Insteel Industries (IIIN) 10-Q 21 Jan 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jan. 02, 2016	Jan. 20, 2016
Entity Registrant Name	INSTEEL INDUSTRIES INC
Entity Central Index Key	764,401
Trading Symbol	iiin
Current Fiscal Year End Date	--10-01
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)		18,600,328
Document Type	10-Q
Document Period End Date	Jan. 2, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Net sales	$ 92,391	$ 110,628
Cost of sales	75,968	98,585
Gross profit	16,423	12,043
Selling, general and administrative expense	6,335	$ 5,652
Restructuring recoveries, net	(75)
Other income, net	(114)	$ (40)
Interest expense	41	$ 94
Interest income	(18)
Earnings before income taxes	10,254	$ 6,337
Income taxes	3,546	2,187
Net earnings	$ 6,708	$ 4,150
Net earnings per share:
Basic (in dollars per share)	$ 0	$ 0.23
Diluted (in dollars per share)	$ 0	$ 0.22
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	18,525	18,377
Diluted (in shares)	18,883	18,820
Cash dividends declared per share (in dollars per share)	$ 1.03	$ 0.03
Comprehensive income	$ 6,708	$ 4,150

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jan. 02, 2016	Oct. 03, 2015
Assets
Cash and cash equivalents	$ 45,619	$ 33,258
Accounts receivable, net	40,368	46,782
Inventories	69,065	66,009
Other current assets	2,547	5,309
Total current assets	157,599	151,358
Property, plant and equipment, net	83,144	84,178
Intangibles, net	9,931	10,220
Goodwill	6,965	6,965
Other assets	7,681	7,518
Total assets	265,320	260,239
Liabilities and shareholders' equity
Accounts payable	31,467	32,182
Accrued expenses	12,033	$ 13,644
Dividends payable	18,600
Total current liabilities	62,100	$ 45,826
Other liabilities	$ 13,814	$ 14,198
Commitments and contingencies
Shareholders' equity:
Common stock	$ 18,600	$ 18,466
Additional paid-in capital	62,475	60,967
Retained earnings	110,477	122,928
Accumulated other comprehensive loss	(2,146)	(2,146)
Total shareholders' equity	189,406	200,215
Total liabilities and shareholders' equity	$ 265,320	$ 260,239

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Cash Flows From Operating Activities:
Net earnings	$ 6,708	$ 4,150
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation and amortization	2,742	2,869
Amortization of capitalized financing costs	16	26
Stock-based compensation expense	229	442
Deferred income taxes	1,215	$ 935
Excess tax benefits from stock-based compensation	(253)
Gain on sale and disposition of property, plant and equipment	$ (239)	$ (77)
Increase in cash surrender value of life insurance policies over premiums paid		(136)
Net changes in assets and liabilities (net of assets and liabilities acquired):
Accounts receivable, net	$ 6,414	10,360
Inventories	(3,056)	(5,565)
Accounts payable and accrued expenses	(2,659)	(22,716)
Other changes	1,274	199
Total adjustments	5,683	(13,663)
Net cash provided by (used for) operating activities	12,391	(9,513)
Cash Flows From Investing Activities:
Capital expenditures	$ (941)	(3,515)
Acquisition of business		$ 411
Proceeds from sale of assets held for sale	$ 180
Proceeds from sale of property, plant and equipment	60	$ 89
Proceeds from surrender of life insurance policies	40	$ 40
Increase in cash surrender value of life insurance policies	(212)
Net cash used for investing activities	(873)	$ (2,975)
Cash Flows From Financing Activities:
Proceeds from long-term debt	65	47,757
Principal payments on long-term debt	(65)	(37,757)
Cash dividends paid	(559)	$ (551)
Cash received from exercise of stock options	1,492
Excess tax benefits from stock-based compensation	253
Financing costs	(11)
Payment of employee tax withholdings related to net share transactions	(332)
Net cash provided by financing activities	843	$ 9,449
Net increase (decrease) in cash and cash equivalents	12,361	(3,039)
Cash and cash equivalents at beginning of period	33,258	3,050
Cash and cash equivalents at end of period	$ 45,619	11
Supplemental Disclosures of Cash Flow Information:
Interest		16
Income taxes, net	$ 2,194	45
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	479	$ 206
Declaration of cash dividends to be paid	18,600
Restricted stock units and stock options surrendered for withholding taxes payable	$ 332
Post-closing purchase price adjustment for business acquired		$ 65

