Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Dec. 28, 2013 | Jan. 15, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INSTEEL INDUSTRIES INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 18,211,194 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000764401 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 28-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Net sales | $87,218 | $85,887 |
Cost of sales | 78,163 | 77,294 |
Gross profit | 9,055 | 8,593 |
Selling, general and administrative expense | 4,705 | 4,842 |
Other income, net | -32 | 0 |
Interest expense | 56 | 72 |
Interest income | -5 | 0 |
Earnings before income taxes | 4,331 | 3,679 |
Income taxes | 1,584 | 1,277 |
Net earnings | 2,747 | 2,402 |
Net earnings per share: | ' | ' |
Basic (in Dollars per share) | $0.15 | $0.14 |
Diluted (in Dollars per share) | $0.15 | $0.13 |
Weighted average shares outstanding: | ' | ' |
Basic (in Shares) | 18,189 | 17,724 |
Diluted (in Shares) | 18,587 | 18,088 |
Cash dividends declared per share (in Dollars per share) | $0.03 | $0.28 |
Comprehensive income | $2,747 | $2,402 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $18,985 | $15,440 |
Accounts receivable, net | 33,754 | 41,110 |
Inventories, net | 70,026 | 58,793 |
Other current assets | 4,804 | 5,863 |
Total current assets | 127,569 | 121,206 |
Property, plant and equipment, net | 83,447 | 83,053 |
Other assets | 8,379 | 8,390 |
Total assets | 219,395 | 212,649 |
Current liabilities: | ' | ' |
Accounts payable | 34,861 | 30,561 |
Accrued expenses | 6,696 | 6,854 |
Total current liabilities | 41,557 | 37,415 |
Other liabilities | 14,349 | 14,178 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock | 18,202 | 18,185 |
Additional paid-in capital | 55,667 | 55,452 |
Retained earnings | 91,182 | 88,981 |
Accumulated other comprehensive loss | -1,562 | -1,562 |
Total shareholders' equity | 163,489 | 161,056 |
Total liabilities and shareholders' equity | $219,395 | $212,649 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net earnings | $2,747 | $2,402 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 2,424 | 2,332 |
Amortization of capitalized financing costs | 26 | 26 |
Stock-based compensation expense | 408 | 313 |
Excess tax benefits from stock-based compensation | -86 | -36 |
Loss on sale of property, plant and equipment | ' | 12 |
Deferred income taxes | 319 | 1,237 |
Increase in cash surrender value of life insurance policies over premiums paid | -289 | 0 |
Net changes in assets and liabilities: | ' | ' |
Accounts receivable, net | 7,356 | 6,891 |
Inventories | -11,233 | 9,535 |
Accounts payable and accrued expenses | 4,387 | 556 |
Other changes | 263 | 205 |
Total adjustments | 3,575 | 21,071 |
Net cash provided by operating activities | 6,322 | 23,473 |
Cash Flows From Investing Activities: | ' | ' |
Capital expenditures | -1,984 | -2,561 |
Proceeds from life insurance claims | ' | 505 |
Decrease (increase) in cash surrender value of life insurance policies | -99 | 32 |
Proceeds from surrender of life insurance policies | 28 | 0 |
Net cash used for investing activities | -2,055 | -2,024 |
Cash Flows From Financing Activities: | ' | ' |
Proceeds from long-term debt | 118 | 3,494 |
Principal payments on long-term debt | -118 | -14,969 |
Cash dividends paid | -546 | -4,969 |
Cash received from exercise of stock options | 12 | 63 |
Excess tax benefits from stock-based compensation | 86 | 36 |
Payment of employee tax withholdings related to net share transactions | -274 | 0 |
Other | ' | -299 |
Net cash used for financing activities | -722 | -16,644 |
Net increase in cash and cash equivalents | 3,545 | 4,805 |
Cash and cash equivalents at beginning of period | 15,440 | 10 |
Cash and cash equivalents at end of period | 18,985 | 4,815 |
Cash paid during the period for: | ' | ' |
Interest | 2 | 18 |
Income taxes, net | 33 | 13 |
Non-cash investing and financing activities: | ' | ' |
Purchases of property, plant and equipment in accounts payable | 740 | 135 |
Restricted stock units and stock options surrendered for withholding taxes payable | $274 | $0 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholder's Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||
Balance at Sep. 28, 2013 | $18,185 | $55,452 | $88,981 | ($1,562) | $161,056 |
Balance (in Shares) at Sep. 28, 2013 | 18,185 | ' | ' | ' | ' |
Net earnings | ' | ' | 2,747 | ' | 2,747 |
Stock options exercised, net | 17 | -5 | ' | ' | 12 |
Stock options exercised, net (in Shares) | 17 | ' | ' | ' | 72 |
Compensation expense associated with stock-based plans | ' | 408 | ' | ' | 408 |
Excess tax benefits from stock-based compensation | ' | 86 | ' | ' | 86 |
Restricted stock units and stock options surrendered for withholding taxes payable | ' | -274 | ' | ' | -274 |
Cash dividends declared | ' | ' | -546 | ' | -546 |
Balance at Dec. 28, 2013 | $18,202 | $55,667 | $91,182 | ($1,562) | $163,489 |
Balance (in Shares) at Dec. 28, 2013 | 18,202 | ' | ' | ' | ' |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 28, 2013 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
(1) Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements of Insteel Industries, Inc. (“we,” “us,” “our,” “the Company” or “Insteel”) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The September 28, 2013 consolidated balance sheet was derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should therefore be read in conjunction with the consolidated financial statements and notes for the fiscal year ended September 28, 2013 included in the Company’s Annual Report on Form 10-K filed with the SEC. | |
The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that the Company considers necessary for a fair presentation of results for these interim periods. The results of operations for the three-month period ended December 28, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending September 27, 2014 or future periods. | |
