Insteel Industries (IIIN) 10-Q 23 Apr 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2018	Apr. 20, 2018
Document Information [Line Items]
Entity Registrant Name	INSTEEL INDUSTRIES INC
Entity Central Index Key	764,401
Trading Symbol	iiin
Current Fiscal Year End Date	--09-29
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)		19,063,470
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Net sales	$ 107,417	$ 101,159	$ 205,158	$ 195,047
Cost of sales	92,001	82,865	178,081	163,743
Gross profit	15,416	18,294	27,077	31,304
Selling, general and administrative expense	7,475	7,055	13,238	13,319
Restructuring charges		25		73
Other expense, net	166	10	185
Interest expense	23	35	51	69
Interest income	(53)	(48)	(129)	(100)
Earnings before income taxes	7,805	11,217	13,732	17,943
Income taxes	1,926	3,797	(258)	6,063
Net earnings	$ 5,879	$ 7,420	$ 13,990	$ 11,880
Net earnings per share:
Basic (in dollars per share)	$ 0.31	$ 0.39	$ 0.73	$ 0.63
Diluted (in dollars per share)	$ 0.31	$ 0.39	$ 0.73	$ 0.62
Weighted average shares outstanding:
Basic (in shares)	19,052	19,004	19,047	18,992
Diluted (in shares)	19,258	19,224	19,241	19,217
Cash dividends declared per share (in dollars per share)	$ 0.03	$ 0.03	$ 1.06	$ 1.31
Comprehensive income	$ 5,879	$ 7,420	$ 13,990	$ 11,880

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Assets
Cash and cash equivalents	$ 23,464	$ 32,105
Accounts receivable, net	50,455	40,284
Inventories	63,156	81,853
Other current assets	4,071	5,949
Total current assets	141,146	160,191
Property, plant and equipment, net	103,277	98,670
Intangibles, net	10,275	7,913
Goodwill	8,293	6,965
Other assets	9,649	9,334
Total assets	272,640	283,073
Liabilities and shareholders' equity
Accounts payable	32,561	33,651
Accrued expenses	5,497	8,667
Total current liabilities	38,058	42,318
Other liabilities	16,537	17,379
Commitments and contingencies
Shareholders' equity:
Common stock	19,063	19,041
Additional paid-in capital	70,658	69,817
Retained earnings	129,657	135,851
Accumulated other comprehensive loss	(1,333)	(1,333)
Total shareholders' equity	218,045	223,376
Total liabilities and shareholders' equity	$ 272,640	$ 283,073

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Cash Flows From Operating Activities:
Net earnings	$ 13,990,000	$ 11,880,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	6,409,000	5,729,000
Amortization of capitalized financing costs	32,000	32,000
Stock-based compensation expense	1,073,000	1,133,000
Deferred income taxes	(2,270,000)	910,000
Loss on sale and disposition of property, plant and equipment	221,000	46,000
Increase in cash surrender value of life insurance policies over premiums paid	(275,000)	(360,000)
Net changes in assets and liabilities (net of assets and liabilities acquired):
Accounts receivable, net	(10,171,000)	(2,188,000)
Inventories	18,697,000	11,956,000
Accounts payable and accrued expenses	(4,218,000)	(11,132,000)
Other changes	1,005,000	(430,000)
Total adjustments	10,503,000	5,696,000
Net cash provided by operating activities	24,493,000	17,576,000
Cash Flows From Investing Activities:
Capital expenditures	(9,316,000)	(10,656,000)
Acquisition of business	(3,300,000)
Proceeds from surrender of life insurance policies	121,000	77,000
Increase in cash surrender value of life insurance policies	(245,000)	(277,000)
Net cash used for investing activities	(12,740,000)	(10,856,000)
Cash Flows From Financing Activities:
Proceeds from long-term debt	169,000	176,000
Principal payments on long-term debt	(169,000)	(176,000)
Cash dividends paid	(20,184,000)	(24,869,000)
Cash received from exercise of stock options		107,000
Payment of employee tax withholdings related to net share transactions	(210,000)	(646,000)
Net cash used for financing activities	(20,394,000)	(25,408,000)
Net decrease in cash and cash equivalents	(8,641,000)	(18,688,000)
Cash and cash equivalents at beginning of period	32,105,000	58,873,000
Cash and cash equivalents at end of period	23,464,000	40,185,000
Supplemental Disclosures of Cash Flow Information:
Income taxes, net	1,060,000	4,160,000
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	1,233,000	1,152,000
Restricted stock units and stock options surrendered for withholding taxes payable	$ 210,000	$ 646,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Sep. 30, 2017	19,041
Balance at Sep. 30, 2017	$ 19,041	$ 69,817	$ 135,851	$ (1,333)	$ 223,376
Net earnings			13,990		$ 13,990
Stock options exercised, net (in shares)	2				7
Stock options exercised, net	$ 2	(2)
Vesting of restricted stock units (in shares)	20
Vesting of restricted stock units	$ 20	(20)
Compensation expense associated with stock-based plans		1,073			1,073
Restricted stock units and stock options surrendered for withholding taxes payable		(210)			(210)
Cash dividends declared			(20,184)		(20,184)
Balance (in shares) at Mar. 31, 2018	19,063
Balance at Mar. 31, 2018	$ 19,063	$ 70,658	$ 129,657	$ (1,333)	$ 218,045

