Insteel Industries (IIIN) 10-Q 16 Apr 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Mar. 28, 2015	Apr. 15, 2015
Entity Registrant Name	INSTEEL INDUSTRIES INC
Entity Central Index Key	764401
Current Fiscal Year End Date	7
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		18,436,343
Document Type	10-Q
Document Period End Date	28-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	FALSE

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014
Net sales	$101,767,000	$91,436,000	$212,395,000	$178,654,000
Cost of sales	93,065,000	79,830,000	191,650,000	157,993,000
Gross profit	8,702,000	11,606,000	20,745,000	20,661,000
Selling, general and administrative expense	5,975,000	5,984,000	11,627,000	10,689,000
Restructuring charges	333,000		333,000	0
Other expense (income), net	-1,599,000	228,000	-1,639,000	196,000
Interest expense	114,000	57,000	208,000	113,000
Interest income	-4,000	-1,000	-4,000	-6,000
Earnings before income taxes	3,883,000	5,338,000	10,220,000	9,669,000
Income taxes	1,339,000	1,816,000	3,526,000	3,400,000
Net earnings	2,544,000	3,522,000	6,694,000	6,269,000
Net earnings per share:
Basic (in dollars per share)	$0.14	$0.19	$0.36	$0.34
Diluted (in dollars per share)	$0.14	$0.19	$0.36	$0.34
Weighted average shares outstanding:
Basic (in shares)	18,404	18,234	18,391	18,212
Diluted (in shares)	18,822	18,637	18,821	18,612
Cash dividends declared per share (in dollars per share)	$0.03	$0.03	$0.06	$0.06
Comprehensive income	$2,544,000	$3,522,000	$6,694,000	$6,269,000

Consolidated_Balance_Sheets_Cu

Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Mar. 28, 2015	Sep. 27, 2014
Current assets:
Cash and cash equivalents	$6,172,000	$3,050,000
Accounts receivable, net	44,025,000	51,211,000
Inventories	83,439,000	81,899,000
Other current assets	4,887,000	6,433,000
Total current assets	138,523,000	142,593,000
Property, plant and equipment, net	87,164,000	90,386,000
Intangibles, net	10,821,000	9,816,000
Goodwill	6,965,000	6,965,000
Other assets	10,076,000	7,035,000
Total assets	253,549,000	256,795,000
Current liabilities:
Accounts payable	36,076,000	52,811,000
Accrued expenses	6,727,000	10,375,000
Total current liabilities	42,803,000	63,186,000
Long-term debt	10,000,000	0
Other liabilities	14,925,000	14,726,000
Commitments and contingencies
Shareholders' equity:
Common stock	18,436,000	18,377,000
Additional paid-in capital	60,156,000	58,867,000
Retained earnings	109,019,000	103,429,000
Accumulated other comprehensive loss	-1,790,000	-1,790,000
Total shareholders' equity	185,821,000	178,883,000
Total liabilities and shareholders' equity	$253,549,000	$256,795,000

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Cash Flows From Operating Activities:
Net earnings	$6,694,000	$6,269,000
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation and amortization	5,797,000	4,902,000
Amortization of capitalized financing costs	51,000	51,000
Stock-based compensation expense	1,273,000	1,228,000
Deferred income taxes	828,000	217,000
Asset impairment charges	237,000
Excess tax benefits from stock-based compensation	-147,000	-191,000
Loss (gain) on sale of property, plant and equipment	-1,679,000	510,000
Increase in cash surrender value of life insurance policies over premiums paid	-283,000	-358,000
Net changes in assets and liabilities (net of assets and liabilities acquired):
Accounts receivable, net	7,023,000	-65,000
Inventories	-1,540,000	-12,606,000
Accounts payable and accrued expenses	-20,733,000	7,872,000
Other changes	651,000	130,000
Total adjustments	-8,522,000	1,690,000
Net cash provided by (used for) operating activities	-1,828,000	7,959,000
Cash Flows From Investing Activities:
Capital expenditures	-4,587,000	-2,964,000
Acquisition of intangible asset	-1,460,000
Acquisition of business	480,000	0
Proceeds from fire loss insurance	1,613,000	135,000
Proceeds from sale of property, plant and equipment	89,000	0
Proceeds from surrender of life insurance policies	40,000	113,000
Increase in cash surrender value of life insurance policies	-196,000	-269,000
Net cash used for investing activities	-4,021,000	-2,985,000
Cash Flows From Financing Activities:
Proceeds from long-term debt	60,474,000	217,000
Principal payments on long-term debt	-50,474,000	-217,000
Cash dividends paid	-1,104,000	-1,094,000
Cash received from exercise of stock options	176,000	175,000
Excess tax benefits from stock-based compensation	147,000	191,000
Payment of employee tax withholdings related to net share transactions	-248,000	-505,000
Net cash provided by (used for) financing activities	8,971,000	-1,233,000
Net increase in cash and cash equivalents	3,122,000	3,741,000
Cash and cash equivalents at beginning of period	3,050,000	15,440,000
Cash and cash equivalents at end of period	6,172,000	19,181,000
Supplemental Disclosures of Cash Flow Information:
Interest	93,000	2,000
Income taxes, net	3,403,000	2,502,000
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	227,000	375,000
Restricted stock units and stock options surrendered for withholding taxes payable	$248,000	$505,000

Consolidated_Statements_of_Sha

Consolidated Statements of Shareholders' Equity (Unaudited) (USD $)	Total	Accumulated Other Comprehensive Income (Loss) [Member]	Additional Paid-in Capital [Member]	Common Stock [Member]	Retained Earnings [Member]
Share data in Thousands
Balance at Sep. 27, 2014	$178,883,000	($1,790,000)	$58,867,000	$18,377,000	$103,429,000
Balance (in shares) at Sep. 27, 2014				18,377
Net earnings	6,694,000				6,694,000
Stock options exercised, net (in shares)	23			21
Stock options exercised, net	176,000		155,000	21,000
Vesting of restricted stock units (in shares)				38
Vesting of restricted stock units	0		-38,000	38,000
Compensation expense associated with stock-based plans	1,273,000		1,273,000
Excess tax benefits from stock-based compensation	147,000		147,000
Restricted stock units and stock options surrendered for withholding taxes payable	-248,000		-248,000
Cash dividends declared	-1,104,000				-1,104,000
Balance at Mar. 28, 2015	$185,821,000	($1,790,000)	$60,156,000	$18,436,000	$109,019,000
Balance (in shares) at Mar. 28, 2015				18,436

