Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 28, 2020 | Apr. 15, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | INSTEEL INDUSTRIES INC | |
Entity Central Index Key | 0000764401 | |
Trading Symbol | iiin | |
Current Fiscal Year End Date | --10-03 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 19,260,725 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 28, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock (No Par Value) |
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. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Net sales | $ 114,859 | $ 111,948 | $ 212,428 | $ 216,058 |
Cost of sales | 99,576 | 104,927 | 190,908 | 198,061 |
Gross profit | 15,283 | 7,021 | 21,520 | 17,997 |
Selling, general and administrative expense | 9,602 | 6,556 | 15,346 | 13,090 |
Acquisition costs | 187 | 187 | ||
Restructuring charges | 149 | 149 | ||
Other income, net | (18) | (971) | (43) | (1,800) |
Interest expense | 26 | 45 | 52 | 75 |
Interest income | (204) | (12) | (430) | (167) |
Earnings before income taxes | 5,541 | 1,403 | 6,259 | 6,799 |
Income taxes | 1,177 | 354 | 1,340 | 1,624 |
Net earnings | $ 4,364 | $ 1,049 | $ 4,919 | $ 5,175 |
Net earnings per share: | ||||
Basic (in dollars per share) | $ 0.23 | $ 0.05 | $ 0.26 | $ 0.27 |
Diluted (in dollars per share) | $ 0.23 | $ 0.05 | $ 0.25 | $ 0.27 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 19,272 | 19,242 | 19,266 | 19,233 |
Diluted (in shares) | 19,386 | 19,340 | 19,378 | 19,338 |
Cash dividends declared per share (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 |
Comprehensive income | $ 4,364 | $ 1,049 | $ 4,919 | $ 5,175 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 28, 2020 | Sep. 28, 2019 |
Assets | ||
Cash and cash equivalents | $ 40,363 | $ 38,181 |
Accounts receivable, net | 54,912 | 44,182 |
Inventories | 71,685 | 70,851 |
Other current assets | 9,312 | 7,370 |
Total current assets | 176,272 | 160,584 |
Property, plant and equipment, net | 111,674 | 104,960 |
Intangibles, net | 8,951 | 8,610 |
Goodwill | 9,624 | 8,293 |
Other assets | 12,514 | 10,562 |
Total assets | 319,035 | 293,009 |
Liabilities and shareholders' equity | ||
Accounts payable | 38,438 | 21,595 |
Accrued expenses | 9,687 | 6,818 |
Total current liabilities | 48,125 | 28,413 |
Other liabilities | 20,079 | 18,579 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock | 19,283 | 19,261 |
Additional paid-in capital | 75,661 | 74,632 |
Retained earnings | 158,135 | 154,372 |
Accumulated other comprehensive loss | (2,248) | (2,248) |
Total shareholders' equity | 250,831 | 246,017 |
Total liabilities and shareholders' equity | $ 319,035 | $ 293,009 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 4,919,000 | $ 5,175,000 |
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 6,991,000 | 6,622,000 |
Amortization of capitalized financing costs | 32,000 | 32,000 |
Stock-based compensation expense | 1,127,000 | 1,019,000 |
Deferred income taxes | 605,000 | 2,136,000 |
Loss (gain) on sale and disposition of property, plant and equipment | 2,000 | (1,758,000) |
Increase in cash surrender value of life insurance policies over premiums paid | (62,000) | |
Net changes in assets and liabilities (net of assets and liabilities acquired): | ||
Accounts receivable, net | (6,870,000) | 910,000 |
Inventories | 2,338,000 | (23,070,000) |
Accounts payable and accrued expenses | 15,297,000 | (30,357,000) |
Other changes | 2,167,000 | (838,000) |
Total adjustments | 21,689,000 | (45,366,000) |
Net cash provided by (used for) operating activities | 26,608,000 | (40,191,000) |
Cash Flows From Investing Activities: | ||
Acquisition of business | (21,500,000) | |
Capital expenditures | (2,368,000) | (8,107,000) |
Proceeds from property insurance | 1,048,000 | |
Decrease (increase) in cash surrender value of life insurance policies | 668,000 | (263,000) |
Proceeds from surrender of life insurance policies | 6,000 | 18,000 |
Proceeds from sale of property, plant and equipment | 8,000 | |
Net cash used for investing activities | (23,194,000) | (7,296,000) |
Cash Flows From Financing Activities: | ||
Proceeds from long-term debt | 135,000 | 17,626,000 |
Principal payments on long-term debt | (135,000) | (12,261,000) |
Cash dividends paid | (1,156,000) | (1,154,000) |
Payment of employee tax withholdings related to net share transactions | (76,000) | (175,000) |
Net cash provided by (used for) financing activities | (1,232,000) | 4,036,000 |
Net increase (decrease) in cash and cash equivalents | 2,182,000 | (43,451,000) |
Cash and cash equivalents at beginning of period | 38,181,000 | 43,941,000 |
Cash and cash equivalents at end of period | 40,363,000 | 490,000 |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes, net | 275,000 | 1,387,000 |
Non-cash investing and financing activities: | ||
Receivable related to post-closing purchase price adjustment for business acquired | 3,113,000 | |
Purchases of property, plant and equipment in accounts payable | 274,000 | 497,000 |
Restricted stock units and stock options surrendered for withholding taxes payable | 76,000 | 175,000 |
