Insteel Industries (IIIN) 10-Q 19 Jul 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Jul. 18, 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)		19,085,438
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Net sales	$ 126,688	$ 96,938	$ 331,846	$ 291,985
Cost of sales	102,502	80,262	280,583	244,005
Gross profit	24,186	16,676	51,263	47,980
Selling, general and administrative expense	7,541	6,216	20,779	19,535
Restructuring charges		60		133
Other expense (income), net	(32)	50	153	50
Interest expense	23	34	74	103
Interest income	(150)	(75)	(279)	(175)
Earnings before income taxes	16,804	10,391	30,536	28,334
Income taxes	3,936	3,522	3,678	9,585
Net earnings	$ 12,868	$ 6,869	$ 26,858	$ 18,749
Net earnings per share:
Basic (in dollars per share)	$ 0.67	$ 0.36	$ 1.41	$ 0.99
Diluted (in dollars per share)	$ 0.67	$ 0.36	$ 1.40	$ 0.98
Weighted average shares outstanding:
Basic (in shares)	19,070	19,025	19,054	19,003
Diluted (in shares)	19,274	19,225	19,252	19,219
Cash dividends declared per share (in dollars per share)	$ 0.03	$ 0.03	$ 1.09	$ 1.34
Comprehensive income	$ 12,868	$ 6,869	$ 26,858	$ 18,749

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Assets
Cash and cash equivalents	$ 45,232	$ 32,105
Accounts receivable, net	55,832	40,284
Inventories	54,751	81,853
Other current assets	5,075	5,949
Total current assets	160,890	160,191
Property, plant and equipment, net	102,789	98,670
Intangibles, net	9,976	7,913
Goodwill	8,293	6,965
Other assets	9,778	9,334
Total assets	291,726	283,073
Liabilities and shareholders' equity
Accounts payable	34,420	33,651
Accrued expenses	10,017	8,667
Total current liabilities	44,437	42,318
Other liabilities	16,602	17,379
Commitments and contingencies
Shareholders' equity:
Common stock	19,085	19,041
Additional paid-in capital	70,982	69,817
Retained earnings	141,953	135,851
Accumulated other comprehensive loss	(1,333)	(1,333)
Total shareholders' equity	230,687	223,376
Total liabilities and shareholders' equity	$ 291,726	$ 283,073

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Cash Flows From Operating Activities:
Net earnings	$ 26,858,000	$ 18,749,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	9,578,000	8,576,000
Amortization of capitalized financing costs	48,000	48,000
Stock-based compensation expense	1,241,000	1,343,000
Deferred income taxes	(2,321,000)	2,705,000
Loss on sale and disposition of property, plant and equipment	270,000	49,000
Increase in cash surrender value of life insurance policies over premiums paid	(428,000)	(568,000)
Net changes in assets and liabilities (net of assets and liabilities acquired):
Accounts receivable, net	(15,548,000)	5,082,000
Inventories	27,102,000	(12,496,000)
Accounts payable and accrued expenses	3,011,000	290,000
Other changes	24,000	(1,739,000)
Total adjustments	22,977,000	3,290,000
Net cash provided by operating activities	49,835,000	22,039,000
Cash Flows From Investing Activities:
Capital expenditures	(12,481,000)	(16,855,000)
Acquisition of business	(3,300,000)
Proceeds from surrender of life insurance policies	152,000	100,000
Increase in cash surrender value of life insurance policies	(291,000)	(330,000)
Net cash used for investing activities	(15,920,000)	(17,085,000)
Cash Flows From Financing Activities:
Proceeds from long-term debt	290,000	322,000
Principal payments on long-term debt	(290,000)	(322,000)
Cash dividends paid	(20,756,000)	(25,440,000)
Cash received from exercise of stock options	242,000	107,000
Payment of employee tax withholdings related to net share transactions	(274,000)	(646,000)
Net cash used for financing activities	(20,788,000)	(25,979,000)
Net increase (decrease) in cash and cash equivalents	13,127,000	(21,025,000)
Cash and cash equivalents at beginning of period	32,105,000	58,873,000
Cash and cash equivalents at end of period	45,232,000	37,848,000
Supplemental Disclosures of Cash Flow Information:
Income taxes, net	3,553,000	6,796,000
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	499,000	2,092,000
Restricted stock units and stock options surrendered for withholding taxes payable	$ 274,000	$ 646,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 9 months ended Jun. 30, 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			26,858		26,858
Stock options exercised, net (in shares)	24
Stock options exercised, net	$ 24	218			242
Vesting of restricted stock units (in shares)	20
Vesting of restricted stock units	$ 20	(20)
Compensation expense associated with stock-based plans		1,241			1,241
Restricted stock units and stock options surrendered for withholding taxes payable		(274)			(274)
Cash dividends declared			(20,756)		(20,756)
Balance (in shares) at Jun. 30, 2018	19,085
Balance at Jun. 30, 2018	$ 19,085	$ 70,982	$ 141,953	$ (1,333)	$ 230,687

