Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 14, 2014 | Jun. 30, 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-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $7,842,978 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' |
Cash | $5,916,366 | $6,384,087 |
Accounts Receivable, Net of Allowance for Doubtful Accounts of $-0- and Allowance for Returns of $897,546 (2013) and $1,562,556 (2012) | 2,369,321 | 1,893,160 |
Inventories | 8,837,798 | 8,856,379 |
Income Tax Receivable | 279,219 | 225,794 |
Prepaid Expenses and Other Current Assets | 304,812 | 296,728 |
Deferred Income Tax Asset | 330,198 | 152,250 |
Total Current Assets | 18,037,714 | 17,808,398 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
Net of Accumulated Depreciation of $17,410,823 (2013) and $18,454,410 (2012) | 3,816,928 | 3,946,124 |
GOODWILL | 413,280 | 413,280 |
CUSTOMER BASE AND NON-COMPETE AGREEMENT | 313,862 | 439,747 |
OTHER ASSETS | 283,979 | 281,935 |
TOTAL ASSETS | 22,865,763 | 22,889,484 |
CURRENT LIABILITIES: | ' | ' |
Short-Term Debt | 0 | 515,866 |
Accounts Payable | 308,319 | 375,067 |
Accrued Expenses | 923,540 | 1,093,698 |
Total Current Liabilities | 1,231,859 | 1,984,631 |
DEFERRED INCOME TAX LIABILITY | 297,094 | 272,063 |
Total Liabilities | 1,528,953 | 2,256,694 |
STOCKHOLDERS' EQUITY: | ' | ' |
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and 519,600 Shares Outstanding | 174,928 | 174,928 |
Capital in Excess of Par Value | 1,288,793 | 1,288,793 |
Retained Earnings | 20,146,308 | 19,442,288 |
Stockholders' Equity before Treasury Stock | 21,610,029 | 20,906,009 |
Less: Common Stock in Treasury, at Cost, 63,494 Shares (2013 and 2012) | 273,219 | 273,219 |
Total Stockholders' Equity | 21,336,810 | 20,632,790 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $22,865,763 | $22,889,484 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts (in dollars) | $0 | $0 |
Allowance for Returns (in dollars) | 897,546 | 1,562,556 |
Accumulated depreciation (in dollars) | $17,410,823 | $18,454,410 |
Common stock, par value (in dollars per share) | $0.30 | $0.30 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 583,094 | 583,094 |
Common stock, shares outstanding | 519,600 | 519,600 |
Treasury stock, shares | 63,494 | 63,494 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NET SALES | $24,056,377 | $25,702,303 |
COSTS AND EXPENSES: | ' | ' |
Cost of Goods Sold | 18,231,584 | 19,178,541 |
Selling, General and Administrative Expenses | 4,801,409 | 4,860,697 |
Amortization Expense | 143,885 | 143,885 |
Interest Expense | 8,054 | 9,493 |
Total Costs and Expenses | 23,184,932 | 24,192,616 |
INCOME FROM OPERATIONS | 871,445 | 1,509,687 |
OTHER INCOME - NET | 353,656 | 58,408 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 1,225,101 | 1,568,095 |
PROVISION FOR INCOME TAXES | 443,141 | 565,163 |
NET INCOME | $781,960 | $1,002,932 |
EARNINGS PER SHARE: | ' | ' |
Basic (in dollars per share) | $1.50 | $1.93 |
Diluted (in dollars per share) | $1.50 | $1.93 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2011 | $19,733,778 | $174,928 | $1,288,793 | $18,543,276 | ($273,219) |
Cash Dividends Declared | -103,920 | ' | ' | -103,920 | ' |
Net Income | 1,002,932 | ' | ' | 1,002,932 | ' |
Balance at Dec. 31, 2012 | 20,632,790 | 174,928 | 1,288,793 | 19,442,288 | -273,219 |
Cash Dividends Declared | -77,940 | ' | ' | -77,940 | ' |
Net Income | 781,960 | ' | ' | 781,960 | ' |
Balance at Dec. 31, 2013 | $21,336,810 | $174,928 | $1,288,793 | $20,146,308 | ($273,219) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity [Parenthetical] (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Dividends Declared (in dollars per share) | $0.15 | $0.20 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $781,960 | $1,002,932 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | ' | ' |
Provision for Sales Returns | -665,010 | 558,777 |
Provision for Estimated Inventory Returns | 487,879 | -430,588 |
Provision for Deferred Income Taxes | -152,917 | 188,834 |
Depreciation and Amortization | 603,977 | 613,120 |
Decrease (Increase) in: | ' | ' |
Accounts Receivable | 188,849 | 127,425 |
Inventories | -469,298 | -2,229,274 |
Prepaid Expenses and Other Current Assets | -8,084 | -1,315 |
Income Tax Receivable | -53,425 | -225,794 |
Other Assets | 23,366 | -111,919 |
Increase (Decrease) in: | ' | ' |
Accounts Payable | -66,748 | 16,218 |
Accrued Expenses | -170,158 | -124,591 |
Income Taxes Payable | 0 | -370,678 |
Net Cash Provided by (Used in) Operating Activities | 500,391 | -986,853 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of Property, Plant and Equipment | -330,896 | -231,315 |
Change in Cash Surrender Value of Life Insurance | -43,410 | 34,647 |
Net Cash Used in Investing Activities | -374,306 | -196,668 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net (Payments on) Proceeds from Short-Term Debt | -515,866 | 202,620 |
Dividends Paid | -77,940 | -103,920 |
Net Cash (Used in) Provided by Financing Activities | -593,806 | 98,700 |
NET CHANGE IN CASH | -467,721 | -1,084,821 |
CASH, at Beginning of Year | 6,384,087 | 7,468,908 |
CASH, at End of Year | 5,916,366 | 6,384,087 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Interest | 8,054 | 9,493 |
Income Taxes | $649,483 | $972,801 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Significant Accounting Policies [Text Block] | ' | ||||
NOTE 1: SIGNIFICANT ACCOUNTING POLICIES | |||||
Paradise, Inc. operations are conducted through two business segments, candied fruit and molded plastics. The primary operations of the fruit segment is 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 preserves, dairies, drink manufacturers, etc. The molding plastics segment provides production of plastic containers for the Company’s products and other molded plastics for sale to unaffiliated customers. Substantially all of the Company’s customers are located in the United States of America. | |||||