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 3 months ended Jan. 02, 2016 - USD ($) shares in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Oct. 03, 2015	18,466
Balance at Oct. 03, 2015	$ 18,466,000	$ 60,967,000	$ 122,928,000	$ (2,146,000)	$ 200,215,000
Net earnings			6,708,000	0	$ 6,708,000
Stock options exercised, net (in shares)	134				176
Stock options exercised, net	$ 134,000	1,358,000			$ 1,492,000
Compensation expense associated with stock-based plans		229,000			229,000
Excess tax benefits from stock-based compensation		253,000			253,000
Restricted stock units and stock options surrendered for withholding taxes payable		(332,000)			(332,000)
Cash dividends declared			(19,159,000)		(19,159,000)
Balance (in shares) at Jan. 02, 2016	18,600
Balance at Jan. 02, 2016	$ 18,600,000	$ 62,475,000	$ 110,477,000	$ (2,146,000)	$ 189,406,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Jan. 02, 2016
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 October 3, 2015 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 October 3, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC. The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that the Company considers necessary for a fair presentation of results for these interim periods. The results of operations for the three-month period ended January 2, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending October 1, 2016 or future periods. On August 15, 2014, the Company through its wholly-owned subsidiary, Insteel Wire Products Company (“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 .

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	3 Months Ended
	Jan. 02, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	(2) Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17 “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes” to simplify the presentation of deferred income taxes. Under this update, all deferred tax assets and liabilities, along with any related valuation allowance, are required to be classified as noncurrent on the balance sheet. Effective January 2, 2016, the Company early adopted ASU No. 2015-17 on a prospective basis, which resulted in the reclassification of the Company’s current deferred tax asset as a non-current deferred tax liability on its consolidated balance sheet. No prior periods were retrospectively adjusted. In July 2015, the FASB issued ASU No. 2015-11 “Simplifying the Measurement of Inventory,” which requires that an entity measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. ASU No. 2015-11 will become effective for the Company in the first quarter of fiscal 2018. The Company does not expect the adoption of this update will have a material effect on its consolidated financial statements. 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 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 2019. The Company is evaluating the alternative transition methods and the potential effects of the adoption of this update on its consolidated financial statements.

Note 3 - Business Combination

Note 3 - Business Combination	3 Months Ended
	Jan. 02, 2016
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, net of post-closing adjustments of $480,000 (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 and its production equipment and facility in Newnan. 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 Restructuring charges. Following is a summary of the restructuring activities and associated costs that were incurred during the three-month periods ended January 2, 2016 and December 27, 2014: (In thousands) Equipment Relocation Costs Severance and Other Employee Separation Costs Facility Closure Costs Gain on Sale of Equipment Total 2016 Liability as of October 3, 2015 $ - $ 735 $ - $ - $ 735 Restructuring charges (recoveries) 75 - 30 (180 ) (75 ) Cash payments/receipts (75 ) (72 ) (30 ) 180 3 Liability as of January 2, 2016 $ - $ 663 $ - $ - $ 663 2015 Liability as of September 27, 2014 $ - $ 1,208 $ - $ - $ 1,208 Cash payments - (53 ) - - (53 ) Liability as of December 27, 2014 $ - $ 1,155 $ - $ - $ 1,155 The Company recorded restructuring liabilities of $0.7 million on its consolidated balance sheet as of January 2, 2016 and October 3, 2015, including $0.5 million in accrued expenses and $0.2 million in other liabilities. The Company does not currently expect to incur any significant restructuring charges during the remainder of fiscal 2016.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
	Jan. 02, 2016
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 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 January 2, 2016 and October 3, 2015, 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 January 2, 2016 Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) Current assets: Cash equivalents $ 45,566 $ 45,566 $ - Other assets: Cash surrender value of life insurance policies 7,366 - 7,366 Total $ 52,932 $ 45,566 $ 7,366 (In thousands) Total at October 3, 2015 Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) Current assets: Cash equivalents $ 32,843 $ 32,843 $ - Other assets: Cash surrender value of life insurance policies 7,194 - 7,194 Total $ 40,037 $ 32,843 $ 7,194 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 January 2, 2016 and October 3, 2015, 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.

