Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'PATRICK INDUSTRIES INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,664,122 | ' |
Entity Public Float | ' | ' | $121,766,451 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000076605 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $34 | $434 |
Trade receivables, net of allowance for doubtful accounts (2013: $225; 2012: $275) | 22,644 | 17,858 |
Inventories | 56,510 | 46,992 |
Deferred tax assets | 3,762 | 5,149 |
Prepaid expenses and other | 4,749 | 3,237 |
Total current assets | 87,699 | 73,670 |
Property, plant and equipment, net | 42,117 | 37,069 |
Goodwill | 16,495 | 10,362 |
Intangible assets, net | 25,611 | 19,219 |
Deferred tax assets | 0 | 676 |
Deferred financing costs, net of accumulated amortization (2013: $1,405; 2012: $975) | 1,283 | 1,612 |
Other non-current assets | 982 | 861 |
TOTAL ASSETS | 174,187 | 143,469 |
Current Liabilities | ' | ' |
Accounts payable | 18,826 | 17,336 |
Accrued liabilities | 13,585 | 11,816 |
Total current liabilities | 32,411 | 29,152 |
Long-term debt | 55,000 | 49,716 |
Deferred compensation and other | 2,546 | 3,193 |
Deferred tax liabilities | 1,920 | 0 |
TOTAL LIABILITIES | 91,877 | 82,061 |
SHAREHOLDERS’ EQUITY | ' | ' |
Preferred stock, no par value; authorized 1,000,000 shares | 0 | 0 |
Common stock, no par value; authorized 20,000,000 shares; issued 2013 – 10,568,430 shares; issued 2012 – 10,854,037 shares | 53,863 | 55,501 |
Additional paid-in-capital | 6,604 | 4,305 |
Accumulated other comprehensive income | 54 | 17 |
Retained earnings | 21,789 | 1,585 |
TOTAL SHAREHOLDERS’ EQUITY | 82,310 | 61,408 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $174,187 | $143,469 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Trade receivables, allowance for doubtful accounts (in Dollars) | $225 | $275 |
Deferred financing costs, accumulated amortization (in Dollars) | $1,405 | $975 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Common stock, authorized | 20,000,000 | 20,000,000 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, issued | 10,568,430 | 10,854,037 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
NET SALES | $594,931 | $437,367 | $307,822 | ||
Cost of goods sold | 503,908 | 371,623 | 263,514 | ||
GROSS PROFIT | 91,023 | 65,744 | 44,308 | ||
Operating expenses: | ' | ' | ' | ||
Warehouse and delivery | 20,158 | 15,782 | 13,645 | ||
Selling, general and administrative | 27,979 | 21,637 | 16,603 | ||
Amortization of intangible assets | 2,371 | 1,523 | 829 | ||
Gain on sale of fixed assets and acquisition of business | -430 | -238 | -244 | ||
Total operating expenses | 50,078 | 38,704 | 30,833 | ||
OPERATING INCOME | 40,945 | 27,040 | 13,475 | ||
Stock warrants revaluation | ' | 1,731 | 699 | ||
Interest expense, net | 2,171 | 4,037 | 4,469 | ||
Income before income taxes (credit) | 38,774 | 21,272 | 8,307 | ||
Income taxes (credit) | 14,734 | -6,823 | -163 | ||
NET INCOME | $24,040 | $28,095 | $8,470 | ||
Basic net income per common share (in Dollars per share) | $2.24 | [1] | $2.66 | [1] | $0.87 |
Diluted net income per common share (in Dollars per share) | $2.23 | [1] | $2.64 | [1] | $0.83 |
Weighted average shares outstanding – basic (in Shares) | 10,733 | 10,558 | 9,757 | ||
Weighted average shares outstanding – diluted (in Shares) | 10,786 | 10,637 | 10,156 | ||
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NET INCOME | $24,040 | $28,095 | $8,470 |
Amortization of loss on interest rate swap agreements, net of tax of $451 | ' | ' | 677 |
Change in accumulated pension obligation, net of tax (Note 14) | 37 | 200 | -30 |
COMPREHENSIVE INCOME | $24,077 | $28,295 | $9,117 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
Amortization of loss on interest rate swap agreements, tax | $451 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands | |||||
Balance at Dec. 31, 2010 | $53,798 | $148 | ($830) | ($34,980) | $18,136 |
Net income | ' | ' | ' | 8,470 | 8,470 |
Change in accumulated pension obligation, net of tax | ' | ' | -30 | ' | -30 |
Amortization of loss on interest rate swap agreements, net of tax | ' | ' | 677 | ' | 677 |
Issuance of shares upon exercise of common stock warrants | 90 | 1,145 | ' | ' | 1,235 |
Issuance of shares upon exercise of common stock options | 21 | ' | ' | ' | 21 |
Stock-based compensation expense | 333 | ' | ' | ' | 333 |
Balance at Dec. 31, 2011 | 54,242 | 1,293 | -183 | -26,510 | 28,842 |
Net income | ' | ' | ' | 28,095 | 28,095 |
Change in accumulated pension obligation, net of tax | ' | ' | 200 | ' | 200 |
Issuance of 100,000 shares for an acquisition | 600 | 42 | ' | ' | 642 |
Issuance of shares upon exercise of common stock warrants | 275 | 2,647 | ' | ' | 2,922 |
Issuance of shares upon exercise of common stock options | 113 | 323 | ' | ' | 436 |
Shares used to pay taxes on stock grants | -531 | ' | ' | ' | -531 |
Stock-based compensation expense | 802 | ' | ' | ' | 802 |
Balance at Dec. 31, 2012 | 55,501 | 4,305 | 17 | 1,585 | 61,408 |
Net income | ' | ' | ' | 24,040 | 24,040 |
Change in accumulated pension obligation, net of tax | ' | ' | 37 | ' | 37 |
Stock repurchases under buyback program | -2,081 | -161 | ' | -3,836 | -6,078 |
Realization of excess tax benefit on stock-based compensation | ' | 2,409 | ' | ' | 2,409 |
Issuance of shares upon exercise of common stock options | 13 | 51 | ' | ' | 64 |
Shares used to pay taxes on stock grants | -882 | ' | ' | ' | -882 |
Stock-based compensation expense | 1,312 | ' | ' | ' | 1,312 |
Balance at Dec. 31, 2013 | $53,863 | $6,604 | $54 | $21,789 | $82,310 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Shares issued upon exercise of common stock warrants | 291,856 | 476,056 |
Shares issued upon exercise of common stock options | 362,250 | 22,750 |
Shares issued for an acquisition | 100,000 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $24,040,000 | $28,095,000 | $8,470,000 |
Depreciation | 4,926,000 | 4,063,000 | 4,087,000 |
Amortization of intangible assets | 2,371,000 | 1,523,000 | 829,000 |
Stock-based compensation expense | 1,312,000 | 802,000 | 333,000 |