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	(1) Basis of Presentation
	The accompanying unaudited interim consolidated financial statements of Insteel Industries, Inc. (“we,” “us,” “our,” “the Company” or “Insteel”) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The September 27, 2014 consolidated balance sheet was derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should therefore be read in conjunction with the consolidated financial statements and notes for the fiscal year ended September 27, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC.
	The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that the Company considers necessary for a fair presentation of results for these interim periods. The results of operations for the six-month period ended March 28, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending October 3, 2015 or future periods.
	On August 15, 2014, the Company through its wholly-owned subsidiary, Insteel Wire Products (“IWP”), purchased substantially all of the assets associated with the prestressed concrete strand (“PC strand”) business of American Spring Wire Corporation (“ASW”) (see Note 3 to the consolidated financial statements).
	The Company has
	evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q and has concluded that there are no significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the consolidated financial statements
	.

Note_2_Recent_Accounting_Prono

Note 2 - Recent Accounting Pronouncements	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	(2) Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers,” which will supersede nearly all existing revenue recognition guidance under 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 financial statements.

Note_3_Business_Combination

Note 3 - Business Combination	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Business Combination Disclosure [Text Block]	(3) Business Combination
	On August 15, 2014, the Company purchased substantially all of the assets associated with the PC strand business of ASW for a final adjusted purchase price of $33.5 million (the “ASW Acquisition”), net of post-closing adjustments of $480,000.
	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 is leasing 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 final 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	$	7,854
	Inventories		6,292
	Other current assets		786
	Property, plant and equipment		8,638
	Intangibles		8,530
	Total assets acquired	$	32,100
	Liabilities assumed:
	Accounts payable	$	3,240
	Accrued expenses		2,362
	Total liabilities assumed		5,602
	Net assets acquired		26,498
	Purchase price		33,463
	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 Accounting Standards Codification (“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.
	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 fiscal 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 and interest expense related to the borrowings on the Company’s revolving credit facility. 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 fiscal 2013, nor is it intended to represent or be indicative of future results of operations. The pro forma combined results of operations for the prior year three- and six-month periods are as follows:
		29-Mar-14
		Three Months			Six Months
	(In thousands)	Ended			Ended
	Net sales	$	108,518		$	211,265
	Earnings before income taxes		6,175			11,376
	Net earnings		4,037			7,501
	Restructuring charges.
	Subsequent to the ASW Acquisition, in fiscal 2014, the Company incurred employee separation costs for staffing reductions associated with the acquisition. In February 2015, the Company elected to consolidate its PC strand operations with the closure of the Newnan, Georgia facility that had been acquired through the ASW Acquisition. The Newnan plant closure was completed in March 2015.
	Following is a summary of the restructuring activity and associated costs that were incurred during the three- and six-month periods ended March 28, 2015:
	(In thousands)	Asset Impairment			Employee			Facility Closure Costs			Total
					Se
					paration Costs
	Liability as of September 27, 2014	$	-		$	1,208		$	-		$	1,208
	Cash payments		-			(53	)		-			(53	)
	Liability as of December 27, 2014		-			1,155			-			1,155
	Restructuring charges		237			75			21			333
	Cash payments		-			(58	)		(4	)		(62	)
	Non-cash charges		(237	)		-			-			(237	)
	Liability as of March 28, 2015	$	-		$	1,172		$	17		$	1,189
	The Company recorded a liability of $1.2 million on its consolidated balance sheet for restructuring liabilities as of March 28, 2015 and September 27, 2014. As of March 28, 2015, $0.6 million of the restructuring liabilities were recorded in accrued expenses and $0.6 million in other liabilities. As of September 27, 2014, $0.5 million of the restructuring liabilities were recorded in accrued expenses and $0.7 million in other liabilities.
	The Company currently expects to incur approximately $0.5 million of additional restructuring charges for equipment relocation and facility closure costs through fiscal 2016.

Note_4_Fair_Value_Measurements

Note 4 - Fair Value Measurements	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(4) 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 March 28, 2015 and September 27, 2014, 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 in		Observable Inputs
		March 28,		Active Markets		(Level 2)
		2015		(Level 1)
	Current assets:
	Cash equivalents	$	6,535	$	6,535	$	-
	Other assets:
	Cash surrender value of life insurance policies		7,306		-		7,306
	Total	$	13,841	$	6,535	$	7,306
	(In thousands)	Total at		Quoted Prices in Active Markets		Observable Inputs
		September 27,		(Level 1)		(Level 2)
		2014
	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
	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 March 28, 2015 and September 27, 2014, the Company did not have any nonfinancial assets that were 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 3 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. As of March 28, 2015, the carrying amount of long-term debt outstanding under the Company’s revolving credit facility approximates its estimated fair value.
	The estimated fair value of long-term debt is primarily based upon quoted market prices as well as borrowing rates currently available to the Company for bank loans with similar terms and maturities.

Note_5_Intangible_Assets

Note 5 - Intangible Assets	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	(5) Intangible Assets
	The primary components of the Company’s intangible assets and the related accumulated amortization are as follows:
	(In thousands)	Gross		Accumulated Amortization			Net Book Value
	As of March 28, 2015:
	Customer relationships	$	6,500	$	(200	)	$	6,300
	Developed technology and know-how		1,800		(56	)		1,744
	Non-competition agreements		3,577		(800	)		2,777
		$	11,877	$	(1,056	)	$	10,821
	(In thousands)	Gross		Accumulated Amortization			Net Book Value
	As of September 27, 2014:
	Customer relationships	$	6,500	$	(38	)	$	6,462
	Developed technology and know-how		1,800		(11	)		1,789
	Non-competition agreements		2,117		(552	)		1,565
		$	10,417	$	(601	)	$	9,816
	Amortization expense for intangibles was $239,000 and $94,000 for the three-month periods ended March 28, 2015 and March 29, 2014, respectively, and $455,000 and $189,000 for the six-month periods ended March 28, 2015 and March 29, 2014, respectively.

