% Convertible preferred stock, shares authorized (in shares)	1,200,000	1,200,000
15% Convertible preferred stock, shares issued (in shares)	1,131,551	1,131,551
15% Convertible preferred stock, shares outstanding (in shares)	1,131,551	1,131,551
15% Convertible preferred stock, liquidation value	$113,155	$113,155
Common stock, par value (in dollars per share)	$1	$1
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	9,822,304	9,822,304
Treasury stock, at cost, (in shares)	1,871,128	1,871,128

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 27, 2015	Mar. 28, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) [Abstract]
Net sales	$21,310	$19,926
Cost of goods sold	18,105	16,937
Gross profit	3,205	2,989
Selling, general and administrative expenses	3,252	3,890
Severance, restructuring and related charges	1,600	0
Operating loss	-1,647	-901
Interest expense	-209	-281
Other, net	28	40
Loss before income tax (expense) benefit	-1,828	-1,142
Income tax (expense) benefit	-8	2,304
Net (loss) income	-1,836	1,162
Net (loss) income	-1,836	1,162
Other comprehensive income
Foreign currency translation	-58	-38
Total comprehensive (loss) income	($1,894)	$1,124
Basic (loss) earnings per share (in dollars per share)	($0.23)	$0.15
Basic weighted average common shares outstanding: (in shares)	7,951	7,951
Diluted (loss) earnings per share (in dollars per share)	($0.23)	$0.04
Diluted weighted average common shares outstanding: (in shares)	7,951	26,810

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 27, 2015	Mar. 28, 2014
Cash flows from operating activities:
Net (loss) income	($1,836)	$1,162
Depreciation	545	525
Amortization of intangible assets	47	14
Amortization of debt issuance costs	57	161
Deferred income taxes	0	-2,318
Stock-based compensation	20	44
Total adjustments	-1,167	-412
Changes in operating assets and liabilities:
Accounts receivable	-519	-2,616
Inventories	-2,522	-981
Other assets	-726	-1,300
Accounts payable	4,426	1,512
Accrued expenses	764	535
Payable to related party	125	125
Deferred revenue	-37	-38
Other	760	-172
Total changes in operating capital	2,271	-2,935
Net cash provided by (used in) continuing operations	1,104	-3,347
Net cash provided by discontinued operations	0	53
Net cash provided by (used in) operating activities	1,104	-3,294
Cash flows from investing activities:
Payment for acquisition, net of cash received	0	-11,006
Capital expenditures	-362	-208
Net cash used in investing activities	-362	-11,214
Cash flows from financing activities:
Net borrowings	-199	14,783
Loan from related party	0	400
Decrease in book overdraft	-349	-78
Direct costs associated with debt facilities	0	-672
Net cash (used in) provided by financing activities	-548	14,433
Effect of exchange rate changes on cash from continuing operations	-117	-69
Effect of exchange rate changes on cash from discontinued operations	0	-3
Effect of exchange rate changes on cash	-117	-72
Net increase (decrease) in cash	77	-147
Cash, beginning of period	66	708
Cash, end of period	$143	$561

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 27, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	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 March 27, 2015 and the related Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 27, 2015 and March 28, 2014 and Cash Flows for the three months ended March 27, 2015 and March 28, 2014 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, 2014.  The Condensed Consolidated Balance Sheet as of December 31, 2014 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 March 27, 2015 and March 28, 2014 consisted of 60 and 61 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):
		March 27,			December 31,
		2015			2014
	Raw materials	$	8,078		$	6,457
	Finished goods		15,444			14,714
	Inventory reserves		(681	)		(618	)
	LIFO reserve		(4,408	)		(4,672	)
		$	18,433		$	15,881
	At March 27, 2015 and December 31, 2014, approximately 81% and 78%, 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 $4.7 million at March 27, 2015 and December 31, 2014, respectively.
	Share-Based Payment – Compensation cost recognized during the three months ended March 27, 2015 and March 28, 2014 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 March 27, 2015 and March 28, 2014 based on the March 27, 2015 and March 28, 2014 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 expense is included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations.  The components of compensation expense are as follows (amounts in thousands):
		Three Months Ended
		March 27,			March 28,
		2015			2014
	Stock appreciation right expense	$	20		$	44
	The fair value of stock options are 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 months ended March 27, 2015 or March 28, 2014.
	The fair value of SARs, a liability award, was estimated at March 27, 2015 and March 28, 2014 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 was 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:
		March 27,			March 28,
		2015			2014
	Expected term (years)		1.4 - 4.6			2.4 - 4.6
	Volatility		230.1% - 332.5	%		320.2% - 374.3	%
	Risk-free interest rate		0.4% - 1.3	%		0.7% - 1.6	%
	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 $0.8 million and $0.7 million at March 27, 2015 and December 31, 2014, respectively.  The balance of pension and other postretirement benefits adjustments was $0.8 million at March 27, 2015 and December 31, 2014.
	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.

