Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'PARADISE INC | ' |
Entity Central Index Key | '0000076149 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'PARF | ' |
Entity Common Stock, Shares Outstanding | ' | 519,600 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
ASSETS | ' | ' | ' |
Cash | $301,648 | $6,384,087 | $78 |
Accounts Receivable, Less, Allowances of $0 (09/30/13), $1,562,556 (12/31/12) and $0 (09/30/12) | 7,361,779 | 1,893,160 | 8,087,910 |
Inventories: | ' | ' | ' |
Raw Materials and Supplies | 3,253,143 | 2,499,430 | 3,627,009 |
Work in Process | 313,891 | 561,043 | 390,446 |
Finished Goods | 9,071,019 | 5,795,906 | 7,645,579 |
Deferred Income Tax Asset | 152,250 | 152,250 | 234,912 |
Income Tax Receivable | 196,526 | 225,794 | 0 |
Prepaid Expenses and Other Current Assets | 480,522 | 296,728 | 480,835 |
Total Current Assets | 21,130,778 | 17,808,398 | 20,466,769 |
Property, Plant and Equipment, Less, Accumulated Depreciation of $18,801,658 (09/30/13), $18,454,410 (12/31/12) and $18,860,033 (09/30/12) | 3,838,876 | 3,946,124 | 4,036,833 |
Goodwill | 413,280 | 413,280 | 413,280 |
Customer Base and Non-Compete Agreement | 345,333 | 439,747 | 471,219 |
Other Assets | 322,365 | 281,935 | 233,205 |
TOTAL ASSETS | 26,050,632 | 22,889,484 | 25,621,306 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' |
Short Term Debt | 2,672,593 | 515,866 | 2,592,084 |
Accounts Payable | 867,153 | 375,067 | 1,261,334 |
Accrued Liabilities | 794,156 | 1,093,698 | 774,814 |
Income Taxes Payable | 0 | 0 | 187,777 |
Total Current Liabilities | 4,333,902 | 1,984,631 | 4,816,009 |
Deferred Income Tax Liability | 272,063 | 272,063 | 165,891 |
Total Liabilities | 4,605,965 | 2,256,694 | 4,981,900 |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common Stock: $0.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued, 519,600 Shares Outstanding | 174,928 | 174,928 | 174,928 |
Capital in Excess of Par Value | 1,288,793 | 1,288,793 | 1,288,793 |
Retained Earnings | 20,254,165 | 19,442,288 | 19,448,904 |
Treasury Stock, at Cost, 63,494 Shares | -273,219 | -273,219 | -273,219 |
Total Stockholders' Equity | 21,444,667 | 20,632,790 | 20,639,406 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $26,050,632 | $22,889,484 | $25,621,306 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Allowance for Doubtful Accounts (in dollars) | $0 | $1,562,556 | $0 |
Accumulated depreciation (in dollars) | $18,801,658 | $18,454,410 | $18,860,033 |
Common stock, par value (in dollars per share) | $0.30 | $0.30 | $0.30 |
Common stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Common stock, shares issued | 583,094 | 583,094 | 583,094 |
Common stock, shares outstanding | 519,600 | 519,600 | 519,600 |
Treasury stock, shares | 63,494 | 63,494 | 63,494 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net Sales | $9,538,239 | $9,994,865 | $15,315,053 | $15,848,256 |
Costs and Expenses: | ' | ' | ' | ' |
Cost of Goods Sold | 6,756,355 | 7,023,493 | 11,232,573 | 11,325,394 |
Selling, General and Administrative Expense | 1,189,986 | 1,199,859 | 2,888,544 | 2,816,946 |
Amortization Expense | 35,971 | 35,971 | 107,914 | 107,914 |
Interest Expense | 6,002 | 3,304 | 6,002 | 3,304 |
Total Costs and Expenses | 7,988,314 | 8,262,627 | 14,235,033 | 14,253,558 |
Income from Operations | 1,549,925 | 1,732,238 | 1,080,020 | 1,594,698 |
Other Income (Loss) | 283,416 | -35,771 | 322,227 | 34,894 |
Income from Operations Before Provision for Income Taxes | 1,833,341 | 1,696,467 | 1,402,237 | 1,629,592 |
Provision for Income Taxes | 676,244 | 644,654 | 512,427 | 619,241 |
Net Income | $1,157,097 | $1,051,813 | $889,820 | $1,010,351 |
Income per Common Share (Basic and Diluted) (in dollars per share) | $2.23 | $2.02 | $1.71 | $1.94 |
Dividend per Common Share (in dollars per share) | $0 | $0 | $0.15 | $0.20 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $889,820 | $1,010,351 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: | ' | ' |
Depreciation and Amortization | 455,162 | 461,982 |
(Increase) Decrease in: | ' | ' |
Accounts Receivable | -5,468,619 | -5,508,548 |
Inventories | -3,781,674 | -5,466,517 |
Prepaid Expenses | -183,794 | -185,422 |
Other Assets | -53,933 | -24,847 |
Income Tax Receivable | 29,268 | 0 |
Increase (Decrease) in: | ' | ' |
Accounts Payable | 492,086 | 902,485 |
Accrued Expense | -299,542 | -443,475 |
Income Taxes Payable | 0 | -182,901 |
Net Cash Used in Operating Activities | -7,921,226 | -9,436,892 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of Property and Equipment | -240,000 | -206,856 |
Net Cash Used in Investing Activities | -240,000 | -206,856 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net Proceeds from Short-Term Debt | 2,156,727 | 2,278,838 |
Dividends Paid | -77,940 | -103,920 |