Accrued liability related to holdback for business acquired | $ 1,000,000 |
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. 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 | |||
Cash dividends declared | (576) | (576) | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (7) | (7) | |||
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 | ||||
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 | |||
Cash dividends declared | (578) | (578) | |||
Vesting of restricted stock units (in shares) | 29 | ||||
Vesting of restricted stock units | $ 29 | (29) | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (168) | (168) | |||
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 Sep. 28, 2019 | 19,261 | ||||
Balance at Sep. 28, 2019 | $ 19,261 | 74,632 | 154,372 | (2,248) | 246,017 |
Net earnings | 555 | 555 | |||
Compensation expense associated with stock-based plans | 186 | 186 | |||
Cash dividends declared | (578) | (578) | |||
Balance (in shares) at Dec. 28, 2019 | 19,261 | ||||
Balance at Dec. 28, 2019 | $ 19,261 | 74,818 | 154,349 | (2,248) | 246,180 |
Balance (in shares) at Sep. 28, 2019 | 19,261 | ||||
Balance at Sep. 28, 2019 | $ 19,261 | 74,632 | 154,372 | (2,248) | 246,017 |
Net earnings | 4,919 | ||||
Balance (in shares) at Mar. 28, 2020 | 19,283 | ||||
Balance at Mar. 28, 2020 | $ 19,283 | 75,661 | 158,135 | (2,248) | 250,831 |
Balance (in shares) at Dec. 28, 2019 | 19,261 | ||||
Balance at Dec. 28, 2019 | $ 19,261 | 74,818 | 154,349 | (2,248) | 246,180 |
Net earnings | 4,364 | 4,364 | |||
Compensation expense associated with stock-based plans | 941 | 941 | |||
Cash dividends declared | (578) | (578) | |||
Vesting of restricted stock units (in shares) | 22 | ||||
Vesting of restricted stock units | $ 22 | (22) | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (76) | (76) | |||
Balance (in shares) at Mar. 28, 2020 | 19,283 | ||||
Balance at Mar. 28, 2020 | $ 19,283 | $ 75,661 | $ 158,135 | $ (2,248) | $ 250,831 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) on a basis consistent with that used in the Annual Report on Form 10 September 28, 2019 ( “2019 10 September 28, 2019 not 2019 10 not may On March 16, 2020, 3 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 2 Current Adoptions In February 2016, No. 2016 02 842 twelve first one not $1.9 September 29, 2019. not In May 2017, No. 2017 09 718 No. 2017 09 No. 2017 09 first not Future Adoptions In June 2016, No. 2016 13 No. 2016 13 No. 2016 13 first 2021. In January 2017, No. 2017 04 350 2 No. 2017 04 first 2021 In December 2019, 2019 12 740 No. 2019 12 740 2019 12 first 2021 |
Note 3 - Business Combination
Note 3 - Business Combination | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 On March 16, 2020, $22.5 $1.0 one STM was a leading manufacturer of prestressed concrete strand (“PC strand”) for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities. The STM Acquisition serves to strengthen our competitive position as we contend with increased low-priced import competition. Following is a summary of our preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed as of the acquisition date: (In thousands) Assets acquired: Accounts receivable $ 3,860 Inventories 3,172 Other current assets 3,291 Property, plant and equipment 11,140 Intangibles 870 Total assets acquired $ 22,333 Liabilities assumed: Accounts payable $ 852 Accrued expenses 312 Total liabilities assumed 1,164 Net assets acquired 21,169 Purchase price 22,500 Goodwill $ 1,331 In connection with the STM Acquisition, we acquired certain intangible assets including customer relationships, a trade name and non-competition agreement. As we are in the process of finalizing internal and third no one The STM Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations 805” 805, Following the STM Acquisition, net sales of the STM facility were approximately $1.1 three March 28, 2020. three six March 28, 2020 The following unaudited supplemental pro forma financial information reflects our combined results of operations had the STM Acquisition occurred at the beginning of fiscal 2019. not may not 2019, three six March 28, 2020 March 30, 2019 Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 Net sales $ 121,290 $ 120,363 $ 224,931 $ 224,004 Earnings before income taxes 4,591 906 4,285 662 Net earnings 2,353 677 2,136 460 Restructuring charges. three third 2020. three six March 28, 2020: Employee Facility Separation Costs Closure Costs Total (In thousands) Restructuring charges $ 129 $ 20 $ 149 Cash payments (4 ) - (4 ) Liability as of March 28, 2020 $ 125 $ 20 $ 145 As of March 28, 2020, $145,000 $1.7 2020. Acquisition costs. three six March 28, 2020, $187,000 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 4 We recognize revenues when performance 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 Our net sales by product line are as follows: Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 Welded wire reinforcement $ 69,355 $ 68,941 $ 131,182 $ 135,219 Prestressed concrete strand 45,504 43,007 81,246 80,839 Total $ 114,859 $ 111,948 $ 212,428 $ 216,058 Our net sales by geographic region are as follows: Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 United States $ 114,549 $ 111,620 $ 211,806 $ 215,241 Foreign 310 328 622 817 Total $ 114,859 $ 111,948 $ 212,428 $ 216,058 Contract assets primarily relate to our rights to consideration for products that are delivered but not not not March 28, 2020. 