Magnetek 10-Q 13 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 29, 2015	1-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	MAGNETEK, INC.
Entity Central Index Key	751085
Current Fiscal Year End Date	-2
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	29-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		3,564,584

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Income Statement [Abstract]
Net sales	$26,612	$24,113
Cost of sales	17,213	15,961
Gross profit	9,399	8,152
Operating expenses:
Research and development	899	799
Pension expense	502	925
Selling, general and administrative	5,490	4,990
Total operating expenses	6,891	6,714
Income from continuing operations before income taxes	2,508	1,438
Provision for income taxes	41	240
Income from continuing operations	2,467	1,198
Income (loss) from discontinued operations, net of tax	-163	-144
Net income	$2,304	$1,054
Earnings per common share - basic:
Income from continuing operations (in dollars per share)	$0.69	$0.37
Income (loss) from discontinued operations (in dollars per share)	($0.04)	($0.05)
Net income per common share (in dollars per share)	$0.65	$0.32
Earnings per common share - diluted:
Income from continuing operations (in dollars per share)	$0.67	$0.35
Income (loss) from discontinued operations (in dollars per share)	($0.04)	($0.04)
Net income per common share (in dollars per share)	$0.63	$0.31
Weighted average shares outstanding:
Basic (in shares)	3,550	3,263
Diluted (in shares)	3,683	3,392

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$2,304	$1,054
Change in unrecognized pension liability	1,676	1,800
Change in currency translation adjustments	-341	-115
Comprehensive income	$3,639	$2,739

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 29, 2015	Dec. 28, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$7,129	$9,702
Restricted cash	262	262
Accounts receivable, net	17,476	16,975
Inventories	14,289	13,626
Prepaid expenses and other current assets	785	801
Total current assets	39,941	41,366
Property, plant and equipment	23,233	23,071
Less: accumulated depreciation	20,288	20,140
Net property, plant and equipment	2,945	2,931
Goodwill	30,307	30,364
Other assets	4,072	4,039
Total Assets	77,265	78,700
Current liabilities:
Accounts payable	9,192	10,375
Accrued liabilities	4,374	6,703
Total current liabilities	13,566	17,078
Pension benefit obligations, net	26,186	27,360
Other long term obligations	828	845
Deferred income taxes	9,813	9,798
Commitments and contingencies
Stockholders’ deficit
Common stock	36	35
Paid in capital in excess of par value	150,254	150,641
Retained earnings	-7,871	-10,175
Accumulated other comprehensive loss	-115,547	-116,882
Total stockholders' deficit	26,872	23,619
Total Liabilities and Stockholders' Deficit	$77,265	$78,700

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Cash flows from operating activities
Net income	$2,304	$1,054
(Income) loss from discontinued operations	163	144
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	186	189
Amortization of intangible assets	13	13
Stock based compensation expense	181	183
Pension expense	502	925
Deferred income tax provision	15	240
Changes in operating assets and liabilities	-4,864	-1,960
Net cash provided by (used in) operating activities - continuing operations	-1,500	788
Net cash provided by (used in) operating activities - discontinued operations	-299	-220
Net cash provided by (used in) operating activities	-1,799	568
Cash flows from investing activities:
Capital expenditures	-207	-171
Net cash provided by (used in) investing activities - continuing operations	-207	-171
Net cash provided by (used in) investing activities - discontinued operations	0	0
Net cash provided by (used in) investing activities	-207	-171
Cash flow from financing activities:
Proceeds from issuance of common stock	105	84
Purchase and retirement of treasury stock	-672	-20
Net cash provided by (used in) financing activities - continuing operations	-567	64
Net cash provided by (used in) financing activities - discontinued operations	0	0
Net cash provided by (used in) financing activities	-567	64
Net increase (decrease) in cash	-2,573	461
Cash at the beginning of the period	9,702	14,960
Cash at the end of the period	$7,129	$15,421