The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q and has concluded that there are no significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the consolidated financial statements. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Dec. 28, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
(2) Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU No. 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income either on the face of the income statement or as a separate disclosure in the notes. The Company adopted ASU No. 2013-02 in the first quarter of fiscal 2014. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. |
Note_3_Fair_Value_Measurements
Note 3 - Fair Value Measurements | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||
(3) Fair Value Measurements | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level fair value hierarchy that encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows: | |||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets. | |||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||||||||
As of December 28, 2013 and September 28, 2013, the Company held financial assets that are required to be measured at fair value on a recurring basis. The financial assets held by the Company and the fair value hierarchy used to determine their fair values are as follows: | |||||||||||||
Total at | Quoted Prices | Observable | |||||||||||
December 28, | in Active | Inputs | |||||||||||
2013 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Current assets: | |||||||||||||
Cash equivalents | $ | 20,152 | $ | 20,152 | $ | - | |||||||
Other assets: | |||||||||||||
Cash surrender value of life insurance policies | 6,505 | - | 6,505 | ||||||||||
Total | $ | 26,657 | $ | 20,152 | $ | 6,505 | |||||||
Total at | Quoted Prices | Observable | |||||||||||
September 28, | in Active | Inputs | |||||||||||
2013 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Current assets: | |||||||||||||
Cash equivalents | $ | 15,534 | $ | 15,534 | $ | - | |||||||
Other assets: | |||||||||||||
Cash surrender value of life insurance policies | 6,145 | - | 6,145 | ||||||||||
Total | $ | 21,679 | $ | 15,534 | $ | 6,145 | |||||||
Cash equivalents, which include all highly liquid investments with original maturities of three months or less, are classified as Level 1 of the fair value hierarchy. The carrying amount of the Company’s cash equivalents, which consist of investments in money market funds, approximates fair value due to their short maturities. Cash surrender value of life insurance policies are classified as Level 2. The fair value of the life insurance policies was determined by the underwriting insurance company’s valuation models and represents the guaranteed value the Company would receive upon surrender of these policies as of the reporting date. | |||||||||||||
As of December 28, 2013 and September 28, 2013, the Company had no nonfinancial assets that are required to be measured at fair value on a nonrecurring basis. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximates fair value due to the short-term maturities of these financial instruments. |
Note_4_StockBased_Compensation
Note 4 - Stock-Based Compensation | 3 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||
(4) Stock-Based Compensation | |||||||||||||||||||
Under the Company’s equity incentive plans, employees and directors may be granted stock options, restricted stock, restricted stock units and performance awards. As of December 28, 2013, there were 587,000 shares available for future grants under the plans. | |||||||||||||||||||
Stock options. Under the Company’s equity incentive plans, employees and directors may be granted options to purchase shares of the Company’s common stock at the fair market value on the date of the grant. Options granted under these plans generally vest over three years and expire ten years from the date of the grant. Compensation expense and excess tax benefits associated with stock options for the three-month periods ended December 28, 2013 and December 29, 2012 are as follows: | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Stock options: | |||||||||||||||||||
Compensation expense | $ | 165 | $ | 139 | |||||||||||||||
Excess tax benefits | (86 | ) | (36 | ) | |||||||||||||||
As of December 28, 2013, the remaining unamortized compensation cost related to unvested stock option awards was $458,000, which is expected to be recognized over a weighted average period of 1.15 years. | |||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using a Monte Carlo valuation model based upon assumptions that are evaluated and revised, as necessary, to reflect market conditions and actual historical experience. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is calculated based on the Company’s annual dividend as of the option grant date. The expected volatility is derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on the Company’s common stock. The expected term for options is based on the results of a Monte Carlo simulation model, using the model’s estimated fair value as an input to the Black-Scholes-Merton model, and then solving for the expected term. | |||||||||||||||||||
The following table summarizes stock option activity for the three-month period ended December 28, 2013: | |||||||||||||||||||
Options | Exercise Price Per Share | Contractual | Aggregate | ||||||||||||||||
Term - | Intrinsic | ||||||||||||||||||
Outstanding | Weighted | Weighted | Value | ||||||||||||||||
(in thousands) | Range | Average | Average (years) | (in thousands) | |||||||||||||||
Outstanding at September 28, 2013 | 918 | $5.43 | - | $20.27 | $ | 12.65 | |||||||||||||
Exercised | (72 | ) | 9.16 | - | 13.06 | 11.03 | $ | 592 | |||||||||||
Outstanding at December 28, 2013 | 846 | 5.43 | - | 20.27 | 12.78 | 5.87 | 8,332 | ||||||||||||