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 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 5 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 28, 2020 September 28, 2019, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of March 28, 2020: Current assets: Cash equivalents $ 40,108 $ 40,108 $ - Other assets: Cash surrender value of life insurance policies 9,537 - 9,537 Total $ 49,645 $ 40,108 $ 9,537 As of September 28, 2019: Current assets: Cash equivalents $ 37,826 $ 37,826 $ - Other assets: Cash surrender value of life insurance policies 10,211 - 10,211 Total $ 48,037 $ 37,826 $ 10,211 Cash equivalents, which include all highly liquid investments with original maturities of three 1 2. As of March 28, 2020 September 28, 2019, no three March 28, 2020 ( 3 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 6 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 28, 2020: Customer relationships $ 9,770 $ (2,512 ) $ 7,258 Developed technology and know-how 1,800 (506 ) 1,294 Non-competition agreements 1,860 (1,623 ) 237 Trade name 250 (88 ) 162 $ 13,680 $ (4,729 ) $ 8,951 As of September 28, 2019: Customer relationships $ 9,070 $ (2,207 ) $ 6,863 Developed technology and know-how 1,800 (461 ) 1,339 Non-competition agreements 1,800 (1,466 ) 334 Trade name 140 (66 ) 74 $ 12,810 $ (4,200 ) $ 8,610 Amortization expense for intangibles was $257,000 $273,000 three March 28, 2020 March 30, 2019, $530,000 $546,000 six March 28, 2020 March 30, 2019, |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 7 Under our equity incentive plan, employees and directors may February 28, 2020, 2015 “2015 750,000 February 17, 2025. March 28, 2020, 790,000 2015 Stock o ption awards . may three ten $403,000 $383,000 three March 28, 2020 March 30, 2019, $463,000 $438,000 six March 28, 2020 March 30, 2019, March 28, 2020, $319,000 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 28, 2020 March 30, 2019 $7.39 $7.96 Six Months Ended March 28, March 30, 2020 2019 Risk-free interest rate 2.75 % 3.84 % Dividend yield 0.54 % 0.50 % Expected volatility 40.89 % 43.08 % Expected term (in years) 4.59 4.56 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 28, 2019 388 $ 10.23 - $ 41.85 $ 26.16 Granted 67 22.09 - 22.09 22.09 Exercised - - - - - Outstanding at March 28, 2020 455 10.23 - 41.85 25.57 7.69 $ 25 Vested and anticipated to vest in the future at March 28, 2020 451 25.58 7.68 25 Exercisable at March 28, 2020 227 27.67 6.27 25 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 $538,000 $462,000 three March 28, 2020 March 30, 2019, $664,000 $581,000 six March 28, 2020 March 30, 2019, As of March 28, 2020, $671,000 1.61 The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 28, 2019 115 $ 26.16 Granted 43 22.09 Released (26 ) 28.66 Forfeited (5 ) 25.49 Balance, March 28, 2020 127 24.29 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 Effective income tax rate . 21.4% six March 28, 2020 23.9% six March 30, 2019. Deferred income taxes. March 28, 2020, $7.5 $2.2 2022, 2022 2032. $8,000 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 28, 2020 September 28, 2019, $199,000 $257,000, not not. Uncertainty in income taxes . March 28, 2020, $78,000 We file U.S. federal, state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2014 |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 9 Supplemental retirement benefit plan. 30 15 50% five 10 65 30 10 1/360th 30 Net periodic pension cost for the SRBAs includes the following components: Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 Interest cost $ 82 $ 96 $ 167 $ 192 Service cost 76 74 162 148 Recognized net actuarial loss 65 35 140 70 Net periodic pension cost $ 223 $ 205 $ 469 $ 410 |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 10 Revolving Credit Facility . $100.0 May 2019, June 2010. May 13, 2020 May 15, 2024 may $50.0 $100.0 March 28, 2020, no $89.6 $1.6 Interest rates on the Credit Facility are based upon ( 1 0.50% 2 0.25% 0.50% 1.25% 1.50% 2.00% March 28, 2020, 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 1.0 twelve $10.0 third not March 28, 2020, not Amortization of capitalized financing costs associated with the Credit Facility was $16,000 three March 28, 2020 March 30, 2019, $32,000 six March 28, 2020 March 30, 2019. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 1 ) 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 28, March 30, March 28, March 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Net earnings $ 4,364 $ 1,049 $ 4,919 $ 5,175 Basic weighted average shares outstanding 19,272 19,242 19,266 19,233 Dilutive effect of stock-based compensation 114 98 112 105 Diluted weighted average shares outstanding 19,386 19,340 19,378 19,338 Net earnings per share: Basic $ 0.23 $ 0.05 $ 0.26 $ 0.27 Diluted $ 0.23 $ 0.05 $ 0.25 $ 0.27 Options and RSUs that were antidilutive and not 363,000 228,000 three March 28, 2020 March 30, 2019, 328,000 193,000 six March 28, 2020 March 30, 2019, |