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Jun. 30, 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 nine June 30, 2018 not may September 29, 2018 We have 10 no .

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	9 Months Ended
	Jun. 30, 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 nine No. 2016 09, no $488,000 nine July 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	9 Months Ended
	Jun. 30, 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 nine July 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 Restructuring charges 60 - 60 Cash payments (60 ) (79 ) (139 ) Liability as of July 1, 2017 $ - $ 18 $ 18 We do not

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	9 Months Ended
	Jun. 30, 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 June 30, 2018 September 30, 2017, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of June 30, 2018: Current assets: Cash equivalents $ 45,187 $ 45,187 $ - Other assets: Cash surrender value of life insurance policies 9,593 - 9,593 Total $ 54,780 $ 45,187 $ 9,593 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 June 30, 2018 September 30, 2017, no

Note 5 - Intangible Assets

Note 5 - Intangible Assets	9 Months Ended
	Jun. 30, 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 June 30, 2018: Customer relationships $ 9,070 $ (1,445 ) $ 7,625 Developed technology and know-how 1,800 (349 ) 1,451 Non-competition agreements 3,687 (2,904 ) 783 Trade name 140 (23 ) 117 $ 14,697 $ (4,721 ) $ 9,976 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 $299,000 $289,000 three June 30, 2018 July 1, 2017, $987,000 $868,000 nine June 30, 2018 July 1, 2017, nine June 30, 2018, not

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	9 Months Ended
	Jun. 30, 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. June 30, 2018, 378,000 2015 Stock o ption awards . may three ten Three Months Ended Nine Months Ended June 30, July 1, June 30, July 1, (In thousands) 2018 2017 2018 2017 Compensation expense $ 51 $ 78 $ 522 $ 585 As of June 30, 2018, $185,000 1.51 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 nine June 30, 2018 July 1, 2017 $10.46 $13.66 Nine Months Ended June 30, July 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 (42 ) 9.16 - 23.95 17.81 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at June 30, 2018 385 10.23 - 37.06 24.59 7.38 $ 3,565 Vested and anticipated to vest in the future at June 30, 2018 383 24.56 7.38 3,548 Exercisable at June 30, 2018 201 21.04 6.24 2,540 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 Nine Months Ended June 30, July 1, June 30, July 1, (In thousands) 2018 2017 2018 2017 Restricted stock unit grants: Units - - 24 19 Market value $ - $ - $ 712 $ 690 Compensation expense 117 132 719 758 As of June 30, 2018, $443,000 1.42 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, June 30, 2018 122 26.74

Note 7 - Income Taxes

Note 7 - Income Taxes	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 7 Effective income tax rate . 12.0% nine June 30, 2018 33.8% nine July 1, 2017. December 22, 2017, 35% 21% January 1, 2018. September 30 24.5% 2018 21% 2019 first $3.7 2019. Deferred income taxes. June 30, 2018, $5.8 $7.4 2018, 2018 2032. $72,000 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 June 30, 2018 September 30, 2017, $254,000 $251,000, not not. Uncertainty in income taxes . June 30, 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 2013

Note 8 - Employee Benefit Plans

Note 8 - Employee Benefit Plans	9 Months Ended
	Jun. 30, 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 Nine Months Ended June 30, July 1, June 30, July 1, (In thousands) 2018 2017 2018 2017 Interest cost $ 86 $ 86 258 258 Service cost 70 84 209 254 Recognized net actuarial loss 38 44 114 130 Net periodic pension cost $ 194 $ 214 $ 581 $ 642

Note 9 - Long-term Debt

Note 9 - Long-term Debt	9 Months Ended
	Jun. 30, 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 June 30, 2018, no $82.5 $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% June 30, 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 June 30, 2018, not Amortization of capitalized financing costs associated with the Credit Facility was $16,000 three June 30, 2018 July 1, 2017, $48,000 nine June 30, 2018 July 1, 2017.

