Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | PARADISE INC | |
Entity Central Index Key | 76,149 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | PARF | |
Entity Common Stock, Shares Outstanding | 519,600 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
CURRENT ASSETS: | |||
Cash | $ 1,138,700 | $ 8,791,938 | $ 1,329,580 |
Accounts Receivable, Less, Allowances of $0 (09/30/16), $1,066,314 (12/31/15) and $0 (09/30/15) | 6,378,274 | 2,182,306 | 6,678,038 |
Inventories: | |||
Raw Materials | 7,605,280 | 5,114,439 | 6,426,620 |
Work in Process | 333,884 | 785,711 | 487,769 |
Supplies | 161,258 | 161,258 | 168,275 |
Finished Goods | 3,897,230 | 2,118,261 | 4,352,239 |
Income Tax Asset | 0 | 0 | 265,829 |
Deferred Income Tax Asset | 241,834 | 241,834 | 277,291 |
Prepaid Expenses and Other Current Assets | 455,684 | 318,250 | 437,130 |
Total Current Assets | 20,212,144 | 19,713,997 | 20,422,771 |
Property, Plant and Equipment, Less, Accumulated Depreciation of $18,557,477 (09/30/16), $18,294,592 (12/31/15) and $18,192,229 (09/30/15) | 3,919,133 | 3,924,480 | 3,753,580 |
Goodwill | 413,280 | 413,280 | 413,280 |
Customer Base and Non-Compete Agreement | 0 | 62,092 | 93,563 |
Other Assets | 381,149 | 392,426 | 471,978 |
TOTAL ASSETS | 24,925,706 | 24,506,275 | 25,155,172 |
CURRENT LIABILITIES: | |||
Short Term Debt | 291,838 | 582,839 | 1,385,769 |
Accounts Payable | 712,962 | 615,928 | 1,234,036 |
Accrued Liabilities | 607,603 | 656,543 | 590,250 |
Income Taxes Payable | 193,185 | 111,018 | 0 |
Total Current Liabilities | 1,805,588 | 1,966,328 | 3,210,055 |
DEFERRED INCOME TAX LIABILITY | 315,125 | 315,125 | 203,667 |
Total Liabilities | 2,120,713 | 2,281,453 | 3,413,722 |
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 | 21,614,491 | 21,034,320 | 20,550,948 |
Treasury Stock, at Cost, 63,494 Shares | (273,219) | (273,219) | (273,219) |
Total Stockholders’ Equity | 22,804,993 | 22,224,822 | 21,741,450 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 24,925,706 | $ 24,506,275 | $ 25,155,172 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Allowance for Doubtful Accounts (in dollars) | $ 0 | $ 1,066,314 | $ 0 |
Accumulated depreciation (in dollars) | $ 18,557,477 | $ 18,294,592 | $ 18,192,229 |
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 OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Sales | $ 8,884,152 | $ 8,861,873 | $ 13,950,369 | $ 14,032,757 |
Costs and Expenses: | ||||
Cost of Goods Sold | 6,173,066 | 6,453,619 | 10,038,462 | 10,936,925 |
Selling, General and Administrative Expense | 1,098,845 | 1,147,469 | 2,774,766 | 2,979,115 |
Amortization Expense | 2,000 | 32,471 | 68,203 | 104,414 |
Total Costs and Expenses | 7,273,911 | 7,633,559 | 12,881,431 | 14,020,454 |
Income from Operations | 1,610,241 | 1,228,314 | 1,068,938 | 12,303 |
Other income (expenses) | (30,856) | (24,967) | 19,846 | 19,885 |
Income from Operations Before Income Taxes | 1,579,385 | 1,203,347 | 1,088,784 | 32,188 |
Provision for Income Taxes | 631,753 | 471,256 | 435,513 | 2,792 |
Net Income | $ 947,632 | $ 732,091 | $ 653,271 | $ 29,396 |
Loss per Common Share (Basic and Diluted) (in dollars per share) | $ 1.82 | $ 1.41 | $ 1.26 | $ 0.06 |
Dividend per Common Share (in dollars per share) | $ 0 | $ 0 | $ 0.15 | $ 0.11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 653,271 | $ 29,396 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: | ||
Depreciation and Amortization | 367,329 | 416,548 |
(Increase) Decrease in: | ||
Accounts Receivable | (4,195,968) | (3,631,369) |
Inventories | (3,817,983) | (3,949,994) |
Prepaid Expenses | (137,434) | (130,179) |
Other Assets | 5,166 | (30,605) |
Income Tax Asset | 0 | (265,958) |
Increase (Decrease) in: | ||
Accounts Payable | 101,874 | 630,684 |
Accrued Liabilities | 33,227 | (150,802) |
Net Cash Used in Operating Activities | (6,990,518) | (7,082,279) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Property and Equipment | (293,779) | (591,885) |
Net Cash Used in Investing Activities | (293,779) | (591,885) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on Short Term Debt | (863,527) | (149,112) |
Proceeds from Short Term Debt | 572,526 | 1,422,002 |
Dividends Paid | (77,940) | (57,156) |
Net Cash Provided by (Used in) Financing Activities | (368,941) | 1,215,734 |
NET DECREASE IN CASH | (7,653,238) | (6,458,430) |
CASH, AT BEGINNING OF PERIOD | 8,791,938 | 7,788,010 |
