Span America Medical Systems (SPAN) 10-Q 17 Feb 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Jan. 03, 2015	Feb. 12, 2015
Entity Registrant Name	SPAN AMERICA MEDICAL SYSTEMS INC
Entity Central Index Key	718924
Current Fiscal Year End Date	7
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		2,981,692
Document Type	10-Q
Document Period End Date	3-Jan-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE

Consolidated_Balance_Sheets_Cu

Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Jan. 03, 2015	Sep. 27, 2014
Current assets:
Cash and cash equivalents	$7,244,458	$6,865,931
Accounts receivable, net of allowances of $290,000 (2015) and $302,000 (2014)	7,048,683	5,851,822
Inventories - Note 3	6,228,481	7,395,955
Deferred income taxes	272,198	271,828
Prepaid expenses	798,487	760,967
Total current assets	21,592,307	21,146,503
Property and equipment, net - Note 4	4,734,193	4,888,096
Goodwill	4,169,562	4,291,843
Intangibles, net - Note 5	2,650,033	2,860,260
Other assets - Note 6	2,793,166	2,660,132
Assets	35,939,261	35,846,834
Current liabilities:
Accounts payable	2,146,388	2,477,198
Accrued and sundry liabilities	2,472,897	2,051,662
Dividends payable	2,962,007
Total current liabilities	7,581,292	4,528,860
Deferred income taxes	156,518	160,685
Deferred compensation	437,077	457,457
Total long-term liabilities	593,595	618,142
Total liabilities	8,174,887	5,147,002
Commitments and contingencies - Note 10
Shareholders' equity:
Common stock, no par value, 20,000,000 shares authorized; issued and outstanding shares 2,962,007 (2015 and 2014)	3,064,658	3,064,658
Additional paid-in capital	913,493	906,834
Retained earnings	25,299,785	27,735,768
Accumulated other comprehensive loss	-1,513,562	-1,007,428
Total shareholders' equity	27,764,374	30,699,832
Liabilities and stockholders' equity	$35,939,261	$35,846,834

Consolidated_Balance_Sheets_Cu1

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Jan. 03, 2015	Sep. 27, 2014
Allowance for doubtful accounts	$290,000	$302,000
Common stock, par value (in dollars per share)	$0	$0
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	2,962,007	2,962,007
Common stock, outstanding (in shares)	2,962,007	2,962,007

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
	Jan. 03, 2015		Dec. 28, 2013
Net sales	$15,720,674		$14,853,277
Cost of goods sold	10,271,694		10,065,482
Gross profit	5,448,980		4,787,795
Selling and marketing expenses	2,760,234		2,487,050
Research and development expenses	279,678		288,770
General and administrative expenses	1,065,004		1,006,964
Operating expenses	4,104,916		3,782,784
Operating income	1,344,064		1,005,011
Non-operating income (expense):
Interest expense	-3,160		-3,194
Other	69,421		9,312
Net non-operating income (expense)	66,261		6,118
Income before income taxes	1,410,325		1,011,129
Provision for income taxes	440,000		345,000
Net income	970,325		666,129
Other comprehensive loss, after tax:
Foreign currency translation loss	-506,134		-389,163
Comprehensive income	$464,191		$276,966
Net income per share of common stock:
Basic (in dollars per share)	$0.33		$0.23
Diluted (in dollars per share)	$0.32		$0.22
Dividends per common share (1) (in dollars per share)	$1.15	[1]	$0.14	[1]
Denominator for diluted earnings per share:
Basic (in shares)	2,962,007		2,927,416
Diluted (in shares)	2,997,116		2,977,241
[1]	Dividends per share for the three months ended January 3, 2015 include a special dividend of $1.00 per share declared on November 12, 2014 and paid on January 7, 2015 to shareholders of record on December 17, 2014.

