Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 30, 2023 | Jan. 17, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 30, 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) | 19,448,318 | |
Entity Central Index Key | 0000764401 | |
Current Fiscal Year End Date | --09-28 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Net sales | $ 121,725 | $ 166,899 |
Cost of sales | 115,455 | 149,113 |
Gross profit | 6,270 | 17,786 |
Selling, general and administrative expense | 6,367 | 7,126 |
Other income, net | (22) | (3,342) |
Interest expense | 29 | 24 |
Interest income | (1,659) | (440) |
Earnings before income taxes | 1,555 | 14,418 |
Income taxes | 423 | 3,295 |
Net earnings | $ 1,132 | $ 11,123 |
Net earnings per share: | ||
Basic (in dollars per share) | $ 0.06 | $ 0.57 |
Diluted (in dollars per share) | $ 0.06 | $ 0.57 |
Weighted average shares outstanding: | ||
Basic (in shares) | 19,497 | 19,525 |
Diluted (in shares) | 19,573 | 19,584 |
Cash dividends declared per share (in dollars per share) | $ 2.53 | $ 2.03 |
Comprehensive income | $ 1,132 | $ 11,123 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Assets | ||
Cash and cash equivalents | $ 85,615 | $ 125,670 |
Accounts receivable, net | 43,354 | 63,424 |
Inventories | 94,142 | 103,306 |
Other current assets | 8,706 | 6,453 |
Total current assets | 231,817 | 298,853 |
Property, plant and equipment, net | 129,300 | 120,014 |
Intangibles, net | 5,903 | 6,090 |
Goodwill | 9,745 | 9,745 |
Other assets | 13,803 | 12,811 |
Total assets | 390,568 | 447,513 |
Liabilities and shareholders' equity | ||
Accounts payable | 23,852 | 34,346 |
Accrued expenses | 9,585 | 11,809 |
Total current liabilities | 33,437 | 46,155 |
Other liabilities | 23,536 | 19,853 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Common stock | 19,448 | 19,454 |
Additional paid-in capital | 84,425 | 83,832 |
Retained earnings | 230,005 | 278,502 |
Accumulated other comprehensive loss | (283) | (283) |
Total shareholders' equity | 333,595 | 381,505 |
Total liabilities and shareholders' equity | $ 390,568 | $ 447,513 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 1,132,000 | $ 11,123,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 3,709,000 | 3,350,000 |
Amortization of capitalized financing costs | 13,000 | 16,000 |
Stock-based compensation expense | 398,000 | 130,000 |
Deferred income taxes | 3,348,000 | (1,378,000) |
Gain on sale and disposition of property, plant and equipment | 0 | (3,324,000) |
Increase in cash surrender value of life insurance policies over premiums paid | (675,000) | (363,000) |
Net changes in assets and liabilities: | ||
Accounts receivable, net | 20,070,000 | 12,857,000 |
Inventories | 9,164,000 | 26,469,000 |
Accounts payable and accrued expenses | (12,921,000) | (21,520,000) |
Other changes | (2,404,000) | 5,646,000 |
Total adjustments | 20,702,000 | 21,883,000 |
Net cash provided by operating activities | 21,834,000 | 33,006,000 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (12,268,000) | (8,200,000) |
Increase in cash surrender value of life insurance policies | (122,000) | (81,000) |
Proceeds from sale of property, plant and equipment | 3,000 | 9,920,000 |
Proceeds from surrender of life insurance policies | 5,000 | 0 |
Net cash (used for) provided by investing activities | (12,382,000) | 1,639,000 |
Cash Flows From Financing Activities: | ||
Proceeds from long-term debt | 67,000 | 67,000 |
Principal payments on long-term debt | (67,000) | (67,000) |
Cash dividends paid | (49,191,000) | (39,501,000) |
Payment of employee tax withholdings related to net share transactions | (20,000) | 0 |
Cash received from exercise of stock options | 243,000 | 94,000 |
Repurchases of common stock | (539,000) | (916,000) |
Net cash used for financing activities | (49,507,000) | (40,323,000) |
Net decrease in cash and cash equivalents | (40,055,000) | (5,678,000) |
Cash and cash equivalents at beginning of period | 125,670,000 | 48,316,000 |
Cash and cash equivalents at end of period | 85,615,000 | 42,638,000 |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes, net | 8,000 | 187,000 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in accounts payable | 1,846,000 | 1,520,000 |
Restricted stock units and stock options surrendered for withholding taxes payable | $ 20,000 | $ 0 |
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 Oct. 01, 2022 | 19,478 | ||||
Balance at Oct. 01, 2022 | $ 19,478 | $ 81,997 | $ 289,246 | $ (977) | $ 389,744 |