Vested and anticipated to vest in the future at December 28, 2013 | 841 | 12.78 | 5.85 | 8,288 | |||||||||||||||
Exercisable at December 28, 2013 | 554 | 12.24 | 4.39 | 5,754 | |||||||||||||||
Stock option exercises included “net exercises,” pursuant to which the optionee received shares of common stock equal to the intrinsic value of the options (fair market value of common stock on the date of exercise less exercise price) reduced by any applicable withholding taxes. | |||||||||||||||||||
Restricted stock units. Restricted stock units (“RSUs”) granted under the Company’s equity incentive plans are valued based upon the fair market value on the date of the grant and provide for a dividend equivalent payment which is included in compensation expense. The vesting period for RSUs is generally one to three years from the date of the grant. RSUs do not have voting rights. RSU compensation expense for the three-month periods ended December 28, 2013 and December 29, 2012 is as follows: | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Compensation expense | $ | 243 | $ | 174 | |||||||||||||||
As of December 28, 2013, the remaining unrecognized compensation cost related to unvested RSUs was $741,000, which is expected to be recognized over a weighted average vesting period of 1.46 years. | |||||||||||||||||||
The following table summarizes RSU activity during the three-month period ended December 28, 2013: | |||||||||||||||||||
Restricted | Weighted | ||||||||||||||||||
Stock Units | Average | ||||||||||||||||||
Outstanding | Grant Date | ||||||||||||||||||
Fair Value | |||||||||||||||||||
(Unit amounts in thousands) | |||||||||||||||||||
Balance, September 28, 2013 | 221 | $ | 13.2 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Released | - | - | |||||||||||||||||
Balance, December 28, 2013 | 221 | $ | 13.2 | ||||||||||||||||
Note_5_Income_Taxes
Note 5 - Income Taxes | 3 Months Ended |
Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
(5) Income Taxes | |
Effective income tax rate. The Company’s effective income tax rate was 36.6% for the three-month period ended December 28, 2013 compared with 34.7% for the three-month period ended December 29, 2012. The year-over-year increase in the effective rate was primarily due to changes in permanent book versus tax differences. The effective income tax rates for both periods were based upon the estimated effective income tax rate applicable for the entire fiscal year after giving effect to any significant items related specifically to interim periods. | |
Deferred income taxes. As of December 28, 2013, the Company has recorded a current deferred tax asset (net of valuation allowance) of $2.5 million in other current assets and a non-current deferred tax liability of $7.4 million in other liabilities on its consolidated balance sheet. The Company has $22.4 million of state net operating loss carryforwards (“NOLs”) that begin to expire in 2017, but principally expire between 2017 and 2032. The Company has also recorded $261,000 of gross deferred tax assets for various state tax credits that begin to expire in 2014, but principally expire between 2014 and 2020. | |
In accordance with Accounting Standards Codification (“ASC”) Topic 740, the Company evaluates its deferred tax assets to determine if a valuation allowance is required based on the consideration of all available evidence using a “more likely than not” standard, with significant weight being given to evidence that can be objectively verified. The realization of the Company’s deferred tax assets is entirely dependent upon the Company’s ability to generate future taxable income in applicable jurisdictions. Since the Company operates in multiple jurisdictions, it assesses the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the applicable tax laws. The Company recorded a valuation allowance of $625,000 and $730,000 as of December 28, 2013 and September 28, 2013, respectively, pertaining to various state NOLs and tax credits that were not expected to be utilized. | |
The valuation allowance established by the Company is subject to periodic review and adjustment based on changes in facts and circumstances and would be reduced should the Company utilize the state NOLs and tax credits against which an allowance had previously been provided or determine that such utilization is more likely than not. | |
Uncertainty in income taxes. Based on management’s judgment, as of December 28, 2013, the Company has no material, known tax exposures that require the establishment of a liability for uncertain tax positions. | |
The Company files U.S. federal income tax returns as well as state and local income tax returns in various jurisdictions. Federal and various state tax returns filed by the Company subsequent to 2008 remain subject to examination together with certain state tax returns filed by the Company subsequent to 2003. |
Note_6_Employee_Benefit_Plans
Note 6 - Employee Benefit Plans | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||
(6) Employee Benefit Plans | |||||||||
Retirement plans. The Company has one defined benefit pension plan, the Insteel Wire Products Company Retirement Income Plan for Hourly Employees, Wilmington, Delaware (the “Delaware Plan”). The Delaware Plan provides benefits for eligible employees based primarily upon years of service and compensation levels. The Delaware Plan was frozen effective September 30, 2008 whereby participants no longer earn additional service benefits. The Company’s funding policy is to contribute amounts at least equal to those required by law. The Company made contributions totaling $49,000 to the Delaware Plan during the three-month period ended December 28, 2013 and expects to contribute an additional $191,000 during the remainder of the current fiscal year. | |||||||||