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Jan. 03, 2015	Dec. 28, 2013
Operating activities:
Net income	$970,325	$666,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	306,782	318,233
Provision for losses on accounts receivable	6,000	48,594
Increase in cash value of life insurance	-65,560	-102,097
Deferred compensation	-20,379	-19,196
Stock compensation expense	6,659	6,659
Changes in operating assets and liabilities:
Accounts receivable	-1,302,994	381,834
Inventories	1,060,546	57,716
Prepaid expenses and other assets	-98,503	-1,413
Accounts payable and accrued expenses	112,232	-683,119
Net cash provided by operating activities	975,108	673,340
Investing activities:
Purchases of property and equipment	-95,560	-272,142
Payments for other assets	-37,192	-46,188
Net cash used for investing activities	-132,752	-318,330
Financing activities:
Dividends paid	-444,301	-409,838
Net cash used for financing activities	-444,301	-409,838
Effect of exchange rates on cash	-19,528	-94,496
Increase (Decrease) in cash and cash equivalents	378,527	-149,324
Cash and cash equivalents at beginning of period	6,865,931	5,424,521
Cash and cash equivalents at end of period	$7,244,458	$5,275,197

Note_1_Significant_Accounting_

Note 1 - Significant Accounting Policies	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SIGNIFICANT ACCOUNTING POLICIES
	Span-America Medical Systems, Inc., a South Carolina corporation (the “Company,” “Span,” “Span-America,” “we,” “us” or “our”), has prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended January 3, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending October 3, 2015. For further information, refer to our Annual Report on Form 10-K for the fiscal year ended September 27, 2014.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and Span Medical Products Canada Inc., a British Columbia corporation (“
	Span-Canada”), the Company’s wholly-owned subsidiary. Significant inter-entity accounts and transactions have been eliminated.
	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 quarter-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 in “Accumulated Other Comprehensive Loss.”
	Revenue Recognition
	We recognize revenue when goods are shipped and title passes to the customer. However, in the case of one customer relationship, at this customer’s request, we recognize revenue and title passes to the customer when the goods are produced.
	Recently Issued Accounting Standards
	Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“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.
	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 have granted 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. We have not made any stock option grants since fiscal year 2011.

Note_2_Fair_Value_of_Financial

Note 2 - Fair Value of Financial Instruments	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	2
	. FAIR VALUE OF FINANCIAL INSTRUMENTS
	The following table summarizes information on the fair value measurement of the Company’s financial instrument assets as of January 3, 2015 and September 27, 2014 grouped by the categories described by the FASB:
				Quoted		Significant
				Prices in		Other		Significant
				Active		Observable		Unobservable
				Markets		Inputs		Inputs
		Total		(Level 1)		(Level 2)		(Level 3)
	Cash value of life insurance policies:
	3-Jan-15	$	2,559,224		-	$	2,559,224		-
	27-Sep-14	$	2,493,664		-	$	2,493,664		-

Note_3_Inventories

Note 3 - Inventories	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. INVENTORIES
		January 3,			September 27,
		2015			2014
	Raw materials	$	4,911,044		$	5,476,050
	Work in process		482,210			517,652
	Finished goods		1,319,227			1,899,253
	Reserve for obsolescence		(484,000	)		(497,000	)
		$	6,228,481		$	7,395,955

Note_4_Property_and_Equipment

Note 4 - Property and Equipment	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4
	. PROPERTY AND EQUIPMENT
		January 3,		September 27,
		2015		2014
	Land	$	469,718	$	469,718
	Land improvements		486,698		486,698
	Buildings		6,921,979		6,920,512
	Machinery and equipment		9,013,596		8,975,185
	Furniture and fixtures		491,334		490,479
	Construction in process		18,552		17,985
	Automobiles		11,220		11,313
			17,413,097		17,371,890
	Less accumulated depreciation		12,678,904		12,483,794
		$	4,734,193	$	4,888,096

Note_5_Intangibles

Note 5 - Intangibles	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	5
	. INTANGIBLES
		January 3,			September 27,
		2015			2014
	Patents and trademarks	$	2,160,209		$	2,153,717
	Trade names		383,257			404,129
	Non-competition agreements		167,944			177,090
	Customer relationships		2,817,157			2,970,574
			5,528,567			5,705,510
	Less accumulated amortization		(2,878,534	)		(2,845,250	)
		$	2,650,033		$	2,860,260
	Changes in the balances shown for trade names, non-competition agreements and customer relationships result solely from foreign currency fluctuations.