Deferred compensation expense | 367,000 | 194,000 | 222,000 |
Provision for bad debts | 24,000 | 340,000 | 738,000 |
Deferred income taxes | 3,983,000 | 8,401,000 | 3,066,000 |
Reduction of tax valuation allowance | ' | -15,570,000 | -3,048,000 |
Gain on sale of fixed assets and acquisition of business | -430,000 | -238,000 | -244,000 |
Stock warrants revaluation | ' | 1,731,000 | 699,000 |
Increase in cash surrender value of life insurance | -24,000 | -88,000 | -21,000 |
Deferred financing cost amortization | 430,000 | 543,000 | 995,000 |
Amortization of debt discount | ' | 832,000 | 122,000 |
Interest paid-in-kind | ' | ' | 116,000 |
Amortization of loss on interest rate swap agreements | ' | ' | 677,000 |
Change in fair value of derivative financial instruments | ' | ' | -106,000 |
Trade receivables | -1,477,000 | 1,034,000 | -3,334,000 |
Inventories | -7,482,000 | -14,182,000 | -3,874,000 |
Prepaid expenses and other | -1,576,000 | -1,279,000 | 87,000 |
Accounts payable and accrued liabilities | -3,648,000 | 5,188,000 | 2,467,000 |
Payments on deferred compensation obligations | -385,000 | -392,000 | -466,000 |
Net cash provided by operating activities | 22,431,000 | 20,997,000 | 11,815,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -8,669,000 | -7,895,000 | -2,436,000 |
Proceeds from sale of property, plant and equipment | 1,021,000 | 34,000 | 101,000 |
Business acquisitions | -16,511,000 | -29,262,000 | -7,314,000 |
Other | -97,000 | -99,000 | -91,000 |
Net cash used in investing activities | -24,256,000 | -37,222,000 | -9,740,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Long-term debt borrowings (payments), net | 5,284,000 | 16,930,000 | -3,563,000 |
Short-term debt borrowings (payments), net | ' | -1,000,000 | 1,000,000 |
Proceeds from life insurance policy loans | ' | ' | 2,762,000 |
Payment on termination of interest rate swap agreements | ' | ' | -1,137,000 |
Stock repurchases under buyback program | -6,078,000 | ' | ' |
Realization of excess tax benefit on stock-based compensation | 2,409,000 | ' | ' |
Payment of deferred financing costs | -101,000 | -257,000 | -2,568,000 |
Proceeds from exercise of stock options, including tax benefit | 64,000 | 436,000 | 21,000 |
Payments on capital lease obligations | -153,000 | ' | 3,000 |
Net cash provided by (used in) financing activities | 1,425,000 | 16,109,000 | -3,482,000 |
Decrease in cash and cash equivalents | -400,000 | -116,000 | -1,407,000 |
Cash and cash equivalents at beginning of year | 434,000 | 550,000 | 1,957,000 |
Cash and cash equivalents at end of year | $34,000 | $434,000 | $550,000 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. BASIS OF PRESENTATION | |
Nature of Business | |
Patrick Industries, Inc. (“Patrick” or the “Company”) operations consist of the manufacture and distribution of building products and materials for use primarily by the recreational vehicle (“RV”), manufactured housing (“MH”), and industrial markets for customers throughout the United States and Canada. The Company maintains 18 manufacturing plants and 16 distribution facilities located in 11 states. Patrick operates in two business segments: Manufacturing and Distribution. | |
Principles of Consolidation and Basis of Presentation | |
The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Patrick and its wholly owned subsidiary, Adorn Holdings, Inc. (“Adorn”). All significant intercompany accounts and transactions have been eliminated in consolidation. Unallocated expenses, when combined with the operating segments and after the elimination of intersegment revenues, total to the amounts included in the consolidated financial statements. Certain amounts in the prior years’ consolidated financial statements and notes have been reclassified to conform to the current year presentation. | |
In preparation of Patrick’s consolidated financial statements as of December 31, 2013, management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date of issuance of the Form 10-K for potential recognition or disclosure in the consolidated financial statements. See Notes 15 and 19 for events that occurred subsequent to the balance sheet date. | |
Use of Estimates | |
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. Significant estimates include the valuation of goodwill, the valuation of long-lived assets, the allowance for doubtful accounts, excess and obsolete inventories, and deferred tax asset valuation allowances. Actual results could differ from the amounts reported. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies and Practices | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES | |||||||||||||
Revenue Recognition | |||||||||||||
The Company ships product based on specific orders from customers and revenue is recognized at the time of passage of title and risk of loss to the customer, which is generally upon delivery. The Company’s selling price is fixed and determined at the time of shipment and collectability is reasonably assured and not contingent upon the customer’s use or resale of the product. | |||||||||||||
The Company records freight billed to customers in net sales and the corresponding costs incurred for shipping and handling are recorded in warehouse and delivery expenses. The amounts recorded in warehouse and delivery expenses related to these customer billed freight costs were $0.8 million, $0.7 million and $0.5 million for 2013, 2012 and 2011, respectively. | |||||||||||||
Estimated costs related to customer volume rebates and sales incentives are accrued as a reduction of revenue at the time products are sold. | |||||||||||||
Costs and Expenses | |||||||||||||
Cost of goods sold includes material costs, direct and indirect labor, overhead expenses, inbound freight charges, inspection costs, internal transfer costs, receiving costs, and other costs. | |||||||||||||
Warehouse and delivery expenses include salaries and wages, building rent and insurance, and other overhead costs related to distribution operations and delivery costs related to the shipment of finished and distributed products to customers. Purchasing costs are included in selling, general and administrative (“SG&A”) expenses. | |||||||||||||