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	( 1 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 United States (“U.S.”) Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10 not September 30, 2017 not September 30, 2017 10 October 27, 2017. The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that we consider necessary for a fair presentation of results for these interim periods. The results of operations for the six March 31, 2018 not may September 29, 2018 We have 10 no .

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	( 2 In March 2016, No. 2016 09, 718 first No. 2016 09 no six No. 2016 09, no $488,000 six April 1, 2017. In February 2018, 2018 02, 220 December 15, 2018, In July 2015, No. 2015 11 No. 2015 11 first not In May 2017, No. 2017 09 718 No. 2017 09 No. 2017 09 first 2020. In August 2016, No. 2016 15 230: No. 2016 15 No. 2016 15 first 2019. not In February 2016, No. 2016 02 840. No. 2016 02 12 No. 2016 02 first 2020. In May 2014, No. 2014 09 No. 2014 09 No. 2014 09 first 2019. not

Note 3 - Restructuring Charges

Note 3 - Restructuring Charges	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	( 3 In fiscal 2014, 2014, February 2015, March 2015. Following is a summary of the restructuring activities and associated costs that were incurred during the prior year three six April 1, 2017: Severance and (In thousands) Equipment Other Employee Relocation Costs Separation Costs Total Liability as of October 1, 2016 $ 31 $ 239 $ 270 Restructuring charges 48 - 48 Cash payments (79 ) (74 ) (153 ) Liability as of December 31, 2016 - 165 165 Restructuring charges 25 - 25 Cash payments (25 ) (68 ) (93 ) Liability as of April 1, 2017 $ - $ 97 $ 97 We do not

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 4 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 three Level 1 Level 2 1, Level 3 no As of March 31, 2018 September 30, 2017, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of March 31, 2018: Current assets: Cash equivalents $ 21,331 $ 21,331 $ - Other assets: Cash surrender value of life insurance policies 9,425 - 9,425 Total $ 30,756 $ 21,331 $ 9,425 As of September 30, 2017: Current assets: Cash equivalents $ 31,659 $ 31,659 $ - Other assets: Cash surrender value of life insurance policies 9,026 - 9,026 Total $ 40,685 $ 31,659 $ 9,026 Cash equivalents, which include all highly liquid investments with original maturities of three 1 2. As of March 31, 2018 September 30, 2017, no

Note 5 - Intangible Assets

Note 5 - Intangible Assets	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	( 5 The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Gross Amount Accumulated Amortization Net Book Value As of March 31, 2018: Customer relationships $ 9,070 $ (1,293 ) $ 7,777 Developed technology and know-how 1,800 (326 ) 1,474 Non-competition agreements 3,687 (2,789 ) 898 Trade name 140 (14 ) 126 $ 14,697 $ (4,422 ) $ 10,275 As of September 30, 2017: Customer relationships $ 6,500 $ (1,018 ) $ 5,482 Developed technology and know-how 1,800 (283 ) 1,517 Non-competition agreements 3,577 (2,663 ) 914 $ 11,877 $ (3,964 ) $ 7,913 Amortization expense for intangibles was $359,000 $290,000 three March 31, 2018 April 1, 2017, $688,000 $579,000 six March 31, 2018 April 1, 2017, six March 31, 2018, not

