Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Oct. 23, 2014 | Mar. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'INSTEEL INDUSTRIES INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--09-27 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 18,377,251 | ' |
Entity Public Float | ' | ' | $272,849,494 |
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 | 27-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Net sales | $408,978,000 | $363,896,000 | $363,303,000 |
Cost of sales | 360,205,000 | 324,663,000 | 340,845,000 |
Gross profit | 48,773,000 | 39,233,000 | 22,458,000 |
Selling, general and administrative expense | 23,371,000 | 20,682,000 | 18,911,000 |
Gain from early extinguishment of debt | ' | ' | -425,000 |
Restructuring charges, net | 1,247,000 | ' | 832,000 |
Acquisition costs | 612,000 | ' | ' |
Other expense (income), net | -1,907,000 | 333,000 | -188,000 |
Interest expense | 252,000 | 235,000 | 623,000 |
Interest income | -10,000 | -14,000 | -21,000 |
Earnings before income taxes | 25,208,000 | 17,997,000 | 2,726,000 |
Income taxes | 8,567,000 | 6,262,000 | 917,000 |
Net earnings | $16,641,000 | $11,735,000 | $1,809,000 |
Net earnings per share: | ' | ' | ' |
Basic (in Dollars per share) | $0.91 | $0.65 | $0.10 |
Diluted (in Dollars per share) | $0.89 | $0.64 | $0.10 |
Cash dividends declared (in Dollars per share) | $0.12 | $0.37 | $0.12 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in Shares) | 18,257 | 17,948 | 17,664 |
Diluted (in Shares) | 18,665 | 18,353 | 17,990 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Net earnings | $16,641 | $11,735 | $1,809 |
Other comprehensive income (loss): | ' | ' | ' |
Adjustment to defined benefit plan liability, net of income taxes of $140, ($539) and $261 | -228 | 879 | -426 |
Comprehensive income | $16,413 | $12,614 | $1,383 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Defined benefit plan liability, income taxes | $140 | ($539) | $261 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $3,050 | $15,440 |
Accounts receivable, net | 51,211 | 41,110 |
Inventories | 81,899 | 58,793 |
Other current assets | 6,433 | 5,863 |
Total current assets | 142,593 | 121,206 |
Property, plant and equipment, net | 90,386 | 83,053 |
Intangibles, net | 9,816 | 1,724 |
Goodwill | 6,965 | ' |
Other assets | 7,035 | 6,666 |
Total assets | 256,795 | 212,649 |
Current liabilities: | ' | ' |
Accounts payable | 52,811 | 30,561 |
Accrued expenses | 10,375 | 6,854 |
Total current liabilities | 63,186 | 37,415 |
Other liabilities | 14,726 | 14,178 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, no par value Authorized shares: 1,000; None issued | ' | ' |
Common stock, $1 stated value Authorized shares: 50,000; Issued and outstanding shares: 2014, 18,377; 2013, 18,185 | 18,377 | 18,185 |
Additional paid-in capital | 58,867 | 55,452 |
Retained earnings | 103,429 | 88,981 |
Accumulated other comprehensive loss | -1,790 | -1,562 |
Total shareholders’ equity | 178,883 | 161,056 |
Total liabilities and shareholders’ equity | $256,795 | $212,649 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred stock, no par value (in Dollars per share) | $0 | $0 |
Preferred stock, Authorized shares | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, stated value (in Dollars per share) | $1 | $1 |
Common stock, authorized shares | 50,000 | 50,000 |
Common stock, issued shares | 18,377 | 18,185 |
Common stock, outstanding shares | 18,377 | 18,185 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | |
In Thousands | ||||||
Balance at Oct. 01, 2011 | $17,609 | $48,723 | $84,157 | ($2,015) | $148,474 | |
Balance (in Shares) at Oct. 01, 2011 | 17,609 | ' | ' | ' | ' | |
Net earnings (loss) | ' | ' | 1,809 | ' | 1,809 | |
Other comprehensive income (loss) | [1] | ' | ' | ' | -426 | -426 |
Stock options exercised | 12 | -10 | ' | ' | 2 | |
Stock options exercised (in Shares) | 12 | ' | ' | ' | -12 | |
Vesting of restricted stock units | 96 | -96 | ' | ' | ' | |
Vesting of restricted stock units (in Shares) | 96 | ' | ' | ' | ' | |
Compensation expense associated with stock-based plans | ' | 2,208 | ' | ' | 2,208 | |
Restricted stock surrendered for withholding taxes payable | ' | -446 | ' | ' | -446 | |
Cash dividends declared | ' | ' | -2,121 | ' | -2,121 | |
Balance at Sep. 29, 2012 | 17,717 | 50,379 | 83,845 | -2,441 | 149,500 | |
Balance (in Shares) at Sep. 29, 2012 | 17,717 | ' | ' | ' | ' | |
Net earnings (loss) | ' | ' | 11,735 | ' | 11,735 | |
Other comprehensive income (loss) | [1] | ' | ' | ' | 879 | 879 |
Stock options exercised | 371 | 3,054 | ' | ' | 3,425 | |
Stock options exercised (in Shares) | 371 | ' | ' | ' | -373 | |
Vesting of restricted stock units | 97 | -97 | ' | ' | ' | |
Vesting of restricted stock units (in Shares) | 97 | ' | ' | ' | ' | |
Compensation expense associated with stock-based plans | ' | 2,161 | ' | ' | 2,161 | |
Excess tax benefits from stock-based compensation | ' | 660 | ' | ' | 660 | |
Restricted stock surrendered for withholding taxes payable | ' | -705 | ' | ' | -705 | |
Cash dividends declared | ' | ' | -6,599 | ' | -6,599 | |
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 (loss) | ' | ' | 16,641 | ' | 16,641 | |
Other comprehensive income (loss) | [1] | ' | ' | ' | -228 | -228 |
Stock options exercised | 129 | 1,000 | ' | ' | 1,129 | |
Stock options exercised (in Shares) | 129 | ' | ' | ' | -183 | |
Vesting of restricted stock units | 63 | -63 | ' | ' | ' | |
Vesting of restricted stock units (in Shares) | 63 | ' | ' | ' | ' | |
Compensation expense associated with stock-based plans | ' | 2,661 | ' | ' | 2,661 | |
Excess tax benefits from stock-based compensation | ' | 575 | ' | ' | 575 | |
Restricted stock surrendered for withholding taxes payable | ' | -758 | ' | ' | -758 | |
Cash dividends declared | ' | ' | -2,193 | ' | -2,193 | |
Balance at Sep. 27, 2014 | $18,377 | $58,867 | $103,429 | ($1,790) | $178,883 | |
Balance (in Shares) at Sep. 27, 2014 | 18,377 | ' | ' | ' | ' | |
[1] | Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2012 $261, 2013 ($539) and 2014 $140. |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
$140 | ($539) | $261 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Cash Flows From Operating Activities: | ' | ' | ' |
Net earnings | $16,641,000 | $11,735,000 | $1,809,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 10,274,000 | 9,833,000 | 9,762,000 |
Amortization of capitalized financing costs | 102,000 | 102,000 | 97,000 |
Stock-based compensation expense | 2,661,000 | 2,161,000 | 2,208,000 |
Deferred income taxes | 41,000 | 3,881,000 | 835,000 |
Excess tax benefits from stock-based compensation | -575,000 | -660,000 | ' |
Loss (gain) on sale of property, plant and equipment | -1,629,000 | 348,000 | -46,000 |
Increase in cash surrender value of life insurance policies over premiums paid | -512,000 | -555,000 | -750,000 |
Gain from life insurance proceeds | ' | -45,000 | -505,000 |
Gain on early extinguishment of debt | ' | ' | -425,000 |
Asset impairment charges | ' | ' | -11,000 |
Net changes in assets and liabilities (net of assets and liabilities acquired): | ' | ' | ' |
Accounts receivable, net | -2,084,000 | 1,028,000 | -167,000 |
Inventories | -16,814,000 | 6,981,000 | 10,600,000 |
Accounts payable and accrued expenses | 21,333,000 | 1,645,000 | -9,562,000 |
Other changes | -206,000 | 374,000 | -701,000 |
Total adjustments | 12,591,000 | 25,093,000 | 11,335,000 |
Net cash provided by operating activities | 29,232,000 | 36,828,000 | 13,144,000 |
Cash Flows From Investing Activities: | ' | ' | ' |
Acquisition of business | -33,943,000 | ' | ' |
Capital expenditures | -8,955,000 | -5,030,000 | -8,066,000 |
Proceeds from fire loss insurance | 2,732,000 | ' | ' |
Increase in cash surrender value of life insurance policies | -415,000 | -64,000 | -467,000 |
Proceeds from surrender of life insurance policies | 205,000 | 3,000 | 37,000 |
Acquisition of intangible asset | ' | -1,887,000 | ' |
Proceeds from life insurance claims | ' | 577,000 | ' |
Proceeds from sale of property, plant and equipment | 1,000 | 107,000 | 305,000 |
Net cash used for investing activities | -40,375,000 | -6,294,000 | -8,191,000 |
Cash Flows From Financing Activities: | ' | ' | ' |
Proceeds from long-term debt | 19,215,000 | 4,602,000 | 91,150,000 |
Principal payments on long-term debt | -19,215,000 | -16,077,000 | -93,406,000 |
Cash dividends paid | -2,193,000 | -6,599,000 | -2,121,000 |
Cash received from exercise of stock options | 1,129,000 | 3,425,000 | 2,000 |
Excess tax benefits from stock-based compensation | 575,000 | 660,000 | ' |
Payment of employee tax withholdings related to net share transactions | -758,000 | -705,000 | -446,000 |
Financing costs | ' | ' | -172,000 |
Other | ' | -410,000 | 40,000 |
Net cash used for financing activities | -1,247,000 | -15,104,000 | -4,953,000 |
Net increase (decrease) in cash and cash equivalents | -12,390,000 | 15,430,000 | ' |
Cash and cash equivalents at beginning of period | 15,440,000 | 10,000 | 10,000 |
Cash and cash equivalents at end of period | 3,050,000 | 15,440,000 | 10,000 |
Cash paid during the period for: | ' | ' | ' |
Interest | 30,000 | 20,000 | 753,000 |
Income taxes, net | 7,889,000 | 2,667,000 | 176,000 |
Non-cash investing and financing activities: | ' | ' | ' |
Purchases of property, plant and equipment in accounts payable | 680,000 | 432,000 | 176,000 |
Restricted stock units and stock options surrendered for withholding taxes payable | 758,000 | 705,000 | 446,000 |
Post-closing purchase price adjustment for business acquired | $45,000 | ' | ' |
Financial_Information_by_Quart
Financial Information by Quarter (Unaudited) | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
Quarter Ended | |||||||||||||||||
28-Dec | 29-Mar | 28-Jun | 27-Sep | ||||||||||||||
2014 | |||||||||||||||||
Operating results: | |||||||||||||||||
Net sales | $ | 87,218 | $ | 91,436 | $ | 113,227 | $ | 117,097 | |||||||||
Gross profit | 9,055 | 11,606 | 14,263 | 13,849 | |||||||||||||
Net earnings | 2,747 | 3,522 | 5,797 | 4,575 | |||||||||||||
Net earnings per share amounts: | |||||||||||||||||
Basic | 0.15 | 0.19 | 0.32 | 0.25 | |||||||||||||
Diluted | 0.15 | 0.19 | 0.31 | 0.24 | |||||||||||||
Quarter Ended | |||||||||||||||||
29-Dec | 30-Mar | 29-Jun | 28-Sep | ||||||||||||||
2013 | |||||||||||||||||
Operating results: | |||||||||||||||||
Net sales | $ | 85,887 | $ | 82,873 | $ | 96,946 | $ | 98,190 | |||||||||
Gross profit | 8,593 | 11,051 | 10,910 | 8,679 | |||||||||||||
Net earnings | 2,402 | 3,714 | 3,274 | 2,345 | |||||||||||||
Net earnings per share amounts: | |||||||||||||||||
Basic | 0.14 | 0.21 | 0.18 | 0.13 | |||||||||||||
Diluted | 0.13 | 0.2 | 0.18 | 0.13 | |||||||||||||
Note_1_Description_of_Business
Note 1 - Description of Business | 12 Months Ended |
Sep. 27, 2014 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
(1) Description of Business | |
Insteel Industries, Inc. (“Insteel” or “the Company”) is the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel is the parent holding company for two wholly-owned subsidiaries, Insteel Wire Products Company (“IWP”), an operating subsidiary, and Intercontinental Metals Corporation, an inactive subsidiary. The Company manufactures and markets prestressed concrete strand (“PC strand”) and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. The Company’s products are primarily sold to manufacturers of concrete products and, to a lesser extent, distributors, rebar fabricators and contractors that are located nationwide as well as in Canada, Mexico, and Central and South America. | |
On August 15, 2014, the Company purchased substantially all of the assets associated with the PC strand business of American Spring Wire Corporation (“ASW”) (see Note 4 to the consolidated financial statements). | |
The Company has evaluated all subsequent events that occurred after the balance sheet date through the time of filing this Annual Report on Form 10-K and concluded there were no events or transactions occurring during this period that required additional recognition or disclosure in its financial statements. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
(2) Summary of Significant Accounting Policies | |
Fiscal year. The Company’s fiscal year is the 52 or 53 weeks ending on the Saturday closest to September 30. Fiscal years 2014, 2013 and 2012 were 52-week fiscal years. All references to years relate to fiscal years rather than calendar years. | |
Principles of consolidation. The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. | |
Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. There is no assurance that actual results will not differ from these estimates. | |
Cash equivalents. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. | |
Concentration of credit risk. Financial instruments that subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The Company’s cash is principally concentrated at one financial institution, which at times exceeds federally insured limits. The Company is exposed to credit risk in the event of default by institutions in which its cash and cash equivalents are held and by customers to the extent of the amounts recorded on the balance sheet. The Company invests excess cash primarily in money market funds, which are highly liquid securities. | |
The majority of the Company’s accounts receivable are due from customers that are located in the U.S. and the Company generally requires no collateral depending upon the creditworthiness of the account. The Company provides an allowance for doubtful accounts based upon its assessment of the credit risk of specific customers, historical trends and other information. The Company writes off accounts receivable when they become uncollectible. There is no disproportionate concentration of credit risk. | |
Stock-based compensation. The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation, which requires stock-based compensation expense to be recognized in net earnings based on the fair value of the award on the date of the grant. The Company determines the fair value of stock options issued by using a Monte Carlo valuation model at the grant date, which considers a range of assumptions including the expected term, volatility, dividend yield and risk-free interest rate. | |
Revenue recognition. The Company recognizes revenue from product sales when products are shipped and risk of loss and title has passed to the customer. Sales taxes collected from customers are recorded on a net basis and are thus excluded from revenue. | |
Shipping and handling costs. The Company includes all of the outbound freight, shipping and handling costs associated with the shipment of products to customers in cost of sales. Any amounts paid by customers to the Company for shipping and handling are recorded in net sales on the consolidated statements of operations. | |
Inventories. Inventories are valued at the lower of weighted average cost (which approximates computation on a first-in, first-out basis) or market (net realizable value or replacement cost). The valuation of inventory includes the costs for material, labor and manufacturing overhead. | |
Property, plant and equipment. Property, plant and equipment are recorded at cost or fair market value in the case of the assets acquired through acquisitions, or otherwise at reduced values to the extent there have been asset impairment write-downs. Expenditures for maintenance and repairs are charged directly to expense when incurred, while major improvements are capitalized. Depreciation is computed for financial reporting purposes principally by use of the straight-line method over the following estimated useful lives: machinery and equipment, 3 - 15 years; buildings, 10 - 30 years; land improvements, 5 - 15 years. Depreciation expense was approximately $9.8 million in 2014, $9.7 million in 2013 and $9.8 million in 2012 and reflected in cost of sales and selling, general and administrative expense (“SG&A expense”) in the consolidated statements of operations. Capitalized software is amortized over the shorter of the estimated useful life or 5 years and reflected in SG&A expense in the consolidated statements of operations. No interest costs were capitalized in 2014, 2013 and 2012. | |
Goodwill. Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. The Company performs its annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of the reporting unit to its recorded value, including goodwill. The Company will perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. It may be necessary to perform a quantitative analysis where a discounted cash flow model is used to determine the current estimated fair value of the reporting unit. Key assumptions used to determine the fair value of the reporting unit as part of the Company’s annual testing (and any required interim testing) include: (a) expected cash flow for the five-year period following the testing date; (b) an estimated terminal value using a terminal year growth rate based on the growth prospects of the reporting unit; (c) a discount rate based on the Company’s estimated after-tax weighted average cost of capital; and (d) a probability-weighted scenario approach by which varying cash flows are assigned to alternative scenarios based on their likelihood of occurrence. In developing these assumptions, the Company considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair value of the reporting unit is estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. There was no impairment of goodwill in 2014. | |
Other assets. Other assets consist principally of capitalized financing costs and the cash surrender value of life insurance policies. Capitalized financing costs are amortized using the straight-line method, which approximates the effective interest method over the term of the related credit agreement, and reflected in interest expense in the consolidated statements of operations. | |