Net periodic pension costs and related components for the Delaware Plan for the three-month periods ended December 28, 2013 and December 29, 2012 are as follows: | |||||||||
Three Months Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Interest cost | $ | 34 | $ | 32 | |||||
Expected return on plan assets | (41 | ) | (36 | ) | |||||
Recognized net actuarial loss | 11 | 14 | |||||||
Net periodic pension cost | $ | 4 | $ | 10 | |||||
Supplemental employee retirement plan. The Company maintains supplemental employee retirement plans (each, a “SERP”) with certain of its employees (each, a “Participant”). Under the SERPs, if the Participant remains in continuous service with the Company for a period of at least 30 years, the Company will pay to the Participant a supplemental retirement benefit for the 15-year period following the Participant’s retirement equal to 50% of the Participant’s highest average annual base salary for five consecutive years in the 10-year period preceding the Participant’s retirement. If the Participant retires prior to the later of age 65 or the completion of 30 years of continuous service with the Company, but has completed at least 10 years of continuous service with the Company, the amount of the supplemental retirement benefit will be reduced by 1/360th for each month short of 30 years that the Participant was employed by the Company. | |||||||||
Net periodic benefit costs and related components for the SERPs for the three-month periods ended December 28, 2013 and December 29, 2012 are as follows: | |||||||||
Three Months Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Service cost | $ | 55 | $ | 60 | |||||
Interest cost | 79 | 72 | |||||||
Amortization of prior service cost | - | 57 | |||||||
Recognized net actuarial loss | 13 | 34 | |||||||
Net periodic benefit cost | $ | 147 | $ | 223 | |||||
Note_7_LongTerm_Debt
Note 7 - Long-Term Debt | 3 Months Ended |
Dec. 28, 2013 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
(7) Long-Term Debt | |
Revolving Credit Facility. The Company has a revolving credit facility (the “Credit Facility”) that is used to supplement its operating cash flow and fund its working capital, capital expenditure, general corporate and growth requirements. On February 6, 2012, the Company and each of its wholly-owned subsidiaries entered into an amendment agreement that, among other changes, increased the commitment amount of the Credit Facility from $75.0 million to $100.0 million and extended the maturity date from June 2, 2015 to June 2, 2016. Advances under the Credit Facility are limited to the lesser of the revolving loan commitment amount (currently $100.0 million) or a borrowing base amount that is calculated based upon a percentage of eligible receivables and inventories. As of December 28, 2013, no borrowings were outstanding on the Credit Facility, $74.7 million of borrowing capacity was available and outstanding letters of credit totaled $1.5 million. | |
Interest rates on the Credit Facility are based upon (1) an index rate that is established at the highest of the prime rate, 0.50% plus the federal funds rate or the LIBOR rate plus the excess of the then-applicable margin for LIBOR loans over the then-applicable margin for index rate loans, or (2) at the election of the Company, a LIBOR rate, plus in either case, an applicable interest rate margin. The applicable interest rate margins are adjusted on a quarterly basis based upon the amount of excess availability on the Credit Facility within the range of 0.50% - 1.25% for index rate loans and 1.50% - 2.50% for LIBOR loans. In addition, the applicable interest rate margins would be increased by 2.00% upon the occurrence of certain events of default provided for under the terms of the Credit Facility. Based on the Company’s excess availability as of December 28, 2013, the applicable interest rate margins on the Credit Facility were 0.50% for index rate loans and 1.50% for LIBOR loans. | |
The Company’s ability to borrow available amounts under the Credit Facility will be restricted or eliminated in the event of certain covenant breaches, events of default or if the Company is unable to make certain representations and warranties provided for under the terms of the Credit Facility. The Company is required to maintain a fixed charge coverage ratio of not less than 1.10 at the end of each fiscal quarter for the twelve-month period then ended when the amount of liquidity on the Credit Facility is less than $13.5 million. In addition, the terms of the Credit Facility restrict the Company’s ability to, among other things: engage in certain business combinations or divestitures; make investments in or loans to third parties, unless certain conditions are met with respect to such investments or loans; pay cash dividends or repurchase shares of the Company’s stock subject to certain minimum borrowing availability requirements; incur or assume indebtedness; issue securities; enter into certain transactions with affiliates of the Company; or permit liens to encumber the Company’s property and assets. The terms of the Credit Facility also provide that an event of default will occur with respect to the Company upon the occurrence of, among other things: defaults or breaches under the loan documents, subject in certain cases to cure periods; defaults or breaches by the Company or any of its subsidiaries under any agreement resulting in the acceleration of amounts above certain thresholds or payment defaults above certain thresholds; certain events of bankruptcy or insolvency with respect to the Company; certain entries of judgment against the Company or any of its subsidiaries, which are not covered by insurance; or a change of control of the Company. As of December 28, 2013, the Company was in compliance with all of the financial and negative covenants under the Credit Facility and there have not been any events of default. | |
