Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 29, 2018 | Oct. 25, 2018 | Mar. 31, 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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 19,222,479 | ||
Entity Public Float | $ 437,197,613 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 29, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net sales | $ 453,217 | $ 388,871 | $ 418,547 |
Cost of sales | 382,410 | 329,090 | 333,359 |
Gross profit | 70,807 | 59,781 | 85,188 |
Selling, general and administrative expense | 28,304 | 25,508 | 26,069 |
Pension plan settlement loss | 2,539 | ||
Restructuring charges, net | 164 | 115 | |
Other expense, net | 274 | 53 | 183 |
Interest expense | 114 | 136 | 158 |
Interest income | (515) | (248) | (166) |
Earnings before income taxes | 42,630 | 34,168 | 56,290 |
Income taxes | 6,364 | 11,620 | 19,045 |
Net earnings | $ 36,266 | $ 22,548 | $ 37,245 |
Net earnings per share: | |||
Basic (in dollars per share) | $ 1.90 | $ 1.19 | $ 1.99 |
Diluted (in dollars per share) | 1.88 | 1.17 | 1.95 |
Cash dividends declared (in dollars per share) | $ 1.12 | $ 1.37 | $ 1.12 |
Weighted average shares outstanding: | |||
Basic (in shares) | 19,079 | 19,011 | 18,754 |
Diluted (in shares) | 19,277 | 19,217 | 19,055 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | ||
Net earnings | $ 36,266 | $ 22,548 | $ 37,245 | |
Pension plan settlement, net of income taxes of ($733) | 1,197 | |||
Adjustment to defined benefit plan liability, net of income taxes of ($44), ($127) and $363 | 139 | 208 | (592) | |
Other comprehensive income | [1] | 139 | 208 | 605 |
Comprehensive income | $ 36,405 | $ 22,756 | $ 37,850 | |
[1] | Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2016 $363, 2017 ($127) and 2018 ($44). |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Pension plan settlement, income taxes | $ (733) | ||
Adjustment to defined benefit plan liabilitiy, income taxes | $ (44) | $ (127) | $ 363 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 29, 2018 | Sep. 30, 2017 |
Assets: | ||
Cash and cash equivalents | $ 43,941 | $ 32,105 |
Accounts receivable, net | 51,484 | 40,284 |
Inventories | 94,157 | 81,853 |
Other current assets | 5,895 | 5,949 |
Total current assets | 195,477 | 160,191 |
Property, plant and equipment, net | 106,148 | 98,670 |
Intangibles, net | 9,703 | 7,913 |
Goodwill | 8,293 | 6,965 |
Other assets | 9,913 | 9,334 |
Total assets | 329,534 | 283,073 |
Liabilities and shareholders’ equity: | ||
Accounts payable | 60,059 | 33,651 |
Accrued expenses | 11,929 | 8,667 |
Total current liabilities | 71,988 | 42,318 |
Other liabilities | 15,881 | 17,379 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, no par value authorized shares: 1,000 none issued | ||
Common stock, $1 stated value authorized shares: 50,000 issued and outstanding shares: 2018, 19,223; 2017, 19,041 | 19,223 | 19,041 |
Additional paid-in capital | 72,852 | 69,817 |
Retained earnings | 151,084 | 135,851 |
Accumulated other comprehensive loss | (1,494) | (1,333) |
Total shareholders’ equity | 241,665 | 223,376 |
Total liabilities and shareholders’ equity | $ 329,534 | $ 283,073 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Sep. 29, 2018 | Sep. 30, 2017 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, stated value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000 | 50,000 |
Common stock, shares issued (in shares) | 19,223 | 19,041 |
Common stock, shares outstanding (in shares) | 19,223 | 19,041 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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 Oct. 03, 2015 | 18,466 | |||||
Balance at Oct. 03, 2015 | $ 18,466 | $ 60,967 | $ 122,928 | $ (2,146) | $ 200,215 | |
Net earnings | 37,245 | 37,245 | ||||
Other comprehensive income(1) | [1] | 605 | 605 | |||
Stock options exercised (in shares) | 463 | |||||
Stock options exercised | $ 463 | 4,602 | 5,065 | |||
Vesting of restricted stock units (in shares) | 47 | |||||
Vesting of restricted stock units | $ 47 | (47) | ||||
Compensation expense associated with stock-based plans | 2,439 | 2,439 | ||||
Excess tax benefits from stock-based compensation | 1,717 | 1,717 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (1,861) | (1,861) | ||||
Cash dividends declared | (20,859) | (20,859) | ||||
Balance (in shares) at Oct. 01, 2016 | 18,976 | |||||
Balance at Oct. 01, 2016 | $ 18,976 | 67,817 | 139,314 | (1,541) | 224,566 | |
Net earnings | 22,548 | 22,548 | ||||
Other comprehensive income(1) | [1] | 208 | 208 | |||
Stock options exercised (in shares) | 26 | |||||
Stock options exercised | $ 26 | 81 | 107 | |||
Vesting of restricted stock units (in shares) | 39 | |||||
Vesting of restricted stock units | $ 39 | (39) | ||||
Compensation expense associated with stock-based plans | 2,245 | 2,245 | ||||
Excess tax benefits from stock-based compensation | 537 | 537 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (824) | (824) | ||||
Cash dividends declared | (26,011) | (26,011) | ||||
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 | 36,266 | 36,266 | ||||
Other comprehensive income(1) | [1] | 139 | 139 | |||
Stock options exercised (in shares) | 143 | |||||
Stock options exercised | $ 143 | 1,938 | 2,081 | |||
Vesting of restricted stock units (in shares) | 39 | |||||
Vesting of restricted stock units | $ 39 | (39) | ||||
Compensation expense associated with stock-based plans | 2,078 | 2,078 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (942) | (942) | ||||
Cash dividends declared | (21,333) | (21,333) | ||||
Adoption of ASU 2018-02 (Note 3) | 300 | (300) | ||||
Balance (in shares) at Sep. 29, 2018 | 19,223 | |||||
Balance at Sep. 29, 2018 | $ 19,223 | $ 72,852 | $ 151,084 | $ (1,494) | $ 241,665 | |
[1] | Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2016 $363, 2017 ($127) and 2018 ($44). |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Other comprehensive loss, related income taxes | $ (44) | $ (127) | $ 363 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Cash Flows From Operating Activities: | |||
Net earnings | $ 36,266,000 | $ 22,548,000 | $ 37,245,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 12,818,000 | 11,649,000 | 11,544,000 |
Amortization of capitalized financing costs | 65,000 | 65,000 | 65,000 |
Stock-based compensation expense | 2,078,000 | 2,245,000 | 2,439,000 |
Deferred income taxes | (2,807,000) | 2,503,000 | 536,000 |
Pension plan settlement loss, net of cash contributed | 620,000 | ||
Asset impairment charges | 0 | 0 | 20,000 |
Loss on sale and disposition of property, plant and equipment | 381,000 | 64,000 | 61,000 |
Increase in cash surrender value of life insurance policies over premiums paid | (553,000) | (812,000) | (480,000) |
Net changes in assets and liabilities: | |||
Accounts receivable, net | (11,200,000) | 7,105,000 | (607,000) |
Inventories | (12,304,000) | (10,667,000) | (5,177,000) |
Accounts payable and accrued expenses | 28,234,000 | (11,930,000) | 9,009,000 |
Other changes | 991,000 | (1,930,000) | 978,000 |
Total adjustments | 17,703,000 | (1,708,000) | 19,008,000 |
Net cash provided by operating activities | 53,969,000 | 20,840,000 | 56,253,000 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (18,449,000) | (20,575,000) | (12,977,000) |
Proceeds from surrender of life insurance policies | 165,000 | 100,000 | 140,000 |
Increase in cash surrender value of life insurance policies | (355,000) | (405,000) | (375,000) |
Acquisition of business | (3,300,000) | ||
Proceeds from sale of assets held for sale | 180,000 | ||
Proceeds from sale of property, plant and equipment | 60,000 | ||
Net cash used for investing activities | (21,939,000) | (20,880,000) | (12,972,000) |
Cash Flows From Financing Activities: | |||
Proceeds from long-term debt | 372,000 | 404,000 | 328,000 |
Principal payments on long-term debt | (372,000) | (404,000) | (328,000) |
Cash dividends paid | (21,333,000) | (26,011,000) | (20,859,000) |
Cash received from exercise of stock options | 2,081,000 | 107,000 | 5,065,000 |
Payment of employee tax withholdings related to net share transactions | (942,000) | (824,000) | (1,861,000) |