Long-lived assets. Long-lived assets include property, plant and equipment and identifiable intangible assets with definite useful lives. Finite-lived intangible assets are amortized over their estimated useful lives. The Company’s intangible assets consist of customer relationships, developed technology and know-how and non-competition agreements that are being amortized on a straight-line basis over their finite useful lives (see Note 7 to the consolidated financial statements). The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. When the Company determines that the carrying value of such assets may not be recoverable, it measures recoverability based on the undiscounted cash flows expected to be generated by the related asset or asset group. If it is determined that an impairment loss has occurred, the loss is recognized in the period in which it is incurred and is calculated as the difference between the carrying value and the present value of estimated future net cash flows or comparable market values. There were no impairment losses in 2014, 2013 and 2012. | |
Fair value of financial instruments. The carrying amounts for cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximate fair value because of their short maturities. | |
Income taxes. Income taxes are based on pretax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. The Company assesses the need to establish a valuation allowance against its deferred tax assets to the extent the Company no longer believes it is more likely than not that the tax assets will be fully realized. | |
Earnings per share. Basic earnings per share (“EPS”) are computed by dividing earnings available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS are computed by dividing earnings available to common shareholders by the weighted average number of shares of common stock and other dilutive equity securities outstanding during the period. Securities that have the effect of increasing EPS are considered to be antidilutive and are not included in the computation of diluted EPS. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Sep. 27, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
(3) Recent Accounting Pronouncements | |
Current Adoptions | |
In February 2013, the 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. | |
Future Adoptions | |
In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers,” which will supersede nearly all existing revenue recognition guidance under accounting principles generally accepted in the U.S. (“GAAP”). ASU No. 2014-09 provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the first quarter of fiscal 2018. The Company is evaluating the alternative transition methods and the potential effects of the adoption of this update on its consolidated financial statements. |
Note_4_Business_Combination
Note 4 - Business Combination | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
(4) Business Combination | |||||||||
On August 15, 2014, the Company purchased substantially all of the assets associated with the PC strand business of ASW for an adjusted purchase price of $33.9 million, subject to certain additional post-closing adjustments (the “ASW Acquisition”). | |||||||||
ASW manufactured PC strand at facilities located in Houston, Texas and Newnan, Georgia. The Company acquired, among other assets, the accounts receivable and inventories related to ASW’s PC strand business, the production equipment at its facility in Houston, Texas and its production equipment and facility in Newnan, Georgia. Pursuant to an agreement with ASW, the Company will lease the Houston facility from ASW with an option to purchase it in the future. In addition, the Company assumed certain of ASW’s accounts payable and accrued liabilities related to its PC strand business. | |||||||||
Following is a summary of the Company’s preliminary allocation of the adjusted purchase price to the fair values of the assets acquired and liabilities assumed as of the date of the ASW Acquisition: | |||||||||
(In thousands) | |||||||||
Assets acquired: | |||||||||
Accounts receivable | $ | 8,017 | |||||||
Inventories | 6,292 | ||||||||
Other current assets | 786 | ||||||||
Property, plant and equipment | 8,638 | ||||||||
Intangibles | 8,530 | ||||||||
Total assets acquired | $ | 32,263 | |||||||
Liabilities assumed: | |||||||||
Accounts payable | $ | 3,240 | |||||||
Accrued expenses | 2,091 | ||||||||
Total liabilities assumed | 5,331 | ||||||||
Net assets acquired | 26,932 | ||||||||
Purchase price | 33,897 | ||||||||
Goodwill | $ | 6,965 | |||||||
In connection with the ASW Acquisition the Company acquired intangible assets consisting of customer relationships, developed technology and know-how and a non-competition agreement. The ASW Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations. Acquisition and integration costs are not included as components of consideration transferred, but are recorded as expenses in the period in which such costs are incurred (See Note 5 to the consolidated financial statements). | |||||||||
Following the ASW Acquisition, net sales of the ASW facilities in 2014 were approximately $7.3 million. The actual amount of net sales specifically attributable to the ASW Acquisition, however, cannot be quantified due to the integration actions that were taken by the Company involving the transfer of business between the former ASW facilities and the Company’s existing facilities. The Company has determined that the presentation of ASW’s earnings for 2014 is impractical due to the integration of ASW’s operations into the Company following the ASW Acquisition. | |||||||||
The following unaudited supplemental pro forma financial information reflects the combined results of operations of the Company had the ASW Acquisition occurred at the beginning of 2013. The pro forma information reflects certain adjustments related to the ASW Acquisition, including adjusted amortization and depreciation expense based on the fair value of the assets acquired, interest expense related to the borrowings on the Company’s revolving credit facility and an appropriate adjustment for the acquisition-related costs in the current year. The pro forma information does not reflect any operating efficiencies or potential cost savings that may result from the ASW Acquisition. Accordingly, this pro forma information is for illustrative purposes and is not intended to represent or be indicative of the actual results of operations of the combined company that may have been achieved had the ASW Acquisition occurred at the beginning of 2013, nor is it intended to represent or be indicative of future results of operations. The pro forma combined results of operations for the current and comparative prior year periods are as follows: | |||||||||
Years Ended | |||||||||
September 27, | September 28, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Net sales | $ | 469,079 | $ | 431,553 | |||||
Earnings before income taxes | 27,225 | 20,447 | |||||||
Net earnings | 18,928 | 12,406 | |||||||
Note_5_Restructuring_Charges_a
Note 5 - Restructuring Charges and Acquisition Costs | 12 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Restructuring Charges And Acquisition Costs [Text Block] [Abstract] | ' | ||||||||||||||||||||
Restructuring Charges And Acquisition Costs [Text Block] | ' | ||||||||||||||||||||
(5) Restructuring Charges and Acquisition Costs | |||||||||||||||||||||
Restructuring charges. Subsequent to the ASW Acquisition, the Company incurred $1.2 million in employee separation costs for staffing reductions related to the acquisition. Current and long-term restructuring liabilities were $0.5 million and $0.7 million, respectively, as of September 27, 2014. | |||||||||||||||||||||
On November 19, 2010, the Company purchased certain assets and assumed certain liabilities of Ivy Steel and Wire, Inc. (“Ivy”). Subsequent to the acquisition of Ivy, the Company elected to consolidate certain of its welded wire reinforcement operations in order to reduce its operating costs, which involved the closure of facilities in Wilmington, Delaware and Houston, Texas. These actions were taken in response to the close proximity of Ivy’s facilities in Hazleton, Pennsylvania and Houston, Texas to the Company’s existing facilities in Wilmington, Delaware and Dayton, Texas. The Houston plant closure was completed in December 2010 and the Wilmington plant closure was completed in May 2011. | |||||||||||||||||||||
Following is a summary of the restructuring activities and associated costs that were incurred during 2012: | |||||||||||||||||||||
Severance and | Asset | ||||||||||||||||||||
(In thousands) | other employee | impairment | Facility | Equipment | |||||||||||||||||
separation costs | charges | closure costs | relocation costs | Total | |||||||||||||||||
2012 | |||||||||||||||||||||
Liability as of October 1, 2011 | $ | 65 | $ | - | $ | 77 | $ | 112 | $ | 254 | |||||||||||
Restructuring charges, net | (40 | ) | (11 | ) | 139 | 744 | 832 | ||||||||||||||
Cash payments | (25 | ) | - | (216 | ) | (856 | ) | (1,097 | ) | ||||||||||||
Non-cash charges | - | 11 | - | - | 11 | ||||||||||||||||
Liability as of September 29, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
During 2012, all of the remaining restructuring liabilities were satisfied and the final proceeds were received from the sale of previously impaired machinery and equipment, which have been included in asset impairment charges. | |||||||||||||||||||||
Acquisition costs. During 2014, the Company recorded $0.6 million of acquisition-related costs associated with the ASW Acquisition for legal, accounting and other professional fees. |
Note_6_Fair_Value_Measurements
Note 6 - Fair Value Measurements | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||
(6) 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 September 27, 2014 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: | |||||||||||||
(In thousands) | Total at | Quoted Prices | Observable | ||||||||||
September 27, | in Active | Inputs | |||||||||||
2014 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
Current assets: | |||||||||||||
Cash equivalents | $ | 3,320 | $ | 3,320 | $ | - | |||||||
Other assets: | |||||||||||||
Cash surrender value of life insurance policies | 6,867 | - | 6,867 | ||||||||||
Total | $ | 10,187 | $ | 3,320 | $ | 6,867 | |||||||
(In thousands) | Total at | Quoted Prices | Observable | ||||||||||
September 28, | in Active | Inputs | |||||||||||
2013 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
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 September 27, 2014 and September 28, 2013, the Company had no nonfinancial assets that are required to be measured at fair value on a nonrecurring basis other than the assets and liabilities that were acquired from ASW at fair value (see Note 4 to the consolidated financial statements). 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_7_Intangible_Assets
Note 7 - Intangible Assets | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
(7) Intangible Assets | |||||||||||||||||
The primary components of the Company’s intangible assets and the related accumulated amortization are as follows: | |||||||||||||||||
(In thousands) | Weighted- | Gross | Accumulated Amortization | Net Book Value | |||||||||||||
Average Useful | |||||||||||||||||
Life (Years) | |||||||||||||||||
Year ended September 27, 2014: | |||||||||||||||||
Customer relationships | 20 | $ | 6,500 | $ | (38 | ) | $ | 6,462 | |||||||||
Developed technology and know-how | 20 | 1,800 | (11 | ) | 1,789 | ||||||||||||
Non-competition agreements | 4.8 | 2,117 | (552 | ) | 1,565 | ||||||||||||
$ | 10,417 | $ | (601 | ) | $ | 9,816 | |||||||||||
(In thousands) | Weighted- | Gross | Accumulated Amortization | Net Book Value | |||||||||||||
Average Useful | |||||||||||||||||
Life (Years) | |||||||||||||||||
Year ended September 28, 2013: | |||||||||||||||||
Non-competition agreement | 3 | $ | 1,887 | $ | (163 | ) | $ | 1,724 | |||||||||
$ | 1,887 | $ | (163 | ) | $ | 1,724 | |||||||||||
Amortization expense for intangibles was $438,000 in 2014, $163,000 in 2013 and $0 in 2012. Amortization expense for the next five years, assuming no change in estimated useful lives of identified intangible assets, is $866,000 in 2015, $866,000 in 2016, $861,000 in 2017, $629,000 in 2018 and $414,000 in 2019. |
Note_8_LongTerm_Debt
Note 8 - Long-Term Debt | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Long-term Debt [Text Block] | ' | ||||
(8) 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 September 27, 2014, no borrowings were outstanding on the Credit Facility, $89.7 million of borrowing capacity was available and outstanding letters of credit totaled $1.5 million. As of September 28, 2013, no borrowings were outstanding on the Credit Facility. | |||||
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 September 27, 2014, 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 September 27, 2014, 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 $102,000 in 2014, $102,000 in 2013 and $97,000 in 2012. Accumulated amortization of capitalized financing costs was $4.4 million and $4.3 million as of September 27, 2014 and September 28, 2013, respectively. The Company expects the amortization of capitalized financing costs to approximate the following amounts for the next five fiscal years: | |||||
Fiscal year(s) | In thousands | ||||
2015 | $ | 102 | |||
2016 | 69 | ||||
2017-2019 | - | ||||
Subordinated Note. As part of the consideration for the acquisition of Ivy, on November 19, 2010 the Company entered into a $13.5 million secured subordinated promissory note (the “Note”) payable to Ivy over five years. The Note required semi-annual interest payments in arrears, and annual principal payments payable on November 19 of each year during the period 2011 - 2015. The Note yielded interest on the unpaid principal balance at a fixed rate of 6.0% per annum and was collateralized by certain of the real property and equipment acquired from Ivy. On December 12, 2011, the Company prepaid the remaining balance that was outstanding on the Note for $12.4 million, which represented a discount of $425,000 that was recorded as a gain from the early extinguishment of debt in the consolidated statements of operations in 2012. |
Note_9_StockBased_Compensation
Note 9 - Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||
(9) 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 September 27, 2014, there were 387,000 shares available for future grants under the plans. | ||||||||||||||||||||||||
Stock option awards. Under the Company’s equity incentive plans, employees and directors may be granted options to purchase shares of 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 are as follows: | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
September 27, | September 28, | September 29, | ||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Stock options: | ||||||||||||||||||||||||
Compensation expense | $ | 1,139 | $ | 951 | $ | 909 | ||||||||||||||||||
Excess tax benefits | (575 | ) | (660 | ) | - | |||||||||||||||||||
The remaining unrecognized compensation cost related to unvested options at September 27, 2014 was $454,000, which is expected to be recognized over a weighted average period of 1.40 years. | ||||||||||||||||||||||||
The fair value of each option award granted is estimated on the date of grant using a Monte Carlo valuation model. The weighted-average estimated fair values of stock options granted during 2014, 2013 and 2012 were $7.00, $7.06 and $5.20 per share, respectively, based on the following weighted-average assumptions: | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
September 27, | September 28, | September 29, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Expected term (in years) | 5.08 | 6 | 6 | |||||||||||||||||||||
Risk-free interest rate | 0.38 | % | 1.4 | % | 1.17 | % | ||||||||||||||||||
Expected volatility | 39.57 | % | 47.32 | % | 52.97 | % | ||||||||||||||||||
Expected dividend yield | 0.6 | % | 0.72 | % | 1.06 | % | ||||||||||||||||||
The assumptions utilized in the Monte Carlo valuation model 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 was based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield was calculated based on the Company’s annual dividend as of the option grant date. The expected volatility was derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on the Company’s stock. The expected term for options was 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: | ||||||||||||||||||||||||
Exercise Price | Contractual | |||||||||||||||||||||||
Per Share | Term - | Aggregate | ||||||||||||||||||||||
Weighted | Intrinsic | |||||||||||||||||||||||
(Share amounts in thousands) | Options | Range | Weighted | Average | Value | |||||||||||||||||||
Outstanding | Average | (years) | (in thousands) | |||||||||||||||||||||
Outstanding at October 1, 2011 | 994 | $ | 0.18 | - | $ | 20.27 | $ | 10.89 | ||||||||||||||||
Granted | 178 | 10.23 | - | 13.06 | 11.44 | |||||||||||||||||||
Exercised | (12 | ) | 0.18 | - | 0.18 | 0.18 | $ | 147 | ||||||||||||||||
Outstanding at September 29, 2012 | 1,160 | 0.36 | - | 20.27 | 11.09 | |||||||||||||||||||
Granted | 131 | 16.45 | - | 17.22 | 16.84 | |||||||||||||||||||
Exercised | (373 | ) | 0.36 | - | 12.43 | 9.27 | 2,744 | |||||||||||||||||
Outstanding at September 28, 2013 | 918 | 5.43 | - | 20.27 | 12.65 | |||||||||||||||||||
Granted | 136 | 19.08 | - | 20.5 | 19.8 | |||||||||||||||||||
Exercised | (183 | ) | 5.43 | - | 20.27 | 10.42 | 1,789 | |||||||||||||||||
Outstanding at September 27, 2014 | 871 | 6.89 | - | 20.5 | 14.23 | 6.41 | 5,866 | |||||||||||||||||
Vested and anticipated to vest in future at September 27, 2014 | 869 | 14.23 | 6.4 | 5,858 | ||||||||||||||||||||
Exercisable at September 27, 2014 | 594 | 12.85 | 5.23 | 4,826 | ||||||||||||||||||||
