Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jul. 01, 2023 | Jul. 20, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 01, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-9929 | |
Entity Registrant Name | Insteel Industries Inc. | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-0674867 | |
Entity Address, Address Line One | 1373 Boggs Drive | |
Entity Address, City or Town | Mount Airy | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27030 | |
City Area Code | 336 | |
Local Phone Number | 786-2141 | |
Title of 12(b) Security | Common Stock (No Par Value) | |
Trading Symbol | IIIN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 19,432,599 | |
Entity Central Index Key | 0000764401 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Net sales | $ 165,714 | $ 227,173 | $ 491,664 | $ 618,841 |
Cost of sales | 145,347 | 169,091 | 440,249 | 461,326 |
Gross profit | 20,367 | 58,082 | 51,415 | 157,515 |
Selling, general and administrative expense | 7,924 | 8,235 | 22,556 | 27,718 |
Restructuring recoveries, net | 0 | 0 | 0 | (318) |
Other (income) expense, net | (24) | 1 | (3,423) | (15) |
Interest expense | 20 | 23 | 67 | 68 |
Interest income | (1,097) | (86) | (2,284) | (110) |
Earnings before income taxes | 13,544 | 49,909 | 34,499 | 130,172 |
Income taxes | 2,979 | 11,350 | 7,710 | 29,467 |
Net earnings | $ 10,565 | $ 38,559 | $ 26,789 | $ 100,705 |
Net earnings per share: | ||||
Basic (in dollars per share) | $ 0.54 | $ 1.97 | $ 1.37 | $ 5.16 |
Diluted (in dollars per share) | $ 0.54 | $ 1.96 | $ 1.37 | $ 5.13 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 19,488 | 19,537 | 19,506 | 19,503 |
Diluted (in shares) | 19,548 | 19,657 | 19,565 | 19,629 |
Cash dividends declared per share (in dollars per share) | $ 0.03 | $ 0.03 | $ 2.09 | $ 2.09 |
Comprehensive income | $ 10,565 | $ 38,559 | $ 26,789 | $ 100,705 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 01, 2023 | Oct. 01, 2022 |
Assets | ||
Cash and cash equivalents | $ 91,740 | $ 48,316 |
Accounts receivable, net | 66,363 | 81,646 |
Inventories | 133,126 | 197,654 |
Other current assets | 6,406 | 7,716 |
Total current assets | 297,635 | 335,332 |
Property, plant and equipment, net | 118,788 | 108,156 |
Intangibles, net | 6,278 | 6,847 |
Goodwill | 9,745 | 9,745 |
Other assets | 12,936 | 11,665 |
Total assets | 445,382 | 471,745 |
Liabilities and shareholders' equity | ||
Accounts payable | 38,075 | 46,796 |
Accrued expenses | 12,984 | 15,800 |
Total current liabilities | 51,059 | 62,596 |
Other liabilities | 19,257 | 19,405 |
Shareholders' equity: | ||
Common stock | 19,433 | 19,478 |
Additional paid-in capital | 83,150 | 81,997 |
Retained earnings | 273,460 | 289,246 |
Accumulated other comprehensive loss | (977) | (977) |
Total shareholders' equity | 375,066 | 389,744 |
Total liabilities and shareholders' equity | $ 445,382 | $ 471,745 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 01, 2023 | Jul. 02, 2022 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 26,789,000 | $ 100,705,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 9,835,000 | 10,977,000 |
Amortization of capitalized financing costs | 45,000 | 49,000 |
Stock-based compensation expense | 1,534,000 | 1,395,000 |
Deferred income taxes | (991,000) | 624,000 |
Gain on sale and disposition of property, plant and equipment and assets held for sale | (3,321,000) | (595,000) |
Gain from life insurance proceeds | 0 | (364,000) |
Increase in cash surrender value of life insurance policies over premiums paid | (854,000) | 0 |
Net changes in assets and liabilities: | ||
Accounts receivable, net | 15,283,000 | (13,258,000) |
Inventories | 64,528,000 | (113,398,000) |
Accounts payable and accrued expenses | (12,745,000) | 27,197,000 |
Other changes | 3,223,000 | 1,782,000 |
Total adjustments | 76,537,000 | (85,591,000) |
Net cash provided by operating activities | 103,326,000 | 15,114,000 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (26,604,000) | (12,251,000) |
(Increase) decrease in cash surrender value of life insurance policies | (402,000) | 1,012,000 |
Proceeds from sale of assets held for sale | 0 | 6,934,000 |
Proceeds from sale of property, plant and equipment | 9,924,000 | 0 |
Proceeds from life insurance claims | 0 | 1,456,000 |
Proceeds from surrender of life insurance policies | 358,000 | 110,000 |
Net cash used for investing activities | (16,724,000) | (2,739,000) |
Cash Flows From Financing Activities: | ||
Proceeds from long-term debt | 255,000 | 220,000 |
Principal payments on long-term debt | (255,000) | (220,000) |
Cash dividends paid | (40,668,000) | (40,578,000) |
Payment of employee tax withholdings related to net share transactions | (196,000) | (286,000) |
Cash received from exercise of stock options | 191,000 | 1,650,000 |
Financing costs | (177,000) | 0 |
Repurchases of common stock | (2,328,000) | 0 |
Net cash used for financing activities | (43,178,000) | (39,214,000) |
Net increase (decrease) in cash and cash equivalents | 43,424,000 | (26,839,000) |
Cash and cash equivalents at beginning of period | 48,316,000 | 89,884,000 |
Cash and cash equivalents at end of period | 91,740,000 | 63,045,000 |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes, net | 5,466,000 | 29,998,000 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in accounts payable | 843,000 | 1,286,000 |