Financing costs | (11,000) | ||
Net cash used for financing activities | (20,194,000) | (26,728,000) | (17,666,000) |
Net increase (decrease) in cash and cash equivalents | 11,836,000 | (26,768,000) | 25,615,000 |
Cash and cash equivalents at beginning of period | 32,105,000 | 58,873,000 | 33,258,000 |
Cash and cash equivalents at end of period | 43,941,000 | 32,105,000 | 58,873,000 |
Supplemental Disclosures of Cash Flow Information: | |||
Income taxes, net | 7,777,000 | 9,300,000 | 19,184,000 |
Non-cash investing and financing activities: | |||
Purchases of property, plant and equipment in accounts payable | 967,000 | 465,000 | 1,746,000 |
Restricted stock units and stock options surrendered for withholding taxes payable | $ 942,000 | $ 824,000 | $ 1,861,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Insteel Industries, Inc. (“we,” “us,” “our,” “Insteel” or “the Company”) is the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel is the parent holding company for two We have evaluated all subsequent events that occurred after the balance sheet date through 10 no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 Fiscal year. 52 53 September 30. 2018, 2017 2016 52 Principles of consolidation . Use of estimates. no not Cash equivalents . three Concentration of c redit r isk . one The majority of our accounts receivable are due from customers that are located in the U.S. and are generally not no Stock-based compensation. 718, Revenue recognition . Shipping and handling costs . Inventories . first first Property, plant and equipment. 3 15 10 30 5 15 $11.6 2018, $10.5 2017 $10.4 2016 5 No 2018, 2017 2016. Goodwill . not not may first fourth not may five may no 2018. no Other assets. Long-lived assets . 6 may not may not There were no 2018 2017. 2016, $20,000 4 Fair value of financial instruments . Income taxes. no not Earnings per share. not |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 3 ) Recent Accounting Pronouncements Current Adoptions In February 2018, No. 2018 02 220 No. 2018 02 2018 02 December 15, 2018, 2018 02 fourth $0.3 no In March 2016, No. 2016 09, 718 first No. 2016 09 no No. 2016 09, no $0.5 $1.7 2017 2016, In July 2015, No. 2015 11 No. 2015 11 first not Future Adoptions In May 2017, No. 2017 09 718 No. 2017 09 No. 2017 09 first 2020. In January 2017, No. 2017 04 350 2 No. 2017 04 first 2021. 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 4 - Restructuring Charges
Note 4 - Restructuring Charges | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 4 ) Restructuring Charges In 2014 2014, February 2015, March 2015. Following is a summary of the restructuring activities and associated costs that were incurred during 2017 2016: Asset Severance and Gain on Sale (In thousands) Impairment Equipment Other Employee Facility of Property Charges Relocation Costs Separation Costs Closure Costs and Equipment Total 2017 Liability as of October 1, 2016 $ - $ 31 $ 239 $ - $ - $ 270 Restructuring charges - 164 - - - 164 Cash payments - (195 ) (239 ) - - (434 ) Non-cash charges - - - - - - Liability as of September 30, 2017 $ - $ - $ - $ - $ - $ - 2016 Liability as of October 3, 2015 $ - $ - $ 735 $ - $ - $ 735 Restructuring charges (recoveries) 20 186 - 89 (180 ) 115 Cash payments - (155 ) (496 ) (89 ) - (740 ) Non-cash charges (20 ) - - - 180 160 Liability as of October 1, 2016 $ - $ 31 $ 239 $ - $ - $ 270 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 5 ) 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 three Level 1 Level 2 1, Level 3 no As of September 29, 2018 September 30, 2017, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) Year ended September 29, 2018: Current assets: Cash equivalents $ 44,257 $ 44,257 $ - Other assets: Cash surrender value of life insurance policies 9,769 - 9,769 Total $ 54,026 $ 44,257 $ 9,769 Year ended 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 September 29, 2018 September 30, 2017, no |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 6 ) Intangible Assets The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value Year ended September 29, 2018: Customer relationships 16.9 $ 9,070 $ (1,598 ) $ 7,472 Developed technology and know-how 20.0 1,800 (371 ) 1,429 Non-competition agreements 5.0 3,687 (2,994 ) 693 Trade name 4.0 140 (31 ) 109 $ 14,697 $ (4,994 ) $ 9,703 Year ended September 30, 2017: Customer relationships 20.0 $ 6,500 $ (1,018 ) $ 5,482 Developed technology and know-how 20.0 1,800 (283 ) 1,517 Non-competition agreements 4.8 3,577 (2,663 ) 914 $ 11,877 $ (3,964 ) $ 7,913 Amortization expense for intangibles was $1.3 2018 $1.2 2017 2016. five no $1.1 2019, $924,000 2020, $809,000 2021, $770,000 2022 $705,000 2023. 2018, not |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 7 ) Long-Term Debt Revolving Credit Facility. $100.0 May 13, 2020 $100.0 September 29, 2018, no $98.2 $1.8 September 30, 2017, no Interest rates on the Credit Facility are based upon ( 1 0.50% 2 0.25% 0.75% 1.25% 1.75% 2.00% September 29, 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 September 29, 2018, not Amortization of capitalized financing costs associated with the Credit Facility was $65,000 2018, 2017 2016. $4.7 September 29, 2018 $4.6 September 30, 2017. five Fiscal year In thousands 2019 $ 65 2020 41 2021 - 2022 - 2023 - |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 8 ) Stock-Based Compensation Under our equity incentive plan, employees and directors may February 17, 2015, 2015 “2015 900,000 2015 February 17, 2025, 2005 February 15, 2015. September 29, 2018, 334,000 2015 Stock option awards . may three ten $906,000 2018, $1.0 2017 $988,000 2016. September 29, 2018, $262,000 1.66 The fair value of each option award granted is estimated on the date of grant using a Monte Carlo valuation model. The weighted-average estimated fair values of stock options granted during 2018, 2017 2016 $12.06, $11.08 $9.92 Year Ended Septem ber 29 , Septem ber 30 , Octo ber 1 , 201 8 201 7 201 6 Expected term (in years) 4.79 5.14 5.45 Risk-free interest rate 2.71 % 1.98 % 1.30 % Expected volatility 37.32 % 38.32 % 39.00 % Expected dividend yield 0.37 % 0.37 % 0.48 % The assumptions utilized in the Monte Carlo valuation model are evaluated and revised, as necessary, to reflect market conditions and actual historical experience. 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 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 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 dividend yield was calculated based on our annual dividend as of the option grant date. The following table summarizes stock option activity: Exercise Price Contractual Aggregate Per Share Term - Intrinsic Options Weighted Weighted Value (Share amounts in thousands) Outstanding Range Average Average (in years) (in thousands) Outstanding at October 3, 2015 923 $7.55 - $21.96 $ 15.14 Granted 99 23.95 - 34.49 28.47 Exercised (651 ) 7.55 - 21.96 13.93 $ 8,718 Outstanding at October 1, 2016 371 9.16 - 34.49 20.81 Granted 88 26.75 - 37.06 30.93 Exercised (67 ) 9.16 - 23.95 19.05 1,212 Outstanding at September 30, 2017 392 9.16 - 37.06 23.40 Granted 77 29.69 - 41.85 34.84 Exercised (196 ) 9.16 - 37.06 19.68 3,866 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at September 29, 2018 264 10.23 - 41.85 29.25 7.64 1,845 Vested and anticipated to vest in the future at September 29, 2018 262 29.22 7.69 1,974 Exercisable at September 29, 2018 109 24.73 5.98 1,228 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 Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Restricted stock unit grants: Units 35 37 57 Market value $ 1,175 $ 1,180 $ 1,516 Compensation expense 1,172 1,238 1,451 As of September 29, 2018, $451,000 1.74 The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, October 3, 2015 157 $ 18.96 Granted 57 26.57 Forfeited (2 ) 23.95 Released (67 ) 17.95 Balance, October 1, 2016 145 22.35 Granted 37 31.95 Released (54 ) 20.43 Balance, September 30, 2017 128 25.92 Granted 35 33.52 Forfeited (3 ) 29.60 Released (57 ) 22.26 Balance, September 29, 2018 103 30.40 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 9 ) Income