NEW_ACCOUNTING_PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 27, 2015
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	Note 2.   NEW ACCOUNTING PRONOUNCEMENTS
	Recently Issued Accounting Standards – 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.
	Recently Issued Accounting Standards – In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists or when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We currently believe there will be no impact on our financial statement disclosures.
	Recently Issued Accounting Standards – In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This ASU requires companies to present debt issuance costs as a direct deduction from the carrying value of that debt liability. ASU 2015-03 does not impact the recognition and measurement guidance for debt issuance costs. This ASU is effective for annual reporting periods beginning after December 15, 2015 and early adoption is permitted. Accordingly, we will adopt this ASU on January 1, 2016. Companies are required to use a retrospective approach and we are currently evaluating the impact to our future financial statements.

EARNINGS_LOSS_PER_SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 27, 2015
EARNINGS (LOSS) PER SHARE [Abstract]
EARNINGS (LOSS) PER SHARE	Note 3.   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 8), 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
		March 27,			March 28,
		2015			2014
	Net (loss) income	$	(1,836	)	$	1,162
	Average common shares outstanding - Basic		7,951			7,951
	Dilutive effect of convertible preferred stock		-			18,859
	Average common shares outstanding - Diluted		7,951			26,810
	Per share amount - Basic:	$	(0.23	)	$	0.15
	Per share amount - Diluted:	$	(0.23	)	$	0.04
	As of March 27, 2015, no options were in the money and 6,000 options were out of the money. As of March 28, 2014, no options were in the money and 12,000 options were out of the money. At March 27, 2015 and March 28, 2014, 1,131,551 convertible preferred shares were outstanding, which are in total convertible into 18,859,183 shares of the Company’s common stock. Convertible preferred shares were not included in the calculation of diluted earnings (loss) per share for the three months ended March 27, 2015 because of their anti-dilutive impact as a result of the Company’s net loss position.

INDEBTEDNESS

INDEBTEDNESS	3 Months Ended
	Mar. 27, 2015
INDEBTEDNESS [Abstract]
INDEBTEDNESS	Note 4.   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 (see Note 12 for subsequent amendment to the BMO Credit Agreement). 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 10), 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 $28.3 million at March 27, 2015. 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 $1.1 million at March 27, 2015 and December 31, 2014. There was $21.8 million and $22.0 million outstanding under the BMO Loan Agreement  as of March 27, 2015 and December 31, 2014, 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 and maximum annual capital expenditures. The Company was in compliance with the financial covenants at March 27, 2015.
	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 March 27, 2015.  For the three months ended March 27, 2015 and March 28, 2014, the Company had amortization of debt issuance costs, included within interest expense, of $57,000 and $161,000, respectively. Included in amortization of debt issuance costs for the three months ended March 28, 2014 is approximately $109,000 of debt issuance costs written off due to the extinguishment of the PB Loan Agreement.

RETIREMENT_BENEFIT_PLANS

RETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 27, 2015
RETIREMENT BENEFIT PLANS [Abstract]
RETIREMENT BENEFIT PLANS	Note 5.   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 months ended March 27, 2015 and March 28, 2014 is as follows (amounts in thousands):
		Pension Benefits						Other Benefits
		Three Months Ended						Three Months Ended
		March 27,			March 28,			March 27,		March 28,
		2015			2014			2015		2014
	Components of net periodic benefit cost:
	Interest cost	$	15		$	14		$	12	$	10
	Expected return on plan assets		(16	)		(15	)		-		-
	Amortization of net loss (gain)		12			9			8		(5	)
	Net periodic benefit cost	$	11		$	8		$	20	$	5
	During the three months ended March 27, 2015, the Company made contributions to the pension plans of $18,000.  The Company expects to contribute an additional $54,000 to the pension plans throughout the remainder of 2015.  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 inputs to the valuation including quoted prices for similar assets in active markets that are observable either directly or indirectly (Level 2 inputs per the fair value hierarchy).