Restricted stock units and stock options surrendered for withholding taxes payable | $ 196,000 | $ 286,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Oct. 02, 2021 | 19,408,000 | ||||
Balance at Oct. 02, 2021 | $ 19,408,000 | $ 78,688,000 | $ 206,384,000 | $ (2,442,000) | $ 302,038,000 |
Net earnings | 23,129,000 | 23,129,000 | |||
Stock options exercised, net (in shares) | 6,000 | ||||
Stock options exercised, net | $ 6,000 | 40,000 | 46,000 | ||
Compensation expense associated with stock-based plans | 272,000 | 272,000 | |||
Cash dividends declared | (39,410,000) | (39,410,000) | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (55,000) | (55,000) | |||
Balance (in shares) at Jan. 01, 2022 | 19,414,000 | ||||
Balance at Jan. 01, 2022 | $ 19,414,000 | 78,945,000 | 190,103,000 | (2,442,000) | 286,020,000 |
Balance (in shares) at Oct. 02, 2021 | 19,408,000 | ||||
Balance at Oct. 02, 2021 | $ 19,408,000 | 78,688,000 | 206,384,000 | (2,442,000) | 302,038,000 |
Net earnings | $ 100,705,000 | ||||
Repurchases of common stock (in shares) | 0 | ||||
Balance (in shares) at Jul. 02, 2022 | 19,506,000 | ||||
Balance at Jul. 02, 2022 | $ 19,506,000 | 81,349,000 | 266,511,000 | (2,442,000) | $ 364,924,000 |
Balance (in shares) at Jan. 01, 2022 | 19,414,000 | ||||
Balance at Jan. 01, 2022 | $ 19,414,000 | 78,945,000 | 190,103,000 | (2,442,000) | 286,020,000 |
Net earnings | 39,017,000 | 39,017,000 | |||
Compensation expense associated with stock-based plans | 830,000 | 830,000 | |||
Cash dividends declared | (583,000) | (583,000) | |||
Vesting of restricted stock units (in shares) | 25,000 | ||||
Vesting of restricted stock units | $ 25,000 | (25,000) | 0 | ||
Restricted stock units and stock options surrendered for withholding taxes payable | (137,000) | (137,000) | |||
Balance (in shares) at Apr. 02, 2022 | 19,439,000 | ||||
Balance at Apr. 02, 2022 | $ 19,439,000 | 79,613,000 | 228,537,000 | (2,442,000) | 325,147,000 |
Net earnings | 38,559,000 | 38,559,000 | |||
Stock options exercised, net (in shares) | 67,000 | ||||
Stock options exercised, net | $ 67,000 | 1,537,000 | 1,604,000 | ||
Compensation expense associated with stock-based plans | 293,000 | $ 293,000 | |||
Repurchases of common stock (in shares) | 0 | ||||
Cash dividends declared | (585,000) | $ (585,000) | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (94,000) | (94,000) | |||
Balance (in shares) at Jul. 02, 2022 | 19,506,000 | ||||
Balance at Jul. 02, 2022 | $ 19,506,000 | 81,349,000 | 266,511,000 | (2,442,000) | 364,924,000 |
Balance (in shares) at Oct. 01, 2022 | 19,478,000 | ||||
Balance at Oct. 01, 2022 | $ 19,478,000 | 81,997,000 | 289,246,000 | (977,000) | 389,744,000 |
Net earnings | 11,123,000 | 11,123,000 | |||
Stock options exercised, net (in shares) | 5,000 | ||||
Stock options exercised, net | $ 5,000 | 89,000 | 94,000 | ||
Compensation expense associated with stock-based plans | 130,000 | 130,000 | |||
Repurchases of common stock (in shares) | (32,000) | ||||
Repurchases of common stock | $ (32,000) | (134,000) | (750,000) | (916,000) | |
Cash dividends declared | (39,501,000) | (39,501,000) | |||
Balance (in shares) at Dec. 31, 2022 | 19,451,000 | ||||
Balance at Dec. 31, 2022 | $ 19,451,000 | 82,082,000 | 260,118,000 | (977,000) | 360,674,000 |
Balance (in shares) at Oct. 01, 2022 | 19,478,000 | ||||
Balance at Oct. 01, 2022 | $ 19,478,000 | 81,997,000 | 289,246,000 | (977,000) | 389,744,000 |
Net earnings | $ 26,789,000 | ||||
Stock options exercised, net (in shares) | 12,000 | ||||
Repurchases of common stock (in shares) | (80,352) | ||||
Repurchases of common stock | $ (2,300,000) | ||||
Balance (in shares) at Jul. 01, 2023 | 19,433,000 | ||||
Balance at Jul. 01, 2023 | $ 19,433,000 | 83,150,000 | 273,460,000 | (977,000) | 375,066,000 |
Balance (in shares) at Dec. 31, 2022 | 19,451,000 | ||||
Balance at Dec. 31, 2022 | $ 19,451,000 | 82,082,000 | 260,118,000 | (977,000) | 360,674,000 |
Net earnings | 5,101,000 | 5,101,000 | |||
Compensation expense associated with stock-based plans | 983,000 | 983,000 | |||
Repurchases of common stock (in shares) | (34,000) | ||||
Repurchases of common stock | $ (34,000) | (146,000) | (829,000) | (1,009,000) | |
Cash dividends declared | (584,000) | (584,000) | |||
Vesting of restricted stock units (in shares) | 24,000 | ||||
Vesting of restricted stock units | $ 24,000 | (24,000) | 0 | ||
Restricted stock units and stock options surrendered for withholding taxes payable | (187,000) | (187,000) | |||
Balance (in shares) at Apr. 01, 2023 | 19,441,000 | ||||
Balance at Apr. 01, 2023 | $ 19,441,000 | 82,708,000 | 263,806,000 | (977,000) | 364,978,000 |
Net earnings | 10,565,000 | 10,565,000 | |||
Stock options exercised, net (in shares) | 6,000 | ||||
Stock options exercised, net | $ 6,000 | 91,000 | 97,000 | ||
Compensation expense associated with stock-based plans | 421,000 | $ 421,000 | |||
Repurchases of common stock (in shares) | (14,000) | (14,239) | |||
Repurchases of common stock | $ (14,000) | (61,000) | (328,000) | $ (403,000) | |
Cash dividends declared | (583,000) | (583,000) | |||
Restricted stock units and stock options surrendered for withholding taxes payable | (9,000) | (9,000) | |||
Balance (in shares) at Jul. 01, 2023 | 19,433,000 | ||||