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 6 Under our equity incentive plans, employees and directors may February 17, 2015, 2015 “2015 900,000 2015 February 17, 2025, 2005 February 15, 2015. March 31, 2018, 378,000 2015 Stock o ption awards . may three ten Three Months Ended Six Months Ended March 31, April 1, March 31, April 1, (In thousands) 2018 2017 2018 2017 Compensation expense $ 381 $ 411 $ 471 $ 507 As of March 31, 2018, $237,000 1.63 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 six March 31, 2018 April 1, 2017 $10.46 $13.66 Six Months Ended March 31, April 1, 2018 2017 Risk-free interest rate 2.72 % 2.03 % Dividend yield 0.40 % 0.33 % Expected volatility 37.74 % 38.79 % Expected term (in years) 4.89 5.12 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 our 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 our 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: 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 30, 2017 392 $9.16 - $37.06 $ 23.40 Granted 44 29.69 - 29.69 29.69 Exercised (7 ) 18.05 - 23.95 21.00 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at March 31, 2018 420 9.16 - 37.06 23.97 7.39 $ 2,229 Vested and anticipated to vest in the future at March 31, 2018 418 23.94 7.38 2,223 Exercisable at March 31, 2018 236 20.46 6.22 1,894 Stock option exercises include “net exercises” for 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. one three not Three Months Ended Six Months Ended March 31, April 1, March 31, April 1, (In thousands) 2018 2017 2018 2017 Restricted stock unit grants: Units 24 19 24 19 Market value $ 712 $ 690 $ 712 $ 690 Compensation expense 457 465 602 626 As of March 31, 2018, $560,000 1.57 The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 30, 2017 128 $ 25.92 Granted 24 29.69 Released (26 ) 25.04 Forfeited (4 ) 29.60 Balance, March 31, 2018 122 26.74

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 7 Effective income tax rate . 1.9% six March 31, 2018 33.8% six April 1, 2017. December 22, 2017, 35% 21% January 1, 2018. September 30 24.5% 2018 21% 2019 first $3.7 first 2019. Deferred income taxes. March 31, 2018, $5.8 $7.4 2018, 2018 2031. $71,000 2019, 2019 2020. The realization of our deferred tax assets is entirely dependent upon our ability to generate future taxable income in applicable jurisdictions. GAAP requires that we periodically assess the need to establish a reserve against our deferred tax assets to the extent we no not March 31, 2018 September 30, 2017, $254,000 $251,000, not not. Uncertainty in income taxes . March 31, 2018, no We file 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 subsequent to 2012

Note 8 - Employee Benefit Plans

Note 8 - Employee Benefit Plans	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 8 Supplemental employee retirement plan . 30 15 50% five 10 65 30 10 1/360th 30 Net periodic pension cost for the SERPs includes the following components: Three Months Ended Six Months Ended March 31, April 1, March 31, April 1, (In thousands) 2018 2017 2018 2017 Interest cost $ 86 $ 85 172 170 Service cost 62 86 139 172 Recognized net actuarial loss 38 43 76 86 Net periodic pension cost $ 186 $ 214 $ 387 $ 428

Note 9 - Long-term Debt

Note 9 - Long-term Debt	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Long-term Debt [Text Block]	( 9 Revolving Credit Facility . $100.0 May 2015, June 2, 2016 May 13, 2020. $100.0 March 31, 2018, no $84.4 $1.8 Interest rates on the Credit Facility are based upon ( 1 0.50% 2 0.25% 0.75% 1.25% 1.75% 2.00% March 31, 2018, 0.25% 1.25% Our 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 we are unable to make certain representations and warranties provided for under the terms of the Credit Facility. We are required to maintain a fixed charge coverage ratio of not 1.10 twelve $12.5 third not March 31, 2018, not Amortization of capitalized financing costs associated with the Credit Facility was $16,000 three March 31, 2018 April 1, 2017, $32,000 six March 31, 2018 April 1, 2017. $4.6 March 31, 2018 September 30, 2017.