STOCK_INCENTIVE_PLANS

STOCK INCENTIVE PLANS	3 Months Ended
	Mar. 27, 2015
STOCK INCENTIVE PLANS [Abstract]
STOCK INCENTIVE PLANS	Note 6.   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, 2014		6,000	$	3.69
	Granted		-	$	-
	Exercised		-	$	-
	Expired		-	$	-
	Cancelled		-	$	-
	Outstanding at March 27, 2015		6,000	$	3.69	0.2 years	$	-
	Vested and Exercisable at March 27, 2015		6,000	$	3.69	0.2 years	$	-
	The following table summarizes SARs activity under each of the Company’s applicable plans:
		SARs
	Non-Vested at December 31, 2014		-
	Granted		-
	Vested		-
	Cancelled		-
	Non-Vested at March 27, 2015		-
	Total Outstanding at March 27, 2015		34,000
	At March 27, 2015 and December 31, 2014, the aggregate liability related to SARs was $67,000 and $47,000, respectively, and is included in accrued expenses in the Condensed Consolidated Balance Sheets.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 27, 2015
INCOME TAXES [Abstract]
INCOME TAXES	Note 7.   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 2010.
	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 in the three months ended March 28, 2014.
	As of March 27, 2015 the Company had deferred tax assets, net of deferred tax liabilities, of $79.5 million subject to a valuation allowance of $79.6 million.  As of December 31, 2014 the Company had deferred tax assets, net of deferred tax liabilities, of $78.9 million subject to a valuation allowance of $79.0 million.   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.  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 March 27, 2015 and December 31, 2014 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 March 27, 2015 and December 31, 2014.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 27, 2015
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	Note 8.   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 March 27, 2015 and December 31, 2014, the Company owed Kohlberg $3.4 million and $3.3 million, respectively, for these services, which is recorded in current liabilities on the Condensed Consolidated Balance Sheets.  The Company incurs expense of $0.5 million per year for these services.  For each of the three months ended March 27, 2015 and March 28, 2014, $0.1 million 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 September 30, 2017. 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.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 27, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 9.   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, asbestos 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.

BUSINESS_ACQUISITIONS

BUSINESS ACQUISITIONS	3 Months Ended
	Mar. 27, 2015
BUSINESS ACQUISITIONS [Abstract]
BUSINESS ACQUISITIONS	Note 10.  BUSINESS ACQUISTIONS
	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 $11.0 million in cash, less $200k in subsequent working capital adjustments. The acquisition of FWP’s premiere manufacturing capabilities and dedication to customer service are highly complementary with the Company.
	The accompanying consolidated statements of income for the three months ended March 28, 2014 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
		28-Mar-14
	Net Sales	$	21,438
	Gross profit	$	3,203
	Income from continuing operations	$	1,296
	Average common shares outstanding - Basic		7,951
	Dilutive effect of convertible preferred stock		18,859
	Average common shares outstanding - Diluted		26,810
	Basic earnings per share	$	0.16
	Diluted earnings per share	$	0.05

