Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Oct. 25, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PATRICK INDUSTRIES INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 10,568,430 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000076605 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Position (Unaudited) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $10,510 | $434 |
Trade receivables, net | 35,518 | 17,858 |
Inventories | 55,854 | 46,992 |
Deferred tax assets | 2,563 | 5,149 |
Prepaid expenses and other | 4,178 | 3,237 |
Total current assets | 108,623 | 73,670 |
Property, plant and equipment, at cost | 98,622 | 94,470 |
Less accumulated depreciation | 58,509 | 57,401 |
Property, plant and equipment, net | 40,113 | 37,069 |
Goodwill | 16,970 | 10,362 |
Intangible assets, net of accumulated amortization (2013: $4,857; 2012: $3,269) | 26,394 | 19,219 |
Deferred tax assets | 0 | 676 |
Deferred financing costs, net of accumulated amortization (2013: $1,287; 2012: $975) | 1,400 | 1,612 |
Other non-current assets | 835 | 861 |
TOTAL ASSETS | 194,335 | 143,469 |
Current Liabilities | ' | ' |
Accounts payable | 36,155 | 17,336 |
Accrued liabilities | 14,872 | 11,816 |
Total current liabilities | 51,027 | 29,152 |
Long-term debt | 63,000 | 49,716 |
Deferred compensation and other | 3,013 | 3,193 |
Deferred tax liabilities | 468 | 0 |
TOTAL LIABILITIES | 117,508 | 82,061 |
SHAREHOLDERS’ EQUITY | ' | ' |
Common stock | 49,478 | 55,501 |
Additional-paid-in-capital | 6,719 | 4,305 |
Accumulated other comprehensive income | 17 | 17 |
Retained earnings | 20,613 | 1,585 |
TOTAL SHAREHOLDERS’ EQUITY | 76,827 | 61,408 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $194,335 | $143,469 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated amortization | $4,857 | $3,269 |
Accumulated amortization | $1,287 | $975 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
NET SALES | $146,623 | $112,946 | $448,319 | $331,239 |
Cost of goods sold | 124,800 | 96,043 | 378,900 | 280,063 |
GROSS PROFIT | 21,823 | 16,903 | 69,419 | 51,176 |
Operating expenses: | ' | ' | ' | ' |
Warehouse and delivery | 5,293 | 4,086 | 14,539 | 11,741 |
Selling, general and administrative | 7,001 | 5,398 | 21,411 | 16,256 |
Amortization of intangible assets | 548 | 342 | 1,588 | 992 |
(Gain) loss on sale of fixed assets & acquisition of business | 6 | -234 | -424 | -237 |
Total operating expenses | 12,848 | 9,592 | 37,114 | 28,752 |
OPERATING INCOME | 8,975 | 7,311 | 32,305 | 22,424 |
Stock warrants revaluation | 0 | -73 | 0 | 1,731 |
Interest expense, net | 541 | 830 | 1,615 | 2,465 |
Income before income taxes (credit) | 8,434 | 6,554 | 30,690 | 18,228 |
Income taxes (credit) | 2,982 | 0 | 11,662 | -6,650 |
NET INCOME | $5,452 | $6,554 | $19,028 | $24,878 |
BASIC NET INCOME PER COMMON SHARE (in Dollars per share) | $0.51 | $0.61 | $1.77 | $2.38 |
DILUTED NET INCOME PER COMMON SHARE (in Dollars per share) | $0.51 | $0.60 | $1.76 | $2.32 |
Weighted average shares outstanding - Basic (in Shares) | 10,655 | 10,673 | 10,759 | 10,473 |
- Diluted (in Shares) | 10,697 | 10,909 | 10,800 | 10,705 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Net income | $5,452 | $6,554 | $19,028 | $24,878 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive income | $5,452 | $6,554 | $19,028 | $24,878 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $19,028 | $24,878 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 3,628 | 2,701 |
Amortization of intangible assets | 1,588 | 992 |
Stock-based compensation expense | 924 | 576 |
Deferred compensation expense | 231 | 175 |
Reversal of tax valuation allowance | 0 | -6,650 |
Deferred income taxes | 3,730 | 0 |
Gain on sale of fixed assets & acquisition of business | -424 | -237 |
Stock warrants revaluation | 0 | 1,731 |
Decrease in cash surrender value of life insurance | 68 | 67 |
Deferred financing amortization | 312 | 439 |
Amortization of debt discount | 0 | 147 |
Change in operating assets and liabilities, net of the effects of acquisitions: | ' | ' |
Trade receivables | -14,311 | -14,347 |
Inventories | -6,819 | -9,861 |
Prepaid expenses and other | -914 | -5 |
Accounts payable and accrued liabilities | 14,704 | 14,307 |
Payments on deferred compensation obligations | -293 | -283 |
Net cash provided by operating activities | 21,452 | 14,630 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -5,214 | -5,281 |
Proceeds from sale of property, equipment and facility | 1,009 | 58 |
Business acquisitions | -16,544 | -9,223 |
Other | -42 | -42 |
Net cash used in investing activities | -20,791 | -14,488 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Long-term debt borrowings (payments), net | 13,284 | -12 |
Payment of deferred financing/debt issuance costs | -100 | -13 |
Stock repurchases | -6,078 | 0 |
Realization of excess tax benefit on stock-based compensation | 2,363 | 0 |
Proceeds from exercise of stock options, including tax benefit | 64 | 221 |
Other | -118 | 0 |
Net cash provided by financing activities | 9,415 | 196 |
Increase in cash and cash equivalents | 10,076 | 338 |
Cash and cash equivalents at beginning of year | 434 | 550 |
Cash and cash equivalents at end of period | $10,510 | $888 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. BASIS OF PRESENTATION | |
In the opinion of Patrick Industries, Inc. (“Patrick” or the “Company”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position as of September 29, 2013 and December 31, 2012, and its results of income, comprehensive income, and cash flows for the three and nine months ended September 29, 2013 and September 30, 2012. | |
Patrick’s unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules or regulations. For a description of significant accounting policies used by the Company in the preparation of its consolidated financial statements, please refer to Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Operating results for the third quarter and nine months ended September 29, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. |
Note_2_Inventories
Note 2 - Inventories | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
2. INVENTORIES | |||||||||
Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) or market and consist of the following classes: | |||||||||
(thousands) | Sept. 29, 2013 | Dec. 31, 2012 | |||||||
Raw materials | $ | 27,592 | $ | 24,197 | |||||
Work in process | 4,149 | 3,000 | |||||||
Finished goods | 3,803 | 3,169 | |||||||
Less: reserve for inventory obsolescence | (825 | ) | (825 | ) | |||||
Total manufactured goods, net | 34,719 | 29,541 | |||||||
Materials purchased for resale (distribution products) | 21,532 | 17,732 | |||||||
Less: reserve for inventory obsolescence | (397 | ) | (281 | ) | |||||
Total materials purchased for resale (distribution products), net | 21,135 | 17,451 | |||||||
Total inventories | $ | 55,854 | $ | 46,992 | |||||
Note_3_Goodwill_and_Intangible
Note 3 - Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
3. GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Goodwill and other intangible assets are allocated to the Company’s reporting units at the date they are initially recorded. Goodwill and indefinite-lived intangible assets are not amortized but are subject to an annual (or under certain circumstances more frequent) impairment test based on their estimated fair value. Goodwill impairment testing is performed at the reporting unit level, one level below the business segment. The Company’s Manufacturing segment includes goodwill originating from the acquisitions of Gravure Ink (acquired in the Adorn Holdings, Inc. (“Adorn”) acquisition), Quality Hardwoods Sales (“Quality Hardwoods”), A.I.A. Countertops, LLC (“AIA”), Infinity Graphics, Décor Mfg., LLC (“Décor”), Creative Wood Designs, Inc. (“Creative Wood”), Middlebury Hardwood Products, Inc. (“Middlebury Hardwoods”), Frontline Mfg., Inc. (“Frontline”), and Premier Concepts, Inc. (“Premier”). While Gravure Ink, AIA, Infinity Graphics, Décor, Creative Wood, Middlebury Hardwoods, Frontline and Premier remain reporting units of the Company for which impairment is assessed, Quality Hardwoods is assessed for impairment as part of the Company’s hardwood door reporting unit. The Company’s Distribution segment includes goodwill originating from the acquisition of Blazon International Group (“Blazon”) and John H. McDonald Co., Inc. d/b/a West Side Furniture (“West Side”), which remain reporting units for which impairment is assessed. | |||||||||||||
Finite-lived intangible assets that meet certain criteria continue to be amortized over their useful lives and are also subject to an impairment test based on estimated undiscounted cash flows when impairment indicators exist. The Company performs the required impairment test of goodwill in the fourth quarter or more frequently if events or changes in circumstances indicate that the carrying value may exceed the fair value. No impairment was recognized during the third quarter and nine months ended September 29, 2013. There have been no material changes to the method of evaluating goodwill impairment during the third quarter of 2013. The Company does not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to determine impairment in the foreseeable future. | |||||||||||||
In early September 2013, the Company acquired the business and certain assets of two related Warsaw, Indiana-based companies, Frontline and Premier, in a combined transaction. The purchases were determined to be business combinations. The intangible assets recorded as a result of the Frontline acquisition included (in thousands): customer relationships - $1,411; trademarks - $221; non-compete agreement - $460; and goodwill - $2,795. The intangible assets recorded as a result of the Premier acquisition included (in thousands): customer relationships - $862; trademarks - $144; non-compete agreement - $203; and goodwill - $1,239. The goodwill recognized in both of these transactions is expected to be deductible for income tax purposes. The Frontline and Premier reporting units are included in the Manufacturing segment. See Note 4 for further details. | |||||||||||||