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 29, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Profile
	Magnetek, Inc. (the “Company” or “Magnetek”) is a global provider of digital power control systems that are used to control motion and power primarily in material handling, elevator, and mining applications.
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements include the accounts of Magnetek, Inc. and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting 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 generally accepted accounting principles for complete financial statements.  For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2014, filed with the Securities and Exchange Commission (the “SEC”).  In the Company's opinion, these unaudited statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position of the Company as of March 29, 2015, and the results of its operations and cash flows for the three-month periods ended March 29, 2015, and March 30, 2014. Results for the three months ended March 29, 2015, are not necessarily indicative of results that may be experienced for the full fiscal year.
	Fiscal Year
	The Company uses a 52 or 53 week fiscal year ending on the Sunday nearest December 31. Fiscal quarters are the 13 or 14 week periods ending on the Sunday nearest March 31, June 30, September 30, and December 31.  The three-month periods ended March 29, 2015 and March 30, 2014 each contained 13 weeks.
	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 606-10, Revenue for Contracts with Customers (issued under Accounting Standards Update No. 2014-09). ASC 606-10 is currently effective for the year beginning on or around January 1, 2017, although in April 2015 the FASB proposed delaying the effective date of this guidance to on or around January 1, 2018. ASC 606-10 will replace all existing revenue recognition guidance. The Company is in the process of determining whether the adoption of ASC 606-10 will have an impact on the Company's results of operations, financial position, or cash flows.
	In March 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. ASU 2014-08 will be effective for the Company in the first quarter of fiscal 2016. As this guidance is a prospective change, adoption of this standard is not expected to have a material impact on the Company's results of operations, financial position, or cash flows.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 29, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations
	Certain expenses incurred related to businesses the Company no longer owns are classified as discontinued operations in the accompanying condensed consolidated financial statements. Expenses related to previously divested businesses have historically included environmental matters, asbestos claims, and product liability claims incurred in connection with indemnification agreements the Company entered into upon divestiture of those businesses.
	The condensed consolidated balance sheet as of March 29, 2015, includes certain accrued liabilities which represent the Company’s best estimate of remaining contingent liabilities related to the indemnification provisions included in the sale agreements of divested businesses. While management has used its best judgment in assessing the potential liability for these items, given the uncertainty regarding future events, it is difficult to estimate the possible timing or magnitude of any payments that may be required for liabilities subject to indemnification. Any future adjustment to currently recorded contingencies related to indemnification claims or payments based upon changes in circumstances would be recorded as a gain or loss in discontinued operations.

Inventories

Inventories	3 Months Ended
	Mar. 29, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories
	Inventories consist of the following:
		March 29,		December 28,
		2015		2014
	Raw materials and stock parts	$	9,203	$	8,710
	Work-in-process	1,473		1,252
	Finished goods	3,613		3,664
		$	14,289	$	13,626