SEVERANCE_RESTRUCTURING_AND_RE

SEVERANCE, RESTRUCTURING AND RELATED CHARGES	3 Months Ended
	Mar. 27, 2015
SEVERANCE, RESTRUCTURING AND RELATED CHARGES [Abstract]
SEVERANCE, RESTRUCTURING AND RELATED CHARGES	Note 11.  SEVERANCE, RESTRUCTURING AND RELATED CHARGES
	In the first quarter of 2015, the Company committed to a plan to move its manufacturing facility from Bridgeton, Missouri to Jefferson City, Missouri.  Management estimates the resulting severance, restructuring and related charges will be approximately $5.8 million. The relocation is expected to be completed by the end of 2015.
		Contract
		Termination
		Costs
	Restructuring liabilities at December 31, 2014	$	-
	Additions		1,600
	Payments		(1,600	)
	Other		-
	Restructuring liabilities at March 27, 2015	$	-
	In February 2015, the Company paid a $1.6 million early termination fee to exit the lease of its Bridgeton, Missouri facility. The early termination fee is included within severance, restructuring and related charges.
	We recognized a gain of $0.7 million related to liabilities from the acceleration of the lease term, which is recorded in general and administrative expenses.
	In addition, the Company entered into a new lease for its manufacturing operations in Jefferson City, Missouri in March 2015. The Company received a $1.7 million incentive payment upon signing of the lease, which is included in other liabilities. The incentive payment will be recognized straight-line over the term of the lease in cost of goods sold.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	3 Months Ended
	Mar. 27, 2015
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	Note 12.  SUBSEQUENT EVENT
	First Lien Credit Agreement
	On April 7, 2015, in conjunction with the acquisition described below, Katy Industries, Inc. (the “Company”), Continental Commercial Products, LLC, a Delaware limited liability company, 2155735 Ontario Inc., an Ontario corporation, CCP Canada Inc., an Ontario corporation, FTW Holdings, Inc., a Delaware corporation, and Fort Wayne Plastics, Inc., an Indiana corporation, wholly owned direct or indirect subsidiaries of the Company (the foregoing, including the Company, the “Borrowers”), and BMO Harris Bank N.A., as lender (“BMO”) entered into Amendment No. 1 to Credit and Security Agreement, dated April 7, 2015 (the “Closing Date”), among the Borrowers and BMO (“Amendment No. 1”) to amend that certain Credit and Security Agreement, dated February 19, 2014 (the “Original BMO Credit Agreement”), among the Borrowers and BMO (the Original Credit Agreement, as amended by Amendment No. 1, the “BMO Credit Agreement”) and to obtain the consent of BMO to the acquisition described below.
	Pursuant to Amendment No. 1, the revolving credit facility under the Original BMO Credit Agreement was increased from an amount not to exceed $27.0 million to an amount not to exceed $33.0 million.  The revolving credit facility under the BMO Credit Agreement continues to include a $3.0 million sub-limit for letters of credit. The proceeds advanced under the BMO Credit Agreement on the Closing Date were used to pay certain fees and expenses related to the negotiation and consummation of Amendment No. 1 and the acquisition described below. Subject to the terms of an  Intercreditor and Subordination Agreement, dated as of April 7, 2015 (the “Intercreditor Agreement”), between BMO and the SL Agent (as defined below), 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 Borrowers.
	The Original BMO Credit Agreement was further amended pursuant to Amendment No. 1 to extend the expiration date of the credit facility from February 17, 2017 to April 7, 2018.  The borrowing base continues to be determined by eligible inventory, accounts receivable, machinery and equipment and owned real estate. The borrowing base under the BMO Credit Agreement is reduced by the outstanding amount of standby and commercial letters of credit.
	Borrowings under the BMO Credit Agreement continue to 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 under the BMO Credit Agreement.
	Amendment No. 1 amended the consolidated fixed charge coverage ratio and maximum annual capital expenditures under the Original BMO Credit Agreement and added a minimum consolidated EBITDA, minimum availability and a leverage ratio covenant.  Amendment No. 1 also amended the Original BMO Credit Agreement to permit the secured second lien credit facility described below.
	The BMO Credit Agreement continues to require a lockbox agreement which provides receipts (subject to certain exceptions) to be swept daily to reduce borrowings outstanding. This provision in the BMO Credit Agreement causes 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 will be 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 April 7, 2018.
	Second Lien Credit Facility
	On April 7, 2015, the Company, Continental Commercial Products, LLC, a Delaware limited liability company, FTW Holdings, Inc., a Delaware corporation, and Fort Wayne Plastics, Inc., an Indiana corporation, as borrowers (the “SL Borrowers”) and 2155735 Ontario Inc., an Ontario corporation, and CCP Canada Inc., an Ontario corporation, as guarantors (the “Guarantors,” together with the SL Borrowers, the “SL Obligors”) entered into a Second Lien Credit and Security Agreement, dated as of April 7, 2015, among the SL Obligors, Victory Park Management, LLC, as Agent (the “SL Agent”), and the lenders party thereto (the “Second Lien Credit Agreement”).
	The Second Lien Credit Agreement provides the SL Borrowers with a $24 million term loan.  The proceeds of the term loan were used to pay certain fees and expenses related to the negotiation and consummation of the credit facility and the acquisition described below. Subject to the terms of the Intercreditor Agreement, all extensions of credit under the Second Lien Credit Agreement are collateralized by a second priority security interest in and lien upon substantially all present and future assets and properties of the SL Obligors.
	The term loan under the Second Lien Credit Agreement bears interest (i) at a cash interest rate of the LIBOR (One Month) Rate then in effect plus 9.5% per annum and (ii) a Payment in Kind “PIK” interest rate equal to 4.00% per annum.  The expiration date of the credit facility under the Second Lien Credit Agreement is April 6, 2019.
	Pursuant to the Second Lien Credit Agreement, the SL Borrowers are to make quarterly amortization payments and annual excess cash flow prepayments equal to 25% of annual excess cash flow.  The Second Lien Credit Agreement includes the following financial covenants: a consolidated fixed charge coverage ratio, a maximum annual capital expenditures, a minimum consolidated EBITDA, a minimum availability under the BMO Credit Agreement and a leverage ratio.
	Acquisition
	On April 7, 2015, Continental Commercial Products, LLC, a Delaware limited liability company (“CCP”) and wholly owned subsidiary of Katy Industries, Inc. (the “Company”), completed the acquisition of substantially all of the  assets and business operations related to the plastics shelving and cabinet business of Centrex Plastics, LLC, an Ohio limited liability company (“Centrex”) and T.R. Plastics, LLC, an Ohio limited liability company (“TR Plastics”) for $23.9 million in cash at closing, plus certain post-closing earnout payments of not less than $2.3 million over three years, as described in the Asset Purchase Agreement dated April 7, 2015 (the “Purchase Agreement”) by and between CCP, Centrex, TR Plastics, and Terrence L. Reinhart, the majority member of Centrex and the sole member of TR Plastics.
	The Company incurred $0.3 million in costs related to the acquisition during the three months ended March 27, 2015. These costs included fees for legal, valuation and other fees. These costs were included within general and administrative expenses.
	Due to the timing of the acquisition and the filing of our form 10-Q, full purchase price accounting disclosures are not readily available.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 27, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Consolidation Policy and Basis of Presentation	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 March 27, 2015 and the related Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 27, 2015 and March 28, 2014 and Cash Flows for the three months ended March 27, 2015 and March 28, 2014 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, 2014.  The Condensed Consolidated Balance Sheet as of December 31, 2014 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	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 March 27, 2015 and March 28, 2014 consisted of 60 and 61 shipping days, respectively.
Use of Estimates	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	Inventories – The components of inventories are as follows (amounts in thousands):
		March 27,			December 31,
		2015			2014
	Raw materials	$	8,078		$	6,457
	Finished goods		15,444			14,714
	Inventory reserves		(681	)		(618	)
	LIFO reserve		(4,408	)		(4,672	)
		$	18,433		$	15,881
	At March 27, 2015 and December 31, 2014, approximately 81% and 78%, 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 $4.7 million at March 27, 2015 and December 31, 2014, respectively.
Share-Based Payment	Share-Based Payment – Compensation cost recognized during the three months ended March 27, 2015 and March 28, 2014 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 March 27, 2015 and March 28, 2014 based on the March 27, 2015 and March 28, 2014 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 expense is included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations.  The components of compensation expense are as follows (amounts in thousands):
		Three Months Ended
		March 27,			March 28,
		2015			2014
	Stock appreciation right expense	$	20		$	44
	The fair value of stock options are 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 months ended March 27, 2015 or March 28, 2014.
	The fair value of SARs, a liability award, was estimated at March 27, 2015 and March 28, 2014 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 was 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:
		March 27,			March 28,
		2015			2014
	Expected term (years)		1.4 - 4.6			2.4 - 4.6
	Volatility		230.1% - 332.5	%		320.2% - 374.3	%
	Risk-free interest rate		0.4% - 1.3	%		0.7% - 1.6	%
Accumulated Comprehensive Loss	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 $0.8 million and $0.7 million at March 27, 2015 and December 31, 2014, respectively.  The balance of pension and other postretirement benefits adjustments was $0.8 million at March 27, 2015 and December 31, 2014.
Segment Reporting	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.