Balance at Jul. 01, 2023 | $ 19,433,000 | $ 83,150,000 | $ 273,460,000 | $ (977,000) | $ 375,066,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | (1) Basis of Presentation 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-K for the year ended October 1, 2022 (“2022 Form 10-K”) filed by us with the Securities and Exchange Commission. These statements include all normal recurring adjustments necessary to present fairly the consolidated balance sheets and the statements of operations and comprehensive income, cash flows and shareholders’ equity for the periods indicated. The October 1, 2022 consolidated balance sheet was derived from audited consolidated financial statements but does not include all the disclosures required by GAAP. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2022 Form 10-K. The results of operations for the periods indicated are not necessarily indicative of the results that may be expected for the full fiscal year or any future periods. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | (2) Recent Accounting Pronouncements There were not any recently adopted or newly issued accounting pronouncements for the nine-month period ended July 1, 2023, that have had, or are expected to have, a material impact on our consolidated financial statements and disclosures. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | (3) Revenue Recognition 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 year or less in duration. We do not exercise significant judgment in determining the timing for the satisfaction of performance obligations or the transaction price. Revenue is measured as the amount of consideration expected to be received in exchange for our products. We present revenue net of amounts collected from customers for sales tax. Variable consideration that may affect the total transaction price, including contractual discounts, rebates, returns and credits, are included in net sales. Estimates for variable consideration are based on historical experience, anticipated performance and management's judgment and are updated as of each reporting date. Shipping and related expenses associated with outbound freight are accounted for as fulfillment costs and included in cost of sales. We do not have significant financing components. Contract costs are not significant and are recognized as incurred. Our net sales by product line are as follows: Three Months Ended Nine Months Ended July 1, July 2, July 1, July 2, (In thousands) 2023 2022 2023 2022 Welded wire reinforcement $ 96,698 $ 131,764 $ 284,044 $ 378,808 Prestressed concrete strand 69,016 95,409 207,620 240,033 Total $ 165,714 $ 227,173 $ 491,664 $ 618,841 Contract assets primarily relate to our rights to consideration for products that are delivered but not billed as of the reporting date and are reclassified to receivables when the customer is invoiced. Contract liabilities primarily relate to performance obligations that are to be satisfied in the future and arise when we collect from the customer in advance of shipments. Contract assets and liabilities were not material as of July 1, 2023, and October 1, 2022. Accounts receivable includes amounts billed and currently due from customers stated at their net estimated realizable value. Customer payment terms are generally 30 days. We maintain an allowance for doubtful accounts to provide for the estimated receivables that will not be collected, which is based upon our assessment of customer creditworthiness, historical payment experience and the age of outstanding receivables. Past-due trade receivable balances are written off when our collection efforts have been unsuccessful. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (4) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level fair value hierarchy that encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. As of July 1, 2023, and October 1, 2022, we held financial assets that are required to be measured at fair value on a recurring basis, which are summarized below: (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of July 1, 2023: Current assets: Cash equivalents $ 90,424 $ 90,424 $ - Other assets: Cash surrender value of life insurance policies 10,835 - 10,835 Total $ 101,259 $ 90,424 $ 10,835 As of October 1, 2022: Current assets: Cash equivalents $ 48,045 $ 48,045 $ - Other assets: Cash surrender value of life insurance policies 9,938 - 9,938 Total $ 57,983 $ 48,045 $ 9,938 Cash equivalents, which include all highly liquid investments with original maturities of three months or less, are classified as Level 1 of the fair value hierarchy. The carrying amount of our cash equivalents, which consist of investments in money market funds, approximates fair value due to their short maturities. Cash surrender value of life insurance policies are classified as Level 2. The fair value of the life insurance policies was determined by the underwriting insurance company’s valuation models and represents the guaranteed value we would receive upon surrender of these policies as of the reporting date. As of July 1, 2023, and October 1, 2022, we had no nonfinancial assets that were required to be measured at fair value on a nonrecurring basis. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these financial instruments. |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | (5) Intangible Assets The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value As of July 1, 2023: Customer relationships 17.1 $ 9,870 $ (4,617 ) $ 5,253 Developed technology and know-how 20.0 1,800 (796 ) 1,004 Non-competition agreements 5.0 400 (379 ) 21 $ 12,070 $ (5,792 ) $ 6,278 As of October 1, 2022: Customer relationships 17.1 $ 9,870 $ (4,130 ) $ 5,740 Developed technology and know-how 20.0 1,800 (729 ) 1,071 Non-competition agreements 5.0 400 (364 ) 36 $ 12,070 $ (5,223 ) $ 6,847 Amortization expense for intangibles was $187,000 and $205,000 for the three-month periods ended July 1, 2023 and July 2, 2022, respectively, and $569,000 and $617,000 for the nine-month periods ended July 1, 2023 and July 2, 2022, respectively. Amortization expense for the next five years is $187,000 in 2023, $750,000 in 2024, $743,000 in 2025, $752,000 in 2026, $480,000 in 2027 and $3.4 million thereafter. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | (6) Stock-Based Compensation Under our equity incentive plan, employees and directors may be granted stock options, restricted stock, restricted stock units and performance awards. Effective February 28, 2020, our shareholders approved an amendment to the 2015 Equity Incentive Plan of Insteel Industries Inc. (the “2015 Plan”), which authorizes up to an additional 750,000 shares of our common stock for future grants under the plan and expires on February 17, 2025. As of July 1, 2023, there were 500,000 shares of our common stock available for future grants under the 2015 Plan, which is our only active equity incentive plan. Stock option awards . three ten The following table summarizes stock option activity: Contractual Aggregate Options Weighted Term - Weighted Intrinsic Outstanding Average Average Value (in thousands) Exercise Price (in years) (in thousands) Outstanding at October 1, 2022 365 $ 30.00 Granted 49 30.27 Forfeited (19 ) 33.22 Exercised (12 ) 19.64 $ 135 Outstanding at July 1, 2023 383 30.20 7.09 1,400 Vested and anticipated to vest in the future at July 1, 2023 376 30.15 7.06 1,396 Exercisable at July 1, 2023 224 28.71 5.90 1,159 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 units. one three As of July 1, 2023, there was $980,000 of unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted average period of 1.45 years. The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, October 1, 2022 120 $ 29.88 Granted 36 30.27 Forfeited (10 ) 30.36 Released (31 ) 27.06 Balance, July 1, 2023 115 30.72 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (7) Income Taxes Effective income tax rate Deferred income taxes. 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 longer believe it is more likely than not that they will be fully realized. As of July 1, 2023, and October 1, 2022, we recorded a valuation allowance of $32,000 pertaining to various state NOLs that were not expected to be utilized. The valuation allowance is subject to periodic review and adjustment based on changes in facts and circumstances and would be reduced should we utilize the state NOLs against which an allowance had previously been provided or determine that such utilization was more likely than not. Uncertainty in income taxes We file U.S. federal, state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2017 remain subject to examination. |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | (8) Employee Benefit Plans Supplemental retirement benefit plan. five 1/360 Net periodic pension cost for the SRBAs includes the following components: Three Months Ended Nine Months Ended July 1, July 2, July 1, July 2, (In thousands) 2023 2022 2023 2022 Interest cost $ 130 $ 87 $ 390 $ 261 Service cost 83 100 249 300 Recognized net actuarial loss 3 69 9 207 Net periodic pension cost $ 216 $ 256 $ 648 $ 768 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | (9) Long-Term Debt Revolving Credit Facility. Interest rates on the Credit Facility are based upon (1) an index rate that is established at the highest of the prime rate, 0.50% plus the federal funds rate or the SOFR rate plus 1.00% or (2) at our election, a SOFR rate including a credit adjustment of 0.10%, plus in either case, an applicable interest rate margin. The applicable interest rate margins are adjusted on a quarterly basis based upon the amount of excess availability on the Credit Facility within the range of 0.25% to 0.50% for index rate loans and 1.25% to 1.50% for SOFR-based loans. In addition, the applicable interest rate margins would be increased by 2.00% upon the occurrence of certain events of default provided for under the terms of the Credit Facility. Based on our excess availability as of July 1, 2023, the applicable interest rate margins on the Credit Facility were 0.25% for index rate loans and 1.25% for SOFR-based loans. 