Net Cash Provided by Financing Activities | 2,078,787 | 2,174,918 |
NET DECREASE IN CASH | -6,082,439 | -7,468,830 |
CASH, AT BEGINNING OF PERIOD | 6,384,087 | 7,468,908 |
CASH, AT END OF PERIOD | 301,648 | 78 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Interest | 6,002 | 3,304 |
Income Taxes | $483,159 | $802,142 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
NOTE 1 BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements of Paradise, Inc. (the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. | |
The information furnished herein reflects all adjustments and accruals of a normal recurring nature that management believes are necessary to fairly state the operating results for the respective periods. The notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2012. The Company’s management believes that the disclosures are sufficient for interim financial reporting purposes. | |
Consumer demand for glace’ fruit product is traditionally strongest during the Thanksgiving and Christmas season. Almost 80% of glace’ fruit product sales are recorded during an eight to ten week period beginning in mid September. Therefore, the operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the current year. | |
Certain minor reclassifications have been made to the consolidated unaudited financial statements for the quarter ended September 30, 2012 to conform to the classifications used for the quarter ended September 30, 2013. | |
RECENTLY_ISSUED_ACCOUNTING_PRO
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE 2 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
The Company’s management does not believe that any recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements. | |
INCOME_PER_COMMON_SHARE
INCOME PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
NOTE 3 INCOME PER COMMON SHARE | |
Basic and diluted income per common share is based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600. There are no dilutive securities outstanding. | |
BUSINESS_SEGMENT_DATA
BUSINESS SEGMENT DATA | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||
NOTE 4 BUSINESS SEGMENT DATA | ||||||||
The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows: | ||||||||
Business Segment | Operation | |||||||
Fruit | Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking. Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc. | |||||||
Molded Plastics | Production of plastics containers and other molded plastics for sale to various food processors and others. | |||||||
Three months ended | Three months ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Net Sales in Each Segment | ||||||||
Fruit: | ||||||||
Sales to Unaffiliated Customers | $ | 7,884,362 | $ | 8,412,222 | ||||
Molded Plastics: | ||||||||
Sales to Unaffiliated Customers | 1,653,877 | 1,582,643 | ||||||
Net Sales | $ | 9,538,239 | $ | 9,994,865 | ||||
Nine months ended | Nine months ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Net Sales in Each Segment | ||||||||
Fruit: | ||||||||
Sales to Unaffiliated Customers | $ | 9,099,865 | $ | 9,646,744 | ||||
Molded Plastics: | ||||||||
Sales to Unaffiliated Customers | 6,215,188 | 6,201,512 | ||||||
Net Sales | $ | 15,315,053 | $ | 15,848,256 | ||||
The Company does not prepare operating profit or loss information on a segment basis for internal use, until the end of each year. Due to the seasonal nature of the fruit segment, management believes that it is not practical to prepare this information for interim reporting purposes. Therefore, reporting is not required by accounting principles generally accepted in the United States of America. | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Identifiable Assets of Each Segment are Listed Below: | ||||||||
Fruit | $ | 19,589,588 | $ | 19,310,400 | ||||
Molded Plastics | 4,404,647 | 4,629,462 | ||||||
Identifiable Assets | 23,994,235 | 23,939,862 | ||||||
General Corporate Assets | 2,056,397 | 1,681,444 | ||||||
Total Assets | $ | 26,050,632 | $ | 25,621,306 | ||||
Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, land and buildings, and income tax assets. | ||||||||
OTHER_ISSUES
OTHER ISSUES | 9 Months Ended |
Sep. 30, 2013 | |
Other Issues [Abstract] | ' |
Other Issues [Text Block] | ' |
NOTE 5 OTHER ISSUES | |
As reported in the second quarter filing of this year, Paradise, Inc. renewed its revolving line of credit with a financial institution for a two year period maturing on June 23, 2015. Paradise, Inc.’s revolving line of credit has a maximum limit of $12,000,000 with a borrowing base of 80% of the Company’s eligible receivables plus the lessor of $6,000,000 or 50% of the Company’s eligible inventory from January through May of each year and 60% of eligible inventory from June to December of each year. This agreement is secured by all the assets of the Company and the agreement requires that certain conditions are met for the Company to continue borrowing, including debt service coverage and debt to equity ratios and other financial covenants including an agreement not to encumber a mortgage on the property without bank approval. Interest is payable monthly at the bank’sLIBOR rate plus 1.75%. | |