Note 5 - Intangible Assets

Note 5 - Intangible Assets	3 Months Ended
	Jan. 02, 2016
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 Amount Accumulated Amortization Net Book Value As of January 2, 2016: Customer relationships $ 6,500 $ (450 ) $ 6,050 Developed technology and know-how 1,800 (125 ) 1,675 Non-competition agreements 3,577 (1,371 ) 2,206 $ 11,877 $ (1,946 ) $ 9,931 (In thousands) Gross Amount Accumulated Amortization Net Book Value As of October 3, 2015: Customer relationships $ 6,500 $ (369 ) $ 6,131 Developed technology and know-how 1,800 (102 ) 1,698 Non-competition agreements 3,577 (1,186 ) 2,391 $ 11,877 $ (1,657 ) $ 10,220

Note 6 - Stock-Based Compensati

Note 6 - Stock-Based Compensation	3 Months Ended
	Jan. 02, 2016
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 Insteel Industries, Inc. (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 of Insteel Industries, Inc., which expired on February 15, 2015. As of January 2, 2016, there were 711,000 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 . Three Months Ended January 2, December 27, (In thousands) 2016 2014 Stock options: Compensation expense $ 83 $ 173 As of January 2, 2016, the remaining unamortized compensation cost related to unvested stock option awards was $280,000, which is expected to be recognized over a weighted average period of 1.36 years. The following table summarizes stock option activity for the three-month period ended January 2, 2016: Contractual Aggregate Options Exercise Price Per Share Term - Intrinsic Outstanding Weighted Weighted Value (in thousands) Range Average Average (in thousands) Outstanding at October 3, 2015 923 $ 7.55 - $ 21.96 $ 15.14 Exercised (176 ) 7.55 - 20.50 12.32 $ 2,016 Outstanding at January 2, 2016 747 7.55 - 21.96 15.80 6.31 3,882 Vested and anticipated to vest in the future at January 2, 2016 741 15.78 6.30 3,872 Exercisable at January 2, 2016 491 13.95 5.05 3,421 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. Three Months Ended January 2, December 27, (In thousands) 2016 2014 Compensation expense $ 146 $ 269 As of January 2, 2016, the remaining unrecognized compensation cost related to unvested RSUs was $444,000, which is expected to be recognized over a weighted average vesting period of 1.58 years. The following table summarizes RSU activity during the three-month period ended January 2, 2016: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, October 3, 2015 157 $ 18.96 Granted - - Released - - Balance, January 2, 2016 157 18.96

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Jan. 02, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(7) Income Taxes Effective income tax rate . Deferred income taxes. As of January 2, 2016, the Company recorded a non-current deferred tax liability (net of valuation allowance) of $5.8 million in other liabilities on its consolidated balance sheet. The Company has $9.3 million of state net operating loss carryforwards (“NOLs”) that begin to expire in 2017, but principally expire between 2017 and 2031. The Company has also recorded $178,000 of gross deferred tax assets for various state tax credits that begin to expire in 2016, but principally expire between 2016 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 reserve against its deferred tax assets to the extent the Company no longer believes it is more likely than not that they will be fully realized. As of January 2, 2016 and October 3, 2015, the Company recorded a valuation allowance of $492,000 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 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 . 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 2010 remain subject to examination.

Note 8 - Employee Benefit Plans

Note 8 - Employee Benefit Plans	3 Months Ended
	Jan. 02, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	(8) Employee Benefit Plans Retirement plans. Net periodic pension costs for the Delaware Plan for the three-month periods ended January 2, 2016 and December 27, 2014 include the following components: Three Months Ended January 2, December 27, (In thousands) 2016 2014 Interest cost $ 37 $ 33 Expected return on plan assets (44 ) (45 ) Recognized net actuarial loss 19 13 Net periodic pension cost $ 12 $ 1 Supplemental employee retirement plan . Net periodic pension costs for the SERPs for the three-month periods ended January 2, 2016 and December 27, 2014 include the following components: Three Months Ended January 2, December 27, (In thousands) 2016 2014 Service cost $ 66 $ 72 Interest cost 81 81 Recognized net actuarial loss 21 29 Net periodic pension cost $ 168 $ 182

Note 9 - Long-Term Debt

Note 9 - Long-Term Debt	3 Months Ended
	Jan. 02, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	(9) Long-Term Debt Revolving 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 0.25% to 0.75% for index rate loans and 1.25% to 1.75% 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 January 2, 2016, the applicable interest rate margins on the Credit Facility were 0.25% for index rate loans and 1.25% 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 $12.5 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 January 2, 2016, 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 $16,000 and $26,000 for the three-month periods ended January 2, 2016 and December 27, 2014, respectively. Accumulated amortization of capitalized financing costs was $4.5 million as of January 2, 2016 and October 3, 2015.

