Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 30, 2019 | Apr. 17, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | INSTEEL INDUSTRIES INC | |
Entity Central Index Key | 0000764401 | |
Trading Symbol | iiin | |
Current Fiscal Year End Date | --09-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 19,251,607 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Net sales | $ 111,948 | $ 107,417 | $ 216,058 | $ 205,158 |
Cost of sales | 104,927 | 92,001 | 198,061 | 178,081 |
Gross profit | 7,021 | 15,416 | 17,997 | 27,077 |
Selling, general and administrative expense | 6,556 | 7,475 | 13,090 | 13,238 |
Other expense (income), net | (971) | 166 | (1,800) | 185 |
Interest expense | 45 | 23 | 75 | 51 |
Interest income | (12) | (53) | (167) | (129) |
Earnings before income taxes | 1,403 | 7,805 | 6,799 | 13,732 |
Income taxes | 354 | 1,926 | 1,624 | (258) |
Net earnings | $ 1,049 | $ 5,879 | $ 5,175 | $ 13,990 |
Net earnings per share: | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.31 | $ 0.27 | $ 0.73 |
Diluted (in dollars per share) | $ 0.05 | $ 0.31 | $ 0.27 | $ 0.73 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 19,242 | 19,052 | 19,233 | 19,047 |
Diluted (in shares) | 19,340 | 19,258 | 19,338 | 19,241 |
Cash dividends declared per share (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.06 | $ 1.06 |
Comprehensive income | $ 1,049 | $ 5,879 | $ 5,175 | $ 13,990 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 30, 2019 | Sep. 29, 2018 |
Assets | ||
Cash and cash equivalents | $ 490 | $ 43,941 |
Accounts receivable, net | 50,574 | 51,484 |
Inventories | 117,227 | 94,157 |
Other current assets | 6,265 | 5,895 |
Total current assets | 174,556 | 195,477 |
Property, plant and equipment, net | 109,377 | 106,148 |
Intangibles, net | 9,157 | 9,703 |
Goodwill | 8,293 | 8,293 |
Other assets | 10,188 | 9,913 |
Total assets | 311,571 | 329,534 |
Liabilities and shareholders' equity | ||
Accounts payable | 35,124 | 60,059 |
Accrued expenses | 5,991 | 11,929 |
Total current liabilities | 41,115 | 71,988 |
Long-term debt | 5,365 | |
Other liabilities | 18,561 | 15,881 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock | 19,252 | 19,223 |
Additional paid-in capital | 73,667 | 72,852 |
Retained earnings | 155,105 | 151,084 |
Accumulated other comprehensive loss | (1,494) | (1,494) |
Total shareholders' equity | 246,530 | 241,665 |
Total liabilities and shareholders' equity | $ 311,571 | $ 329,534 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 5,175,000 | $ 13,990,000 |
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 6,622,000 | 6,409,000 |
Amortization of capitalized financing costs | 32,000 | 32,000 |
Stock-based compensation expense | 1,019,000 | 1,073,000 |
Deferred income taxes | 2,136,000 | (2,270,000) |
Loss (gain) on sale and disposition of property, plant and equipment | (1,758,000) | 221,000 |
Increase in cash surrender value of life insurance policies over premiums paid | (62,000) | (275,000) |
Net changes in assets and liabilities (net of assets and liabilities acquired): | ||
Accounts receivable, net | 910,000 | (10,171,000) |
Inventories | (23,070,000) | 18,697,000 |
Accounts payable and accrued expenses | (30,357,000) | (4,218,000) |
Other changes | (838,000) | 1,005,000 |
Total adjustments | (45,366,000) | 10,503,000 |
Net cash provided by (used for) operating activities | (40,191,000) | 24,493,000 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (8,107,000) | (9,316,000) |
Acquisition of business | (3,300,000) | |
Proceeds from surrender of life insurance policies | 18,000 | 121,000 |
Increase in cash surrender value of life insurance policies | (263,000) | (245,000) |
Proceeds from property insurance | 1,048,000 | |
Proceeds from sale of property, plant and equipment | 8,000 | |
Net cash used for investing activities | (7,296,000) | (12,740,000) |
Cash Flows From Financing Activities: | ||
Proceeds from long-term debt | 17,626,000 | 169,000 |
Principal payments on long-term debt | (12,261,000) | (169,000) |
Cash dividends paid | (1,154,000) | (20,184,000) |
Payment of employee tax withholdings related to net share transactions | (175,000) | (210,000) |