Net earnings | 11,123 | 11,123 | |||
Stock options exercised, net (in shares) | 5 | ||||
Stock options exercised, net | $ 5 | 89 | 94 | ||
Compensation expense associated with stock-based plans | 130 | 130 | |||
Repurchases of common stock (in shares) | (32) | ||||
Repurchases of common stock | $ (32) | (134) | (750) | (916) | |
Cash dividends declared | (39,501) | (39,501) | |||
Balance (in shares) at Dec. 31, 2022 | 19,451 | ||||
Balance at Dec. 31, 2022 | $ 19,451 | 82,082 | 260,118 | (977) | 360,674 |
Balance (in shares) at Sep. 30, 2023 | 19,454 | ||||
Balance at Sep. 30, 2023 | $ 19,454 | 83,832 | 278,502 | (283) | 381,505 |
Net earnings | 1,132 | $ 1,132 | |||
Stock options exercised, net (in shares) | 13 | 34 | |||
Stock options exercised, net | $ 13 | 297 | $ 310 | ||
Compensation expense associated with stock-based plans | 398 | 398 | |||
Repurchases of common stock (in shares) | (19) | ||||
Repurchases of common stock | $ (19) | (82) | (438) | (539) | |
Restricted stock units and stock options surrendered for withholding taxes payable | (20) | (20) | |||
Cash dividends declared | (49,191) | (49,191) | |||
Balance (in shares) at Dec. 30, 2023 | 19,448 | ||||
Balance at Dec. 30, 2023 | $ 19,448 | $ 84,425 | $ 230,005 | $ (283) | $ 333,595 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 30, 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 September 30, 2023 (“2023 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 September 30, 2023 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 2023 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 | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | (2) Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU No. 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU requires all annual disclosures currently required by Topic 280 to be included in interim periods and is applicable to entities with a single reportable segment. ASU No. 2023-07 will be effective for us in fiscal 2025 for annual reporting and in the first quarter of fiscal 2026 for interim reporting. Retrospective application is required for all prior periods presented in the financial statements. We are currently evaluating the impact of the ASU on our disclosures within the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 will become effective for us in fiscal 2026. We are currently evaluating the impact of the ASU on our income tax disclosures within the consolidated financial statements. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Dec. 30, 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 December 30, December 31, (In thousands) 2023 2022 Welded wire reinforcement $ 68,802 $ 95,968 Prestressed concrete strand 52,923 70,931 Total $ 121,725 $ 166,899 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 December 30, 2023, and September 30, 2023. 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 credit losses 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 | 3 Months Ended |
Dec. 30, 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 December 30, 2023, and September 30, 2023, 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 December 30, 2023: Current assets: Cash equivalents $ 83,291 $ 83,291 $ - Other assets: Cash surrender value of life insurance policies 11,378 - 11,378 Total $ 94,669 $ 83,291 $ 11,378 As of September 30, 2023: Current assets: Cash equivalents $ 125,805 $ 125,805 $ - Other assets: Cash surrender value of life insurance policies 10,586 - 10,586 Total $ 136,391 $ 125,805 $ 10,586 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 December 30, 2023, and September 30, 2023, we had no |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 3 Months Ended |
Dec. 30, 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 December 30, 2023: Customer relationships 17.1 $ 9,870 $ (4,941 ) $ 4,929 Developed technology and know-how 20.0 1,800 (841 ) 959 Non-competition agreements 5.0 60 (45 ) 15 $ 11,730 $ (5,827 ) $ 5,903 As of September 30, 2023: Customer relationships 17.1 $ 9,870 $ (4,779 ) $ 5,091 Developed technology and know-how 20.0 1,800 (818 ) 982 Non-competition agreements 5.0 400 (383 ) 17 $ 12,070 $ (5,980 ) $ 6,090 Amortization expense for intangibles was $187,000 and $194,000 for the three-month periods ended December 30, 2023, and December 31, 2022, respectively. Amortization expense for the next five years is $562,000 in 2024, $743,000 in 2025, $752,000 in 2026, $480,000 in 2027, $453,000 in 2028 and $2.9 million thereafter. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Dec. 30, 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 11, 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 December 30, 2023, there were 439,000 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 September 30, 2023 411 $ 30.68 Granted - - Forfeited (8 ) 41.86 Exercised (34 ) 30.84 $ 171 Outstanding at December 30, 2023 369 30.42 7.04 3,073 Vested and anticipated to vest in the future at December 30, 2023 362 30.39 7.01 3,030 Exercisable at December 30, 2023 216 28.98 5.75 2,148 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 December 30, 2023, there was $887,000 of unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted average period of 1.65 years. The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 30, 2023 105 $ 35.07 Granted - - Balance, December 30, 2023 105 35.07 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Dec. 30, 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 December 30, 2023, and September 30, 2023, we recorded a valuation allowance of $149,000 and $3,000, respectively, pertaining to deferred tax assets that were not expected to be utilized. The valuation allowance is subject to periodic review and adjustment based on changes in facts and circumstances. 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 2018 remain subject to examination. |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 3 Months Ended |
Dec. 30, 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 December 30, December 31, (In thousands) 2023 2022 Interest cost $ 147 $ 130 Service cost 63 83 Recognized net actuarial loss - 3 Net periodic pension cost $ 210 $ 216 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | (9) Long-Term Debt Revolving Credit Facility. no 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 December 30, 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 December 30, 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 December 30, 2023, and December 31, 2022, respectively. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
Dec. 30, 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 December 30, December 31, (In thousands, except per share amounts) 2023 2022 Net earnings $ 1,132 $ 11,123 Basic weighted average shares outstanding 19,497 19,525 Dilutive effect of stock-based compensation 76 59 Diluted weighted average shares outstanding 19,573 19,584 Net earnings per share: Basic $ 0.06 $ 0.57 Diluted $ 0.06 $ 0.57 Options and RSUs that were antidilutive and not included in the dilutive earnings per share calculation amounted to 39,000 and 94,000 shares for the three-month periods ended December 30, 2023, and December 31, 2022, respectively. |
Note 11 - Share Repurchases
Note 11 - Share Repurchases | 3 Months Ended |
Dec. 30, 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 $539,000 or 19,076 shares and $916,000 or 31,654 shares of its common stock during the three-month periods ended December 30, 2023, and December 31, 2022, respectively. As of December 30, 2023, there was $20.7 million remaining available for future share repurchases under this Authorization. |
Note 12 - Other Financial Data
Note 12 - Other Financial Data | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Other Financial Data [Text Block] | (12) Other Financial Data Balance sheet information: December 30, September 30, (In thousands) 2023 2023 Accounts receivable, net: Accounts receivable $ 43,659 $ 63,735 Less allowance for credit losses (305 ) (311 ) Total $ 43,354 $ 63,424 Inventories: Raw materials $ 38,123 $ 39,341 Work in process 5,264 5,852 Finished goods 50,755 58,113 Total $ 94,142 $ 103,306 Other current assets: Prepaid insurance $ 3,510 $ 4,043 Income tax receivable 2,748 - Other 2,448 2,410 Total $ 8,706 $ 6,453 Other assets: Cash surrender value of life insurance policies $ 11,378 $ 10,586 Right-of-use asset 2,152 1,939 Capitalized financing costs, net 163 175 Other 110 111 Total $ 13,803 $ 12,811 Property, plant and equipment, net: Land and land improvements $ 15,151 $ 15,107 Buildings 56,697 56,653 Machinery and equipment 214,999 198,528 Construction in progress 13,065 18,019 299,912 288,307 Less accumulated depreciation (170,612 ) (168,293 ) Total $ 129,300 $ 120,014 Accrued expenses: Customer rebates $ 2,906 $ 2,132 Salaries, wages and related expenses 2,279 5,082 Property taxes 1,367 1,912 Sales allowance reserves 1,270 745 Operating lease liability 1,055 999 State sales and use taxes 158 268 Income taxes - 187 Other 550 484 Total $ 9,585 $ 11,809 Other liabilities: Deferred compensation $ 11,555 $ 11,374 Deferred income taxes 10,891 7,543 Operating lease liability 1,090 936 Total $ 23,536 $ 19,853 |