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	( 1 0 ) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Three Months Ended Six Months Ended March 31, April 1, March 31, April 1, (In thousands, except per share amounts) 2018 2017 2018 2017 Net earnings $ 5,879 $ 7,420 $ 13,990 $ 11,880 Basic weighted average shares outstanding 19,052 19,004 19,047 18,992 Dilutive effect of stock-based compensation 206 220 194 225 Diluted weighted average shares outstanding 19,258 19,224 19,241 19,217 Net earnings per share: Basic $ 0.31 $ 0.39 $ 0.73 $ 0.63 Diluted $ 0.31 $ 0.39 $ 0.73 $ 0.62 Options representing 97,000 50,000 three March 31, 2018 April 1, 2017, not 98,000 46,000 six March 31, 2018 April 1, 2017, not

Note 11 - Share Repurchases

Note 11 - Share Repurchases	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	( 1 1 ) S hare Repurchase s On November 18, 2008, $25.0 may not may March 31, 2018, $24.8 no three six March 31, 2018 April 1, 2017.

Note 12 - Other Financial Data

Note 12 - Other Financial Data	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Other Financial Data [Text Block]	( 1 2 ) Other Financial Data Balance sheet information: March 31, September 30, (In thousands) 2018 2017 Accounts receivable, net: Accounts receivable $ 50,719 $ 40,485 Less allowance for doubtful accounts (264 ) (201 ) Total $ 50,455 $ 40,284 Inventories: Raw materials $ 34,353 $ 51,808 Work in process 3,953 2,637 Finished goods 24,850 27,408 Total $ 63,156 $ 81,853 Other current assets: Prepaid insurance $ 2,957 $ 3,796 Income tax receivable - 925 Other 1,114 1,228 Total $ 4,071 $ 5,949 Other assets: Cash surrender value of life insurance policies $ 9,425 $ 9,026 Capitalized financing costs, net 73 105 Other 151 203 Total $ 9,649 $ 9,334 Property, plant and equipment, net: Land and land improvements $ 14,428 $ 12,177 Buildings 53,991 50,373 Machinery and equipment 156,352 153,484 Construction in progress 6,388 5,641 231,159 221,675 Less accumulated depreciation (127,882 ) (123,005 ) Total $ 103,277 $ 98,670 Accrued expenses: Salaries, wages and related expenses $ 3,524 $ 5,520 Customer rebates 776 1,015 Property taxes 524 1,384 Workers' compensation 115 116 Other 558 632 Total $ 5,497 $ 8,667 Other liabilities: Deferred compensation $ 10,704 $ 9,276 Deferred income taxes 5,833 8,103 Total $ 16,537 $ 17,379

Note 13 - Business Segment Info

Note 13 - Business Segment Information	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 13 Our operations are entirely focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Our concrete reinforcing products consist of two 280, Segment Reporting one

Note 14 - Contingencies

Note 14 - Contingencies	6 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 14 Insurance recoveries. August September 2017, four 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 storms. During the three six March 31, 2018, $439,000 six March 31, 2018, $418,000 $21,000 Legal proceedings . not

Note 3 - Restructuring Charges

Note 3 - Restructuring Charges (Tables)	6 Months Ended
	Mar. 31, 2018
Notes Tables
Restructuring and Related Costs [Table Text Block]	Severance and (In thousands) Equipment Other Employee Relocation Costs Separation Costs Total Liability as of October 1, 2016 $ 31 $ 239 $ 270 Restructuring charges 48 - 48 Cash payments (79 ) (74 ) (153 ) Liability as of December 31, 2016 - 165 165 Restructuring charges 25 - 25 Cash payments (25 ) (68 ) (93 ) Liability as of April 1, 2017 $ - $ 97 $ 97

Note 4 - Fair Value Measureme21

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	(In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of March 31, 2018: Current assets: Cash equivalents $ 21,331 $ 21,331 $ - Other assets: Cash surrender value of life insurance policies 9,425 - 9,425 Total $ 30,756 $ 21,331 $ 9,425 As of September 30, 2017: Current assets: Cash equivalents $ 31,659 $ 31,659 $ - Other assets: Cash surrender value of life insurance policies 9,026 - 9,026 Total $ 40,685 $ 31,659 $ 9,026