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 less than 1.0 at the end of each fiscal quarter for the twelve-month period then ended when the amount of liquidity on the Credit Facility is less than $10.0 million. In addition, the terms of the Credit Facility restrict our ability to, among other things: engage in certain business combinations or divestitures; make investments in or loans to third parties, unless certain conditions are met with respect to such investments or loans; pay cash dividends or repurchase shares of our stock subject to certain minimum borrowing availability requirements; incur or assume indebtedness; issue securities; enter into certain transactions with our affiliates; or permit liens to encumber our property and assets. The terms of the Credit Facility also provide that an event of default will occur upon the occurrence of, among other things: defaults or breaches under the loan documents, subject in certain cases to cure periods; defaults or breaches by us or any of our subsidiaries under any agreement resulting in the acceleration of amounts above certain thresholds or payment defaults above certain thresholds; certain events of bankruptcy or insolvency; certain entries of judgment against us or any of our subsidiaries, which are not covered by insurance; or a change of control. As of July 1, 2023, we were in compliance with all of the financial and negative covenants under the Credit Facility, and there have not been any events of default. Amortization of capitalized financing costs associated with the Credit Facility was $13,000 and $16,000 for the three-month periods ended July 1, 2023 and July 2, 2022, respectively, and $45,000 and $49,000 for the nine-month periods ended July 1, 2023 and July 2, 2022, respectively. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (10) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Three Months Ended Nine Months Ended July 1, July 2, July 1, July 2, (In thousands, except per share amounts) 2023 2022 2023 2022 Net earnings $ 10,565 $ 38,559 $ 26,789 $ 100,705 Basic weighted average shares outstanding 19,488 19,537 19,506 19,503 Dilutive effect of stock-based compensation 60 120 59 126 Diluted weighted average shares outstanding 19,548 19,657 19,565 19,629 Net earnings per share: Basic $ 0.54 $ 1.97 $ 1.37 $ 5.16 Diluted $ 0.54 $ 1.96 $ 1.37 $ 5.13 Options and RSUs that were antidilutive and not included in the dilutive earnings per share calculation amounted to 65,000 and 14,000 shares for the three-month periods ended July 1, 2023, and July 2, 2022, respectively, and 76,000 and 46,000 shares for the nine-month periods ended July 1, 2023, and July 2, 2022, respectively. |
Note 11 - Share Repurchases
Note 11 - Share Repurchases | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | (11) Share Repurchases On November 18, 2008, our Board of Directors approved a share repurchase authorization to buy back up to $25.0 million of our outstanding common stock (the “Authorization”). Under the Authorization, repurchases may be made from time to time in the open market or in privately negotiated transactions subject to market conditions, applicable legal requirements and other factors. We are not obligated to acquire any common stock, and the program may be commenced or suspended at any time at our discretion without prior notice. The Authorization continues in effect until terminated by the Board of Directors. The Company repurchased $403,000 or 14,239 shares and $2.3 million or 80,352 shares of its common stock during the three- and nine-month periods ended July 1, 2023, respectively. There were no |
Note 12 - Other Financial Data
Note 12 - Other Financial Data | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Other Financial Data [Text Block] | (12) Other Financial Data Balance sheet information: July 1, October 1, (In thousands) 2023 2022 Accounts receivable, net: Accounts receivable $ 66,688 $ 82,043 Less allowance for doubtful accounts (325 ) (397 ) Total $ 66,363 $ 81,646 Inventories: Raw materials $ 51,344 $ 108,894 Work in process 6,379 8,817 Finished goods 75,403 79,943 Total $ 133,126 $ 197,654 Other current assets: Prepaid insurance $ 3,945 $ 4,563 Other 2,461 3,153 Total $ 6,406 $ 7,716 Other assets: Cash surrender value of life insurance policies $ 10,835 $ 9,938 Right-of-use asset 1,804 1,565 Capitalized financing costs, net 188 41 Other 109 121 Total $ 12,936 $ 11,665 Property, plant and equipment, net: Land and land improvements $ 15,107 $ 14,947 Buildings 55,578 55,044 Machinery and equipment 187,346 191,790 Construction in progress 28,333 11,745 286,364 273,526 Less accumulated depreciation (167,576 ) (165,370 ) Total $ 118,788 $ 108,156 Accrued expenses: Salaries, wages and related expenses $ 5,174 $ 8,128 Income taxes 2,154 - Customer rebates 1,815 2,760 Property taxes 1,307 1,782 Operating lease liability 935 997 Sales allowance reserves 927 1,013 State sales and use taxes 269 595 Other 403 525 Total $ 12,984 $ 15,800 Other liabilities: Deferred compensation $ 12,294 $ 11,747 Deferred income taxes 6,095 7,086 Operating lease liability 868 572 Total $ 19,257 $ 19,405 |
Note 13 - Business Segment Info
Note 13 - Business Segment Information | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (13) Business Segment Information Our operations are entirely focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Our concrete reinforcing products consist of two product lines: prestressed concrete strand and welded wire reinforcement. Based on the criteria specified in Accounting Standards Codification Topic 280, Segment Reporting one |
Note 14 - Contingencies