Net cash provided by (used for) financing activities | 4,036,000 | (20,394,000) |
Net decrease in cash and cash equivalents | (43,451,000) | (8,641,000) |
Cash and cash equivalents at beginning of period | 43,941,000 | 32,105,000 |
Cash and cash equivalents at end of period | 490,000 | 23,464,000 |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes, net | 1,387,000 | 1,060,000 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in accounts payable | 497,000 | 1,233,000 |
Restricted stock units and stock options surrendered for withholding taxes payable | $ 175,000 | $ 210,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 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 | 8,111 | 8,111 | |||
Compensation expense associated with stock-based plans | 235 | 235 | |||
Cash dividends declared | (19,612) | (19,612) | |||
Balance (in shares) at Dec. 30, 2017 | 19,041 | ||||
Balance at Dec. 30, 2017 | $ 19,041 | 70,052 | 124,350 | (1,333) | 212,110 |
Balance (in shares) at Sep. 30, 2017 | 19,041 | ||||
Balance at Sep. 30, 2017 | $ 19,041 | 69,817 | 135,851 | (1,333) | 223,376 |
Net earnings | 13,990 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (210) | ||||
Balance (in shares) at Mar. 31, 2018 | 19,063 | ||||
Balance at Mar. 31, 2018 | $ 19,063 | 70,658 | 129,657 | (1,333) | 218,045 |
Balance (in shares) at Dec. 30, 2017 | 19,041 | ||||
Balance at Dec. 30, 2017 | $ 19,041 | 70,052 | 124,350 | (1,333) | 212,110 |
Net earnings | 5,879 | 5,879 | |||
Compensation expense associated with stock-based plans | 838 | 838 | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (210) | (210) | |||
Cash dividends declared | (572) | (572) | |||
Vesting of restricted stock units (in shares) | 20 | ||||
Vesting of restricted stock units | $ 20 | (20) | |||
Stock options exercised, net (in shares) | 2 | ||||
Stock options exercised, net | $ 2 | (2) | |||
Balance (in shares) at Mar. 31, 2018 | 19,063 | ||||
Balance at Mar. 31, 2018 | $ 19,063 | 70,658 | 129,657 | (1,333) | 218,045 |
Balance (in shares) at Sep. 29, 2018 | 19,223 | ||||
Balance at Sep. 29, 2018 | $ 19,223 | 72,852 | 151,084 | (1,494) | 241,665 |
Net earnings | 4,126 | 4,126 | |||
Compensation expense associated with stock-based plans | 174 | 174 | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (7) | (7) | |||
Cash dividends declared | (576) | (576) | |||
Balance (in shares) at Dec. 29, 2018 | 19,223 | ||||
Balance at Dec. 29, 2018 | $ 19,223 | 73,019 | 154,634 | (1,494) | 245,382 |
Balance (in shares) at Sep. 29, 2018 | 19,223 | ||||
Balance at Sep. 29, 2018 | $ 19,223 | 72,852 | 151,084 | (1,494) | 241,665 |
Net earnings | 5,175 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (175) | ||||
Balance (in shares) at Mar. 30, 2019 | 19,252 | ||||
Balance at Mar. 30, 2019 | $ 19,252 | 73,667 | 155,105 | (1,494) | 246,530 |
Balance (in shares) at Dec. 29, 2018 | 19,223 | ||||
Balance at Dec. 29, 2018 | $ 19,223 | 73,019 | 154,634 | (1,494) | 245,382 |
Net earnings | 1,049 | 1,049 | |||
Compensation expense associated with stock-based plans | 845 | 845 | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (168) | (168) | |||
Cash dividends declared | (578) | (578) | |||
Vesting of restricted stock units (in shares) | 29 | ||||
Vesting of restricted stock units | $ 29 | (29) | |||
Balance (in shares) at Mar. 30, 2019 | 19,252 | ||||
Balance at Mar. 30, 2019 | $ 19,252 | $ 73,667 | $ 155,105 | $ (1,494) | $ 246,530 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 30, 2019 | |
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 29, 2018 not September 29, 2018 10 October 26, 2018. The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that we consider necessary for a fair presentation of results for these interim periods. The results of operations for the six March 30, 2019 not may September 28, 2019 We have 10 no . |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 2 Current Adoptions In August 2016, No. 2016 15 230: No. 2016 15 No. 2016 15 first not In May 2014, No. 2014 09 No. 2014 09 2014 09 first not 3 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 February 2016, No. 2016 02 840. No. 2016 02 12 No. 2016 02 first 2020. July 2018, No. 2018 11, 842 No. 2016 02. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 We recognize revenues when obligations under the terms of a contract with our customers are satisfied, which generally occurs when products are shipped and control is transferred. We enter into contracts that pertain to products, which are accounted for as separate performance obligations and typically one not No. 2014 09 not one Variable consideration that may not The following table disaggregates our net sales by product line: Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands) 2019 2018 2019 2018 Welded wire reinforcement $ 68,941 $ 64,806 $ 135,219 $ 121,697 Prestressed concrete strand 43,007 42,611 80,839 83,461 Total $ 111,948 $ 107,417 $ 216,058 $ 205,158 The following table disaggregates our net sales by geography based on the shipping addresses of our customers: Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands) 2019 2018 2019 2018 United States $ 111,620 $ 106,930 $ 215,241 $ 204,213 Foreign 328 487 817 945 Total $ 111,948 $ 107,417 $ 216,058 $ 205,158 Contract assets primarily relate to our rights to consideration for products that are delivered but not not not March 30, 2019. Accounts receivable includes amounts billed and currently due from customers stated at their net estimated realizable value. Customer payment terms are generally 30 not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three three Level 1 Level 2 1, Level 3 no As of March 30, 2019 September 29, 2018, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of March 30, 2019: Other assets: Cash surrender value of life insurance policies $ 10,076 $ - $ 10,076 Total $ 10,076 $ - $ 10,076 As of 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 Cash equivalents, which include all highly liquid investments with original maturities of three 1 2. As of March 30, 2019 September 29, 2018, no |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 5 The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Gross Amount Accumulated Amortization Net Book Value As of March 30, 2019: Customer relationships $ 9,070 $ (1,902 ) $ 7,168 Developed technology and know-how 1,800 (416 ) 1,384 Non-competition agreements 1,800 (1,286 ) 514 Trade name 140 (49 ) 91 $ 12,810 $ (3,653 ) $ 9,157 As of September 29, 2018: Customer relationships $ 9,070 $ (1,598 ) $ 7,472 Developed technology and know-how 1,800 (371 ) 1,429 Non-competition agreements 3,687 (2,994 ) 693 Trade name 140 (31 ) 109 $ 14,697 $ (4,994 ) $ 9,703 Amortization expense for intangibles was $273,000 $359,000 three March 30, 2019 March 31, 2018, $546,000 $688,000 six March 30, 2019 March 31, 2018, six March 31, 2018, not |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 6 Under our equity incentive plan, employees and directors may February 17, 2015, 2015 “2015 900,000 2015 February 17, 2025, 2005 February 15, 2015. March 30, 2019, 241,000 2015 Stock o ption awards . may three ten $383,000 $381,000 three March 30, 2019 March 31, 2018, $438,000 $471,000 six March 30, 2019 March 31, 2018, March 30, 2019, $272,000 1.66 The fair value of each option award granted is estimated on the date of grant using a Monte Carlo valuation model. The estimated fair values of stock options granted during the three six March 30, 2019 March 31, 2018 $7.96 $10.46 Six Months Ended March 30, March 31, 2019 2018 Risk-free interest rate 3.84 % 2.72 % Dividend yield 0.50 % 0.40 % Expected volatility 43.08 % 37.74 % Expected term (in years) 4.56 4.89 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 29, 2018 264 $ 10.23 - $ 41.85 $ 29.25 Granted 58 21.57 - 21.57 21.57 Exercised (5 ) 18.05 - 26.75 23.95 $ 21 Outstanding at March 30, 2019 317 10.23 - 41.85 27.93 7.83 205 Vested and anticipated to vest in the future at March 30, 2019 313 27.91 7.81 205 Exercisable at March 30, 2019 145 26.05 6.38 205 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 $462,000 $457,000 three March 30, 2019 March 31,2018, $581,000 $602,000 six March 30, 2019 March 31,2018, three six March 30, 2019 March 31, 2018 $763,000 $712,000 As of March 30, 2019, $611,000 1.62 The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 29, 2018 103 $ 30.40 Granted 35 21.57 Released (36 ) 25.28 Balance, March 30, 2019 102 29.16 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 Effective income tax rate . 