Note 12 - Share Repurchases
Note 12 - Share Repurchases | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 2 ) S hare Repurchase s On November 18, 2008, $25.0 may not may March 28, 2020, $24.8 no three six March 28, 2020 March 30, 2019. |
Note 13 - Other Financial Data
Note 13 - Other Financial Data | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Other Financial Data [Text Block] | ( 1 3 ) Other Financial Data Balance sheet information: March 28, September 28, (In thousands) 2020 2019 Accounts receivable, net: Accounts receivable $ 55,205 $ 44,436 Less allowance for doubtful accounts (293 ) (254 ) Total $ 54,912 $ 44,182 Inventories: Raw materials $ 28,641 $ 27,667 Work in process 4,406 4,885 Finished goods 38,638 38,299 Total $ 71,685 $ 70,851 Other current assets: Prepaid insurance $ 4,162 $ 4,545 Receivable related to post-closing purchase price adjustment for business acquired 3,113 - Income tax receivable 755 1,215 Other 1,282 1,610 Total $ 9,312 $ 7,370 Other assets: Cash surrender value of life insurance policies $ 9,537 $ 10,211 Right-of-use asset 1,950 - Assets held for sale 709 - Capitalized financing costs, net 204 237 Other 114 114 Total $ 12,514 $ 10,562 Property, plant and equipment, net: Land and land improvements $ 16,394 $ 14,548 Buildings 57,815 56,404 Machinery and equipment 174,976 165,609 Construction in progress 1,211 5,285 250,396 241,846 Less accumulated depreciation (138,722 ) (136,886 ) Total $ 111,674 $ 104,960 Accrued expenses: Salaries, wages and related expenses $ 3,350 $ 2,463 Sales allowance reserves 1,193 544 Holdback for business acquired 1,000 - Operating lease liability 919 - Customer rebates 704 1,381 Property taxes 545 1,820 Workers' compensation 98 112 Other 1,878 498 Total $ 9,687 $ 6,818 Other liabilities: Deferred compensation $ 11,555 $ 11,679 Deferred income taxes 7,505 6,900 Operating lease liability 1,019 - Total $ 20,079 $ 18,579 |
Note 14 - Business Segment Info
Note 14 - Business Segment Information | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 14 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 15 - Leases
Note 15 - Leases | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 15 We have operating leases for certain equipment, office space and vehicles. We determine whether an arrangement is a lease at its inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with an initial term of 12 not 12 $337,000 $664,000 three six March 28, 2020, Most of our leases include options to extend or terminate the leases which are exercised at our sole discretion. As most of our leases do not Supplemental cash flow and non-cash information related to leases is as follows: Six Months Ended (In thousands) March 28, 2020 Cash paid for operating leases included in operating cash flows $ 672 Right-of-use assets obtained in exchange for new lease obligations 613 Supplemental balance sheet information related to leases is as follows: (In thousands) March 28, 2020 Right-of-use assets: Other assets $ 1,950 Lease liabilities: Accrued expenses 919 Other liabilities 1,019 Total operating lease liabilities $ 1,938 As of March 28, 2020, 2.4 5.1%. March 28, 2020 (In thousands) 2020 $ 983 2021 710 2022 257 2023 74 2024 22 Thereafter - Total future operating lease payments 2,046 Less: imputed interest (108 ) Present value of lease liabilities $ 1,938 |
Note 16 - Contingencies
Note 16 - Contingencies | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 16 Insurance recoveries. In August 2018, first 2019. 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, six March 30, 2019, $150,000 $98,000 The insurance proceeds attributable to the property and equipment damaged are reported in cash flows from investing activities and all other insurance proceeds received are reported in cash flows from operating activities on the consolidated statements of cash flows. Legal proceedings . not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 6 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 17 In March 2020, 19" 19 19, |
Note 3 - Business Combination (
Note 3 - Business Combination (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Assets acquired: Accounts receivable $ 3,860 Inventories 3,172 Other current assets 3,291 Property, plant and equipment 11,140 Intangibles 870 Total assets acquired $ 22,333 Liabilities assumed: Accounts payable $ 852 Accrued expenses 312 Total liabilities assumed 1,164 Net assets acquired 21,169 Purchase price 22,500 Goodwill $ 1,331 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 Net sales $ 121,290 $ 120,363 $ 224,931 $ 224,004 Earnings before income taxes 4,591 906 4,285 662 Net earnings 2,353 677 2,136 460 |