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 29, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Litigation—Product Liability
	The Company has been named, along with multiple other defendants, in asbestos-related lawsuits associated with business operations previously acquired by the Company, but which are no longer owned. During the Company's ownership, none of the businesses produced or sold asbestos-containing products. With respect to these claims, the Company believes that it has no such liability.  For such claims, the Company is uninsured and either contractually indemnified against liability, or contractually obligated to defend and indemnify the purchaser of these former Magnetek business operations.  The Company aggressively seeks dismissal from these proceedings. Management does not believe the asbestos proceedings, individually or in the aggregate, will have a material adverse effect on its financial position or results of operations.  Given the nature of the above issues, uncertainty of the ultimate outcome, and inability to estimate the potential loss, no amounts have been reserved for these matters.
	Litigation-Other
	In October 2010, the Company received a request for indemnification from Power-One, Inc. ("Power-One") for an Italian tax matter arising out of the sale of the Company's power electronics business to Power-One in October 2006. With a reservation of rights, the Company affirmed its obligation to indemnify Power-One for certain pre-closing taxes.  The sale included an Italian company, Magnetek, S.p.A., and its wholly owned subsidiary, Magnetek Electronics (Shenzhen) Co. Ltd. (the “Power-One China Subsidiary”). The tax authority in Arezzo, Italy, issued a notice of audit report in September 2010 wherein it asserted that the Power-One China Subsidiary had its administrative headquarters in Italy with fiscal residence in Italy and, therefore, is subject to taxation in Italy.  In November 2010, the tax authority issued a notice of tax assessment for the period of July 2003 to June 2004, alleging that taxes of approximately Euro 1.9 million (approximately US$2.1 million) were due in Italy on taxable income earned by the Power-One China Subsidiary during this period.  In addition, the assessment alleges potential penalties together with interest in the amount of approximately Euro 2.6 million (approximately US$2.8 million) for the alleged failure of the Power-One China Subsidiary to file its Italian tax return.  The Power-One China Subsidiary filed its response with the provincial tax commission of Arezzo, Italy in January 2011. The tax authority in Arezzo, Italy issued a tax inspection report in January 2011 for the periods July 2002 to June 2003 and July 2004 to December 2006 claiming that the Power-One China Subsidiary failed to file Italian tax returns for the reported periods. A hearing before the Tax Court was held in July 2012 on the tax assessment for the period of July 2003 to June 2004. In September 2012, the Tax Court ruled in favor of the Power-One China Subsidiary dismissing the tax assessment for the period of July 2003 to June 2004. In February 2013, the tax authority filed an appeal of the Tax Court's September 2012 ruling. The Regional Tax Commission of Florence heard the appeal of the tax assessment dismissal for the period of July 2003 to June 2004 and thereafter issued its ruling finding in favor of the tax authority. The Company believes the court’s decision was based upon erroneous interpretations of the applicable law and appealed the ruling to the Italian Supreme Court in April 2015.
	In August 2012, the tax authority in Arezzo, Italy issued notices of tax assessment for the periods July 2002 to June 2003 and July 2004 to December 2006, alleging that taxes of approximately Euro 6.7 million (approximately US$7.3 million) were due in Italy on taxable income earned by the Power-One China Subsidiary together with an allegation of potential penalties in the amount of approximately Euro 2.8 million (approximately US$3.1 million) for the alleged failure of the Power-One China Subsidiary to file its Italian tax returns. The Company believes the Italian tax claims are without merit and intends to vigorously defend against them.
	Environmental Matters-General
	From time to time, Magnetek has taken action to bring certain facilities associated with previously owned businesses into compliance with applicable environmental laws and regulations. Upon the subsequent sale of certain businesses, the Company agreed to indemnify the buyers against environmental claims associated with the divested operations, subject to certain conditions and limitations. Remediation activities, including those related to the Company's indemnification obligations, did not involve material expenditures during the first three months of fiscal year 2015.
	The Company has also been identified by the United States Environmental Protection Agency and certain state agencies as a potentially responsible party for cleanup costs associated with alleged past waste disposal practices at several previously utilized, owned or leased facilities and offsite locations. Its remediation activities as a potentially responsible party were not material in the first three months of fiscal year 2015. Although the materiality of future expenditures for environmental activities may be affected by the level and type of contamination, the extent and nature of cleanup activities required by governmental authorities, the nature of the Company's alleged connection to the contaminated sites, the number and financial resources of other potentially responsible parties, the availability of indemnification rights against third parties and the identification of additional contaminated sites, the Company's estimated share of liability, if any, for environmental remediation, including its indemnification obligations, is not expected to be material.
	Bridgeport, Connecticut Facility
	In 1986, the Company acquired the stock of Universal Manufacturing Corporation (“Universal”) from a predecessor of Fruit of the Loom (“FOL”), and the predecessor agreed to indemnify the Company against certain environmental liabilities arising from pre-acquisition activities at a facility in Bridgeport, Connecticut. Environmental liabilities covered by the indemnification agreement included completion of additional cleanup activities, if any, at the Bridgeport facility and defense and indemnification against liability for potential response costs related to offsite disposal locations. The Company's leasehold interest in the Bridgeport facility was assigned to the buyer in connection with the sale of the Company's transformer business in June 2001. FOL, the successor to the indemnification obligation, filed a petition for Reorganization under Chapter 11 of the Bankruptcy Code in 1999 and the Company filed a proof of claim in the proceeding for obligations related to the environmental indemnification agreement. The Company believes that FOL had substantially completed the clean-up obligations required by the indemnification agreement prior to the bankruptcy filing. In November 2001, the Company and FOL entered into an agreement involving the allocation of certain potential tax benefits and Magnetek withdrew its claims in the bankruptcy proceeding. The Company further believes that FOL's obligation to the state of Connecticut was not discharged in the reorganization proceeding.
	In January 2007, the Connecticut Department of Environmental Protection (“DEP”) requested parties, including the Company, to submit reports summarizing the investigations and remediation performed to date at the site and the proposed additional investigations and remediation necessary to complete those actions at the site. DEP requested additional information from the Company relating to site investigations and remediation. The Company and the DEP agreed to the scope of the work plan in November 2010.  The Company has recorded a liability of $0.4 million related to the Bridgeport facility, representing the Company's best estimate of future site investigation costs and remediation costs which are expected to be incurred in the future. The liability is included in accrued liabilities in the accompanying condensed consolidated balance sheet as of March 29, 2015.
	FOL's inability to satisfy its remaining obligations to the state of Connecticut related to the Bridgeport facility and any offsite disposal locations, or the discovery of additional environmental contamination at the Bridgeport facility could have a material adverse effect on the Company's financial position, cash flows or results of operations.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 29, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share
	The following table sets forth the computation of basic and diluted earnings (loss) per share for the three-month periods ended March 29, 2015, and March 30, 2014:
		Three Months Ended
		March 29,			March 30,
		2015			2014
	Numerator:
	Income from continuing operations	$	2,467		$	1,198
	Income (loss) from discontinued operations	(163		)	(144		)
	Net income	$	2,304		$	1,054
	Denominator:
	Weighted average shares - basic earnings per share	3,550			3,263
	Add dilutive effect of stock based compensation	133			129
	Weighted average shares - diluted earnings per share	3,683			3,392
	Income (loss) per share - basic:
	Continuing operations	$	0.69		$	0.37
	Discontinued operations	$	(0.04	)	$	(0.05	)
	Net income per share	$	0.65		$	0.32
	Income (loss) per share - diluted:
	Continuing operations	$	0.67		$	0.35
	Discontinued operations	$	(0.04	)	$	(0.04	)
	Net income per share	$	0.63		$	0.31
	Outstanding options to purchase 6 thousand and 37 thousand shares of common stock as of March 29, 2015, and March 30, 2014, respectively, have not been included in the Company’s computation of weighted average shares for diluted earnings per share for the three-month periods then ended because the effect would have been anti-dilutive.