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	9 Months Ended
	Jun. 30, 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 Nine Months Ended June 30, July 1, June 30, July 1, (In thousands, except per share amounts) 2018 2017 2018 2017 Net earnings $ 12,868 $ 6,869 $ 26,858 $ 18,749 Basic weighted average shares outstanding 19,070 19,025 19,054 19,003 Dilutive effect of stock-based compensation 204 200 198 216 Diluted weighted average shares outstanding 19,274 19,225 19,252 19,219 Net earnings per share: Basic $ 0.67 $ 0.36 $ 1.41 $ 0.99 Diluted $ 0.67 $ 0.36 $ 1.40 $ 0.98 Options that were antidilutive and not 97,000 78,000 three June 30, 2018 July 1, 2017, 98,000 57,000 nine June 30, 2018 July 1, 2017,

Note 11 - Share Repurchases

Note 11 - Share Repurchases	9 Months Ended
	Jun. 30, 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 June 30, 2018, $24.8 no three nine June 30, 2018 July 1, 2017.

Note 12 - Other Financial Data

Note 12 - Other Financial Data	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Other Financial Data [Text Block]	( 1 2 ) Other Financial Data Balance sheet information: June 30, September 30, (In thousands) 2018 2017 Accounts receivable, net: Accounts receivable $ 56,130 $ 40,485 Less allowance for doubtful accounts (298 ) (201 ) Total $ 55,832 $ 40,284 Inventories: Raw materials $ 28,120 $ 51,808 Work in process 4,519 2,637 Finished goods 22,112 27,408 Total $ 54,751 $ 81,853 Other current assets: Prepaid insurance $ 3,620 $ 3,796 Income tax receivable - 925 Other 1,455 1,228 Total $ 5,075 $ 5,949 Other assets: Cash surrender value of life insurance policies $ 9,593 $ 9,026 Capitalized financing costs, net 57 105 Other 128 203 Total $ 9,778 $ 9,334 Property, plant and equipment, net: Land and land improvements $ 14,421 $ 12,177 Buildings 54,333 50,373 Machinery and equipment 159,423 153,484 Construction in progress 5,122 5,641 233,299 221,675 Less accumulated depreciation (130,510 ) (123,005 ) Total $ 102,789 $ 98,670 Accrued expenses: Salaries, wages and related expenses $ 5,321 $ 5,520 Income taxes 1,520 - Customer rebates 1,321 1,015 Property taxes 1,033 1,384 Workers' compensation 115 116 Other 707 632 Total $ 10,017 $ 8,667 Other liabilities: Deferred compensation $ 10,820 $ 9,276 Deferred income taxes 5,782 8,103 Total $ 16,602 $ 17,379

Note 13 - Business Segment Info

Note 13 - Business Segment Information	9 Months Ended
	Jun. 30, 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	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 14 Insurance recoveries. August 2017, We maintain general liability, business interruption and replacement cost property insurance coverage on our facilities that was sufficient to cover the losses incurred from the storm. During the three June 30, 2018, $52,000 $5,000 $47,000 nine June 30, 2018, $439,000 $418,000 $26,000 $47,000 Legal proceedings . not

Note 3 - Restructuring Charges

Note 3 - Restructuring Charges (Tables)	9 Months Ended
	Jun. 30, 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 Restructuring charges 60 - 60 Cash payments (60 ) (79 ) (139 ) Liability as of July 1, 2017 $ - $ 18 $ 18