Restructuring and Related Costs [Table Text Block] | Employee Facility Separation Costs Closure Costs Total (In thousands) Restructuring charges $ 129 $ 20 $ 149 Cash payments (4 ) - (4 ) Liability as of March 28, 2020 $ 125 $ 20 $ 145 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 Welded wire reinforcement $ 69,355 $ 68,941 $ 131,182 $ 135,219 Prestressed concrete strand 45,504 43,007 81,246 80,839 Total $ 114,859 $ 111,948 $ 212,428 $ 216,058 Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 United States $ 114,549 $ 111,620 $ 211,806 $ 215,241 Foreign 310 328 622 817 Total $ 114,859 $ 111,948 $ 212,428 $ 216,058 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
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 28, 2020: Current assets: Cash equivalents $ 40,108 $ 40,108 $ - Other assets: Cash surrender value of life insurance policies 9,537 - 9,537 Total $ 49,645 $ 40,108 $ 9,537 As of September 28, 2019: Current assets: Cash equivalents $ 37,826 $ 37,826 $ - Other assets: Cash surrender value of life insurance policies 10,211 - 10,211 Total $ 48,037 $ 37,826 $ 10,211 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) Gross Amount Accumulated Amortization Net Book Value As of March 28, 2020: Customer relationships $ 9,770 $ (2,512 ) $ 7,258 Developed technology and know-how 1,800 (506 ) 1,294 Non-competition agreements 1,860 (1,623 ) 237 Trade name 250 (88 ) 162 $ 13,680 $ (4,729 ) $ 8,951 As of September 28, 2019: Customer relationships $ 9,070 $ (2,207 ) $ 6,863 Developed technology and know-how 1,800 (461 ) 1,339 Non-competition agreements 1,800 (1,466 ) 334 Trade name 140 (66 ) 74 $ 12,810 $ (4,200 ) $ 8,610 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended March 28, March 30, 2020 2019 Risk-free interest rate 2.75 % 3.84 % Dividend yield 0.54 % 0.50 % Expected volatility 40.89 % 43.08 % Expected term (in years) 4.59 4.56 |
Share-based Payment Arrangement, Option, 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 28, 2019 388 $ 10.23 - $ 41.85 $ 26.16 Granted 67 22.09 - 22.09 22.09 Exercised - - - - - Outstanding at March 28, 2020 455 10.23 - 41.85 25.57 7.69 $ 25 Vested and anticipated to vest in the future at March 28, 2020 451 25.58 7.68 25 Exercisable at March 28, 2020 227 27.67 6.27 25 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 28, 2019 115 $ 26.16 Granted 43 22.09 Released (26 ) 28.66 Forfeited (5 ) 25.49 Balance, March 28, 2020 127 24.29 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 Interest cost $ 82 $ 96 $ 167 $ 192 Service cost 76 74 162 148 Recognized net actuarial loss 65 35 140 70 Net periodic pension cost $ 223 $ 205 $ 469 $ 410 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Net earnings $ 4,364 $ 1,049 $ 4,919 $ 5,175 Basic weighted average shares outstanding 19,272 19,242 19,266 19,233 Dilutive effect of stock-based compensation 114 98 112 105 Diluted weighted average shares outstanding 19,386 19,340 19,378 19,338 Net earnings per share: Basic $ 0.23 $ 0.05 $ 0.26 $ 0.27 Diluted $ 0.23 $ 0.05 $ 0.25 $ 0.27 |
Note 13 - Other Financial Data
Note 13 - Other Financial Data (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | March 28, September 28, (In thousands) 2020 2019 Accounts receivable, net: Accounts receivable $ 55,205 $ 44,436 Less allowance for doubtful accounts (293 ) (254 ) Total $ 54,912 $ 44,182 Inventories: Raw materials $ 28,641 $ 27,667 Work in process 4,406 4,885 Finished goods 38,638 38,299 Total $ 71,685 $ 70,851 Other current assets: Prepaid insurance $ 4,162 $ 4,545 Receivable related to post-closing purchase price adjustment for business acquired 3,113 - Income tax receivable 755 1,215 Other 1,282 1,610 Total $ 9,312 $ 7,370 Other assets: Cash surrender value of life insurance policies $ 9,537 $ 10,211 Right-of-use asset 1,950 - Assets held for sale 709 - Capitalized financing costs, net 204 237 Other 114 114 Total $ 12,514 $ 10,562 Property, plant and equipment, net: Land and land improvements $ 16,394 $ 14,548 Buildings 57,815 56,404 Machinery and equipment 174,976 165,609 Construction in progress 1,211 5,285 250,396 241,846 Less accumulated depreciation (138,722 ) (136,886 ) Total $ 111,674 $ 104,960 Accrued expenses: Salaries, wages and related expenses $ 3,350 $ 2,463 Sales allowance reserves 1,193 544 Holdback for business acquired 1,000 - Operating lease liability 919 - Customer rebates 704 1,381 Property taxes 545 1,820 Workers' compensation 98 112 Other 1,878 498 Total $ 9,687 $ 6,818 Other liabilities: Deferred compensation $ 11,555 $ 11,679 Deferred income taxes 7,505 6,900 Operating lease liability 1,019 - Total $ 20,079 $ 18,579 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 6 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Six Months Ended (In thousands) March 28, 2020 Cash paid for operating leases included in operating cash flows $ 672 Right-of-use assets obtained in exchange for new lease obligations 613 |
Lessee, Operating Lease, Assets and Liabilities [Table Text Block] | (In thousands) March 28, 2020 Right-of-use assets: Other assets $ 1,950 Lease liabilities: Accrued expenses 919 Other liabilities 1,019 Total operating lease liabilities $ 1,938 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) 2020 $ 983 2021 710 2022 257 2023 74 2024 22 Thereafter - Total future operating lease payments 2,046 Less: imputed interest (108 ) Present value of lease liabilities $ 1,938 |