Warranties

Warranties	3 Months Ended
	Mar. 29, 2015
Product Warranties Disclosures [Abstract]
Warranties	Warranties
	The Company offers warranties for certain products that it manufactures, with the warranty term generally ranging from one to two years.  Warranty reserves are established for costs expected to be incurred after the sale and delivery of products under warranty, based mainly on known product failures and historical experience.  Actual repair costs incurred for products under warranty are charged against the established reserve balance as incurred.  Changes in the warranty reserve for the three-month periods ended March 29, 2015, and March 30, 2014, are as follows:
		Three Months Ended
		March 29,			March 30,
		2015			2014
	Balance, beginning of period	$	355		$	379
	Changes in product warranties charged to earnings	151			(19		)
	Use of reserve for warranty obligations	(131		)	(36		)
	Balance, end of period	$	375		$	324
	Warranty reserves are included in accrued liabilities in the accompanying condensed consolidated balance sheets.

Pension_Expense

Pension Expense	3 Months Ended
	Mar. 29, 2015
Compensation and Retirement Disclosure [Abstract]
Pension Expense	Pension Expense
	Pension expense related to the Company’s defined benefit pension plan for the three-month periods ended March 29, 2015, and March 30, 2014, follows:
		Three Months Ended
		March 29,			March 30,
		2015			2014
	Interest cost	$	1,445		$	2,225
	Expected return on plan assets	(2,619		)	(3,100		)
	Recognized net actuarial losses	1,676			1,800
	Total net pension expense	$	502		$	925
	The Company did not make any contributions to its pension plan assets in the first three months of fiscal 2015, and current actuarial estimates indicate that no minimum required contributions will be due for the remainder of fiscal 2015.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 29, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	Due to historical taxable losses, the Company provides valuation reserves against its U.S. deferred tax assets.  A portion of the Company’s deferred tax liability relates to tax-deductible amortization of goodwill that is no longer amortized for financial reporting purposes. These deferred tax liabilities are considered to have an indefinite life and are therefore ineligible to be considered as a source of future taxable income in assessing the realization of deferred tax assets.
	The Company’s provision for income taxes for the three-month periods ended March 29, 2015, and March 30, 2014, includes $15 and $240, respectively, of deferred income tax expense related to the increase in the Company’s deferred tax liability resulting from the tax-deductible amortization of goodwill. Any remaining tax provision for each of those periods is comprised of income taxes of the Company’s foreign subsidiary in Canada.