23.9% six March 30, 2019 1.9% six March 31, 2018. December 22, 2017, 35% 21% January 1, 2018. first $3.7 September 30 21% 2019 24.5% 2018. Deferred income taxes. March 30, 2019, $7.5 $2.1 2022, 2022 2031. $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 March 30, 2019 September 29, 2018, $265,000 $233,000, not not. Uncertainty in income taxes . March 30, 2019, no We file U.S. federal, 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 | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 8 Supplemental employee retirement plan . 30 15 50% five 10 65 30 10 1/360th 30 Net periodic pension cost for the SERPs includes the following components: Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands) 2019 2018 2019 2018 Interest cost $ 96 $ 86 $ 192 $ 172 Service cost 74 62 148 139 Recognized net actuarial loss 35 38 70 76 Net periodic pension cost $ 205 $ 186 $ 410 $ 387 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 9 Revolving Credit Facility . $100.0 May 13, 2020 $100.0 March 30, 2019, $5.4 $92.8 $1.8 Interest rates on the Credit Facility are based upon ( 1 0.50% 2 0.25% 0.75% 1.25% 1.75% 2.00% March 30, 2019, 0.25% 1.25% Our ability to borrow available amounts under the Credit Facility will be restricted or eliminated in the event of certain covenant breaches, events of default or if we are unable to make certain representations and warranties provided for under the terms of the Credit Facility. We are required to maintain a fixed charge coverage ratio of not 1.10 twelve $12.5 third not March 30, 2019, not Amortization of capitalized financing costs associated with the Credit Facility was $16,000 three March 30, 2019 March 31, 2018, $32,000 six March 30, 2019 March 31, 2018. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 0 ) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands, except per share amounts) 2019 2018 2019 2018 Net earnings $ 1,049 $ 5,879 $ 5,175 $ 13,990 Basic weighted average shares outstanding 19,242 19,052 19,233 19,047 Dilutive effect of stock-based compensation 98 206 105 194 Diluted weighted average shares outstanding 19,340 19,258 19,338 19,241 Net earnings per share: Basic $ 0.05 $ 0.31 $ 0.27 $ 0.73 Diluted $ 0.05 $ 0.31 $ 0.27 $ 0.73 Options and RSUs that were antidilutive and not 228,000 97,000 three March 30, 2019 March 31, 2018, not 193,000 98,000 six March 30, 2019 March 31, 2018, |
Note 11 - Share Repurchases
Note 11 - Share Repurchases | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 1 ) S hare Repurchase s On November 18, 2008, $25.0 may not may March 30, 2019, $24.8 no three six March 30, 2019 March 31, 2018. |
Note 12 - Other Financial Data
Note 12 - Other Financial Data | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Other Financial Data [Text Block] | ( 1 2 ) Other Financial Data Balance sheet information: March 30, September 29, (In thousands) 2019 2018 Accounts receivable, net: Accounts receivable $ 50,862 $ 51,779 Less allowance for doubtful accounts (288 ) (295 ) Total $ 50,574 $ 51,484 Inventories: Raw materials $ 59,065 $ 61,008 Work in process 5,810 4,779 Finished goods 52,352 28,370 Total $ 117,227 $ 94,157 Other current assets: Prepaid insurance $ 3,774 $ 3,845 Income tax receivable 1,430 - Other 1,061 2,050 Total $ 6,265 $ 5,895 Other assets: Cash surrender value of life insurance policies $ 10,076 $ 9,769 Capitalized financing costs, net 8 40 Other 104 104 Total $ 10,188 $ 9,913 Property, plant and equipment, net: Land and land improvements $ 14,491 $ 14,438 Buildings 56,191 54,684 Machinery and equipment 169,362 160,068 Construction in progress 5,747 9,672 245,791 238,862 Less accumulated depreciation (136,414 ) (132,714 ) Total $ 109,377 $ 106,148 Accrued expenses: Salaries, wages and related expenses $ 2,567 $ 6,775 Sales allowance reserves 1,406 804 Customer rebates 624 1,531 Property taxes 623 1,585 Workers' compensation 113 113 Income taxes - 469 Other 658 652 Total $ 5,991 $ 11,929 Other liabilities: Deferred compensation $ 11,085 $ 10,541 Deferred income taxes 7,476 5,340 Total $ 18,561 $ 15,881 |