Note 2 - Recent Accounting Pr_2
Note 2 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Mar. 28, 2020 | Sep. 29, 2019 | Sep. 28, 2019 |
Operating Lease, Right-of-Use Asset | $ 1,950 | ||
Operating Lease, Liability, Total | $ 1,938 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 1,900 | ||
Operating Lease, Liability, Total | $ 1,900 |
Note 3 - Business Combination_2
Note 3 - Business Combination (Details Textual) - USD ($) | Mar. 13, 2020 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 |
Restructuring Reserve, Ending Balance | $ 145,000 | $ 145,000 | |||
Restructuring and Related Cost, Expected Cost, Total | 1,700,000 | 1,700,000 | |||
Business Combination, Acquisition Related Costs | 187,000 | 187,000 | |||
Accrued Expenses [Member] | |||||
Restructuring Reserve, Ending Balance | 145,000 | 145,000 | |||
STM [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 22,500,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,000,000 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,100,000 | ||||
Business Combination, Acquisition Related Costs | $ 187,000 | $ 187,000 |
Note 3 - Business Combination -
Note 3 - Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 13, 2020 | Mar. 28, 2020 | Sep. 28, 2019 |
Goodwill | $ 9,624,000 | $ 8,293,000 | |
STM [Member] | |||
Accounts receivable | $ 3,860,000 | ||
Inventories | 3,172,000 | ||
Other current assets | 3,291,000 | ||
Property, plant and equipment | 11,140,000 | ||
Intangibles | 870,000 | ||
Total assets acquired | 22,333,000 | ||
Accounts payable | 852,000 | ||
Accrued expenses | 312,000 | ||
Total liabilities assumed | 1,164,000 | ||
Net assets acquired | 21,169,000 | ||
Business Combination, Consideration Transferred, Total | 22,500,000 | ||
Goodwill | $ 1,331,000 |
Note 3 - Business Combination_3
Note 3 - Business Combination - Pro Forma Results (Details) - STM [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Net sales | $ 121,290 | $ 120,363 | $ 224,931 | $ 224,004 |
Earnings before income taxes | 4,591 | 906 | 4,285 | 662 |
Net earnings | $ 2,353 | $ 677 | $ 2,136 | $ 460 |
Note 3 - Business Combination_4
Note 3 - Business Combination - Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Restructuring charges | $ 149 | $ 149 | ||
Cash payments | (4) | |||
Liability as of March 28, 2020 | 145 | 145 | ||
Employee Severance [Member] | ||||
Restructuring charges | 129 | |||
Cash payments | (4) | |||
Liability as of March 28, 2020 | 125 | 125 | ||
Facility Closing [Member] | ||||
Restructuring charges | 20 | |||
Cash payments | ||||
Liability as of March 28, 2020 | $ 20 | $ 20 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Revenue | $ 114,859 | $ 111,948 | $ 212,428 | $ 216,058 |
UNITED STATES | ||||
Revenue | 114,549 | 111,620 | 211,806 | 215,241 |
Non-US [Member] | ||||
Revenue | 310 | 328 | 622 | 817 |
Welded Wire Reinforcement [Member] | ||||
Revenue | 69,355 | 68,941 | 131,182 | 135,219 |
Prestressed Concrete Strand [Member] | ||||
Revenue | $ 45,504 | $ 43,007 | $ 81,246 | $ 80,839 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 28, 2020 | Sep. 28, 2019 |
Non Financial [Member] | Fair Value, 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, Recurring [Member] - USD ($) $ in Thousands | Mar. 28, 2020 | Sep. 28, 2019 |
Cash equivalents | $ 40,108 | $ 37,826 |
Cash surrender value of life insurance policies | 9,537 | 10,211 |
Total | 49,645 | 48,037 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 40,108 | 37,826 |
Cash surrender value of life insurance policies | ||
Total | 40,108 | 37,826 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Cash surrender value of life insurance policies | 9,537 | 10,211 |
Total | $ 9,537 | $ 10,211 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Amortization of Intangible Assets, Total | $ 257,000 | $ 273,000 | $ 530,000 | $ 546,000 |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Sep. 28, 2019 |
Gross | $ 13,680 | $ 12,810 |
Accumulated Amortization | (4,729) | (4,200) |
Net Book Value | 8,951 | 8,610 |
Customer Relationships [Member] | ||
Gross | 9,770 | 9,070 |
Accumulated Amortization | (2,512) | (2,207) |
Net Book Value | 7,258 | 6,863 |
Technology-Based Intangible Assets [Member] | ||
Gross | 1,800 | 1,800 |
Accumulated Amortization | (506) | (461) |
Net Book Value | 1,294 | 1,339 |
Noncompete Agreements [Member] | ||
Gross | 1,860 | 1,800 |
Accumulated Amortization | (1,623) | (1,466) |
Net Book Value | 237 | 334 |
Trade Names [Member] | ||
Gross | 250 | 140 |
Accumulated Amortization | (88) | (66) |
Net Book Value | $ 162 | $ 74 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | Feb. 28, 2020 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.39 | $ 7.96 | $ 7.39 | $ 7.96 | |