NEW_ACCOUNTING_PRONOUNCEMENTS_

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 27, 2015
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards – 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.
	Recently Issued Accounting Standards – In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists or when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We currently believe there will be no impact on our financial statement disclosures.
	Recently Issued Accounting Standards – In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This ASU requires companies to present debt issuance costs as a direct deduction from the carrying value of that debt liability. ASU 2015-03 does not impact the recognition and measurement guidance for debt issuance costs. This ASU is effective for annual reporting periods beginning after December 15, 2015 and early adoption is permitted. Accordingly, we will adopt this ASU on January 1, 2016. Companies are required to use a retrospective approach and we are currently evaluating the impact to our future financial statements.

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 27, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Components of inventories	Inventories – The components of inventories are as follows (amounts in thousands):
		March 27,			December 31,
		2015			2014
	Raw materials	$	8,078		$	6,457
	Finished goods		15,444			14,714
	Inventory reserves		(681	)		(618	)
	LIFO reserve		(4,408	)		(4,672	)
		$	18,433		$	15,881
Components of compensation expense as a result of share-based payments	Compensation expense is included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations.  The components of compensation expense are as follows (amounts in thousands):
		Three Months Ended
		March 27,			March 28,
		2015			2014
	Stock appreciation right expense	$	20		$	44
Assumptions for expected term, volatility and risk-free rate	The assumptions for expected term, volatility and risk-free rate are presented in the table below:
		March 27,			March 28,
		2015			2014
	Expected term (years)		1.4 - 4.6			2.4 - 4.6
	Volatility		230.1% - 332.5	%		320.2% - 374.3	%
	Risk-free interest rate		0.4% - 1.3	%		0.7% - 1.6	%

EARNINGS_LOSS_PER_SHARE_Tables

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 27, 2015
EARNINGS (LOSS) PER SHARE [Abstract]
Schedule of earnings per share, basic and diluted	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 8), 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
		March 27,			March 28,
		2015			2014
	Net (loss) income	$	(1,836	)	$	1,162
	Average common shares outstanding - Basic		7,951			7,951
	Dilutive effect of convertible preferred stock		-			18,859
	Average common shares outstanding - Diluted		7,951			26,810
	Per share amount - Basic:	$	(0.23	)	$	0.15
	Per share amount - Diluted:	$	(0.23	)	$	0.04

RETIREMENT_BENEFIT_PLANS_Table

RETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 27, 2015
RETIREMENT BENEFIT PLANS [Abstract]
Net Periodic Benefit Cost	Information regarding the Company’s net periodic benefit cost for pension and other postretirement benefit plans for the three months ended March 27, 2015 and March 28, 2014 is as follows (amounts in thousands):
		Pension Benefits						Other Benefits
		Three Months Ended						Three Months Ended
		March 27,			March 28,			March 27,		March 28,
		2015			2014			2015		2014
	Components of net periodic benefit cost:
	Interest cost	$	15		$	14		$	12	$	10
	Expected return on plan assets		(16	)		(15	)		-		-
	Amortization of net loss (gain)		12			9			8		(5	)
	Net periodic benefit cost	$	11		$	8		$	20	$	5