Taxes The components of the provision for income taxes are as follows: Year Ended September 29, September 30, October 1, (Dollars in thousands) 2018 2017 2016 Current: Federal $ 8,265 $ 8,269 $ 17,075 State 906 848 1,434 9,171 9,117 18,509 Deferred: Federal (2,862 ) 2,455 396 State 55 48 140 (2,807 ) 2,503 536 Income taxes $ 6,364 $ 11,620 $ 19,045 Effective income tax rate 14.9 % 34.0 % 33.8 % The reconciliation between income taxes computed at the federal statutory rate and the provision for income taxes is as follows: Year Ended (Dollars in thousands) September 29, 2018 September 30, 2017 October 1, 2016 Provision for income taxes at federal statutory rate $ 10,444 24.5 % $ 11,959 35.0 % $ 19,701 35.0 % Change in federal tax rate - Tax Cuts and Jobs Act (3,307 ) (7.8 ) - - - - Qualified production activities deduction (832 ) (2.0 ) (768 ) (2.2 ) (1,596 ) (2.8 ) Excess tax benefits of stock-based compensation (634 ) (1.5 ) - - - - Valuation allowance (18 ) (0.0 ) (29 ) (0.1 ) (213 ) (0.4 ) State income taxes, net of federal tax benefit 739 1.7 598 1.8 1,093 1.9 Other, net (28 ) (0.0 ) (140 ) (0.5 ) 60 0.1 Provision for income taxes $ 6,364 14.9 % $ 11,620 34.0 % $ 19,045 33.8 % The components of deferred tax assets and liabilities are as follows: September 29, September 30, (In thousands) 2018 2017 Deferred tax assets: Defined benefit plans $ 2,302 $ 3,556 Accrued expenses and asset reserves 1,939 3,069 Stock-based compensation 1,120 1,907 State net operating loss carryforwards and tax credits 233 284 Valuation allowance (233 ) (251 ) Deferred tax assets 5,361 8,565 Deferred tax liabilities: Plant and equipment (9,490 ) (15,093 ) Prepaid insurance and other reserves (1,211 ) (1,575 ) Deferred tax liabilities (10,701 ) (16,668 ) Net deferred tax liability $ (5,340 ) $ (8,103 ) On December 22, 2017, 35% 21% January 1, 2018. September 30 24.5% 2018 21% 2019 first $3.3 2019. As of September 29, 2018, $5.3 September 30, 2017, $8.1 $6.6 2019, 2019 2032. $16,000 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 September 29, 2018, $233,000 not not. $18,000 2018 As of September 29, 2018, no We classify interest and penalties related to unrecognized tax benefits as part of income tax expense. There were no 2018, 2017 2016. 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 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plans | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 1 0 ) Employee Benefit Plans Retirement plans . one September 30, 2008 no During 2016, third not $1.9 2016. As a result of the pension termination, unrecognized losses, which previously were recorded in accumulated other comprehensive loss on our consolidated balance sheets, were recognized as expense and a pension plan settlement loss of $2.5 October 1, 2016. The reconciliation of the projected benefit obligation, plan assets, funded status and amounts recognized in our consolidated balance sheets for the Delaware Plan is as follows: Year Ended October 1, (In thousands) 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 3,463 Interest cost 147 Actuarial loss 324 Plan settlement 290 Distributions (4,224 ) Benefit obligation at end of year $ - Change in plan assets: Fair value of plan assets at beginning of year $ 2,201 Actual return on plan assets 104 Employer contributions 1,919 Plan settlement (4,003 ) Distributions (221 ) Fair value of plan assets at end of year $ - Reconciliation of funded status to net amount recognized: Funded status $ - Net amount recognized $ - Amounts recognized on the consolidated balance sheet: Accrued benefit liability $ - Accumulated other comprehensive loss (net of tax) - Net amount recognized $ - Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ - Net amount recognized $ - Other changes in plan assets and benefit obligations recognized in other comprehensive loss: Net loss $ 685 Amortization of net loss (76 ) Settlement loss (2,539 ) Total recognized in other comprehensive income loss $ (1,930 ) Net periodic pension cost for the Delaware Plan includes the following components: Year Ended October 1, (In thousands) 2016 Interest cost $ 147 Expected return on plan assets (175 ) Settlement loss recognized 2,539 Amortization of net loss 76 Net periodic pension cost $ 2,587 The assumed discount rate used for the valuation of the Delaware Plan was 3.75% October 1, 2016. Supplemental employee retirement plan. 30 15 50% five 10 65 30 10 1/360th 30 The reconciliation of the projected benefit obligation, plan assets, funded status and amounts recognized for the SERPs in our consolidated balance sheets is as follows: Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 9,389 $ 9,159 $ 7,821 Service cost 310 344 263 Interest cost 345 338 326 Actuarial loss (gain) (33 ) (162 ) 1,039 Distributions (262 ) (290 ) (290 ) Benefit obligation at end of year $ 9,749 $ 9,389 $ 9,159 Change in plan assets: Actual employer contributions $ 262 $ 290 $ 290 Actual distributions (262 ) (290 ) (290 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (9,749 ) $ (9,389 ) $ (9,159 ) Net amount recognized $ (9,749 ) $ (9,389 ) $ (9,159 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 1,966 $ 2,149 $ 2,485 Net amount recognized $ 1,966 $ 2,149 $ 2,485 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (33 ) $ (162 ) $ 1,039 Amortization of net loss (150 ) (174 ) (85 ) Total recognized in other comprehensive income (loss) $ (183 ) $ (336 ) $ 954 Net periodic pension cost for the SERPs includes the following components: Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Service cost $ 310 $ 344 $ 263 Interest cost 345 338 326 Amortization of net loss 150 174 85 Net periodic pension cost $ 805 $ 856 $ 674 The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2019 $140,000. The assumptions used in the valuation of the SERPs are as follows: Measurement Date September 29, September 30, October 1, 2018 2017 2016 Assumptions at year-end: Discount rate 4.00 % 3.75 % 3.75 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % The assumed discount rate is established as of our fiscal year-end measurement date. In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate for duration, and high-quality bond yield curves applicable to the expected benefit payments of the SERPs. The SERPs expected rate of increase in compensation levels is based on the anticipated increases in annual compensation. The projected benefit payments under the SERPs are as follows: Fiscal year(s) In thousands 2019 $ 325 2020 278 2021 278 2022 553 2023 553 2024 - 2028 4,083 Retirement savings plan. 1996, 401 401 The Plan allows for discretionary contributions to be made by us as determined by the Board of Directors, which are allocated among eligible participants based on their compensation relative to the total compensation of all participants . 75% 100% first 1% 50% 5% $1.1 2018 2017 $1.0 2016. Voluntary Employee Beneficiary Associations (“ VEBA ” ) $5.1 2018, $5.6 2017 $5.4 2016. $175,000 not |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 1 1 ) Commitments and Contingencies Insurance recoveries. In August 2018, 2018, $183,000 $462,000 $645,000 In August 2017, 2018, $439,000 $52,000 $439,000 $26,000 $26,000 We believe the coverage provided for under our insurance policies is sufficient to cover the losses incurred from these claims. Leases and p urchase c ommitments . 2023. September 30, 2017 $4.9 October 2017. $1.5 2018 $1.8 2017 2016. September 29, 2018, one 2019, $1.0 2020 $543,000; 2021, $185,000; 2022, $22,000 2023 $16,000. As of September 29, 2018, $75.1 100 $9.6 not not Legal proceedings not Seve rance and change of control a greements. two one one one eighteen We have also entered into change in control agreements with key members of management, including our executive officers, which specify the terms of separation in the event that termination of their employment followed a change in control. The initial term of each agreement is two one not one two two two three two two two one one three one two |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 2 ) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Year Ended September 29, September 30, October 1, (In thousands, except per share amounts) 2018 2017 2016 Net earnings $ 36,266 $ 22,548 $ 37,245 Basic weighted average shares outstanding 19,079 19,011 18,754 Dilutive effect of stock-based compensation 198 206 301 Diluted weighted average shares outstanding 19,277 19,217 19,055 Net earnings per share: Basic $ 1.90 $ 1.19 $ 1.99 Diluted 1.88 1.17 1.95 Options and RSUs that were antidilutive and not 83,000 2018, 76,000 2017 51,000 2016. |