Principles of Consolidation | |||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of all material intercompany accounts, transactions and profits. | |||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Fair Value of Financial Instruments | |||||
The aggregated net fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, receivables, payables, accrued expenses and short-term borrowings. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand. | |||||
Accounts Receivable and Revenue Recognition | |||||
Management reviews subsequent collections on accounts receivable and writes off all year-end balances that are not deemed collectible by the time the consolidated financial statements are issued. Additionally, management has provided for estimated product returns by applying an allowance against Accounts Receivable for the invoiced price of the returns. A provision to recognize a related estimate of finished goods returns has been added to inventories. | |||||
Management considers the remaining accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts has been established as of December 31, 2013 and 2012. If accounts become uncollectible, they will be charged to operations when that determination is made. The Company does not have a policy to charge interest on past due amounts. Accounts Receivable are considered past due based on invoice terms. | |||||
The Company recognizes revenue upon the shipment or delivery of goods, depending on the agreed upon terms with its customers. | |||||
Inventories | |||||
Inventories are valued at the lower of cost (first-in, first-out) or market. Cost includes material, labor, factory overhead and depreciation. | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment are stated at cost. Generally, the straight-line method is used in computing depreciation. Estimated useful lives of property, plant and equipment are: | |||||
Years | |||||
Buildings and Improvements | 10 - 40 | ||||
Machinery and Equipment | 3 - 20 | ||||
Expenditures which significantly increase values or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Upon sale or retirement of property, plant and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is included in the current earnings. Amortization is also computed using the straight-line method over the estimated life of the asset. | |||||
Goodwill | |||||
Goodwill totaling $413,280 represents the excess purchase price over the fair value of the net assets acquired in the acquisition of Mastercraft Products Corporation. These costs are reviewed for impairment at least annually or more frequently upon the occurrence of an event or when circumstances indicate that goodwill may be impaired. During the years ended, December 31, 2013 and 2012, the Company determined that its goodwill was not impaired. | |||||
Identifiable Intangible Assets | |||||
Customer Base and Non-Compete Agreement | |||||
The customer base and non-compete agreement represents $1,258,000 of the fair value of these assets pursuant to the Company’s purchase during 2006 of an unrelated entity’s inventories, their customer list and a non-compete agreement for a period of ten years. The customer base and non-compete agreement are being amortized over ten years. | |||||
Other Identifiable Intangible Assets | |||||
Identifiable intangible assets included in Other Assets consist of debt issue costs. | |||||
Debt issue costs, amounted to approximately $36,000 as of December 31, 2013 and 2012, and are amortized over the two year term of the agreement. | |||||
The Company’s identifiable intangible assets are reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. During the years ended, December 31, 2013 and 2012, the Company determined that its identifiable intangible assets were not impaired. | |||||
Amortization expense of intangible assets subject to amortization for the years ended December 31, 2013 and 2012 was $143,885 and $143,885, respectively. | |||||
Accumulated amortization for the same periods totaled $953,138 (2013) and $845,253 (2012), respectively. | |||||
Future amortization expense is anticipated to be as follows: | |||||
2014 | $ | 143,885 | |||
2015 | $ | 134,885 | |||
2016 | $ | 62,092 | |||
Selling Expenses | |||||
The Company considers freight delivery costs to be selling expenses and has included $586,578 (2013) and $590,485 (2012) in selling, general and administrative expenses in the accompanying statements of income. | |||||
Advertising Expenses | |||||
The Company expenses advertising costs in the year they are incurred. Advertising expenses totaled $233,764 (2013) and $260,898 (2012) and are included in selling, general and administrative expenses in the accompanying statements of income. | |||||
Employee Benefit Plan | |||||
The Company has a 401(k) retirement plan for all eligible employees. Eligibility requirements for employees are based on completing 1,000 hours of service by the end of the first twelve months of consecutive employment and being at least 21 years old. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company provides a matching contribution subject to annual review of the Company’s financial performance. For the years ended December 31, 2013 and 2012, the Company incurred $36,757 and $35,499, respectively, in 401(k) expense. | |||||
Earnings Per Share | |||||
Basic and diluted earnings per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600 shares at December 31, 2013 and 2012. There are no dilutive securities outstanding at December 31, 2013 and 2012. | |||||
Reclassifications | |||||
Certain minor reclassifications have been made to the 2012 consolidated financial statements in order to conform to the classifications used in 2013. | |||||
Impact of Recently Issued Accounting Pronouncements | |||||
The Company’s management does not believe that any recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) will have a material impact on the Company’s current or future consolidated financial statements. | |||||
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 2: INVENTORIES | |||||||||
2013 | 2012 | ||||||||
Supplies | $ | 164,962 | $ | 158,925 | |||||
Raw Materials | 1,806,727 | 2,340,505 | |||||||