Note 5 - Intangible Assets (Tab

Note 5 - Intangible Assets (Tables)	6 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(In thousands) Gross Amount Accumulated Amortization Net Book Value As of March 31, 2018: Customer relationships $ 9,070 $ (1,293 ) $ 7,777 Developed technology and know-how 1,800 (326 ) 1,474 Non-competition agreements 3,687 (2,789 ) 898 Trade name 140 (14 ) 126 $ 14,697 $ (4,422 ) $ 10,275 As of September 30, 2017: Customer relationships $ 6,500 $ (1,018 ) $ 5,482 Developed technology and know-how 1,800 (283 ) 1,517 Non-competition agreements 3,577 (2,663 ) 914 $ 11,877 $ (3,964 ) $ 7,913

Note 6 - Stock-based Compensa23

Note 6 - Stock-based Compensation (Tables)	6 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended March 31, April 1, 2018 2017 Risk-free interest rate 2.72 % 2.03 % Dividend yield 0.40 % 0.33 % Expected volatility 37.74 % 38.79 % Expected term (in years) 4.89 5.12
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 30, 2017 392 $9.16 - $37.06 $ 23.40 Granted 44 29.69 - 29.69 29.69 Exercised (7 ) 18.05 - 23.95 21.00 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at March 31, 2018 420 9.16 - 37.06 23.97 7.39 $ 2,229 Vested and anticipated to vest in the future at March 31, 2018 418 23.94 7.38 2,223 Exercisable at March 31, 2018 236 20.46 6.22 1,894
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 30, 2017 128 $ 25.92 Granted 24 29.69 Released (26 ) 25.04 Forfeited (4 ) 29.60 Balance, March 31, 2018 122 26.74
Restricted Stock Units (RSUs) [Member]
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 31, April 1, March 31, April 1, (In thousands) 2018 2017 2018 2017 Restricted stock unit grants: Units 24 19 24 19 Market value $ 712 $ 690 $ 712 $ 690 Compensation expense 457 465 602 626
Employee Stock Option [Member]
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 31, April 1, March 31, April 1, (In thousands) 2018 2017 2018 2017 Compensation expense $ 381 $ 411 $ 471 $ 507

Note 8 - Employee Benefit Pla24

Note 8 - Employee Benefit Plans (Tables)	6 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Six Months Ended March 31, April 1, March 31, April 1, (In thousands) 2018 2017 2018 2017 Interest cost $ 86 $ 85 172 170 Service cost 62 86 139 172 Recognized net actuarial loss 38 43 76 86 Net periodic pension cost $ 186 $ 214 $ 387 $ 428

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended March 31, April 1, March 31, April 1, (In thousands, except per share amounts) 2018 2017 2018 2017 Net earnings $ 5,879 $ 7,420 $ 13,990 $ 11,880 Basic weighted average shares outstanding 19,052 19,004 19,047 18,992 Dilutive effect of stock-based compensation 206 220 194 225 Diluted weighted average shares outstanding 19,258 19,224 19,241 19,217 Net earnings per share: Basic $ 0.31 $ 0.39 $ 0.73 $ 0.63 Diluted $ 0.31 $ 0.39 $ 0.73 $ 0.62

Note 12 - Other Financial Data

Note 12 - Other Financial Data (Tables)	6 Months Ended
	Mar. 31, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	March 31, September 30, (In thousands) 2018 2017 Accounts receivable, net: Accounts receivable $ 50,719 $ 40,485 Less allowance for doubtful accounts (264 ) (201 ) Total $ 50,455 $ 40,284 Inventories: Raw materials $ 34,353 $ 51,808 Work in process 3,953 2,637 Finished goods 24,850 27,408 Total $ 63,156 $ 81,853 Other current assets: Prepaid insurance $ 2,957 $ 3,796 Income tax receivable - 925 Other 1,114 1,228 Total $ 4,071 $ 5,949 Other assets: Cash surrender value of life insurance policies $ 9,425 $ 9,026 Capitalized financing costs, net 73 105 Other 151 203 Total $ 9,649 $ 9,334 Property, plant and equipment, net: Land and land improvements $ 14,428 $ 12,177 Buildings 53,991 50,373 Machinery and equipment 156,352 153,484 Construction in progress 6,388 5,641 231,159 221,675 Less accumulated depreciation (127,882 ) (123,005 ) Total $ 103,277 $ 98,670 Accrued expenses: Salaries, wages and related expenses $ 3,524 $ 5,520 Customer rebates 776 1,015 Property taxes 524 1,384 Workers' compensation 115 116 Other 558 632 Total $ 5,497 $ 8,667 Other liabilities: Deferred compensation $ 10,704 $ 9,276 Deferred income taxes 5,833 8,103 Total $ 16,537 $ 17,379