Note_6_Other_Assets

Note 6 - Other Assets	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Other Assets Disclosure [Text Block]	6
	. OTHER ASSETS
		January 3,		September 27,
		2015		2014
	Cash value of life insurance policies - Note 2	$	2,559,224	$	2,493,664
	Other		233,942		166,468
		$	2,793,166	$	2,660,132

Note_7_Product_Warranties

Note 7 - Product Warranties	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	7
	. PRODUCT WARRANTIES
	We offer warranties of various lengths to our customers, depending on the specific product sold. The warranties require us to repair or replace non-performing products during the warranty period at no cost to the customer. At the time revenue is recognized for products covered by warranties, we record a liability for estimated costs that may be incurred under our warranties. The costs are estimated based on historical experience, any specific warranty problems that have been identified and recovery of secondary warranty cost from component suppliers.  The amounts shown below are presented net of any expected cost recovery from suppliers. Although historical warranty costs have been within our expectations, there can be no assurance that future warranty costs will not exceed historical amounts. We regularly evaluate the adequacy of the warranty liability and adjust the balance as necessary.
	Changes in our product warranty liability for the three months ended January 3, 2015 and December 28, 2013 are as follows:
		Three Months Ended
		January 3,			December 28,
		2015			2013
	Accrued liability at beginning of period	$	257,860		$	318,824
	Increase in reserve		88,280			26,936
	Repairs and replacements		(52,529	)		(38,392	)
	Accrued liability at end of period	$	293,611		$	307,368

Note_8_Earnings_Per_Share_of_C

Note 8 - Earnings Per Share of Common Stock	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	8
	. EARNINGS PER SHARE OF COMMON STOCK
	The following table sets forth the computation of basic and diluted earnings per share of our common stock.
		Three Months Ended
		January 3,		December 28,
		2015		2013
	Numerator for basic and diluted earnings per share:
	Net income	$	970,325	$	666,129
	Denominator:
	Denominator for basic earnings per share:
	Weighted average shares		2,962,007		2,927,416
	Effect of dilutive securities:
	Employee stock options		35,109		49,825
	Denominator for diluted earnings per share:
	Adjusted weighted average shares and assumed conversions		2,997,116		2,977,241
	Net income per share of common stock:
	Basic	$	0.33	$	0.23
	Diluted	$	0.32	$	0.22

Note_9_Operations_and_Industry

Note 9 - Operations and Industry Segments	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9
	. OPERATIONS AND INDUSTRY SEGMENTS
	For management and reporting purposes, we divide our business into two segments: medical and custom products. This industry segment information corresponds to the markets in the United States and Canada for which we manufacture and distribute our various products.
	The following table summarizes certain information on industry segments:
		Three Months Ended
		January 3,			December 28,
		2015			2013
	Net sales:
	Medical	$	12,832,643		$	10,584,179
	Custom products		2,888,031			4,269,098
	Total	$	15,720,674		$	14,853,277
	Operating profit:
	Medical	$	1,785,174		$	820,032
	Custom products		(276,181	)		289,192
	Total		1,508,993			1,109,224
	Corporate expense		(164,929	)		(104,213	)
	Other income		66,261			6,118
	Income before income taxes	$	1,410,325		$	1,011,129
	Total sales by industry segment include only sales to unaffiliated customers, as reported in our statements of comprehensive income. In calculating operating profit, non-allocable general corporate expenses, interest expense, other income, and income taxes are not included, but certain corporate operating expenses incurred for the benefit of all segments are included on an allocated basis.

Note_10_Commitments_and_Contin

Note 10 - Commitments and Contingencies	3 Months Ended
	Jan. 03, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1
	0
	. COMMITMENTS AND CONTINGENCIES
	From time to time we are defendants in legal actions involving claims arising in the normal course of business. We believe that, as a result of legal defenses and insurance arrangements, none of these actions should have a material adverse effect on our operations or financial condition.

Significant_Accounting_Policie

Significant Accounting Policies (Policies)	3 Months Ended
	Jan. 03, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and Span Medical Products Canada Inc., a British Columbia corporation (“
	Span-Canada”), the Company’s wholly-owned subsidiary. Significant inter-entity accounts and transactions have been eliminated.
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 quarter-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 in “Accumulated Other Comprehensive Loss.”
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition
	We recognize revenue when goods are shipped and title passes to the customer. However, in the case of one customer relationship, at this customer’s request, we recognize revenue and title passes to the customer when the goods are produced.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards
	Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“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.
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 have granted 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. We have not made any stock option grants since fiscal year 2011.