Note_6_StockBased_Compensation

Note 6 - Stock-Based Compensation	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(6) 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. Effective February 17, 2015, the shareholders of the Company approved the 2015 Equity Incentive Plan of the Company (the “2015 Plan”), which authorizes up to 900,000 shares of Company common stock for future grants under the plan. The 2015 Plan, which expires on February 17, 2025, replaces the 2005 Equity Incentive Plan, which expired on February 15, 2015. As of March 28, 2015, there were 801,000 shares of Company common stock available for future grants under the 2015 Plan, which is the Company’s only active equity incentive plan.
	Stock
	o
	ptions
	.
	Under the Company’s equity incentive plans, employees and directors may be granted options to purchase shares of the Company’s common stock at the fair market value on the date of the grant. Options granted under these plans generally vest over three years and expire ten years from the date of the grant. Compensation expense and excess tax benefits associated with stock options for the three- and six-month periods ended March 28, 2015 and March 29, 2014 are as follows:
		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Stock options:
	Compensation expense	$	382		$	358		$	555		$	523
	Excess tax benefits		(147	)		(105	)		(147	)		(191	)
	As of March 28, 2015, the remaining unamortized compensation cost related to unvested stock option awards was $364,000, which is expected to be recognized over a weighted average period of 1.60 years.
	The fair value of each option award granted is estimated on the date of grant using a Monte Carlo valuation model. The estimated fair values of stock options granted during the three- and six-month periods ended March 28, 2015 and March 29, 2014 was $7.75 and $6.93 per share, respectively, based on the following assumptions:
		Six Months Ended
		March 28,			March 29,
		2015			2014
	Risk-free interest rate		1.77	%		1.56	%
	Dividend yield		0.55	%		0.62	%
	Expected volatility		37.39	%		41.46	%
	Expected term (in years)		5.67			4.94
	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 common 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 for the six-month period ended March 28, 2015:
												Contractual		Aggregate
		Options			Exercise Price Per Share							Term - Weighted		Intrinsic
		Outstanding							Weighted			Average		Value
		(in thousands)			Range				Average			(in years)		(in thousands)
	Outstanding at September 27, 2014		871		$6.89	-	$20.50		$	14.23
	Granted		63		21.96	-	21.96			21.96
	Exercised		(23	)	6.89	-	11.15			8.99				$	284
	Outstanding at March 28, 2015		911		7.55	-	21.96			14.9			6.27		5,325
	Vested and anticipated to vest in the future at March 28, 2015		907							14.89			6.26		5,316
	Exercisable at March 28, 2015		637							13.33			5.14		4,674
	Stock option exercises include “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 uni
	t
	s.
	Restricted stock units (“RSUs”) granted under the Company’s equity incentive plans are valued based upon the fair market value on the date of the grant and provide for a dividend equivalent payment which is included in compensation expense. The vesting period for RSUs is generally one year from the date of the 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 compensation expense for the three- and six-month periods ended March 28, 2015 and March 29, 2014 is as follows:
		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Restricted stock unit grants:
	Units		36			40			36			40
	Market value	$	790		$	763		$	790		$	763
	Compensation expense		449			462			718			705
	As of March 28, 2015, the remaining unrecognized compensation cost related to unvested RSUs was $772,000, which is expected to be recognized over a weighted average vesting period of 1.61 years.
	The following table summarizes RSU activity during the six-month period ended March 28, 2015:
					Weighted
		Restricted			Average
		Stock Units			Grant Date
	(Unit amounts in thousands)	Outstanding			Fair Value
	Balance, September 27, 2014		197		$	15.68
	Granted		36			21.96
	Released		(50	)		14.99
	Balance, March 28, 2015		183			17.09

Note_7_Income_Taxes

Note 7 - Income Taxes	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(7) Income Taxes
	Effective income tax rate
	.
	The Company’s effective income tax rate was 34.5% for the six-month period ended March 28, 2015 compared with 35.2% for the six-month period ended March 29, 2014. The year-over-year reduction in the effective rate was primarily due to changes in permanent book versus tax differences. The effective income tax rates for both periods were based upon the estimated rate applicable for the entire fiscal year adjusted to reflect any significant items related specifically to interim periods.
	Deferred income taxes.
	As of March 28, 2015, the Company has recorded a current deferred tax asset (net of valuation allowance) of $1.3 million in other current assets and a non-current deferred tax liability of $6.6 million in other liabilities on its consolidated balance sheet. The Company has $13.5 million of state net operating loss carryforwards (“NOLs”) that begin to expire in 2017, but principally expire between 2017 and 2032. The Company has also recorded $220,000 of gross deferred tax assets for various state tax credits that begin to expire in 2015, but principally expire between 2015 and 2020.
	In accordance with ASC Topic 740
	Income Taxes
	, the Company evaluates its deferred tax assets to determine if a valuation allowance is required based on the consideration of all available evidence using a “more likely than not” standard, with significant weight being given to evidence that can be objectively verified. The realization of the Company’s deferred tax assets is entirely dependent upon the Company’s ability to generate future taxable income in applicable jurisdictions. Since the Company operates in multiple jurisdictions, it assesses the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the applicable tax laws. The Company recorded a valuation allowance of $547,000 as of March 28, 2015 and September 27, 2014 pertaining to various state NOLs and tax credits that were not expected to be utilized.
	The valuation allowance established by the Company is subject to periodic review and adjustment based on changes in facts and circumstances and would be reduced should the Company utilize the state NOLs and tax credits against which an allowance had previously been provided or determine that such utilization was more likely than not.
	Uncertainty in income taxes
	.
	Based on management’s judgment, as of March 28, 2015, the Company has no material, known tax exposures that require the establishment of a liability for uncertain tax positions.
	The Company files U.S. federal income tax returns as well as state and local income tax returns in various jurisdictions. Federal and various state tax returns filed by the Company subsequent to 2009 remain subject to examination together with certain state tax returns filed by the Company subsequent to 2003.