Estimated vendor volume rebates earned are accrued monthly based on purchase volume and recorded as a reduction of material costs. | |||||||||||||
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, stock appreciation rights, restricted stock units, and warrants (collectively “Common Stock Equivalents”). The dilutive effect of Common Stock Equivalents is calculated under the treasury stock method using the average market price for the period. Certain Common Stock Equivalents were not included in the computation of diluted net income per common share because the exercise prices of those Common Stock Equivalents were greater than the average market price of the common shares. See Note 16 for the calculation of both basic and diluted net income per common share. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include all overnight sweep investments. | |||||||||||||
Trade Receivables | |||||||||||||
Trade receivables consist primarily of amounts due to the Company from its normal business activities. In assessing the carrying value of its trade receivables, the Company estimates the recoverability by making assumptions based on factors such as current overall and industry-specific economic conditions, historical and anticipated customer performance, historical write-off and collection experience, the level of past-due amounts, and specific risks identified in the trade receivables portfolio. | |||||||||||||
The following table summarizes the changes in the allowance for doubtful accounts: | |||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 275 | $ | 815 | $ | 397 | |||||||
Provisions made during the year | 24 | 340 | 738 | ||||||||||
Write-offs | (149 | ) | (892 | ) | (387 | ) | |||||||
Recoveries during the year | 75 | 12 | 67 | ||||||||||
Balance at December 31 | $ | 225 | $ | 275 | $ | 815 | |||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) or market. Based on the inventory aging and other considerations for realizable value, the Company writes down the carrying value to market value where appropriate. The Company reviews inventory on-hand and records provisions for obsolete inventory based on current assessments of future demands, market conditions, and related management initiatives. Any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and operating results. The cost of manufactured inventories includes raw materials, inbound freight, labor and overhead. The Company’s distribution inventories include the cost of raw materials and inbound freight. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment (“PP&E”) is generally recorded at cost. However, PP&E acquired in connection with an acquisition is recorded at fair value. Depreciation is computed primarily by the straight-line method applied to individual items based on estimated useful lives, which generally range from 10 to 30 years for buildings and improvements, and from three to seven years for machinery, equipment and transportation equipment. Leasehold improvements are amortized over the lesser of their useful lives or the related lease term. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. Long-lived assets other than goodwill and intangible assets that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. The recoverability of PP&E is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable, primarily based on estimated selling price, appraised value or projected future cash flows. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Assets and liabilities acquired in business combinations are accounted for using the purchase method and are recorded at their respective fair values. Goodwill and other intangible assets are related to the Manufacturing and Distribution segments. 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. The Company performs the required test for goodwill and indefinite-lived intangible assets impairment in the fourth quarter, or more frequently, if events or changes in circumstances indicate that the carrying value may exceed the fair value. Finite-lived intangible assets relate to customer relationships and non-compete agreements. 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. Intangible assets acquired in business combinations are initially recorded at their estimated fair values as determined by an income valuation approach using Level III fair value inputs. | |||||||||||||
The goodwill impairment test is a two-step process, which requires the Company to make assumptions regarding fair value. First, the fair value of the reporting unit is compared to its carrying value. In 2012, the Company changed its methodology for evaluating goodwill for impairment. Based on revised guidance issued by the Financial Accounting Standards Board (“FASB”), the Company may first perform a qualitative assessment of the composition of its goodwill for impairment. If the qualitative assessment indicates it is more likely than not that the fair value of the reporting unit is less than its carrying value, the company then performs a quantitative assessment. The Company will periodically perform a quantitative assessment regardless of the results of the qualitative assessment as required by the revised guidance. When estimating fair value with the quantitative assessment, the Company calculates the present value of future cash flows based on projected future operating results and business plans, forecasted sales volumes, discount rates, comparable marketplace fair value data from within a comparable industry grouping, current industry and economic conditions, and historical results. If the fair value exceeds the carrying value, goodwill and other intangible assets are not impaired and no further steps are required. | |||||||||||||
If the estimated fair value is less than the carrying value, the second step is completed to compute the impairment amount by determining the “implied fair value” of goodwill. This determination requires the allocation of the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any remaining unallocated fair value represents the “implied fair value” of goodwill, which is compared to the corresponding carrying value to compute the goodwill impairment amount that is recorded and charged to operations. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