During 2012, Paradise, Inc. filed a claim with the Deepwater Horizon Economic and Property Program (the “Settlement Program”) arising out of damages suffered as a result of the Deepwater Horizon Incident. Upon review by the claims administrator of the Settlement Program and after a 30 day period in which BP Exploration & Production, Inc. could file a protest contesting this amount, a settlement check for $277,546 was awarded to Paradise, Inc. Funds were received on August 30, 2013 and this amount is reflected in Other Income on the Company’s consolidated Statements of Operations. | |
BUSINESS_SEGMENT_DATA_Tables
BUSINESS SEGMENT DATA (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Net Sales [Member] | ' | |||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||
The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows: | ||||||||
Business Segment | Operation | |||||||
Fruit | Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking. Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc. | |||||||
Molded Plastics | Production of plastics containers and other molded plastics for sale to various food processors and others. | |||||||
Three months ended | Three months ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Net Sales in Each Segment | ||||||||
Fruit: | ||||||||
Sales to Unaffiliated Customers | $ | 7,884,362 | $ | 8,412,222 | ||||
Molded Plastics: | ||||||||
Sales to Unaffiliated Customers | 1,653,877 | 1,582,643 | ||||||
Net Sales | $ | 9,538,239 | $ | 9,994,865 | ||||
Nine months ended | Nine months ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Net Sales in Each Segment | ||||||||
Fruit: | ||||||||
Sales to Unaffiliated Customers | $ | 9,099,865 | $ | 9,646,744 | ||||
Molded Plastics: | ||||||||
Sales to Unaffiliated Customers | 6,215,188 | 6,201,512 | ||||||
Net Sales | $ | 15,315,053 | $ | 15,848,256 | ||||
Identifiable Assets [Member] | ' | |||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Identifiable Assets of Each Segment are Listed Below: | ||||||||
Fruit | $ | 19,589,588 | $ | 19,310,400 | ||||
Molded Plastics | 4,404,647 | 4,629,462 | ||||||
Identifiable Assets | 23,994,235 | 23,939,862 | ||||||
General Corporate Assets | 2,056,397 | 1,681,444 | ||||||
Total Assets | $ | 26,050,632 | $ | 25,621,306 | ||||
BASIS_OF_PRESENTATION_Details_
BASIS OF PRESENTATION (Details Textual) (Sales [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Sales [Member] | ' |
Concentration Risk, Percentage | 80.00% |
INCOME_PER_COMMON_SHARE_Detail
INCOME PER COMMON SHARE (Details Textual) | 9 Months Ended |
Sep. 30, 2013 | |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 519,600 |
BUSINESS_SEGMENT_DATA_Details
BUSINESS SEGMENT DATA (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Sales to Unaffiliated Customers. | $9,538,239 | $9,994,865 | $15,315,053 | $15,848,256 |
Candied Fruit [Member] | ' | ' | ' | ' |
Sales to Unaffiliated Customers. | 7,884,362 | 8,412,222 | 9,099,865 | 9,646,744 |
Molded Plastics [Member] | ' | ' | ' | ' |
Sales to Unaffiliated Customers. | $1,653,877 | $1,582,643 | $6,215,188 | $6,201,512 |
BUSINESS_SEGMENT_DATA_Details_
BUSINESS SEGMENT DATA (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Total Assets | $26,050,632 | $22,889,484 | $25,621,306 |
Candied Fruit [Member] | ' | ' | ' |
Total Assets | 19,589,588 | ' | 19,310,400 |
Molded Plastics [Member] | ' | ' | ' |
Total Assets | 4,404,647 | ' | 4,629,462 |
Identifiable Assets [Member] | ' | ' | ' |
Total Assets | 23,994,235 | ' | 23,939,862 |
General Corporate Assets [Member] | ' | ' | ' |
Total Assets | $2,056,397 | ' | $1,681,444 |
OTHER_ISSUES_Details_Textual
OTHER ISSUES (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Line of Credit Facility, Expiration Date | 23-Jun-15 |
Line of Credit Facility, Maximum Borrowing Capacity | $12,000,000 |
Line Of Credit Facility Borrowing Base Description | '80% of the Companys eligible receivables plus the lessor of $6,000,000 or 50% of the Companys eligible inventory from January through May of each year and 60% of eligible inventory from June to December of each year. |
Line of Credit Facility, Interest Rate Description | 'LIBOR rate plus 1.75% |
Line Of Credit Facility Borrowing Base Eligible Receivables Percentage | 80.00% |
Line Of Credit Facility Borrowing Base Eligible Inventory Percentage One | 50.00% |
Line Of Credit Facility Borrowing Base Eligible Inventory Percentage Two | 60.00% |
Litigation Settlement, Amount | $277,546 |