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	3 Months Ended
	Jan. 02, 2016
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-month periods ended January 2, 2016 and December 27, 2014 are as follows: Three Months Ended January 2, December 27, (In thousands except per share amounts) 2016 2014 Net earnings available to common shareholders $ 6,708 $ 4,150 Basic weighted average shares outstanding 18,525 18,377 Dilutive effect of stock-based compensation 358 443 Diluted weighted average shares outstanding 18,883 18,820 Net earnings per share: Basic $ 0.36 $ 0.23 Diluted $ 0.36 $ 0.22 Options representing 86,000 and 25,000 shares for the three-month periods ended January 2, 2016 and December 27, 2014, respectively, were antidilutive and not included in the diluted earnings per share calculation.

Note 11 - Share Repurchases

Note 11 - Share Repurchases	3 Months Ended
	Jan. 02, 2016
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 January 2, 2016, there was $24.8 million remaining available for future share repurchases under this authorization. No repurchases of common stock were made during the three-month periods ended January 2, 2016 and December 27, 2014.

Note 12 - Other Financial Data

Note 12 - Other Financial Data	3 Months Ended
	Jan. 02, 2016
Notes to Financial Statements
Other Financial Data [Text Block]	(12 ) Other Financial Data Balance sheet information: January 2, October 3, (In thousands) 2016 2015 Accounts receivable, net: Accounts receivable $ 40,945 $ 47,420 Less allowance for doubtful accounts (577 ) (638 ) Total $ 40,368 $ 46,782 Inventories: Raw materials $ 38,344 $ 38,457 Work in process 2,636 2,968 Finished goods 28,085 24,584 Total $ 69,065 $ 66,009 Other current assets: Prepaid insurance $ 1,186 $ 2,519 Current deferred tax asset - 1,492 Other 1,361 1,298 Total $ 2,547 $ 5,309 Other assets: Cash surrender value of life insurance policies $ 7,366 $ 7,194 Capitalized financing costs, net 219 227 Other 96 97 Total $ 7,681 $ 7,518 Property, plant and equipment, net: Land and land improvements $ 9,424 $ 9,279 Buildings 43,032 43,016 Machinery and equipment 142,900 142,662 Construction in progress 2,454 1,715 197,810 196,672 Less accumulated depreciation (114,666 ) (112,494 ) Total $ 83,144 $ 84,178 Accrued expenses: Salaries, wages and related expenses $ 3,122 $ 5,455 Income taxes 2,072 2,187 Customer rebates 1,973 1,760 Property taxes 1,460 1,507 Pension plan 1,222 1,263 Customer advances 665 71 Restructuring liabilities 505 505 Workers' compensation 293 294 Other 721 602 Total $ 12,033 $ 13,644 Other liabilities: Deferred compensation $ 7,853 $ 7,765 Deferred income taxes 5,780 6,057 Other 181 376 Total $ 13,814 $ 14,198

Note 13 - Business Segment Info

Note 13 - Business Segment Information	3 Months Ended
	Jan. 02, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(13) Business Segment Information Segment Reporting

Note 14 - Contingencies

Note 14 - Contingencies	3 Months Ended
	Jan. 02, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(14) Contingencies Insurance recoveries. The Company maintained general liability, business interruption and replacement cost property insurance coverage on its facilities that was sufficient to cover the losses incurred from the fire. During the three months ended December 27, 2014, the Company recorded a $257,000 receivable for the anticipated insurance proceeds related to the costs that were incurred during the period related to the fire which were recorded in cost of sales ($244,000) and selling, general and administrative expense (“SG&A expense”) ($13,000) on the consolidated statement of operations and comprehensive income. The insurance proceeds attributable to the property and equipment damaged in the fire were reported in cash flows from investing activities and all other insurance proceeds received were reported in cash flows from operating activities on the consolidated statement of cash flows. The Company reached a final settlement with its insurance carrier on this claim during the third quarter of fiscal 2015. Legal proceedings .