When events or conditions warrant, the Company evaluates the recoverability of long-lived assets other than goodwill and indefinite-lived intangible assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based upon several factors, including management's intention with respect to the assets and their projected future undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. A significant adverse change in the Company’s business climate in future periods could result in a significant loss of market share or the inability to achieve previously projected revenue growth and could lead to a required assessment of the recoverability of the Company’s long-lived assets, which may subsequently result in an impairment charge. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs are classified as non-current assets on the statement of financial position and are amortized over the life of the related debt or credit facility using the straight-line method. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
All derivatives are recognized on the statement of financial position at their fair value. On the date the derivative contract is entered into, the Company designates the derivative as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to an asset or liability ("cash-flow" hedge). Changes in the fair value of a derivative that is highly effective as (and that is designated and qualifies as) a cash-flow hedge are recorded in other comprehensive income until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). | |||||||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedged transactions. This process includes linking all derivatives designated as cash-flow hedges to specific assets and liabilities on the statement of financial position or forecasted transactions. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. When it is determined a derivative is not highly effective as a hedge or it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, as discussed below. | |||||||||||||
The Company discontinues hedge accounting prospectively when (1) it is determined the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is de-designated as a hedge instrument because it is unlikely a forecasted transaction will occur; or (4) management determines that designation of the derivative as a hedge instrument is no longer appropriate. As of the de-designation date, the amount of the loss accumulated on the ineffective portion of the hedged item is amortized into net income (loss) over the life of the swaps utilizing the straight line method which approximates the effective interest method, and is reflected as a reduction to the accumulated other comprehensive income (loss) component of shareholders’ equity. | |||||||||||||
When hedge accounting is discontinued because it is probable a forecasted transaction will not occur, the derivative will continue to be carried on the statement of financial position at its fair value, and gains and losses that were accumulated in other comprehensive income will be recognized immediately in earnings. In all other situations in which hedge accounting is discontinued, the derivative will be carried at its fair value on the statement of financial position, with subsequent changes in its fair value recognized in earnings. | |||||||||||||
Disclosures relative to derivative instruments can also be found in Notes 9 and 11. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables, debt and accounts payable. The Company believes cash and cash equivalents, trade receivables, and accounts payable are recorded at amounts that approximate their current market values because of the relatively short maturities of these financial instruments. The carrying value of the long-term debt instruments approximates the fair value based upon terms and conditions available to the Company in comparison to the terms and conditions of the outstanding debt. | |||||||||||||
The Company follows accounting guidance on fair value measurements, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||
Level 2 inputs – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and other inputs that are observable or can be corroborated by observable market data. | |||||||||||||
Level 3 inputs – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||
Income Taxes | |||||||||||||
Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized in the current year to the extent future deferred tax liability timing differences are expected to reverse. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets may not be realized. | |||||||||||||
The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Note_3_Recently_Issued_Account
Note 3 - Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT | |
Indefinite-Lived Intangible Assets Impairment - Qualitative Assessment | |
In July 2012, the FASB issued guidance on the testing of indefinite-lived intangible assets for impairment that gives an entity the option to perform a qualitative assessment that may eliminate the requirement to perform the annual quantitative test. The guidance gives an entity the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If an entity concludes that this is the case, it must perform the quantitative test. The guidance was effective for annual and interim indefinite-lived intangible assets impairment tests performed for annual periods beginning after December 15, 2012. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. In 2013, the Company tested indefinite-lived intangible assets for impairment by performing a qualitative impairment analysis for substantially all of the Company’s indefinite-lived intangible assets. |
Note_4_Acquistions
Note 4 - Acquistions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||
4. ACQUISITIONS | |||||||||||||
2013 Acquisitions | |||||||||||||
Frontline Mfg., Inc. | |||||||||||||