Note 2 - Recent Accounting Pr27

Note 2 - Recent Accounting Pronouncements (Details Textual) - Accounting Standards Update 2016-09 [Member]	6 Months Ended
	Apr. 01, 2017USD ($)
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 488,000
Excess Tax Benefit from Share-based Compensation, Financing Activities	$ 488,000

Note 3 - Restructuring Charge28

Note 3 - Restructuring Charges - Summary of Restructuring Activities and Associated Costs (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 31, 2016	Mar. 31, 2018	Apr. 01, 2017
Liability, beginning of period		$ 165	$ 270		$ 270
Restructuring charges		25	48		73
Cash payments		(93)	(153)
Liability, end of period		97	165		97
Equipment Relocation Costs [Member]
Liability, beginning of period			31		31
Restructuring charges		25	48
Cash payments		(25)	(79)
Liability, end of period
Employee Severance [Member]
Liability, beginning of period		165	239		239
Restructuring charges
Cash payments		(68)	(74)
Liability, end of period		$ 97	$ 165		$ 97

Note 4 - Fair Value Measureme29

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Non Financial [Member]
Assets, Fair Value Disclosure, Nonrecurring	$ 0	$ 0

Note 4 - Fair Value Measureme30

Note 4 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Current assets:
Cash equivalents	$ 21,331	$ 31,659
Cash surrender value of life insurance policies	9,425	9,026
Total	30,756	40,685
Fair Value, Inputs, Level 1 [Member]
Current assets:
Cash equivalents	21,331	31,659
Cash surrender value of life insurance policies
Total	21,331	31,659
Fair Value, Inputs, Level 2 [Member]
Current assets:
Cash equivalents
Cash surrender value of life insurance policies	9,425	9,026
Total	$ 9,425	$ 9,026

Note 5 - Intangible Assets (Det

Note 5 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Amortization of Intangible Assets	$ 359,000	$ 290,000	$ 688,000	$ 579,000

Note 5 - Intangible Assets - Su

Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Gross Amount	$ 14,697	$ 11,877
Accumulated Amortization	(4,422)	(3,964)
Net Book Value	10,275	7,913
Customer Relationships [Member]
Gross Amount	9,070	6,500
Accumulated Amortization	(1,293)	(1,018)
Net Book Value	7,777	5,482
Technology-Based Intangible Assets [Member]
Gross Amount	1,800	1,800
Accumulated Amortization	(326)	(283)
Net Book Value	1,474	1,517
Noncompete Agreements [Member]
Gross Amount	3,687	3,577
Accumulated Amortization	(2,789)	(2,663)
Net Book Value	898	$ 914
Trade Names [Member]
Gross Amount	140
Accumulated Amortization	(14)
Net Book Value	$ 126

Note 6 - Stock-based Compensa33

Note 6 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Feb. 17, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 10.46	$ 13.66
Employee Stock Option [Member]
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 Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 237,000		$ 237,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 229 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 208 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 560,000		$ 560,000
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
The 2015 Equity Incentive Plan [Member]
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	378,000		378,000

Note 6 - Stock-based Compensa34

Note 6 - Stock-based Compensation - Stock Option Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Employee Stock Option [Member]
Compensation expense	$ 381	$ 411	$ 471	$ 507

Note 6 - Stock-based Compensa35

Note 6 - Stock-based Compensation - Stock Option Valuation Assumptions (Details)	6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Risk-free interest rate	2.72%	2.03%
Dividend yield	0.40%	0.33%
Expected volatility	37.74%	38.79%
Expected term (in years) (Year)	4 years 324 days	5 years 43 days