Note 3 - Business Combination (

Note 3 - Business Combination (Tables)	3 Months Ended
	Jan. 02, 2016
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
Restructuring and Related Costs [Table Text Block]	(In thousands) Equipment Relocation Costs Severance and Other Employee Separation Costs Facility Closure Costs Gain on Sale of Equipment Total 2016 Liability as of October 3, 2015 $ - $ 735 $ - $ - $ 735 Restructuring charges (recoveries) 75 - 30 (180 ) (75 ) Cash payments/receipts (75 ) (72 ) (30 ) 180 3 Liability as of January 2, 2016 $ - $ 663 $ - $ - $ 663 2015 Liability as of September 27, 2014 $ - $ 1,208 $ - $ - $ 1,208 Cash payments - (53 ) - - (53 ) Liability as of December 27, 2014 $ - $ 1,155 $ - $ - $ 1,155

Note 4 - Fair Value Measureme21

Note 4 - Fair Value Measurements (Tables)	3 Months Ended
	Jan. 02, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	(In thousands) Total at January 2, 2016 Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) Current assets: Cash equivalents $ 45,566 $ 45,566 $ - Other assets: Cash surrender value of life insurance policies 7,366 - 7,366 Total $ 52,932 $ 45,566 $ 7,366 (In thousands) Total at October 3, 2015 Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) Current assets: Cash equivalents $ 32,843 $ 32,843 $ - Other assets: Cash surrender value of life insurance policies 7,194 - 7,194 Total $ 40,037 $ 32,843 $ 7,194

Note 5 - Intangible Assets (Tab

Note 5 - Intangible Assets (Tables)	3 Months Ended
	Jan. 02, 2016
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(In thousands) Gross Amount Accumulated Amortization Net Book Value As of January 2, 2016: Customer relationships $ 6,500 $ (450 ) $ 6,050 Developed technology and know-how 1,800 (125 ) 1,675 Non-competition agreements 3,577 (1,371 ) 2,206 $ 11,877 $ (1,946 ) $ 9,931 (In thousands) Gross Amount Accumulated Amortization Net Book Value As of October 3, 2015: Customer relationships $ 6,500 $ (369 ) $ 6,131 Developed technology and know-how 1,800 (102 ) 1,698 Non-competition agreements 3,577 (1,186 ) 2,391 $ 11,877 $ (1,657 ) $ 10,220

Note 6 - Stock-Based Compensa23

Note 6 - Stock-Based Compensation (Tables)	3 Months Ended
	Jan. 02, 2016
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 January 2, December 27, (In thousands) 2016 2014 Stock options: Compensation expense $ 83 $ 173
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Contractual Aggregate Options Exercise Price Per Share Term - Intrinsic Outstanding Weighted Weighted Value (in thousands) Range Average Average (in thousands) Outstanding at October 3, 2015 923 $ 7.55 - $ 21.96 $ 15.14 Exercised (176 ) 7.55 - 20.50 12.32 $ 2,016 Outstanding at January 2, 2016 747 7.55 - 21.96 15.80 6.31 3,882 Vested and anticipated to vest in the future at January 2, 2016 741 15.78 6.30 3,872 Exercisable at January 2, 2016 491 13.95 5.05 3,421
Schedule of RSU Grants and Compensation Expense [Table Text Block]	Three Months Ended January 2, December 27, (In thousands) 2016 2014 Compensation expense $ 146 $ 269
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 3, 2015 157 $ 18.96 Granted - - Released - - Balance, January 2, 2016 157 18.96

Note 8 - Employee Benefit Pla24

Note 8 - Employee Benefit Plans (Tables)	3 Months Ended
	Jan. 02, 2016
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended January 2, December 27, (In thousands) 2016 2014 Interest cost $ 37 $ 33 Expected return on plan assets (44 ) (45 ) Recognized net actuarial loss 19 13 Net periodic pension cost $ 12 $ 1 Three Months Ended January 2, December 27, (In thousands) 2016 2014 Service cost $ 66 $ 72 Interest cost 81 81 Recognized net actuarial loss 21 29 Net periodic pension cost $ 168 $ 182

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	3 Months Ended
	Jan. 02, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended January 2, December 27, (In thousands except per share amounts) 2016 2014 Net earnings available to common shareholders $ 6,708 $ 4,150 Basic weighted average shares outstanding 18,525 18,377 Dilutive effect of stock-based compensation 358 443 Diluted weighted average shares outstanding 18,883 18,820 Net earnings per share: Basic $ 0.36 $ 0.23 Diluted $ 0.36 $ 0.22