Note 13 - Business Segment Info
Note 13 - Business Segment Information | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 3 ) Business Segment Information 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 Our net sales and long-lived assets (consisting of net property, plant and equipment, the cash surrender value of life insurance policies, goodwill and intangible assets) by geographic region are as follows: Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Net sales: United States $ 451,418 $ 387,199 $ 416,391 Foreign 1,799 1,672 2,156 Total $ 453,217 $ 388,871 $ 418,547 Long-lived assets: United States $ 133,913 $ 122,574 $ 112,130 Foreign - - - Total $ 133,913 $ 122,574 $ 112,130 Our net sales by product line are as follows: Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Net sales: Welded wire reinforcement $ 273,658 $ 239,522 $ 256,801 Prestressed concrete strand 179,559 149,349 161,746 Total $ 453,217 $ 388,871 $ 418,547 There were no 10% 2018, 2017 2016. |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 1 4 ) Related Party Transactions Sales to a company affiliated with one $699,000 2018, $622,000 2017 $420,000 2016. |
Note 15 - Other Financial Data
Note 15 - Other Financial Data | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Other Financial Data [Text Block] | ( 1 5 ) Other Financial Data Balance sheet information: September 29, September 30, (In thousands) 2018 2017 Accounts receivable, net: Accounts receivable $ 51,779 $ 40,485 Less allowance for doubtful accounts (295 ) (201 ) Total $ 51,484 $ 40,284 Inventories: Raw materials $ 61,008 $ 51,808 Work in process 4,779 2,637 Finished goods 28,370 27,408 Total $ 94,157 $ 81,853 Other current assets: Prepaid insurance $ 3,845 $ 3,796 Income taxes receivable - 925 Other 2,050 1,228 Total $ 5,895 $ 5,949 Other assets: Cash surrender value of life insurance policies $ 9,769 $ 9,026 Capitalized financing costs, net 40 105 Other 104 203 Total $ 9,913 $ 9,334 Property, plant and equipment, net: Land and land improvements $ 14,438 $ 12,177 Buildings 54,684 50,373 Machinery and equipment 160,068 153,484 Construction in progress 9,672 5,641 238,862 221,675 Less accumulated depreciation (132,714 ) (123,005 ) Total $ 106,148 $ 98,670 Accrued expenses: Salaries, wages and related expenses $ 6,775 $ 5,520 Property taxes 1,585 1,384 Customer rebates 1,531 1,015 Sales allowance reserves 804 21 Income taxes 469 - Workers' compensation 113 116 Other 652 611 Total $ 11,929 $ 8,667 Other liabilities: Deferred compensation $ 10,541 $ 9,276 Deferred income taxes 5,340 8,103 Total $ 15,881 $ 17,379 |
Note 16 - Rights Agreement
Note 16 - Rights Agreement | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Rights Agreement [Text Block] | ( 1 6 ) Rights Agreement On April 26, 1999, one May 17, 1999 April 27, 1999. one May 17, 1999. April 21, 2009, April 25, 2009, The rights are not 10 20% 20% Each right will entitle the holder, other than the acquiring person or group, to purchase one two $46 two may one In addition, each rights holder, other than an acquiring person, upon exercise of rights will have the right to receive shares of the common stock of the acquiring corporation having a value equal to two not 50% The rights will expire on April 24, 2019, may $0.005 |
Note 17 - Product Warranties
Note 17 - Product Warranties | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 1 7 ) Product Warranties Our products are used in applications which are subject to inherent risks including performance deficiencies, personal injury, property damage, environmental contamination or loss of production. We warrant our products to meet certain specifications, and actual or claimed deficiencies from these specifications may not |
Note 18 - Share Repurchases
Note 18 - Share Repurchases | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 8 ) Share Repurchases On November 18, 2008, $25.0 may not may September 29, 2018, $24.8 no 2018, 2017 2016. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 29, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED SEPTEMBER 29, 2018, SEPTEMBER 30, 2017 AND OCTOB ER 1, 2016 ALLOWANCE FOR DOUBTFUL ACCOUNTS (In thousands) Year Ended September 29, September 30, October 1, 2018 2017 2016 Balance, beginning of year $ 201 $ 291 $ 638 Amounts charged to earnings 100 (57 ) (244 ) Write-offs, net of recoveries (6 ) (33 ) (103 ) Balance, end of year $ 295 $ 201 $ 291 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 29, 2018 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal year. 52 53 September 30. 2018, 2017 2016 52 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation . |
Use of Estimates, Policy [Policy Text Block] | Use of estimates. no not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents . three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of c redit r isk . one The majority of our accounts receivable are due from customers that are located in the U.S. and are generally not no |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation. 718, |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition . |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling costs . |
Inventory, Policy [Policy Text Block] | Inventories . first first |
Property, Plant and Equipment, Impairment [Policy Text Block] | Property, plant and equipment. 3 15 10 30 5 15 $11.6 2018, $10.5 2017 $10.4 2016 5 No 2018, 2017 2016. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill . not not may first fourth not may five may no 2018. no |
Other Assets [Policy Text Block] | Other assets. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived assets . 6 may not may not There were no 2018 2017. 2016, $20,000 4 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments . |
Income Tax, Policy [Policy Text Block] | Income taxes. no not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share. not |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Asset Severance and Gain on Sale (In thousands) Impairment Equipment Other Employee Facility of Property Charges Relocation Costs Separation Costs Closure Costs and Equipment Total 2017 Liability as of October 1, 2016 $ - $ 31 $ 239 $ - $ - $ 270 Restructuring charges - 164 - - - 164 Cash payments - (195 ) (239 ) - - (434 ) Non-cash charges - - - - - - Liability as of September 30, 2017 $ - $ - $ - $ - $ - $ - 2016 Liability as of October 3, 2015 $ - $ - $ 735 $ - $ - $ 735 Restructuring charges (recoveries) 20 186 - 89 (180 ) 115 Cash payments - (155 ) (496 ) (89 ) - (740 ) Non-cash charges (20 ) - - - 180 160 Liability as of October 1, 2016 $ - $ 31 $ 239 $ - $ - $ 270 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 29, 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) Year ended September 29, 2018: Current assets: Cash equivalents $ 44,257 $ 44,257 $ - Other assets: Cash surrender value of life insurance policies 9,769 - 9,769 Total $ 54,026 $ 44,257 $ 9,769 Year ended 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 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value Year ended September 29, 2018: Customer relationships 16.9 $ 9,070 $ (1,598 ) $ 7,472 Developed technology and know-how 20.0 1,800 (371 ) 1,429 Non-competition agreements 5.0 3,687 (2,994 ) 693 Trade name 4.0 140 (31 ) 109 $ 14,697 $ (4,994 ) $ 9,703 Year ended September 30, 2017: Customer relationships 20.0 $ 6,500 $ (1,018 ) $ 5,482 Developed technology and know-how 20.0 1,800 (283 ) 1,517 Non-competition agreements 4.8 3,577 (2,663 ) 914 $ 11,877 $ (3,964 ) $ 7,913 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Schedule of Amortization of Financing Costs for Debt [Table Text Block] | Fiscal year In thousands 