In September 2013, the Company acquired the business and certain assets of Warsaw, Indiana-based Frontline Mfg., Inc. (“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 based on future performance. This acquisition provided the opportunity for the Company to establish a presence in the fiberglass bath and shower surround and 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 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 price 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 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 are expected to be finalized in the first half of 2014. The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,640 | |||||||||||
Inventories | 250 | ||||||||||||
Property, plant and equipment | 917 | ||||||||||||
Prepaid expenses | 21 | ||||||||||||
Accounts payable and accrued liabilities | (2,135 | ) | |||||||||||
Intangible assets | 2,092 | ||||||||||||
Goodwill | 2,395 | ||||||||||||
Total net purchase price | $ | 5,180 | |||||||||||
Premier Concepts, Inc. | |||||||||||||
In September 2013, the Company acquired the business and certain assets of Warsaw, Indiana-based Premier Concepts, Inc. (“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 based on future performance. This acquisition provided the opportunity for the Company to expand its presence in the countertop market and increase its product offerings, market share and per unit content. The results of operations for Premier are included in the Company’s 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 price 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 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 are expected to be finalized in the first half of 2014. The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 791 | |||||||||||
Inventories | 347 | ||||||||||||
Property, plant and equipment | 561 | ||||||||||||
Accounts payable and accrued liabilities | (1,357 | ) | |||||||||||
Intangible assets | 1,210 | ||||||||||||
Goodwill | 1,068 | ||||||||||||
Total net purchase price | $ | 2,620 | |||||||||||
John H. McDonald Co., Inc. d/b/a West Side Furniture | |||||||||||||
In September 2013, the Company acquired the business and certain assets of Goshen, Indiana-based John H. McDonald Co., Inc. d/b/a West Side Furniture (“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 provided 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 consolidated financial statements and the Distribution operating segment from the date of acquisition. The excess of the purchase price 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 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 fourth 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 | $ | 902 | |||||||||||
Inventories | 1,439 | ||||||||||||
Property, plant and equipment | 324 | ||||||||||||
Prepaid expenses | 9 | ||||||||||||
Accounts payable and accrued liabilities | (2,094 | ) | |||||||||||
Intangible assets | 5,461 | ||||||||||||
Goodwill | 2,670 | ||||||||||||
Total net purchase price | $ | 8,711 | |||||||||||
2012 Acquisitions | |||||||||||||
Décor Mfg., LLC | |||||||||||||
In March 2012, the Company acquired the business and certain assets of Tualatin, Oregon-based Décor Mfg., LLC (“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 consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase price 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 consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The following summarizes the fair value 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 acquired 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 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 price of $2.8 million. As a result, the Company recognized a gain of $0.2 million associated with the acquisition. The gain is included in the line item “Gain on sale of fixed assets and acquisition of business” in the consolidated statements of income for the year ended December 31, 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 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 Designs, Inc. | |||||||||||||
In September 2012, the Company acquired the business and certain assets of Ligonier, Indiana-based Creative Wood Designs, Inc. (“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 included two subsequent contingent payments based on future performance, the first of which was paid in the fourth quarter of 2013. 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 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 price 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 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 | $ | 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 Hardwood Products, Inc. | |||||||||||||
In October 2012, the Company acquired the business and certain assets of Middlebury, Indiana-based Middlebury Hardwood Products, Inc. (“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 consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase price 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. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s 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 | $ | 1,872 | |||||||||||
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 | |||||||||||
2011 Acquisitions | |||||||||||||
The Praxis Group | |||||||||||||
In June 2011, the Company acquired the business and certain assets of Elkhart, Indiana-based The Praxis Group (“Praxis”), a manufacturer and distributor of high and low gloss painted countertops, foam products, shower doors, electronics, and furniture products to the RV industry, for a net purchase price of $0.5 million. This acquisition expanded the Company’s product offerings to its existing customer base in the RV industry. The results of operations for Praxis are included in the Company’s consolidated financial statements and the Manufacturing and Distribution operating segments from the date of acquisition. The fair value of the net assets acquired of $0.7 million exceeded the purchase price of $0.5 million. As a result, the Company recognized a gain of $0.2 million associated with the acquisition. The gain is included in the line item “Gain on sale of fixed assets and acquisition of business” in the consolidated statements of income for the year ended December 31, 2011. | |||||||||||||
Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s consolidated statements of financial position at their estimated fair values as of the date of the acquisition. In addition to the intangible assets of $0.4 million acquired, the Company acquired typical working capital items of trade receivables and inventories, net of accounts payable assumed, of $0.1 million, and property, plant and equipment of $0.2 million. | |||||||||||||
A.I.A. Countertops, LLC | |||||||||||||
In September 2011, the Company acquired the business and certain assets of Syracuse, Indiana-based A.I.A. Countertops, LLC (“AIA”), a fabricator of solid surface, granite, quartz and laminated countertops, backsplashes, tables, signs, and other products for the RV and commercial markets, for a net purchase price of $5.5 million. This acquisition expanded the Company’s product offerings to its existing customer base in the RV industry and industrial market sectors. The results of operations for AIA are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing manufacturing, sales, and systems resources with the organizational talent and expertise of the AIA team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||
The acquisition was primarily funded through borrowings under the Company’s 2011 Credit Facility and subordinated financing provided by Northcreek Mezzanine Fund I, L.P. (“Northcreek”) and an affiliate of Northcreek, in the form of secured senior subordinated notes. In addition, certain former members of AIA’s ownership group were issued a note receivable from the Company. See Note 10 for further details. | |||||||||||||
Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s 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 | $ | 1,144 | |||||||||||
Inventories | 222 | ||||||||||||
Property, plant and equipment | 667 | ||||||||||||
Prepaid expenses | 26 | ||||||||||||
Accounts payable and accrued liabilities | (1,381 | ) | |||||||||||
Intangible assets | 3,704 | ||||||||||||
Goodwill | 1,163 | ||||||||||||
Total net purchase price | $ | 5,545 | |||||||||||
Infinity Graphics (formerly Performance Graphics) | |||||||||||||
In December 2011, the Company acquired the business and certain assets of Elkhart, Indiana-based Performance Graphics, a designer, producer and installer of exterior graphics for the RV, marine, automotive, racing and enclosed trailer industries, for a net purchase price of $1.3 million. In October 2012, Performance Graphics changed its name to Infinity Graphics to reflect the implementation of a new marketing strategy. This acquisition expanded the Company’s product offerings in the RV and industrial market sectors. The results of operations for Infinity Graphics are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing manufacturing, sales, and systems resources with the expertise of the Infinity Graphics team to maximize efficiencies, revenue impact, market share growth, and net income. | |||||||||||||
Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s consolidated statements of financial position at their estimated fair values as of the date of the acquisition. In addition to the goodwill and intangible assets of $0.5 million acquired, the Company acquired typical working capital items of trade receivables and inventories, net of accounts payable assumed, of $0.2 million, and property, plant and equipment of $0.6 million. | |||||||||||||
See Note 7 for disclosure of the amortization periods assigned to finite-lived intangible assets. | |||||||||||||
Pro Forma Information (Unaudited) | |||||||||||||
The following pro forma information assumes the Frontline, Premier, West Side, Décor, Creative Wood, Middlebury Hardwoods and AIA 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, Middlebury Hardwoods and AIA, 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 of (i) $0.9 million and $1.2 million in the aggregate for the years ended December 31, 2013 and 2012, respectively, related to intangible assets acquired in the Frontline, Premier, and West Side acquisitions; (ii) $0.7 million and $0.9 million in the aggregate for the years ended December 31, 2012 and 2011, respectively, related to intangible assets acquired in the Décor, Creative Wood, and Middlebury Hardwoods acquisitions; and (iii) $0.3 million related to the AIA acquisition for the year ended December 31, 2011. Pro forma information related to the Gustafson, Infinity Graphics, and Praxis acquisitions is not included in the table below, as their financial results were not considered to be significant to the Company’s operating results for the periods presented. | |||||||||||||
(thousands except per share data) | 2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 624,842 | $ | 517,891 | $ | 387,861 | |||||||
Net income | 23,762 | 30,234 | 11,126 | ||||||||||
Basic net income per common share | 2.21 | 2.86 | 1.14 | ||||||||||
Diluted net income per common share | 2.2 | 2.84 | 1.1 | ||||||||||
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 the years ended December 31, 2013, 2012 and 2011, revenue of approximately $12 million, $29 million and $8 million, respectively, was included in the Company’s consolidated statements of income pertaining to the businesses acquired in each of those periods. |
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventory Disclosure [Text Block] | ' | ||||||||||||
5. INVENTORIES | |||||||||||||
Inventories as of December 31, 2013 and 2012 consist of the following classes: | |||||||||||||
(thousands) | 2013 | 2012 | |||||||||||
Raw materials | $ | 24,135 | $ | 24,197 | |||||||||
Work in process | 4,870 | 3,000 | |||||||||||
Finished goods | 3,877 | 3,169 | |||||||||||
Less: reserve for inventory obsolescence | (938 | ) | (825 | ) | |||||||||
Total manufactured goods, net | 31,944 | 29,541 | |||||||||||
Materials purchased for resale (distribution products) | 24,904 | 17,732 | |||||||||||
Less: reserve for inventory obsolescence | (338 | ) | (281 | ) | |||||||||
Total materials purchased for resale (distribution products), net | 24,566 | 17,451 | |||||||||||