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Payment Arrangement, Expense | $ 403,000 | $ 383,000 | $ 463,000 | $ 438,000 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 319,000 | $ 319,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 240 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Payment Arrangement, Expense | $ 538,000 | 462,000 | $ 664,000 | $ 581,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 222 days | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 671,000 | $ 671,000 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
The 2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 750,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 790,000 | 790,000 |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 6 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Risk-free interest rate | 2.75% | 3.84% |
Dividend yield | 0.54% | 0.50% |
Expected volatility | 40.89% | 43.08% |
Expected term (Year) | 4 years 215 days | 4 years 204 days |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 28, 2020 | Sep. 28, 2019 | |
Options outstanding, balance (in shares) | 388 | |
Weighted average exercise price per share (in dollars per share) | $ 26.16 | |
Options outstanding, granted (in shares) | 67 | |
Weighted average exercise price per share (in dollars per share) | $ 22.09 | |
Options outstanding, exercised (in shares) | ||
Weighted average exercise price per share, exercised (in dollars per share) | ||
Options outstanding, balance (in shares) | 455 | 388 |
Weighted average exercise price per share (in dollars per share) | $ 25.57 | $ 26.16 |
Contractual term - weighted average, balance (Year) | 7 years 251 days | |
Aggregate intrinsic value, balance | $ 25 | |
Options outstanding, vested and anticipated to vest in future (in shares) | 451 | |
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share) | $ 25.58 | |
Contractual term - weighted average, vested and anticipated to vest in future (Year) | 7 years 248 days | |
Aggregate intrinsic value, vested and anticipated to vest in future | $ 25 | |
Options outstanding, exercisable (in shares) | 227 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 27.67 | |
Contractual term - weighted average, exercisable (Year) | 6 years 98 days | |
Aggregate intrinsic value, exercisable | $ 25 | |
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) | 22.09 | |
Exercise price per share, exercised, lower (in dollars per share) | ||
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) | 22.09 | |
Exercise price per share, exercised, upper (in dollars per share) |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 6 Months Ended |
Mar. 28, 2020$ / sharesshares | |
Restricted stock units outstanding, beginning balance (in shares) | shares | 115 |
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 26.16 |
Restricted stock units outstanding, granted (in shares) | shares | 43 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 22.09 |
Restricted stock units outstanding, released (in shares) | shares | (26) |
Weighted average grant date fair value, released (in dollars per share) | $ / shares | $ 28.66 |
Restricted stock units outstanding, forfeited (in shares) | shares | (5) |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 25.49 |
Restricted stock units outstanding, ending balance (in shares) | shares | 127 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 24.29 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Sep. 28, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.40% | 23.90% | |
Deferred Income Tax Liabilities, Net, Total | $ 7,505,000 | $ 6,900,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Total | 8,000 | ||
Deferred Tax Assets, Valuation Allowance, Total | 199,000 | $ 257,000 | |
Other Current Assets [Member] | |||
Unrecognized Tax Benefits, Ending Balance | 78,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 2,200,000 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Operating Loss Carryforwards Expiration Date 1 | 2022 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards Expiration Date 1 | 2032 |
Note 9 - Employee Benefit Pla_3
Note 9 - Employee Benefit Plans (Details Textual) | 6 Months Ended |
Mar. 28, 2020 | |
Supplemental Employee Retirement Plan [Member] | |
Supplemental Retirement Benefit Period (Year) | 15 years |
Defined Benefit Plan Percent of Highest Average Salary Base | 50.00% |
Defined Benefit Plan Number of Years in Average Annual Base Salary (Year) | 5 years |
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation (Year) | 10 years |
Supplemental Employee Retirement Plan [Member] | Minimum [Member] | |
Defined Benefit Plan Employment Term (Year) | 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 (Year) | 10 years |
Note 9 - Employee Benefit Pla_4
Note 9 - 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. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Interest cost | $ 82 | $ 96 | $ 167 | $ 192 |
Service cost | 76 | 74 | 162 | 148 |
Recognized net actuarial loss | 65 | 35 | 140 | 70 |
Net periodic pension cost | $ 223 | $ 205 | $ 469 | $ 410 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 31, 2019USD ($) | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | |
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 | |||