In late September 2013, the Company acquired the business and certain assets of Goshen, Indiana-based West Side. The purchase was determined to be a business combination and the intangible assets recorded as a result of the acquisition included (in thousands): customer relationships – $4,167; trademarks - $297; non-compete agreement - $998; and goodwill - $2,574. The West Side reporting unit is included in the Distribution segment. See Note 4 for further details. | |||||||||||||
Goodwill | |||||||||||||
Changes in the carrying amount of goodwill for the nine months ended September 29, 2013 by segment are as follows: | |||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Balance – January 1, 2013 | $ | 10,257 | $ | 105 | $ | 10,362 | |||||||
Acquisitions | 4,034 | 2,574 | 6,608 | ||||||||||
Balance – September 29, 2013 | $ | 14,291 | $ | 2,679 | $ | 16,970 | |||||||
Other Intangible Assets | |||||||||||||
As of September 29, 2013, the remaining intangible assets balance of $26.4 million is comprised of $4.2 million of trademarks which have an indefinite life, and therefore, no amortization expense has been recorded, and $22.2 million pertaining to customer relationships and non-compete agreements which are being amortized over periods ranging from 3 to 19 years. | |||||||||||||
Other intangible assets, net consist of the following as of September 29, 2013 and December 31, 2012: | |||||||||||||
(thousands) | Sept. 29, | Dec.31, | |||||||||||
2013 | 2012 | ||||||||||||
Trademarks | $ | 4,166 | $ | 3,504 | |||||||||
Customer relationships | 23,668 | 17,228 | |||||||||||
Non-compete agreements | 3,417 | 1,756 | |||||||||||
31,251 | 22,488 | ||||||||||||
Less: accumulated amortization | (4,857 | ) | (3,269 | ) | |||||||||
Other intangible assets, net | $ | 26,394 | $ | 19,219 | |||||||||
Changes in the carrying value of other intangible assets for the nine months ended September 29, 2013 by segment are as follows: | |||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Balance – December 31, 2012 | $ | 18,242 | $ | 977 | $ | 19,219 | |||||||
Acquisitions | 3,301 | 5,462 | 8,763 | ||||||||||
Amortization | (1,369 | ) | (219 | ) | (1,588 | ) | |||||||
Balance – September 29, 2013 | $ | 20,174 | $ | 6,220 | $ | 26,394 | |||||||
Note_4_Acquisitions
Note 4 - Acquisitions | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||
4. ACQUISITIONS | |||||||||||||||||
2013 Acquisitions | |||||||||||||||||
Frontline | |||||||||||||||||
In early September 2013, the Company acquired the business and certain assets of Warsaw, Indiana-based Frontline, a manufacturer of fiberglass bath fixtures including tubs, showers and combination tub/shower units for the RV, MH, and residential housing markets, for a net purchase price of $5.2 million, which includes a contingent payment that may be paid based on future performance. This acquisition provides the opportunity for the Company to establish a presence in the fiberglass bath fixtures market and increase its product offerings, market share and per unit content. The results of operations for Frontline are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Frontline team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||||||
The acquisition was funded through borrowings under the Company’s 2012 Credit Facility (as defined herein). Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The preliminary purchase price allocation is subject to final approval and thus, all required purchase accounting adjustments will be finalized in the fourth quarter of 2013. The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 1,674 | |||||||||||||||
Inventories | 233 | ||||||||||||||||
Property, plant and equipment | 1,058 | ||||||||||||||||
Prepaid expenses | 21 | ||||||||||||||||
Accounts payable and accrued liabilities | (2,693 | ) | |||||||||||||||
Intangible assets | 2,092 | ||||||||||||||||
Goodwill | 2,795 | ||||||||||||||||
Total net purchase price | $ | 5,180 | |||||||||||||||
Premier | |||||||||||||||||
In early September 2013, the Company acquired the business and certain assets of Warsaw, Indiana-based Premier, a custom fabricator of solid surface, granite, and quartz countertops for the RV, MH and residential housing markets, for a net purchase price of $2.6 million, which includes a contingent payment that may be paid based on future performance. This acquisition provides the opportunity for the Company to expand its presence in the countertops market and increase its product offerings, market share and per unit content. The results of operations for Premier are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Premier team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||||||
The acquisition was funded through borrowings under the Company’s 2012 Credit Facility. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The preliminary purchase price allocation is subject to final approval and thus, all required purchase accounting adjustments will be finalized in the fourth quarter of 2013. The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 762 | |||||||||||||||
Inventories | 347 | ||||||||||||||||
Property, plant and equipment | 588 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,525 | ) | |||||||||||||||
Intangible assets | 1,209 | ||||||||||||||||
Goodwill | 1,239 | ||||||||||||||||
Total net purchase price | $ | 2,620 | |||||||||||||||
West Side | |||||||||||||||||
In late September 2013, the Company acquired the business and certain assets of Goshen, Indiana-based West Side, a wholesale supplier of La-Z-Boy® recliners and the Serta® Trump Home™ mattress line, among other furniture products, to the RV market, for a net purchase price of $8.7 million. This acquisition provides the opportunity for the Company to expand its presence in the wholesale furniture business for the RV industry, and increase its product offerings, market share and per unit content. The results of operations for West Side are included in the Company’s condensed consolidated financial statements and the Distribution operating segment from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, sales, and systems resources with the organizational talent and expertise of the West Side team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||||||
The acquisition was funded through borrowings under the Company’s 2012 Credit Facility. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The preliminary purchase price allocation is subject to final approval and thus, all required purchase accounting adjustments will be finalized in the fourth quarter of 2013. The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 913 | |||||||||||||||
Inventories | 1,463 | ||||||||||||||||
Property, plant and equipment | 324 | ||||||||||||||||
Prepaid expenses | 79 | ||||||||||||||||
Accounts payable and accrued liabilities | (2,071 | ) | |||||||||||||||
Intangible assets | 5,462 | ||||||||||||||||
Goodwill | 2,574 | ||||||||||||||||
Total net purchase price | $ | 8,744 | |||||||||||||||
2012 Acquisitions | |||||||||||||||||
Décor | |||||||||||||||||
In March 2012, the Company acquired certain assets of Tualatin, Oregon-based Décor, a manufacturer of laminated and wrapped products for the Northwestern U.S.-based RV industry, for a net purchase price of $4.3 million. This acquisition expanded the Company’s revenues to its existing customer base in the RV industry sector and significantly expanded the Company’s RV presence in the Northwest. The results of operations for Décor are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Décor team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||||||
The acquisition was funded through borrowings under the Company's 2011 Credit Facility (as defined herein), and the issuance of 100,000 shares or $0.6 million of Patrick common stock. The value of the common stock issued was based on the closing stock price of $6.42 per share on March 2, 2012. | |||||||||||||||||
Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 1,280 | |||||||||||||||
Inventories | 903 | ||||||||||||||||
Property, plant and equipment | 400 | ||||||||||||||||
Prepaid expenses | 22 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,375 | ) | |||||||||||||||
Intangible assets | 1,663 | ||||||||||||||||
Goodwill | 1,440 | ||||||||||||||||
Total net purchase price | $ | 4,333 | |||||||||||||||
Gustafson Lighting | |||||||||||||||||
In July 2012, the Company completed the acquisition of the business and certain assets of Elkhart, Indiana-based Gustafson Lighting (“Gustafson”), a distributor of interior and exterior lighting products, ceiling fans and accessories, including glass and glass pads, hardware and lampshades to the RV industry, for a net purchase price of $2.8 million. This acquisition provided opportunities for the Company to increase its market share and per unit content. The results of operations for Gustafson are included in the Company’s condensed consolidated financial statements and the Distribution operating segment from the date of acquisition. The fair value of the net assets acquired of $3.0 million exceeded the purchase consideration of $2.8 million. As a result, the Company recognized a gain of $0.2 million associated with the acquisition during the third quarter of 2012, with the gain included in the line item “Gain on sale of fixed assets and acquisition of business” in the condensed consolidated statements of income for the third quarter ended September 30, 2012. | |||||||||||||||||
The acquisition was funded through borrowings under the Company’s 2011 Credit Facility and was completed pursuant to a foreclosure and private sale under the Uniform Commercial Code with Capital Source Finance, LLC. | |||||||||||||||||
Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 982 | |||||||||||||||
Inventories | 1,262 | ||||||||||||||||
Property, plant and equipment | 1,221 | ||||||||||||||||
Prepaid expenses | 20 | ||||||||||||||||
Accounts payable and accrued liabilities | (816 | ) | |||||||||||||||
Intangible assets | 337 | ||||||||||||||||
Gain on acquisition of business | (223 | ) | |||||||||||||||
Total net purchase price | $ | 2,783 | |||||||||||||||