Work in Progress | 993,061 | 561,043 | |||||||
Finished Goods | 5,873,048 | 5,795,906 | |||||||
Total | $ | 8,837,798 | $ | 8,856,379 | |||||
Included in Finished Goods inventory are estimated returns related to the Provision for Sales Returns totaling $678,226 (2013) and $1,166,105 (2012). | |||||||||
Substantially all inventories are pledged as collateral for certain short-term obligations. | |||||||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 3: PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land and Improvements | $ | 656,040 | $ | 656,040 | |||||
Buildings and Improvements | 7,048,114 | 7,127,321 | |||||||
Machinery and Equipment | 13,523,597 | 14,617,173 | |||||||
Total | 21,227,751 | 22,400,534 | |||||||
Less: Accumulated Depreciation | 17,410,823 | 18,454,410 | |||||||
NET | $ | 3,816,928 | $ | 3,946,124 | |||||
All of the real property, machinery and equipment are pledged as collateral for the Company’s short-term debt obligations. | |||||||||
Depreciation expense for the years ended December 31, 2013 and 2012 was $460,092 and $469,235, respectively. | |||||||||
SHORTTERM_DEBT
SHORT-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Short-term Debt [Text Block] | ' | ||||||||
NOTE 4: SHORT-TERM DEBT | |||||||||
2013 | 2012 | ||||||||
Letters of credit and other short-term debt under a revolving line of credit with a bank. | $ | — | $ | 515,866 | |||||
TOTAL | $ | — | $ | 515,866 | |||||
The Company has a revolving loan agreement with a financial institution with a maximum limit of $12,000,000 and a borrowing limit 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 of the assets of the Company and matures on June 23, 2015. Interest is payable monthly at the bank’s LIBOR rate plus 1.75%. | |||||||||
This 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 and improvement without bank approval. The Company was in compliance with these covenants at December 31, 2013 and 2012. | |||||||||
OPERATING_LEASES
OPERATING LEASES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases, Operating [Abstract] | ' | ||||
Operating Leases of Lessor Disclosure [Text Block] | ' | ||||
NOTE 5: OPERATING LEASES | |||||
The Company leases certain automobiles and office equipment under operating leases ranging in length from thirty-six to sixty months. Lease payments charged to operations amounted to $87,070 (2013) and $74,885 (2012), respectively. | |||||
At December 31, 2013, future minimum payments required under leases with terms greater than one year are as follows: | |||||
Years Ending December 31, | Operating Leases | ||||
2014 | $ | 57,567 | |||
2015 | 53,127 | ||||
2016 | 27,475 | ||||
2017 | 12,246 | ||||
Total Minimum Lease Payments | $ | 150,415 | |||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
NOTE 6: ACCRUED EXPENSES | |||||||||
Accrued Expenses consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Accrued Payroll and Bonuses | $ | 486,399 | $ | 400,471 | |||||
Accrued Brokerage Payable | 197,443 | 226,742 | |||||||
Other Accrued Expenses | 24,126 | 78,566 | |||||||
Coupon Reimbursement | 59,179 | 77,941 | |||||||
Accrued Credit Due to Customers | 132,892 | 260,288 | |||||||
Accrued Insurance Payable | 23,501 | 49,690 | |||||||
Total | $ | 923,540 | $ | 1,093,698 | |||||
PROVISION_FOR_FEDERAL_AND_STAT
PROVISION FOR FEDERAL AND STATE INCOME TAXES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 7: PROVISION FOR FEDERAL AND STATE INCOME TAXES | |||||||||
The provisions for income taxes are comprised of the following amounts: | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | 534,180 | $ | 301,644 | |||||
State | 61,878 | 74,685 | |||||||
596,058 | 376,329 | ||||||||
Deferred: | |||||||||
Federal | (138,166 | ) | 170,618 | ||||||
State | (14,751 | ) | 18,216 | ||||||
(152,917 | ) | 188,834 | |||||||
Total Provision for Income Taxes | $ | 443,141 | $ | 565,163 | |||||
A reconciliation of the differences between the tax provisions attributable to income from continuing operations and the tax provision at statutory Federal income tax rate follows: | |||||||||
2013 | 2012 | ||||||||
Income Taxes Computed at Statutory Rate | $ | 416,534 | $ | 533,152 | |||||
State Income Tax, Net of Federal Income Tax Benefit | 44,489 | 56,922 | |||||||
Other, Net | (17,882 | ) | (24,911 | ) | |||||
Provision for Income Taxes | $ | 443,141 | $ | 565,163 | |||||
The Company recognizes deferred tax assets and liabilities for future tax consequences of events that have been previously recognized in the Company’s consolidated financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on provisions of the enacted tax law; the effects of future changes in tax laws or rates are not anticipated. | |||||||||
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 were: | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets resulting from: | |||||||||
Inventory Valuation | $ | 247,668 | $ | 3,065 | |||||
Allowance for Sales Returns and Related Provision for Return of Finished Goods | 82,530 | 149,185 | |||||||
Total Deferred Tax Assets | 330,198 | 152,250 | |||||||
Deferred Tax Liabilities resulting from: | |||||||||
Tax over Book Depreciation | (297,094 | ) | (272,063 | ) | |||||
Net Deferred Tax Asset (Liability) | $ | 33,104 | $ | (119,813 | ) | ||||
The Net Deferred Tax Asset (Liability) is reflected in the Balance Sheet under these captions: | |||||||||
Current Deferred Income Tax Asset | $ | 330,198 | $ | 152,250 | |||||
Long-Term Deferred Income Tax Liability | (297,094 | ) | (272,063 | ) | |||||
$ | 33,104 | $ | (119,813 | ) | |||||
The Company follows Accounting Standards Codification Topic 740, “Income Taxes” (“ASC Topic 740”). This standard provides interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. | |||||||||
Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the determination of the ultimate tax effects is uncertain. We record our tax provision based on current and future income taxes that will be due. In the determination of our provision, we have taken certain tax positions in the consideration of the effects of income and expenses that have been recognized and included in the accompanying consolidated financial statements that may or may not be recognized in the determination of current or future income taxes. We record a liability for these unrecognized tax benefits when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We review our liability for unrecognized tax benefits quarterly and adjust it in light of changing facts and circumstances, such as the outcome of tax audit. We are subject to income tax audits by the Internal Revenue Service and the State of Florida for the years 2010 – 2012. | |||||||||
As of December 31, 2013 and 2012, we do not expect that any of the tax positions taken by the Company for the tax periods open to audit, if challenged, would result in a significant tax liability. | |||||||||
BUSINESS_SEGMENT_DATA
BUSINESS SEGMENT DATA | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
NOTE 8: 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 | ||||||||
Candied 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. | ||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
NET SALES IN EACH SEGMENT | |||||||||
Candied Fruit: | |||||||||
Sales to Unaffiliated Customers | $ | 15,775,685 | $ | 17,397,551 | |||||
Molded Plastics: | |||||||||
Sales to Unaffiliated Customers | 8,280,692 | 8,304,752 | |||||||
Net Sales | $ | 24,056,377 | $ | 25,702,303 | |||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
THE OPERATING PROFIT OF EACH SEGMENT IS | |||||||||
LISTED BELOW | |||||||||
Candied Fruit | $ | 3,568,561 | $ | 4,267,788 | |||||
Molded Plastics | 2,112,347 | 2,112,089 | |||||||
Operating Profit of Segments | 5,680,908 | 6,379,877 | |||||||
General Corporate Expenses, Net | (4,746,053 | ) | (4,812,666 | ) | |||||
General Corporate Depreciation and Amortization Expense | (55,356 | ) | (48,031 | ) | |||||
Interest Expense | (8,054 | ) | (9,493 | ) | |||||
Other Income | 353,656 | 58,408 | |||||||
Income Before Provision for Income Taxes | $ | 1,225,101 | $ | 1,568,095 | |||||
Operating profit is composed of net sales, less direct costs and overhead costs associated with each segment. The candied fruit segment purchases items from the molded plastics segment at cost. These transactions are then eliminated during consolidation. Due to the high degree of integration between the segments of the Company, it is not practical to allocate general corporate expenses, interest, and other income between the various segments. | |||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
Identifiable Assets of Each Segment are Listed Below: | |||||||||
Candied Fruit | $ | 10,303,650 | $ | 10,443,925 | |||||
Molded Plastics | 4,615,521 | 4,354,603 | |||||||
Identifiable Assets | 14,919,171 | 14,798,528 | |||||||
General Corporate Assets | 7,946,592 | 8,090,956 | |||||||
Total Assets | $ | 22,865,763 | $ | 22,889,484 | |||||
Included in Identifiable Assets of the Molded Plastics Segment is goodwill totaling $413,280 at both December 31, 2013 and 2012. | |||||||||
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. | |||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
Depreciation and Amortization Expense of Each Segment are Listed Below: | |||||||||
Candied Fruit | $ | 374,382 | $ | 401,862 | |||||
Molded Plastics | 174,239 | 163,227 | |||||||
Segment Depreciation and Amortization Expense | 548,621 | 565,089 | |||||||
General Corporate Depreciation and Amortization Expense | 55,356 | 48,031 | |||||||
Total Depreciation and Amortization Expense | $ | 603,977 | $ | 613,120 | |||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
Capital Expenditures of Each Segment are Listed Below: | |||||||||
Candied Fruit | $ | 62,840 | $ | 182,792 | |||||
Molded Plastics | 193,924 | 48,523 | |||||||
Segment Capital Expenditures | 256,764 | 231,315 | |||||||
General Corporate Capital Expenditures | 74,132 | — | |||||||
Total Capital Expenditures | $ | 330,896 | $ | 231,315 | |||||
The Company conducts operations only within the United States. Foreign sales are insignificant; primarily all sales are to domestic companies. | |||||||||
MAJOR_CUSTOMERS
MAJOR CUSTOMERS | 12 Months Ended |
Dec. 31, 2013 | |
Major Customers [Abstract] | ' |
Major Customers [Text Block] | ' |
NOTE 9: MAJOR CUSTOMERS | |
During 2013, the Company derived approximately 12.9% and 19.7% of its consolidated revenues from Wal-Mart Stores, Inc. and Aqua Cal, Inc., respectively. During 2012, the Company derived 16% and 13% of its consolidated revenue from Wal-Mart Stores, Inc. and Aqua Cal, Inc., respectively. As of December 31, 2013 and 2012, Wal-Mart Stores, Inc.’s accounts receivable balance represented 79.4% and 56% of total accounts receivable before allowance for returns, respectively, and Aqua Cal, Inc.’s accounts receivable balance represented 19.4% and 12% of total accounts receivable at December 31, 2013 and 2012, respectively. | |
MAJOR_VENDORS
MAJOR VENDORS | 12 Months Ended |
Dec. 31, 2013 | |
Major Vendors [Abstract] | ' |
Major Vendors [Text Block] | ' |
NOTE 10: MAJOR VENDORS | |
During 2013 and 2012, the Company purchased 11% and 11%, respectively, of its inventory from one supplier (Oregon Cherry Growers). As of December 31, 2013 and 2012, the Company did not have any amounts owed to this supplier. | |
CONCENTRATION_OF_CREDIT_RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Uninsured Deposits [Text Block] | ' |
NOTE 11: CONCENTRATION OF CREDIT RISK | |
Cash is maintained at a major financial institution and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. The Company’s cash balances of $6,384,087 were fully insured at December 31, 2012 due to a temporary federal program in effect through December 31, 2012. Under the program, there was no limit to the amount of insurance for eligible accounts, including non-interest bearing accounts. Beginning 2013, insurance coverage reverted back to $250,000 per depositor at each financial institution. The Company’s deposits in excess of federally insured limits at December 31, 2013 approximated $5,666,000. | |
OTHER_ISSUES