Note 4 - Fair Value Measureme21

Note 4 - Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2018: Current assets: Cash equivalents $ 45,187 $ 45,187 $ - Other assets: Cash surrender value of life insurance policies 9,593 - 9,593 Total $ 54,780 $ 45,187 $ 9,593 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)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(In thousands) Gross Amount Accumulated Amortization Net Book Value As of June 30, 2018: Customer relationships $ 9,070 $ (1,445 ) $ 7,625 Developed technology and know-how 1,800 (349 ) 1,451 Non-competition agreements 3,687 (2,904 ) 783 Trade name 140 (23 ) 117 $ 14,697 $ (4,721 ) $ 9,976 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)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended June 30, July 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 (42 ) 9.16 - 23.95 17.81 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at June 30, 2018 385 10.23 - 37.06 24.59 7.38 $ 3,565 Vested and anticipated to vest in the future at June 30, 2018 383 24.56 7.38 3,548 Exercisable at June 30, 2018 201 21.04 6.24 2,540
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, June 30, 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 Nine Months Ended June 30, July 1, June 30, July 1, (In thousands) 2018 2017 2018 2017 Restricted stock unit grants: Units - - 24 19 Market value $ - $ - $ 712 $ 690 Compensation expense 117 132 719 758
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 Nine Months Ended June 30, July 1, June 30, July 1, (In thousands) 2018 2017 2018 2017 Compensation expense $ 51 $ 78 $ 522 $ 585

Note 8 - Employee Benefit Pla24

Note 8 - Employee Benefit Plans (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Nine Months Ended June 30, July 1, June 30, July 1, (In thousands) 2018 2017 2018 2017 Interest cost $ 86 $ 86 258 258 Service cost 70 84 209 254 Recognized net actuarial loss 38 44 114 130 Net periodic pension cost $ 194 $ 214 $ 581 $ 642

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended June 30, July 1, June 30, July 1, (In thousands, except per share amounts) 2018 2017 2018 2017 Net earnings $ 12,868 $ 6,869 $ 26,858 $ 18,749 Basic weighted average shares outstanding 19,070 19,025 19,054 19,003 Dilutive effect of stock-based compensation 204 200 198 216 Diluted weighted average shares outstanding 19,274 19,225 19,252 19,219 Net earnings per share: Basic $ 0.67 $ 0.36 $ 1.41 $ 0.99 Diluted $ 0.67 $ 0.36 $ 1.40 $ 0.98

Note 12 - Other Financial Data

Note 12 - Other Financial Data (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	June 30, September 30, (In thousands) 2018 2017 Accounts receivable, net: Accounts receivable $ 56,130 $ 40,485 Less allowance for doubtful accounts (298 ) (201 ) Total $ 55,832 $ 40,284 Inventories: Raw materials $ 28,120 $ 51,808 Work in process 4,519 2,637 Finished goods 22,112 27,408 Total $ 54,751 $ 81,853 Other current assets: Prepaid insurance $ 3,620 $ 3,796 Income tax receivable - 925 Other 1,455 1,228 Total $ 5,075 $ 5,949 Other assets: Cash surrender value of life insurance policies $ 9,593 $ 9,026 Capitalized financing costs, net 57 105 Other 128 203 Total $ 9,778 $ 9,334 Property, plant and equipment, net: Land and land improvements $ 14,421 $ 12,177 Buildings 54,333 50,373 Machinery and equipment 159,423 153,484 Construction in progress 5,122 5,641 233,299 221,675 Less accumulated depreciation (130,510 ) (123,005 ) Total $ 102,789 $ 98,670 Accrued expenses: Salaries, wages and related expenses $ 5,321 $ 5,520 Income taxes 1,520 - Customer rebates 1,321 1,015 Property taxes 1,033 1,384 Workers' compensation 115 116 Other 707 632 Total $ 10,017 $ 8,667 Other liabilities: Deferred compensation $ 10,820 $ 9,276 Deferred income taxes 5,782 8,103 Total $ 16,602 $ 17,379

Note 2 - Recent Accounting Pr27

Note 2 - Recent Accounting Pronouncements (Details Textual) - Accounting Standards Update 2016-09 [Member]	9 Months Ended
	Jul. 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				9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Jun. 30, 2018	Jul. 01, 2017
Liability, beginning of period		$ 97	$ 165	$ 270		$ 270
Restructuring charges		60	25	48		133
Cash payments		(139)	(93)	(153)
Liability, end of period		18	97	165		18
Equipment Relocation Costs [Member]
Liability, beginning of period				31		31
Restructuring charges		60	25	48
Cash payments		(60)	(25)	(79)
Liability, end of period
Employee Severance [Member]
Liability, beginning of period		97	165	239		239
Restructuring charges
Cash payments		(79)	(68)	(74)
Liability, end of period		$ 18	$ 97	$ 165		$ 18