Note_8_Employee_Benefit_Plans

Note 8 - Employee Benefit Plans	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	(8) Employee Benefit Plans
	Retirement plans.
	The Company has one defined benefit pension plan, the Insteel Wire Products Company Retirement Income Plan for Hourly Employees, Wilmington, Delaware (the “Delaware Plan”). The Delaware Plan provides benefits for eligible employees based primarily upon years of service and compensation levels. The Delaware Plan was frozen effective September 30, 2008 whereby participants no longer earn additional service benefits.
	The Company’s funding policy is to contribute amounts at least equal to those required by law. The Company made contributions totaling $49,000 and $101,000 to the Delaware Plan during the three- and six-month periods ended March 28, 2015, respectively, and expects to contribute an additional $133,000 during the remainder of the current fiscal year.
	Net periodic pension costs and related components for the Delaware Plan for the three- and six-month periods ended March 28, 2015 and March 29, 2014 are as follows:
		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Interest cost	$	33		$	34		$	66		$	68
	Expected return on plan assets		(45	)		(41	)		(90	)		(82	)
	Recognized net actuarial loss		13			11			26			22
	Net periodic pension cost	$	1		$	4		$	2		$	8
	Supplemental employee retirement plan
	.
	The Company maintains supplemental employee retirement plans (each, a “SERP”) with certain of its employees (each, a “Participant”). Under the SERPs, if the Participant remains in continuous service with the Company for a period of at least 30 years, the Company will pay to the Participant a supplemental retirement benefit for the 15-year period following the Participant’s retirement equal to 50% of the Participant’s highest average annual base salary for five consecutive years in the 10-year period preceding the Participant’s retirement. If the Participant retires prior to the later of age 65 or the completion of 30 years of continuous service with the Company, but has completed at least 10 years of continuous service with the Company, the amount of the supplemental retirement benefit will be reduced by 1/360th for each month short of 30 years that the Participant was employed by the Company.
	Net periodic benefit costs and related components for the SERPs for the three- and six-month periods ended March 28, 2015 and March 29, 2014 are as follows:
		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Service cost	$	72		$	55		$	144		$	110
	Interest cost		81			79			162			158
	Recognized net actuarial loss		29			13			58			26
	Net periodic benefit cost	$	182		$	147		$	364		$	294

Note_9_LongTerm_Debt

Note 9 - Long-Term Debt	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Long-term Debt [Text Block]	(9) 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. The Credit Facility provides for up to $100.0 million of financing and matures on 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 March 28, 2015, $10.0 million was outstanding on the Credit Facility, $82.6 million of additional borrowing capacity was available and outstanding letters of credit totaled $1.5 million.
	Interest rates on the Credit Facility are based upon (1) an index rate that is established at the highest of the prime rate, 0.50% plus the federal funds rate or the LIBOR rate plus the excess of the then-applicable margin for LIBOR loans over the then-applicable margin for index rate loans, or (2) at the election of the Company, a LIBOR rate, plus in either case, an applicable interest rate margin. The applicable interest rate margins are adjusted on a quarterly basis based upon the amount of excess availability on the Credit Facility within the range of 0.50% - 1.25% for index rate loans and 1.50% - 2.50% for LIBOR loans. In addition, the applicable interest rate margins would be increased by 2.00% upon the occurrence of certain events of default provided for under the terms of the Credit Facility. Based on the Company’s excess availability as of March 28, 2015, 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 March 28, 2015, 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 $25,000 for each of the three-month periods ended March 28, 2015 and March 29, 2014 and $51,000 for each of the six-month periods ended March 28, 2015 and March 29, 2014. Accumulated amortization of capitalized financing costs was $4.5 million and $4.4 million as of March 28, 2015 and September 27, 2014, respectively.

Note_10_Earnings_Per_Share

Note 10 - Earnings Per Share	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	(
	10
	)
	Earnings
	Per Share
	The computations of basic and diluted earnings per share attributable to common shareholders for the three- and six-month periods ended March 28, 2015 and March 29, 2014 are as follows:
		Three Months Ended				Six Months Ended
		March 28,		March 29,		March 28,		March 29,
	(In thousands except per share amounts)	2015		2014		2015		2014
	Net earnings available to common shareholders	$	2,544	$	3,522	$	6,694	$	6,269
	Basic weighted average shares outstanding		18,404		18,234		18,391		18,212
	Dilutive effect of stock-based compensation		418		403		430		400
	Diluted weighted average shares outstanding		18,822		18,637		18,821		18,612
	Net earnings per share:
	Basic	$	0.14	$	0.19	$	0.36	$	0.34
	Diluted	$	0.14	$	0.19	$	0.36	$	0.34
	Options representing 88,000 and 146,000 shares for the three-month periods ended March 28, 2015 and March 29, 2014, respectively, were antidilutive and not included in the diluted earnings per share calculation. Options representing 56,000 and 135,000 shares for the six-month periods ended March 28, 2015 and March 29, 2014, respectively, were antidilutive and were not included in the diluted earnings per share calculation.

Note_11_Share_Repurchases

Note 11 - Share Repurchases	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	(
	11
	) Share Repurchases
	On November 18, 2008, the Company’s board of directors approved a share repurchase authorization to buy back up to $25.0 million of the Company’s outstanding common stock (the “Authorization”). Under the Authorization, repurchases may be made from time to time in the open market or in privately negotiated transactions subject to market conditions, applicable legal requirements and other factors. The Company is not obligated to acquire any particular amount of common stock and the program may be commenced or suspended at any time at the Company’s discretion without prior notice. The Authorization continues in effect until terminated by the Board of Directors. As of March 28, 2015, there was $24.8 million remaining available for future share repurchases under this authorization. No repurchases of common stock were made during the three- and six-month periods ended March 28, 2015 and March 29, 2014.