Bank_Borrowing_Arrangements

Bank Borrowing Arrangements	3 Months Ended
	Mar. 29, 2015
Debt Disclosure [Abstract]
Bank Borrowing Arrangements	Bank Borrowing Arrangements
	In November 2007, the Company entered into an agreement with Associated Bank, N.A. (“Associated Bank”) providing for a $10 million revolving credit facility (the “revolving facility”).  Borrowings under the revolving facility bear interest at the London Interbank Offering Rate (“LIBOR”) plus 1.5%, with borrowing levels determined by a borrowing base formula as defined in the agreement, which included the level of eligible accounts receivable.  The revolving facility also supports the issuance of letters of credit, places certain restrictions on the Company’s ability to pay dividends or make acquisitions, and includes covenants that require minimum operating profit levels and limit annual capital expenditures.  Borrowings under the revolving facility were originally collateralized by the Company’s accounts receivable and inventory.
	The Company has subsequently entered into several amendments to the revolving facility, mainly to extend the maturity date of the revolving facility, to broaden the security interest of Associated Bank to collateralize all assets of the Company, and to establish or modify certain covenants with which the Company must comply under the terms of the amended revolving facility.
	On June 15, 2014, the Company and Associated Bank entered into the seventh amendment to the revolving facility, the purpose of which was to (i) extend the maturity date of the revolving facility to June 15, 2015; (ii) retain the commitment amount of Associated Bank at $12.5 million; (iii) establish minimum quarterly adjusted earnings before interest, taxes, depreciation and amortization requirements for the term of the agreement; and (iv) establish maximum quarterly cash amounts that can be contributed to the Company's defined benefit pension plan for the term of the agreement.
	On August 20, 2014, the Company and Associated Bank entered into the eighth amendment to the revolving facility, the purpose of which was to increase the maximum quarterly cash amounts that can be contributed to the Company's defined benefit pension plan for the term of the agreement.
	There were no amounts outstanding on the amended revolving facility, and the Company was in compliance with all covenants of the revolving facility, as amended, as of March 29, 2015.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 29, 2015
Statement of Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)
	Changes in the components of accumulated other comprehensive income (loss) for the three months ended March 29, 2015, are as follows:
					Defined
		Foreign			Benefit
		Currency			Pension Plan			Total
	Balance, beginning of period	$	166		$	(117,048	)	$	(116,882	)
	Other comprehensive income (loss) before reclassifications	(341		)	—			(341		)
	Amounts reclassified from accumulated other comprehensive
	income (loss)	—			1,676			1,676
	Balance, end of period	$	(175	)	$	(115,372	)	$	(115,547	)
	Changes in the components of accumulated other comprehensive income (loss) for the three months ended March 30, 2014, are as follows:
					Defined
		Foreign			Benefit
		Currency			Pension Plan			Total
	Balance, beginning of period	$	587		$	(152,070	)	$	(151,483	)
	Other comprehensive income (loss) before reclassifications	(115		)	—			(115		)
	Amounts reclassified from accumulated other comprehensive
	income (loss)	—			1,800			1,800
	Balance, end of period	$	472		$	(150,270	)	$	(149,798	)
	The amounts reclassified out of accumulated other comprehensive income (loss) reported in the tables above are comprised entirely of actuarial losses related to the Company's defined benefit pension plan, and are included in the computation of periodic pension expense (see Note 7 of Notes to Condensed Consolidated Financial Statements). There is no tax effect on any of the amounts included in the table above.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 29, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements include the accounts of Magnetek, Inc. and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting 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 generally accepted accounting principles for complete financial statements.  For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2014, filed with the Securities and Exchange Commission (the “SEC”).  In the Company's opinion, these unaudited statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position of the Company as of March 29, 2015, and the results of its operations and cash flows for the three-month periods ended March 29, 2015, and March 30, 2014. Results for the three months ended March 29, 2015, are not necessarily indicative of results that may be experienced for the full fiscal year.
Fiscal Year	Fiscal Year
	The Company uses a 52 or 53 week fiscal year ending on the Sunday nearest December 31. Fiscal quarters are the 13 or 14 week periods ending on the Sunday nearest March 31, June 30, September 30, and December 31.  The three-month periods ended March 29, 2015 and March 30, 2014 each contained 13 weeks.
Use of Estimates	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 606-10, Revenue for Contracts with Customers (issued under Accounting Standards Update No. 2014-09). ASC 606-10 is currently effective for the year beginning on or around January 1, 2017, although in April 2015 the FASB proposed delaying the effective date of this guidance to on or around January 1, 2018. ASC 606-10 will replace all existing revenue recognition guidance. The Company is in the process of determining whether the adoption of ASC 606-10 will have an impact on the Company's results of operations, financial position, or cash flows.
	In March 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. ASU 2014-08 will be effective for the Company in the first quarter of fiscal 2016. As this guidance is a prospective change, adoption of this standard is not expected to have a material impact on the Company's results of operations, financial position, or cash flows.