Creative Wood | |||||||||||||||||
In September 2012, the Company completed the acquisition of the business and certain assets of Ligonier, Indiana-based Creative Wood, a manufacturer of hardwood furniture including interior hardwood tables, chairs, dinettes, trim, fascia, mouldings, and other miscellaneous products, for a net purchase price of $3.0 million, which includes two subsequent contingent payments based on future performance. This acquisition expanded the Company’s revenues to its existing customer base in the RV industry sector. The results of operations for Creative Wood are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The fair value of the contingent consideration arrangement was estimated by applying the income approach and included assumptions related to the probability of future payments and discounted cash flows. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Creative Wood team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||||||
The acquisition was funded through borrowings under the Company's 2011 Credit Facility. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the first quarter of 2013. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 927 | |||||||||||||||
Inventories | 1,423 | ||||||||||||||||
Property, plant and equipment | 1,429 | ||||||||||||||||
Prepaid expenses | 24 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,570 | ) | |||||||||||||||
Other liabilities | (958 | ) | |||||||||||||||
Intangible assets | 757 | ||||||||||||||||
Goodwill | 994 | ||||||||||||||||
Total net purchase price | $ | 3,026 | |||||||||||||||
Middlebury Hardwoods | |||||||||||||||||
In October 2012, the Company acquired the business and certain assets of Middlebury, Indiana-based Middlebury Hardwoods, a manufacturer of hardwood cabinet doors, components and other hardwood products for the RV, MH, and residential kitchen cabinet industries, for a net purchase price of $19.8 million. This acquisition provided the opportunity for the Company to increase its market share and per unit content in the cabinet door market. The results of operations for Middlebury Hardwoods are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Middlebury Hardwoods’ team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||||||
The acquisition was funded through borrowings under the Company’s 2012 Credit Facility and includes the acquisition of accounts receivable, inventory, prepaid expenses, machinery, equipment and vehicles, and land and buildings. | |||||||||||||||||
Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the first quarter of 2013. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 1,872 | |||||||||||||||
Inventories | 1,719 | ||||||||||||||||
Property, plant and equipment | 7,171 | ||||||||||||||||
Prepaid expenses | 144 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,223 | ) | |||||||||||||||
Intangible assets | 6,470 | ||||||||||||||||
Goodwill | 3,609 | ||||||||||||||||
Total net purchase price | $ | 19,762 | |||||||||||||||
Pro Forma Information | |||||||||||||||||
The following pro forma information for the third quarter and nine months ended September 29, 2013 assumes the Frontline, Premier, West Side, Décor, Creative Wood, and Middlebury Hardwoods acquisitions occurred as of the beginning of the year immediately preceding each such acquisition. The pro forma information contains the actual operating results of Frontline, Premier, West Side, Décor, Creative Wood, and Middlebury Hardwoods, combined with the results prior to their respective acquisition dates adjusted to reflect the pro forma impact of the acquisitions occurring as of the beginning of the year immediately preceding each such acquisition. In addition, the pro forma information includes amortization expense related to intangible assets acquired in the Frontline, Premier and West Side acquisitions of approximately (i) $0.3 million for both the third quarter ended September 29, 2013 and September 30, 2012, and (ii) $0.9 million for both the nine month periods ended September 29, 2013 and September 30, 2012. Amortization expense of approximately $0.2 million and $0.6 million related to intangible assets acquired in the Décor, Creative Wood, and Middlebury Hardwoods acquisitions is included in the pro forma information for the third quarter and nine months ended September 30, 2012, respectively. Pro forma information related to the Gustafson acquisition is not included in the table below, as its financial results were not considered to be significant to the Company’s operating results for the periods presented. | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
(thousands except per share data) | Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | 154,732 | $ | 134,929 | $ | 478,231 | $ | 400,594 | |||||||||
Net income | 5,095 | 7,694 | 18,879 | 27,170 | |||||||||||||
Income per share – basic | 0.48 | 0.72 | 1.76 | 2.59 | |||||||||||||
Income per share – diluted | 0.48 | 0.71 | 1.75 | 2.54 | |||||||||||||
The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time, nor is it intended to be a projection of future results. | |||||||||||||||||
For both the third quarter and nine months ended September 29, 2013, revenue of approximately $1.8 million was included in the Company’s condensed consolidated statements of income pertaining to the three businesses acquired in 2013. Revenue of approximately $9.4 million and $17.6 million, respectively, was included for the comparable periods in 2012 pertaining to the three businesses acquired in 2012. |
Note_5_Stockbased_Compensation
Note 5 - Stock-based Compensation | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
5. STOCK-BASED COMPENSATION | |
The Company accounts for stock-based compensation in accordance with fair value recognition provisions. The Company recorded compensation expense of $0.3 million and $0.2 million for the third quarters ended September 29, 2013 and September 30, 2012, respectively, for its stock-based compensation plans on the condensed consolidated statements of income. For the comparable nine months periods, the Company recorded $0.9 million and $0.6 million, respectively. | |
The Company estimates the fair value of (i) all stock grants as of the grant date using the closing price per share of the Company’s common stock on such date, and (ii) all stock option awards as of the grant date by applying the Black-Scholes option pricing model. The Board of Directors approved the following share grants in 2012 and 2013: 15,000 shares on February 16, 2012, 122,800 shares on March 12, 2012, 24,500 shares on May 24, 2012, 89,947 shares on March 4, 2013, 5,000 shares on March 11, 2013, and 19,480 shares on May 23, 2013. | |
As of September 29, 2013, there was approximately $1.9 million of total unrecognized compensation cost related to stock-based compensation arrangements granted under incentive plans. That cost is expected to be recognized over a weighted-average period of 17.1 months. |
Note_6_Income_Per_Common_Share
Note 6 - Income Per Common Share | 9 Months Ended | |||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||||
6. INCOME PER COMMON SHARE | ||||||||||||||||||
Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding, plus the dilutive effect of stock options and warrants. The dilutive effect of stock options and warrants is calculated under the treasury stock method using the average market price for the period. | ||||||||||||||||||
Income per common share is calculated for the third quarter and nine months periods as follows: | ||||||||||||||||||
Third Quarter Ended | Nine Months Ended | |||||||||||||||||
(thousands) | Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net income for basic and diluted per share calculation | $ | 5,452 | $ | 6,554 | $ | 19,028 | $ | 24,878 | ||||||||||
Weighted average common shares outstanding - basic | 10,655 | 10,673 | 10,759 | 10,473 | ||||||||||||||
Effect of potentially dilutive securities | 42 | 236 | 41 | 232 | ||||||||||||||
Weighted average common shares outstanding - diluted | 10,697 | 10,909 | 10,800 | 10,705 | ||||||||||||||
Basic net income per share | $ | 0.51 | $ | 0.61 | $ | 1.77 | $ | 2.38 | ||||||||||
Diluted net income per share | $ | 0.51 | $ | 0.6 | $ | 1.76 | $ | 2.32 | ||||||||||
Note_7_Other_Noncurrent_Assets
Note 7 - Other Non-current Assets | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Other Assets Disclosure [Text Block] | ' |
7. OTHER NON-CURRENT ASSETS | |
As of September 29, 2013 and December 31, 2012, other non-current assets of $0.8 million and $0.9 million, respectively, were net of borrowings against the cash value of life insurance policies on certain of the Company’s officers and directors of approximately $2.7 million. These borrowings were entered into in March 2011 in connection with the refinancing of the Company’s then-existing credit facility established pursuant to the 2007 Credit Agreement (as defined herein) to provide an additional source of liquidity. |
Note_8_Debt
Note 8 - Debt | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
8. DEBT | |||||||||
Total long-term debt outstanding at September 29, 2013 and December 31, 2012 was $63.0 million and $49.7 million, respectively. | |||||||||
2011 Credit Facility | |||||||||
Prior to October 24, 2012, the Company’s debt financing was supported by its credit agreement, dated March 31, 2011, as amended, among the Company, Wells Fargo Capital Finance, LLC (“WFCF”), as the lender and agent, and Fifth-Third Bank (“Fifth-Third”) as participant (the “2011 Credit Agreement”), which consisted of a $50 million revolving secured senior credit facility (the “2011 Credit Facility”). The 2011 Credit Facility was scheduled to mature on March 31, 2015. | |||||||||
2012 Credit Facility | |||||||||
On October 24, 2012, the Company entered into a credit agreement (the “2012 Credit Agreement”) with Wells Fargo Bank, National Association as the agent and lender (“Wells Fargo”), and Fifth-Third as participant (collectively, the “Lenders”), to establish a five-year $80 million revolving secured senior credit facility (the “2012 Credit Facility”). The 2012 Credit Facility replaced the 2011 Credit Facility. Initial borrowings under the 2012 Credit Facility were used in part to repay in full the borrowings outstanding under the 2011 Credit Facility. | |||||||||