2019 $ 65 2020 41 2021 - 2022 - 2023 - |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended Septem ber 29 , Septem ber 30 , Octo ber 1 , 201 8 201 7 201 6 Expected term (in years) 4.79 5.14 5.45 Risk-free interest rate 2.71 % 1.98 % 1.30 % Expected volatility 37.32 % 38.32 % 39.00 % Expected dividend yield 0.37 % 0.37 % 0.48 % |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Exercise Price Contractual Aggregate Per Share Term - Intrinsic Options Weighted Weighted Value (Share amounts in thousands) Outstanding Range Average Average (in years) (in thousands) Outstanding at October 3, 2015 923 $7.55 - $21.96 $ 15.14 Granted 99 23.95 - 34.49 28.47 Exercised (651 ) 7.55 - 21.96 13.93 $ 8,718 Outstanding at October 1, 2016 371 9.16 - 34.49 20.81 Granted 88 26.75 - 37.06 30.93 Exercised (67 ) 9.16 - 23.95 19.05 1,212 Outstanding at September 30, 2017 392 9.16 - 37.06 23.40 Granted 77 29.69 - 41.85 34.84 Exercised (196 ) 9.16 - 37.06 19.68 3,866 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at September 29, 2018 264 10.23 - 41.85 29.25 7.64 1,845 Vested and anticipated to vest in the future at September 29, 2018 262 29.22 7.69 1,974 Exercisable at September 29, 2018 109 24.73 5.98 1,228 |
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 57 26.57 Forfeited (2 ) 23.95 Released (67 ) 17.95 Balance, October 1, 2016 145 22.35 Granted 37 31.95 Released (54 ) 20.43 Balance, September 30, 2017 128 25.92 Granted 35 33.52 Forfeited (3 ) 29.60 Released (57 ) 22.26 Balance, September 29, 2018 103 30.40 |
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] | Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Restricted stock unit grants: Units 35 37 57 Market value $ 1,175 $ 1,180 $ 1,516 Compensation expense 1,172 1,238 1,451 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended September 29, September 30, October 1, (Dollars in thousands) 2018 2017 2016 Current: Federal $ 8,265 $ 8,269 $ 17,075 State 906 848 1,434 9,171 9,117 18,509 Deferred: Federal (2,862 ) 2,455 396 State 55 48 140 (2,807 ) 2,503 536 Income taxes $ 6,364 $ 11,620 $ 19,045 Effective income tax rate 14.9 % 34.0 % 33.8 % |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended (Dollars in thousands) September 29, 2018 September 30, 2017 October 1, 2016 Provision for income taxes at federal statutory rate $ 10,444 24.5 % $ 11,959 35.0 % $ 19,701 35.0 % Change in federal tax rate - Tax Cuts and Jobs Act (3,307 ) (7.8 ) - - - - Qualified production activities deduction (832 ) (2.0 ) (768 ) (2.2 ) (1,596 ) (2.8 ) Excess tax benefits of stock-based compensation (634 ) (1.5 ) - - - - Valuation allowance (18 ) (0.0 ) (29 ) (0.1 ) (213 ) (0.4 ) State income taxes, net of federal tax benefit 739 1.7 598 1.8 1,093 1.9 Other, net (28 ) (0.0 ) (140 ) (0.5 ) 60 0.1 Provision for income taxes $ 6,364 14.9 % $ 11,620 34.0 % $ 19,045 33.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 29, September 30, (In thousands) 2018 2017 Deferred tax assets: Defined benefit plans $ 2,302 $ 3,556 Accrued expenses and asset reserves 1,939 3,069 Stock-based compensation 1,120 1,907 State net operating loss carryforwards and tax credits 233 284 Valuation allowance (233 ) (251 ) Deferred tax assets 5,361 8,565 Deferred tax liabilities: Plant and equipment (9,490 ) (15,093 ) Prepaid insurance and other reserves (1,211 ) (1,575 ) Deferred tax liabilities (10,701 ) (16,668 ) Net deferred tax liability $ (5,340 ) $ (8,103 ) |
Note 10 - Employee Benefit Pl_2
Note 10 - Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended October 1, (In thousands) 2016 Interest cost $ 147 Expected return on plan assets (175 ) Settlement loss recognized 2,539 Amortization of net loss 76 Net periodic pension cost $ 2,587 Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Service cost $ 310 $ 344 $ 263 Interest cost 345 338 326 Amortization of net loss 150 174 85 Net periodic pension cost $ 805 $ 856 $ 674 |
Schedule of Assumptions Used [Table Text Block] | Measurement Date September 29, September 30, October 1, 2018 2017 2016 Assumptions at year-end: Discount rate 4.00 % 3.75 % 3.75 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal year(s) In thousands 2019 $ 325 2020 278 2021 278 2022 553 2023 553 2024 - 2028 4,083 |
Supplemental Employee Retirement Plan [Member] | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 9,389 $ 9,159 $ 7,821 Service cost 310 344 263 Interest cost 345 338 326 Actuarial loss (gain) (33 ) (162 ) 1,039 Distributions (262 ) (290 ) (290 ) Benefit obligation at end of year $ 9,749 $ 9,389 $ 9,159 Change in plan assets: Actual employer contributions $ 262 $ 290 $ 290 Actual distributions (262 ) (290 ) (290 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (9,749 ) $ (9,389 ) $ (9,159 ) Net amount recognized $ (9,749 ) $ (9,389 ) $ (9,159 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 1,966 $ 2,149 $ 2,485 Net amount recognized $ 1,966 $ 2,149 $ 2,485 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (33 ) $ (162 ) $ 1,039 Amortization of net loss (150 ) (174 ) (85 ) Total recognized in other comprehensive income (loss) $ (183 ) $ (336 ) $ 954 |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Year Ended October 1, (In thousands) 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 3,463 Interest cost 147 Actuarial loss 324 Plan settlement 290 Distributions (4,224 ) Benefit obligation at end of year $ - Change in plan assets: Fair value of plan assets at beginning of year $ 2,201 Actual return on plan assets 104 Employer contributions 1,919 Plan settlement (4,003 ) Distributions (221 ) Fair value of plan assets at end of year $ - Reconciliation of funded status to net amount recognized: Funded status $ - Net amount recognized $ - Amounts recognized on the consolidated balance sheet: Accrued benefit liability $ - Accumulated other comprehensive loss (net of tax) - Net amount recognized $ - Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ - Net amount recognized $ - Other changes in plan assets and benefit obligations recognized in other comprehensive loss: Net loss $ 685 Amortization of net loss (76 ) Settlement loss (2,539 ) Total recognized in other comprehensive income loss $ (1,930 ) |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended September 29, September 30, October 1, (In thousands, except per share amounts) 2018 2017 2016 Net earnings $ 36,266 $ 22,548 $ 37,245 Basic weighted average shares outstanding 19,079 19,011 18,754 Dilutive effect of stock-based compensation 198 206 301 Diluted weighted average shares outstanding 19,277 19,217 19,055 Net earnings per share: Basic $ 1.90 $ 1.19 $ 1.99 Diluted 1.88 1.17 1.95 |
Note 13 - Business Segment In_2
Note 13 - Business Segment Information (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Net sales: United States $ 451,418 $ 387,199 $ 416,391 Foreign 1,799 1,672 2,156 Total $ 453,217 $ 388,871 $ 418,547 Long-lived assets: United States $ 133,913 $ 122,574 $ 112,130 Foreign - - - Total $ 133,913 $ 122,574 $ 112,130 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended September 29, September 30, October 1, (In thousands) 2018 2017 2016 Net sales: Welded wire reinforcement $ 273,658 $ 239,522 $ 256,801 Prestressed concrete strand 179,559 149,349 161,746 Total $ 453,217 $ 388,871 $ 418,547 |
Note 15 - Other Financial Data