Note 14 - Contingencies | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (14) Contingencies We are involved in lawsuits, claims, investigations and proceedings, including commercial, environmental and employment matters, which arise in the ordinary course of business. We do not expect the ultimate outcome or cost to resolve these matters will have a material adverse effect on our financial position, results of operations or cash flows. |
Item 5 - Other Information
Item 5 - Other Information | 9 Months Ended |
Jul. 01, 2023 | |
Notes to Financial Statements | |
Insider Trading Arrangements and Related Disclosures Rule 10b5-1 [Text Block] | Item 5. Other Information Insider Adoption or Termination of Trading Arrangements During the fiscal quarter ended July 1, 2023, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K. |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended July 1, July 2, July 1, July 2, (In thousands) 2023 2022 2023 2022 Welded wire reinforcement $ 96,698 $ 131,764 $ 284,044 $ 378,808 Prestressed concrete strand 69,016 95,409 207,620 240,033 Total $ 165,714 $ 227,173 $ 491,664 $ 618,841 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Jul. 01, 2023 | |
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 July 1, 2023: Current assets: Cash equivalents $ 90,424 $ 90,424 $ - Other assets: Cash surrender value of life insurance policies 10,835 - 10,835 Total $ 101,259 $ 90,424 $ 10,835 As of October 1, 2022: Current assets: Cash equivalents $ 48,045 $ 48,045 $ - Other assets: Cash surrender value of life insurance policies 9,938 - 9,938 Total $ 57,983 $ 48,045 $ 9,938 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 9 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value As of July 1, 2023: Customer relationships 17.1 $ 9,870 $ (4,617 ) $ 5,253 Developed technology and know-how 20.0 1,800 (796 ) 1,004 Non-competition agreements 5.0 400 (379 ) 21 $ 12,070 $ (5,792 ) $ 6,278 As of October 1, 2022: Customer relationships 17.1 $ 9,870 $ (4,130 ) $ 5,740 Developed technology and know-how 20.0 1,800 (729 ) 1,071 Non-competition agreements 5.0 400 (364 ) 36 $ 12,070 $ (5,223 ) $ 6,847 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Contractual Aggregate Options Weighted Term - Weighted Intrinsic Outstanding Average Average Value (in thousands) Exercise Price (in years) (in thousands) Outstanding at October 1, 2022 365 $ 30.00 Granted 49 30.27 Forfeited (19 ) 33.22 Exercised (12 ) 19.64 $ 135 Outstanding at July 1, 2023 383 30.20 7.09 1,400 Vested and anticipated to vest in the future at July 1, 2023 376 30.15 7.06 1,396 Exercisable at July 1, 2023 224 28.71 5.90 1,159 |
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, October 1, 2022 120 $ 29.88 Granted 36 30.27 Forfeited (10 ) 30.36 Released (31 ) 27.06 Balance, July 1, 2023 115 30.72 |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Tables) | 9 Months Ended |
Jul. 01, 2023 | |
Supplemental Employee Retirement Plan [Member] | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended July 1, July 2, July 1, July 2, (In thousands) 2023 2022 2023 2022 Interest cost $ 130 $ 87 $ 390 $ 261 Service cost 83 100 249 300 Recognized net actuarial loss 3 69 9 207 Net periodic pension cost $ 216 $ 256 $ 648 $ 768 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 9 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended July 1, July 2, July 1, July 2, (In thousands, except per share amounts) 2023 2022 2023 2022 Net earnings $ 10,565 $ 38,559 $ 26,789 $ 100,705 Basic weighted average shares outstanding 19,488 19,537 19,506 19,503 Dilutive effect of stock-based compensation 60 120 59 126 Diluted weighted average shares outstanding 19,548 19,657 19,565 19,629 Net earnings per share: Basic $ 0.54 $ 1.97 $ 1.37 $ 5.16 Diluted $ 0.54 $ 1.96 $ 1.37 $ 5.13 |
Note 12 - Other Financial Data
Note 12 - Other Financial Data (Tables) | 9 Months Ended |
Jul. 01, 2023 | |
Notes Tables | |
Other Financial Information, Balance Sheet [Table Text Block] | July 1, October 1, (In thousands) 2023 2022 Accounts receivable, net: Accounts receivable $ 66,688 $ 82,043 Less allowance for doubtful accounts (325 ) (397 ) Total $ 66,363 $ 81,646 Inventories: Raw materials $ 51,344 $ 108,894 Work in process 6,379 8,817 Finished goods 75,403 79,943 Total $ 133,126 $ 197,654 Other current assets: Prepaid insurance $ 3,945 $ 4,563 Other 2,461 3,153 Total $ 6,406 $ 7,716 Other assets: Cash surrender value of life insurance policies $ 10,835 $ 9,938 Right-of-use asset 1,804 1,565 Capitalized financing costs, net 188 41 Other 109 121 Total $ 12,936 $ 11,665 Property, plant and equipment, net: Land and land improvements $ 15,107 $ 14,947 Buildings 55,578 55,044 Machinery and equipment 187,346 191,790 Construction in progress 28,333 11,745 286,364 273,526 Less accumulated depreciation (167,576 ) (165,370 ) Total $ 118,788 $ 108,156 Accrued expenses: Salaries, wages and related expenses $ 5,174 $ 8,128 Income taxes 2,154 - Customer rebates 1,815 2,760 Property taxes 1,307 1,782 Operating lease liability 935 997 Sales allowance reserves 927 1,013 State sales and use taxes 269 595 Other 403 525 Total $ 12,984 $ 15,800 Other liabilities: Deferred compensation $ 12,294 $ 11,747 Deferred income taxes 6,095 7,086 Operating lease liability 868 572 Total $ 19,257 $ 19,405 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Revenue | $ 165,714 | $ 227,173 | $ 491,664 | $ 618,841 |