OTHER ISSUES | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
NOTE 12: OTHER ISSUES | |
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 Income. | |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 13: SUBSEQUENT EVENT | |
On March 6, 2014, Paradise, Inc. declared a regular dividend of $.11 per share to stockholders of record at April 11, 2014. | |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Consolidation, Policy [Policy Text Block] | ' | ||||
Principles of Consolidation | |||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of all material intercompany accounts, transactions and profits. | |||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||
Fair Value of Financial Instruments | |||||
The aggregated net fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, receivables, payables, accrued expenses and short-term borrowings. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand. | |||||
Accounts Receivable and Revenue Recognition [Policy Text Block] | ' | ||||
Accounts Receivable and Revenue Recognition | |||||
Management reviews subsequent collections on accounts receivable and writes off all year-end balances that are not deemed collectible by the time the consolidated financial statements are issued. Additionally, management has provided for estimated product returns by applying an allowance against Accounts Receivable for the invoiced price of the returns. A provision to recognize a related estimate of finished goods returns has been added to inventories. | |||||
Management considers the remaining accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts has been established as of December 31, 2013 and 2012. If accounts become uncollectible, they will be charged to operations when that determination is made. The Company does not have a policy to charge interest on past due amounts. Accounts Receivable are considered past due based on invoice terms. | |||||
The Company recognizes revenue upon the shipment or delivery of goods, depending on the agreed upon terms with its customers. | |||||
Inventory, Policy [Policy Text Block] | ' | ||||
Inventories | |||||
Inventories are valued at the lower of cost (first-in, first-out) or market. Cost includes material, labor, factory overhead and depreciation. | |||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||
Property, Plant and Equipment | |||||
Property, plant and equipment are stated at cost. Generally, the straight-line method is used in computing depreciation. Estimated useful lives of property, plant and equipment are: | |||||
Years | |||||
Buildings and Improvements | 10 - 40 | ||||
Machinery and Equipment | 3 - 20 | ||||
Expenditures which significantly increase values or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Upon sale or retirement of property, plant and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is included in the current earnings. Amortization is also computed using the straight-line method over the estimated life of the asset. | |||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||
Goodwill | |||||
Goodwill totaling $413,280 represents the excess purchase price over the fair value of the net assets acquired in the acquisition of Mastercraft Products Corporation. These costs are reviewed for impairment at least annually or more frequently upon the occurrence of an event or when circumstances indicate that goodwill may be impaired. During the years ended, December 31, 2013 and 2012, the Company determined that its goodwill was not impaired. | |||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | ||||
Identifiable Intangible Assets | |||||
Customer Base and Non-Compete Agreement | |||||
The customer base and non-compete agreement represents $1,258,000 of the fair value of these assets pursuant to the Company’s purchase during 2006 of an unrelated entity’s inventories, their customer list and a non-compete agreement for a period of ten years. The customer base and non-compete agreement are being amortized over ten years. | |||||
Other Identifiable Intangible Assets | |||||
Identifiable intangible assets included in Other Assets consist of debt issue costs. | |||||
Debt issue costs, amounted to approximately $36,000 as of December 31, 2013 and 2012, and are amortized over the two year term of the agreement. | |||||
The Company’s identifiable intangible assets are reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. During the years ended, December 31, 2013 and 2012, the Company determined that its identifiable intangible assets were not impaired. | |||||
Amortization expense of intangible assets subject to amortization for the years ended December 31, 2013 and 2012 was $143,885 and $143,885, respectively. | |||||
Accumulated amortization for the same periods totaled $953,138 (2013) and $845,253 (2012), respectively. | |||||
Future amortization expense is anticipated to be as follows: | |||||
2014 | $ | 143,885 | |||
2015 | $ | 134,885 | |||
2016 | $ | 62,092 | |||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' | ||||
Selling Expenses | |||||
The Company considers freight delivery costs to be selling expenses and has included $586,578 (2013) and $590,485 (2012) in selling, general and administrative expenses in the accompanying statements of income. | |||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||
Advertising Expenses | |||||
The Company expenses advertising costs in the year they are incurred. Advertising expenses totaled $233,764 (2013) and $260,898 (2012) and are included in selling, general and administrative expenses in the accompanying statements of income. | |||||
Postemployment Benefit Plans, Policy [Policy Text Block] | ' | ||||
Employee Benefit Plan | |||||
The Company has a 401(k) retirement plan for all eligible employees. Eligibility requirements for employees are based on completing 1,000 hours of service by the end of the first twelve months of consecutive employment and being at least 21 years old. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company provides a matching contribution subject to annual review of the Company’s financial performance. For the years ended December 31, 2013 and 2012, the Company incurred $36,757 and $35,499, respectively, in 401(k) expense. | |||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||