The 2014 and 2013 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. On January 21, 2009, the Executive Compensation Committee of the Board of Directors approved a change in the equity compensation program such that awards of restricted stock units (“RSUs”) to employees and directors would be made in lieu of awards of restricted stock. RSUs granted under these 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 year from the date of grant for RSUs granted to directors and three years from the date of the grant for RSUs granted to employees. RSUs do not have voting rights. RSU grants and compensation expense are as follows: | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
September 27, | September 28, | September 29, | ||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Restricted stock unit grants: | ||||||||||||||||||||||||
Units | 64 | 73 | 99 | |||||||||||||||||||||
Market value | $ | 1,252 | $ | 1,225 | $ | 1,165 | ||||||||||||||||||
Compensation expense | 1,522 | 1,210 | 1,299 | |||||||||||||||||||||
The remaining unrecognized compensation cost related to unvested RSUs on September 27, 2014 was $753,000 which is expected to be recognized over a weighted average period of 1.56 years. | ||||||||||||||||||||||||
The following table summarizes RSU activity: | ||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||
Restricted | Average | |||||||||||||||||||||||
Stock Units | Grant Date | |||||||||||||||||||||||
(Unit amounts in thousands) | Outstanding | Fair Value | ||||||||||||||||||||||
Balance, October 1, 2011 | 328 | $ | 10.25 | |||||||||||||||||||||
Granted | 99 | 11.77 | ||||||||||||||||||||||
Released | (134 | ) | 10.3 | |||||||||||||||||||||
Balance, September 29, 2012 | 293 | 10.74 | ||||||||||||||||||||||
Granted | 73 | 16.77 | ||||||||||||||||||||||
Forfeited | (6 | ) | 10.72 | |||||||||||||||||||||
Released | (139 | ) | 10 | |||||||||||||||||||||
Balance, September 28, 2013 | 221 | 13.2 | ||||||||||||||||||||||
Granted | 64 | 19.61 | ||||||||||||||||||||||
Released | (88 | ) | 12.33 | |||||||||||||||||||||
Balance, September 27, 2014 | 197 | 15.68 | ||||||||||||||||||||||
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||||||||||
(10) Income Taxes | |||||||||||||||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Provision for income taxes: | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 8,196 | $ | 2,124 | $ | 20 | |||||||||||||||||||
State | 330 | 257 | 62 | ||||||||||||||||||||||
8,526 | 2,381 | 82 | |||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | (323 | ) | 3,571 | 781 | |||||||||||||||||||||
State | 364 | 310 | 54 | ||||||||||||||||||||||
41 | 3,881 | 835 | |||||||||||||||||||||||
Income taxes | $ | 8,567 | $ | 6,262 | $ | 917 | |||||||||||||||||||
Effective income tax rate | 34 | % | 34.8 | % | 33.6 | % | |||||||||||||||||||
The reconciliation between income taxes computed at the federal statutory rate and the provision for income taxes is as follows: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
(Dollars in thousands) | 27-Sep-14 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||
Provision for income taxes at federal statutory rate | $ | 8,823 | 35 | % | $ | 6,299 | 35 | % | $ | 954 | 35 | % | |||||||||||||
Qualified production activities deduction | (755 | ) | (3.0 | ) | (165 | ) | (0.9 | ) | - | - | |||||||||||||||
Valuation allowance | (183 | ) | (0.7 | ) | 51 | 0.3 | (48 | ) | (1.8 | ) | |||||||||||||||
Net effect of life insurance policies | (150 | ) | (0.6 | ) | (191 | ) | (1.1 | ) | (400 | ) | (14.7 | ) | |||||||||||||
State income taxes, net of federal tax benefit | 577 | 2.3 | 479 | 2.7 | 94 | 3.5 | |||||||||||||||||||
Nondeductible stock option expense | 30 | 0.1 | (51 | ) | (0.3 | ) | 161 | 5.9 | |||||||||||||||||
Other, net | 225 | 0.9 | (160 | ) | (0.9 | ) | 156 | 5.7 | |||||||||||||||||
Provision for income taxes | $ | 8,567 | 34 | % | $ | 6,262 | 34.8 | % | $ | 917 | 33.6 | % | |||||||||||||
The components of deferred tax assets and liabilities are as follows: | |||||||||||||||||||||||||
September 27, | September 28, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Defined benefit plans | $ | 3,419 | $ | 3,245 | |||||||||||||||||||||
Accrued expenses and asset reserves | 2,782 | 2,206 | |||||||||||||||||||||||
Stock-based compensation | 1,804 | 1,560 | |||||||||||||||||||||||
State net operating loss carryforwards and tax credits | 908 | 1,441 | |||||||||||||||||||||||
Goodwill, amortizable for tax purposes | 870 | 986 | |||||||||||||||||||||||
Valuation allowance | (547 | ) | (730 | ) | |||||||||||||||||||||
Deferred tax assets | 9,236 | 8,708 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Plant and equipment | (12,654 | ) | (12,607 | ) | |||||||||||||||||||||
Prepaid insurance and other reserves | (1,032 | ) | (650 | ) | |||||||||||||||||||||
Deferred tax liabilities | (13,686 | ) | (13,257 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (4,450 | ) | $ | (4,549 | ) | |||||||||||||||||||
As of September 27, 2014, the Company recorded a current deferred tax asset (net of valuation allowance) of $2.1 million on its consolidated balance sheet in other current assets and a non-current deferred tax liability (net of valuation allowance) of $6.6 million in other liabilities. As of September 28, 2013, the Company recorded a current deferred tax asset (net of valuation allowance) of $2.7 million in other current assets and a non-current deferred tax liability (net of valuation allowance) of $7.3 million in other liabilities. The Company has $13.5 million of state operating loss carryforwards that begin to expire in 2017, but principally expire between 2017 and 2032. The Company has also recorded deferred tax assets for various state tax credits of $220,000, which will begin to expire in 2015 and principally expire between 2015 and 2020. | |||||||||||||||||||||||||
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. GAAP requires that the Company periodically assess the need to establish a valuation allowance against its deferred tax assets to the extent the Company no longer believes it is more likely than not that they will be fully utilized. As of September 27, 2014, the Company had recorded a valuation allowance of $547,000 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 net operating loss carryforwards against which an allowance had previously been provided or determine that such utilization is more likely than not. The $183,000 decrease in the valuation allowance during 2014 is primarily due to the expiration of the 2014 tax credits and reduced state income tax rates. | |||||||||||||||||||||||||
As of September 27, 2014, the Company has no material, known tax exposures that require the establishment of contingency reserves for uncertain tax positions. | |||||||||||||||||||||||||
A reconciliation of the beginning and ending balance of total unrecognized tax benefits for 2013 is as follows: | |||||||||||||||||||||||||
(In thousands) | 2013 | ||||||||||||||||||||||||
Balance at beginning of year | $ | 76 | |||||||||||||||||||||||
Increase in tax positions of prior years | - | ||||||||||||||||||||||||
Settlement of tax position in current year | (76 | ) | |||||||||||||||||||||||
Balance at end of year | $ | - | |||||||||||||||||||||||
The Company classifies interest and penalties related to unrecognized tax benefits as part of income tax expense. There were no accrued interest and penalties related to unrecognized tax benefits as of September 27, 2014 and September 28, 2013. There was $6,000 of expense incurred during 2012 related to interest and penalties and no expense recorded during 2014 and 2013. | |||||||||||||||||||||||||
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 2009 remain subject to examination together with certain state tax returns filed by the Company subsequent to 2003. |
Note_11_Employee_Benefit_Plans
Note 11 - Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
(11) 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 Company’s funding policy is to contribute amounts at least equal to those required by law. The Delaware Plan was frozen effective September 30, 2008 whereby participants will no longer earn additional benefits. The Company made contributions totaling $240,000, $307,000 and $206,000 to the Delaware Plan during 2014, 2013 and 2012, respectively, and expects to make contributions of $261,000 during 2015. | |||||||||||||||||
The reconciliation of the projected benefit obligation, plan assets, funded status of the plan and amounts recognized in the Company’s consolidated balance sheets for the Delaware Plan is as follows: | |||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 2,973 | $ | 3,181 | $ | 3,231 | |||||||||||
Interest cost | 137 | 128 | 146 | ||||||||||||||
Actuarial loss (gain) | 174 | (134 | ) | 218 | |||||||||||||
Settlement | - | - | (218 | ) | |||||||||||||
Distributions | (206 | ) | (202 | ) | (196 | ) | |||||||||||
Benefit obligation at end of year | $ | 3,078 | $ | 2,973 | $ | 3,181 | |||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,045 | $ | 1,739 | $ | 1,660 | |||||||||||
Actual return on plan assets | 178 | 201 | 287 | ||||||||||||||
Employer contributions | 240 | 307 | 206 | ||||||||||||||
Settlement | - | - | (218 | ) | |||||||||||||
Distributions | (210 | ) | (202 | ) | (196 | ) | |||||||||||
Fair value of plan assets at end of year | $ | 2,253 | $ | 2,045 | $ | 1,739 | |||||||||||
Reconciliation of funded status to net amount recognized: | |||||||||||||||||
Funded status | $ | (825 | ) | $ | (928 | ) | $ | (1,442 | ) | ||||||||
Net amount recognized | $ | (825 | ) | $ | (928 | ) | $ | (1,442 | ) | ||||||||
Amounts recognized on the consolidated balance sheet: | |||||||||||||||||
Accrued benefit liability | $ | (825 | ) | $ | (928 | ) | $ | (1,442 | ) | ||||||||
Accumulated other comprehensive loss (net of tax) | 782 | 706 | 859 | ||||||||||||||
Net amount recognized | $ | (43 | ) | $ | (222 | ) | $ | (583 | ) | ||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||||||
Unrecognized net loss | $ | 1,261 | $ | 1,138 | $ | 1,386 | |||||||||||
Net amount recognized | $ | 1,261 | $ | 1,138 | $ | 1,386 | |||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||||||||||||||||
Net loss (gain) | $ | 165 | $ | (192 | ) | $ | (31 | ) | |||||||||
Amortization of net loss | (43 | ) | (56 | ) | (49 | ) | |||||||||||
Total recognized in other comprehensive income (loss) | $ | 122 | $ | (248 | ) | $ | (80 | ) | |||||||||
Net periodic pension cost for the Delaware Plan includes the following components: | |||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Interest cost | $ | 137 | $ | 128 | $ | 146 | |||||||||||
Expected return on plan assets | (165 | ) | (142 | ) | (134 | ) | |||||||||||
Recognized net actuarial loss | 43 | 56 | 49 | ||||||||||||||
Net periodic pension cost | $ | 15 | $ | 42 | $ | 61 | |||||||||||
The Company incurred a settlement loss of $95,000 during 2012 for lump-sum distributions to plan participants. The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2015 is $47,000. | |||||||||||||||||
The projected benefit payments under the Delaware Plan are as follows: | |||||||||||||||||
Fiscal year(s) | In thousands | ||||||||||||||||
2015 | $ | 213 | |||||||||||||||
2016 | 212 | ||||||||||||||||
2017 | 206 | ||||||||||||||||
2018 | 207 | ||||||||||||||||
2019 | 204 | ||||||||||||||||
2020 - 2024 | 971 | ||||||||||||||||
The assumptions used in the valuation of the Delaware Plan are as follows: | |||||||||||||||||
Measurement Date | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Assumptions at year-end: | |||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 4 | % | |||||||||||
Rate of increase in compensation levels | N/A | N/A | N/A | ||||||||||||||
Expected long-term rate of return on assets | 8 | % | 8 | % | 8 | % | |||||||||||
The assumed discount rate is established as of the Company’s fiscal year-end measurement date. In establishing the discount rate, the Company reviews published market indices of high-quality debt securities, adjusted as appropriate for duration, and high-quality bond yield curves applicable to the expected benefit payments of the plan. To develop the expected long-term rate of return on asset assumption, the Company considers the historical returns and the future expectations of returns for each asset class, as well as the target asset allocation of the Delaware Plan portfolio. | |||||||||||||||||
The fundamental goal underlying the investment policy for the Delaware Plan is to ensure that its assets are invested in a prudent manner to meet the obligations of the plan as such obligations come due. The primary investment objectives include providing a total return that will promote the goal of benefit security by attaining an appropriate ratio of plan assets to plan obligations, diversifying investments across and within asset classes, minimizing the impact of losses in single investments and adhering to investment practices that comply with applicable laws and regulations. The investment strategy for equities emphasizes U.S. large cap equities with the portfolio’s performance measured against the S&P 500 index or other applicable indices. The investment strategy for fixed income investments is focused on maintaining an overall portfolio with a minimum credit rating of A-1 as well as a minimum rating of any security at the time of purchase of Baa/BBB by Moody’s or Standard & Poor’s, if rated. | |||||||||||||||||
The Delaware Plan has a long-term target asset mix of 60% equities and 40% fixed income. The asset allocation for the Delaware Plan is as follows: | |||||||||||||||||
Target Allocation | Percentage of Plan Assets at Measurement Date | ||||||||||||||||
September 27, | September 27, | September 28, | September 29, | ||||||||||||||
2014 | 2014 | 2013 | 2012 | ||||||||||||||
Large-cap equities | 35 | % | 36.6 | % | 37.7 | % | 39.3 | % | |||||||||
Mid-cap equities | 8 | % | 7.4 | % | 8.1 | % | 8.9 | % | |||||||||
Small-cap equities | 9 | % | 8.3 | % | 8.5 | % | 5.6 | % | |||||||||
International equities | 8 | % | 8.8 | % | 7.5 | % | 5.9 | % | |||||||||
Fixed income securities | 40 | % | 38 | % | 36.1 | % | 37.2 | % | |||||||||
Cash and cash equivalents | 0 | % | 0.9 | % | 2.1 | % | 3.1 | % | |||||||||
As of September 27, 2014, the Delaware Plan’s assets include equity securities, fixed income securities and cash and cash equivalents, and were required to be measured at fair value. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value, defined as follows: Level 1 - observable inputs such as quoted prices in active markets for identical assets and liabilities; Level 2 - inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 - unobservable inputs in which little or no market data exists, thereby requiring the development of valuation assumptions. The fair values of the Delaware Plan’s assets as of September 27, 2014 and September 28, 2013 are as follows: | |||||||||||||||||
(In thousands) | Total at | Quoted Prices | Observable | Unobservable | |||||||||||||
September 27, | in Active | Inputs | Inputs | ||||||||||||||
2014 | Markets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Large-cap equities | $ | 825 | $ | 825 | $ | - | $ | - | |||||||||
Mid-cap equities | 166 | 166 | - | - | |||||||||||||
Small-cap equities | 187 | 187 | - | - | |||||||||||||
International equities | 199 | 199 | - | - | |||||||||||||
Fixed income securities | 855 | 855 | - | - | |||||||||||||
Cash and cash equivalents | 21 | - | 21 | - | |||||||||||||
Total | $ | 2,253 | $ | 2,232 | $ | 21 | $ | - | |||||||||
(In thousands) | Total at | Quoted Prices | Observable | Unobservable | |||||||||||||
September 28, | in Active | Inputs | Inputs | ||||||||||||||
2013 | Markets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Large-cap equities | $ | 771 | $ | 771 | $ | - | $ | - | |||||||||
Mid-cap equities | 165 | 165 | - | - | |||||||||||||
Small-cap equities | 174 | 174 | - | - | |||||||||||||
International equities | 153 | 153 | - | - | |||||||||||||
Fixed income securities | 739 | 739 | - | - | |||||||||||||
Cash and cash equivalents | 43 | - | 43 | - | |||||||||||||
Total | $ | 2,045 | $ | 2,002 | $ | 43 | $ | - | |||||||||
Equity securities are primarily direct investments in the stock of publicly-traded companies that are valued based on the closing price reported in an active market on which the individual securities are traded. Fixed income securities are government and corporate debt securities that are valued based on the closing price reported in an active market on which the individual securities are traded. Cash and cash equivalents are money market funds that are valued based on the net asset value as determined by the fund each business day. | |||||||||||||||||
Supplemental employee retirement plan. The Company has Retirement Security Agreements (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. In 2005, the Company revised the SERPs to add Participants and increase benefits to existing Participants. | |||||||||||||||||
The reconciliation of the projected benefit obligation, plan assets, funded status of the plan and amounts recognized for the SERPs in the Company’s consolidated balance sheets is as follows: | |||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 6,938 | $ | 7,461 | $ | 6,102 | |||||||||||
Service cost | 219 | 242 | 217 | ||||||||||||||
Interest cost | 315 | 287 | 301 | ||||||||||||||
Actuarial loss (gain) | 298 | (807 | ) | 1,085 | |||||||||||||
Distributions | (290 | ) | (245 | ) | (244 | ) | |||||||||||
Benefit obligation at end of year | $ | 7,480 | $ | 6,938 | $ | 7,461 | |||||||||||
Change in plan assets: | |||||||||||||||||
Actual employer contributions | $ | 290 | $ | 245 | $ | 244 | |||||||||||
Actual distributions | (290 | ) | (245 | ) | (244 | ) | |||||||||||
Plan assets at fair value at end of year | $ | - | $ | - | $ | - | |||||||||||
Reconciliation of funded status to net amount recognized: | |||||||||||||||||
Funded status | $ | (7,480 | ) | $ | (6,938 | ) | $ | (7,461 | ) | ||||||||