STOCK_INCENTIVE_PLANS_Tables

STOCK INCENTIVE PLANS (Tables)	3 Months Ended
	Mar. 27, 2015
STOCK INCENTIVE PLANS [Abstract]
Summary of stock option activity under applicable plans	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, 2014		6,000	$	3.69
	Granted		-	$	-
	Exercised		-	$	-
	Expired		-	$	-
	Cancelled		-	$	-
	Outstanding at March 27, 2015		6,000	$	3.69	0.2 years	$	-
	Vested and Exercisable at March 27, 2015		6,000	$	3.69	0.2 years	$	-
Summary of SARs activity under applicable plans	The following table summarizes SARs activity under each of the Company’s applicable plans:
		SARs
	Non-Vested at December 31, 2014		-
	Granted		-
	Vested		-
	Cancelled		-
	Non-Vested at March 27, 2015		-
	Total Outstanding at March 27, 2015		34,000

BUSINESS_ACQUISITIONS_Tables

BUSINESS ACQUISITIONS (Tables)	3 Months Ended
	Mar. 27, 2015
BUSINESS ACQUISITIONS [Abstract]
Business Acquisition, Pro Forma Information	The accompanying consolidated statements of income for the three months ended March 28, 2014 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
		28-Mar-14
	Net Sales	$	21,438
	Gross profit	$	3,203
	Income from continuing operations	$	1,296
	Average common shares outstanding - Basic		7,951
	Dilutive effect of convertible preferred stock		18,859
	Average common shares outstanding - Diluted		26,810
	Basic earnings per share	$	0.16
	Diluted earnings per share	$	0.05

SEVERANCE_RESTRUCTURING_AND_RE1

SEVERANCE, RESTRUCTURING AND RELATED CHARGES (Tables)	3 Months Ended
	Mar. 27, 2015
SEVERANCE, RESTRUCTURING AND RELATED CHARGES [Abstract]
Restructuring and Related Costs	In the first quarter of 2015, the Company committed to a plan to move its manufacturing facility from Bridgeton, Missouri to Jefferson City, Missouri.  Management estimates the resulting severance, restructuring and related charges will be approximately $5.8 million. The relocation is expected to be completed by the end of 2015.
		Contract
		Termination
		Costs
	Restructuring liabilities at December 31, 2014	$	-
	Additions		1,600
	Payments		(1,600	)
	Other		-
	Restructuring liabilities at March 27, 2015	$	-

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
	Mar. 27, 2015	Mar. 28, 2014	Dec. 31, 2014
	Segment
Fiscal Year [Abstract]
Number of shipping days	60 days	61 days
Consolidation Policy [Abstract]
Percentage of voting interest (in hundredths)	50.00%
Inventories [Abstract]
Raw materials	$8,078,000		$6,457,000
Finished goods	15,444,000		14,714,000
Inventory reserves	-681,000		-618,000
LIFO reserve	-4,408,000		-4,672,000
Total inventories	18,433,000		15,881,000
Percentage of LIFO inventory (in hundredths)	81.00%		78.00%
FIFO inventory amount	4,400,000		4,700,000
Stock appreciation right income [Abstract]
Granted (in shares)	0	0
Accumulated Comprehensive Loss [Abstract]
Foreign currency translation adjustments	800,000		700,000
Pension and other postretirement benefits adjustments	800,000		800,000
Segment Reporting [Abstract]
Number of segments	1
Minimum [Member]
Assumptions for expected term, volatility and risk-free rate [Abstract]
Expected term (years)	1 year 4 months 24 days	2 years 4 months 24 days
Volatility (in hundredths)	230.10%	320.20%
Risk-free interest rate (in hundredths)	0.40%	0.70%
Maximum [Member]
Assumptions for expected term, volatility and risk-free rate [Abstract]
Expected term (years)	4 years 7 months 6 days	4 years 7 months 6 days
Volatility (in hundredths)	332.50%	374.30%
Risk-free interest rate (in hundredths)	1.30%	1.60%
Selling, General and Administrative Expenses [Member]
Stock appreciation right income [Abstract]
Stock appreciation right expense	$20,000	44,000

EARNINGS_LOSS_PER_SHARE_Detail

EARNINGS (LOSS) PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 27, 2015	Mar. 28, 2014	Dec. 31, 2014
EARNINGS (LOSS) PER SHARE [Abstract]
Conversion to common stock at a ratio	16.6:1
Net (loss) income	($1,836)	$1,162
Average common shares outstanding - Basic (in Shares)	7,951,000	7,951,000
Dilutive effect of convertible preferred stock (in shares)	0	18,859,000
Average common shares outstanding - Diluted (in Shares)	7,951,000	26,810,000
Per share amount - Basic: (in dollars per share)	($0.23)	$0.15
Per share amount - Diluted: (in dollars per share)	($0.23)	$0.04
Number of in the money options outstanding (in shares)	0	0
Number of out of money options outstanding (in shares)	6,000	12,000
Convertible preferred stock outstanding (in shares)	1,131,551	1,131,551	1,131,551
Number of shares issued for convertible preferred stock (in shares)	18,859,183	18,859,183