Earnings Per Share | |||||
Basic and diluted earnings per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600 shares at December 31, 2013 and 2012. There are no dilutive securities outstanding at December 31, 2013 and 2012. | |||||
Reclassification, Policy [Policy Text Block] | ' | ||||
Reclassifications | |||||
Certain minor reclassifications have been made to the 2012 consolidated financial statements in order to conform to the classifications used in 2013. | |||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||
Impact of Recently Issued Accounting Pronouncements | |||||
The Company’s management does not believe that any recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) will have a material impact on the Company’s current or future consolidated financial statements. | |||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Schedule Of Property Plant and Equipment Useful Lives [Table Text Block] | ' | ||||
Estimated useful lives of property, plant and equipment are: | |||||
Years | |||||
Buildings and Improvements | 10 - 40 | ||||
Machinery and Equipment | 3 - 20 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||
Future amortization expense is anticipated to be as follows: | |||||
2014 | $ | 143,885 | |||
2015 | $ | 134,885 | |||
2016 | $ | 62,092 | |||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Supplies | $ | 164,962 | $ | 158,925 | |||||
Raw Materials | 1,806,727 | 2,340,505 | |||||||
Work in Progress | 993,061 | 561,043 | |||||||
Finished Goods | 5,873,048 | 5,795,906 | |||||||
Total | $ | 8,837,798 | $ | 8,856,379 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Property, plant and equipment consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land and Improvements | $ | 656,040 | $ | 656,040 | |||||
Buildings and Improvements | 7,048,114 | 7,127,321 | |||||||
Machinery and Equipment | 13,523,597 | 14,617,173 | |||||||
Total | 21,227,751 | 22,400,534 | |||||||
Less: Accumulated Depreciation | 17,410,823 | 18,454,410 | |||||||
NET | $ | 3,816,928 | $ | 3,946,124 | |||||
SHORTTERM_DEBT_Tables
SHORT-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Short-term Debt [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Letters of credit and other short-term debt under a revolving line of credit with a bank. | $ | — | $ | 515,866 | |||||
TOTAL | $ | — | $ | 515,866 | |||||
OPERATING_LEASES_Tables
OPERATING LEASES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases, Operating [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
At December 31, 2013, future minimum payments required under leases with terms greater than one year are as follows: | |||||
Years Ending December 31, | Operating Leases | ||||
2014 | $ | 57,567 | |||
2015 | 53,127 | ||||
2016 | 27,475 | ||||
2017 | 12,246 | ||||
Total Minimum Lease Payments | $ | 150,415 | |||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
Accrued Expenses consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Accrued Payroll and Bonuses | $ | 486,399 | $ | 400,471 | |||||
Accrued Brokerage Payable | 197,443 | 226,742 | |||||||
Other Accrued Expenses | 24,126 | 78,566 | |||||||
Coupon Reimbursement | 59,179 | 77,941 | |||||||
Accrued Credit Due to Customers | 132,892 | 260,288 | |||||||
Accrued Insurance Payable | 23,501 | 49,690 | |||||||
Total | $ | 923,540 | $ | 1,093,698 | |||||
PROVISION_FOR_FEDERAL_AND_STAT1
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
The provisions for income taxes are comprised of the following amounts: | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | 534,180 | $ | 301,644 | |||||
State | 61,878 | 74,685 | |||||||
596,058 | 376,329 | ||||||||
Deferred: | |||||||||
Federal | (138,166 | ) | 170,618 | ||||||
State | (14,751 | ) | 18,216 | ||||||
(152,917 | ) | 188,834 | |||||||
Total Provision for Income Taxes | $ | 443,141 | $ | 565,163 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
A reconciliation of the differences between the tax provisions attributable to income from continuing operations and the tax provision at statutory Federal income tax rate follows: | |||||||||
2013 | 2012 | ||||||||
Income Taxes Computed at Statutory Rate | $ | 416,534 | $ | 533,152 | |||||
State Income Tax, Net of Federal Income Tax Benefit | 44,489 | 56,922 | |||||||
Other, Net | (17,882 | ) | (24,911 | ) | |||||
Provision for Income Taxes | $ | 443,141 | $ | 565,163 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 were: | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets resulting from: | |||||||||
Inventory Valuation | $ | 247,668 | $ | 3,065 | |||||
Allowance for Sales Returns and Related Provision for Return of Finished Goods | 82,530 | 149,185 | |||||||
Total Deferred Tax Assets | 330,198 | 152,250 | |||||||
Deferred Tax Liabilities resulting from: | |||||||||
Tax over Book Depreciation | (297,094 | ) | (272,063 | ) | |||||
Net Deferred Tax Asset (Liability) | $ | 33,104 | $ | (119,813 | ) | ||||
The Net Deferred Tax Asset (Liability) is reflected in the Balance Sheet under these captions: | |||||||||
Current Deferred Income Tax Asset | $ | 330,198 | $ | 152,250 | |||||
Long-Term Deferred Income Tax Liability | (297,094 | ) | (272,063 | ) | |||||
$ | 33,104 | $ | (119,813 | ) | |||||
BUSINESS_SEGMENT_DATA_Tables
BUSINESS SEGMENT DATA (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Net Sales [Member] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
NET SALES IN EACH SEGMENT | |||||||||
Candied Fruit: | |||||||||
Sales to Unaffiliated Customers | $ | 15,775,685 | $ | 17,397,551 | |||||
Molded Plastics: | |||||||||
Sales to Unaffiliated Customers | 8,280,692 | 8,304,752 | |||||||
Net Sales | $ | 24,056,377 | $ | 25,702,303 | |||||
Operating Profit [Member] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
THE OPERATING PROFIT OF EACH SEGMENT IS | |||||||||
LISTED BELOW | |||||||||