Line Of Credit Facility, Additional Borrowing Capacity | $ 50,000,000 | ||||
Long-term Line of Credit, Total | 0 | 0 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 89,600,000 | 89,600,000 | |||
Letters of Credit Outstanding, Amount | $ 1,600,000 | $ 1,600,000 | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 2.00% | ||||
Fixed Charge Coverage Ratio | 1 | ||||
Credit Facility, Liquidity Amount | $ 10,000,000 | ||||
Revolving Credit Facility [Member] | Federal Funds 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 | 0.50% | ||||
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 | 1.50% |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 363,000 | 228,000 | 328,000 | 193,000 |
Note 11 - Earnings Per Share -
Note 11 - 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. 28, 2020 | Dec. 28, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | |
Net earnings | $ 4,364 | $ 555 | $ 1,049 | $ 4,126 | $ 4,919 | $ 5,175 |
Basic weighted average shares outstanding (in shares) | 19,272 | 19,242 | 19,266 | 19,233 | ||
Dilutive effect of stock-based compensation (in shares) | 114 | 98 | 112 | 105 | ||
Diluted weighted average shares outstanding (in shares) | 19,386 | 19,340 | 19,378 | 19,338 | ||
Basic (in dollars per share) | $ 0.23 | $ 0.05 | $ 0.26 | $ 0.27 | ||
Diluted (in dollars per share) | $ 0.23 | $ 0.05 | $ 0.25 | $ 0.27 |
Note 12 - Share Repurchases (De
Note 12 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | 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 (in shares) | 0 | 0 | 0 | 0 |
Note 13 - Other Financial Dat_2
Note 13 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Sep. 28, 2019 |
Accounts receivable | $ 55,205 | $ 44,436 |
Less allowance for doubtful accounts | (293) | (254) |
Total | 54,912 | 44,182 |
Raw materials | 28,641 | 27,667 |
Work in process | 4,406 | 4,885 |
Finished goods | 38,638 | 38,299 |
Total | 71,685 | 70,851 |
Prepaid insurance | 4,162 | 4,545 |
Receivable related to post-closing purchase price adjustment for business acquired | 3,113 | |
Income tax receivable | 755 | 1,215 |
Other | 1,282 | 1,610 |
Total | 9,312 | 7,370 |
Cash surrender value of life insurance policies | 9,537 | 10,211 |
Operating Lease, Right-of-Use Asset | 1,950 | |
Assets held for sale | 709 | |
Capitalized financing costs, net | 204 | 237 |
Other | 114 | 114 |
Total | 12,514 | 10,562 |
Land and land improvements | 16,394 | 14,548 |
Buildings | 57,815 | 56,404 |
Machinery and equipment | 174,976 | 165,609 |
Construction in progress | 1,211 | 5,285 |
Property, plant and equipment, gross | 250,396 | 241,846 |
Less accumulated depreciation | (138,722) | (136,886) |
Total | 111,674 | 104,960 |
Salaries, wages and related expenses | 3,350 | 2,463 |
Sales allowance reserves | 1,193 | 544 |
Holdback for business acquired | 1,000 | |
Accrued expenses | 919 | |
Customer rebates | 704 | 1,381 |
Property taxes | 545 | 1,820 |
Workers' compensation | 98 | 112 |
Other | 1,878 | 498 |
Total | 9,687 | 6,818 |
Deferred compensation | 11,555 | 11,679 |
Deferred Income Tax Liabilities, Net, Total | 7,505 | 6,900 |
Other liabilities | 1,019 | |
Total | $ 20,079 | $ 18,579 |
Note 14 - Business Segment In_2
Note 14 - Business Segment Information (Details Textual) | 6 Months Ended |
Mar. 28, 2020 | |
Number of Reportable Segments | 1 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | 3 Months Ended | 6 Months Ended |
Mar. 28, 2020USD ($) | Mar. 28, 2020USD ($) | |
Operating Lease, Expense | $ 337,000 | $ 664,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 146 days | 2 years 146 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.10% | 5.10% |
Note 15 - Leases - Supplement C
Note 15 - Leases - Supplement Cash Flow and Non-cash Information, Weighted Average Remaining Lease Term and Discount Rate Related to Lease (Details) $ in Thousands | 6 Months Ended |
Mar. 28, 2020USD ($) | |
Cash paid for operating leases included in operating cash flows | $ 672 |
Right-of-use assets obtained in exchange for new lease obligations | $ 613 |
Note 15 - Leases - Supplemental
Note 15 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Sep. 28, 2019 |
Operating Lease, Right-of-Use Asset | $ 1,950 | |
Accrued expenses | 919 | |
Other liabilities | 1,019 | |
Total operating lease liabilities | 1,938 | |
Other Noncurrent Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 1,950 | |
Accrued Expenses, Current [Member] | ||
Accrued expenses | 919 | |
Other Noncurrent Liabilities [Member] | ||
Other liabilities | $ 1,019 |
Note 15 - Leases - Aggregate Fu
Note 15 - Leases - Aggregate Future Operating Lease Payments (Details) $ in Thousands | Mar. 28, 2020USD ($) |
2020 | $ 983 |
2021 | 710 |
2022 | 257 |
2023 | 74 |
2024 | 22 |
Thereafter | |
Total future operating lease payments | 2,046 |
Less: imputed interest | (108) |
Present value of lease liabilities | $ 1,938 |
Note 16 - Contingencies (Detail
Note 16 - Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 30, 2019 | Mar. 30, 2019 | 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 | 150,000 | |||
Storm [Member] | Other Income [Member] | ||||
Insurance Recoveries | $ 98,000 |