Note_12_Other_Financial_Data

Note 12 - Other Financial Data	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Other Financial Data [Text Block]	(12
	)
	Other Financial Data
	Balance sheet information:
		March 28,			September 27,
	(In thousands)	2015			2014
	Accounts receivable, net:
	Accounts receivable	$	44,643		$	52,099
	Less allowance for doubtful accounts		(618	)		(888	)
	Total	$	44,025		$	51,211
	Inventories:
	Raw materials	$	42,471		$	49,200
	Work in process		3,324			3,789
	Finished goods		37,644			28,910
	Total	$	83,439		$	81,899
	Other current assets:
	Income tax receivable	$	1,612		$	760
	Current deferred tax asset		1,342			2,122
	Prepaid insurance		1,141			1,890
	Other		792			1,661
	Total	$	4,887		$	6,433
	Other assets:
	Cash surrender value of life insurance policies	$	7,306		$	6,867
	Assets held for sale		2,655			-
	Capitalized financing costs, net		18			69
	Other		97			99
	Total	$	10,076		$	7,035
	Property, plant and equipment, net:
	Land and land improvements	$	9,214		$	9,704
	Buildings		42,608			42,047
	Machinery and equipment		136,430			133,699
	Construction in progress		6,331			7,648
			194,583			193,098
	Less accumulated depreciation		(107,419	)		(102,712	)
	Total	$	87,164		$	90,386
	Accrued expenses:
	Salaries, wages and related expenses	$	2,661		$	4,659
	Customer rebates		862			1,530
	Pension plan		725			825
	Restructuring liabilities		564			481
	Property taxes		509			1,242
	Deferred revenues		287			525
	Workers' compensation		284			290
	Interest		37			28
	Other		798			795
	Total	$	6,727		$	10,375
	Other liabilities:
	Deferred compensation	$	7,644		$	7,426
	Deferred income taxes		6,620			6,572
	Other		661			728
	Total	$	14,925		$	14,726

Note_13_Business_Segment_Infor

Note 13 - Business Segment Information	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(13) 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 PC strand. Based on the criteria specified in ASC Topic 280,
	Segment Reporting
	, the Company has one reportable segment.

Note_14_Contingencies

Note 14 - Contingencies	6 Months Ended
	Mar. 28, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(14) 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 were completed. The Company reassigned a portion of its production requirements to its PC strand facility located in Sanderson, Florida, which was operating at a reduced utilization level. During the first quarter of fiscal 2015, the Company completed the remainder of the repairs and the Gallatin facility was fully operational as of December 27, 2014.
	The Company maintains general liability, business interruption and replacement cost property insurance coverage on its facilities that it believes is sufficient to cover the losses incurred from the fire. During the three- and six-month periods ended March 28, 2015, the Company received $1.9 million of insurance proceeds related to the expenses that were incurred and capital outlays that were required to replace property and equipment damaged in the fire. During the three-month period ended March 28, 2015, the insurance proceeds attributable to the additional expenses were recorded in selling, general and administrative expense (“SG&A expense”) ($56,000) on the consolidated statement of operations and comprehensive income. During the six-month period ended March 28, 2015, the insurance proceeds attributable to the additional expenses were recorded in cost of sales ($244,000) and SG&A expense ($69,000) on the consolidated statement of operations and comprehensive income. During the three- and six-month periods ended March 29, 2014, the Company received $1.3 million of insurance proceeds of which $1.1 million were recorded in cost of sales and $25,000 in SG&A expense. The insurance proceeds attributable to the property and equipment damaged 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 to reach a final settlement on this claim with its insurance carrier during the third quarter of fiscal 2015.
	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 costs to resolve these matters will have a material adverse effect on its financial position, results of operations or cash flows.

Note_3_Business_Combination_Ta

Note 3 - Business Combination (Tables)	6 Months Ended
	Mar. 28, 2015
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	(In thousands)
	Assets acquired:
	Accounts receivable	$	7,854
	Inventories		6,292
	Other current assets		786
	Property, plant and equipment		8,638
	Intangibles		8,530
	Total assets acquired	$	32,100
	Liabilities assumed:
	Accounts payable	$	3,240
	Accrued expenses		2,362
	Total liabilities assumed		5,602
	Net assets acquired		26,498
	Purchase price		33,463
	Goodwill	$	6,965
Business Acquisition, Pro Forma Information [Table Text Block]		29-Mar-14
		Three Months			Six Months
	(In thousands)	Ended			Ended
	Net sales	$	108,518		$	211,265
	Earnings before income taxes		6,175			11,376
	Net earnings		4,037			7,501
Restructuring and Related Costs [Table Text Block]	(In thousands)	Asset Impairment			Employee			Facility Closure Costs			Total
					Se
					paration Costs
	Liability as of September 27, 2014	$	-		$	1,208		$	-		$	1,208
	Cash payments		-			(53	)		-			(53	)
	Liability as of December 27, 2014		-			1,155			-			1,155
	Restructuring charges		237			75			21			333
	Cash payments		-			(58	)		(4	)		(62	)
	Non-cash charges		(237	)		-			-			(237	)
	Liability as of March 28, 2015	$	-		$	1,172		$	17		$	1,189

Note_4_Fair_Value_Measurements1

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Mar. 28, 2015
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	(In thousands)	Total at		Quoted Prices in		Observable Inputs
		March 28,		Active Markets		(Level 2)
		2015		(Level 1)
	Current assets:
	Cash equivalents	$	6,535	$	6,535	$	-
	Other assets:
	Cash surrender value of life insurance policies		7,306		-		7,306
	Total	$	13,841	$	6,535	$	7,306
	(In thousands)	Total at		Quoted Prices in Active Markets		Observable Inputs
		September 27,		(Level 1)		(Level 2)
		2014
	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

Note_5_Intangible_Assets_Table

Note 5 - Intangible Assets (Tables)	6 Months Ended
	Mar. 28, 2015
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(In thousands)	Gross		Accumulated Amortization			Net Book Value
	As of March 28, 2015:
	Customer relationships	$	6,500	$	(200	)	$	6,300
	Developed technology and know-how		1,800		(56	)		1,744
	Non-competition agreements		3,577		(800	)		2,777
		$	11,877	$	(1,056	)	$	10,821
	(In thousands)	Gross		Accumulated Amortization			Net Book Value
	As of September 27, 2014:
	Customer relationships	$	6,500	$	(38	)	$	6,462
	Developed technology and know-how		1,800		(11	)		1,789
	Non-competition agreements		2,117		(552	)		1,565
		$	10,417	$	(601	)	$	9,816