The 2012 Credit Agreement is secured by a pledge of substantially all of the assets of the Company pursuant to a Security Agreement, dated October 24, 2012, between the Company and Wells Fargo, as agent. The 2012 Credit Agreement includes certain definitions, terms and reporting requirements and includes the following provisions: | |||||||||
● | The maturity date for the 2012 Credit Facility is October 24, 2017; | ||||||||
● | Borrowings under the revolving line of credit (the “Revolver”) are subject to a maximum borrowing limit of $80.0 million; | ||||||||
● | The Company has the option to increase the 2012 Credit Facility by an amount up to $20 million upon request to and subject to the approval of the Lenders; | ||||||||
● | The interest rates for borrowings under the Revolver are the Base Rate plus the Applicable Margin or the London Interbank Offer Rate (“LIBOR”) plus the Applicable Margin, with a fee payable by the Company on unused but committed portions of the Revolver; | ||||||||
● | The Revolver includes a sub-limit up to $5,000,000 for same day advances (“Swing Line”) which shall bear interest based upon the Base Rate plus the Applicable Margin; | ||||||||
● | Up to $20 million of the Revolver will be available as a sub facility for the issuance of standby letters of credit, which are subject to certain expiration dates. The Company’s existing standby letters of credit as of October 24, 2012 remained outstanding under the terms of the 2012 Credit Agreement; | ||||||||
● | The financial covenants include requirements as to a consolidated total leverage ratio and a consolidated interest coverage ratio, and other covenants include limitations on permitted acquisitions, capital expenditures, indebtedness, restricted payments and fundamental changes (see further details below); and | ||||||||
● | Customary prepayment provisions which require the prepayment of outstanding amounts under the Revolver based on predefined conditions. | ||||||||
At September 29, 2013 and December 31, 2012, the Company had $63.0 million and $49.7 million, respectively, outstanding under its Revolver. The interest rate for borrowings under the Revolver for both periods was the Prime Rate plus 0.50% (or 3.75%), or LIBOR plus 1.50% (or 1.6875%), and the fee payable on committed but unused portions of the Revolver was 0.20%. | |||||||||
Pursuant to the 2012 Credit Agreement, the financial covenants include (a) a maximum consolidated total leverage ratio, measured on a quarter-end basis, not to exceed 3.50:1.00 for the 12 month period ending on such quarter-end; (b) a required minimum consolidated interest coverage ratio under the Revolver, measured on a quarter-end basis, of at least 2.25:1.00 for the 12 month period ending on such quarter-end; and (c) a limitation on annual capital expenditures of $8.0 million for 2012 and subsequent fiscal years. If the consolidated total leverage ratio is in excess of 3.00:1.00 and less than 3.50:1.00, the Company is considered to be in compliance with this financial covenant provided it maintains an asset coverage ratio of at least 1.00 to 1.00 as of the close of each period. For fiscal year 2013 and subsequent fiscal years, the limitation on annual capital expenditures was increased to $8.0 million from $7.0 million per the Second Amendment, dated June 28, 2013, to the 2012 Credit Agreement. | |||||||||
The consolidated total leverage ratio is the ratio for any period of (i) consolidated total indebtedness to (ii) earnings before interest, taxes, depreciation and amortization (“EBITDA”). Consolidated total indebtedness for any period is the sum of (i) total debt outstanding under the Revolver less available cash on hand, (ii) capital leases and letters of credit outstanding, and (iii) deferred payment obligations. The asset coverage ratio for any period is the ratio of (i) eligible amounts of the Company’s trade payables, inventory and fixed assets, minus certain reserves as defined under the 2012 Credit Agreement to (ii) the sum of outstanding obligations under the 2012 Credit Facility. | |||||||||
The consolidated interest coverage ratio for any period is the ratio of (i) EBITDA minus depreciation to (ii) the sum of consolidated interest expense plus restricted payments made by the Company. | |||||||||
For the nine months ended September 29, 2013, the Company was in compliance with all three of these financial covenants at each reporting date. The required maximum total leverage ratio, minimum interest coverage ratio, and the annual capital expenditures limitation amounts compared to the actual amounts as of and for the fiscal period ended September 29, 2013 are as follows: | |||||||||
(thousands except ratios) | Required | Actual | |||||||
Consolidated leverage ratio (12-month period) | 3.5 | 1.1 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 5.8 | |||||||
Annual capital expenditures limitation (actual year-to-date) | $ | 8,000 | $ | 5,214 | |||||
Secured Senior Subordinated Notes | |||||||||
March 2011 Notes | |||||||||
In connection with entering into the 2011 Credit Agreement, the Company issued $2.5 million principal amount of Secured Senior Subordinated Notes (the “March 2011 Notes”) to each of Tontine Capital Overseas Master Fund II, L.P., a Cayman Islands limited partnership (“TCOMF2”) and Northcreek Mezzanine Fund I, L.P. (“Northcreek”), or $5.0 million in the aggregate. The March 2011 Notes bore interest at a rate equal to 10% per annum until March 31, 2013 and 13% thereafter, and were scheduled to mature on March 31, 2016. The Company was permitted to prepay all or any portion of the March 2011 Notes at any time based on pre-defined percentages of the principal amount being prepaid. | |||||||||
In connection with the issuance of the March 2011 Notes, the Company issued warrants to purchase 125,000 shares of the Company’s common stock to each of TCOMF2 and Northcreek at an exercise price of $0.01 per share (the “March 2011 Warrants”). Northcreek and TCOMF2 exercised their individual warrants to purchase 125,000 shares of the Company’s common stock in April 2011 and June 2011, respectively. The debt discount of $0.7 million, which was equal to the fair value of the March 2011 Warrants as of March 31, 2011, was being amortized to interest expense over the life of the March 2011 Notes beginning in the second quarter of 2011. In the fourth quarter of 2012, in connection with the prepayment in full of the March 2011 Notes, the Company recorded a non-cash charge to interest expense to write-off the remaining unamortized portion of the debt discount. | |||||||||
September 2011 Notes | |||||||||
In connection with the financing of the acquisition of AIA, the 2011 Credit Agreement was amended to, among other things, allow for the issuance to Northcreek and an affiliate of Northcreek of Secured Senior Subordinated Notes in the aggregate principal amount of $2.7 million (the “September 2011 Notes”). The September 2011 Notes bore interest at 13% per annum and were scheduled to mature on March 31, 2016. The Company was permitted to prepay all or any portion of the September 2011 Notes at any time based on pre-defined percentages of the principal amount being prepaid. | |||||||||
On September 16, 2011, in connection with the September 2011 Notes, the Company issued to Northcreek and the affiliate of Northcreek warrants to purchase, in the aggregate, 135,000 shares of the Company’s common stock at an exercise price of $0.01 per share (the “September 2011 Warrants”). Northcreek and the affiliate of Northcreek exercised their warrants to purchase in the aggregate 135,000 shares of the Company’s common stock in November 2011. The debt discount of $0.3 million, which was equal to the fair value of the September 2011 Warrants as of September 16, 2011, was being amortized to interest expense over the life of the September 2011 Notes beginning in the third quarter of 2011. In the fourth quarter of 2012, in connection with the prepayment in full of the September 2011 Notes, the Company recorded a non-cash charge to interest expense to write-off the remaining unamortized portion of the debt discount. | |||||||||
Repayments of March 2011 and September 2011 Notes | |||||||||
On March 30, 2012, the Company (i) exercised its option to prepay 10%, or $500,000 in the aggregate, of the original principal amount of its March 2011 Notes at a price of 101% of the principal amount being prepaid plus accrued interest and (ii) exercised its option to prepay 10%, or $270,000 in the aggregate, of the original principal amount of its September 2011 Notes at a price of 101% of the principal amount being prepaid plus accrued interest. | |||||||||
On June 29, 2012, the Company exercised its option to prepay 10%, or $770,000 in the aggregate, of the combined original principal amount of both its March 2011 Notes and September 2011 Notes, at a price of 101% of the principal amount being prepaid plus accrued interest. | |||||||||
On October 24, 2012, the Company used borrowings under the 2012 Credit Facility to prepay the remaining combined principal outstanding of $6.16 million of its March 2011 Notes and September 2011 Notes at a price of 104% of the principal amount prepaid plus accrued interest. | |||||||||
Subordinated Secured Promissory Note | |||||||||
Also in connection with the financing of the AIA acquisition, the 2011 Credit Agreement was amended to allow for the issuance of a 10% Promissory Note to the seller of AIA in the principal amount of $2.0 million. The Promissory Note was scheduled to mature on September 16, 2013 and was payable in eight quarterly installments of $250,000 plus quarterly interest payments beginning on December 16, 2011. On October 24, 2012, the Company used borrowings under the 2012 Credit Facility to prepay at par the $1.0 million remaining principal outstanding under the Promissory Note plus accrued interest. |
Note_9_Derivative_Financial_In