Note 12 - Other Financial Data

Note 12 - Other Financial Data (Tables)	3 Months Ended
	Jan. 02, 2016
Notes Tables
Condensed Balance Sheet [Table Text Block]	January 2, October 3, (In thousands) 2016 2015 Accounts receivable, net: Accounts receivable $ 40,945 $ 47,420 Less allowance for doubtful accounts (577 ) (638 ) Total $ 40,368 $ 46,782 Inventories: Raw materials $ 38,344 $ 38,457 Work in process 2,636 2,968 Finished goods 28,085 24,584 Total $ 69,065 $ 66,009 Other current assets: Prepaid insurance $ 1,186 $ 2,519 Current deferred tax asset - 1,492 Other 1,361 1,298 Total $ 2,547 $ 5,309 Other assets: Cash surrender value of life insurance policies $ 7,366 $ 7,194 Capitalized financing costs, net 219 227 Other 96 97 Total $ 7,681 $ 7,518 Property, plant and equipment, net: Land and land improvements $ 9,424 $ 9,279 Buildings 43,032 43,016 Machinery and equipment 142,900 142,662 Construction in progress 2,454 1,715 197,810 196,672 Less accumulated depreciation (114,666 ) (112,494 ) Total $ 83,144 $ 84,178 Accrued expenses: Salaries, wages and related expenses $ 3,122 $ 5,455 Income taxes 2,072 2,187 Customer rebates 1,973 1,760 Property taxes 1,460 1,507 Pension plan 1,222 1,263 Customer advances 665 71 Restructuring liabilities 505 505 Workers' compensation 293 294 Other 721 602 Total $ 12,033 $ 13,644 Other liabilities: Deferred compensation $ 7,853 $ 7,765 Deferred income taxes 5,780 6,057 Other 181 376 Total $ 13,814 $ 14,198

Note 3 - Business Combination27

Note 3 - Business Combination (Details Textual) - USD ($)	Aug. 15, 2014	Oct. 02, 2016	Jan. 02, 2016	Oct. 03, 2015	Dec. 27, 2014	Sep. 27, 2014
ASW Acquisition [Member] | Scenario, Forecast [Member]
Restructuring Charges		$ 0
ASW Acquisition [Member]
Business Combination, Consideration Transferred	$ 33,500,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred	$ 480,000
Restructuring Reserve				$ 700,000
Restructuring Reserve, Current			$ 500,000
Restructuring Reserve, Noncurrent				200,000
Restructuring Reserve			663,000	735,000	$ 1,155,000	$ 1,208,000
Restructuring Reserve, Current			$ 505,000	$ 505,000

Note 3 - Business Combination -

Note 3 - Business Combination - Purchase Price Allocation Schedule (Details) $ in Thousands	Aug. 15, 2014USD ($)
ASW Acquisition [Member]
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

Note 3 - Business Combination29

Note 3 - Business Combination - Summaries of the Restructuring Activities and Associated Costs Incurred (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Employee Severance [Member]
Liability	$ 735	$ 1,208
Cash payments/receipts	(72)	(53)
Liability	663	1,155
Equipment Relocation Costs [Member]
Restructuring charges (recoveries)	75
Cash payments/receipts	(75)
Facility Closing [Member]
Restructuring charges (recoveries)	30
Cash payments/receipts	(30)
Gain on Sale of Property and Equipment [Member]
Restructuring charges (recoveries)	(180)
Cash payments/receipts	180
Liability	735	$ 1,208
Restructuring charges (recoveries)	(75)
Cash payments/receipts	3	$ (53)
Liability	$ 663	$ 1,155

Note 4 - Fair Value Measureme30

Note 4 - Fair Value Measurements (Details Textual) - USD ($)	Jan. 02, 2016	Oct. 03, 2015
Non Financial [Member]
Assets, Fair Value Disclosure, Nonrecurring	$ 0	$ 0

Note 4 - Fair Value Measureme31

Note 4 - Fair Value Measurements - Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Oct. 03, 2015
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	$ 45,566	$ 32,843
Cash surrender value of life insurance policies
Total	$ 45,566	$ 32,843
Fair Value, Inputs, Level 2 [Member]
Cash equivalents
Cash surrender value of life insurance policies	$ 7,366	$ 7,194
Total	7,366	7,194
Cash equivalents	45,566	32,843
Cash surrender value of life insurance policies	7,366	7,194
Total	$ 52,932	$ 40,037