Note 4 - Fair Value Measureme29

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Non Financial [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets, Fair Value Disclosure	$ 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	Jun. 30, 2018	Sep. 30, 2017
Cash equivalents	$ 45,187	$ 31,659
Cash surrender value of life insurance policies	9,593	9,026
Total	54,780	40,685
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	45,187	31,659
Cash surrender value of life insurance policies
Total	45,187	31,659
Fair Value, Inputs, Level 2 [Member]
Cash equivalents
Cash surrender value of life insurance policies	9,593	9,026
Total	$ 9,593	$ 9,026

Note 5 - Intangible Assets (Det

Note 5 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Amortization of Intangible Assets, Total	$ 299,000	$ 289,000	$ 987,000	$ 868,000

Note 5 - Intangible Assets - Su

Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Gross Amount	$ 14,697	$ 11,877
Accumulated Amortization	(4,721)	(3,964)
Net Book Value	9,976	7,913
Customer Relationships [Member]
Gross Amount	9,070	6,500
Accumulated Amortization	(1,445)	(1,018)
Net Book Value	7,625	5,482
Technology-Based Intangible Assets [Member]
Gross Amount	1,800	1,800
Accumulated Amortization	(349)	(283)
Net Book Value	1,451	1,517
Noncompete Agreements [Member]
Gross Amount	3,687	3,577
Accumulated Amortization	(2,904)	(2,663)
Net Book Value	783	$ 914
Trade Names [Member]
Gross Amount	140
Accumulated Amortization	(23)
Net Book Value	$ 117

Note 6 - Stock-based Compensa33

Note 6 - Stock-based Compensation (Details Textual) - USD ($)	9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	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	$ 185,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 186 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 153 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 443,000
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

Note 6 - Stock-based Compensa34

Note 6 - Stock-based Compensation - Stock Option Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Employee Stock Option [Member]
Compensation expense	$ 51	$ 78	$ 522	$ 585

Note 6 - Stock-based Compensa35

Note 6 - Stock-based Compensation - Stock Option Valuation Assumptions (Details)	9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Risk-free interest rate	2.72%	2.03%
Dividend yield	0.40%	0.33%
Expected volatility	37.74%	38.79%
Expected term (Year)	4 years 324 days	5 years 43 days

Note 6 - Stock-based Compensa36

Note 6 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2017
Options outstanding, beginning balance (in shares)	392
Weighted average exercise price per share, beginning balance (in dollars per share)	$ 23.40
Options outstanding, granted (in shares)	44
Exercise price per share, granted (in dollars per share)	$ 29.69
Options outstanding, exercised (in shares)	(42)
Exercise price per share, exercised (in dollars per share)	$ 17.81
Options outstanding, forfeited (in shares)	(9)
Exercise price per share, forfeited (in dollars per share)	$ 29.88
Options outstanding, ending balance (in shares)	385	392	392
Weighted average exercise price per share, ending balance (in dollars per share)	$ 24.59	$ 23.40	$ 23.40
Contractual term - weighted average, ending balance (Year)	7 years 138 days
Aggregate intrinsic value, ending balance	$ 3,565
Options outstanding, vested and anticipated to vest in future (in shares)	383
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share)	$ 24.56
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	$ 3,548
Options outstanding, exercisable (in shares)	201
Weighted average exercise price per share, exercisable (in dollars per share)	$ 21.04
Contractual term - weighted average, exercisable (Year)	6 years 87 days
Aggregate intrinsic value, exercisable	$ 2,540
Minimum [Member]
Exercise price per share, beginning balance (in dollars per share)	$ 10.23	$ 9.16
Exercise price per share, granted (in dollars per share)	29.69
Exercise price per share, exercised (in dollars per share)	9.16
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		$ 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		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Units (in shares)			24	19
Market value			$ 712	$ 690
Compensation expense	$ 117	$ 132	$ 719	$ 758