Note_6_StockBased_Compensation1

Note 6 - Stock-Based Compensation (Tables)	6 Months Ended
	Mar. 28, 2015
Notes Tables
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Stock options:
	Compensation expense	$	382		$	358		$	555		$	523
	Excess tax benefits		(147	)		(105	)		(147	)		(191	)
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]		Six Months Ended
		March 28,			March 29,
		2015			2014
	Risk-free interest rate		1.77	%		1.56	%
	Dividend yield		0.55	%		0.62	%
	Expected volatility		37.39	%		41.46	%
	Expected term (in years)		5.67			4.94
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]												Contractual		Aggregate
		Options			Exercise Price Per Share							Term - Weighted		Intrinsic
		Outstanding							Weighted			Average		Value
		(in thousands)			Range				Average			(in years)		(in thousands)
	Outstanding at September 27, 2014		871		$6.89	-	$20.50		$	14.23
	Granted		63		21.96	-	21.96			21.96
	Exercised		(23	)	6.89	-	11.15			8.99				$	284
	Outstanding at March 28, 2015		911		7.55	-	21.96			14.9			6.27		5,325
	Vested and anticipated to vest in the future at March 28, 2015		907							14.89			6.26		5,316
	Exercisable at March 28, 2015		637							13.33			5.14		4,674
Schedule of RSU Grants and Compensation Expense [Table Text Block]		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Restricted stock unit grants:
	Units		36			40			36			40
	Market value	$	790		$	763		$	790		$	763
	Compensation expense		449			462			718			705
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, September 27, 2014		197		$	15.68
	Granted		36			21.96
	Released		(50	)		14.99
	Balance, March 28, 2015		183			17.09

Note_8_Employee_Benefit_Plans_

Note 8 - Employee Benefit Plans (Tables)	6 Months Ended
	Mar. 28, 2015
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Interest cost	$	33		$	34		$	66		$	68
	Expected return on plan assets		(45	)		(41	)		(90	)		(82	)
	Recognized net actuarial loss		13			11			26			22
	Net periodic pension cost	$	1		$	4		$	2		$	8
		Three Months Ended						Six Months Ended
		March 28,			March 29,			March 28,			March 29,
	(In thousands)	2015			2014			2015			2014
	Service cost	$	72		$	55		$	144		$	110
	Interest cost		81			79			162			158
	Recognized net actuarial loss		29			13			58			26
	Net periodic benefit cost	$	182		$	147		$	364		$	294

Note_10_Earnings_Per_Share_Tab

Note 10 - Earnings Per Share (Tables)	6 Months Ended
	Mar. 28, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		Three Months Ended				Six Months Ended
		March 28,		March 29,		March 28,		March 29,
	(In thousands except per share amounts)	2015		2014		2015		2014
	Net earnings available to common shareholders	$	2,544	$	3,522	$	6,694	$	6,269
	Basic weighted average shares outstanding		18,404		18,234		18,391		18,212
	Dilutive effect of stock-based compensation		418		403		430		400
	Diluted weighted average shares outstanding		18,822		18,637		18,821		18,612
	Net earnings per share:
	Basic	$	0.14	$	0.19	$	0.36	$	0.34
	Diluted	$	0.14	$	0.19	$	0.36	$	0.34

Note_12_Other_Financial_Data_T

Note 12 - Other Financial Data (Tables)	6 Months Ended
	Mar. 28, 2015
Notes Tables
Condensed Balance Sheet [Table Text Block]		March 28,			September 27,
	(In thousands)	2015			2014
	Accounts receivable, net:
	Accounts receivable	$	44,643		$	52,099
	Less allowance for doubtful accounts		(618	)		(888	)
	Total	$	44,025		$	51,211
	Inventories:
	Raw materials	$	42,471		$	49,200
	Work in process		3,324			3,789
	Finished goods		37,644			28,910
	Total	$	83,439		$	81,899
	Other current assets:
	Income tax receivable	$	1,612		$	760
	Current deferred tax asset		1,342			2,122
	Prepaid insurance		1,141			1,890
	Other		792			1,661
	Total	$	4,887		$	6,433
	Other assets:
	Cash surrender value of life insurance policies	$	7,306		$	6,867
	Assets held for sale		2,655			-
	Capitalized financing costs, net		18			69
	Other		97			99
	Total	$	10,076		$	7,035
	Property, plant and equipment, net:
	Land and land improvements	$	9,214		$	9,704
	Buildings		42,608			42,047
	Machinery and equipment		136,430			133,699
	Construction in progress		6,331			7,648
			194,583			193,098
	Less accumulated depreciation		(107,419	)		(102,712	)
	Total	$	87,164		$	90,386
	Accrued expenses:
	Salaries, wages and related expenses	$	2,661		$	4,659
	Customer rebates		862			1,530
	Pension plan		725			825
	Restructuring liabilities		564			481
	Property taxes		509			1,242
	Deferred revenues		287			525
	Workers' compensation		284			290
	Interest		37			28
	Other		798			795
	Total	$	6,727		$	10,375
	Other liabilities:
	Deferred compensation	$	7,644		$	7,426
	Deferred income taxes		6,620			6,572
	Other		661			728
	Total	$	14,925		$	14,726

Note_3_Business_Combination_De

Note 3 - Business Combination (Details Textual) (USD $)	0 Months Ended
	Aug. 15, 2014	Mar. 28, 2015	Dec. 27, 2014	Sep. 27, 2014
Restructuring Reserve		$1,172	$1,155	$1,208
Scenario, Forecast [Member]
Restructuring Reserve		500,000
ASW Acquisition [Member]
Business Combination, Consideration Transferred	33,500,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred	480,000
Accounts Payable and Accrued Liabilities [Member]
Restructuring Reserve		600,000		500,000
Other Liabilities [Member]
Restructuring Reserve		$600,000		$700,000

Note_3_Business_Combination_Pu

Note 3 - Business Combination - Purchase Price Allocation Schedule (Details) (USD $)	Aug. 15, 2014
ASW Acquisition [Member]
Assets acquired:
Accounts receivable	$7,854,000
Inventories	6,292,000
Other current assets	786,000
Property, plant and equipment	8,638,000
Intangibles	8,530,000
Total assets acquired	32,100,000
Liabilities assumed:
Accounts payable	3,240,000
Accrued expenses	2,362,000
Total liabilities assumed	5,602,000
Net assets acquired	26,498,000
Purchase price	33,463,000
Goodwill	$6,965,000

Note_3_Business_Combination_Pr

Note 3 - Business Combination - Pro Forma Combined Results of Operations (Details) (ASW Acquisition [Member], USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2014	Mar. 29, 2014
ASW Acquisition [Member]
Net sales	$108,518	$211,265
Earnings before income taxes	6,175	11,376
Net earnings	$4,037	$7,501