Amortization of capitalized financing costs associated with the Credit Facility was $26,000 for each of the three-month periods ended December 28, 2013 and December 29, 2012. Accumulated amortization of capitalized financing costs was $4.3 million as of December 28, 2013 and September 28, 2013. |
Note_8_Earnings_Per_Share
Note 8 - Earnings Per Share | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
(8) Earnings Per Share | |||||||||
The computations of basic and diluted earnings per share attributable to common shareholders for the three-month periods ended December 28, 2013 and December 29, 2012 are as follows: | |||||||||
Three Months Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands except per share amounts) | |||||||||
Net earnings available to common shareholders | $ | 2,747 | $ | 2,402 | |||||
Basic weighted average shares outstanding | 18,189 | 17,724 | |||||||
Dilutive effect of stock-based compensation | 398 | 364 | |||||||
Diluted weighted average shares outstanding | 18,587 | 18,088 | |||||||
Net earnings per share: | |||||||||
Basic | $ | 0.15 | $ | 0.14 | |||||
Diluted | $ | 0.15 | $ | 0.13 | |||||
Options and RSUs representing 123,000 and 419,000 shares for the three-month periods ended December 28, 2013 and December 29, 2012, respectively, were antidilutive and were not included in the diluted earnings per share calculation. |
Note_9_Share_Repurchases
Note 9 - Share Repurchases | 3 Months Ended |
Dec. 28, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
(9) Share Repurchases | |
On November 18, 2008, the Company’s board of directors approved a share repurchase authorization to buy back up to $25.0 million of the Company’s outstanding common stock (the “Authorization”). Under the Authorization, repurchases may be made from time to time in the open market or in privately negotiated transactions subject to market conditions, applicable legal requirements and other factors. The Company is not obligated to acquire any particular amount of common stock and the program may be commenced or suspended at any time at the Company’s discretion without prior notice. The Authorization continues in effect until terminated by the Board of Directors. As of December 28, 2013, there was $24.8 million remaining available for future share repurchases under this authorization. No repurchases of common stock were made during the three-month periods ended December 28, 2013 and December 29, 2012. |
Note_10_Other_Financial_Data
Note 10 - Other Financial Data | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Other Financial Data [Abstract] | ' | ||||||||
Other Financial Data [Text Block] | ' | ||||||||
(10) Other Financial Data | |||||||||
Balance sheet information: | |||||||||
December 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Accounts receivable, net: | |||||||||
Accounts receivable | $ | 34,602 | $ | 42,006 | |||||
Less allowance for doubtful accounts | (848 | ) | (896 | ) | |||||
Total | $ | 33,754 | $ | 41,110 | |||||
Inventories, net: | |||||||||
Raw materials | $ | 44,305 | $ | 33,842 | |||||
Work in process | 3,214 | 3,074 | |||||||
Finished goods | 22,507 | 21,877 | |||||||
Total | $ | 70,026 | $ | 58,793 | |||||
Other current assets: | |||||||||
Current deferred tax asset | $ | 2,508 | $ | 2,732 | |||||
Prepaid insurance | 1,483 | 1,332 | |||||||
Other | 813 | 1,799 | |||||||
Total | $ | 4,804 | $ | 5,863 | |||||
Other assets: | |||||||||
Cash surrender value of life insurance policies | $ | 6,505 | $ | 6,145 | |||||
Intangible asset, net of accumulated amortization of $257 and $163 | 1,630 | 1,724 | |||||||
Capitalized financing costs, net | 146 | 171 | |||||||
Other | 98 | 350 | |||||||
Total | $ | 8,379 | $ | 8,390 | |||||
Property, plant and equipment, net: | |||||||||
Land and land improvements | $ | 9,175 | $ | 9,175 | |||||
Buildings | 42,258 | 42,258 | |||||||
Machinery and equipment | 129,995 | 129,861 | |||||||
Construction in progress | 2,721 | 210 | |||||||
184,149 | 181,504 | ||||||||
Less accumulated depreciation | (100,702 | ) | (98,451 | ) | |||||
Total | $ | 83,447 | $ | 83,053 | |||||
Accrued expenses: | |||||||||
Salaries, wages and related expenses | $ | 1,892 | $ | 2,790 | |||||
Property taxes | 955 | 1,155 | |||||||
Customer rebates | 911 | 813 | |||||||
Pension plan | 883 | 928 | |||||||
Deferred revenues | 657 | 79 | |||||||
Accrued income taxes | 324 | - | |||||||
Workers' compensation | 307 | 307 | |||||||
Interest | 29 | 31 | |||||||
Other | 738 | 751 | |||||||
Total | $ | 6,696 | $ | 6,854 | |||||
Other liabilities: | |||||||||
Deferred income taxes | $ | 7,376 | $ | 7,281 | |||||
Deferred compensation | 6,973 | 6,897 | |||||||
Total | $ | 14,349 | $ | 14,178 | |||||
Note_11_Business_Segment_Infor
Note 11 - Business Segment Information | 3 Months Ended |
Dec. 28, 2013 | |
Segment Reporting [Abstract] | ' |
Segment Reporting Disclosure [Text Block] | ' |
(11) Business Segment Information | |
The Company’s operations are entirely focused on the manufacture and marketing of concrete reinforcing products for the concrete construction industry. The Company’s concrete reinforcing products consist of welded wire reinforcement and prestressed concrete strand. Based on the criteria specified in ASC Topic 280, Segment Reporting, the Company has one reportable segment. |
Note_12_Contingencies
Note 12 - Contingencies | 3 Months Ended |
Dec. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(12) Contingencies | |
Legal proceedings. The Company is involved in legal proceedings, claims, investigations and proceedings, including commercial, environmental and employment matters, which arise in the ordinary course of business. The Company does not expect that the ultimate costs to resolve these matters will have a material adverse effect on its financial position, results of operations or cash flows. |
Note_3_Fair_Value_Measurements1
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