Net amount recognized | $ | (7,480 | ) | $ | (6,938 | ) | $ | (7,461 | ) | ||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||||||
Unrecognized net loss | $ | 1,627 | $ | 1,380 | $ | 2,324 | |||||||||||
Unrecognized prior service cost | - | - | 227 | ||||||||||||||
Net amount recognized | $ | 1,627 | $ | 1,380 | $ | 2,551 | |||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||||||||||||||||
Net loss (gain) | $ | 298 | $ | (807 | ) | $ | 1,085 | ||||||||||
Prior service costs | - | (227 | ) | (227 | ) | ||||||||||||
Amortization of net loss | (52 | ) | (136 | ) | (91 | ) | |||||||||||
Total recognized in other comprehensive income (loss) | $ | 246 | $ | (1,170 | ) | $ | 767 | ||||||||||
Net periodic pension cost for the SERPs includes the following components: | |||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 219 | $ | 242 | $ | 217 | |||||||||||
Interest cost | 315 | 287 | 301 | ||||||||||||||
Prior service cost | - | 227 | 227 | ||||||||||||||
Amortization of net loss | 52 | 136 | 91 | ||||||||||||||
Net periodic pension cost | $ | 586 | $ | 892 | $ | 836 | |||||||||||
The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2015 is $83,000. | |||||||||||||||||
The assumptions used in the valuation of the SERPs are as follows: | |||||||||||||||||
Measurement Date | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Assumptions at year-end: | |||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 4 | % | |||||||||||
Rate of increase in compensation levels | 3 | % | 3 | % | 3 | % | |||||||||||
The assumed discount rate is established as of the Company’s fiscal year-end measurement date. In establishing the discount rate, the Company reviews published market indices of high-quality debt securities, adjusted as appropriate for duration, and high-quality bond yield curves applicable to the expected benefit payments of the plan. The SERPs expected rate of increase in compensation levels is based on the anticipated increases in annual compensation. | |||||||||||||||||
The projected benefit payments under the SERPs are as follows: | |||||||||||||||||
Fiscal year(s) | In thousands | ||||||||||||||||
2015 | $ | 290 | |||||||||||||||
2016 | 290 | ||||||||||||||||
2017 | 290 | ||||||||||||||||
2018 | 356 | ||||||||||||||||
2019 | 319 | ||||||||||||||||
2020-2024 | 1,961 | ||||||||||||||||
As noted above, the SERPs were revised in 2005 to add Participants and increase benefits to certain existing Participants. However, for certain Participants the Company still maintains the benefits of the respective SERPs that were in effect prior to the 2005 changes, which entitles them to fixed cash benefits upon retirement at age 65, payable annually for 15 years. These SERPs are supported by life insurance policies on the Participants purchased and owned by the Company. The cash benefits paid under these SERPs were $25,000 in 2014, $28,000 in 2013 and $62,000 in 2012. The expense attributable to these SERPs was $16,000 in 2014, $15,000 in 2013 and $15,000 in 2012. | |||||||||||||||||
Retirement savings plan. In 1996, the Company adopted the Retirement Savings Plan of Insteel Industries, Inc. (“the Plan”) to provide retirement benefits and stock ownership for its employees. The Plan is an amendment and restatement of the Company’s Employee Stock Ownership Plan. As allowed under Sections 401(a) and 401(k) of the Internal Revenue Code, the Plan provides for tax-deferred salary deductions for eligible employees. | |||||||||||||||||
During 2012 to 2014, employees were permitted to contribute up to 75% of their annual compensation to the Plan, limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Plan allows for discretionary contributions to be made by the Company as determined by the Board of Directors. Such contributions to the Plan are allocated among eligible participants based on their compensation relative to the total compensation of all participants. During 2012 - 2014, the Company matched employee contributions up to 100% of the first 1% and 50% of the next 5% of eligible compensation that was contributed by employees. Company contributions to the Plan were $862,000 in 2014, $758,000 in 2013 and $734,000 in 2012. | |||||||||||||||||
Voluntary Employee Beneficiary Associations (“VEBA”). The Company has a VEBA under which both employees and the Company may make contributions to pay for medical costs. Company contributions to the VEBA were $4.6 million in 2014, $3.6 million in 2013 and $3.4 million in 2012. The Company is primarily self-insured for each employee’s healthcare costs, carrying stop-loss insurance coverage for individual claims in excess of $175,000 per benefit plan year. The Company’s self-insurance liabilities are based on the total estimated costs of claims filed and claims incurred but not reported, less amounts paid against such claims. Management reviews current and historical claims data in developing its estimates. |
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 12 Months Ended |
Sep. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(12) Commitments and Contingencies | |
Insurance recoveries. On January 21, 2014, a fire occurred at the Company’s Gallatin, Tennessee PC strand manufacturing facility. The fire damaged a portion of the facility, requiring the temporary curtailment of operations until the necessary repairs are completed. The Company has transferred a portion of its production requirements to its PC strand facility located in Sanderson, Florida, which was operating at a reduced utilization level. | |
The Company maintains general liability, business interruption and replacement cost property insurance coverage on its facilities that it believes is sufficient to cover the currently foreseeable losses arising from the fire. The Company received $6.7 million of insurance proceeds in 2014 that were used to cover costs incurred to date for additional plant expenses and the replacement of damaged property and equipment. The insurance proceeds attributable to the additional plant expenses were recorded in cost of sales ($3.9 million) and SG&A expense ($147,000) on the consolidated statement of operations. The insurance proceeds attributable to the property and equipment destroyed in the fire are reported in cash flows from investing activities and all other insurance proceeds received are reported in cash flows from operating activities on the consolidated statement of cash flows. The Company expects the repairs to the damaged portion of the facility will be completed and the facility will be fully operational during the first quarter of 2015. | |
Leases and purchase commitments. The Company leases a portion of its equipment and its facility in Houston, Texas under operating leases that expire at various dates through 2019. Under most lease agreements, the Company pays insurance, taxes and maintenance. Rental expense for operating leases was $1.2 million in 2014 and 2013 and $908,000 in 2012. Minimum rental commitments under all non-cancelable leases with an initial term in excess of one year as of September 27, 2014 are payable as follows: 2015, $1.1 million; 2016, $666,000; 2017, $407,000; 2018, $65,000; 2019 and beyond, $300,000. | |
As of September 27, 2014, the Company had $64.5 million in non-cancelable purchase commitments for raw material extending as long as approximately 100 days and $4.6 million of contractual commitments for the purchase of certain equipment that had not been fulfilled and are not reflected in the consolidated financial statements. | |
Legal proceedings. The Company is involved in lawsuits, 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 cost to resolve these matters will have a material adverse effect on its financial position, results of operations or cash flows. | |
Severance and change of control agreements. The Company has entered into severance agreements with its Chief Executive Officer and Chief Financial Officer that provide certain termination benefits to these executives in the event that an executive’s employment with the Company is terminated without cause. The initial term of each agreement is two years and the agreements provide for an automatic renewal of one year unless the Company or the executive provides notice of termination as specified in the agreement. Under the terms of these agreements, in the event of termination without cause, the executives would receive termination benefits equal to one and one-half times the executive’s annual base salary in effect on the termination date and the continuation of health and welfare benefits for eighteen months. In addition, all of the executive’s stock options and restricted stock would vest immediately and outplacement services would be provided. | |
The Company has also entered into change in control agreements with key members of management, including its executive officers, which specify the terms of separation in the event that termination of employment followed a change in control of the Company. The initial term of each agreement is two years and the agreements provide for an automatic renewal of one year unless the Company or the executive provides notice of termination as specified in the agreement. The agreements do not provide assurances of continued employment, nor do they specify the terms of an executive's termination should the termination occur in the absence of a change in control. Under the terms of these agreements, in the event of termination within two years of a change of control, the Chief Executive Officer and Chief Financial Officer would receive severance benefits equal to two times base compensation, two times the average bonus for the prior three years and the continuation of health and welfare benefits for two years. The other key members of management, including the Company’s other two executive officers, would receive severance benefits equal to one times base compensation, one times the average bonus for the prior three years and the continuation of health and welfare benefits for one year. In addition, all of the executive’s stock options and restricted stock would vest immediately and outplacement services would be provided. |
Note_13_Earnings_Per_Share
Note 13 - Earnings Per Share | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
(13) Earnings Per Share | |||||||||||||
The computation of basic and diluted earnings per share attributable to common shareholders is as follows: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Net earnings | $ | 16,641 | $ | 11,735 | $ | 1,809 | |||||||
Basic weighted average shares outstanding | 18,257 | 17,948 | 17,664 | ||||||||||
Dilutive effect of stock-based compensation | 408 | 405 | 326 | ||||||||||
Diluted weighted average shares outstanding | 18,665 | 18,353 | 17,990 | ||||||||||
Net earnings per share: | |||||||||||||
Basic | $ | 0.91 | $ | 0.65 | $ | 0.1 | |||||||
Diluted | 0.89 | 0.64 | 0.1 | ||||||||||
Options and RSUs representing 120,000 shares in 2014, 248,000 shares in 2013 and 600,000 shares in 2012 were antidilutive and were not included in the diluted EPS computation. |
Note_14_Business_Segment_Infor
Note 14 - Business Segment Information | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
(14) 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. | |||||||||||||
The Company’s net sales and long-lived assets (consisting of net property, plant and equipment, the cash surrender value of life insurance policies, goodwill and intangible assets) by geographic region are as follows: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales: | |||||||||||||
United States | $ | 402,675 | $ | 357,890 | $ | 358,539 | |||||||
Foreign | 6,303 | 6,006 | 4,764 | ||||||||||
Total | $ | 408,978 | $ | 363,896 | $ | 363,303 | |||||||
Long-lived assets: | |||||||||||||
United States | $ | 114,034 | $ | 90,922 | $ | 92,862 | |||||||
Foreign | - | - | - | ||||||||||
Total | $ | 114,034 | $ | 90,922 | $ | 92,862 | |||||||
The Company’s net sales by product line are as follows: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales: | |||||||||||||
Welded wire reinforcement | $ | 255,294 | $ | 227,957 | $ | 230,049 | |||||||
Prestressed concrete strand | 153,684 | 135,939 | 133,254 | ||||||||||
Total | $ | 408,978 | $ | 363,896 | $ | 363,303 | |||||||
There were no customers that accounted for 10% or more of the Company’s net sales in 2014, 2013 and 2012. |
Note_15_Related_Party_Transact
Note 15 - Related Party Transactions | 12 Months Ended |
Sep. 27, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
(15) Related Party Transactions | |
Sales to a company affiliated with one of the Company’s directors amounted to $459,000 in 2014, $674,000 in 2013 and $280,000 in 2012. |
Note_16_Comprehensive_Loss
Note 16 - Comprehensive Loss | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
(16) Comprehensive Loss | |||||||||||||
The accumulated other comprehensive loss was comprised of the adjustment to the defined benefit plan liability as follows: | |||||||||||||
Year Ended | |||||||||||||
(In thousands) | September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Adjustment to defined benefit plan liability, net of taxes | $ | (1,790 | ) | $ | (1,562 | ) | $ | (2,441 | ) | ||||
Total accumulated other comprehensive loss | $ | (1,790 | ) | $ | (1,562 | ) | $ | (2,441 | ) | ||||
Note_17_Other_Financial_Data
Note 17 - Other Financial Data | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Other Financial Data [Text Block] [Abstract] | ' | ||||||||
Other Financial Data [Text Block] | ' | ||||||||
(17) Other Financial Data | |||||||||
Balance sheet information: | |||||||||
September 27, | September 28, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Accounts receivable, net: | |||||||||
Accounts receivable | $ | 52,099 | $ | 42,006 | |||||
Less allowance for doubtful accounts | (888 | ) | (896 | ) | |||||
Total | $ | 51,211 | $ | 41,110 | |||||
Inventories: | |||||||||
Raw materials | $ | 49,200 | $ | 33,842 | |||||
Work in process | 3,789 | 3,074 | |||||||
Finished goods | 28,910 | 21,877 | |||||||
Total | $ | 81,899 | $ | 58,793 | |||||
Other current assets: | |||||||||
Current deferred tax asset | $ | 2,122 | $ | 2,732 | |||||
Prepaid insurance | 1,890 | 1,332 | |||||||
Other | 2,421 | 1,799 | |||||||
Total | $ | 6,433 | $ | 5,863 | |||||
Other assets: | |||||||||
Cash surrender value of life insurance policies, net of loans of $ - and $ - | $ | 6,867 | $ | 6,145 | |||||
Capitalized financing costs, net | 69 | 171 | |||||||
Other | 99 | 350 | |||||||
Total | $ | 7,035 | $ | 6,666 | |||||
Property, plant and equipment, net: | |||||||||
Land and land improvements | $ | 9,704 | $ | 9,175 | |||||
Buildings | 42,047 | 42,258 | |||||||
Machinery and equipment | 133,699 | 129,861 | |||||||
Construction in progress | 7,648 | 210 | |||||||
193,098 | 181,504 | ||||||||
Less accumulated depreciation | (102,712 | ) | (98,451 | ) | |||||
Total | $ | 90,386 | $ | 83,053 | |||||
Accrued expenses: | |||||||||
Salaries, wages and related expenses | $ | 4,659 | $ | 2,790 | |||||
Customer rebates | 1,530 | 813 | |||||||
Property taxes | 1,242 | 1,155 | |||||||
Pension plan | 825 | 928 | |||||||
Deferred revenues | 525 | 79 | |||||||
Restructuring liabilities | 481 | - | |||||||
Worker's compensation | 290 | 307 | |||||||
Interest | 28 | 31 | |||||||
Other | 795 | 751 | |||||||
Total | $ | 10,375 | $ | 6,854 | |||||
Other liabilities: | |||||||||
Deferred compensation | $ | 7,426 | $ | 6,897 | |||||
Deferred income taxes | 6,572 | 7,281 | |||||||
Other | 728 | - | |||||||
Total | $ | 14,726 | $ | 14,178 | |||||
Note_18_Rights_Agreement
Note 18 - Rights Agreement | 12 Months Ended |
Sep. 27, 2014 | |
Rights Agreement [Text Block] [Abstract] | ' |
Rights Agreement [Text Block] | ' |
(18)Rights Agreement | |
On April 26, 1999, the Company’s Board of Directors declared a dividend distribution of one right per share of the Company’s outstanding common stock as of May 17, 1999 pursuant to a Rights Agreement, dated as of April 27, 1999. The Rights Agreement also provides that one right will attach to each share of the Company’s common stock issued after May 17, 1999. On April 21, 2009, effective April 25, 2009, the Company’s Board of Directors amended the Rights Agreement to, among other changes, extend the final expiration date and adjust the purchase price payable upon exercise of a right. | |
The rights are not currently exercisable but trade with the Company’s common stock shares and become exercisable on the distribution date. The distribution date will occur upon the earliest of 10 business days following a public announcement that either a person or group of affiliated or associated persons (an “acquiring person”) has acquired, or obtained the right to acquire, beneficial ownership of 20% or more (after adjustment for certain derivative transactions) of the outstanding shares of common stock (the “stock acquisition date”), or of a tender offer or exchange offer that would, if consummated, result in an acquiring person beneficially owning 20% or more of such outstanding shares of common stock, subject to certain limitations. | |
Each right will entitle the holder, other than the acquiring person or group, to purchase one two-hundredths of a share (a “Unit”) of the Company’s Series A Junior Participating Preferred Stock (“Preferred Stock”) at a purchase price of $46 per Unit, subject to adjustment as described in the Rights Agreement (the “purchase price”). At the time specified, each holder of a right will have the right to receive in lieu of Preferred Stock, upon exercise and payment of the purchase price, common stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the purchase price or, at the discretion of the Board, upon exercise and without payment of the purchase price, common stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to the difference between the purchase price and the value of the consideration which a person exercising the right and paying the purchase price would receive. Rights that are or (under specified circumstances) were, beneficially owned by any acquiring person will be null and void. The purchase price payable and the number of Units of Preferred Stock or other securities or property issuable upon exercise of the rights are subject to adjustment from time to time. At any time after any person becomes an acquiring person, the Company may exchange all or part of the rights for shares of common stock at an exchange ratio of one share per right, as appropriately adjusted to reflect any stock dividend, stock split or similar transaction. | |