Note 6 - Stock-based Compensa36

Note 6 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Options outstanding, beginning balance (in shares) | shares	392
Weighted average exercise price per share, beginning balance (in dollars per share)	$ 23.40
Options outstanding, granted (in shares) | shares	44
Exercise price per share, granted (in dollars per share)	$ 29.69
Options outstanding, exercised (in shares) | shares	(7)
Exercise price per share, exercised (in dollars per share)	$ 21
Options outstanding, forfeited (in shares) | shares	(9)
Exercise price per share, forfeited (in dollars per share)	$ 29.88
Options outstanding, ending balance (in shares) | shares	420
Weighted average exercise price per share, ending balance (in dollars per share)	$ 23.97
Contractual term - weighted average, ending balance (Year)	7 years 142 days
Aggregate intrinsic value, ending balance | $	$ 2,229
Options outstanding, vested and anticipated to vest in future (in shares) | shares	418
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share)	$ 23.94
Contractual term - weighted average, vested and anticipated to vest in future (Year)	7 years 138 days
Aggregate intrinsic value, vested and anticipated to vest in future | $	$ 2,223
Options outstanding, exercisable (in shares) | shares	236
Weighted average exercise price per share, exercisable (in dollars per share)	$ 20.46
Contractual term - weighted average, exercisable (Year)	6 years 80 days
Aggregate intrinsic value, exercisable | $	$ 1,894
Minimum [Member]
Exercise price per share, beginning balance (in dollars per share)	$ 9.16
Exercise price per share, granted (in dollars per share)	29.69
Exercise price per share, exercised (in dollars per share)	18.05
Exercise price per share, forfeited (in dollars per share)	23.95
Maximum [Member]
Exercise price per share, ending balance (in dollars per share)	37.06
Exercise price per share, granted (in dollars per share)	29.69
Exercise price per share, exercised (in dollars per share)	23.95
Exercise price per share, forfeited (in dollars per share)	$ 37.06

Note 6 - Stock-based Compensa37

Note 6 - Stock-based Compensation - RSU Grants and Compensation Expense (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Units (in shares)	24	19	24	19
Market value	$ 712	$ 690	$ 712	$ 690
Compensation expense	$ 457	$ 465	$ 602	$ 626

Note 6 - Stock-based Compensa38

Note 6 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Restricted stock units outstanding, beginning balance (in shares)			128
Weighted average grant date fair value, beginning balance (in dollars per share)			$ 25.92
Restricted stock units outstanding, granted (in shares)	24	19	24	19
Weighted average grant date fair value, granted (in dollars per share)			$ 29.69
Restricted stock units outstanding, released (in shares)			(26)
Weighted average grant date fair value, released (in dollars per share)			$ 25.04
Restricted stock units outstanding, forfeited (in shares)			(4)
Weighted average grant date fair value, forfeited (in dollars per share)			$ 29.60
Restricted stock units outstanding, ending balance (in shares)	122		122
Weighted average grant date fair value, ending balance (in dollars per share)	$ 26.74		$ 26.74

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended			6 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 30, 2017	Apr. 01, 2017	Mar. 31, 2018	Sep. 29, 2018	Sep. 30, 2017
Effective Income Tax Rate Reconciliation, Percent	1.90%		33.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%		35.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ 3,700,000
Deferred Tax Liabilities, Net, Noncurrent	$ 5,833,000			$ 5,833,000		$ 8,103,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	7,400,000			7,400,000
Deferred Tax Assets, Valuation Allowance	254,000			254,000		$ 251,000
State and Local Jurisdiction [Member]
Deferred Tax Assets, Tax Credit Carryforwards	$ 71,000			$ 71,000
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1				2,018
Tax Credit Carryforward, Expiration Date 1				2,019
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1				2,031
Tax Credit Carryforward, Expiration Date 1				2,020
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					24.50%

Note 8 - Employee Benefit Pla40

Note 8 - Employee Benefit Plans (Details Textual)	6 Months Ended
	Mar. 31, 2018
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Employment Term	30 years
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
Defined Benefit Plan, Reduction for Each Month	0.0028%
Reduced SERP [Member] | Minimum [Member]
Defined Benefit Plan Employment Term	10 years