Note 9 - Derivative Financial Instruments | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||
9. DERIVATIVE FINANCIAL INSTRUMENTS | |||||
The Company at times enters into certain derivative financial instruments, on a cost-effective basis, to mitigate its risk associated with changes in interest rates. The Company does not use derivative financial instruments for speculative purposes. All derivatives are recognized on the condensed consolidated statements of financial position at their fair value. Changes in fair value are recognized periodically in earnings or accumulated other comprehensive income within shareholders' equity, depending on the intended use of the derivative and whether the derivative has been designated by management as an ineffective hedging instrument. Changes in fair value of derivative instruments not designated as effective hedging instruments are recognized in earnings in the current period. | |||||
Warrants Subject to Revaluation | |||||
2008 Warrants | |||||
In conjunction with the Second Amendment dated December 11, 2008 to the Company’s credit agreement, dated May 18, 2007 (the “2007 Credit Agreement), the Company issued a series of warrants (the “2008 Warrants”) to its then existing lenders. The Company accounted for the 2008 Warrants as derivative financial instruments. The calculated fair value of the 2008 Warrants was classified as a liability and was periodically remeasured with any changes in value recognized in the stock warrants revaluation line on the condensed consolidated statements of income. | |||||
As of January 1, 2012, there were in aggregate 328,169 shares of common stock issuable upon exercise of the then remaining 2008 Warrants. In the first quarter of 2012, 154,109 net shares of common stock were issued upon the cashless exercises of 2008 Warrants to purchase 179,531 shares in the aggregate of the Company’s common stock. The fair value of the shares of $1.1 million was reclassified to shareholders’ equity on the condensed consolidated statements of financial position. | |||||
In the second quarter of 2012, 69,106 net shares of common stock were issued upon the cashless exercise of 2008 Warrants to purchase 74,319 shares of the Company’s common stock. The fair value of these shares of $1.0 million was reclassified to shareholders’ equity on the condensed consolidated statements of financial position. | |||||
In the third quarter of 2012, 68,641 net shares of common stock were issued upon the cashless exercise of the remaining 2008 Warrants to purchase 74,319 shares of the Company’s common stock. The fair value of these shares of $0.8 million was reclassified to shareholders’ equity on the condensed consolidated statements of financial position. | |||||
The 2008 Warrants were measured until their exercise at fair value on a recurring basis using Level 2 valuation methodologies. The Company estimates the fair value of all stock warrants outstanding at the end of the period by applying the Black-Scholes model. The use of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of the fair value and include the dividend yield, exercise price and forfeiture rate. Expected volatilities are based on historical volatility of the Company stock. The expected term of the stock warrants represents the period of time that the warrants are expected to be outstanding. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the valuation for instruments of a similar term. | |||||
There were no 2008 Warrants outstanding as of September 30, 2012. The Company utilized the same methodology to determine the fair value of the 2008 Warrants exercised in the nine months ended September 30, 2012. The total fair value of the outstanding warrants as of and for the nine month period ended September 30, 2012 is as follows: | |||||
(thousands) | Sept. 30, 2012 | ||||
Balance at beginning of period | $ | 1,191 | |||
Reclassification of fair value of exercised warrants to shareholders’ equity | (2,922 | ) | |||
Change in fair value, included in earnings | 1,731 | ||||
Balance at end of period | $ | - | |||
Note_10_Fair_Value_Measurement
Note 10 - Fair Value Measurements | 9 Months Ended |
Sep. 29, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
10. FAIR VALUE MEASUREMENTS | |
The 2008 Warrants were included in Level 2 of the fair value hierarchy. Level 2 represents financial instruments lacking quoted prices (unadjusted) from active market exchanges, including over-the-counter exchange-traded financial instruments. The prices for the financial instruments are determined using prices for recently traded financial instruments with similar underlying terms as well as directly or indirectly observable inputs. | |
The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of September 29, 2013 and December 31, 2012 because of the relatively short maturities of these financial instruments. The carrying amount of long-term debt approximated fair value as of September 29, 2013 and December 31, 2012 based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding long-term debt. |
Note_11_Comprehensive_Income_L
Note 11 - Comprehensive Income (Loss) | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block [Abstract] | ' |
Comprehensive Income (Loss) Note [Text Block] | ' |
11. COMPREHENSIVE INCOME (LOSS) | |
Accumulated other comprehensive income, net of tax, relating to changes in accumulated pension benefit was $17,000 at both September 29, 2013 and December 31, 2012. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
12. INCOME TAXES | |
At December 31, 2011, the Company had a tax valuation allowance for deferred tax assets net of deferred tax liabilities not expected to be utilized of $15.6 million. No income tax expense or benefit was recorded during the first quarter ended March 31, 2012 because there was a full valuation allowance related to deferred tax assets. | |
In the second quarter of 2012, the Company determined that it was likely that the remaining net deferred tax assets would be realized based upon sustained profitability and forecasted future operating results. As a result, the Company reversed approximately $6.8 million of the valuation allowance in 2012, of which $6.7 million was reversed in the second quarter of 2012, with the reversal recorded as a non-cash income tax credit on the Company’s condensed consolidated statement of income. In addition, the Company reversed the balance of its valuation allowance in 2012 to fully offset its 2012 tax provision of approximately $8.8 million. | |
The Company recorded income taxes at an estimated effective tax rate of 39% in the first and second quarters of 2013. In the third quarter of 2013, the Company determined that its estimated effective tax rate for the full year of 2013 would be approximately 38%. As a result, the Company recorded income taxes at a rate of 35.4% in the third quarter of 2013 in order to achieve a blended rate of 38% for the first nine months of 2013. | |
At December 31, 2012, the Company had a gross federal net operating loss (“NOL”) carry forward of approximately $9.8 million that was fully utilized in the first half of 2013. In addition, the Company had various state NOLs of approximately $12.6 million at December 31, 2012, of which approximately $5.5 million were remaining to be utilized as of September 29, 2013. While the Company recorded income taxes at an estimated full year effective rate of 38% in the first nine months of 2013, the federal and state NOLs were used to partially offset the cash portion of the income tax liability for 2013. The Company estimates that it will fully utilize a significant majority of the remaining state NOLs by the end of 2014. |
Note_13_Segment_Information
Note 13 - Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
13. SEGMENT INFORMATION | |||||||||||||||||
The Company has determined that its reportable segments are those based on its method of internal reporting, which segregates its businesses by product category and production/distribution process. | |||||||||||||||||
A description of the Company’s reportable segments is as follows: | |||||||||||||||||
Manufacturing – The Company’s most significant manufacturing division is lamination, which utilizes various materials, such as lauan, MDF, gypsum, and particleboard, that are bonded by adhesives or a heating process to a number of products, including vinyl, paper, foil, and high-pressure laminates. These products are utilized to produce furniture, shelving, wall, counter, and cabinet products with a wide variety of finishes and textures. This segment also includes a cabinet door division, the recently acquired fiberglass bath fixtures division (Frontline), a hardwood furniture division, a vinyl printing division, a solid surface, granite, and quartz fabrication operation, and an exterior graphics division. Patrick’s major manufactured products also include wrapped vinyl, paper and hardwood profile mouldings, interior passage doors, and slotwall panels and components. The Manufacturing segment contributed approximately 78% and 76% of the Company’s net sales for the nine months ended September 29, 2013 and September 30, 2012, respectively. | |||||||||||||||||
Distribution - Distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, cement siding, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products. The Distribution segment contributed approximately 22% and 24% of the Company’s net sales for the nine months ended September 29, 2013 and September 30, 2012, respectively. | |||||||||||||||||
The tables below present unaudited information about the sales and operating income of those segments. | |||||||||||||||||
Third Quarter Ended September 29, 2013: | |||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 112,578 | $ | 34,045 | $ | 146,623 | |||||||||||
Intersegment sales | 5,302 | 507 | 5,809 | ||||||||||||||
Operating income | 9,333 | 2,020 | 11,353 | ||||||||||||||
Third Quarter Ended September 30, 2012: | |||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 82,365 | $ | 30,581 | $ | 112,946 | |||||||||||
Intersegment sales | 3,574 | 447 | 4,021 | ||||||||||||||