Note 13 - Business Segment Info
Note 13 - Business Segment Information | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 13 Our operations are entirely focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Our concrete reinforcing products consist of two 280, Segment Reporting one |
Note 14 - Contingencies
Note 14 - Contingencies | 6 Months Ended |
Mar. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 14 Insurance recoveries. In August 2018, first three March 30, 2019, $1.4 December 29, 2018 $263,000 $950,000 $120,000 $40,000 six March 30, 2019, $1.8 September 29, 2018 $462,000 $950,000 $306,000 $45,000 In August 2017, first six March 30, 2019, $150,000 $98,000 three six March 31, 2018, $439,000 six March 31, 2018, $418,000 $21,000 Legal proceedings . not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands) 2019 2018 2019 2018 Welded wire reinforcement $ 68,941 $ 64,806 $ 135,219 $ 121,697 Prestressed concrete strand 43,007 42,611 80,839 83,461 Total $ 111,948 $ 107,417 $ 216,058 $ 205,158 Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands) 2019 2018 2019 2018 United States $ 111,620 $ 106,930 $ 215,241 $ 204,213 Foreign 328 487 817 945 Total $ 111,948 $ 107,417 $ 216,058 $ 205,158 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of March 30, 2019: Other assets: Cash surrender value of life insurance policies $ 10,076 $ - $ 10,076 Total $ 10,076 $ - $ 10,076 As of 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 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) Gross Amount Accumulated Amortization Net Book Value As of March 30, 2019: Customer relationships $ 9,070 $ (1,902 ) $ 7,168 Developed technology and know-how 1,800 (416 ) 1,384 Non-competition agreements 1,800 (1,286 ) 514 Trade name 140 (49 ) 91 $ 12,810 $ (3,653 ) $ 9,157 As of September 29, 2018: Customer relationships $ 9,070 $ (1,598 ) $ 7,472 Developed technology and know-how 1,800 (371 ) 1,429 Non-competition agreements 3,687 (2,994 ) 693 Trade name 140 (31 ) 109 $ 14,697 $ (4,994 ) $ 9,703 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended March 30, March 31, 2019 2018 Risk-free interest rate 3.84 % 2.72 % Dividend yield 0.50 % 0.40 % Expected volatility 43.08 % 37.74 % Expected term (in years) 4.56 4.89 |
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 29, 2018 264 $ 10.23 - $ 41.85 $ 29.25 Granted 58 21.57 - 21.57 21.57 Exercised (5 ) 18.05 - 26.75 23.95 $ 21 Outstanding at March 30, 2019 317 10.23 - 41.85 27.93 7.83 205 Vested and anticipated to vest in the future at March 30, 2019 313 27.91 7.81 205 Exercisable at March 30, 2019 145 26.05 6.38 205 |
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 29, 2018 103 $ 30.40 Granted 35 21.57 Released (36 ) 25.28 Balance, March 30, 2019 102 29.16 |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands) 2019 2018 2019 2018 Interest cost $ 96 $ 86 $ 192 $ 172 Service cost 74 62 148 139 Recognized net actuarial loss 35 38 70 76 Net periodic pension cost $ 205 $ 186 $ 410 $ 387 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (In thousands, except per share amounts) 2019 2018 2019 2018 Net earnings $ 1,049 $ 5,879 $ 5,175 $ 13,990 Basic weighted average shares outstanding 19,242 19,052 19,233 19,047 Dilutive effect of stock-based compensation 98 206 105 194 Diluted weighted average shares outstanding 19,340 19,258 19,338 19,241 Net earnings per share: Basic $ 0.05 $ 0.31 $ 0.27 $ 0.73 Diluted $ 0.05 $ 0.31 $ 0.27 $ 0.73 |
Note 12 - Other Financial Data
Note 12 - Other Financial Data (Tables) | 6 Months Ended |