Note_3_Business_Combination_Re

Note 3 - Business Combination - Restructuring Charges (Details) (USD $)	3 Months Ended
	Mar. 28, 2015	Dec. 27, 2014
Liability as of September 27, 2014	$1,172	$1,155
Cash payments	-62,000	-53,000
Restructuring charges	333,000
Non-cash charges	-237,000
Employee Severance [Member]
Cash payments	-4,000
Restructuring charges	21,000
Asset Impairment Charges [Member]
Restructuring charges	237,000
Non-cash charges	-237,000
Equipment Relocation Costs [Member]
Cash payments	-58,000	-53,000
Restructuring charges	$75,000

Note_4_Fair_Value_Measurements2

Note 4 - Fair Value Measurements (Details Textual) (Non Financial [Member], USD $)	Mar. 28, 2015	Sep. 27, 2014
Non Financial [Member]
Assets, Fair Value Disclosure, Nonrecurring	$0	$0

Note_4_Fair_Value_Measurements3

Note 4 - Fair Value Measurements - Fair Value of Financial Assets (Details) (USD $)	Mar. 28, 2015
In Thousands, unless otherwise specified
Current assets:
Cash equivalents	$6,535
Other assets
Cash surrender value of life insurance policies	7,306
Total	13,841
Fair Value, Inputs, Level 1 [Member]
Current assets:
Cash equivalents	6,535
Other assets
Total	6,535
Fair Value, Inputs, Level 2 [Member]
Other assets
Cash surrender value of life insurance policies	7,306
Total	$7,306

Note_5_Intangible_Assets_Detai

Note 5 - Intangible Assets (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014
Amortization of Intangible Assets	$239,000	$94,000	$455,000	$189,000

Note_5_Intangible_Assets_Intan

Note 5 - Intangible Assets - Intangible Assets (Details) (USD $)	Mar. 28, 2015
In Thousands, unless otherwise specified
Customer relationships	$11,877
Customer relationships	-1,056
Customer relationships	10,821
Customer Relationships [Member]
Customer relationships	6,500
Customer relationships	-38
Customer relationships	6,462
Noncompete Agreements [Member]
Customer relationships	3,577
Customer relationships	-552
Customer relationships	2,777
Technology-Based Intangible Assets [Member]
Customer relationships	1,800
Customer relationships	-56
Customer relationships	$1,744

Note_6_StockBased_Compensation2

Note 6 - Stock-Based Compensation (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014	Feb. 17, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$7.75	$6.93	$7.75	$6.93
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					900,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	801,000		801,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$364,000		$364,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 219 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 222 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$772,000		$772,000
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years

Note_6_StockBased_Compensation3

Note 6 - Stock-Based Compensation - Compensation Expense and Excess Tax Benefits Associated with Stock Options (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014
Stock options:
Excess tax benefits	($147)	($105)	($147)	($191)
Employee Stock Option [Member]
Stock options:
Compensation expense	$382	$358	$555	$523

Note_6_StockBased_Compensation4

Note 6 - Stock-Based Compensation - Stock Options Valuation Assumptions (Details)	6 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Risk-free interest rate	1.77%	1.56%
Dividend yield	0.55%	0.62%
Expected volatility	37.39%	41.46%
Expected term (in years)	5 years 244 days	4 years 343 days

Note_6_StockBased_Compensation5

Note 6 - Stock-Based Compensation - Stock Option Activity (Details) (USD $)	6 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Sep. 27, 2014
Outstanding at September 27, 2014 (in shares)	911	871
Granted (in shares)	63
Exercised (in shares)	-23
Exercised	$284,000
Outstanding at March 28, 2015	14 years 328 days
Outstanding at March 28, 2015	6,270
Vested and anticipated to vest in the future at March 28, 2015 (in shares)	907
Vested and anticipated to vest in the future at March 28, 2015	14 years 324 days
Vested and anticipated to vest in the future at March 28, 2015	6,260
Exercisable at March 28, 2015 (in shares)	637
Exercisable at March 28, 2015	13 years 120 days
Exercisable at March 28, 2015	$5,140
Minimum [Member]
Outstanding at September 27, 2014 (in dollars per share)	$7.55	6.89
Granted (in dollars per share)	$21.96
Exercised (in dollars per share)	$6.89
Weighted Average [Member]
Outstanding at September 27, 2014 (in dollars per share)	$21.96	20.5
Granted (in dollars per share)	$21.96
Exercised (in dollars per share)	$11.15

Note_6_StockBased_Compensation6

Note 6 - Stock-Based Compensation - RSU Grants and Compensation Expense (Details) (Restricted Stock Units (RSUs) [Member], USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014
Restricted Stock Units (RSUs) [Member]
Stock options:
Units (in shares)	36	40	36	40
Market value	$790	$763	$790	$763
Compensation expense	$449	$462	$718	$705

Note_6_StockBased_Compensation7

Note 6 - Stock-Based Compensation - Restricted Stock and Restricted Stock Unit Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $)	3 Months Ended	6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Mar. 28, 2015
Restricted Stock Units (RSUs) [Member]
Balance (in shares)		197
Balance (in dollars per share)		$15.68
Units (in shares)	36	36
Granted (in dollars per share)		$21.96
Released (in shares)		-50
Released (in dollars per share)		$14.99
Balance (in shares)	183	183
Balance (in dollars per share)	$17.09	$17.09

Note_7_Income_Taxes_Details_Te

Note 7 - Income Taxes (Details Textual) (USD $)	6 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Sep. 27, 2014
Deferred Tax Assets, Valuation Allowance	$547,000		$547,000
Effective Income Tax Rate Reconciliation, Percent	34.50%	35.20%
Deferred Tax Liabilities, Net, Noncurrent	6,620,000		6,572,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	13,500,000
Deferred Tax Assets, Tax Credit Carryforwards	220,000
Other Current Assets [Member]
Deferred Tax Assets, Net of Valuation Allowance, Current	1,300,000
Other Liabilities [Member]
Deferred Tax Liabilities, Net, Noncurrent	$6,600,000