Total at | Quoted Prices | Observable | |||||||||||
December 28, | in Active | Inputs | |||||||||||
2013 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Current assets: | |||||||||||||
Cash equivalents | $ | 20,152 | $ | 20,152 | $ | - | |||||||
Other assets: | |||||||||||||
Cash surrender value of life insurance policies | 6,505 | - | 6,505 | ||||||||||
Total | $ | 26,657 | $ | 20,152 | $ | 6,505 | |||||||
Total at | Quoted Prices | Observable | |||||||||||
September 28, | in Active | Inputs | |||||||||||
2013 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Current assets: | |||||||||||||
Cash equivalents | $ | 15,534 | $ | 15,534 | $ | - | |||||||
Other assets: | |||||||||||||
Cash surrender value of life insurance policies | 6,145 | - | 6,145 | ||||||||||
Total | $ | 21,679 | $ | 15,534 | $ | 6,145 |
Note_4_StockBased_Compensation1
Note 4 - Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Stock options: | |||||||||||||||||||
Compensation expense | $ | 165 | $ | 139 | |||||||||||||||
Excess tax benefits | (86 | ) | (36 | ) | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||
Options | Exercise Price Per Share | Contractual | Aggregate | ||||||||||||||||
Term - | Intrinsic | ||||||||||||||||||
Outstanding | Weighted | Weighted | Value | ||||||||||||||||
(in thousands) | Range | Average | Average (years) | (in thousands) | |||||||||||||||
Outstanding at September 28, 2013 | 918 | $5.43 | - | $20.27 | $ | 12.65 | |||||||||||||
Exercised | (72 | ) | 9.16 | - | 13.06 | 11.03 | $ | 592 | |||||||||||
Outstanding at December 28, 2013 | 846 | 5.43 | - | 20.27 | 12.78 | 5.87 | 8,332 | ||||||||||||
Vested and anticipated to vest in the future at December 28, 2013 | 841 | 12.78 | 5.85 | 8,288 | |||||||||||||||
Exercisable at December 28, 2013 | 554 | 12.24 | 4.39 | 5,754 | |||||||||||||||
Schedule of Restricted Stock Awards Compensation Expense [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Compensation expense | $ | 243 | $ | 174 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||
Restricted | Weighted | ||||||||||||||||||
Stock Units | Average | ||||||||||||||||||
Outstanding | Grant Date | ||||||||||||||||||
Fair Value | |||||||||||||||||||
(Unit amounts in thousands) | |||||||||||||||||||
Balance, September 28, 2013 | 221 | $ | 13.2 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Released | - | - | |||||||||||||||||
Balance, December 28, 2013 | 221 | $ | 13.2 |
Note_6_Employee_Benefit_Plans_
Note 6 - Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Interest cost | $ | 34 | $ | 32 | |||||
Expected return on plan assets | (41 | ) | (36 | ) | |||||
Recognized net actuarial loss | 11 | 14 | |||||||
Net periodic pension cost | $ | 4 | $ | 10 | |||||
Three Months Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Service cost | $ | 55 | $ | 60 | |||||
Interest cost | 79 | 72 | |||||||
Amortization of prior service cost | - | 57 | |||||||
Recognized net actuarial loss | 13 | 34 | |||||||
Net periodic benefit cost | $ | 147 | $ | 223 |
Note_8_Earnings_Per_Share_Tabl
Note 8 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands except per share amounts) | |||||||||
Net earnings available to common shareholders | $ | 2,747 | $ | 2,402 | |||||
Basic weighted average shares outstanding | 18,189 | 17,724 | |||||||
Dilutive effect of stock-based compensation | 398 | 364 | |||||||
Diluted weighted average shares outstanding | 18,587 | 18,088 | |||||||
Net earnings per share: | |||||||||
Basic | $ | 0.15 | $ | 0.14 | |||||
Diluted | $ | 0.15 | $ | 0.13 |
Note_10_Other_Financial_Data_T
Note 10 - Other Financial Data (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Other Financial Data [Abstract] | ' | ||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||
December 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Accounts receivable, net: | |||||||||
Accounts receivable | $ | 34,602 | $ | 42,006 | |||||
Less allowance for doubtful accounts | (848 | ) | (896 | ) | |||||
Total | $ | 33,754 | $ | 41,110 | |||||
Inventories, net: | |||||||||
Raw materials | $ | 44,305 | $ | 33,842 | |||||
Work in process | 3,214 | 3,074 | |||||||
Finished goods | 22,507 | 21,877 | |||||||
Total | $ | 70,026 | $ | 58,793 | |||||
Other current assets: | |||||||||
Current deferred tax asset | $ | 2,508 | $ | 2,732 | |||||
Prepaid insurance | 1,483 | 1,332 | |||||||
Other | 813 | 1,799 | |||||||
Total | $ | 4,804 | $ | 5,863 | |||||
Other assets: | |||||||||
Cash surrender value of life insurance policies | $ | 6,505 | $ | 6,145 | |||||
Intangible asset, net of accumulated amortization of $257 and $163 | 1,630 | 1,724 | |||||||
Capitalized financing costs, net | 146 | 171 | |||||||
Other | 98 | 350 | |||||||
Total | $ | 8,379 | $ | 8,390 | |||||
Property, plant and equipment, net: | |||||||||
Land and land improvements | $ | 9,175 | $ | 9,175 | |||||
Buildings | 42,258 | 42,258 | |||||||
Machinery and equipment | 129,995 | 129,861 | |||||||
Construction in progress | 2,721 | 210 | |||||||
184,149 | 181,504 | ||||||||
Less accumulated depreciation | (100,702 | ) | (98,451 | ) | |||||
Total | $ | 83,447 | $ | 83,053 | |||||
Accrued expenses: | |||||||||
Salaries, wages and related expenses | $ | 1,892 | $ | 2,790 | |||||
Property taxes | 955 | 1,155 | |||||||
Customer rebates | 911 | 813 | |||||||
Pension plan | 883 | 928 | |||||||
Deferred revenues | 657 | 79 | |||||||
Accrued income taxes | 324 | - | |||||||
Workers' compensation | 307 | 307 | |||||||
Interest | 29 | 31 | |||||||
Other | 738 | 751 | |||||||
Total | $ | 6,696 | $ | 6,854 | |||||
Other liabilities: | |||||||||
Deferred income taxes | $ | 7,376 | $ | 7,281 | |||||
Deferred compensation | 6,973 | 6,897 | |||||||
Total | $ | 14,349 | $ | 14,178 |
Note_3_Fair_Value_Measurements2
Note 3 - Fair Value Measurements (Details) - Fair Value of Financial Assets (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash Equivalents | $20,152 | $15,534 |