Note 5 - Intangible Assets (Det

Note 5 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Amortization of Intangible Assets	$ 289,000	$ 216,000

Note 5 - Intangible Assets - In

Note 5 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Oct. 03, 2015
Customer Relationships [Member]
Gross Amount	$ 6,500	$ 6,500
Accumulated Amortization	(450)	(369)
Net Book Value	6,050	6,131
Technology-Based Intangible Assets [Member]
Gross Amount	1,800	1,800
Accumulated Amortization	(125)	(102)
Net Book Value	1,675	1,698
Noncompete Agreements [Member]
Gross Amount	3,577	3,577
Accumulated Amortization	(1,371)	(1,186)
Net Book Value	2,206	2,391
Gross Amount	11,877	11,877
Accumulated Amortization	(1,946)	(1,657)
Net Book Value	$ 9,931	$ 10,220

Note 6 - Stock-Based Compensa34

Note 6 - Stock-Based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jan. 02, 2016	Feb. 17, 2015
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 280,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 131 days
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
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 444,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 211 days
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	711,000
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

Note 6 - Stock-Based Compensa35

Note 6 - Stock-Based Compensation - Compensation Expense and Excess Tax Benefits Associated with Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Employee Stock Option [Member]
Stock options:
Compensation expense	$ 83	$ 173

Note 6 - Stock-Based Compensa36

Note 6 - Stock-Based Compensation - Stock Option Activity (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 02, 2016USD ($)$ / sharesshares
Minimum [Member]
Outstanding (in dollars per share)	$ 7.55
Exercised (in dollars per share)	7.55
Outstanding (in dollars per share)	7.55
Maximum [Member]
Outstanding (in dollars per share)	21.96
Exercised (in dollars per share)	20.50
Outstanding (in dollars per share)	21.96
Weighted Average [Member]
Outstanding (in dollars per share)	15.14
Exercised (in dollars per share)	12.32
Outstanding (in dollars per share)	$ 15.80
Outstanding (in shares) | shares	923
Exercised (in shares) | shares	(176)
Exercised | $	$ 2,016
Outstanding (in shares) | shares	747
Outstanding	6 years 113 days
Outstanding | $	$ 3,882
Vested and anticipated to vest (in shares) | shares	741
Vested and anticipated to vest (in dollars per share)	$ 15.78
Vested and anticipated to vest	6 years 109 days
Vested and anticipated to vest | $	$ 3,872
Exercisable (in shares) | shares	491
Exercisable (in dollars per share)	$ 13.95
Exercisable at January 2, 2016	5 years 18 days
Exercisable at January 2, 2016 | $	$ 3,421

Note 6 - Stock-Based Compensa37

Note 6 - Stock-Based Compensation - RSU Grants and Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Restricted Stock Units (RSUs) [Member]
Compensation expense	$ 146	$ 269

Note 6 - Stock-Based Compensa38

Note 6 - Stock-Based Compensation - Restricted Stock and Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Jan. 02, 2016$ / sharesshares
Balance (in shares) | shares	157,000
Balance (in dollars per share) | $ / shares	$ 18.96
Granted (in shares) | shares	0
Granted (in dollars per share) | $ / shares	$ 0
Released (in shares) | shares	0
Released (in dollars per share) | $ / shares	$ 0
Balance (in shares) | shares	157,000
Balance (in dollars per share) | $ / shares	$ 18.96

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Oct. 03, 2015
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 9,300,000
Deferred Tax Assets, Tax Credit Carryforwards	178,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	0
Deferred Tax Assets, Valuation Allowance	$ 492,000		$ 492,000
Effective Income Tax Rate Reconciliation, Percent	34.60%	34.50%
Deferred Tax Liabilities, Net, Noncurrent	$ 5,780,000		$ 6,057,000

Note 8 - Employee Benefit Pla40

Note 8 - Employee Benefit Plans (Details Textual)	3 Months Ended
	Jan. 02, 2016USD ($)
Minimum [Member] | Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Employment Term	30 years
Minimum [Member] | Reduced SERP [Member]
Defined Benefit Plan Employment Term	10 years
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
Reduced SERP [Member]
Defined Benefit Plan Retirement Age	65 years
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year	$ 49,000
Defined Benefit Plan, Expected Contributions in Current Fiscal Year	$ 143,000