In addition, each rights holder, other than an acquiring person, upon exercise of rights will have the right to receive shares of the common stock of the acquiring corporation having a value equal to two times the purchase price for such holder’s rights if the Company engages in a merger or other business combination where it is not the surviving entity or where it is the surviving entity and all or part of the Company’s common stock is exchanged for the stock or other securities of the other company, or if 50% or more of the Company’s assets or earning power is sold or transferred. | |
The rights will expire on April 24, 2019, and may be redeemed by the Company at any time prior to the distribution date at a price of $0.005 per right. |
Note_19_Product_Warranties
Note 19 - Product Warranties | 12 Months Ended |
Sep. 27, 2014 | |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty Disclosure [Text Block] | ' |
(19) Product Warranties | |
The Company's products are used in applications which are subject to inherent risks including performance deficiencies, personal injury, property damage, environmental contamination or loss of production. The Company warrants its products to meet certain specifications and actual or claimed deficiencies from these specifications may give rise to claims. The Company does not maintain a reserve for warranties as the historical claims have been immaterial. The Company maintains product liability insurance coverage to minimize its exposure to such risks. |
Note_20_Share_Repurchases
Note 20 - Share Repurchases | 12 Months Ended |
Sep. 27, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
(20) 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 “New 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 may commence or suspend the program at any time at its discretion without prior notice. The New Authorization continues in effect until terminated by the Board of Directors. As of September 27, 2014, there was $24.8 million remaining available for future share repurchases under this authorization. There were no share repurchases during 2014, 2013 and 2012. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
YEARS ENDED SEPTEMBER 27, 2014, SEPTEMBER 28, 2013 and SEPTEMBER 29, 2012 | |||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | |||||||||||||
(In thousands) | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 896 | $ | 1,123 | $ | 761 | |||||||
Amounts charged to earnings | 79 | (100 | ) | 449 | |||||||||
Write-offs, net of recoveries | (87 | ) | (127 | ) | (87 | ) | |||||||
Balance, end of year | $ | 888 | $ | 896 | $ | 1,123 | |||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Fiscal Period, Policy [Policy Text Block] | ' |
Fiscal year. The Company’s fiscal year is the 52 or 53 weeks ending on the Saturday closest to September 30. Fiscal years 2014, 2013 and 2012 were 52-week fiscal years. All references to years relate to fiscal years rather than calendar years. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of consolidation. The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. There is no assurance that actual results will not differ from these estimates. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash equivalents. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration of credit risk. Financial instruments that subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The Company’s cash is principally concentrated at one financial institution, which at times exceeds federally insured limits. The Company is exposed to credit risk in the event of default by institutions in which its cash and cash equivalents are held and by customers to the extent of the amounts recorded on the balance sheet. The Company invests excess cash primarily in money market funds, which are highly liquid securities. | |
The majority of the Company’s accounts receivable are due from customers that are located in the U.S. and the Company generally requires no collateral depending upon the creditworthiness of the account. The Company provides an allowance for doubtful accounts based upon its assessment of the credit risk of specific customers, historical trends and other information. The Company writes off accounts receivable when they become uncollectible. There is no disproportionate concentration of credit risk. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-based compensation. The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation, which requires stock-based compensation expense to be recognized in net earnings based on the fair value of the award on the date of the grant. The Company determines the fair value of stock options issued by using a Monte Carlo valuation model at the grant date, which considers a range of assumptions including the expected term, volatility, dividend yield and risk-free interest rate. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue recognition. The Company recognizes revenue from product sales when products are shipped and risk of loss and title has passed to the customer. Sales taxes collected from customers are recorded on a net basis and are thus excluded from revenue. | |
Shipping and Handling Cost, Policy [Policy Text Block] | ' |
Shipping and handling costs. The Company includes all of the outbound freight, shipping and handling costs associated with the shipment of products to customers in cost of sales. Any amounts paid by customers to the Company for shipping and handling are recorded in net sales on the consolidated statements of operations. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories. Inventories are valued at the lower of weighted average cost (which approximates computation on a first-in, first-out basis) or market (net realizable value or replacement cost). The valuation of inventory includes the costs for material, labor and manufacturing overhead. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, plant and equipment. Property, plant and equipment are recorded at cost or fair market value in the case of the assets acquired through acquisitions, or otherwise at reduced values to the extent there have been asset impairment write-downs. Expenditures for maintenance and repairs are charged directly to expense when incurred, while major improvements are capitalized. Depreciation is computed for financial reporting purposes principally by use of the straight-line method over the following estimated useful lives: machinery and equipment, 3 - 15 years; buildings, 10 - 30 years; land improvements, 5 - 15 years. Depreciation expense was approximately $9.8 million in 2014, $9.7 million in 2013 and $9.8 million in 2012 and reflected in cost of sales and selling, general and administrative expense (“SG&A expense”) in the consolidated statements of operations. Capitalized software is amortized over the shorter of the estimated useful life or 5 years and reflected in SG&A expense in the consolidated statements of operations. No interest costs were capitalized in 2014, 2013 and 2012. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' |
Goodwill. Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. The Company performs its annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of the reporting unit to its recorded value, including goodwill. The Company will perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. It may be necessary to perform a quantitative analysis where a discounted cash flow model is used to determine the current estimated fair value of the reporting unit. Key assumptions used to determine the fair value of the reporting unit as part of the Company’s annual testing (and any required interim testing) include: (a) expected cash flow for the five-year period following the testing date; (b) an estimated terminal value using a terminal year growth rate based on the growth prospects of the reporting unit; (c) a discount rate based on the Company’s estimated after-tax weighted average cost of capital; and (d) a probability-weighted scenario approach by which varying cash flows are assigned to alternative scenarios based on their likelihood of occurrence. In developing these assumptions, the Company considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair value of the reporting unit is estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. There was no impairment of goodwill in 2014. | |
Other Assets, Policy [Policy Text Block] | ' |
Other assets. Other assets consist principally of capitalized financing costs and the cash surrender value of life insurance policies. Capitalized financing costs are amortized using the straight-line method, which approximates the effective interest method over the term of the related credit agreement, and reflected in interest expense in the consolidated statements of operations. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Long-lived assets. Long-lived assets include property, plant and equipment and identifiable intangible assets with definite useful lives. Finite-lived intangible assets are amortized over their estimated useful lives. The Company’s intangible assets consist of customer relationships, developed technology and know-how and non-competition agreements that are being amortized on a straight-line basis over their finite useful lives (see Note 7 to the consolidated financial statements). The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. When the Company determines that the carrying value of such assets may not be recoverable, it measures recoverability based on the undiscounted cash flows expected to be generated by the related asset or asset group. If it is determined that an impairment loss has occurred, the loss is recognized in the period in which it is incurred and is calculated as the difference between the carrying value and the present value of estimated future net cash flows or comparable market values. There were no impairment losses in 2014, 2013 and 2012. | |
Fair Value Measurement, Policy [Policy Text Block] | ' |
Fair value of financial instruments. The carrying amounts for cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximate fair value because of their short maturities. | |
Income Tax, Policy [Policy Text Block] | ' |
Income taxes. Income taxes are based on pretax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. The Company assesses the need to establish a valuation allowance against its deferred tax assets to the extent the Company no longer believes it is more likely than not that the tax assets will be fully realized. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings per share. Basic earnings per share (“EPS”) are computed by dividing earnings available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS are computed by dividing earnings available to common shareholders by the weighted average number of shares of common stock and other dilutive equity securities outstanding during the period. Securities that have the effect of increasing EPS are considered to be antidilutive and are not included in the computation of diluted EPS. |
Financial_Information_by_Quart1
Financial Information by Quarter (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Quarter Ended | |||||||||||||||||
28-Dec | 29-Mar | 28-Jun | 27-Sep | ||||||||||||||
2014 | |||||||||||||||||
Operating results: | |||||||||||||||||
Net sales | $ | 87,218 | $ | 91,436 | $ | 113,227 | $ | 117,097 | |||||||||
Gross profit | 9,055 | 11,606 | 14,263 | 13,849 | |||||||||||||
Net earnings | 2,747 | 3,522 | 5,797 | 4,575 | |||||||||||||
Net earnings per share amounts: | |||||||||||||||||
Basic | 0.15 | 0.19 | 0.32 | 0.25 | |||||||||||||
Diluted | 0.15 | 0.19 | 0.31 | 0.24 | |||||||||||||
Quarter Ended | |||||||||||||||||
29-Dec | 30-Mar | 29-Jun | 28-Sep | ||||||||||||||
2013 | |||||||||||||||||
Operating results: | |||||||||||||||||
Net sales | $ | 85,887 | $ | 82,873 | $ | 96,946 | $ | 98,190 | |||||||||
Gross profit | 8,593 | 11,051 | 10,910 | 8,679 | |||||||||||||
Net earnings | 2,402 | 3,714 | 3,274 | 2,345 | |||||||||||||
Net earnings per share amounts: | |||||||||||||||||
Basic | 0.14 | 0.21 | 0.18 | 0.13 | |||||||||||||
Diluted | 0.13 | 0.2 | 0.18 | 0.13 |
Note_4_Business_Combination_Ta
Note 4 - Business Combination (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
(In thousands) | |||||||||
Assets acquired: | |||||||||
Accounts receivable | $ | 8,017 | |||||||
Inventories | 6,292 | ||||||||
Other current assets | 786 | ||||||||
Property, plant and equipment | 8,638 | ||||||||
Intangibles | 8,530 | ||||||||
Total assets acquired | $ | 32,263 | |||||||
Liabilities assumed: | |||||||||
Accounts payable | $ | 3,240 | |||||||
Accrued expenses | 2,091 | ||||||||
Total liabilities assumed | 5,331 | ||||||||
Net assets acquired | 26,932 | ||||||||
Purchase price | 33,897 | ||||||||
Goodwill | $ | 6,965 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
September 27, | September 28, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Net sales | $ | 469,079 | $ | 431,553 | |||||
Earnings before income taxes | 27,225 | 20,447 | |||||||
Net earnings | 18,928 | 12,406 |
Note_5_Restructuring_Charges_a1
Note 5 - Restructuring Charges and Acquisition Costs (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Restructuring Charges And Acquisition Costs [Text Block] [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
Severance and | Asset | ||||||||||||||||||||
(In thousands) | other employee | impairment | Facility | Equipment | |||||||||||||||||
separation costs | charges | closure costs | relocation costs | Total | |||||||||||||||||
2012 | |||||||||||||||||||||
Liability as of October 1, 2011 | $ | 65 | $ | - | $ | 77 | $ | 112 | $ | 254 | |||||||||||
Restructuring charges, net | (40 | ) | (11 | ) | 139 | 744 | 832 | ||||||||||||||
Cash payments | (25 | ) | - | (216 | ) | (856 | ) | (1,097 | ) | ||||||||||||
Non-cash charges | - | 11 | - | - | 11 | ||||||||||||||||
Liability as of September 29, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - |
Note_6_Fair_Value_Measurements1
Note 6 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
(In thousands) | Total at | Quoted Prices | Observable | ||||||||||
September 27, | in Active | Inputs | |||||||||||
2014 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
Current assets: | |||||||||||||
Cash equivalents | $ | 3,320 | $ | 3,320 | $ | - | |||||||
Other assets: | |||||||||||||
Cash surrender value of life insurance policies | 6,867 | - | 6,867 | ||||||||||
Total | $ | 10,187 | $ | 3,320 | $ | 6,867 | |||||||
(In thousands) | Total at | Quoted Prices | Observable | ||||||||||
September 28, | in Active | Inputs | |||||||||||
2013 | Markets | (Level 2) | |||||||||||
(Level 1) | |||||||||||||
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_7_Intangible_Assets_Table
Note 7 - Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||
(In thousands) | Weighted- | Gross | Accumulated Amortization | Net Book Value | |||||||||||||
Average Useful | |||||||||||||||||
Life (Years) | |||||||||||||||||
Year ended September 27, 2014: | |||||||||||||||||
Customer relationships | 20 | $ | 6,500 | $ | (38 | ) | $ | 6,462 | |||||||||
Developed technology and know-how | 20 | 1,800 | (11 | ) | 1,789 | ||||||||||||
Non-competition agreements | 4.8 | 2,117 | (552 | ) | 1,565 | ||||||||||||
$ | 10,417 | $ | (601 | ) | $ | 9,816 | |||||||||||
(In thousands) | Weighted- | Gross | Accumulated Amortization | Net Book Value | |||||||||||||
Average Useful | |||||||||||||||||
Life (Years) | |||||||||||||||||
Year ended September 28, 2013: | |||||||||||||||||
Non-competition agreement | 3 | $ | 1,887 | $ | (163 | ) | $ | 1,724 | |||||||||
$ | 1,887 | $ | (163 | ) | $ | 1,724 |
Note_8_LongTerm_Debt_Tables
Note 8 - Long-Term Debt (Tables) | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||
Fiscal year(s) | In thousands | ||||
2015 | $ | 102 | |||
2016 | 69 | ||||
2017-2019 | - |
Note_9_StockBased_Compensation1
Note 9 - Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
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] | ' | |||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
September 27, | September 28, | September 29, | ||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Stock options: | ||||||||||||||||||||||||
Compensation expense | $ | 1,139 | $ | 951 | $ | 909 | ||||||||||||||||||
Excess tax benefits | (575 | ) | (660 | ) | - | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
September 27, | September 28, | September 29, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Expected term (in years) | 5.08 | 6 | 6 | |||||||||||||||||||||
Risk-free interest rate | 0.38 | % | 1.4 | % | 1.17 | % | ||||||||||||||||||
Expected volatility | 39.57 | % | 47.32 | % | 52.97 | % | ||||||||||||||||||
Expected dividend yield | 0.6 | % | 0.72 | % | 1.06 | % | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||
Exercise Price | Contractual | |||||||||||||||||||||||
Per Share | Term - | Aggregate | ||||||||||||||||||||||
Weighted | Intrinsic | |||||||||||||||||||||||
(Share amounts in thousands) | Options | Range | Weighted | Average | Value | |||||||||||||||||||
Outstanding | Average | (years) | (in thousands) | |||||||||||||||||||||
Outstanding at October 1, 2011 | 994 | $ | 0.18 | - | $ | 20.27 | $ | 10.89 | ||||||||||||||||
Granted | 178 | 10.23 | - | 13.06 | 11.44 | |||||||||||||||||||
Exercised | (12 | ) | 0.18 | - | 0.18 | 0.18 | $ | 147 | ||||||||||||||||