Candied Fruit | $ | 3,568,561 | $ | 4,267,788 | |||||
Molded Plastics | 2,112,347 | 2,112,089 | |||||||
Operating Profit of Segments | 5,680,908 | 6,379,877 | |||||||
General Corporate Expenses, Net | (4,746,053 | ) | (4,812,666 | ) | |||||
General Corporate Depreciation and Amortization Expense | (55,356 | ) | (48,031 | ) | |||||
Interest Expense | (8,054 | ) | (9,493 | ) | |||||
Other Income | 353,656 | 58,408 | |||||||
Income Before Provision for Income Taxes | $ | 1,225,101 | $ | 1,568,095 | |||||
Identifiable Assets [Member] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
Identifiable Assets of Each Segment are Listed Below: | |||||||||
Candied Fruit | $ | 10,303,650 | $ | 10,443,925 | |||||
Molded Plastics | 4,615,521 | 4,354,603 | |||||||
Identifiable Assets | 14,919,171 | 14,798,528 | |||||||
General Corporate Assets | 7,946,592 | 8,090,956 | |||||||
Total Assets | $ | 22,865,763 | $ | 22,889,484 | |||||
Depreciation and Amortization Expens [Member] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
Depreciation and Amortization Expense of Each Segment are Listed Below: | |||||||||
Candied Fruit | $ | 374,382 | $ | 401,862 | |||||
Molded Plastics | 174,239 | 163,227 | |||||||
Segment Depreciation and Amortization Expense | 548,621 | 565,089 | |||||||
General Corporate Depreciation and Amortization Expense | 55,356 | 48,031 | |||||||
Total Depreciation and Amortization Expense | $ | 603,977 | $ | 613,120 | |||||
Capital Expenditures [Member] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
YEAR ENDED 2013 | YEAR ENDED 2012 | ||||||||
Capital Expenditures of Each Segment are Listed Below: | |||||||||
Candied Fruit | $ | 62,840 | $ | 182,792 | |||||
Molded Plastics | 193,924 | 48,523 | |||||||
Segment Capital Expenditures | 256,764 | 231,315 | |||||||
General Corporate Capital Expenditures | 74,132 | — | |||||||
Total Capital Expenditures | $ | 330,896 | $ | 231,315 | |||||
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Building Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $143,885 |
2015 | 134,885 |
2016 | $62,092 |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2006 | |
Customer Baseand Non Compete Agreement [Member] | Customer Baseand Non Compete Agreement [Member] | |||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
GOODWILL | $413,280 | $413,280 | ' | ' |
Finite-lived Intangible Assets, Fair Value Disclosure | ' | ' | ' | 1,258,000 |
Finite-lived Intangible Assets, Useful Life | ' | ' | '10 years | ' |
Debt Issuance Cost | 36,000 | 36,000 | ' | ' |
Amortization | 143,885 | 143,885 | ' | ' |
Freight Costs | 586,578 | 590,485 | ' | ' |
Advertising Expense | 233,764 | 260,898 | ' | ' |
Employee Benefit Plan Eligibility Requirements | 'Eligibility requirements for employees are based on completing 1,000 hours of service by the end of the first twelve months of consecutive employment and being at least 21 years old. | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 36,757 | 35,499 | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 519,600 | 519,600 | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | $953,138 | $845,253 | ' | ' |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ' | ' |
Supplies | $164,962 | $158,925 |
Raw Materials | 1,806,727 | 2,340,505 |
Work in Progress | 993,061 | 561,043 |
Finished Goods | 5,873,048 | 5,795,906 |
Total | $8,837,798 | $8,856,379 |
INVENTORIES_Details_Textual
INVENTORIES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Inventory [Line Items] | ' | ' |
Estimated Returns In Finished Goods Inventory | $678,226 | $1,166,105 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Land and Improvements | $656,040 | $656,040 |
Buildings and Improvements | 7,048,114 | 7,127,321 |
Machinery and Equipment | 13,523,597 | 14,617,173 |
Total | 21,227,751 | 22,400,534 |
Less: Accumulated Depreciation | 17,410,823 | 18,454,410 |
NET | $3,816,928 | $3,946,124 |
PROPERTY_PLANT_AND_EQUIPMENT_D1
PROPERTY, PLANT AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation | $460,092 | $469,235 |
SHORTTERM_DEBT_Details
SHORT-TERM DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Letters of credit | $0 | $515,866 |
Revolving Credit Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Letters of credit | $0 | $515,866 |
SHORTTERM_DEBT_Details_Textual
SHORT-TERM DEBT (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Short-term Debt [Line Items] | ' |
Line of Credit Facility, Borrowing Capacity, Description | 'The Company has a revolving loan agreement with a financial institution with a maximum limit of $12,000,000 and a borrowing limit 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. |
Line of Credit Facility, Maximum Borrowing Capacity | $12,000,000 |
Debt Instrument, Interest Rate Terms | 'LIBOR rate plus 1.75% |
Line of Credit Facility, Expiration Date | 23-Jun-15 |
OPERATING_LEASES_Details
OPERATING LEASES (Details) (USD $) | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ' |
2014 | $57,567 |
2015 | 53,127 |
2016 | 27,475 |
2017 | 12,246 |
Total Minimum Lease Payments | $150,415 |
OPERATING_LEASES_Details_Textu
OPERATING LEASES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leased Assets [Line Items] | ' | ' |
Operating Leases, Rent Expense | $87,070 | $74,885 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Accrued Expenses [Line Items] | ' | ' |
Accrued Payroll and Bonuses | $486,399 | $400,471 |
Accrued Brokerage Payable | 197,443 | 226,742 |
Other Accrued Expenses | 24,126 | 78,566 |
Coupon Reimbursement | 59,179 | 77,941 |
Accrued Credit Due to Customers | 132,892 | 260,288 |
Accrued Insurance Payable | 23,501 | 49,690 |
Total | $923,540 | $1,093,698 |
PROVISION_FOR_FEDERAL_AND_STAT2
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current: | ' | ' |
Federal | $534,180 | $301,644 |
State | 61,878 | 74,685 |
Current Income Tax Expense (Benefit) | 596,058 | 376,329 |
Deferred: | ' | ' |
Federal | -138,166 | 170,618 |
State | -14,751 | 18,216 |
Deferred Income Tax Expense (Benefit) | -152,917 | 188,834 |
Total Provision for Income Taxes | $443,141 | $565,163 |