INDEBTEDNESS_Details

INDEBTEDNESS (Details) (USD $)	3 Months Ended
	Mar. 27, 2015	Mar. 28, 2014	Dec. 31, 2014	Feb. 19, 2014
BMO Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$27,000,000
Expiration date of Credit Facility	17-Feb-17
Eligible Assets as borrowing base	28,300,000
Amount outstanding	21,800,000		22,000,000
Unused commitment fee per quarter (in hundredths)	0.25%
Amortization of debt issuance cost	57,000	161,000
BMO Credit Agreement [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis Spread (in hundredths)	0.50%
BMO Credit Agreement [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis Spread (in hundredths)	1.00%
BMO Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis Spread (in hundredths)	1.50%
BMO Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis Spread (in hundredths)	2.00%
BMO Credit Agreement [Member] | Federal Funds Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis Spread (in hundredths)	0.50%
BMO Credit Agreement [Member] | Federal Funds Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis Spread (in hundredths)	1.50%
BMO Credit Agreement [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity				3,000,000
Amount outstanding	1,100,000		1,100,000
PB Loan Agreement [Member]
Line of Credit Facility [Line Items]
Amortization of debt issuance cost	$109,000

RETIREMENT_BENEFIT_PLANS_Detai

RETIREMENT BENEFIT PLANS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 27, 2015	Mar. 28, 2014
Pension Benefits [Member]
Components of net periodic benefit cost [Abstract]
Interest cost	$15	$14
Expected return on plan assets	-16	-15
Amortization of net loss (gain)	12	9
Net periodic benefit cost	11	8
Entity's contributions towards pension plan	18
Expected future contributions in current fiscal year	54
Other Benefits [Member]
Components of net periodic benefit cost [Abstract]
Interest cost	12	10
Expected return on plan assets	0	0
Amortization of net loss (gain)	8	-5
Net periodic benefit cost	$20	$5

STOCK_INCENTIVE_PLANS_Details

STOCK INCENTIVE PLANS (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 27, 2015	Mar. 28, 2014	Dec. 31, 2014
Options [Roll Forward]
Granted (in shares)	0	0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Options [Roll Forward]
Options outstanding at beginning of period (in shares)	6,000
Granted (in shares)	0
Exercised (in shares)	0
Expired (in shares)	0
Cancelled (in shares)	0
Options outstanding at Ending of period (in shares)	6,000
Vested and Exercisable at Ending of period (in shares)	6,000
Weighted Average Exercise Price [Abstract]
Options outstanding at beginning of period (in dollars per share)	3.69
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Expired (in dollars per share)	0
Cancelled (in dollars per share)	0
Options outstanding at Ending of period (in dollars per share)	3.69
Vested and Exercisable at Ending of period (in dollars per share)	3.69
Weighted Average Remaining Contractual Life [Abstract]
Weighted Average Remaining Contractual Life, Outstanding at end of period	0 years 2 months 12 days
Weighted Average Remaining Contractual Life, Vested and Exercisable at end of period	0 years 2 months 12 days
Aggregate Intrinsic Value [Abstract]
Aggregate Intrinsic Value, Outstanding at end of period	0
Aggregate Intrinsic Value, Vested and Exercisable at end of period	0
Stock Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	12 months
Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	10 years
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Expiration period	10 years
Minimum percentage of cumulative number of vested stock appreciation rights held by an employee (in hundredths)	50.00%
Summary of SARs activity under applicable plans [Roll Forward]
Non-Vested at Beginning of period (in shares)	0
Granted (in shares)	0
Vested (in shares)	0
Cancelled (in shares)	0
Non-Vested at Ending of period (in shares)	0
Total Outstanding at end of period (in shares)	34,000
Aggregate liability related to SARs	67		$47

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 27, 2015	Mar. 28, 2014	Dec. 31, 2014
INCOME TAXES [Abstract]
Deferred tax liabilities		$2,400,000
Release of valuation allowance	79,500,000	2,300,000	79,000,000
Deferred tax assets, net of deferred tax liabilities	79,600,000		78,900,000
Net operating loss carry forwards	62,100,000		62,100,000
Liability for unrecognized tax benefits	100,000		100,000
Interest and penalties accrued	$25,000		$25,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 27, 2015	Mar. 28, 2014	Dec. 31, 2014	Feb. 28, 2014
Kohlberg and Co., L.L.C. [Member]
Related Party Transaction [Line Items]
Affiliate's holding on convertible preferred stock (in Shares)	1,131,551
Due to Related Parties	$3.40		$3.30	$0.20
Selling, General and Administrative Expense	0.1	0.1
Expected amount to be incurred to related party	0.5
Maturity Date	30-Sep-17
Interest rate on related part loans (in hundredths)	15.00%
Two Directors [Member]
Related Party Transaction [Line Items]
Due to Related Parties				$0.10