Operating income | 7,285 | 1,583 | 8,868 | ||||||||||||||
Nine Months Ended September 29, 2013: | |||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 349,068 | $ | 99,251 | $ | 448,319 | |||||||||||
Intersegment sales | 15,523 | 2,119 | 17,642 | ||||||||||||||
Operating income | 34,412 | 6,292 | 40,704 | ||||||||||||||
Nine Months Ended September 30, 2012: | |||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 250,601 | $ | 80,638 | $ | 331,239 | |||||||||||
Intersegment sales | 11,711 | 1,343 | 13,054 | ||||||||||||||
Operating income | 24,062 | 4,294 | 28,356 | ||||||||||||||
The table below presents a reconciliation of segment operating income to consolidated operating income: | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
(thousands) | Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating income for reportable segments | $ | 11,353 | $ | 8,868 | $ | 40,704 | $ | 28,356 | |||||||||
Corporate incentive agreements | 29 | 121 | 73 | 211 | |||||||||||||
(Gain) loss on sale of fixed assets and acquisition of business | (6 | ) | 234 | 424 | 237 | ||||||||||||
Unallocated corporate expenses | (1,853 | ) | (1,570 | ) | (7,308 | ) | (5,388 | ) | |||||||||
Amortization of intangible assets | (548 | ) | (342 | ) | (1,588 | ) | (992 | ) | |||||||||
Consolidated operating income | $ | 8,975 | $ | 7,311 | $ | 32,305 | $ | 22,424 | |||||||||
Note_14_Stock_Repurchase_Progr
Note 14 - Stock Repurchase Program | 9 Months Ended |
Sep. 29, 2013 | |
Stock Repurchase Program [Abstract] | ' |
Stock Repurchase Program [Text Block] | ' |
14. STOCK REPURCHASE PROGRAM | |
On February 22, 2013, the Company’s Board of Directors authorized a stock repurchase program for purchasing up to $10 million of the Company’s common stock from time to time through open market or private transactions over the next 12 months. As of September 29, 2013, the Company had repurchased 407,330 shares at an average price of $14.92 for an aggregate purchase price of approximately $6.1 million. | |
Common Stock | |
The Company’s common stock does not have a stated par value. As a result, repurchases of common stock have been reflected as a reduction of common stock on the Company’s condensed consolidated statements of financial position. |
Note_15_Subsequent_Events
Note 15 - Subsequent Events | 9 Months Ended |
Sep. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
15. SUBSEQUENT EVENT | |
In October 2013, the Company purchased one of its distribution facilities that it had previously been leasing from an unrelated third party, for approximately $1.7 million. |
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
(thousands) | Sept. 29, 2013 | Dec. 31, 2012 | |||||||
Raw materials | $ | 27,592 | $ | 24,197 | |||||
Work in process | 4,149 | 3,000 | |||||||
Finished goods | 3,803 | 3,169 | |||||||
Less: reserve for inventory obsolescence | (825 | ) | (825 | ) | |||||
Total manufactured goods, net | 34,719 | 29,541 | |||||||
Materials purchased for resale (distribution products) | 21,532 | 17,732 | |||||||
Less: reserve for inventory obsolescence | (397 | ) | (281 | ) | |||||
Total materials purchased for resale (distribution products), net | 21,135 | 17,451 | |||||||
Total inventories | $ | 55,854 | $ | 46,992 |
Note_3_Goodwill_and_Intangible1
Note 3 - Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Balance – January 1, 2013 | $ | 10,257 | $ | 105 | $ | 10,362 | |||||||
Acquisitions | 4,034 | 2,574 | 6,608 | ||||||||||
Balance – September 29, 2013 | $ | 14,291 | $ | 2,679 | $ | 16,970 | |||||||
' | |||||||||||||
(thousands) | Sept. 29, | Dec.31, | |||||||||||
2013 | 2012 | ||||||||||||
Trademarks | $ | 4,166 | $ | 3,504 | |||||||||
Customer relationships | 23,668 | 17,228 | |||||||||||
Non-compete agreements | 3,417 | 1,756 | |||||||||||
31,251 | 22,488 | ||||||||||||
Less: accumulated amortization | (4,857 | ) | (3,269 | ) | |||||||||
Other intangible assets, net | $ | 26,394 | $ | 19,219 | |||||||||
' | |||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Balance – December 31, 2012 | $ | 18,242 | $ | 977 | $ | 19,219 | |||||||
Acquisitions | 3,301 | 5,462 | 8,763 | ||||||||||
Amortization | (1,369 | ) | (219 | ) | (1,588 | ) | |||||||
Balance – September 29, 2013 | $ | 20,174 | $ | 6,220 | $ | 26,394 |
Note_4_Acquisitions_Tables
Note 4 - Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
' | |||||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 1,674 | |||||||||||||||
Inventories | 233 | ||||||||||||||||
Property, plant and equipment | 1,058 | ||||||||||||||||
Prepaid expenses | 21 | ||||||||||||||||
Accounts payable and accrued liabilities | (2,693 | ) | |||||||||||||||
Intangible assets | 2,092 | ||||||||||||||||
Goodwill | 2,795 | ||||||||||||||||
Total net purchase price | $ | 5,180 | |||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 762 | |||||||||||||||
Inventories | 347 | ||||||||||||||||
Property, plant and equipment | 588 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,525 | ) | |||||||||||||||
Intangible assets | 1,209 | ||||||||||||||||
Goodwill | 1,239 | ||||||||||||||||
Total net purchase price | $ | 2,620 | |||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 913 | |||||||||||||||
Inventories | 1,463 | ||||||||||||||||
Property, plant and equipment | 324 | ||||||||||||||||
Prepaid expenses | 79 | ||||||||||||||||
Accounts payable and accrued liabilities | (2,071 | ) | |||||||||||||||
Intangible assets | 5,462 | ||||||||||||||||
Goodwill | 2,574 | ||||||||||||||||
Total net purchase price | $ | 8,744 | |||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 1,280 | |||||||||||||||
Inventories | 903 | ||||||||||||||||
Property, plant and equipment | 400 | ||||||||||||||||
Prepaid expenses | 22 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,375 | ) | |||||||||||||||
Intangible assets | 1,663 | ||||||||||||||||
Goodwill | 1,440 | ||||||||||||||||
Total net purchase price | $ | 4,333 | |||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 982 | |||||||||||||||
Inventories | 1,262 | ||||||||||||||||
Property, plant and equipment | 1,221 | ||||||||||||||||
Prepaid expenses | 20 | ||||||||||||||||
Accounts payable and accrued liabilities | (816 | ) | |||||||||||||||
Intangible assets | 337 | ||||||||||||||||
Gain on acquisition of business | (223 | ) | |||||||||||||||
Total net purchase price | $ | 2,783 | |||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 927 | |||||||||||||||
Inventories | 1,423 | ||||||||||||||||
Property, plant and equipment | 1,429 | ||||||||||||||||
Prepaid expenses | 24 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,570 | ) | |||||||||||||||
Other liabilities | (958 | ) | |||||||||||||||
Intangible assets | 757 | ||||||||||||||||
Goodwill | 994 | ||||||||||||||||
Total net purchase price | $ | 3,026 | |||||||||||||||
(thousands) | |||||||||||||||||
Trade receivables | $ | 1,872 | |||||||||||||||
Inventories | 1,719 | ||||||||||||||||
Property, plant and equipment | 7,171 | ||||||||||||||||
Prepaid expenses | 144 | ||||||||||||||||
Accounts payable and accrued liabilities | (1,223 | ) | |||||||||||||||
Intangible assets | 6,470 | ||||||||||||||||
Goodwill | 3,609 | ||||||||||||||||
Total net purchase price | $ | 19,762 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
(thousands except per share data) | Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenue | $ | 154,732 | $ | 134,929 | $ | 478,231 | $ | 400,594 | |||||||||
Net income | 5,095 | 7,694 | 18,879 | 27,170 | |||||||||||||
Income per share – basic | 0.48 | 0.72 | 1.76 | 2.59 | |||||||||||||
Income per share – diluted | 0.48 | 0.71 | 1.75 | 2.54 |
Note_6_Income_Per_Common_Share1
Note 6 - Income Per Common Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | |||||||||||||||||
(thousands) | Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net income for basic and diluted per share calculation | $ | 5,452 | $ | 6,554 | $ | 19,028 | $ | 24,878 | ||||||||||
Weighted average common shares outstanding - basic | 10,655 | 10,673 | 10,759 | 10,473 | ||||||||||||||
Effect of potentially dilutive securities | 42 | 236 | 41 | 232 | ||||||||||||||
Weighted average common shares outstanding - diluted | 10,697 | 10,909 | 10,800 | 10,705 | ||||||||||||||
Basic net income per share | $ | 0.51 | $ | 0.61 | $ | 1.77 | $ | 2.38 | ||||||||||
Diluted net income per share | $ | 0.51 | $ | 0.6 | $ | 1.76 | $ | 2.32 |
Note_8_Debt_Tables
Note 8 - Debt (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule Of Required Financial Covenants Compared To Actual Amounts [Table Text Block] | ' | ||||||||
(thousands except ratios) | Required | Actual | |||||||
Consolidated leverage ratio (12-month period) | 3.5 | 1.1 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 5.8 | |||||||
Annual capital expenditures limitation (actual year-to-date) | $ | 8,000 | $ | 5,214 |
Note_9_Derivative_Financial_In1
Note 9 - Derivative Financial Instruments (Tables) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Schedule Of Outstanding Stock Warrants At Fair Value [Table Text Block] | ' | ||||
(thousands) | Sept. 30, 2012 | ||||
Balance at beginning of period | $ | 1,191 | |||
Reclassification of fair value of exercised warrants to shareholders’ equity | (2,922 | ) | |||
Change in fair value, included in earnings | 1,731 | ||||
Balance at end of period | $ | - |
Note_13_Segment_Information_Ta
Note 13 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 112,578 | $ | 34,045 | $ | 146,623 | |||||||||||
Intersegment sales | 5,302 | 507 | 5,809 | ||||||||||||||
Operating income | 9,333 | 2,020 | 11,353 | ||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 82,365 | $ | 30,581 | $ | 112,946 | |||||||||||
Intersegment sales | 3,574 | 447 | 4,021 | ||||||||||||||
Operating income | 7,285 | 1,583 | 8,868 | ||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 349,068 | $ | 99,251 | $ | 448,319 | |||||||||||
Intersegment sales | 15,523 | 2,119 | 17,642 | ||||||||||||||
Operating income | 34,412 | 6,292 | 40,704 | ||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||
Net outside sales | $ | 250,601 | $ | 80,638 | $ | 331,239 | |||||||||||
Intersegment sales | 11,711 | 1,343 | 13,054 | ||||||||||||||