Note 13 - Business Segment Info
Note 13 - Business Segment Information | 3 Months Ended |
Dec. 30, 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 | 3 Months Ended |
Dec. 30, 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. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information Insider Adoption or Termination of Trading Arrangements During the fiscal quarter ended December 30, 2023, none |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 30, December 31, (In thousands) 2023 2022 Welded wire reinforcement $ 68,802 $ 95,968 Prestressed concrete strand 52,923 70,931 Total $ 121,725 $ 166,899 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 30, 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 December 30, 2023: Current assets: Cash equivalents $ 83,291 $ 83,291 $ - Other assets: Cash surrender value of life insurance policies 11,378 - 11,378 Total $ 94,669 $ 83,291 $ 11,378 As of September 30, 2023: Current assets: Cash equivalents $ 125,805 $ 125,805 $ - Other assets: Cash surrender value of life insurance policies 10,586 - 10,586 Total $ 136,391 $ 125,805 $ 10,586 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 3 Months Ended |
Dec. 30, 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 December 30, 2023: Customer relationships 17.1 $ 9,870 $ (4,941 ) $ 4,929 Developed technology and know-how 20.0 1,800 (841 ) 959 Non-competition agreements 5.0 60 (45 ) 15 $ 11,730 $ (5,827 ) $ 5,903 As of September 30, 2023: Customer relationships 17.1 $ 9,870 $ (4,779 ) $ 5,091 Developed technology and know-how 20.0 1,800 (818 ) 982 Non-competition agreements 5.0 400 (383 ) 17 $ 12,070 $ (5,980 ) $ 6,090 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Dec. 30, 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 September 30, 2023 411 $ 30.68 Granted - - Forfeited (8 ) 41.86 Exercised (34 ) 30.84 $ 171 Outstanding at December 30, 2023 369 30.42 7.04 3,073 Vested and anticipated to vest in the future at December 30, 2023 362 30.39 7.01 3,030 Exercisable at December 30, 2023 216 28.98 5.75 2,148 |
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 30, 2023 105 $ 35.07 Granted - - Balance, December 30, 2023 105 35.07 |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended December 30, December 31, (In thousands) 2023 2022 Interest cost $ 147 $ 130 Service cost 63 83 Recognized net actuarial loss - 3 Net periodic pension cost $ 210 $ 216 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 30, December 31, (In thousands, except per share amounts) 2023 2022 Net earnings $ 1,132 $ 11,123 Basic weighted average shares outstanding 19,497 19,525 Dilutive effect of stock-based compensation 76 59 Diluted weighted average shares outstanding 19,573 19,584 Net earnings per share: Basic $ 0.06 $ 0.57 Diluted $ 0.06 $ 0.57 |
Note 12 - Other Financial Data
Note 12 - Other Financial Data (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Other Financial Information, Balance Sheet [Table Text Block] | December 30, September 30, (In thousands) 2023 2023 Accounts receivable, net: Accounts receivable $ 43,659 $ 63,735 Less allowance for credit losses (305 ) (311 ) Total $ 43,354 $ 63,424 Inventories: Raw materials $ 38,123 $ 39,341 Work in process 5,264 5,852 Finished goods 50,755 58,113 Total $ 94,142 $ 103,306 Other current assets: Prepaid insurance $ 3,510 $ 4,043 Income tax receivable 2,748 - Other 2,448 2,410 Total $ 8,706 $ 6,453 Other assets: Cash surrender value of life insurance policies $ 11,378 $ 10,586 Right-of-use asset 2,152 1,939 Capitalized financing costs, net 163 175 Other 110 111 Total $ 13,803 $ 12,811 Property, plant and equipment, net: Land and land improvements $ 15,151 $ 15,107 Buildings 56,697 56,653 Machinery and equipment 214,999 198,528 Construction in progress 13,065 18,019 299,912 288,307 Less accumulated depreciation (170,612 ) (168,293 ) Total $ 129,300 $ 120,014 Accrued expenses: Customer rebates $ 2,906 $ 2,132 Salaries, wages and related expenses 2,279 5,082 Property taxes 1,367 1,912 Sales allowance reserves 1,270 745 Operating lease liability 1,055 999 State sales and use taxes 158 268 Income taxes - 187 Other 550 484 Total $ 9,585 $ 11,809 Other liabilities: Deferred compensation $ 11,555 $ 11,374 Deferred income taxes 10,891 7,543 Operating lease liability 1,090 936 Total $ 23,536 $ 19,853 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Revenue | $ 121,725 | $ 166,899 |