Outstanding at September 29, 2012 | 1,160 | 0.36 | - | 20.27 | 11.09 | |||||||||||||||||||
Granted | 131 | 16.45 | - | 17.22 | 16.84 | |||||||||||||||||||
Exercised | (373 | ) | 0.36 | - | 12.43 | 9.27 | 2,744 | |||||||||||||||||
Outstanding at September 28, 2013 | 918 | 5.43 | - | 20.27 | 12.65 | |||||||||||||||||||
Granted | 136 | 19.08 | - | 20.5 | 19.8 | |||||||||||||||||||
Exercised | (183 | ) | 5.43 | - | 20.27 | 10.42 | 1,789 | |||||||||||||||||
Outstanding at September 27, 2014 | 871 | 6.89 | - | 20.5 | 14.23 | 6.41 | 5,866 | |||||||||||||||||
Vested and anticipated to vest in future at September 27, 2014 | 869 | 14.23 | 6.4 | 5,858 | ||||||||||||||||||||
Exercisable at September 27, 2014 | 594 | 12.85 | 5.23 | 4,826 | ||||||||||||||||||||
Schedule of RSU Grants and Compensation Expense [Table Text Block] | ' | |||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
September 27, | September 28, | September 29, | ||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Restricted stock unit grants: | ||||||||||||||||||||||||
Units | 64 | 73 | 99 | |||||||||||||||||||||
Market value | $ | 1,252 | $ | 1,225 | $ | 1,165 | ||||||||||||||||||
Compensation expense | 1,522 | 1,210 | 1,299 | |||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||
Restricted | Average | |||||||||||||||||||||||
Stock Units | Grant Date | |||||||||||||||||||||||
(Unit amounts in thousands) | Outstanding | Fair Value | ||||||||||||||||||||||
Balance, October 1, 2011 | 328 | $ | 10.25 | |||||||||||||||||||||
Granted | 99 | 11.77 | ||||||||||||||||||||||
Released | (134 | ) | 10.3 | |||||||||||||||||||||
Balance, September 29, 2012 | 293 | 10.74 | ||||||||||||||||||||||
Granted | 73 | 16.77 | ||||||||||||||||||||||
Forfeited | (6 | ) | 10.72 | |||||||||||||||||||||
Released | (139 | ) | 10 | |||||||||||||||||||||
Balance, September 28, 2013 | 221 | 13.2 | ||||||||||||||||||||||
Granted | 64 | 19.61 | ||||||||||||||||||||||
Released | (88 | ) | 12.33 | |||||||||||||||||||||
Balance, September 27, 2014 | 197 | 15.68 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Provision for income taxes: | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 8,196 | $ | 2,124 | $ | 20 | |||||||||||||||||||
State | 330 | 257 | 62 | ||||||||||||||||||||||
8,526 | 2,381 | 82 | |||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | (323 | ) | 3,571 | 781 | |||||||||||||||||||||
State | 364 | 310 | 54 | ||||||||||||||||||||||
41 | 3,881 | 835 | |||||||||||||||||||||||
Income taxes | $ | 8,567 | $ | 6,262 | $ | 917 | |||||||||||||||||||
Effective income tax rate | 34 | % | 34.8 | % | 33.6 | % | |||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
(Dollars in thousands) | 27-Sep-14 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||
Provision for income taxes at federal statutory rate | $ | 8,823 | 35 | % | $ | 6,299 | 35 | % | $ | 954 | 35 | % | |||||||||||||
Qualified production activities deduction | (755 | ) | (3.0 | ) | (165 | ) | (0.9 | ) | - | - | |||||||||||||||
Valuation allowance | (183 | ) | (0.7 | ) | 51 | 0.3 | (48 | ) | (1.8 | ) | |||||||||||||||
Net effect of life insurance policies | (150 | ) | (0.6 | ) | (191 | ) | (1.1 | ) | (400 | ) | (14.7 | ) | |||||||||||||
State income taxes, net of federal tax benefit | 577 | 2.3 | 479 | 2.7 | 94 | 3.5 | |||||||||||||||||||
Nondeductible stock option expense | 30 | 0.1 | (51 | ) | (0.3 | ) | 161 | 5.9 | |||||||||||||||||
Other, net | 225 | 0.9 | (160 | ) | (0.9 | ) | 156 | 5.7 | |||||||||||||||||
Provision for income taxes | $ | 8,567 | 34 | % | $ | 6,262 | 34.8 | % | $ | 917 | 33.6 | % | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
September 27, | September 28, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Defined benefit plans | $ | 3,419 | $ | 3,245 | |||||||||||||||||||||
Accrued expenses and asset reserves | 2,782 | 2,206 | |||||||||||||||||||||||
Stock-based compensation | 1,804 | 1,560 | |||||||||||||||||||||||
State net operating loss carryforwards and tax credits | 908 | 1,441 | |||||||||||||||||||||||
Goodwill, amortizable for tax purposes | 870 | 986 | |||||||||||||||||||||||
Valuation allowance | (547 | ) | (730 | ) | |||||||||||||||||||||
Deferred tax assets | 9,236 | 8,708 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Plant and equipment | (12,654 | ) | (12,607 | ) | |||||||||||||||||||||
Prepaid insurance and other reserves | (1,032 | ) | (650 | ) | |||||||||||||||||||||
Deferred tax liabilities | (13,686 | ) | (13,257 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (4,450 | ) | $ | (4,549 | ) | |||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||||||||||||||
(In thousands) | 2013 | ||||||||||||||||||||||||
Balance at beginning of year | $ | 76 | |||||||||||||||||||||||
Increase in tax positions of prior years | - | ||||||||||||||||||||||||
Settlement of tax position in current year | (76 | ) | |||||||||||||||||||||||
Balance at end of year | $ | - |
Note_11_Employee_Benefit_Plans1
Note 11 - Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Note 11 - Employee Benefit Plans (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 2,973 | $ | 3,181 | $ | 3,231 | |||||||||||
Interest cost | 137 | 128 | 146 | ||||||||||||||
Actuarial loss (gain) | 174 | (134 | ) | 218 | |||||||||||||
Settlement | - | - | (218 | ) | |||||||||||||
Distributions | (206 | ) | (202 | ) | (196 | ) | |||||||||||
Benefit obligation at end of year | $ | 3,078 | $ | 2,973 | $ | 3,181 | |||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,045 | $ | 1,739 | $ | 1,660 | |||||||||||
Actual return on plan assets | 178 | 201 | 287 | ||||||||||||||
Employer contributions | 240 | 307 | 206 | ||||||||||||||
Settlement | - | - | (218 | ) | |||||||||||||
Distributions | (210 | ) | (202 | ) | (196 | ) | |||||||||||
Fair value of plan assets at end of year | $ | 2,253 | $ | 2,045 | $ | 1,739 | |||||||||||
Reconciliation of funded status to net amount recognized: | |||||||||||||||||
Funded status | $ | (825 | ) | $ | (928 | ) | $ | (1,442 | ) | ||||||||
Net amount recognized | $ | (825 | ) | $ | (928 | ) | $ | (1,442 | ) | ||||||||
Amounts recognized on the consolidated balance sheet: | |||||||||||||||||
Accrued benefit liability | $ | (825 | ) | $ | (928 | ) | $ | (1,442 | ) | ||||||||
Accumulated other comprehensive loss (net of tax) | 782 | 706 | 859 | ||||||||||||||
Net amount recognized | $ | (43 | ) | $ | (222 | ) | $ | (583 | ) | ||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||||||
Unrecognized net loss | $ | 1,261 | $ | 1,138 | $ | 1,386 | |||||||||||
Net amount recognized | $ | 1,261 | $ | 1,138 | $ | 1,386 | |||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||||||||||||||||
Net loss (gain) | $ | 165 | $ | (192 | ) | $ | (31 | ) | |||||||||
Amortization of net loss | (43 | ) | (56 | ) | (49 | ) | |||||||||||
Total recognized in other comprehensive income (loss) | $ | 122 | $ | (248 | ) | $ | (80 | ) | |||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Interest cost | $ | 137 | $ | 128 | $ | 146 | |||||||||||
Expected return on plan assets | (165 | ) | (142 | ) | (134 | ) | |||||||||||
Recognized net actuarial loss | 43 | 56 | 49 | ||||||||||||||
Net periodic pension cost | $ | 15 | $ | 42 | $ | 61 | |||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||
Fiscal year(s) | In thousands | ||||||||||||||||
2015 | $ | 213 | |||||||||||||||
2016 | 212 | ||||||||||||||||
2017 | 206 | ||||||||||||||||
2018 | 207 | ||||||||||||||||
2019 | 204 | ||||||||||||||||
2020 - 2024 | 971 | ||||||||||||||||
Fiscal year(s) | In thousands | ||||||||||||||||
2015 | $ | 290 | |||||||||||||||
2016 | 290 | ||||||||||||||||
2017 | 290 | ||||||||||||||||
2018 | 356 | ||||||||||||||||
2019 | 319 | ||||||||||||||||
2020-2024 | 1,961 | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
(In thousands) | Total at | Quoted Prices | Observable | ||||||||||||||
September 27, | in Active | Inputs | |||||||||||||||
2014 | Markets | (Level 2) | |||||||||||||||
(Level 1) | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash equivalents | $ | 3,320 | $ | 3,320 | $ | - | |||||||||||
Other assets: | |||||||||||||||||
Cash surrender value of life insurance policies | 6,867 | - | 6,867 | ||||||||||||||
Total | $ | 10,187 | $ | 3,320 | $ | 6,867 | |||||||||||
(In thousands) | Total at | Quoted Prices | Observable | ||||||||||||||
September 28, | in Active | Inputs | |||||||||||||||
2013 | Markets | (Level 2) | |||||||||||||||
(Level 1) | |||||||||||||||||
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 | |||||||||||
Pension Plan [Member] | ' | ||||||||||||||||
Note 11 - Employee Benefit Plans (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||
Measurement Date | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Assumptions at year-end: | |||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 4 | % | |||||||||||
Rate of increase in compensation levels | N/A | N/A | N/A | ||||||||||||||
Expected long-term rate of return on assets | 8 | % | 8 | % | 8 | % | |||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||
Target Allocation | Percentage of Plan Assets at Measurement Date | ||||||||||||||||
September 27, | September 27, | September 28, | September 29, | ||||||||||||||
2014 | 2014 | 2013 | 2012 | ||||||||||||||
Large-cap equities | 35 | % | 36.6 | % | 37.7 | % | 39.3 | % | |||||||||
Mid-cap equities | 8 | % | 7.4 | % | 8.1 | % | 8.9 | % | |||||||||
Small-cap equities | 9 | % | 8.3 | % | 8.5 | % | 5.6 | % | |||||||||
International equities | 8 | % | 8.8 | % | 7.5 | % | 5.9 | % | |||||||||
Fixed income securities | 40 | % | 38 | % | 36.1 | % | 37.2 | % | |||||||||
Cash and cash equivalents | 0 | % | 0.9 | % | 2.1 | % | 3.1 | % | |||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
(In thousands) | Total at | Quoted Prices | Observable | Unobservable | |||||||||||||
September 27, | in Active | Inputs | Inputs | ||||||||||||||
2014 | Markets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Large-cap equities | $ | 825 | $ | 825 | $ | - | $ | - | |||||||||
Mid-cap equities | 166 | 166 | - | - | |||||||||||||
Small-cap equities | 187 | 187 | - | - | |||||||||||||
International equities | 199 | 199 | - | - | |||||||||||||
Fixed income securities | 855 | 855 | - | - | |||||||||||||
Cash and cash equivalents | 21 | - | 21 | - | |||||||||||||
Total | $ | 2,253 | $ | 2,232 | $ | 21 | $ | - | |||||||||
(In thousands) | Total at | Quoted Prices | Observable | Unobservable | |||||||||||||
September 28, | in Active | Inputs | Inputs | ||||||||||||||
2013 | Markets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | |||||||||||||||||
Large-cap equities | $ | 771 | $ | 771 | $ | - | $ | - | |||||||||
Mid-cap equities | 165 | 165 | - | - | |||||||||||||
Small-cap equities | 174 | 174 | - | - | |||||||||||||
International equities | 153 | 153 | - | - | |||||||||||||
Fixed income securities | 739 | 739 | - | - | |||||||||||||
Cash and cash equivalents | 43 | - | 43 | - | |||||||||||||
Total | $ | 2,045 | $ | 2,002 | $ | 43 | $ | - | |||||||||
Supplemental Employee Retirement Plan [Member] | ' | ||||||||||||||||
Note 11 - Employee Benefit Plans (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 6,938 | $ | 7,461 | $ | 6,102 | |||||||||||
Service cost | 219 | 242 | 217 | ||||||||||||||
Interest cost | 315 | 287 | 301 | ||||||||||||||
Actuarial loss (gain) | 298 | (807 | ) | 1,085 | |||||||||||||
Distributions | (290 | ) | (245 | ) | (244 | ) | |||||||||||
Benefit obligation at end of year | $ | 7,480 | $ | 6,938 | $ | 7,461 | |||||||||||
Change in plan assets: | |||||||||||||||||
Actual employer contributions | $ | 290 | $ | 245 | $ | 244 | |||||||||||
Actual distributions | (290 | ) | (245 | ) | (244 | ) | |||||||||||
Plan assets at fair value at end of year | $ | - | $ | - | $ | - | |||||||||||
Reconciliation of funded status to net amount recognized: | |||||||||||||||||
Funded status | $ | (7,480 | ) | $ | (6,938 | ) | $ | (7,461 | ) | ||||||||
Net amount recognized | $ | (7,480 | ) | $ | (6,938 | ) | $ | (7,461 | ) | ||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||||||
Unrecognized net loss | $ | 1,627 | $ | 1,380 | $ | 2,324 | |||||||||||
Unrecognized prior service cost | - | - | 227 | ||||||||||||||
Net amount recognized | $ | 1,627 | $ | 1,380 | $ | 2,551 | |||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||||||||||||||||
Net loss (gain) | $ | 298 | $ | (807 | ) | $ | 1,085 | ||||||||||
Prior service costs | - | (227 | ) | (227 | ) | ||||||||||||
Amortization of net loss | (52 | ) | (136 | ) | (91 | ) | |||||||||||
Total recognized in other comprehensive income (loss) | $ | 246 | $ | (1,170 | ) | $ | 767 | ||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Year Ended | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 219 | $ | 242 | $ | 217 | |||||||||||
Interest cost | 315 | 287 | 301 | ||||||||||||||
Prior service cost | - | 227 | 227 | ||||||||||||||
Amortization of net loss | 52 | 136 | 91 | ||||||||||||||
Net periodic pension cost | $ | 586 | $ | 892 | $ | 836 | |||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||
Measurement Date | |||||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Assumptions at year-end: | |||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 4 | % | |||||||||||
Rate of increase in compensation levels | 3 | % | 3 | % | 3 | % |
Note_13_Earnings_Per_Share_Tab
Note 13 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Net earnings | $ | 16,641 | $ | 11,735 | $ | 1,809 | |||||||
Basic weighted average shares outstanding | 18,257 | 17,948 | 17,664 | ||||||||||
Dilutive effect of stock-based compensation | 408 | 405 | 326 | ||||||||||
Diluted weighted average shares outstanding | 18,665 | 18,353 | 17,990 | ||||||||||
Net earnings per share: | |||||||||||||
Basic | $ | 0.91 | $ | 0.65 | $ | 0.1 | |||||||
Diluted | 0.89 | 0.64 | 0.1 |
Note_14_Business_Segment_Infor1
Note 14 - Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales: | |||||||||||||
United States | $ | 402,675 | $ | 357,890 | $ | 358,539 | |||||||
Foreign | 6,303 | 6,006 | 4,764 | ||||||||||
Total | $ | 408,978 | $ | 363,896 | $ | 363,303 | |||||||
Long-lived assets: | |||||||||||||
United States | $ | 114,034 | $ | 90,922 | $ | 92,862 | |||||||
Foreign | - | - | - | ||||||||||
Total | $ | 114,034 | $ | 90,922 | $ | 92,862 | |||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales: | |||||||||||||
Welded wire reinforcement | $ | 255,294 | $ | 227,957 | $ | 230,049 | |||||||
Prestressed concrete strand | 153,684 | 135,939 | 133,254 | ||||||||||
Total | $ | 408,978 | $ | 363,896 | $ | 363,303 |
Note_16_Comprehensive_Loss_Tab
Note 16 - Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Year Ended | |||||||||||||
(In thousands) | September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Adjustment to defined benefit plan liability, net of taxes | $ | (1,790 | ) | $ | (1,562 | ) | $ | (2,441 | ) | ||||
Total accumulated other comprehensive loss | $ | (1,790 | ) | $ | (1,562 | ) | $ | (2,441 | ) |
Note_17_Other_Financial_Data_T
Note 17 - Other Financial Data (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Other Financial Data [Text Block] [Abstract] | ' | ||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||
September 27, | September 28, | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Accounts receivable, net: | |||||||||
Accounts receivable | $ | 52,099 | $ | 42,006 | |||||
Less allowance for doubtful accounts | (888 | ) | (896 | ) | |||||
Total | $ | 51,211 | $ | 41,110 | |||||
Inventories: | |||||||||
Raw materials | $ | 49,200 | $ | 33,842 | |||||
Work in process | 3,789 | 3,074 | |||||||
Finished goods | 28,910 | 21,877 | |||||||
Total | $ | 81,899 | $ | 58,793 | |||||
Other current assets: | |||||||||
Current deferred tax asset | $ | 2,122 | $ | 2,732 | |||||
Prepaid insurance | 1,890 | 1,332 | |||||||
Other | 2,421 | 1,799 | |||||||
Total | $ | 6,433 | $ | 5,863 | |||||
Other assets: | |||||||||
Cash surrender value of life insurance policies, net of loans of $ - and $ - | $ | 6,867 | $ | 6,145 | |||||
Capitalized financing costs, net | 69 | 171 | |||||||
Other | 99 | 350 | |||||||
Total | $ | 7,035 | $ | 6,666 | |||||
Property, plant and equipment, net: | |||||||||
Land and land improvements | $ | 9,704 | $ | 9,175 | |||||
Buildings | 42,047 | 42,258 | |||||||
Machinery and equipment | 133,699 | 129,861 | |||||||
Construction in progress | 7,648 | 210 | |||||||
193,098 | 181,504 | ||||||||
Less accumulated depreciation | (102,712 | ) | (98,451 | ) | |||||
Total | $ | 90,386 | $ | 83,053 | |||||
Accrued expenses: | |||||||||
Salaries, wages and related expenses | $ | 4,659 | $ | 2,790 | |||||
Customer rebates | 1,530 | 813 | |||||||
Property taxes | 1,242 | 1,155 | |||||||
Pension plan | 825 | 928 | |||||||
Deferred revenues | 525 | 79 | |||||||
Restructuring liabilities | 481 | - | |||||||
Worker's compensation | 290 | 307 | |||||||
Interest | 28 | 31 | |||||||
Other | 795 | 751 | |||||||
Total | $ | 10,375 | $ | 6,854 | |||||
Other liabilities: | |||||||||
Deferred compensation | $ | 7,426 | $ | 6,897 | |||||
Deferred income taxes | 6,572 | 7,281 | |||||||
Other | 728 | - | |||||||
Total | $ | 14,726 | $ | 14,178 |
Financial_Information_by_Quart2
Financial Information by Quarter (Unaudited) (Details) - Financial Information by Quarter (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Operating results: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $117,097 | $113,227 | $91,436 | $87,218 | $98,190 | $96,946 | $82,873 | $85,887 | $408,978 | $363,896 | $363,303 |
Gross profit | 13,849 | 14,263 | 11,606 | 9,055 | 8,679 | 10,910 | 11,051 | 8,593 | 48,773 | 39,233 | 22,458 |
Net earnings | $4,575 | $5,797 | $3,522 | $2,747 | $2,345 | $3,274 | $3,714 | $2,402 | $16,641 | $11,735 | $1,809 |
Net earnings per share amounts: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.25 | $0.32 | $0.19 | $0.15 | $0.13 | $0.18 | $0.21 | $0.14 | $0.91 | $0.65 | $0.10 |