Operating income | 24,062 | 4,294 | 28,356 | ||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
(thousands) | Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating income for reportable segments | $ | 11,353 | $ | 8,868 | $ | 40,704 | $ | 28,356 | |||||||||
Corporate incentive agreements | 29 | 121 | 73 | 211 | |||||||||||||
(Gain) loss on sale of fixed assets and acquisition of business | (6 | ) | 234 | 424 | 237 | ||||||||||||
Unallocated corporate expenses | (1,853 | ) | (1,570 | ) | (7,308 | ) | (5,388 | ) | |||||||||
Amortization of intangible assets | (548 | ) | (342 | ) | (1,588 | ) | (992 | ) | |||||||||
Consolidated operating income | $ | 8,975 | $ | 7,311 | $ | 32,305 | $ | 22,424 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $27,592 | $24,197 |
Work in process | 4,149 | 3,000 |
Finished goods | 3,803 | 3,169 |
Total materials purchased for resale (distribution products), net | 21,135 | 17,451 |
Total inventories | 55,854 | 46,992 |
Total manufactured goods, net | 34,719 | 29,541 |
Materials purchased for resale (distribution products) | 21,532 | 17,732 |
Manufactured Goods [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Less: reserve for inventory obsolescence | -825 | -825 |
Purchased Goods [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Less: reserve for inventory obsolescence | ($397) | ($281) |
Note_3_Goodwill_and_Intangible2
Note 3 - Goodwill and Intangible Assets (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 20, 2013 | Sep. 20, 2013 | Sep. 20, 2013 | Sep. 20, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Frontline [Member] | Frontline [Member] | Frontline [Member] | Frontline [Member] | Premier [Member] | Premier [Member] | Premier [Member] | Premier [Member] | West Side [Member] | West Side [Member] | West Side [Member] | West Side [Member] | Customer Relationships and Non-compete Agreements [Member] | Minimum [Member] | Maximum [Member] | |||
Customer Relationships [Member] | Trademarks [Member] | Noncompete Agreements [Member] | Customer Relationships [Member] | Trademarks [Member] | Noncompete Agreements [Member] | Customer Relationships [Member] | Trademarks [Member] | Noncompete Agreements [Member] | Customer Relationships and Non-compete Agreements [Member] | Customer Relationships and Non-compete Agreements [Member] | |||||||
Note 3 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | $1,411,000 | $221,000 | $460,000 | ' | $862,000 | $144,000 | $203,000 | ' | $4,167,000 | $297,000 | $998,000 | ' | ' | ' | ' |
Goodwill | 16,970,000 | 10,362,000 | ' | ' | ' | 2,795,000 | ' | ' | ' | 1,239,000 | ' | ' | ' | 2,574,000 | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 26,394,000 | 19,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Trademarks | 4,166,000 | 3,504,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,200,000 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '19 years |
Note_3_Goodwill_and_Intangible3
Note 3 - Goodwill and Intangible Assets (Details) - Goodwill Activity by Segment (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Balance | ' | $10,362 |
Acquisitions | 6,608 | ' |
Balance | 16,970 | 10,362 |
Manufacturing [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance | ' | 10,257 |
Acquisitions | 4,034 | ' |
Balance | 14,291 | 10,257 |
Distribution [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance | ' | 105 |
Acquisitions | 2,574 | ' |
Balance | $2,679 | $105 |
Note_3_Goodwill_and_Intangible4
Note 3 - Goodwill and Intangible Assets (Details) - Other intangible assets, net, by major class (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other intangible assets, net, by major class [Abstract] | ' | ' |
Trademarks | $4,166 | $3,504 |
Customer relationships | 23,668 | 17,228 |
Non-compete agreements | 3,417 | 1,756 |
31,251 | 22,488 | |
Less: accumulated amortization | -4,857 | -3,269 |
Other intangible assets, net | $26,394 | $19,219 |
Note_3_Goodwill_and_Intangible5
Note 3 - Goodwill and Intangible Assets (Details) - Other intangible assets by segment (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Note 3 - Goodwill and Intangible Assets (Details) - Other intangible assets by segment [Line Items] | ' | ' | ' | ' | ' |
Balance – December 31, 2012 | ' | ' | ' | $19,219 | ' |
Acquisitions | ' | ' | ' | 8,763 | ' |
Amortization | -548 | -342 | -342 | -1,588 | -992 |
Balance – September 29, 2013 | 26,394 | ' | ' | 26,394 | ' |
Manufacturing [Member] | ' | ' | ' | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Other intangible assets by segment [Line Items] | ' | ' | ' | ' | ' |
Balance – December 31, 2012 | ' | ' | ' | 18,242 | ' |
Acquisitions | ' | ' | ' | 3,301 | ' |
Amortization | ' | ' | ' | -1,369 | ' |
Balance – September 29, 2013 | 20,174 | ' | ' | 20,174 | ' |
Distribution [Member] | ' | ' | ' | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Other intangible assets by segment [Line Items] | ' | ' | ' | ' | ' |
Balance – December 31, 2012 | ' | ' | ' | 977 | ' |
Acquisitions | ' | ' | ' | 5,462 | ' |
Amortization | ' | ' | ' | -219 | ' |
Balance – September 29, 2013 | $6,220 | ' | ' | $6,220 | ' |
Note_4_Acquisitions_Details
Note 4 - Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 20, 2013 | Mar. 02, 2012 | Jul. 23, 2012 | Sep. 15, 2012 | Oct. 26, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
Frontline [Member] | Premier [Member] | West Side [Member] | Decor Mfg., LLC [Member] | Gustafson Lighting [Member] | Creative Wood Designs, Inc. [Member] | Middlebury Hardwood Products, Inc. [Member] | Frontline, Premier and West Side [Member] | Frontline, Premier and West Side [Member] | Frontline, Premier and West Side [Member] | Frontline, Premier and West Side [Member] | Decor, Creative Wood and Middlebury Hardwoods [Member] | Decor, Creative Wood and Middlebury Hardwoods [Member] | ||||||
Note 4 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | $5,200,000 | $2,600,000 | $8,700,000 | $4,300,000 | $2,800,000 | $3,000,000 | $19,800,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $6.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 223,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Pro Forma Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 900,000 | 900,000 | 200,000 | 600,000 |
Business Acquisition, Pro Forma Revenue | $154,732,000 | ' | $134,929,000 | $478,231,000 | $400,594,000 | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | ' | $1,800,000 | ' | $9,400,000 | $17,600,000 |
Note_4_Acquisitions_Details_Es
Note 4 - Acquisitions (Details) - Estimated fair values of assets acquired and liabilities assumed (USD $) | 3 Months Ended | 1 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 20, 2013 | Mar. 02, 2012 | Jul. 23, 2012 | Sep. 15, 2012 | Oct. 26, 2012 |
Frontline [Member] | Premier [Member] | Goshen, Indiana Based West Side [Member] | Decor Mfg., LLC [Member] | Gustafson Lighting [Member] | Creative Wood Designs, Inc. [Member] | Middlebury Hardwood Products, Inc. [Member] | ||
Note 4 - Acquisitions (Details) - Estimated fair values of assets acquired and liabilities assumed [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivables | ' | $1,674 | $762 | $913 | $1,280 | $982 | $927 | $1,872 |
Inventories | ' | 233 | 347 | 1,463 | 903 | 1,262 | 1,423 | 1,719 |
Property, plant and equipment | ' | 1,058 | 588 | 324 | 400 | 1,221 | 1,429 | 7,171 |
Prepaid expenses | ' | 21 | ' | 79 | 22 | 20 | 24 | 144 |
Accounts payable and accrued liabilities | ' | -2,693 | -1,525 | -2,071 | -1,375 | -816 | -1,570 | -1,223 |
Other liabilities | ' | ' | ' | ' | ' | ' | -958 | ' |
Intangible assets | ' | 2,092 | 1,209 | 5,462 | 1,663 | 337 | 757 | 6,470 |
Gain on acquisition of business | -200 | ' | ' | ' | ' | -223 | ' | ' |
Goodwill | ' | 2,795 | 1,239 | 2,574 | 1,440 | ' | 994 | 3,609 |
Total net purchase price | ' | $5,180 | $2,620 | $8,744 | $4,333 | $2,783 | $3,026 | $19,762 |
Note_4_Acquisitions_Details_Un
Note 4 - Acquisitions (Details) - Unaudited pro forma information (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Unaudited pro forma information [Abstract] | ' | ' | ' | ' |
Revenue (in Dollars) | $154,732 | $134,929 | $478,231 | $400,594 |
Net income (in Dollars) | $5,095 | $7,694 | $18,879 | $27,170 |
Income per share – basic | $0.48 | $0.72 | $1.76 | $2.59 |
Income per share – diluted | $0.48 | $0.71 | $1.75 | $2.54 |
Note_5_Stockbased_Compensation1
Note 5 - Stock-based Compensation (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 11, 2013 | Mar. 04, 2013 | 23-May-13 | 24-May-12 | Mar. 12, 2012 | Feb. 16, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | ' | ' | ' | $0.30 | $0.20 | $0.90 | $0.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,000 | 89,947 | 19,480 | 24,500 | 122,800 | 15,000 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | ' | ' | ' | ' | $1.90 | ' | $1.90 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | '17 months 3 days | ' |
Note_6_Income_Per_Common_Share2
Note 6 - Income Per Common Share (Details) - Calculation of income per common share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Calculation of income per common share [Abstract] | ' | ' | ' | ' |
Net income for basic and diluted per share calculation (in Dollars) | $5,452 | $6,554 | $19,028 | $24,878 |
Weighted average common shares outstanding - basic | 10,655 | 10,673 | 10,759 | 10,473 |
Effect of potentially dilutive securities | 42 | 236 | 41 | 232 |
Weighted average common shares outstanding - diluted | 10,697 | 10,909 | 10,800 | 10,705 |
Basic net income per share (in Dollars per share) | $0.51 | $0.61 | $1.77 | $2.38 |
Diluted net income per share (in Dollars per share) | $0.51 | $0.60 | $1.76 | $2.32 |
Note_7_Other_Noncurrent_Assets1
Note 7 - Other Non-current Assets (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Other Assets, Noncurrent | $835,000 | $861,000 |
Loans, Gross, Insurance Policy | $2,700,000 | ' |
Note_8_Debt_Details
Note 8 - Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | Jun. 27, 2013 | Sep. 29, 2013 | Oct. 24, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Apr. 30, 2011 | Mar. 31, 2011 | Mar. 31, 2011 | Nov. 30, 2011 | Sep. 16, 2011 | Mar. 31, 2011 | Mar. 31, 2011 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | Mar. 30, 2012 | Mar. 31, 2011 | Sep. 30, 2011 | Mar. 30, 2012 | Sep. 16, 2011 | Oct. 24, 2012 | Jun. 29, 2012 | Sep. 16, 2012 | Oct. 24, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | |
March 2011 Warants [Member] | March 2011 Warants [Member] | March 2011 Warants [Member] | March 2011 Warants [Member] | March 2011 Warants [Member] | September 2011 Warrants [Member] | September 2011 Warrants [Member] | Northcreek [Member] | TCOMF2/Northcreek [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | March 2011 Notes [Member] | March 2011 Notes [Member] | September 2011 Notes [Member] | September 2011 Notes [Member] | September 2011 Notes [Member] | March 2011 and September 2011 Notes [Member] | March 2011 and September 2011 Notes [Member] | Promissory Note [Member] | Promissory Note [Member] | Maximum [Member] | Minimum [Member] | ||||||||
TCOMF2 [Member] | TCOMF2 [Member] | Northcreek [Member] | Northcreek [Member] | March 2011 Notes [Member] | March 2011 Notes [Member] | ||||||||||||||||||||||||||
Note 8 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | $63,000,000 | ' | $63,000,000 | ' | $49,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | 80,000,000 | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | 24-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase, Additional Borrowings, Option (in Dollars) | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sub-limit Amount For Advances (in Dollars) | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Barrowing Capacity Available Under Standby Letter of Credit (in Dollars) | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | 1.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 3.75% | 1.69% | 1.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | 0.20% | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 3 |
Consolidated Interest Coverage Ratio | ' | ' | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual Capital Expenditures Limitation And Actual Year To Date (in Dollars) | 8,000,000 | 7,000,000 | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Asset Coverage Ratio | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | 2,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Until March 31, 2013 | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage After March 31, 2013 | 13.00% | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 31-Mar-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-16 | ' | ' | ' | ' | 16-Sep-13 | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | 125,000 | ' | ' | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | 125,000 | ' | ' | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Debt Instrument, Option To Prepay Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 10.00% | ' | ' | 10.00% | ' | ' | ' | ' |
Debt Instrument, Prepaid Principal Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | 270,000 | ' | ' | 770,000 | ' | ' | ' | ' |
Debt Instrument Price Of Prepayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | 104.00% | 101.00% | ' | ' | ' | ' |
Long-term Debt, Gross (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,160,000 | ' | ' | 1,000,000 | ' | ' |
Debt Instrument, Number Of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' |
Debt Instrument, Periodic Payment (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000 | ' | ' | ' |
Note_8_Debt_Details_Required_f
Note 8 - Debt (Details) - Required financial covenants compared to actual amounts (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 27, 2013 | Sep. 29, 2013 | Dec. 31, 2012 |
Note 8 - Debt (Details) - Required financial covenants compared to actual amounts [Line Items] | ' | ' | ' | ' |
Consolidated interest coverage ratio (12-month period) | ' | ' | 2.25 | ' |
Annual capital expenditures limitation (actual year-to-date) (in Dollars) | $8,000 | $7,000 | ' | $8,000 |
Scenario, Required [Member] | ' | ' | ' | ' |
Note 8 - Debt (Details) - Required financial covenants compared to actual amounts [Line Items] | ' | ' | ' | ' |
Consolidated leverage ratio (12-month period) | ' | ' | 3.5 | ' |
Consolidated interest coverage ratio (12-month period) | ' | ' | 2.25 | ' |
Annual capital expenditures limitation (actual year-to-date) (in Dollars) | ' | ' | 8,000 | ' |
Scenario, Actual [Member] | ' | ' | ' | ' |
Note 8 - Debt (Details) - Required financial covenants compared to actual amounts [Line Items] | ' | ' | ' | ' |
Consolidated leverage ratio (12-month period) | ' | ' | 1.1 | ' |
Consolidated interest coverage ratio (12-month period) | ' | ' | 5.8 | ' |
Annual capital expenditures limitation (actual year-to-date) (in Dollars) | ' | ' | 5,214 | ' |
Note_9_Derivative_Financial_In2
Note 9 - Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2012 | Apr. 01, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Apr. 01, 2012 | Jun. 30, 2012 | Sep. 30, 2012 |
Warrants 2008 [Member] | Warrants 2008, First Quarter Exercise [Member] | Warrants 2008, Second Quarter Exercise [Member] | Warrants 2008, Third Quarter Exercise [Member] | |||||
Note 9 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | 328,169 | 179,531 | 74,319 | 74,319 |
Net Stock Issued During Period, Shares, Warrants Exercised | 68,641 | 69,106 | 154,109 | ' | ' | ' | ' | ' |
Adjustments To Additional Paid In Capital, Warrant Exercised (in Dollars) | ' | ' | ' | $2,922 | ' | $1,100 | $1,000 | $800 |
Note_9_Derivative_Financial_In3
Note 9 - Derivative Financial Instruments (Details) - Outstanding stock warrants at fair value (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Outstanding stock warrants at fair value [Abstract] | ' | ' | ' | ' |
Balance | ' | ' | ' | $1,191 |
Reclassification of fair value of exercised warrants to shareholders’ equity | ' | ' | ' | -2,922 |
Change in fair value, included in earnings | 0 | -73 | 0 | 1,731 |
Balance | ' | $0 | ' | $0 |
Note_11_Comprehensive_Income_L1
Note 11 - Comprehensive Income (Loss) (Details) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
Disclosure Text Block [Abstract] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $17,000 | $17,000 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 6 Months Ended | ||||||||||
Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | |
Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | State and Local Jurisdiction [Member] | State and Local Jurisdiction [Member] | ||||||||||
Note 12 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | ' | ' | ' | ' | ' | ' | $15,600,000 | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 2,982,000 | ' | ' | 0 | -6,700,000 | 11,662,000 | -6,800,000 | -6,650,000 | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | ' | ' | 0 | -8,800,000 | 6,650,000 | ' | ' | ' | ' | ' |
Statutory Combined Federal And State Income Tax | 35.40% | 39.00% | 39.00% | ' | ' | 38.00% | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | ' | 12,600,000 |
Operating Loss Carryforwards, Utilization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | ' | ' | ' |
Operating Loss Carryfowards Remaining to Be Utilized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,500,000 | ' |
Note_13_Segment_Information_De
Note 13 - Segment Information (Details) (Sales [Member]) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 30, 2012 | |
Manufacturing [Member] | ' | ' |
Note 13 - Segment Information (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 78.00% | 76.00% |
Distribution [Member] | ' | ' |
Note 13 - Segment Information (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 22.00% | 24.00% |
Note_13_Segment_Information_De1
Note 13 - Segment Information (Details) - Information about net income, segment assets, and certain other items (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net outside sales | $146,623 | $112,946 | $112,946 | $448,319 | $331,239 |
Operating income | 11,353 | ' | 8,868 | 40,704 | 28,356 |
Manufacturing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net outside sales | 112,578 | ' | 82,365 | 349,068 | 250,601 |
Intersegment sales | 5,302 | ' | 3,574 | 15,523 | 11,711 |
Operating income | 9,333 | ' | 7,285 | 34,412 | 24,062 |
Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net outside sales | 34,045 | ' | 30,581 | 99,251 | 80,638 |
Intersegment sales | 507 | ' | 447 | 2,119 | 1,343 |
Operating income | 2,020 | ' | 1,583 | 6,292 | 4,294 |
Intersegment Revenue [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Intersegment sales | $5,809 | ' | $4,021 | $17,642 | $13,054 |
Note_13_Segment_Information_De2
Note 13 - Segment Information (Details) - Reconciliation of certain line items pertaining to total reportable segments to consolidated financial statements (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Reconciliation of certain line items pertaining to total reportable segments to consolidated financial statements [Abstract] | ' | ' | ' | ' | ' |
Operating income for reportable segments | $11,353 | ' | $8,868 | $40,704 | $28,356 |
Corporate incentive agreements | 29 | ' | 121 | 73 | 211 |
(Gain) loss on sale of fixed assets and acquisition of business | -6 | 234 | 234 | 424 | 237 |
Unallocated corporate expenses | -1,853 | ' | -1,570 | -7,308 | -5,388 |
Amortization of intangible assets | -548 | -342 | -342 | -1,588 | -992 |
Consolidated operating income | $8,975 | $7,311 | $7,311 | $32,305 | $22,424 |
Note_14_Stock_Repurchase_Progr1
Note 14 - Stock Repurchase Program (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Feb. 22, 2013 | Sep. 29, 2013 |
Stock Repurchase Program [Abstract] | ' | ' |
Stock Repurchase Program, Authorized Amount | $10 | ' |
Total Common Stock Repurchased To Date, Shares (in Shares) | ' | 407,330 |
Stock Repurchase Program, Average Price Per Share (in Dollars per share) | ' | $14.92 |
Stock Repurchase Program Aggregate Purchase Price | ' | $6.10 |
Note_15_Subsequent_Events_Deta
Note 15 - Subsequent Events (Details) (USD $) | 9 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Oct. 27, 2013 |
Subsequent Event [Member] | |||
Distribution Facility [Member] | |||
Note 15 - Subsequent Events (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | $5,214 | $5,281 | $1,700 |