Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 27, 2014 |
Accounting Policies [Abstract] | |
Receivables, Policy [Policy Text Block] | Accounts Receivable |
We provide credit in the normal course of business and perform ongoing credit evaluations on certain of our customers, but we generally do not require collateral to support these receivables. We also establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Account balances are charged against the allowance after all collection efforts have been exhausted and the potential for recovery is considered remote. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs |
Shipping and handling costs that are not reimbursed by customers are charged to selling and marketing expenses and were approximately $2,105,000 in 2014, $2,233,000 in 2013, and $2,238,000 in 2012. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
We consider all highly liquid investments with a maturity when purchased of three months or less to be cash equivalents. Depending on market conditions, we may maintain a centralized cash management program whereby our excess cash balances are invested in commercial paper and are considered cash equivalents. Cash balances in our accounts usually exceed federally insured limits. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
We measure and recognize compensation expense for all stock-based payments at fair value. Stock-based payments include stock option grants. We grant options to purchase common stock to some of our employees under various plans at prices equal to the market value of the stock on the dates the options were granted. New shares of stock are issued upon share option exercise. We do not have treasury stock. |
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The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions for grants made in fiscal 2011: risk-free interest rate of 2.54%; dividend yield of 2.5%; volatility factor of the expected market price of our common stock of 43.02%; and a weighted average expected life of the options of 9.0 years. No options were granted during fiscal years 2014, 2013 or 2012. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
We recognize revenue when goods are shipped and title passes to the customer. There are no customer acceptance provisions, and the right to return exists only in cases of damaged product, non-compliance with customer specifications or warranty claims. Taxes collected from customers and remitted to government authorities are recorded on a net basis (excluded from revenues). |
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We have applied the accounting and disclosure requirements of Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 104. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
On November 14, 2014, the Company’s Board of Directors (the “Board”) declared a special cash dividend of $1.00 per share and a regular quarterly cash dividend of 15 cents ($0.15) per share. The special dividend is payable on January 7, 2015, to shareholders of record on December 17, 2014. The regular quarterly dividend is payable on December 11, 2014, to shareholders of record on November 25, 2014. |
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In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the issuance of the financial statements. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation |
Span-Canada, which operates under the registered business name, “M.C. Healthcare Products,” uses the Canadian dollar as its functional currency. The assets and liabilities of Span-Canada are translated into U.S. dollars at the year-end exchange rate. Revenues and expenses are translated at weighted average exchange rates. The resulting translation adjustments are recorded as a separate component of shareholders' equity. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Costs |
Advertising costs are expensed as incurred. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes and the disclosure of contingent |
assets and liabilities. Although these estimates are based on our knowledge of current events and actions planned for the future, the estimates may ultimately differ from actual results. |
Inventory, Policy [Policy Text Block] | Inventories |
Our inventories are valued at the lower of cost (first-in, first-out method) or market. |
Income Tax, Policy [Policy Text Block] | Income Taxes |
The liability method is used in accounting for federal and state income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are projected to be in effect when the differences are expected to reverse. The Company’s practice is to recognize interest and penalties, if any, related to income tax matters as part of income tax expense. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year |
Our fiscal year ends on the Saturday nearest to September 30. Fiscal years 2014, 2013 and 2012 were 52-week years. Fiscal year 2015 will be a 53-week year. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangibles |
Intangible assets are amortized using the straight-line method. Costs of patents are amortized over periods ranging from 10 to 17 years, and trademarks are amortized over periods of 5 or 10 years. Trade names, non-competition agreements and customer relationships associated with the asset acquisition of M.C. Healthcare are being amortized over periods of 2.0 to 11.8 years, which represent the estimated remaining useful lives of the identifiable intangible assets. Goodwill, or costs in excess of the fair value of net assets, was acquired from three separate acquisitions. See Note 2 – Acquisition of M.C. Healthcare Products Inc. Annually as of the end of our fiscal year, we review these assets for impairment. We also review long-lived assets and the related intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. See Note 6 - Goodwill and Note 7 -Intangibles. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
The consolidated financial statements include the accounts of the Company and Span-Canada, its wholly-owned subsidiary. Significant intra-entity accounts and transactions have been eliminated. |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain prior year amounts have been reclassified to conform to the current year presentation in the accompanying consolidated financial statements. These reclassifications had no material effect on previously reported results of operations or retained earnings. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share of Common Stock |
Earnings per share of common stock are computed based on the weighted average number of shares outstanding during each period. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a final standard on revenue recognition that supersedes previously issued revenue recognition guidance. This standard provides a five-step approach to be applied to all contracts with customers and requires expanded disclosures about the nature, amount, timing and uncertainty of revenue (and the related cash flows) arising from customer contracts, significant judgments and changes in judgments used in applying the revenue model and the assets recognized from costs incurred to obtain or fulfill a contract. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. We are currently assessing the impact of the new standard on the consolidated financial statements. We have not yet selected a transition method, nor have we determined the effect of the standard on our ongoing financial reporting. |
Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment |
Property and equipment is stated at cost. Maintenance, repairs and minor replacements that do not improve or extend the useful lives of assets are expensed when incurred. Depreciation is computed using the straight-line method. Estimated useful lives for buildings and land improvements range from 15 to 35 years. The estimated useful lives of all other property and equipment range from 3 to 15 years. For income tax purposes, substantially all depreciation is computed using accelerated methods. |
Revenue Recognition, Rebates [Policy Text Block] | Customer |
Rebates |
We offer rebates to certain of our distributors based on predetermined sales targets. These rebates vary by the type of product sold and by distributor and are based on a percentage of the applicable sales target. The rebate expense is charged as a reduction of gross sales. Rebate expense and the associated liability are calculated and recorded as the rebate-related revenue is recognized. |