Other assets: | ' | ' |
Cash surrender value of life insurance policies | 6,505 | 6,145 |
Total | 26,657 | 21,679 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Current assets: | ' | ' |
Cash Equivalents | 20,152 | 15,534 |
Other assets: | ' | ' |
Total | 20,152 | 15,534 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Other assets: | ' | ' |
Cash surrender value of life insurance policies | 6,505 | 6,145 |
Total | $6,505 | $6,145 |
Note_4_StockBased_Compensation2
Note 4 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended |
Dec. 28, 2013 | |
Note 4 - Stock-Based Compensation (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 587,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years |
Employee Stock Option [Member] | ' |
Note 4 - Stock-Based Compensation (Details) [Line Items] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | 458,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 54 days |
RSU [Member] | ' |
Note 4 - Stock-Based Compensation (Details) [Line Items] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | 741,000 |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period Of Recognition | '1 year 167 days |
RSU [Member] | Minimum [Member] | ' |
Note 4 - Stock-Based Compensation (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year |
RSU [Member] | Maximum [Member] | ' |
Note 4 - Stock-Based Compensation (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Note_4_StockBased_Compensation3
Note 4 - Stock-Based Compensation (Details) - Compensation Expense and Excess Tax Benefits Associated with Stock Options (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Stock options: | ' | ' |
Excess tax benefits | ($86) | ($36) |
Employee Stock Option [Member] | ' | ' |
Stock options: | ' | ' |
Compensation expense | $165 | $139 |
Note_4_StockBased_Compensation4
Note 4 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 29, 2012 |
Note 4 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' |
Outstanding at September 28, 2013 (in Shares) | ' | 918 |
Outstanding at December 28, 2013 (in Shares) | 846 | 918 |
Outstanding at December 28, 2013 | '5 years 317 days | ' |
Outstanding at December 28, 2013 (in Dollars) | $8,332 | ' |
Vested and anticipated to vest in the future at December 28, 2013 (in Shares) | 841 | ' |
Vested and anticipated to vest in the future at December 28, 2013 | '5 years 310 days | ' |
Vested and anticipated to vest in the future at December 28, 2013 (in Dollars) | 8,288 | ' |
Exercisable at December 28, 2013 (in Shares) | 554 | ' |
Exercisable at December 28, 2013 | '4 years 142 days | ' |
Exercisable at December 28, 2013 (in Dollars) | 5,754 | ' |
Exercised (in Shares) | -72 | ' |
Exercised (in Dollars) | $592 | ' |
Minimum [Member] | ' | ' |
Note 4 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' |
Outstanding at September 28, 2013 | ' | 5.43 |
Outstanding at December 28, 2013 | $5.43 | 5.43 |
Exercised | $9.16 | ' |
Exercised | $9.16 | ' |
Maximum [Member] | ' | ' |
Note 4 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' |
Outstanding at September 28, 2013 | ' | 20.27 |
Outstanding at December 28, 2013 | $20.27 | 20.27 |
Exercised | $13.06 | ' |
Exercised | $13.06 | ' |
Weighted Average [Member] | ' | ' |
Note 4 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' |
Outstanding at September 28, 2013 | ' | 12.65 |
Outstanding at December 28, 2013 | $12.78 | 12.65 |
Vested and anticipated to vest in the future at December 28, 2013 | $12.78 | ' |
Exercisable at December 28, 2013 | $12.24 | ' |
Exercised | $11.03 | ' |
Exercised | $11.03 | ' |
Note_4_StockBased_Compensation5
Note 4 - Stock-Based Compensation (Details) - Compensation Expense for Restricted Stock Activity (Restricted Stock [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Restricted Stock [Member] | ' | ' |
Note 4 - Stock-Based Compensation (Details) - Compensation Expense for Restricted Stock Activity [Line Items] | ' | ' |
Compensation expense | $243 | $174 |
Note_4_StockBased_Compensation6
Note 4 - Stock-Based Compensation (Details) - Restricted Stock And Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 4 - Stock-Based Compensation (Details) - Restricted Stock And Restricted Stock Unit Activity [Line Items] | ' | ' |
Restricted Stock Awards Outstanding | 221 | 221 |
Weighted Average Grant Date Fair Value (in Dollars per share) | $13.20 | $13.20 |
Granted | 0 | ' |
Granted (in Dollars per share) | $0 | ' |
Released | 0 | ' |
Released (in Dollars per share) | $0 | ' |
Note_5_Income_Taxes_Details
Note 5 - Income Taxes (Details) (USD $) | 3 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | |
Note 5 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 36.60% | 34.70% | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | $2,500,000 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 7,376,000 | ' | 7,281,000 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 22,400,000 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 625,000 | ' | 730,000 |
Minimum [Member] | ' | ' | ' |
Note 5 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | $261,000 | ' | ' |
Note_6_Employee_Benefit_Plans_1
Note 6 - Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 24 Months Ended |
Dec. 28, 2013 | Oct. 01, 2011 | |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Pension Contributions (in Dollars) | 49,000 | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year (in Dollars) | 191,000 | ' |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Supplemental Retirement Benefit Period | '15 years | ' |
Defined Benefit Plan, Percent of Highest Average Salary Base | 50.00% | ' |
Defined Benefit Plan Number of Years in Average Annual Base Salary | ' | '5 years |
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation | '10 years | ' |
Reduced SERP [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Benefit Plan, Retirement Age | ' | '65 years |