Note_2_Fair_Value_of_Financial1

Note 2 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]				Quoted		Significant
				Prices in		Other		Significant
				Active		Observable		Unobservable
				Markets		Inputs		Inputs
		Total		(Level 1)		(Level 2)		(Level 3)
	Cash value of life insurance policies:
	3-Jan-15	$	2,559,224		-	$	2,559,224		-
	27-Sep-14	$	2,493,664		-	$	2,493,664		-

Note_3_Inventories_Tables

Note 3 - Inventories (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]		January 3,			September 27,
		2015			2014
	Raw materials	$	4,911,044		$	5,476,050
	Work in process		482,210			517,652
	Finished goods		1,319,227			1,899,253
	Reserve for obsolescence		(484,000	)		(497,000	)
		$	6,228,481		$	7,395,955

Note_4_Property_and_Equipment_

Note 4 - Property and Equipment (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]		January 3,		September 27,
		2015		2014
	Land	$	469,718	$	469,718
	Land improvements		486,698		486,698
	Buildings		6,921,979		6,920,512
	Machinery and equipment		9,013,596		8,975,185
	Furniture and fixtures		491,334		490,479
	Construction in process		18,552		17,985
	Automobiles		11,220		11,313
			17,413,097		17,371,890
	Less accumulated depreciation		12,678,904		12,483,794
		$	4,734,193	$	4,888,096

Note_5_Intangibles_Tables

Note 5 - Intangibles (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]		January 3,			September 27,
		2015			2014
	Patents and trademarks	$	2,160,209		$	2,153,717
	Trade names		383,257			404,129
	Non-competition agreements		167,944			177,090
	Customer relationships		2,817,157			2,970,574
			5,528,567			5,705,510
	Less accumulated amortization		(2,878,534	)		(2,845,250	)
		$	2,650,033		$	2,860,260

Note_6_Other_Assets_Tables

Note 6 - Other Assets (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Schedule of Other Assets, Noncurrent [Table Text Block]		January 3,		September 27,
		2015		2014
	Cash value of life insurance policies - Note 2	$	2,559,224	$	2,493,664
	Other		233,942		166,468
		$	2,793,166	$	2,660,132

Note_7_Product_Warranties_Tabl

Note 7 - Product Warranties (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]		Three Months Ended
		January 3,			December 28,
		2015			2013
	Accrued liability at beginning of period	$	257,860		$	318,824
	Increase in reserve		88,280			26,936
	Repairs and replacements		(52,529	)		(38,392	)
	Accrued liability at end of period	$	293,611		$	307,368

Note_8_Earnings_Per_Share_of_C1

Note 8 - Earnings Per Share of Common Stock (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		Three Months Ended
		January 3,		December 28,
		2015		2013
	Numerator for basic and diluted earnings per share:
	Net income	$	970,325	$	666,129
	Denominator:
	Denominator for basic earnings per share:
	Weighted average shares		2,962,007		2,927,416
	Effect of dilutive securities:
	Employee stock options		35,109		49,825
	Denominator for diluted earnings per share:
	Adjusted weighted average shares and assumed conversions		2,997,116		2,977,241
	Net income per share of common stock:
	Basic	$	0.33	$	0.23
	Diluted	$	0.32	$	0.22

Note_9_Operations_and_Industry1

Note 9 - Operations and Industry Segments (Tables)	3 Months Ended
	Jan. 03, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]		Three Months Ended
		January 3,			December 28,
		2015			2013
	Net sales:
	Medical	$	12,832,643		$	10,584,179
	Custom products		2,888,031			4,269,098
	Total	$	15,720,674		$	14,853,277
	Operating profit:
	Medical	$	1,785,174		$	820,032
	Custom products		(276,181	)		289,192
	Total		1,508,993			1,109,224
	Corporate expense		(164,929	)		(104,213	)
	Other income		66,261			6,118
	Income before income taxes	$	1,410,325		$	1,011,129