Note 15 - Other Financial Data (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | September 29, September 30, (In thousands) 2018 2017 Accounts receivable, net: Accounts receivable $ 51,779 $ 40,485 Less allowance for doubtful accounts (295 ) (201 ) Total $ 51,484 $ 40,284 Inventories: Raw materials $ 61,008 $ 51,808 Work in process 4,779 2,637 Finished goods 28,370 27,408 Total $ 94,157 $ 81,853 Other current assets: Prepaid insurance $ 3,845 $ 3,796 Income taxes receivable - 925 Other 2,050 1,228 Total $ 5,895 $ 5,949 Other assets: Cash surrender value of life insurance policies $ 9,769 $ 9,026 Capitalized financing costs, net 40 105 Other 104 203 Total $ 9,913 $ 9,334 Property, plant and equipment, net: Land and land improvements $ 14,438 $ 12,177 Buildings 54,684 50,373 Machinery and equipment 160,068 153,484 Construction in progress 9,672 5,641 238,862 221,675 Less accumulated depreciation (132,714 ) (123,005 ) Total $ 106,148 $ 98,670 Accrued expenses: Salaries, wages and related expenses $ 6,775 $ 5,520 Property taxes 1,585 1,384 Customer rebates 1,531 1,015 Sales allowance reserves 804 21 Income taxes 469 - Workers' compensation 113 116 Other 652 611 Total $ 11,929 $ 8,667 Other liabilities: Deferred compensation $ 10,541 $ 9,276 Deferred income taxes 5,340 8,103 Total $ 15,881 $ 17,379 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Year Ended September 29, September 30, October 1, 2018 2017 2016 Balance, beginning of year $ 201 $ 291 $ 638 Amounts charged to earnings 100 (57 ) (244 ) Write-offs, net of recoveries (6 ) (33 ) (103 ) Balance, end of year $ 295 $ 201 $ 291 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Depreciation, Total | $ 11,600,000 | $ 10,500,000 | $ 10,400,000 |
Interest Costs Capitalized | 0 | 0 | 0 |
Goodwill, Impairment Loss | 0 | ||
Asset Impairment Charges, Total | $ 0 | $ 0 | 20,000 |
Impairment of Long-Lived Assets Held-for-use | $ 20,000 | ||
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Accounting Standards Update 2016-09 [Member] | |||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 0.5 | $ 1.7 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ (0.5) | $ (1.7) | |
Retained Earnings [Member] | |||
Tax Cuts and Jobs Act, Reclassification of Stranded Tax Effects from AOCI to Retained Earnings, Tax Effect | $ 0.3 | ||
AOCI Attributable to Parent [Member] | |||
Tax Cuts and Jobs Act, Reclassification of Stranded Tax Effects from AOCI to Retained Earnings, Tax Effect | $ (0.3) |
Note 4 - Restructuring Charge_2
Note 4 - Restructuring Charges - Summary of Restructuring Activities and Associated Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Liability, beginning of period | $ 270 | $ 735 | |
Restructuring charges, net | 164 | 115 | |
Cash payments | (434) | (740) | |
Non-cash charges | 160 | ||
Liability, end of period | 270 | ||
Asset Impairment Charges [Member] | |||
Liability, beginning of period | |||
Restructuring charges, net | 20 | ||
Cash payments | |||
Non-cash charges | (20) | ||
Liability, end of period | |||
Equipment Relocation Costs [Member] | |||
Liability, beginning of period | 31 | ||
Restructuring charges, net | 164 | 186 | |
Cash payments | (195) | (155) | |
Non-cash charges | |||
Liability, end of period | 31 | ||
Employee Severance [Member] | |||
Liability, beginning of period | 239 | 735 | |
Restructuring charges, net | |||
Cash payments | (239) | (496) | |
Non-cash charges | |||
Liability, end of period | 239 | ||
Facility Closing [Member] | |||
Liability, beginning of period | |||
Restructuring charges, net | 89 | ||
Cash payments | (89) | ||
Non-cash charges | |||
Liability, end of period | |||
Gain on Sale of Property and Equipment [Member] | |||
Liability, beginning of period | |||
Restructuring charges, net | (180) | ||
Cash payments | |||
Non-cash charges | 180 | ||
Liability, end of period |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Sep. 29, 2018 | Sep. 30, 2017 |
Non Financial [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 29, 2018 | Sep. 30, 2017 |
Cash equivalents | $ 44,257 | $ 31,659 |
Cash surrender value of life insurance policies | 9,769 | 9,026 |
Total | 54,026 | 40,685 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 44,257 | 31,659 |
Cash surrender value of life insurance policies | ||
Total | 44,257 | 31,659 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Cash surrender value of life insurance policies | 9,769 | 9,026 |
Total | $ 9,769 | $ 9,026 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Amortization of Intangible Assets, Total | $ 1,300,000 | $ 1,200,000 | $ 1,200,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,100,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 924,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 809,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 770,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 705,000 |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Gross | $ 14,697 | $ 11,877 |
Accumulated Amortization | (4,994) | (3,964) |
Net Book Value | $ 9,703 | $ 7,913 |
Customer Relationships [Member] | ||
Weighted-Average Useful Life (Year) | 16 years 328 days | 20 years |
Gross | $ 9,070 | $ 6,500 |
Accumulated Amortization | (1,598) | (1,018) |
Net Book Value | $ 7,472 | $ 5,482 |
Technology-Based Intangible Assets [Member] | ||
Weighted-Average Useful Life (Year) | 20 years | 20 years |
Gross | $ 1,800 | $ 1,800 |
Accumulated Amortization | (371) | (283) |
Net Book Value | $ 1,429 | $ 1,517 |
Noncompete Agreements [Member] | ||
Weighted-Average Useful Life (Year) | 5 years | 4 years 292 days |
Gross | $ 3,687 | $ 3,577 |
Accumulated Amortization | (2,994) | (2,663) |
Net Book Value | $ 693 | $ 914 |
Trade Names [Member] | ||
Weighted-Average Useful Life (Year) | 4 years | |
Gross | $ 140 | |
Accumulated Amortization | (31) | |
Net Book Value | $ 109 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | 12 Months Ended | ||
Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | |
Amortization of Debt Issuance Costs | $ 65,000 | $ 65,000 | $ 65,000 |
Accumulated Amortization, Debt Issuance Costs | 4,700,000 | 4,600,000 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | ||
Long-term Line of Credit, Total | 0 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 98,200,000 | ||
Letters of Credit Outstanding, Amount | $ 1,800,000 | ||
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% | ||
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% | ||
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 7 - Long-term Debt - Amort
Note 7 - Long-term Debt - Amortization of Financing Costs (Details) $ in Thousands | Sep. 29, 2018USD ($) |
2,019 | $ 65 |
2,020 | 41 |
2,021 | |
2,022 | |
2,023 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Feb. 17, 2015 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 262,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 240 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.06 | $ 11.08 | $ 9.92 | |
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 | |||
Allocated Share-based Compensation Expense, Total | $ 906,000 | $ 1,000,000 | $ 988,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 1,172,000 | $ 1,238,000 | $ 1,451,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 270 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 451,000 | |||
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 | 334,000 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Expected term (Year) | 4 years 288 days | 5 years 51 days | 5 years 164 days |
Risk-free interest rate | 2.71% | 1.98% | 1.30% |
Expected volatility | 37.32% | 38.32% | 39.00% |
Expected dividend yield | 0.37% | 0.37% | 0.48% |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Oct. 03, 2015 | |
Options outstanding, balance (in shares) | 392 | 371 | 923 | |
Weighted average exercise price per share, beginning balance (in dollars per share) | $ 23.40 | $ 20.81 | $ 15.14 | |
Options outstanding, granted (in shares) | 77 | 88 | 99 | |
Exercise price per share, granted (in dollars per share) | $ 34.84 | $ 30.93 | $ 28.47 | |
Options outstanding, exercised (in shares) | (196) | (67) | (651) | |
Exercise price per share, exercised (in dollars per share) | $ 19.68 | $ 19.05 | $ 13.93 | |
Aggregate intrinsic value, exercised | $ 3,866 | $ 1,212 | $ 8,718 | |
Options outstanding, forfeited (in shares) | (9) | |||
Exercise price per share, forfeited (in dollars per share) | $ 29.88 | |||
Options outstanding, balance (in shares) | 264 | 392 | 371 | 923 |
Weighted average exercise price per share, ending balance (in dollars per share) | $ 29.25 | $ 23.40 | $ 20.81 | $ 15.14 |
Contractual term - weighted average, ending balance (Year) | 7 years 233 days | |||
Aggregate intrinsic value, ending balance | $ 1,845 | |||
Options outstanding, vested and anticipated to vest in future (in shares) | 262 | |||
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share) | $ 29.22 | |||