Diluted (in Dollars per share) | $0.24 | $0.31 | $0.19 | $0.15 | $0.13 | $0.18 | $0.20 | $0.13 | $0.89 | $0.64 | $0.10 |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 28, 2012 | Sep. 29, 2012 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Depreciation | $9,800,000 | $9,700,000 | ' | $9,800,000 |
Interest Costs Capitalized | 0 | 0 | 0 | ' |
Goodwill, Impairment Loss | 0 | ' | ' | ' |
Asset Impairment Charges | $0 | $0 | ' | $0 |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 | ' | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '15 | ' | ' | ' |
Building [Member] | Minimum [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 | ' | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '30 | ' | ' | ' |
Land Improvements [Member] | Minimum [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 | ' | ' | ' |
Land Improvements [Member] | Maximum [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '15 | ' | ' | ' |
Computer Software, Intangible Asset [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' | ' |
Note_4_Business_Combination_De
Note 4 - Business Combination (Details) (ASW Acquisition [Member], USD $) | 0 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Aug. 15, 2014 | Sep. 27, 2014 |
ASW Acquisition [Member] | ' | ' |
Note 4 - Business Combination (Details) [Line Items] | ' | ' |
Business Combination, Consideration Transferred | $33.90 | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | $7.30 |
Note_4_Business_Combination_De1
Note 4 - Business Combination (Details) - Purchase Price Allocation Schedule (USD $) | Sep. 27, 2014 | Aug. 15, 2014 |
In Thousands, unless otherwise specified | ||
Assets acquired: | ' | ' |
Accounts receivable | ' | $8,017 |
Inventories | ' | 6,292 |
Other current assets | ' | 786 |
Property, plant and equipment | ' | 8,638 |
Intangibles | ' | 8,530 |
Total assets acquired | ' | 32,263 |
Liabilities assumed: | ' | ' |
Accounts payable | ' | 3,240 |
Accrued expenses | ' | 2,091 |
Total liabilities assumed | ' | 5,331 |
Net assets acquired | ' | 26,932 |
Purchase price | ' | 33,897 |
Goodwill | $6,965 | $6,965 |
Note_4_Business_Combination_De2
Note 4 - Business Combination (Details) - Pro forma Combined Results of Operations (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Pro forma Combined Results of Operations [Abstract] | ' | ' |
Net sales | $469,079 | $431,553 |
Earnings before income taxes | 27,225 | 20,447 |
Net earnings | $18,928 | $12,406 |
Note_5_Restructuring_Charges_a2
Note 5 - Restructuring Charges and Acquisition Costs (Details) (USD $) | 12 Months Ended | |
Sep. 27, 2014 | Sep. 29, 2012 | |
Note 5 - Restructuring Charges and Acquisition Costs (Details) [Line Items] | ' | ' |
Restructuring Charges | $1,247,000 | $832,000 |
Restructuring Reserve, Current | 481,000 | ' |
Business Combination, Acquisition Related Costs | 612,000 | ' |
Current [Member] | ASW Acquisition [Member] | ' | ' |
Note 5 - Restructuring Charges and Acquisition Costs (Details) [Line Items] | ' | ' |
Restructuring Reserve, Current | 500,000 | ' |
Long Term [Member] | ASW Acquisition [Member] | ' | ' |
Note 5 - Restructuring Charges and Acquisition Costs (Details) [Line Items] | ' | ' |
Restructuring Reserve, Noncurrent | 700,000 | ' |
Employee Severance [Member] | ' | ' |
Note 5 - Restructuring Charges and Acquisition Costs (Details) [Line Items] | ' | ' |
Restructuring Charges | 1,200,000 | -40,000 |
ASW Acquisition [Member] | ' | ' |
Note 5 - Restructuring Charges and Acquisition Costs (Details) [Line Items] | ' | ' |
Business Combination, Acquisition Related Costs | $600,000 | ' |
Note_5_Restructuring_Charges_a3
Note 5 - Restructuring Charges and Acquisition Costs (Details) - Summaries of the Restructuring Activities and Associated Costs Incurred (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 29, 2012 |
2012 | ' | ' |
Liability as of October 1, 2011 | ' | $254 |
Restructuring charges, net | 1,247 | 832 |
Cash payments | ' | -1,097 |
Non-cash charges | ' | 11 |
Liability as of September 29, 2012 | ' | 0 |
Employee Severance [Member] | ' | ' |
2012 | ' | ' |
Liability as of October 1, 2011 | ' | 65 |
Restructuring charges, net | 1,200 | -40 |
Cash payments | ' | -25 |
Asset Impairment Charges [Member] | ' | ' |
2012 | ' | ' |
Restructuring charges, net | ' | -11 |
Non-cash charges | ' | 11 |
Facility Closing [Member] | ' | ' |
2012 | ' | ' |
Liability as of October 1, 2011 | ' | 77 |
Restructuring charges, net | ' | 139 |
Cash payments | ' | -216 |
Equipment Relocation Costs [Member] | ' | ' |
2012 | ' | ' |
Liability as of October 1, 2011 | ' | 112 |
Restructuring charges, net | ' | 744 |
Cash payments | ' | ($856) |
Note_6_Fair_Value_Measurements2
Note 6 - Fair Value Measurements (Details) (Non Financial [Member], USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Non Financial [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | $0 | $0 |
Note_6_Fair_Value_Measurements3
Note 6 - Fair Value Measurements (Details) - Fair Value of Financial Assets (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash Equivalents | $3,320 | $15,534 |
Other assets: | ' | ' |
Cash surrender value of life insurance policies | 6,867 | 6,145 |
Total | 10,187 | 21,679 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Current assets: | ' | ' |
Cash Equivalents | 3,320 | 15,534 |
Other assets: | ' | ' |
Total | 3,320 | 15,534 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Other assets: | ' | ' |
Cash surrender value of life insurance policies | 6,867 | 6,145 |
Total | $6,867 | $6,145 |
Note_7_Intangible_Assets_Detai
Note 7 - Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Disclosure Text Block [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $438,000 | $163,000 | $0 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 866,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 866,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 861,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 629,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $414,000 | ' | ' |
Note_7_Intangible_Assets_Detai1
Note 7 - Intangible Assets (Details) - The Primary Components of the Company’s Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 10,417 | 1,887 |
Accumulated Amortization | -601 | -163 |
Net Book Value | 9,816 | 1,724 |
Customer Relationships [Member] | Weighted Average [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Useful Life | '20 years | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 6,500 | ' |
Accumulated Amortization | -38 | ' |
Net Book Value | 6,462 | ' |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Useful Life | '20 years | ' |
Technology-Based Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 1,800 | ' |
Accumulated Amortization | -11 | ' |
Net Book Value | 1,789 | ' |
Noncompete Agreements [Member] | Weighted Average [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Useful Life | '4 years 292 days | '3 years |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 2,117 | 1,887 |
Accumulated Amortization | -552 | -163 |
Net Book Value | 1,565 | 1,724 |
Note_8_LongTerm_Debt_Details
Note 8 - Long-Term Debt (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||
Dec. 12, 2011 | Nov. 19, 2010 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Feb. 06, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Feb. 05, 2012 | Sep. 27, 2014 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||||
Prime Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Note 8 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Jun-16 | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | $75,000,000 | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,700,000 | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 0.50% | 0.50% | 1.25% | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' |
Credit Facility Liquidity Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' | ' | ' |
Amortization of Financing Costs | ' | ' | 102,000 | 102,000 | 97,000 | ' | ' | ' | ' | ' | ' | ' | ' | 102,000 | 102,000 | 97,000 | ' | ' |
Accumulated Amortization, Deferred Finance Costs | ' | ' | 4,400,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | 'five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Repayment of Subordinated Debt | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | $425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_LongTerm_Debt_Details_A
Note 8 - Long-Term Debt (Details) - Amortized Financing Costs (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Amortized Financing Costs [Abstract] | ' |
2015 | $102 |
2016 | $69 |
Note_9_StockBased_Compensation2
Note 9 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Jun. 28, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Note 9 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | 387,000 | ' | ' |
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 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $7 | $7.06 | $5.20 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | 454,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 146 days | ' | ' | ' |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '1 year | ' | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '3 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '1 year 204 days | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | ' | $753,000 | ' | ' |
Note_9_StockBased_Compensation3
Note 9 - Stock-Based Compensation (Details) - Compensation Expense and Excess Tax Benefits Associated with Stock Options (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Stock options: | ' | ' | ' |
Excess tax benefits | ($575) | ($660) | ' |
Employee Stock Option [Member] | ' | ' | ' |
Stock options: | ' | ' | ' |
Compensation expense | $1,139 | $951 | $909 |
Note_9_StockBased_Compensation4
Note 9 - Stock-Based Compensation (Details) - Stock Options Valuation Assumptions | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Stock Options Valuation Assumptions [Abstract] | ' | ' | ' |
Expected term (in years) | '5 years 29 days | '6 years | '6 years |
Risk-free interest rate | 0.38% | 1.40% | 1.17% |
Expected volatility | 39.57% | 47.32% | 52.97% |
Expected dividend yield | 0.60% | 0.72% | 1.06% |
Note_9_StockBased_Compensation5
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' | ' |
Outstanding (in Shares) | 918 | 1,160 | 994 |
Outstanding at September 27, 2014 (in Shares) | 871 | 918 | 1,160 |
Outstanding at September 27, 2014 | '6 years 149 days | ' | ' |
Outstanding at September 27, 2014 (in Dollars) | $5,866 | ' | ' |
Vested and anticipated to vest in future at September 27, 2014 (in Shares) | 869 | ' | ' |
Vested and anticipated to vest in future at September 27, 2014 | '6 years 146 days | ' | ' |
Vested and anticipated to vest in future at September 27, 2014 (in Dollars) | 5,858 | ' | ' |
Exercisable at September 27, 2014 (in Shares) | 594 | ' | ' |
Exercisable at September 27, 2014 | '5 years 83 days | ' | ' |
Exercisable at September 27, 2014 (in Dollars) | 4,826 | ' | ' |
Granted (in Shares) | 136 | 131 | 178 |
Excercise (in Shares) | -183 | -373 | -12 |
Exercise Intrinsic Value (in Dollars) | $1,789 | $2,744 | $147 |
Minimum [Member] | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' | ' |
Outstanding | $5.43 | $0.36 | $0.18 |
Outstanding at September 27, 2014 | $6.89 | $5.43 | $0.36 |
Granted Weighted Average | $19.08 | $16.45 | $10.23 |
Exercise Weighted Average | $5.43 | $0.36 | $0.18 |
Maximum [Member] | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' | ' |
Outstanding | $20.27 | $20.27 | $20.27 |
Outstanding at September 27, 2014 | $20.50 | $20.27 | $20.27 |
Granted Weighted Average | $20.50 | $17.22 | $13.06 |
Exercise Weighted Average | $20.27 | $12.43 | $0.18 |
Weighted Average [Member] | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' | ' |
Outstanding | $12.65 | $11.09 | $10.89 |
Outstanding at September 27, 2014 | $14.23 | $12.65 | $11.09 |
Vested and anticipated to vest in future at September 27, 2014 | $14.23 | ' | ' |
Exercisable at September 27, 2014 | $12.85 | ' | ' |
Granted Weighted Average | $19.80 | $16.84 | $11.44 |
Exercise Weighted Average | $10.42 | $9.27 | $0.18 |
Note_9_StockBased_Compensation6
Note 9 - Stock-Based Compensation (Details) - RSU Grants and Compensation Expense (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Restricted stock unit grants: | ' | ' | ' |
Units (in Shares) | 64 | 73 | 99 |
Market value | $1,252 | $1,225 | $1,165 |
Compensation expense | $1,522 | $1,210 | $1,299 |
Note_9_StockBased_Compensation7
Note 9 - Stock-Based Compensation (Details) - Restricted Stock and Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) - Restricted Stock and Restricted Stock Unit Activity [Line Items] | ' | ' | ' |
Balance | 221 | 293 | 328 |
Balance Weighted Average | $13.20 | $10.74 | $10.25 |
Balance, September 27, 2014 | 197 | 221 | 293 |
Balance, September 27, 2014 | $15.68 | $13.20 | $10.74 |
Granted | 64 | 73 | 99 |
Granted Weighted Average | $19.61 | $16.77 | $11.77 |
Forfeited | ' | -6 | ' |
Forfeited | ' | $10.72 | ' |
Released | -88 | -139 | -134 |
Released Weighted Average | $12.33 | $10 | $10.30 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | $2,100,000 | $2,700,000 | ' |
Deferred Tax Liabilities, Net, Noncurrent | 6,572,000 | 7,281,000 | ' |
Deferred Tax Assets, Valuation Allowance | 547,000 | 730,000 | ' |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -183,000 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | 6,000 |
Earliest Tax Year [Member] | Federal and Various State Tax Returns [Member] | ' | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Open Tax Year | '2009 | ' | ' |
Earliest Tax Year [Member] | Certain State Tax Returns [Member] | ' | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Open Tax Year | '2003 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 13,500,000 | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | $220,000 | ' | ' |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Continuing Operations Income Tax Provision (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Current: | ' | ' | ' |
Federal | $8,196 | $2,124 | $20 |
State | 330 | 257 | 62 |
8,526 | 2,381 | 82 | |
Deferred: | ' | ' | ' |
Federal | -323 | 3,571 | 781 |
State | 364 | 310 | 54 |
41 | 3,881 | 835 | |
Income taxes | $8,567 | $6,262 | $917 |
Effective income tax rate | 34.00% | 34.80% | 33.60% |
Note_10_Income_Taxes_Details_I
Note 10 - Income Taxes (Details) - Income Tax Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Tax Reconciliation [Abstract] | ' | ' | ' |
Provision for income taxes at federal statutory rate | $8,823 | $6,299 | $954 |
Provision for income taxes at federal statutory rate | 35.00% | 35.00% | 35.00% |
Qualified production activities deduction | -755 | -165 | ' |
Qualified production activities deduction | -3.00% | -0.90% | ' |
Valuation allowance | -183 | 51 | -48 |
Valuation allowance | -0.70% | 0.30% | -1.80% |
Net effect of life insurance policies | -150 | -191 | -400 |
Net effect of life insurance policies | -0.60% | -1.10% | -14.70% |
State income taxes, net of federal tax benefit | 577 | 479 | 94 |
State income taxes, net of federal tax benefit | 2.30% | 2.70% | 3.50% |
Nondeductible stock option expense | 30 | -51 | 161 |
Nondeductible stock option expense | 0.10% | -0.30% | 5.90% |
Other, net | 225 | -160 | 156 |
Other, net | 0.90% | -0.90% | 5.70% |
Provision for income taxes | $8,567 | $6,262 | $917 |
Provision for income taxes | 34.00% | 34.80% | 33.60% |
Note_10_Income_Taxes_Details_D
Note 10 - Income Taxes (Details) - Deferred Tax Asset and Liability Components (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Deferred tax assets: | ' | ' |
Defined benefit plans | $3,419,000 | $3,245,000 |
Accrued expenses and asset reserves | 2,782,000 | 2,206,000 |
Stock-based compensation | 1,804,000 | 1,560,000 |
State net operating loss carryforwards and tax credits | 908,000 | 1,441,000 |
Goodwill, amortizable for tax purposes | 870,000 | 986,000 |
Valuation allowance | -547,000 | -730,000 |
Deferred tax assets | 9,236,000 | 8,708,000 |
Deferred tax liabilities: | ' | ' |
Plant and equipment | -12,654,000 | -12,607,000 |
Prepaid insurance and other reserves | -1,032,000 | -650,000 |
Deferred tax liabilities | -13,686,000 | -13,257,000 |
Net deferred tax liability | ($4,450,000) | ($4,549,000) |
Note_10_Income_Taxes_Details_U
Note 10 - Income Taxes (Details) - Unrecognized Tax Benefit Reconciliation (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Unrecognized Tax Benefit Reconciliation [Abstract] | ' |
Balance at beginning of year | $76 |
Settlement of tax position in current year | ($76) |
Note_11_Employee_Benefit_Plans2
Note 11 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Pension Contributions | $240,000 | $307,000 | $206,000 | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 261,000 | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | ' | ' | -95,000 | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | ' | ' | 75.00% |
Defined Contribution Plan, Cost Recognized | 862,000 | 758,000 | 734,000 | ' |
Equity Funds [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 60.00% | ' | ' | ' |
Fixed Income Funds [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% | ' | ' | ' |
SERPs Supported by Life Insurance Policies [Member] | Supplemental Employee Retirement Plan [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | 25,000 | 28,000 | 62,000 | ' |
First One Percent Of Defined Contribution Plan [Member] | Retirement Savings Plan [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | 100.00% | 100.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | 1.00% | 1.00% | ' |
Second Five Percent Of Defined Contribution Plan [Member] | Retirement Savings Plan [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | 50.00% | 50.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | 5.00% | 5.00% | ' |
Minimum [Member] | Supplemental Employee Retirement Plan [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Employment Term | '15 years | ' | ' | ' |
Minimum [Member] | Reduced SERP [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Employment Term | '10 years | ' | ' | ' |