Balance at December 31 | $ | 56,510 | $ | 46,992 | |||||||||
The following table summarizes the reserve for inventory obsolescence: | |||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 1,106 | $ | 701 | $ | 854 | |||||||
Charged to operations | 1,045 | 1,123 | 1,020 | ||||||||||
Deductions from reserves | (875 | ) | (718 | ) | (1,173 | ) | |||||||
Balance at December 31 | $ | 1,276 | $ | 1,106 | $ | 701 | |||||||
Note_6_Property_Plant_and_Equi
Note 6 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
6. PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment, net, consists of the following classes at December 31, 2013 and 2012: | |||||||||
(thousands) | 2013 | 2012 | |||||||
Land and improvements | $ | 1,637 | $ | 1,669 | |||||
Buildings and improvements | 29,663 | 26,692 | |||||||
Machinery and equipment | 66,365 | 63,456 | |||||||
Transportation equipment | 1,506 | 937 | |||||||
Leasehold improvements | 1,889 | 1,716 | |||||||
Property, plant and equipment, at cost | 101,060 | 94,470 | |||||||
Less: accumulated depreciation and amortization | (58,943 | ) | (57,401 | ) | |||||
Property, plant and equipment, net | $ | 42,117 | $ | 37,069 | |||||
For the years ended December 31, 2013 and 2012, no events or changes in circumstances occurred that required the Company to assess the recoverability of its property, plant and equipment, and therefore the Company did not recognize any impairment charges. |
Note_7_Goodwill_and_Other_Inta
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
7. GOODWILL AND OTHER 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 acquisition), Quality Hardwoods Sales (“Quality Hardwoods”), AIA, Infinity Graphics, Décor, Creative Wood, Middlebury Hardwoods, Frontline, and 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 acquisitions of Blazon International Group (“Blazon”), Gustafson, and 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 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. | |||||||||||||||||||||||||
The Company performed its annual impairment test for goodwill and other indefinite-lived intangible assets in the fourth quarter of 2013, 2012 and 2011 and affirmed that there were no events or circumstances that required a re-evaluation of goodwill as of December 31, 2013, 2012 and 2011. In 2012, the Company changed its methodology for evaluating goodwill for impairment based on final guidance issued by the FASB. For the years ended December 31, 2013 and 2012, the Company chose the option of performing a qualitative assessment of the composition of the Company’s goodwill for impairment and a quantitative assessment in certain circumstances as deemed necessary based on the results of the qualitative assessments. There have been no material changes to the methods of evaluating indefinite-lived intangible asset impairments during 2013 and 2012. 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 the fourth quarter of 2012, the Company wrote off the trademark asset of $48,000 related to its Performance Graphics acquisition that had changed its name to Infinity Graphics to reflect the implementation of a new marketing strategy. | |||||||||||||||||||||||||
There was no other impairment recognized for indefinite-lived intangible assets for the years ended December 31, 2013 and 2012 based on the results of the annual impairment analyses. | |||||||||||||||||||||||||
The Company acquired the following intangible assets in various acquisitions from 2011 through 2013 that were determined to be business combinations. The goodwill recognized is expected to be deductible for income tax purposes. See Note 4 for further details. | |||||||||||||||||||||||||
(thousands) | Customer | Non-Compete | Trademarks | Total Other | Goodwill | Total | |||||||||||||||||||
Relationships | Agreements | Intangible | Intangible | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Praxis | $ | 399 | $ | 30 | $ | - | $ | 429 | $ | - | $ | 429 | |||||||||||||
AIA | 2,751 | 312 | 641 | 3,704 | 1,163 | 4,867 | |||||||||||||||||||
Infinity Graphics | 186 | 76 | 48 | 310 | 190 | 500 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Décor | 655 | 384 | 624 | 1,663 | 1,440 | 3,103 | |||||||||||||||||||
Gustafson | 178 | 16 | 143 | 337 | - | 337 | |||||||||||||||||||
Creative Wood | 207 | 312 | 238 | 757 | 994 | 1,751 | |||||||||||||||||||
Middlebury Hardwoods | 5,920 | 140 | 410 | 6,470 | 3,609 | 10,079 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Frontline | 1,411 | 460 | 221 | 2,092 | 2,395 | 4,487 | |||||||||||||||||||
Premier | 863 | 203 | 144 | 1,210 | 1,068 | 2,278 | |||||||||||||||||||
West Side | 4,166 | 998 | 297 | 5,461 | 2,670 | 8,131 | |||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 by segment are as follows: | |||||||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||||||||||
Balance – December 31, 2011 | $ | 4,214 | $ | 105 | $ | 4,319 | |||||||||||||||||||
Acquisitions | 6,043 | - | 6,043 | ||||||||||||||||||||||
Balance – December 31, 2012 | 10,257 | 105 | 10,362 | ||||||||||||||||||||||
Acquisitions | 3,463 | 2,670 | 6,133 | ||||||||||||||||||||||
Balance – December 31, 2013 | $ | 13,720 | $ | 2,775 | $ | 16,495 | |||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||
Intangible assets are comprised of customer relationships, non-compete agreements and trademarks. Customer relationships and non-compete agreements represent finite-lived intangible assets that have been recorded in the Manufacturing and Distribution segments along with related amortization expense. As of December 31, 2013, the remaining intangible assets balance of $25.6 million is comprised of $4.1 million of trademarks which have an indefinite life, and therefore, no amortization expense has been recorded, and $21.5 million pertaining to customer relationships and non-compete agreements which are being amortized over periods ranging from 3 to 19 years. | |||||||||||||||||||||||||
Amortization expense for intangible assets was $2.4 million, $1.5 million and $0.8 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Other intangible assets, net consist of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||||