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 29, 2015
Inventory Disclosure [Abstract]
Inventory	Inventories consist of the following:
		March 29,		December 28,
		2015		2014
	Raw materials and stock parts	$	9,203	$	8,710
	Work-in-process	1,473		1,252
	Finished goods	3,613		3,664
		$	14,289	$	13,626

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 29, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation	The following table sets forth the computation of basic and diluted earnings (loss) per share for the three-month periods ended March 29, 2015, and March 30, 2014:
		Three Months Ended
		March 29,			March 30,
		2015			2014
	Numerator:
	Income from continuing operations	$	2,467		$	1,198
	Income (loss) from discontinued operations	(163		)	(144		)
	Net income	$	2,304		$	1,054
	Denominator:
	Weighted average shares - basic earnings per share	3,550			3,263
	Add dilutive effect of stock based compensation	133			129
	Weighted average shares - diluted earnings per share	3,683			3,392
	Income (loss) per share - basic:
	Continuing operations	$	0.69		$	0.37
	Discontinued operations	$	(0.04	)	$	(0.05	)
	Net income per share	$	0.65		$	0.32
	Income (loss) per share - diluted:
	Continuing operations	$	0.67		$	0.35
	Discontinued operations	$	(0.04	)	$	(0.04	)
	Net income per share	$	0.63		$	0.31

Warranties_Tables

Warranties (Tables)	3 Months Ended
	Mar. 29, 2015
Product Warranties Disclosures [Abstract]
Changes in the warranty reserve	Changes in the warranty reserve for the three-month periods ended March 29, 2015, and March 30, 2014, are as follows:
		Three Months Ended
		March 29,			March 30,
		2015			2014
	Balance, beginning of period	$	355		$	379
	Changes in product warranties charged to earnings	151			(19		)
	Use of reserve for warranty obligations	(131		)	(36		)
	Balance, end of period	$	375		$	324

Pension_Expense_Tables

Pension Expense (Tables)	3 Months Ended
	Mar. 29, 2015
Compensation and Retirement Disclosure [Abstract]
Pension expense related to the defined benefit pension plan	Pension expense related to the Company’s defined benefit pension plan for the three-month periods ended March 29, 2015, and March 30, 2014, follows:
		Three Months Ended
		March 29,			March 30,
		2015			2014
	Interest cost	$	1,445		$	2,225
	Expected return on plan assets	(2,619		)	(3,100		)
	Recognized net actuarial losses	1,676			1,800
	Total net pension expense	$	502		$	925

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 29, 2015
Statement of Comprehensive Income [Abstract]
Changes in the components of accumulated other comprehensive income (loss)	Changes in the components of accumulated other comprehensive income (loss) for the three months ended March 29, 2015, are as follows:
					Defined
		Foreign			Benefit
		Currency			Pension Plan			Total
	Balance, beginning of period	$	166		$	(117,048	)	$	(116,882	)
	Other comprehensive income (loss) before reclassifications	(341		)	—			(341		)
	Amounts reclassified from accumulated other comprehensive
	income (loss)	—			1,676			1,676
	Balance, end of period	$	(175	)	$	(115,372	)	$	(115,547	)
	Changes in the components of accumulated other comprehensive income (loss) for the three months ended March 30, 2014, are as follows:
					Defined
		Foreign			Benefit
		Currency			Pension Plan			Total
	Balance, beginning of period	$	587		$	(152,070	)	$	(151,483	)
	Other comprehensive income (loss) before reclassifications	(115		)	—			(115		)
	Amounts reclassified from accumulated other comprehensive
	income (loss)	—			1,800			1,800
	Balance, end of period	$	472		$	(150,270	)	$	(149,798	)