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		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 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
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	9 Months Ended		12 Months Ended
	Dec. 30, 2017	Jun. 30, 2018	Jul. 01, 2017	Sep. 29, 2018	Sep. 30, 2017
Effective Income Tax Rate Reconciliation, Percent, Total		12.00%	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		$ 5,782,000			$ 8,103,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local		7,400,000
Deferred Tax Assets, Valuation Allowance, Total		254,000			$ 251,000
State and Local Jurisdiction [Member]
Deferred Tax Assets, Tax Credit Carryforwards, Total		$ 72,000
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		2,032
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)	9 Months Ended
	Jun. 30, 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		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Interest cost	$ 86	$ 86	$ 258	$ 258
Service cost	70	84	209	254
Recognized net actuarial loss	38	44	114	130
Net periodic pension cost	$ 194	$ 214	$ 581	$ 642

Note 9 - Long-term Debt (Detail

Note 9 - Long-term Debt (Details Textual)	3 Months Ended		9 Months Ended
	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)	Jun. 30, 2018USD ($)	Jul. 01, 2017USD ($)
Letters of Credit Outstanding, Amount	$ 1,800,000		$ 1,800,000
Amortization of Debt Issuance Costs	16,000	$ 16,000	48,000	$ 48,000
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, Total	0		0
Line of Credit Facility, Current Borrowing Capacity	$ 82,500,000		$ 82,500,000
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		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	97,000	78,000	98,000	57,000

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		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Net earnings	$ 12,868	$ 6,869	$ 26,858	$ 18,749
Basic weighted average shares outstanding (in shares)	19,070	19,025	19,054	19,003
Dilutive effect of stock-based compensation (in shares)	204	200	198	216
Diluted weighted average shares outstanding (in shares)	19,274	19,225	19,252	19,219
Net earnings per share:
Basic (in dollars per share)	$ 0.67	$ 0.36	$ 1.41	$ 0.99
Diluted (in dollars per share)	$ 0.67	$ 0.36	$ 1.40	$ 0.98

Note 11 - Share Repurchases (De

Note 11 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Nov. 18, 2008
Stock Repurchase Program, Authorized Amount					$ 25
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 24.8		$ 24.8
Stock Repurchased During Period, Shares	0	0	0	0

Note 12 - Other Financial Dat46

Note 12 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Accounts receivable	$ 56,130	$ 40,485
Less allowance for doubtful accounts	(298)	(201)
Total	55,832	40,284
Raw materials	28,120	51,808
Work in process	4,519	2,637
Finished goods	22,112	27,408
Total	54,751	81,853
Prepaid insurance	3,620	3,796
Income tax receivable		925
Other	1,455	1,228
Total	5,075	5,949
Cash surrender value of life insurance policies	9,593	9,026
Capitalized financing costs, net	57	105
Other	128	203
Total	9,778	9,334
Land and land improvements	14,421	12,177
Buildings	54,333	50,373
Machinery and equipment	159,423	153,484
Construction in progress	5,122	5,641
Property, plant and equipment, gross	233,299	221,675
Less accumulated depreciation	(130,510)	(123,005)
Total	102,789	98,670
Salaries, wages and related expenses	5,321	5,520
Income taxes	1,520
Customer rebates	1,321	1,015
Property taxes	1,033	1,384
Workers' compensation	115	116
Other	707	632
Total	10,017	8,667
Deferred compensation	10,820	9,276
Deferred Tax Liabilities, Net, Noncurrent	5,782	8,103
Total	$ 16,602	$ 17,379

Note 13 - Business Segment In47

Note 13 - Business Segment Information (Details Textual)	9 Months Ended
	Jun. 30, 2018
Number of Reportable Segments	1

Note 14 - Contingencies (Detail

Note 14 - Contingencies (Details Textual)	3 Months Ended	9 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Insurance Settlements Receivable	$ 52,000	$ 52,000
Proceeds from Insurance Settlement, Operating Activities		439,000
Selling, General and Administrative Expenses [Member]
Insurance Recoveries	5,000	26,000
Other Income [Member]
Insurance Recoveries	$ 47,000	47,000
Cost of Sales [Member]
Insurance Recoveries		$ 418,000