Welded Wire Reinforcement [Member] | ||||
Revenue | 96,698 | 131,764 | 284,044 | 378,808 |
Prestressed Concrete Strand [Member] | ||||
Revenue | $ 69,016 | $ 95,409 | $ 207,620 | $ 240,033 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2023 | Oct. 01, 2022 |
Non Financial [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure, Total | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jul. 01, 2023 | Oct. 01, 2022 |
Cash equivalents | $ 90,424 | $ 48,045 |
Cash surrender value of life insurance policies | 10,835 | 9,938 |
Total | 101,259 | 57,983 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 90,424 | 48,045 |
Cash surrender value of life insurance policies | 0 | 0 |
Total | 90,424 | 48,045 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Cash surrender value of life insurance policies | 10,835 | 9,938 |
Total | $ 10,835 | $ 9,938 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Amortization of Intangible Assets | $ 187,000 | $ 205,000 | $ 569,000 | $ 617,000 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 187,000 | 187,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 750,000 | 750,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 743,000 | 743,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 752,000 | 752,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 480,000 | 480,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | $ 3,400,000 | $ 3,400,000 |
Note 5 - Intangible Assets - Su
Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 01, 2023 | Oct. 01, 2022 |
Gross | $ 12,070 | $ 12,070 |
Accumulated amortization | (5,792) | (5,223) |
Net Book Value | $ 6,278 | $ 6,847 |
Customer Relationships [Member] | ||
Weighted-Average Useful Life (Year) | 17 years 1 month 6 days | 17 years 1 month 6 days |
Gross | $ 9,870 | $ 9,870 |
Accumulated amortization | (4,617) | (4,130) |
Net Book Value | $ 5,253 | $ 5,740 |
Technology-Based Intangible Assets [Member] | ||
Weighted-Average Useful Life (Year) | 20 years | 20 years |
Gross | $ 1,800 | $ 1,800 |
Accumulated amortization | (796) | (729) |
Net Book Value | $ 1,004 | $ 1,071 |
Noncompete Agreements [Member] | ||
Weighted-Average Useful Life (Year) | 5 years | 5 years |
Gross | $ 400 | $ 400 |
Accumulated amortization | (379) | (364) |
Net Book Value | $ 21 | $ 36 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2020 | Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Share-Based Payment Arrangement, 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 | ||||
Share-Based Payment Arrangement, Expense | $ 160,000 | $ 115,000 | $ 635,000 | $ 594,000 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 503,000 | $ 503,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 11 months 8 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Expense | 261,000 | $ 178,000 | $ 899,000 | $ 801,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 5 months 12 days | ||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 980,000 | $ 980,000 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 1 year | ||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 3 years | ||||
The 2015 Equity Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 750,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 500,000 | 500,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Jul. 01, 2023 | |
Options outstanding, balance (in shares) | 365 |
Weighted average exercise price per share (in dollars per share) | $ 30 |
Options outstanding, granted (in shares) | 49 |
Weighted average exercise price per share, granted (in dollars per share) | $ 30.27 |
Options outstanding, forfeited (in shares) | (19) |
Weighted average exercise price per share, forfeited (in dollars per share) | $ 33.22 |
Options outstanding, exercised (in shares) | (12) |
Weighted average exercise price per share, exercised (in dollars per share) | $ 19.64 |
Aggregate intrinsic value, exercised | $ 135 |
Options outstanding, balance (in shares) | 383 |
Weighted average exercise price per share (in dollars per share) | $ 30.20 |
Contractual term - weighted average, balance (Year) | 7 years 1 month 2 days |
Aggregate intrinsic value, outstanding | $ 1,400 |
Options outstanding, vested and anticipated to vest in future (in shares) | 376 |
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share) | $ 30.15 |
Contractual term - weighted average, vested and anticipated to vest in future (Year) | 7 years 21 days |
Aggregate intrinsic value, vested and anticipated to vest in future | $ 1,396 |
Options outstanding, exercisable (in shares) | 224 |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 28.71 |
Contractual term - weighted average, exercisable (Year) | 5 years 10 months 24 days |
Aggregate intrinsic value, exercisable | $ 1,159 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 9 Months Ended |
Jul. 01, 2023 $ / shares shares | |
Restricted stock units outstanding, beginning balance (in shares) | shares | 120 |
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 29.88 |
Restricted stock units outstanding, granted (in shares) | shares | 36 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 30.27 |
Restricted stock units outstanding, forfeited (in shares) | shares | (10) |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 30.36 |