PROVISION_FOR_FEDERAL_AND_STAT3
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Income Taxes [Line Items] | ' | ' |
Income Taxes Computed at Statutory Rate | $416,534 | $533,152 |
State Income Tax, Net of Federal Income Tax Benefit | 44,489 | 56,922 |
Other, Net | -17,882 | -24,911 |
Total Provision for Income Taxes | $443,141 | $565,163 |
PROVISION_FOR_FEDERAL_AND_STAT4
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets resulting from: | ' | ' |
Inventory Valuation | $247,668 | $3,065 |
Allowance for Sales Returns and Related Provision for Return of Finished Goods | 82,530 | 149,185 |
Total Deferred Tax Assets | 330,198 | 152,250 |
Deferred Tax Liabilities resulting from: | ' | ' |
Tax over Book Depreciation | -297,094 | -272,063 |
Net Deferred Tax Asset (Liability) | 33,104 | -119,813 |
The Net Deferred Tax Asset (Liability) is reflected in the Balance Sheet under these captions: | ' | ' |
Current Deferred Income Tax Asset | 330,198 | 152,250 |
Long-Term Deferred Income Tax Liability | -297,094 | -272,063 |
Deferred Tax Assets, Net | $33,104 | ($119,813) |
BUSINESS_SEGMENT_DATA_Details
BUSINESS SEGMENT DATA (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | $24,056,377 | $25,702,303 |
Candied Fruit [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | 15,775,685 | 17,397,551 |
Molded Plastics [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | $8,280,692 | $8,304,752 |
BUSINESS_SEGMENT_DATA_Details_
BUSINESS SEGMENT DATA (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW | ' | ' |
Operating Profit of Segments | $5,680,908 | $6,379,877 |
General Corporate Expenses, Net | -4,746,053 | -4,812,666 |
General Corporate Depreciation and Amortization Expense | -55,356 | -48,031 |
Interest Expense | -8,054 | -9,493 |
Other Income | 353,656 | 58,408 |
Income Before Provision for Income Taxes | 1,225,101 | 1,568,095 |
Candied Fruit [Member] | ' | ' |
THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW | ' | ' |
Operating Profit of Segments | 3,568,561 | 4,267,788 |
Molded Plastics [Member] | ' | ' |
THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW | ' | ' |
Operating Profit of Segments | $2,112,347 | $2,112,089 |
BUSINESS_SEGMENT_DATA_Details_1
BUSINESS SEGMENT DATA (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Identifiable Assets of Each Segment are Listed Below: | ' | ' |
Identifiable Assets | $14,919,171 | $14,798,528 |
General Corporate Assets | 7,946,592 | 8,090,956 |
Total Assets | 22,865,763 | 22,889,484 |
Candied Fruit [Member] | ' | ' |
Identifiable Assets of Each Segment are Listed Below: | ' | ' |
Identifiable Assets | 10,303,650 | 10,443,925 |
Molded Plastics [Member] | ' | ' |
Identifiable Assets of Each Segment are Listed Below: | ' | ' |
Identifiable Assets | $4,615,521 | $4,354,603 |
BUSINESS_SEGMENT_DATA_Details_2
BUSINESS SEGMENT DATA (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Depreciation and Amortization Expense of Each Segment are Listed Below: | ' | ' |
Segment Depreciation and Amortization Expense | $548,621 | $565,089 |
General Corporate Depreciation and Amortization Expense | 55,356 | 48,031 |
Total Depreciation and Amortization Expense | 603,977 | 613,120 |
Candied Fruit [Member] | ' | ' |
Depreciation and Amortization Expense of Each Segment are Listed Below: | ' | ' |
Segment Depreciation and Amortization Expense | 374,382 | 401,862 |
Molded Plastics [Member] | ' | ' |
Depreciation and Amortization Expense of Each Segment are Listed Below: | ' | ' |
Segment Depreciation and Amortization Expense | $174,239 | $163,227 |
BUSINESS_SEGMENT_DATA_Details_3
BUSINESS SEGMENT DATA (Details 4) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Capital Expenditures of Each Segment are Listed Below: | ' | ' |
Segment Capital Expenditures | $256,764 | $231,315 |
General Corporate Capital Expenditures | 74,132 | 0 |
Total Capital Expenditures | 330,896 | 231,315 |
Candied Fruit [Member] | ' | ' |
Capital Expenditures of Each Segment are Listed Below: | ' | ' |
Segment Capital Expenditures | 62,840 | 182,792 |
Molded Plastics [Member] | ' | ' |
Capital Expenditures of Each Segment are Listed Below: | ' | ' |
Segment Capital Expenditures | $193,924 | $48,523 |
BUSINESS_SEGMENT_DATA_Details_4
BUSINESS SEGMENT DATA (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
GOODWILL | $413,280 | $413,280 |
Molded Plastics [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
GOODWILL | $413,280 | $413,280 |
MAJOR_CUSTOMERS_Details_Textua
MAJOR CUSTOMERS (Details Textual) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Wal Mart Stores [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Concentration Risk, Percentage | 12.90% | 16.00% |
Entity Wide Accounts Receivable Major Customer Percentage | 79.40% | 56.00% |
Aqua Cal [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Concentration Risk, Percentage | 19.70% | 13.00% |
Entity Wide Accounts Receivable Major Customer Percentage | 19.40% | 12.00% |
MAJOR_VENDORS_Details_Textual
MAJOR VENDORS (Details Textual) (Oregon Cherry Growers [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Oregon Cherry Growers [Member] | ' | ' |
Major Vendor [Line Items] | ' | ' |
Purchase Of Inventory Percentage | 11.00% | 11.00% |
CONCENTRATION_OF_CREDIT_RISK_D
CONCENTRATION OF CREDIT RISK (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Ceded Credit Risk [Line Items] | ' | ' |
Cash, FDIC Insured Amount | ' | $6,384,087 |
Insurance Coverage On Non Interest Bearing Accounts | 250,000 | ' |
Cash, Uninsured Amount | $5,666,000 | ' |
OTHER_ISSUES_Details_Textual
OTHER ISSUES (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Lawsuit Filing Date | '2012 |
Loss Contingency, Name of Plaintiff | 'Paradise, Inc. |
Loss Contingency, Name of Defendant | 'Deepwater Horizon Economic and Property |
Loss Contingency, Damages Paid, Value | $277,546 |
SUBSEQUENT_EVENT_Details_Textu
SUBSEQUENT EVENT (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Dividends Payable, Date Declared | 6-Mar-14 |
Dividends Payable, Amount Per Share | $0.11 |
Dividends Payable, Date of Record | 11-Apr-14 |