Contractual term - weighted average, vested and anticipated to vest in future (Year) | 7 years 251 days | |||
Aggregate intrinsic value, vested and anticipated to vest in future | $ 1,974 | |||
Options outstanding, exercisable (in shares) | 109 | |||
Weighted average exercise price per share, exercisable (in dollars per share) | $ 24.73 | |||
Contractual term - weighted average, exercisable (Year) | 5 years 357 days | |||
Aggregate intrinsic value, exercisable | $ 1,228 | |||
Minimum [Member] | ||||
Exercise price per share, balance (in dollars per share) | $ 10.23 | 9.16 | 9.16 | 7.55 |
Exercise price per share, granted (in dollars per share) | 29.69 | 26.75 | 23.95 | |
Exercise price per share, exercised (in dollars per share) | 9.16 | 9.16 | 7.55 | |
Exercise price per share, forfeited (in dollars per share) | 23.95 | |||
Maximum [Member] | ||||
Exercise price per share, balance (in dollars per share) | 41.85 | 37.06 | 34.49 | $ 21.96 |
Exercise price per share, granted (in dollars per share) | 41.85 | 37.06 | 34.49 | |
Exercise price per share, exercised (in dollars per share) | 37.06 | $ 23.95 | $ 21.96 | |
Exercise price per share, forfeited (in dollars per share) | $ 37.06 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - RSU Grants and Compensation Expense (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Units (in shares) | 35 | 37 | 57 |
Market value | $ 1,175 | $ 1,180 | $ 1,516 |
Compensation expense | $ 1,172 | $ 1,238 | $ 1,451 |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Restricted stock units outstanding, beginning balance (in shares) | 128 | 145 | 157 |
Weighted average grant date fair value, beginning balance (in dollars per share) | $ 25.92 | $ 22.35 | $ 18.96 |
Restricted stock units outstanding, granted (in shares) | 35 | 37 | 57 |
Weighted average grant date fair value, granted (in dollars per share) | $ 33.52 | $ 31.95 | $ 26.57 |
Restricted stock units outstanding, forfeited (in shares) | (3) | (2) | |
Weighted average grant date fair value, forfeited (in dollars per share) | $ 29.60 | $ 23.95 | |
Restricted stock units outstanding, released (in shares) | (57) | (54) | (67) |
Weighted average grant date fair value, released (in dollars per share) | $ 22.26 | $ 20.43 | $ 17.95 |
Restricted stock units outstanding, ending balance (in shares) | 103 | 128 | 145 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ 30.40 | $ 25.92 | $ 22.35 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.50% | 35.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 3,300,000 | |||
Deferred Tax Liabilities, Net, Noncurrent | 5,340,000 | $ 8,103,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 16,000 | |||
Deferred Tax Assets, Valuation Allowance, Total | 233,000 | 251,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (18,000) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | 0 | $ 0 | |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | $ 6,600,000 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards Expiration Date 1 | 2,019 | |||
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 | 21.00% |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Federal | $ 8,265 | $ 8,269 | $ 17,075 |
State | 906 | 848 | 1,434 |
Total current | 9,171 | 9,117 | 18,509 |
Federal | (2,862) | 2,455 | 396 |
State | 55 | 48 | 140 |
Total deferred | (2,807) | 2,503 | 536 |
Income taxes | $ 6,364 | $ 11,620 | $ 19,045 |
Effective income tax rate | 14.90% | 34.00% | 33.80% |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Provision for income taxes at federal statutory rate | $ 10,444 | $ 11,959 | $ 19,701 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.50% | 35.00% | 35.00% |
Change in federal tax rate - Tax Cuts and Jobs Act | $ (3,307) | ||
Change in federal tax rate - Tax Cuts and Jobs Act | (7.80%) | ||
Qualified production activities deduction | $ (832) | $ (768) | $ (1,596) |
Qualified production activities deduction | (2.00%) | (2.20%) | (2.80%) |
Excess tax benefits of stock-based compensation | $ (634) | ||
Excess tax benefits of stock-based compensation | (1.50%) | ||
Valuation allowance | $ (18) | $ (29) | $ (213) |
Valuation allowance | 0.00% | (0.10%) | (0.40%) |
State income taxes, net of federal tax benefit | $ 739 | $ 598 | $ 1,093 |
State income taxes, net of federal tax benefit | 1.70% | 1.80% | 1.90% |
Other, net | $ (28) | $ (140) | $ 60 |
Other, net | 0.00% | (0.50%) | 0.10% |
Provision for income taxes | $ 6,364 | $ 11,620 | $ 19,045 |
Provision for income taxes | 14.90% | 34.00% | 33.80% |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Asset and Liability Components (Details) - USD ($) | Sep. 29, 2018 | Sep. 30, 2017 |
Defined benefit plans | $ 2,302,000 | $ 3,556,000 |
Accrued expenses and asset reserves | 1,939,000 | 3,069,000 |
Stock-based compensation | 1,120,000 | 1,907,000 |
State net operating loss carryforwards and tax credits | 233,000 | 284,000 |
Valuation allowance | (233,000) | (251,000) |
Deferred tax assets | 5,361,000 | 8,565,000 |
Plant and equipment | (9,490,000) | (15,093,000) |
Prepaid insurance and other reserves | (1,211,000) | (1,575,000) |
Deferred tax liabilities | (10,701,000) | (16,668,000) |
Net deferred tax liability | $ (5,340,000) | $ (8,103,000) |
Note 10 - Employee Benefit Pl_3
Note 10 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (2,539,000) | ||
Pension Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,919,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (2,539,000) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.75% | 3.75% |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 262,000 | $ 290,000 | $ 290,000 |
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 | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 140,000 | ||
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 | ||
Retirement Savings Plan [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
Defined Contribution Plan, Cost | $ 1,100,000 | 1,100,000 | 1,000,000 |
Retirement Savings Plan, First 1% of Employee Contribution [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | ||
Retirement Savings Plan, Next 5% of Employee Contribution [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
VEBA [Member] | |||
Defined Contribution Plan, Cost | $ 5,100,000 | $ 5,600,000 | $ 5,400,000 |
Healthcare Coverage Claims in Excess of | $ 175,000 |
Note 10 - Employee Benefit Pl_4
Note 10 - Employee Benefit Plans - Projected Benefit Obligation Reconciliation for Delaware Plan (Details) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Oct. 01, 2016USD ($) | |
Benefit obligation | $ 3,463 |
Interest cost | 147 |
Actuarial (gain) loss | 324 |
Plan settlement | 290 |
Distributions | (4,224) |
Benefit obligation | |
Fair value of plan assets | 2,201 |
Actual return on plan assets | 104 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,919 |
Plan settlement | (4,003) |
Distributions | (221) |
Fair value of plan assets | |
Funded status | |
Net amount recognized | |
Accrued benefit liability | |
Accumulated other comprehensive loss (net of tax) | |
Net amount recognized | |
Unrecognized net loss | |
Net amount recognized | |
Net loss | 685 |
Amortization of net loss | (76) |
Settlement loss | (2,539) |
Total recognized in other comprehensive income loss | $ (1,930) |
Note 10 - Employee Benefit Pl_5
Note 10 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Pension plan settlement loss | $ 2,539 | ||
Pension Plan [Member] | |||
Interest cost | 147 | ||
Expected return on plan assets | (175) | ||
Pension plan settlement loss | 2,539 | ||
Amortization of net loss | 76 | ||
Net periodic pension cost | 2,587 | ||
Supplemental Employee Retirement Plan [Member] | |||
Interest cost | 345 | 338 | 326 |
Amortization of net loss | 150 | 174 | 85 |
Net periodic pension cost | 805 | 856 | 674 |
Service cost | $ 310 | $ 344 | $ 263 |
Note 10 - Employee Benefit Pl_6
Note 10 - Employee Benefit Plans - Projected Benefit Obligation Reconciliation for SERP (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Benefit obligation | $ 9,389 | $ 9,159 | $ 7,821 |
Service cost | 310 | 344 | 263 |
Interest cost | 345 | 338 | 326 |
Actuarial (gain) loss | (33) | (162) | 1,039 |