Restricted stock units outstanding, released (in shares) | shares | (31) |
Weighted average grant date fair value, released (in dollars per share) | $ / shares | $ 27.06 |
Restricted stock units outstanding, ending balance (in shares) | shares | 115 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 30.72 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 9 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Oct. 01, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 22.30% | 22.60% | |
Deferred Tax Liabilities, Net | $ 6,095,000 | $ 7,086,000 | |
Deferred Tax Assets, Valuation Allowance | 32,000 | $ 32,000 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $ 7,900,000 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Operating Loss Carryforwards Expiration Date 1 | 2031 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards Expiration Date 1 | 2038 |
Note 8 - Employee Benefit Pla_3
Note 8 - Employee Benefit Plans (Details Textual) | 9 Months Ended |
Jul. 01, 2023 | |
Supplemental Employee Retirement Plan [Member] | |
Supplemental Retirement Benefit Period (Year) | 15 years |
Defined Benefit Plan Percent of Highest Average Salary Base | 50% |
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 | 0.28% |
Reduced SERP [Member] | Minimum [Member] | |
Defined Benefit Plan, Employment Term (Year) | 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 | 9 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Interest cost | $ 130 | $ 87 | $ 390 | $ 261 |
Service cost | 83 | 100 | 249 | 300 |
Recognized net actuarial loss | 3 | 69 | 9 | 207 |
Net periodic pension cost | $ 216 | $ 256 | $ 648 | $ 768 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Amortization of Debt Issuance Costs | $ 13,000 | $ 16,000 | $ 45,000 | $ 49,000 |
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 | 98,500,000 | 98,500,000 | ||
Letters of Credit Outstanding, Amount | $ 1,500,000 | $ 1,500,000 | ||
Debt Instrument, Interest Rate, Increase (Decrease) | 2% | |||
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] | Secured Overnight Financing Rate (SOFR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | SOFR Based Loans [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Credit Adjustment [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 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% |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 65,000 | 14,000 | 76,000 | 46,000 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Jan. 01, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Net earnings | $ 10,565 | $ 5,101 | $ 11,123 | $ 38,559 | $ 39,017 | $ 23,129 | $ 26,789 | $ 100,705 |
Basic weighted average shares outstanding (in shares) | 19,488 | 19,537 | 19,506 | 19,503 | ||||
Dilutive effect of stock-based compensation (in shares) | 60 | 120 | 59 | 126 | ||||
Diluted weighted average shares outstanding (in shares) | 19,548 | 19,657 | 19,565 | 19,629 | ||||
Basic (in dollars per share) | $ 0.54 | $ 1.97 | $ 1.37 | $ 5.16 | ||||
Diluted (in dollars per share) | $ 0.54 | $ 1.96 | $ 1.37 | $ 5.13 |
Note 11 - Share Repurchases (De
Note 11 - Share Repurchases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | Nov. 18, 2008 | |
Stock Repurchase Program, Authorized Amount | $ 25,000,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 403,000 | $ 1,009,000 | $ 916,000 | $ 2,300,000 | |||
Stock Repurchased and Retired During Period, Shares (in shares) | 14,239 | 0 | 80,352 | 0 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 21,200,000 | $ 21,200,000 |
Note 12 - Other Financial Dat_2
Note 12 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands | Jul. 01, 2023 | Oct. 01, 2022 |
Accounts receivable | $ 66,688 | $ 82,043 |
Less allowance for doubtful accounts | (325) | (397) |
Total | 66,363 | 81,646 |
Raw materials | 51,344 | 108,894 |
Work in process | 6,379 | 8,817 |
Finished goods | 75,403 | 79,943 |
Total | 133,126 | 197,654 |
Prepaid insurance | 3,945 | 4,563 |
Other | 2,461 | 3,153 |
Total | 6,406 | 7,716 |
Cash surrender value of life insurance policies | 10,835 | 9,938 |
Capitalized financing costs, net | 188 | 41 |
Other | 109 | 121 |
Total | 12,936 | 11,665 |
Land and land improvements | 15,107 | 14,947 |
Buildings | 55,578 | 55,044 |
Machinery and equipment | 187,346 | 191,790 |
Construction in progress | 28,333 | 11,745 |
Property, Plant and Equipment, Gross | 286,364 | 273,526 |
Less accumulated depreciation | (167,576) | (165,370) |
Total | 118,788 | 108,156 |
Salaries, wages and related expenses | 5,174 | 8,128 |
Income taxes | 2,154 | 0 |
Customer rebates | 1,815 | 2,760 |
Property taxes | 1,307 | 1,782 |
Sales allowance reserves | 927 | 1,013 |
State sales and use taxes | 269 | 595 |
Other | 403 | 525 |
Total | 12,984 | 15,800 |
Deferred compensation | 12,294 | 11,747 |
Deferred Tax Liabilities, Net | 6,095 | 7,086 |
Total | 19,257 | 19,405 |
Other Noncurrent Assets [Member] | ||
Right-of-use asset | 1,804 | 1,565 |
Accrued Expenses, Current [Member] | ||
Operating lease liability | 935 | 997 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liability | $ 868 | $ 572 |
Note 13 - Business Segment In_2
Note 13 - Business Segment Information (Details Textual) | 9 Months Ended |
Jul. 01, 2023 | |
Number of Reportable Segments | 1 |