Note 8 - Employee Benefit Pla41

Note 8 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Pension Plan [Member]
Interest cost	$ 37	$ 33
Expected return on plan assets	(44)	(45)
Recognized net actuarial loss	19	13
Net periodic pension cost	12	1
Supplemental Employee Retirement Plan [Member]
Interest cost	81	81
Recognized net actuarial loss	21	29
Net periodic pension cost	168	182
Service cost	$ 66	$ 72

Note 9 - Long-Term Debt (Detail

Note 9 - Long-Term Debt (Details Textual)	3 Months Ended
	Jan. 02, 2016USD ($)	Dec. 27, 2014USD ($)	Oct. 03, 2015USD ($)	Feb. 06, 2012USD ($)
Revolving Credit Facility [Member] | Letter of Credit [Member]
Long-term Line of Credit	$ 1,600,000
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility, Interest Rate at Period End	0.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Interest Rate at Period End	1.25%
Revolving Credit Facility [Member]
Long-term Line of Credit	$ 0
Line of Credit Facility, Maximum Borrowing Capacity				$ 100,000,000
Line of Credit Facility, Current Borrowing Capacity	100,000,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 75,200,000
Debt Instrument, Interest Rate, Increase (Decrease)	2.00%
Fixed Charge Coverage Ratio	1.1
Credit Facility Liquidity Amount	$ 12,500,000
Amortization of Financing Costs	16,000	$ 26,000
Amortization of Financing Costs	$ 16,000	$ 26,000
Accumulated Amortization, Deferred Finance Costs			$ 4,500,000

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details Textual) - shares	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	86,000	25,000

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Net earnings	$ 6,708	$ 4,150
Basic weighted average shares outstanding (in shares)	18,525	18,377
Dilutive effect of stock-based compensation (in shares)	358	443
Diluted weighted average shares outstanding (in shares)	18,883	18,820
Basic (in dollars per share)	$ 0	$ 0.23
Diluted (in dollars per share)	$ 0	$ 0.22

Note 11 - Share Repurchases (De

Note 11 - Share Repurchases (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Nov. 18, 2008
Stock Repurchased During Period, Shares	0	0
Stock Repurchase Program, Authorized Amount			$ 25
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 24.8

Note 12 - Other Financial Dat46

Note 12 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Oct. 03, 2015
Accounts receivable, net:
Accounts receivable	$ 40,945	$ 47,420
Less allowance for doubtful accounts	(577)	(638)
Total	40,368	46,782
Inventories:
Raw materials	38,344	38,457
Work in process	2,636	2,968
Finished goods	28,085	24,584
Total	69,065	66,009
Other current assets:
Prepaid insurance	$ 1,186	2,519
Current deferred tax asset		1,492
Other	$ 1,361	1,298
Total	2,547	5,309
Other assets:
Cash surrender value of life insurance policies	7,366	7,194
Capitalized financing costs, net	219	227
Other	96	97
Total	7,681	7,518
Property, plant and equipment, net:
Land and land improvements	9,424	9,279
Buildings	43,032	43,016
Machinery and equipment	142,900	142,662
Construction in progress	2,454	1,715
Property, plant and equipment, gross	197,810	196,672
Less accumulated depreciation	(114,666)	(112,494)
Total	83,144	84,178
Accrued expenses:
Salaries, wages and related expenses	3,122	5,455
Income taxes	2,072	2,187
Customer rebates	1,973	1,760
Property taxes	1,460	1,507
Pension plan	1,222	1,263
Customer advances	665	71
Restructuring Reserve, Current	505	505
Workers' compensation	293	294
Other	721	602
Total	12,033	13,644
Other liabilities:
Deferred compensation	7,853	7,765
Deferred Tax Liabilities, Net, Noncurrent	5,780	6,057
Other	181	376
Total	$ 13,814	$ 14,198

Note 13 - Business Segment In47

Note 13 - Business Segment Information (Details Textual)	3 Months Ended
	Jan. 02, 2016
Number of Reportable Segments	1

Note 14 - Contingencies (Detail

Note 14 - Contingencies (Details Textual)	3 Months Ended
	Dec. 27, 2014USD ($)
Cost of Sales [Member]
Insurance Recoveries	$ 244,000
Selling, General and Administrative Expenses [Member]
Insurance Recoveries	13,000
Estimated Insurance Recoveries	$ 257,000