Note_8_Employee_Benefit_Plans_1

Note 8 - Employee Benefit Plans (Details Textual) (USD $)	3 Months Ended	6 Months Ended
	Mar. 28, 2015	Mar. 28, 2015
Pension Contributions	$49,000	$101,000
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year	$133,000
Supplemental Employee Retirement Plan [Member]
Supplemental Retirement Benefit Period		15 years
Defined Benefit Plan Percent of Highest Average Salary Base		50.00%
Defined Benefit Plan Number of Years in Average Annual Base Salary		5 years
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation		10 years
Supplemental Employee Retirement Plan [Member] | Minimum [Member]
Defined Benefit Plan Employment Term		30 years
Reduced SERP [Member]
Defined Benefit Plan Retirement Age		65 years
Reduced SERP [Member] | Minimum [Member]
Defined Benefit Plan Employment Term		10 years

Note_8_Employee_Benefit_Plans_2

Note 8 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014
Pension Plan [Member]
Interest cost	$33,000	$34,000	$66,000	$68,000
Expected return on plan assets	-45,000	-41,000	-90,000	-82,000
Recognized net actuarial loss	13,000	11,000	26,000	22,000
Net periodic pension cost	1,000	4,000	2,000	8,000
Supplemental Employee Retirement Plan [Member]
Interest cost	81,000	79,000	162,000	158,000
Recognized net actuarial loss	29,000	13,000	58,000	26,000
Net periodic pension cost	182,000	147,000	364,000	294,000
Service cost	$72	$55	$144	$110

Note_9_LongTerm_Debt_Details_T

Note 9 - Long-Term Debt (Details Textual) (USD $)	6 Months Ended		3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014	Sep. 27, 2014	Feb. 06, 2012
Amortization of Financing Costs	$51,000	$51,000
Accumulated Amortization, Deferred Finance Costs	4,500,000		4,500,000		4,400,000
Letter of Credit [Member]
Letters of Credit Outstanding, Amount	1,500,000		1,500,000
Revolving Credit Facility [Member]
Amortization of Financing Costs	51,000	51,000	25,000	25,000
Line of Credit Facility, Maximum Borrowing Capacity						100,000,000
Line of Credit Facility, Current Borrowing Capacity	100,000,000		100,000,000
Long-term Line of Credit	10,000,000		10,000,000
Line of Credit Facility, Remaining Borrowing Capacity	82,600,000		82,600,000
Debt Instrument, Interest Rate, Increase (Decrease)	2.00%
Fixed Charge Coverage Ratio	1.1
Credit Facility Liquidity Amount	$13,500,000
Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility, Interest Rate at Period End	0.50%		0.50%
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Interest Rate at Period End	1.50%		1.50%
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%

Note_10_Earnings_Per_Share_Det

Note 10 - Earnings Per Share (Details Textual) (Stock Compensation Plan [Member])	3 Months Ended		6 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	88,000	146,000	56,000	135,000

Note_10_Earnings_Per_Share_Bas

Note 10 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) (USD $)	3 Months Ended		6 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014
Net earnings	$2,544,000	$3,522,000	$6,694,000	$6,269,000
Basic weighted average shares outstanding (in shares)	18,404	18,234	18,391	18,212
Dilutive effect of stock-based compensation (in shares)	418	403	430	400
Diluted weighted average shares outstanding (in shares)	18,822	18,637	18,821	18,612
Net earnings per share:
Basic (in dollars per share)	$0.14	$0.19	$0.36	$0.34
Diluted (in dollars per share)	$0.14	$0.19	$0.36	$0.34

Note_11_Share_Repurchases_Deta

Note 11 - Share Repurchases (Details Textual) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014	Mar. 28, 2015	Mar. 29, 2014	Nov. 18, 2008
Stock Repurchased During Period, Shares	0	0	0	0
Stock Repurchase Program, Authorized Amount					$25
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$24.80		$24.80

Note_12_Other_Financial_Data_B

Note 12 - Other Financial Data - Balance Sheet Information (Details) (USD $)	Mar. 28, 2015	Sep. 27, 2014
Accounts receivable, net:
Accounts receivable	$44,643,000	$52,099,000
Less allowance for doubtful accounts	-618,000	-888,000
Total	44,025,000	51,211,000
Inventories:
Raw materials	42,471,000	49,200,000
Work in process	3,324,000	3,789,000
Finished goods	37,644,000	28,910,000
Total	83,439,000	81,899,000
Other current assets:
Income tax receivable	1,612,000	760,000
Current deferred tax asset	1,342,000	2,122,000
Prepaid insurance	1,141,000	1,890,000
Other	792,000	1,661,000
Total	4,887,000	6,433,000
Other assets:
Cash surrender value of life insurance policies	7,306,000	6,867,000
Assets held for sale	2,655,000	0
Capitalized financing costs, net	18,000	69,000
Other	97,000	99,000
Total	10,076,000	7,035,000
Property, plant and equipment, net:
Land and land improvements	9,214,000	9,704,000
Buildings	42,608,000	42,047,000
Machinery and equipment	136,430,000	133,699,000
Construction in progress	6,331,000	7,648,000
	194,583	193,098
Less accumulated depreciation	-107,419,000	-102,712,000
Total	87,164,000	90,386,000
Accrued expenses:
Salaries, wages and related expenses	2,661,000	4,659,000
Customer rebates	862,000	1,530,000
Pension plan	725,000	825,000
Restructuring liabilities	564,000	481,000
Property taxes	509,000	1,242,000
Deferred revenues	287,000	525,000
Workers' compensation	284,000	290,000
Interest	37,000	28,000
Other	798,000	795,000
Total	6,727,000	10,375,000
Other liabilities:
Deferred compensation	7,644,000	7,426,000
Deferred income taxes	6,620,000	6,572,000
Other	661,000	728,000
Total	$14,925,000	$14,726,000

Note_13_Business_Segment_Infor1

Note 13 - Business Segment Information (Details Textual)	6 Months Ended
	Mar. 28, 2015
Number of Reportable Segments	1

Note_14_Contingencies_Details_

Note 14 - Contingencies (Details Textual) (USD $)	3 Months Ended	6 Months Ended
	Mar. 28, 2015	Mar. 28, 2015	Mar. 29, 2014
Insurance Recoveries		$1,900,000	$1,300,000
Cost of Sales [Member]
Insurance Recoveries		244,000	1,100,000
Selling, General and Administrative Expenses [Member]
Insurance Recoveries	$56,000	$69,000	$25,000