Mar. 30, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | March 30, September 29, (In thousands) 2019 2018 Accounts receivable, net: Accounts receivable $ 50,862 $ 51,779 Less allowance for doubtful accounts (288 ) (295 ) Total $ 50,574 $ 51,484 Inventories: Raw materials $ 59,065 $ 61,008 Work in process 5,810 4,779 Finished goods 52,352 28,370 Total $ 117,227 $ 94,157 Other current assets: Prepaid insurance $ 3,774 $ 3,845 Income tax receivable 1,430 - Other 1,061 2,050 Total $ 6,265 $ 5,895 Other assets: Cash surrender value of life insurance policies $ 10,076 $ 9,769 Capitalized financing costs, net 8 40 Other 104 104 Total $ 10,188 $ 9,913 Property, plant and equipment, net: Land and land improvements $ 14,491 $ 14,438 Buildings 56,191 54,684 Machinery and equipment 169,362 160,068 Construction in progress 5,747 9,672 245,791 238,862 Less accumulated depreciation (136,414 ) (132,714 ) Total $ 109,377 $ 106,148 Accrued expenses: Salaries, wages and related expenses $ 2,567 $ 6,775 Sales allowance reserves 1,406 804 Customer rebates 624 1,531 Property taxes 623 1,585 Workers' compensation 113 113 Income taxes - 469 Other 658 652 Total $ 5,991 $ 11,929 Other liabilities: Deferred compensation $ 11,085 $ 10,541 Deferred income taxes 7,476 5,340 Total $ 18,561 $ 15,881 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Revenue | $ 111,948 | $ 107,417 | $ 216,058 | $ 205,158 |
UNITED STATES | ||||
Revenue | 111,620 | 106,930 | 215,241 | 204,213 |
Non-US [Member] | ||||
Revenue | 328 | 487 | 817 | 945 |
Welded Wire Reinforcement [Member] | ||||
Revenue | 68,941 | 64,806 | 135,219 | 121,697 |
Prestressed Concrete Strand [Member] | ||||
Revenue | $ 43,007 | $ 42,611 | $ 80,839 | $ 83,461 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 30, 2019 | Sep. 29, 2018 |
Non Financial [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 30, 2019 | Sep. 29, 2018 |
Cash surrender value of life insurance policies | $ 10,076 | $ 9,769 |
Total | 10,076 | 54,026 |
Cash equivalents | 44,257 | |
Fair Value, Inputs, Level 1 [Member] | ||
Cash surrender value of life insurance policies | ||
Total | 44,257 | |
Cash equivalents | 44,257 | |
Fair Value, Inputs, Level 2 [Member] | ||
Cash surrender value of life insurance policies | 10,076 | 9,769 |
Total | $ 10,076 | 9,769 |
Cash equivalents |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 273,000 | $ 359,000 | $ 546,000 | $ 688,000 |
Note 5 - Intangible Assets - Su
Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Sep. 29, 2018 |
Gross | $ 12,810 | $ 14,697 |
Accumulated Amortization | (3,653) | (4,994) |
Net Book Value | 9,157 | 9,703 |
Customer Relationships [Member] | ||
Gross | 9,070 | 9,070 |
Accumulated Amortization | (1,902) | (1,598) |
Net Book Value | 7,168 | 7,472 |
Technology-Based Intangible Assets [Member] | ||
Gross | 1,800 | 1,800 |
Accumulated Amortization | (416) | (371) |
Net Book Value | 1,384 | 1,429 |
Noncompete Agreements [Member] | ||
Gross | 1,800 | 3,687 |
Accumulated Amortization | (1,286) | (2,994) |
Net Book Value | 514 | 693 |
Trade Names [Member] | ||
Gross | 140 | 140 |
Accumulated Amortization | (49) | (31) |
Net Book Value | $ 91 | $ 109 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 30, 2019 | Dec. 29, 2018 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Feb. 17, 2015 | |
Allocated Share-based Compensation Expense, Total | $ 383,000 | $ 381,000 | $ 438,000 | $ 471,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 272,000 | $ 272,000 | ||||
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 | $ 7.96 | $ 10.46 | $ 7.96 | $ 10.46 | ||
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 | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Restricted Stock [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ 462,000 | $ 457,000 | $ 581,000 | $ 602,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 226 days | |||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures, Total | 763,000 | $ 712,000 | $ 763,000 | $ 712,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 611,000 | $ 611,000 | ||||
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 | 241,000 | 241,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - Employee Stock Option [Member] | 6 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Risk-free interest rate | 3.84% | 2.72% |
Dividend yield | 0.50% | 0.40% |
Expected volatility | 43.08% | 37.74% |
Expected term (Year) | 4 years 204 days | 4 years 324 days |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 30, 2019 | Sep. 29, 2018 | |
Options outstanding, balance (in shares) | 264 | |
Weighted average exercise price per share, (in dollars per share) | $ 29.25 | |