Distributions | (262) | (290) | (290) |
Benefit obligation | 9,749 | 9,389 | 9,159 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 262 | 290 | 290 |
Distributions | (262) | (290) | (290) |
Fair value of plan assets | |||
Funded status | (9,749) | (9,389) | (9,159) |
Net amount recognized | (9,749) | (9,389) | (9,159) |
Unrecognized net loss | 1,966 | 2,149 | 2,485 |
Net amount recognized | 1,966 | 2,149 | 2,485 |
Net loss | (33) | (162) | 1,039 |
Amortization of net loss | (150) | (174) | (85) |
Total recognized in other comprehensive income (loss) | $ (183) | $ (336) | $ 954 |
Note 10 - Employee Benefit Pl_7
Note 10 - Employee Benefit Plans - Plan Valuation Assumptions (Details) - Pension Plan [Member] | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.75% | 3.75% |
Rate of increase in compensation levels | 3.00% | 3.00% | 3.00% |
Note 10 - Employee Benefit Pl_8
Note 10 - Employee Benefit Plans - Projected Benefit Payments (Details) - Supplemental Employee Retirement Plan [Member] $ in Thousands | Sep. 29, 2018USD ($) |
2,019 | $ 325 |
2,020 | 278 |
2,021 | 278 |
2,022 | 553 |
2,023 | 553 |
2024-2028 | $ 4,083 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |||
Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | Oct. 02, 2017USD ($) | |
Operating Leases, Rent Expense, Total | $ 1,500,000 | $ 1,800,000 | $ 1,800,000 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 543,000 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 185,000 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 22,000 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 16,000 | |||
Change in Control Agreement [Member] | ||||
Guarantee Obligations Term | 2 years | |||
Change in Control Agreement Renewal [Member] | ||||
Guarantee Obligations Term | 1 year | |||
Chief Executive Officer and Chief Financial Officer [Member] | Severance Agreement [Member] | ||||
Guarantee Obligations Term | 2 years | |||
Ratio of Severance Benefits to Base Compensation | 1.5 | |||
Severance Benefits Continuation of Health and Welfare Benefits Term | 1 year 180 days | |||
Chief Executive Officer and Chief Financial Officer [Member] | Severance Agreement Renewal [Member] | ||||
Guarantee Obligations Term | 1 year | |||
Chief Executive Officer and Chief Financial Officer [Member] | Change in Control Agreement [Member] | ||||
Ratio of Severance Benefits to Base Compensation | 2 | |||
Severance Benefits Continuation of Health and Welfare Benefits Term | 2 years | |||
Guarantor Obligations Triggering Event Term from Change in Control to Termination | 2 years | |||
Ratio of Severance Benefits to the Average Bonus for the Prior Three Years | 2 | |||
Key Members of Management [Member] | Change in Control Agreement [Member] | ||||
Ratio of Severance Benefits to Base Compensation | 1 | |||
Severance Benefits Continuation of Health and Welfare Benefits Term | 1 year | |||
Ratio of Severance Benefits to the Average Bonus for the Prior Three Years | 1 | |||
Non-cancelable Purchase Commitment for Raw Material [Member] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 75,100,000 | |||
Non-cancelable Purchase Commitment Term | 100 days | |||
Purchase Commitment for Equipment [Member] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 9,600,000 | |||
Leased Facility in Houston, Texas [Member] | ||||
Lease Purchase Option Exercised | $ 4,900,000 | |||
Fire [Member] | ||||
Insurance Recoveries | 183,000 | |||
Insurance Settlements Receivable | 462,000 | |||
Fire [Member] | Cost of Sales [Member] | ||||
Insurance Recoveries | 645,000 | |||
Storm [Member] | ||||
Insurance Recoveries | 439,000 | |||
Insurance Settlements Receivable | 52,000 | |||
Storm [Member] | Cost of Sales [Member] | ||||
Insurance Recoveries | 439,000 | |||
Storm [Member] | Selling, General and Administrative Expenses [Member] | ||||
Insurance Recoveries | 26,000 | |||
Storm [Member] | Other Income [Member] | ||||
Insurance Recoveries | $ 26,000 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 83,000 | 76,000 | 51,000 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net earnings | $ 36,266 | $ 22,548 | $ 37,245 |
Basic weighted average shares outstanding (in shares) | 19,079 | 19,011 | 18,754 |
Dilutive effect of stock-based compensation (in shares) | 198 | 206 | 301 |
Diluted weighted average shares outstanding (in shares) | 19,277 | 19,217 | 19,055 |
Net earnings per share: | |||
Basic (in dollars per share) | $ 1.90 | $ 1.19 | $ 1.99 |
Diluted (in dollars per share) | $ 1.88 | $ 1.17 | $ 1.95 |
Note 13 - Business Segment In_3
Note 13 - Business Segment Information (Details Textual) | 12 Months Ended |
Sep. 29, 2018 | |
Number of Reportable Segments | 1 |
Note 13 - Business Segment In_4
Note 13 - Business Segment Information - Net Sales And Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Revenue | $ 453,217 | $ 388,871 | $ 418,547 |
Long-term Assets | 133,913 | 122,574 | 112,130 |
UNITED STATES | |||
Revenue | 451,418 | 387,199 | 416,391 |
Long-term Assets | 133,913 | 122,574 | 112,130 |
Non-US [Member] | |||
Revenue | 1,799 | 1,672 | 2,156 |
Long-term Assets |
Note 13 - Business Segment In_5
Note 13 - Business Segment Information - Net Sales By Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Revenue | $ 453,217 | $ 388,871 | $ 418,547 |
Welded Wire Reinforcement [Member] | |||
Revenue | 273,658 | 239,522 | 256,801 |
PC Strand [Member] | |||
Revenue | $ 179,559 | $ 149,349 | $ 161,746 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Revenue from Related Parties | $ 699,000 | $ 622,000 | $ 420,000 |
Note 15 - Other Financial Dat_2
Note 15 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Sep. 30, 2017 |
Accounts receivable, net: | ||
Accounts receivable | $ 51,779 | $ 40,485 |
Less allowance for doubtful accounts | (295) | (201) |
Total | 51,484 | 40,284 |
Inventories: | ||
Raw materials | 61,008 | 51,808 |
Work in process | 4,779 | 2,637 |
Finished goods | 28,370 | 27,408 |
Total | 94,157 | 81,853 |
Other current assets: | ||
Prepaid insurance | 3,845 | 3,796 |
Income taxes receivable | 925 | |
Other | 2,050 | 1,228 |
Total | 5,895 | 5,949 |
Other assets: | ||
Cash surrender value of life insurance policies | 9,769 | 9,026 |
Capitalized financing costs, net | 40 | 105 |
Other | 104 | 203 |
Total | 9,913 | 9,334 |
Property, plant and equipment, net: | ||
Land and land improvements | 14,438 | 12,177 |
Buildings | 54,684 | 50,373 |
Machinery and equipment | 160,068 | 153,484 |
Construction in progress | 9,672 | 5,641 |
Property, plant and equipment, gross | 238,862 | 221,675 |
Less accumulated depreciation | (132,714) | (123,005) |
Total | 106,148 | 98,670 |
Accrued expenses: | ||
Salaries, wages and related expenses | 6,775 | 5,520 |
Property taxes | 1,585 | 1,384 |
Customer rebates | 1,531 | 1,015 |
Sales allowance reserves | 804 | 21 |
Income taxes | 469 | |
Workers' compensation | 113 | 116 |
Other | 652 | 611 |
Total | 11,929 | 8,667 |
Other liabilities: | ||
Deferred compensation | 10,541 | 9,276 |
Deferred Tax Liabilities, Net, Noncurrent | 5,340 | 8,103 |
Total | $ 15,881 | $ 17,379 |
Note 16 - Rights Agreement (Det
Note 16 - Rights Agreement (Details Textual) | May 17, 1999 | Apr. 26, 1999shares | Sep. 29, 2018$ / shares |
Dividend Distribution of Rights | shares | 1 | ||
Rights Assigned to Common Stock Issued | 1 | ||
Ownership Percentage to Trigger Rights Exercisable | 20.00% | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.005 | ||
Portion of Company Sold Triggers Exercisability of Rights | 50.00% | ||
Series A Junior Participating Preferred Stock [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 46 |
Note 18 - Share Repurchases (De
Note 18 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Nov. 18, 2008 | |
Stock Repurchase Program, Authorized Amount | $ 25 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 24.8 | |||
Stock Repurchased During Period, Shares | 0 | 0 | 0 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Balance, beginning of year | $ 201 | $ 291 | $ 638 |
Amounts charged to earnings | 100 | (57) | (244) |
Write-offs, net of recoveries | (6) | (33) | (103) |
Balance, end of year | $ 295 | $ 201 | $ 291 |