Welded Wire Reinforcement [Member] | ||
Revenue | 68,802 | 95,968 |
Prestressed Concrete Strand [Member] | ||
Revenue | $ 52,923 | $ 70,931 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Non Financial [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Cash equivalents | $ 83,291 | $ 125,805 |
Cash surrender value of life insurance policies | 11,378 | 10,586 |
Total | 94,669 | 136,391 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 83,291 | 125,805 |
Cash surrender value of life insurance policies | 0 | 0 |
Total | 83,291 | 125,805 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Cash surrender value of life insurance policies | 11,378 | 10,586 |
Total | $ 11,378 | $ 10,586 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 30, 2023 | Dec. 30, 2022 | |
Amortization of Intangible Assets | $ 187,000 | $ 194,000 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 562,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 743,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 752,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 480,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 453,000 | |
Finite-Lived Intangible Asset, Expected Amortization, After Year Four | $ 2,900,000 |
Note 5 - Intangible Assets - Su
Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Intangible assets, gross | $ 11,730 | $ 12,070 |
Intangible assets, accumulated amortization | (5,827) | (5,980) |
Net book value | $ 5,903 | $ 6,090 |
Customer Relationships [Member] | ||
Weighted average useful life (Year) | 17 years 1 month 6 days | 17 years 1 month 6 days |
Intangible assets, gross | $ 9,870 | $ 9,870 |
Intangible assets, accumulated amortization | (4,941) | (4,779) |
Net book value | $ 4,929 | $ 5,091 |
Technology-Based Intangible Assets [Member] | ||
Weighted average useful life (Year) | 20 years | 20 years |
Intangible assets, gross | $ 1,800 | $ 1,800 |
Intangible assets, accumulated amortization | (841) | (818) |
Net book value | $ 959 | $ 982 |
Noncompete Agreements [Member] | ||
Weighted average useful life (Year) | 5 years | 5 years |
Intangible assets, gross | $ 60 | $ 400 |
Intangible assets, accumulated amortization | (45) | (383) |
Net book value | $ 15 | $ 17 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
Feb. 11, 2020 | Dec. 30, 2023 | Dec. 31, 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 | $ 153,000 | $ 36,000 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 592,000 | ||
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 | $ 245,000 | $ 94,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 24 days | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 887,000 | ||
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 | 439,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Dec. 30, 2023 USD ($) $ / shares shares | |
Options outstanding, balance (in shares) | shares | 411 |
Weighted average exercise price per share (in dollars per share) | $ / shares | $ 30.68 |
Options outstanding, granted (in shares) | shares | 0 |
Weighted average exercise price per share, granted (in dollars per share) | $ / shares | $ 0 |
Options outstanding, forfeited (in shares) | shares | (8) |
Weighted average exercise price per share, forfeited (in dollars per share) | $ / shares | $ 41.86 |
Options outstanding, exercised (in shares) | shares | (34) |
Weighted average exercise price per share, exercised (in dollars per share) | $ / shares | $ 30.84 |
Aggregate intrinsic value, exercised | $ | $ 171 |
Options outstanding, balance (in shares) | shares | 369 |
Weighted average exercise price per share (in dollars per share) | $ / shares | $ 30.42 |
Contractual term - weighted average, balance (Year) | 7 years 14 days |
Aggregate intrinsic value, outstanding | $ | $ 3,073 |
Options outstanding, vested and anticipated to vest in future (in shares) | shares | 362 |
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share) | $ / shares | $ 30.39 |
Contractual term - weighted average, vested and anticipated to vest in future (Year) | 7 years 3 days |
Aggregate intrinsic value, vested and anticipated to vest in future | $ | $ 3,030 |
Options outstanding, exercisable (in shares) | shares | 216 |
Weighted average exercise price per share, exercisable (in dollars per share) | $ / shares | $ 28.98 |
Contractual term - weighted average, exercisable (Year) | 5 years 9 months |
Aggregate intrinsic value, exercisable | $ | $ 2,148 |