Options outstanding, granted (in shares) | 58 | |
Weighted average exercise price per share, granted (in dollars per share) | $ 21.57 | |
Options outstanding, exercised (in shares) | (5) | |
Weighted average exercise price per share, exercised (in dollars per share) | $ 23.95 | |
Exercised | $ 21 | |
Options outstanding, balance (in shares) | 317 | 264 |
Weighted average exercise price per share (in dollars per share) | $ 27.93 | $ 29.25 |
Contractual term - weighted average, balance (Year) | 7 years 302 days | |
Aggregate intrinsic value, balance | $ 205 | |
Options outstanding, vested and anticipated to vest in future (in shares) | 313 | |
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share) | $ 27.91 | |
Contractual term - weighted average, vested and anticipated to vest in future (Year) | 7 years 295 days | |
Aggregate intrinsic value, vested and anticipated to vest in future | $ 205 | |
Options outstanding, exercisable (in shares) | 145 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 26.05 | |
Contractual term - weighted average, exercisable (Year) | 6 years 138 days | |
Aggregate intrinsic value, exercisable | $ 205 | |
Minimum [Member] | ||
Exercise price per share, balance, lower (in dollars per share) | $ 10.23 | 10.23 |
Exercise price per share, granted, lower (in dollars per share) | 21.57 | |
Exercise price per share, exercised, lower (in dollars per share) | 18.05 | |
Maximum [Member] | ||
Exercise price per share, balance, upper (in dollars per share) | 41.85 | $ 41.85 |
Exercise price per share, granted, upper (in dollars per share) | 21.57 | |
Exercise price per share, exercised, upper (in dollars per share) | $ 26.75 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 6 Months Ended |
Mar. 30, 2019$ / sharesshares | |
Restricted stock units outstanding, balance (in shares) | shares | 103 |
Weighted average grant date fair value, balance (in dollars per share) | $ / shares | $ 30.40 |
Restricted stock units outstanding, granted (in shares) | shares | 35 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 21.57 |
Restricted stock units outstanding, released (in shares) | shares | (36) |
Weighted average grant date fair value, released (in dollars per share) | $ / shares | $ 25.28 |
Restricted stock units outstanding, balance (in shares) | shares | 102 |
Weighted average grant date fair value, balance (in dollars per share) | $ / shares | $ 29.16 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 29, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.90% | (1.90%) | |||
Tax Cuts and Jobs Act of 2017, Change in Tax Rate Deferred Tax Liability Income Tax Benefit | $ 3,700,000 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.50% | ||||
Deferred Tax Liabilities, Net, Noncurrent | $ 7,476,000 | $ 5,340,000 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 16,000 | ||||
Deferred Tax Assets, Valuation Allowance, Total | 265,000 | $ 233,000 | |||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Total | $ 2,100,000 | ||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||||
Operating Loss Carryforwards Expiration Date 1 | 2022 | ||||
Tax Credit Carryforward, Expiration Date 1 | 2019 | ||||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||||
Operating Loss Carryforwards Expiration Date 1 | 2031 | ||||
Tax Credit Carryforward, Expiration Date 1 | 2020 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 8 - Employee Benefit Pla_3
Note 8 - Employee Benefit Plans (Details Textual) | 6 Months Ended |
Mar. 30, 2019 | |
Supplemental Employee Retirement Plan [Member] | |
Supplemental Retirement Benefit Period | 15 years |
Defined Benefit Plan Percent of Highest Average Salary Base | 50.00% |
Defined Benefit Plan Number of Years in Average Annual Base Salary | 5 years |
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation | 10 years |
Supplemental Employee Retirement Plan [Member] | Maximum [Member] | |
Defined Benefit Plan Employment Term | 30 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 Pla_4
Note 8 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Interest cost | $ 96 | $ 86 | $ 192 | $ 172 |