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 29, 2015	Mar. 30, 2014
Significant Accounting Policies [Line Items]
Operating Cycle	91 days	91 days
Minimum [Member]
Significant Accounting Policies [Line Items]
Normal Operating Cycle	91 days
Maximum [Member]
Significant Accounting Policies [Line Items]
Normal Operating Cycle	98 days

Inventories_Details

Inventories (Details) (USD $)	Mar. 29, 2015	Dec. 28, 2014
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Raw materials and stock parts	$9,203	$8,710
Work-in-process	1,473	1,252
Finished goods	3,613	3,664
Inventories	$14,289	$13,626

Commitments_and_Contingencies_

Commitments and Contingencies (Details)	0 Months Ended		1 Months Ended
In Millions, unless otherwise specified	Aug. 02, 2012	Aug. 02, 2012	Nov. 30, 2010	Nov. 30, 2010	Mar. 29, 2015
	Foreign Tax Authority [Member]	Foreign Tax Authority [Member]	Foreign Tax Authority [Member]	Foreign Tax Authority [Member]	Connecticut Department of Environmental Protection [Member]
	USD ($)	EUR (€)	USD ($)	EUR (€)	USD ($)
Loss Contingencies [Line Items]
Alleged taxes owed	$7.30	€ 6.70	$2.10	€ 1.90
Alleged taxes owed including penalties and interest	3.1	2.8	2.8	2.6
Liabilitiy recorded					$0.40

Earnings_Loss_Per_Share_Reconc

Earnings (Loss) Per Share - Reconciliation (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Numerator:
Income from continuing operations	$2,467	$1,198
Income (loss) from discontinued operations	-163	-144
Net income	$2,304	$1,054
Denominator:
Weighted average shares - basic earnings per share	3,550	3,263
Add dilutive effective of stock based compensation	133	129
Weighted average shares - diluted earnings per share	3,683	3,392
Income (loss) per share - basic:
Continuing operations (in dollars per share)	$0.69	$0.37
Discontinued operations (in dollars per share)	($0.04)	($0.05)
Net income per common share (in dollars per share)	$0.65	$0.32
Income (loss) per share - diluted:
Continuing operations (in dollars per share)	$0.67	$0.35
Discontinued operations (in dollars per share)	($0.04)	($0.04)
Net income per common share (in dollars per share)	$0.63	$0.31

Earnings_Loss_Per_Share_Antidi

Earnings (Loss) Per Share - Antidilutive Securities (Details) (Stock Options)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options not included in the Company’s computation of weighted average shares for diluted earnings per share because the effect would have been anti-dilutive	6	37

Warranties_Details

Warranties (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Product Warranties Disclosures [Abstract]
Warranty term, minimum	1 year
Warranty term, maximum	2 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance, beginning of fiscal year	$355	$379
Changes in product warranties charged to earnings	151	-19
Use of reserve for warranty obligations	-131	-36
Balance, end of period	$375	$324

Pension_Expense_Details

Pension Expense (Details) (Pension [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Pension [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Interest cost	$1,445	$2,225
Expected return on plan assets	-2,619	-3,100
Recognized net actuarial losses	1,676	1,800
Total net pension expense	$502	$925

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Income Tax Disclosure [Abstract]
The Company’s provision for income taxes includes deferred income tax expense related to the increase in the Company’s deferred tax liability resulting from the tax-deductible amortization of goodwill	$15	$240

Bank_Borrowing_Arrangements_De

Bank Borrowing Arrangements (Details) (Revolving Credit Facility [Member], USD $)	1 Months Ended
	Nov. 30, 2007	Mar. 29, 2015	Jun. 15, 2014
Line of Credit Facility [Line Items]
Borrowing capacity on revolving credit facility	$10,000,000		$12,500,000
Description of variable rate basis	LIBOR
Amount outstanding		$0
LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Loss) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance, beginning of period	($116,882)	($151,483)
Other comprehensive income (loss) before reclassifications	-341	-115
Amounts reclassified from accumulated other comprehensive income (loss)	1,676	1,800
Balance, end of period	-115,547	-149,798
Foreign Currency [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance, beginning of period	166	587
Other comprehensive income (loss) before reclassifications	-341	-115
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Balance, end of period	-175	472
Defined Benefit Pension Plan [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance, beginning of period	-117,048	-152,070
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	1,676	1,800
Balance, end of period	($115,372)	($150,270)