Minimum [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Benefit Plan, Employment Term | '30 years | ' |
Minimum [Member] | Reduced SERP [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Benefit Plan, Employment Term | ' | '10 years |
Note_6_Employee_Benefit_Plans_2
Note 6 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components [Line Items] | ' | ' |
Interest cost | $34 | $32 |
Expected return on plan assets | -41 | -36 |
Recognized Net Actuarial Loss | 11 | 14 |
Net periodic pension cost | 4 | 10 |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components [Line Items] | ' | ' |
Interest cost | 79 | 72 |
Amortization of prior service cost | ' | 57 |
Recognized Net Actuarial Loss | 13 | 34 |
Net periodic pension cost | 147 | 223 |
Service cost | $55 | $60 |
Note_7_LongTerm_Debt_Details
Note 7 - Long-Term Debt (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
Feb. 06, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Feb. 05, 2012 | |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $100,000,000 | ' | ' | ' | $75,000,000 |
Line of Credit Facility, Expiration Date | 2-Jun-16 | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | 100,000,000 | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 74,700,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Increase (Decrease) | ' | 2.00% | ' | ' | ' |
Amortization of Financing Costs | ' | 26,000 | 26,000 | ' | ' |
Accumulated Amortization, Deferred Finance Costs | ' | 4,300,000 | ' | 4,300,000 | ' |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 0.50% | ' | ' | ' |
Index Rate Loans [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | 0.50% | ' | ' | ' |
LIBOR Loans [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | 1.50% | ' | ' | ' |
Letter of Credit [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | 1,500,000 | ' | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | ' | 1.1 | ' | ' | ' |
Credit Facility Liquidity Amount | ' | 13,500,000 | ' | ' | ' |
Amortization of Financing Costs | ' | $26,000 | $26,000 | ' | ' |
Minimum [Member] | Index Rate Loans [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 0.50% | ' | ' | ' |
Minimum [Member] | LIBOR Loans [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 1.50% | ' | ' | ' |
Maximum [Member] | Index Rate Loans [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 1.25% | ' | ' | ' |
Maximum [Member] | LIBOR Loans [Member] | ' | ' | ' | ' | ' |
Note 7 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 2.50% | ' | ' | ' |
Note_8_Earnings_Per_Share_Deta
Note 8 - Earnings Per Share (Details) (Stock Compensation Plan [Member]) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Stock Compensation Plan [Member] | ' | ' |
Note 8 - Earnings Per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 123,000 | 419,000 |
Note_8_Earnings_Per_Share_Deta1
Note 8 - Earnings Per Share (Details) - Basic and Diluted Earnings (Loss) Per Share Attributable to Common Shareholders (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Basic and Diluted Earnings (Loss) Per Share Attributable to Common Shareholders [Abstract] | ' | ' |
Net earnings available to common shareholders (in Dollars) | $2,747 | $2,402 |
Basic weighted average shares outstanding | 18,189 | 17,724 |
Dilutive effect of stock-based compensation | 398 | 364 |
Diluted weighted average shares outstanding | 18,587 | 18,088 |
Net earnings per share: | ' | ' |
Basic (in Dollars per share) | $0.15 | $0.14 |
Diluted (in Dollars per share) | $0.15 | $0.13 |
Note_9_Share_Repurchases_Detai
Note 9 - Share Repurchases (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 18, 2008 | Dec. 28, 2013 | Dec. 29, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount (in Dollars) | $25 | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | ' | $24.80 | ' |
Stock Repurchased During Period, Shares | ' | 0 | 0 |
Note_10_Other_Financial_Data_D
Note 10 - Other Financial Data (Details) - Balance Sheet Information (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net: | ' | ' |
Accounts receivable | $34,602 | $42,006 |
Less allowance for doubtful accounts | -848 | -896 |
Total | 33,754 | 41,110 |
Inventories, net: | ' | ' |
Raw materials | 44,305 | 33,842 |
Work in process | 3,214 | 3,074 |
Finished goods | 22,507 | 21,877 |
Total | 70,026 | 58,793 |
Other current assets: | ' | ' |
Current deferred tax asset | 2,508 | 2,732 |
Prepaid insurance | 1,483 | 1,332 |
Other | 813 | 1,799 |
Total | 4,804 | 5,863 |
Other assets: | ' | ' |
Cash surrender value of life insurance policies | 6,505 | 6,145 |
Intangible asset, net of accumulated amortization of $257 and $163 | 1,630 | 1,724 |
Capitalized financing costs, net | 146 | 171 |
Other | 98 | 350 |
Total | 8,379 | 8,390 |
Property, plant and equipment, net: | ' | ' |
Land and land improvements | 9,175 | 9,175 |
Buildings | 42,258 | 42,258 |
Machinery and equipment | 129,995 | 129,861 |
Construction in progress | 2,721 | 210 |
184,149 | 181,504 | |
Less accumulated depreciation | -100,702 | -98,451 |
Total | 83,447 | 83,053 |
Accrued expenses: | ' | ' |
Salaries, wages and related expenses | 1,892 | 2,790 |
Property taxes | 955 | 1,155 |
Customer rebates | 911 | 813 |
Pension plan | 883 | 928 |
Deferred revenues | 657 | 79 |
Accrued income taxes | 324 | ' |
Workers' compensation | 307 | 307 |
Interest | 29 | 31 |
Other | 738 | 751 |
Total | 6,696 | 6,854 |
Other liabilities: | ' | ' |
Deferred income taxes | 7,376 | 7,281 |
Deferred compensation | 6,973 | 6,897 |
Total | $14,349 | $14,178 |
Note_10_Other_Financial_Data_D1
Note 10 - Other Financial Data (Details) - Balance Sheet Information (Parentheticals) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Information [Abstract] | ' | ' |
Accumulated amortization | $257 | $163 |
Note_11_Business_Segment_Infor1
Note 11 - Business Segment Information (Details) | 3 Months Ended |
Dec. 28, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 1 |