Service cost | 74 | 62 | 148 | 139 |
Recognized net actuarial loss | 35 | 38 | 70 | 76 |
Net periodic pension cost | $ 205 | $ 186 | $ 410 | $ 387 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | |
Amortization of Debt Issuance Costs | $ 16,000 | $ 16,000 | $ 32,000 | $ 32,000 |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | 100,000,000 | ||
Long-term Line of Credit, Total | 5,400,000 | 5,400,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 92,800,000 | 92,800,000 | ||
Letters of Credit Outstanding, Amount | $ 1,800,000 | $ 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% | 0.25% | ||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility, Interest Rate at Period End | 1.25% | 1.25% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 228,000 | 97,000 | 193,000 | 98,000 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 30, 2019 | Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | |
Net earnings | $ 1,049 | $ 4,126 | $ 5,879 | $ 8,111 | $ 5,175 | $ 13,990 |
Basic weighted average shares outstanding (in shares) | 19,242 | 19,052 | 19,233 | 19,047 | ||
Dilutive effect of stock-based compensation (in shares) | 98 | 206 | 105 | 194 | ||
Diluted weighted average shares outstanding (in shares) | 19,340 | 19,258 | 19,338 | 19,241 | ||
Net earnings per share: | ||||||
Basic (in dollars per share) | $ 0.05 | $ 0.31 | $ 0.27 | $ 0.73 | ||
Diluted (in dollars per share) | $ 0.05 | $ 0.31 | $ 0.27 | $ 0.73 |
Note 11 - Share Repurchases (De
Note 11 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | 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 Dat_2
Note 12 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Sep. 29, 2018 |
Accounts receivable, net: | ||
Accounts receivable | $ 50,862 | $ 51,779 |
Less allowance for doubtful accounts | (288) | (295) |
Total | 50,574 | 51,484 |
Inventories: | ||
Raw materials | 59,065 | 61,008 |
Work in process | 5,810 | 4,779 |
Finished goods | 52,352 | 28,370 |
Total | 117,227 | 94,157 |
Other current assets: | ||
Prepaid insurance | 3,774 | 3,845 |
Income tax receivable | 1,430 | |
Other | 1,061 | 2,050 |
Total | 6,265 | 5,895 |
Other assets: | ||
Cash surrender value of life insurance policies | 10,076 | 9,769 |
Capitalized financing costs, net | 8 | 40 |
Other | 104 | 104 |
Total | 10,188 | 9,913 |
Property, plant and equipment, net: | ||
Land and land improvements | 14,491 | 14,438 |
Buildings | 56,191 | 54,684 |
Machinery and equipment | 169,362 | 160,068 |
Construction in progress | 5,747 | 9,672 |
Property, plant and equipment, gross | 245,791 | 238,862 |
Less accumulated depreciation | (136,414) | (132,714) |
Total | 109,377 | 106,148 |
Accrued expenses: | ||
Salaries, wages and related expenses | 2,567 | 6,775 |
Sales allowance reserves | 1,406 | 804 |
Customer rebates | 624 | 1,531 |
Property taxes | 623 | 1,585 |
Workers' compensation | 113 | 113 |
Income taxes | 469 | |
Other | 658 | 652 |
Total | 5,991 | 11,929 |
Other liabilities: | ||
Deferred compensation | 11,085 | 10,541 |
Deferred Tax Liabilities, Net, Noncurrent | 7,476 | 5,340 |
Total | $ 18,561 | $ 15,881 |
Note 13 - Business Segment In_2
Note 13 - Business Segment Information (Details Textual) | 6 Months Ended |
Mar. 30, 2019 | |
Number of Reportable Segments | 1 |
Note 14 - Contingencies (Detail
Note 14 - Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | |
Fire [Member] | ||||||
Insurance Recoveries | $ 1,400,000 | $ 1,800,000 | ||||
Insurance Settlements Receivable | $ 263,000 | $ 462,000 | ||||
Fire [Member] | Other Income [Member] | ||||||
Insurance Recoveries | 950,000 | 950,000 | ||||
Fire [Member] | Cost of Sales [Member] | ||||||
Insurance Recoveries | 120,000 | 306,000 | ||||
Fire [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Insurance Recoveries | $ 40,000 | 45,000 | ||||
Storm [Member] | ||||||
Insurance Recoveries | $ 439,000 | 150,000 | $ 439,000 | |||
Storm [Member] | Other Income [Member] | ||||||
Insurance Recoveries | $ 98,000 | |||||
Storm [Member] | Cost of Sales [Member] | ||||||
Insurance Recoveries | 418,000 | |||||
Storm [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Insurance Recoveries | $ 21,000 |