Pension Plan [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Future Amortization of Gain (Loss) | -47,000 | ' | ' | ' |
Supplemental Employee Retirement Plan [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 83,000 | ' | ' | ' |
Defined Benefit Plan, Employment Term | '30 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, Benefits Paid | 290,000 | 245,000 | 244,000 | ' |
Postemployment Benefits, Period Expense | 16,000 | 15,000 | 15,000 | ' |
Reduced SERP [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Retirement Age | '65 years | ' | ' | ' |
VEBA [Member] | ' | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 4,600,000 | 3,600,000 | 3,400,000 | ' |
Healthcare Coverage Claims In Excess Of | $175,000 | ' | ' | ' |
Note_11_Employee_Benefit_Plans3
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Obligation Reconciliation (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Obligation Reconciliation [Line Items] | ' | ' | ' |
Fair value of plan assets at beginning of year | $2,045,000 | ' | ' |
Fair value of plan assets at end of year | 2,253,000 | 2,045,000 | ' |
Accumulated other comprehensive loss (net of tax) | 1,790,000 | 1,562,000 | 2,441,000 |
Total recognized in other comprehensive income (loss) | 228,000 | -879,000 | 426,000 |
Change in Benefit Obligation [Member] | Pension Plan [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Obligation Reconciliation [Line Items] | ' | ' | ' |
Settlement | ' | ' | -218,000 |
Distributions | -206,000 | -202,000 | -196,000 |
Change in Plan Assets [Member] | Pension Plan [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Obligation Reconciliation [Line Items] | ' | ' | ' |
Settlement | ' | ' | -218,000 |
Distributions | -210,000 | -202,000 | -196,000 |
Pension Plan [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Obligation Reconciliation [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 2,973,000 | 3,181,000 | 3,231,000 |
Interest cost | 137,000 | 128,000 | 146,000 |
Actuarial loss (gain) | 174,000 | -134,000 | 218,000 |
Fair value of plan assets at beginning of year | 2,045,000 | 1,739,000 | 1,660,000 |
Actual return on plan assets | 178,000 | 201,000 | 287,000 |
Employer contributions | 240,000 | 307,000 | 206,000 |
Fair value of plan assets at end of year | 2,253,000 | 2,045,000 | 1,739,000 |
Benefit obligation at end of year | 3,078,000 | 2,973,000 | 3,181,000 |
Funded status | -825,000 | -928,000 | -1,442,000 |
Accrued benefit liability | -825,000 | -928,000 | -1,442,000 |
Accumulated other comprehensive loss (net of tax) | 782,000 | 706,000 | 859,000 |
Net amount recognized | -43,000 | -222,000 | -583,000 |
Unrecognized net loss | 1,261,000 | 1,138,000 | 1,386,000 |
Net amount recognized | 1,261,000 | 1,138,000 | 1,386,000 |
Net loss (gain) | 165,000 | -192,000 | -31,000 |
Amortization of net loss | -43,000 | -56,000 | -49,000 |
Total recognized in other comprehensive income (loss) | $122,000 | ($248,000) | ($80,000) |
Note_11_Employee_Benefit_Plans4
Note 11 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components (Pension Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Note 11 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components [Line Items] | ' | ' | ' |
Interest cost | $137 | $128 | $146 |
Expected return on plan assets | -165 | -142 | -134 |
Recognized net actuarial loss | 174 | -134 | 218 |
Net periodic pension cost | 15 | 42 | 61 |
Recognized Net Actuarial Loss [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components [Line Items] | ' | ' | ' |
Recognized net actuarial loss | $43 | $56 | $49 |
Note_11_Employee_Benefit_Plans5
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Payments (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Pension Plan [Member] | ' |
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Payments [Line Items] | ' |
2015 | $213 |
2016 | 212 |
2017 | 206 |
2018 | 207 |
2019 | 204 |
2020-2024 | 971 |
Supplemental Employee Retirement Plan [Member] | ' |
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Payments [Line Items] | ' |
2015 | 290 |
2016 | 290 |
2017 | 290 |
2018 | 356 |
2019 | 319 |
2020-2024 | $1,961 |
Note_11_Employee_Benefit_Plans6
Note 11 - Employee Benefit Plans (Details) - Delaware Plan Valuation Assumptions (Pension Plan [Member]) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Pension Plan [Member] | ' | ' | ' |
Assumptions at year-end: | ' | ' | ' |
Discount rate | 4.25% | 4.75% | 4.00% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on assets | 8.00% | 8.00% | 8.00% |
Note_11_Employee_Benefit_Plans7
Note 11 - Employee Benefit Plans (Details) - Plan Asset Mix | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Large Cap Equities [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Asset Mix [Line Items] | ' | ' | ' |
Target Allocation | 35.00% | ' | ' |
Percentage of Plan | 36.60% | 37.70% | 39.30% |
Mid Cap Equity [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Asset Mix [Line Items] | ' | ' | ' |
Target Allocation | 8.00% | ' | ' |
Percentage of Plan | 7.40% | 8.10% | 8.90% |
Small Cap Equities [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Asset Mix [Line Items] | ' | ' | ' |
Target Allocation | 9.00% | ' | ' |
Percentage of Plan | 8.30% | 8.50% | 5.60% |
International Equities [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Asset Mix [Line Items] | ' | ' | ' |
Target Allocation | 8.00% | ' | ' |
Percentage of Plan | 8.80% | 7.50% | 5.90% |
Fixed Income Funds [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Asset Mix [Line Items] | ' | ' | ' |
Target Allocation | 40.00% | ' | ' |
Percentage of Plan | 38.00% | 36.10% | 37.20% |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Asset Mix [Line Items] | ' | ' | ' |
Target Allocation | 0.00% | ' | ' |
Percentage of Plan | 0.90% | 2.10% | 3.10% |
Note_11_Employee_Benefit_Plans8
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | $2,253 | $2,045 |
Large Cap Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 825 | 771 |
Large Cap Equities [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 825 | 771 |
Mid Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 166 | 165 |
Mid Cap Equity [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 166 | 165 |
Small Cap Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 187 | 174 |
Small Cap Equities [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 187 | 174 |
International Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 199 | 153 |
International Equities [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 199 | 153 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 855 | 739 |
Fixed Income Funds [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 855 | 739 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 21 | 43 |
Cash and Cash Equivalents [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 21 | 43 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | 2,232 | 2,002 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Plan Assets Fair Value [Line Items] | ' | ' |
Plan assets | $21 | $43 |
Note_11_Employee_Benefit_Plans9
Note 11 - Employee Benefit Plans (Details) - Projected Benefit Obligation Reconciliation, SERPs (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Change in benefit obligation: | ' | ' | ' |
Plan assets at fair value at end of year | $2,253,000 | $2,045,000 | ' |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ' | ' | ' |
Total recognized in other comprehensive income (loss) | 228,000 | -879,000 | 426,000 |
Supplemental Employee Retirement Plan [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 6,938,000 | 7,461,000 | 6,102,000 |
Service cost | 219,000 | 242,000 | 217,000 |
Interest cost | 315,000 | 287,000 | 301,000 |
Actuarial loss (gain) | 298,000 | -807,000 | 1,085,000 |
Actual employer contributions | 290,000 | 245,000 | 244,000 |
Distributions | -290,000 | -245,000 | -244,000 |
Benefit obligation at end of year | 7,480,000 | 6,938,000 | 7,461,000 |
Plan assets at fair value at end of year | 0 | 0 | 0 |
Reconciliation of funded status to net amount recognized: | ' | ' | ' |
Funded status | -7,480,000 | -6,938,000 | -7,461,000 |
Amounts recognized in accumulated other comprehensive loss: | ' | ' | ' |
Unrecognized net loss | 1,627,000 | 1,380,000 | 2,324,000 |
Unrecognized prior service cost | ' | ' | 227,000 |
Net amount recognized | 1,627,000 | 1,380,000 | 2,551,000 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ' | ' | ' |
Net loss (gain) | 298,000 | -807,000 | 1,085,000 |
Prior service costs | ' | -227,000 | -227,000 |
Amortization of net loss | -52,000 | -136,000 | -91,000 |
Total recognized in other comprehensive income (loss) | $246,000 | ($1,170,000) | $767,000 |
Recovered_Sheet1
Note 11 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components, SERPs (Supplemental Employee Retirement Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Supplemental Employee Retirement Plan [Member] | ' | ' | ' |
Note 11 - Employee Benefit Plans (Details) - Net Periodic Pension Costs and Related Components, SERPs [Line Items] | ' | ' | ' |
Service cost | $219 | $242 | $217 |
Interest cost | 315 | 287 | 301 |
Prior service cost | ' | 227 | 227 |
Amortization of net loss | 52 | 136 | 91 |
Net periodic pension cost | $586 | $892 | $836 |
Recovered_Sheet2
Note 11 - Employee Benefit Plans (Details) - SERP Plan Valuation Assumptions (Supplemental Employee Retirement Plan [Member]) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Supplemental Employee Retirement Plan [Member] | ' | ' | ' |
Assumptions at year-end: | ' | ' | ' |
Discount rate | 4.25% | 4.75% | 4.00% |
Rate of increase in compensation levels | 3.00% | 3.00% | 3.00% |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Insurance Recoveries | $6,700,000 | ' | ' |
Operating Leases, Rent Expense | 1,200,000 | 1,200,000 | 908,000 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,100,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 666,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 407,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 65,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 300,000 | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | 64,500,000 | ' | ' |
Non-Cancelable Purchase Commitment, Term | '100 days | ' | ' |
Guarantor Obligations, Term | '18 months | ' | ' |
Cost of Sales [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Insurance Recoveries | 3,900,000 | ' | ' |
General and Administrative Expense [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Insurance Recoveries | 147,000 | ' | ' |
Severance Agreement [Member] | Chief Executive Officer and Chief Financial Officer [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Term | '2 years | ' | ' |
Severance Agreement Renewal [Member] | Chief Executive Officer and Chief Financial Officer [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Term | '1 year | ' | ' |
Change in Control Agreement [Member] | Chief Executive Officer and Chief Financial Officer [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Triggering Event, Term from Change in Control to Termination | '2 years | ' | ' |
Ratio of Severance Benefits to Base Compensation | 2 | ' | ' |
Ratio of Severance Benefits to the Average Bonus for the Prior Three Years | 2 | ' | ' |
Severance Benefits, Continuation of Health and Welfare Benefits, Term | '2 years | ' | ' |
Change in Control Agreement [Member] | Key Members of Management [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Ratio of Severance Benefits to Base Compensation | 1 | ' | ' |
Ratio of Severance Benefits to the Average Bonus for the Prior Three Years | 1 | ' | ' |
Severance Benefits, Continuation of Health and Welfare Benefits, Term | '1 year | ' | ' |
Change in Control Agreement [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Term | '2 years | ' | ' |
Change in Control Agreement, Renewal [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Term | '1 year | ' | ' |
Purchase Commitment [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | $4,600,000 | ' | ' |
Note_13_Earnings_Per_Share_Det
Note 13 - Earnings Per Share (Details) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 120,000 | 248,000 | 600,000 |
Note_13_Earnings_Per_Share_Det1
Note 13 - Earnings Per Share (Details) - Basic and Diluted Earnings (Loss) Per Share Attributable to Common Shareholders (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Basic and Diluted Earnings (Loss) Per Share Attributable to Common Shareholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (in Dollars) | $4,575 | $5,797 | $3,522 | $2,747 | $2,345 | $3,274 | $3,714 | $2,402 | $16,641 | $11,735 | $1,809 |
Basic weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 18,257 | 17,948 | 17,664 |
Dilutive effect of stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 408 | 405 | 326 |
Diluted weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 18,665 | 18,353 | 17,990 |
Net earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.25 | $0.32 | $0.19 | $0.15 | $0.13 | $0.18 | $0.21 | $0.14 | $0.91 | $0.65 | $0.10 |
Diluted (in Dollars per share) | $0.24 | $0.31 | $0.19 | $0.15 | $0.13 | $0.18 | $0.20 | $0.13 | $0.89 | $0.64 | $0.10 |
Note_14_Business_Segment_Infor2
Note 14 - Business Segment Information (Details) | 12 Months Ended |
Sep. 27, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 1 |
Note_14_Business_Segment_Infor3
Note 14 - Business Segment Information (Details) - Net Sales And Long-Lived Assets By Geographic Region (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Net sales: | ' | ' | ' |
Revenue | $408,978 | $363,896 | $363,303 |
Long-lived assets: | ' | ' | ' |
Long Term Assets | 114,034 | 90,922 | 92,862 |
UNITED STATES | ' | ' | ' |
Net sales: | ' | ' | ' |
Revenue | 402,675 | 357,890 | 358,539 |
Long-lived assets: | ' | ' | ' |
Long Term Assets | 114,034 | 90,922 | 92,862 |
Foreign [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Revenue | $6,303 | $6,006 | $4,764 |
Note_14_Business_Segment_Infor4
Note 14 - Business Segment Information (Details) - Net Sales By Product Line (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Net sales: | ' | ' | ' |
Revenue | $408,978 | $363,896 | $363,303 |
Welded Wire Reinforcement [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Revenue | 255,294 | 227,957 | 230,049 |
PC Strand [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Revenue | $153,684 | $135,939 | $133,254 |
Note_15_Related_Party_Transact1
Note 15 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Revenue from Related Parties | $459,000 | $674,000 | $280,000 |
Note_16_Comprehensive_Loss_Det
Note 16 - Comprehensive Loss (Details) - Comprehensive Loss (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
Comprehensive Loss [Abstract] | ' | ' | ' |
Adjustment to defined benefit plan liability, net of taxes | ($1,790) | ($1,562) | ($2,441) |
Total accumulated other comprehensive loss | ($1,790) | ($1,562) | ($2,441) |
Note_17_Other_Financial_Data_D
Note 17 - Other Financial Data (Details) - Balance Sheet Information (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net: | ' | ' |
Accounts receivable | $52,099 | $42,006 |
Less allowance for doubtful accounts | -888 | -896 |
Total | 51,211 | 41,110 |
Inventories: | ' | ' |
Raw materials | 49,200 | 33,842 |
Work in process | 3,789 | 3,074 |
Finished goods | 28,910 | 21,877 |
Total | 81,899 | 58,793 |
Other current assets: | ' | ' |
Current deferred tax asset | 2,122 | 2,732 |
Prepaid insurance | 1,890 | 1,332 |
Other | 2,421 | 1,799 |
Total | 6,433 | 5,863 |
Other assets: | ' | ' |
Cash surrender value of life insurance policies, net of loans of $ - and $ - | 6,867 | 6,145 |
Capitalized financing costs, net | 69 | 171 |
Other | 99 | 350 |
Total | 7,035 | 6,666 |
Property, plant and equipment, net: | ' | ' |
Land and land improvements | 9,704 | 9,175 |
Buildings | 42,047 | 42,258 |
Machinery and equipment | 133,699 | 129,861 |
Construction in progress | 7,648 | 210 |
193,098 | 181,504 | |
Less accumulated depreciation | -102,712 | -98,451 |
Total | 90,386 | 83,053 |
Accrued expenses: | ' | ' |
Salaries, wages and related expenses | 4,659 | 2,790 |
Customer rebates | 1,530 | 813 |
Property taxes | 1,242 | 1,155 |
Pension plan | 825 | 928 |
Deferred revenues | 525 | 79 |
Restructuring liabilities | 481 | ' |
Worker's compensation | 290 | 307 |
Interest | 28 | 31 |
Other | 795 | 751 |
Total | 10,375 | 6,854 |
Other liabilities: | ' | ' |
Deferred compensation | 7,426 | 6,897 |
Deferred income taxes | 6,572 | 7,281 |
Other | 728 | ' |
Total | $14,726 | $14,178 |
Note_17_Other_Financial_Data_D1
Note 17 - Other Financial Data (Details) - Balance Sheet Information (Parentheticals) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Information [Abstract] | ' | ' |
Loans | $0 | $0 |
Note_18_Rights_Agreement_Detai
Note 18 - Rights Agreement (Details) (USD $) | 0 Months Ended | ||
17-May-99 | Apr. 26, 1999 | Sep. 27, 2014 | |
Note 18 - Rights Agreement (Details) [Line Items] | ' | ' | ' |
Dividend Distribution of Rights (in Shares) | ' | 1 | ' |
Rights Assigned to Common Stock Issued | $1 | ' | ' |
Ownership Percentage to Trigger Rights Exercisable | ' | 20.00% | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | $0.01 |
Portion of Company Sold Triggers Exercisability of Rights | ' | 50.00% | ' |
Series A Junior Participating Preferred Stock [Member] | ' | ' | ' |
Note 18 - Rights Agreement (Details) [Line Items] | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | 46 | ' |
Note_20_Share_Repurchases_Deta
Note 20 - Share Repurchases (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Nov. 18, 2008 |
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 | 0 | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Allowance for Doubtful Accounts [Abstract] | ' | ' | ' |
Balance, beginning of year | $896 | $1,123 | $761 |
Amounts charged to earnings | 79 | -100 | 449 |
Write-offs, net of recoveries | -87 | -127 | -87 |
Balance, end of year | $888 | $896 | $1,123 |