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 | 3 Months Ended |
Dec. 30, 2023 $ / shares shares | |
Restricted stock units outstanding, beginning balance (in shares) | shares | 105 |
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 35.07 |
Restricted stock units outstanding, granted (in shares) | shares | 0 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 0 |
Restricted stock units outstanding, ending balance (in shares) | shares | 105 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 35.07 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 27.20% | 22.90% | |
Deferred Tax Liabilities, Net | $ 10,891,000 | $ 7,543,000 | |
Deferred Tax Assets, Valuation Allowance | 149,000 | $ 3,000 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $ 31,000 | ||
Operating Loss Carryforwards Expiration Date 1 | 2031 |
Note 8 - Employee Benefit Pla_3
Note 8 - Employee Benefit Plans (Details Textual) | 3 Months Ended |
Dec. 30, 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 | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Interest cost | $ 147 | $ 130 |
Service cost | 63 | 83 |
Recognized net actuarial loss | 0 | 3 |
Net periodic pension cost | $ 210 | $ 216 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Amortization of Debt Issuance Costs | $ 13,000 | $ 16,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |
Line Of Credit Facility, Additional Borrowing Capacity | 50,000,000 | |
Long-Term Line of Credit, Total | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 96,700,000 | |
Letters of Credit Outstanding, Amount | $ 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] | 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) [Member] | SOFR Based Loans [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Credit Adjustment [Member] | SOFR Based Loans [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 | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 39,000 | 94,000 |
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 | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Net earnings | $ 1,132 | $ 11,123 |
Basic weighted average shares outstanding (in shares) | 19,497 | 19,525 |
Dilutive effect of stock-based compensation (in shares) | 76 | 59 |
Diluted weighted average shares outstanding (in shares) | 19,573 | 19,584 |
Basic (in dollars per share) | $ 0.06 | $ 0.57 |
Diluted (in dollars per share) | $ 0.06 | $ 0.57 |
Note 11 - Share Repurchases (De
Note 11 - Share Repurchases (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Nov. 18, 2008 | |
Stock Repurchase Program, Authorized Amount | $ 25,000,000 | ||
Stock Repurchased During Period, Value | $ 539,000 | $ 916,000 | |
Stock Repurchased During Period, Shares | 19,076 | 31,654 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 20,700,000 |
Note 12 - Other Financial Dat_2
Note 12 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Accounts receivable | $ 43,659 | $ 63,735 |
Less allowance for credit losses | 305 | 311 |
Total | 43,354 | 63,424 |
Raw materials | 38,123 | 39,341 |
Work in process | 5,264 | 5,852 |
Finished goods | 50,755 | 58,113 |
Total | 94,142 | 103,306 |
Prepaid insurance | 3,510 | 4,043 |
Income tax receivable | 2,748 | 0 |
Other | 2,448 | 2,410 |
Total | 8,706 | 6,453 |
Cash surrender value of life insurance policies | 11,378 | 10,586 |
Right-of-use asset | 2,152 | 1,939 |
Capitalized financing costs, net | 163 | 175 |
Other | 110 | 111 |
Total | 13,803 | 12,811 |
Land and land improvements | 15,151 | 15,107 |
Buildings | 56,697 | 56,653 |
Machinery and equipment | 214,999 | 198,528 |
Construction in progress | 13,065 | 18,019 |
Property, Plant and Equipment, Gross | 299,912 | 288,307 |
Less accumulated depreciation | (170,612) | (168,293) |
Total | 129,300 | 120,014 |
Customer rebates | 2,906 | 2,132 |
Salaries, wages and related expenses | 2,279 | 5,082 |
Property taxes | 1,367 | 1,912 |
Sales allowance reserves | 1,270 | 745 |
State sales and use taxes | 158 | 268 |
Income taxes | 0 | 187 |
Other | 550 | 484 |
Total | 9,585 | 11,809 |
Deferred compensation | 11,555 | 11,374 |
Deferred Tax Liabilities, Net | 10,891 | 7,543 |
Total | 23,536 | 19,853 |
Accrued Expenses, Current [Member] | ||
Operating lease liability | 1,055 | 999 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liability | $ 1,090 | $ 936 |
Note 13 - Business Segment In_2
Note 13 - Business Segment Information (Details Textual) | 3 Months Ended |
Dec. 30, 2023 | |
Number of Reportable Segments | 1 |