CASH, AT END OF PERIOD | 1,138,700 | 1,329,580 |
Cash paid for: | ||
Income Taxes | $ 353,346 | $ 268,750 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015. 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 Certain minor reclassifications have been made to the consolidated unaudited financial statements for the three and nine months ended September 30, 2015 to conform to the classifications used for the three and nine months ended September 30, 2016. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2016 | |
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 In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory Inventory In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)(ASU 2016-02). Except as noted above, the Company’s management does not believe that 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, 2016 | |
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 |
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 4 BUSINESS SEGMENT DATA 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, 2016 2015 Net Sales in Each Segment Fruit: Sales to Unaffiliated Customers $ 7,389,005 $ 7,102,818 Molded Plastics: Sales to Unaffiliated Customers 1,495,147 1,759,055 Net Sales $ 8,884,152 $ 8,861,873 Nine months ended Nine months ended September 30, September 30, 2016 2015 Net Sales in Each Segment Fruit: Sales to Unaffiliated Customers $ 8,643,663 $ 8,409,947 Molded Plastics: Sales to Unaffiliated Customers 5,306,706 5,622,810 Net Sales $ 13,950,369 $ 14,032,757 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, 2016 2015 Identifiable Assets of Each Segment are Listed Below: Fruit $ 17,678,419 $ 16,957,811 Molded Plastics 4,399,853 4,887,629 Identifiable Assets 22,078,272 21,845,440 General Corporate Assets 2,847,434 3,309,732 Total Assets $ 24,925,706 $ 25,155,172 Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, prepaid expenses, other current assets, land and income tax assets. |
BUSINESS SEGMENT DATA (Tables)
BUSINESS SEGMENT DATA (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 2015 Net Sales in Each Segment Fruit: Sales to Unaffiliated Customers $ 7,389,005 $ 7,102,818 Molded Plastics: Sales to Unaffiliated Customers 1,495,147 1,759,055 Net Sales $ 8,884,152 $ 8,861,873 Nine months ended Nine months ended September 30, September 30, 2016 2015 Net Sales in Each Segment Fruit: Sales to Unaffiliated Customers $ 8,643,663 $ 8,409,947 Molded Plastics: Sales to Unaffiliated Customers 5,306,706 5,622,810 Net Sales $ 13,950,369 $ 14,032,757 |
Identifiable Assets [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | September 30, September 30, 2016 2015 Identifiable Assets of Each Segment are Listed Below: Fruit $ 17,678,419 $ 16,957,811 Molded Plastics 4,399,853 4,887,629 Identifiable Assets 22,078,272 21,845,440 General Corporate Assets 2,847,434 3,309,732 Total Assets $ 24,925,706 $ 25,155,172 |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Textual) | 9 Months Ended |
Sep. 30, 2016 | |
Sales [Member] | |
Basis Of Presentation [Line Items] | |
Concentration Risk, Percentage | 80.00% |
INCOME PER COMMON SHARE (Detail
INCOME PER COMMON SHARE (Details Textual) | 9 Months Ended |
Sep. 30, 2016shares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Combination Segment Allocation [Line Items] | ||||
Sales to Unaffiliated Customers | $ 8,884,152 | $ 8,861,873 | $ 13,950,369 | $ 14,032,757 |
Fruit [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Sales to Unaffiliated Customers | 7,389,005 | 7,102,818 | 8,643,663 | 8,409,947 |
Molded Plastics [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Sales to Unaffiliated Customers | $ 1,495,147 | $ 1,759,055 | $ 5,306,706 | $ 5,622,810 |
BUSINESS SEGMENT DATA (Details
BUSINESS SEGMENT DATA (Details 1) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Business Combination Segment Allocation [Line Items] | |||
Total Assets | $ 24,925,706 | $ 24,506,275 | $ 25,155,172 |
Fruit [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Total Assets | 17,678,419 | 16,957,811 | |
Molded Plastics [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Total Assets | 4,399,853 | 4,887,629 | |
Identifiable Assets [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Total Assets | 22,078,272 | 21,845,440 | |
General Corporate Assets [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Total Assets | $ 2,847,434 | $ 3,309,732 |