Note 8 - Employee Benefit Pla41

Note 8 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Interest cost	$ 86	$ 85	$ 172	$ 170
Service cost	62	86	139	172
Recognized net actuarial loss	38	43	76	86
Net periodic pension cost	$ 186	$ 214	$ 387	$ 428

Note 9 - Long-term Debt (Detail

Note 9 - Long-term Debt (Details Textual)	3 Months Ended	6 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Apr. 01, 2017USD ($)
Letters of Credit Outstanding, Amount	$ 1,800,000	$ 1,800,000
Amortization of Debt Issuance Costs	16,000	32,000	$ 32,000
Accumulated Amortization, Debt Issuance Costs	4,600,000	4,600,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	100,000,000	100,000,000
Line of Credit Facility, Remaining Borrowing Capacity	100,000,000	100,000,000
Long-term Line of Credit	0	0
Line of Credit Facility, Current Borrowing Capacity	$ 84,400,000	$ 84,400,000
Debt Instrument, Interest Rate, Increase (Decrease)		2.00%
Fixed Charge Coverage Ratio		1.1
Credit Facility, Liquidity Amount		$ 12,500,000
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]
Line of Credit Facility, Interest Rate at Period End	0.25%	0.25%
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] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Interest Rate at Period End	1.25%	1.25%
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%

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	97,000	50,000	98,000	46,000

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 31, 2018	Apr. 01, 2017
Net earnings	$ 5,879	$ 7,420	$ 13,990	$ 11,880
Basic weighted average shares outstanding (in shares)	19,052	19,004	19,047	18,992
Dilutive effect of stock-based compensation (in shares)	206	220	194	225
Diluted weighted average shares outstanding (in shares)	19,258	19,224	19,241	19,217
Net earnings per share:
Basic (in dollars per share)	$ 0.31	$ 0.39	$ 0.73	$ 0.63
Diluted (in dollars per share)	$ 0.31	$ 0.39	$ 0.73	$ 0.62

Note 11 - Share Repurchases (De

Note 11 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2018	Nov. 18, 2008
Stock Repurchase Program, Authorized Amount		$ 25
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 24.8
Stock Repurchased During Period, Shares	0

Note 12 - Other Financial Dat46

Note 12 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Accounts receivable, net:
Accounts receivable	$ 50,719	$ 40,485
Less allowance for doubtful accounts	(264)	(201)
Total	50,455	40,284
Inventories:
Raw materials	34,353	51,808
Work in process	3,953	2,637
Finished goods	24,850	27,408
Total	63,156	81,853
Other current assets:
Prepaid insurance	2,957	3,796
Income tax receivable		925
Other	1,114	1,228
Total	4,071	5,949
Other assets:
Cash surrender value of life insurance policies	9,425	9,026
Capitalized financing costs, net	73	105
Other	151	203
Total	9,649	9,334
Property, plant and equipment, net:
Land and land improvements	14,428	12,177
Buildings	53,991	50,373
Machinery and equipment	156,352	153,484
Construction in progress	6,388	5,641
Property, plant and equipment, gross	231,159	221,675
Less accumulated depreciation	(127,882)	(123,005)
Total	103,277	98,670
Accrued expenses:
Salaries, wages and related expenses	3,524	5,520
Customer rebates	776	1,015
Property taxes	524	1,384
Workers' compensation	115	116
Other	558	632
Total	5,497	8,667
Other liabilities:
Deferred compensation	10,704	9,276
Deferred Tax Liabilities, Net, Noncurrent	5,833	8,103
Total	$ 16,537	$ 17,379

Note 13 - Business Segment In47

Note 13 - Business Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2018
Number of Reportable Segments	1

Note 14 - Contingencies (Detail

Note 14 - Contingencies (Details Textual)	2 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2017	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)
Insurance Recoveries		$ 439,000
Cost of Sales [Member]
Insurance Recoveries			$ 418,000
Selling, General and Administrative Expenses [Member]
Insurance Recoveries			$ 21,000
Texas, Florida [Member]
Number of Facilities Affected by Hurricanes	4