Note_2_Fair_Value_Measurement_

Note 2 - Fair Value Measurement of Assets (Details) (USD $)	Jan. 03, 2015	Sep. 27, 2014
Cash value of life insurance policies	$2,559,224	$2,493,664
Fair Value, Inputs, Level 2 [Member]
Cash value of life insurance policies	$2,559,224	$2,493,664

Note_3_Components_of_Inventori

Note 3 - Components of Inventories (Details) (USD $)	Jan. 03, 2015	Sep. 27, 2014
Raw materials	$4,911,044	$5,476,050
Work in process	482,210	517,652
Finished goods	1,319,227	1,899,253
Reserve for obsolescence	-484,000	-497,000
Inventories	$6,228,481	$7,395,955

Note_4_Property_and_Equipment_1

Note 4 - Property and Equipment (Details) (USD $)	Jan. 03, 2015	Sep. 27, 2014
Land	$469,718	$469,718
Land improvements	486,698	486,698
Buildings	6,921,979	6,920,512
Machinery and equipment	9,013,596	8,975,185
Furniture and fixtures	491,334	490,479
Construction in process	18,552	17,985
Automobiles	11,220	11,313
Property and equipment, gross	17,413,097	17,371,890
Less accumulated depreciation	12,678,904	12,483,794
Property and equipment, net	$4,734,193	$4,888,096

Note_5_Intangible_Assets_Detai

Note 5 - Intangible Assets (Details) (USD $)	Jan. 03, 2015	Sep. 27, 2014
Patents and trademarks	$2,160,209	$2,153,717
Trade names	383,257	404,129
Non-competition agreements	167,944	177,090
Customer relationships	2,817,157	2,970,574
Intangible assets, gross	5,528,567	5,705,510
Less accumulated amortization	-2,878,534	-2,845,250
Intangible assets, net	$2,650,033	$2,860,260

Note_6_Other_Assets_Details

Note 6 - Other Assets (Details) (USD $)	Jan. 03, 2015	Sep. 27, 2014
Cash value of life insurance policies - Note 2	$2,559,224	$2,493,664
Other	233,942	166,468
Other assets	$2,793,166	$2,660,132

Note_7_Changes_in_Product_Warr

Note 7 - Changes in Product Warranty Liability (Details) (USD $)	3 Months Ended
	Jan. 03, 2015	Dec. 28, 2013
Accrued liability at beginning of period	$257,860	$318,824
Increase in reserve	88,280	26,936
Repairs and replacements	-52,529	-38,392
Accrued liability at end of period	$293,611	$307,368

Note_8_Basic_and_Diluted_Earni

Note 8 - Basic and Diluted Earnings Per Share (Details) (USD $)	3 Months Ended
	Jan. 03, 2015	Dec. 28, 2013
Numerator for basic and diluted earnings per share:
Net income	$970,325	$666,129
Denominator for basic earnings per share:
Weighted average shares (in shares)	2,962,007	2,927,416
Effect of dilutive securities:
Employee stock options (in shares)	35,109	49,825
Denominator for diluted earnings per share:
Adjusted weighted average shares and assumed conversions (in shares)	2,997,116	2,977,241
Net income per share of common stock:
Basic (in dollars per share)	$0.33	$0.23
Diluted (in dollars per share)	$0.32	$0.22

Note_9_Operations_and_Industry2

Note 9 - Operations and Industry Segments (Details Textual)	3 Months Ended
	Jan. 03, 2015
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of Reportable Segments	2

Note_9_Information_on_Industry

Note 9 - Information on Industry Segments (Details) (USD $)	3 Months Ended
	Jan. 03, 2015	Dec. 28, 2013
Operating profit:
Operating profit	$1,344,064	$1,005,011
Other income	66,261	6,118
Income before income taxes	1,410,325	1,011,129
Corporate Segment [Member]
Operating profit:
Corporate expense	-164,929	-104,213
Operating Segments [Member]
Net sales:
Medical	15,720,674	14,853,277
Operating profit:
Operating profit	1,508,993	1,109,224
Operating Segments [Member] | Custom Products [Member]
Net sales:
Medical	2,888,031	4,269,098
Operating profit:
Operating profit	-276,181	289,192
Operating Segments [Member] | Medical [Member]
Net sales:
Medical	12,832,643	10,584,179
Operating profit:
Operating profit	$1,785,174	$820,032