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
	Mar. 27, 2015
General Environmental and Other Claims [Abstract]
Maximum period taken for injury to reach a final outcome on certain claims	10 years
Minimum [Member]
General Environmental and Other Claims [Abstract]
Period of claim amount to be paid over	5 years
Maximum [Member]
General Environmental and Other Claims [Abstract]
Period of claim amount to be paid over	10 years

BUSINESS_ACQUISITIONS_Income_S

BUSINESS ACQUISITIONS, Income Statement Disclosure (Details) (USD $)	3 Months Ended
	Mar. 28, 2014	Mar. 27, 2015
Business acquisition, pro forma information [Abstract]
Net Sales	$21,438,000
Gross profit	3,203,000
Income from continuing operations	1,296,000
Average common shares outstanding - Basic (in shares)	7,951
Dilutive effect of convertible preferred stock (in shares)	18,859
Average common shares outstanding - Diluted (in shares)	26,810
Basic earnings per share (in dollars per share)	$0.16
Diluted earnings per share (in dollars per share)	$0.05
Working capital adjustments		200,000
Multi-nozzle structural plastic [Member]
Business acquisition, pro forma information [Abstract]
Acquisition costs incurred		11,500,000
Gas assist solutions [Member]
Business acquisition, pro forma information [Abstract]
Acquisition costs incurred		$11,000,000

SEVERANCE_RESTRUCTURING_AND_RE2

SEVERANCE, RESTRUCTURING AND RELATED CHARGES (Details) (USD $)	3 Months Ended
	Mar. 27, 2015
Restructuring and Related Cost, Expected Cost [Abstract]
Estimated severance, restructuring and related charges	$5,800,000
General and Administrative Expense [Member]
Restructuring and Related Cost, Expected Cost [Abstract]
Incentive payment received upon signing of lease	1,700,000
Restructuring Reserve [Roll Forward]
Recognized gain on liability from acceleration of lease term	700,000
Contract Termination Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring liabilities at December 31, 2014	0
Additions	1,600,000
Payments	-1,600,000
Other	0
Restructuring liabilities at March 27, 2015	$0

SUBSEQUENT_EVENT_Details

SUBSEQUENT EVENT (Details) (USD $)	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Mar. 27, 2015	Apr. 07, 2015	Feb. 19, 2014
Centrex Plastics, LLC [Member]
Subsequent Event [Line Items]
Effective date of acquisition	7-Apr-15
General and Administrative Expense [Member]
Subsequent Event [Line Items]
Costs related to acquisition	0.3
Subsequent Event [Member] | Centrex Plastics, LLC [Member]
Subsequent Event [Line Items]
Payments to acquire businesses		23.9
Post closing earnout Payments		2.3
Business acquisition annual payment period		3 years
BMO Credit Agreement [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity			27
Expiration date of Credit Facility	17-Feb-17
BMO Credit Agreement [Member] | Minimum [Member] | Base Rate [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	0.50%
BMO Credit Agreement [Member] | Minimum [Member] | Eurodollar [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	1.50%
BMO Credit Agreement [Member] | Minimum [Member] | Federal Funds Rate [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	0.50%
BMO Credit Agreement [Member] | Maximum [Member] | Base Rate [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	1.00%
BMO Credit Agreement [Member] | Maximum [Member] | Eurodollar [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	2.00%
BMO Credit Agreement [Member] | Maximum [Member] | Federal Funds Rate [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	1.50%
BMO Credit Agreement [Member] | Letter of Credit [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity			3
BMO Credit Agreement [Member] | Amended Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity			33
Expiration date of Credit Facility	7-Apr-18
BMO Credit Agreement [Member] | Subsequent Event [Member] | Minimum [Member] | Federal Funds Rate [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	0.50%
BMO Credit Agreement [Member] | Subsequent Event [Member] | Maximum [Member] | Federal Funds Rate [Member]
Subsequent Event [Line Items]
Basis Spread (in hundredths)	1.50%
Second Lien Credit Agreement [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Expiration date of Credit Facility	6-Apr-19
Second Lien Credit Agreement [Member] | Subsequent Event [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Variable rate basis description	LIBOR (One Month)
Debt instrument interest rate (in hundredths)		4.00%
Percentage of amortization payments and annual excess cash flow prepayments (in hundredths)		25.00%
Second Lien Credit Agreement [Member] | Subsequent Event [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity		$24
Debt instrument interest rate (in hundredths)		9.50%