(thousands) | 2013 | Weighted Average Useful Life | 2012 | Weighted Average Useful Life | |||||||||||||||||||||
Customer relationships | $ | 23,668 | 11 | years | $ | 17,228 | 11 | years | |||||||||||||||||
Non-compete agreements | 3,417 | 3 | years | 1,756 | 3 | years | |||||||||||||||||||
Trademarks | 4,166 | 3,504 | |||||||||||||||||||||||
31,251 | 22,488 | ||||||||||||||||||||||||
Less: accumulated amortization | (5,640 | ) | (3,269 | ) | |||||||||||||||||||||
Other intangible assets, net | $ | 25,611 | $ | 19,219 | |||||||||||||||||||||
Changes in the carrying value of other intangible assets for the years ended December 31, 2013 and 2012 by segment are as follows: | |||||||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||||||||||
Balance -December 31, 2011 | $ | 10,583 | $ | 932 | $ | 11,515 | |||||||||||||||||||
Acquisitions | 8,890 | 337 | 9,227 | ||||||||||||||||||||||
Amortization | (1,231 | ) | (292 | ) | (1,523 | ) | |||||||||||||||||||
Balance - December 31, 2012 | 18,242 | 977 | 19,219 | ||||||||||||||||||||||
Acquisitions | 3,302 | 5,461 | 8,763 | ||||||||||||||||||||||
Amortization | (1,918 | ) | (453 | ) | (2,371 | ) | |||||||||||||||||||
Balance - December 31, 2013 | $ | 19,626 | $ | 5,985 | $ | 25,611 | |||||||||||||||||||
Amortization expense on finite-lived intangible assets for the next five years ending December 31 is estimated to be (in thousands): 2014 - $3,121; 2015 - $2,894; 2016 - $2,554; 2017 - $1,999; and 2018 - $1,987. |
Note_8_Other_NonCurrent_Assets
Note 8 - Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Other Assets Disclosure [Text Block] | ' |
8. OTHER NON-CURRENT ASSETS | |
As of December 31, 2013 and 2012, other non-current assets of $1.0 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. |
Note_9_Derivative_Financial_In
Note 9 - Derivative Financial Instruments | 12 Months Ended | ||||
Dec. 31, 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 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. Additional derivative disclosures can be found in Notes 2 and 11. | |||||
Interest Rate Swap Agreements | |||||
In March 2005 and July 2007, the Company entered into two separate interest rate swap agreements with JPMorgan Chase Bank, N.A. (“JPMorgan”) to hedge against increases in variable interest rates on borrowings under the Company’s then-existing credit agreement (the “2007 Credit Agreement”). In accordance with the terms of the swap agreements, the Company paid a fixed interest rate of 4.78% and 5.60%, respectively. The Company received variable rates, based on LIBOR (as defined herein), calculated on the notional amount, with net receipts or payments being recognized as adjustments to interest expense. The effective portion of the cash flow hedge has been recorded, net of taxes, as a reduction of shareholders' equity as a component of accumulated other comprehensive income (loss). | |||||
Effective with the Second Amendment dated December 11, 2008 (the “Second Amendment”) to the 2007 Credit Agreement, the interest rates on the obligation were adjusted and the Company determined that its two swap agreements were ineffective as hedges against changes in interest rates and, as a result, the swaps were de-designated. Until the early termination of the swaps on March 25, 2011 discussed below, (i) losses on the swaps included in other comprehensive income as of the de-designation date were amortized into net income over the original life of the swaps utilizing the straight-line method which approximates the effective interest method, and (ii) changes in the fair value of the de-designated swaps were recorded within earnings on the consolidated statements of income. | |||||
In anticipation of entering into the 2011 Credit Facility, the two interest rate swap agreements were terminated on March 25, 2011, resulting in a $1.1 million cash settlement to the counter party to the agreement. The swap agreements had a total fair value in the amount of $1.1 million on the termination date. | |||||
For the year ended December 31, 2011, an amortized loss of $0.7 million was recognized as a loss on interest rate swap agreements, net of tax, on the consolidated statements of comprehensive income. The amortized loss on the swaps of $0.7 million for the year ended December 31, 2011 included $79,000 related to the amortization of the losses on the swaps in the first quarter of 2011 that was included in other comprehensive income as of the de-designation date and $0.6 million related to the write-off of the remaining unamortized loss on the swaps as of March 25, 2011, the date upon which it became probable the forecasted swap transactions, as specified in the original swap agreements, would not occur. Since the termination of the two swap agreements on March 25, 2011, the Company has not entered into any new swap agreements. | |||||
Warrants Subject to Revaluation | |||||
2008 Warrants | |||||
In conjunction with the Second Amendment to the 2007 Credit Agreement, the Company issued a series of warrants (the “2008 Warrants”) to its then existing lenders to purchase 474,049 shares of common stock, subject to anti-dilution provisions, at an exercise price of $1.00 per share. 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 consolidated statements of income. | |||||
Pursuant to the anti-dilution provisions, the number of shares of common stock issuable upon exercise of the 2008 Warrants was increased to an aggregate of 496,397 shares and the exercise price was adjusted to $0.96 per share as a result of the issuance (i) on May 21, 2009 and on June 22, 2009, pursuant to the Company’s 1987 Stock Option Program, as amended and restated (the “1987 Plan”), of restricted shares at a price less than, and options with an exercise price less than, the warrant exercise price then in effect and (ii) on March 31, 2011, of warrants to purchase common stock with an exercise price less than the warrant exercise price then in effect (see “March 2011 Warrants” below). | |||||
In May 2011 and August 2011, two of the members of the Company’s former bank lending group exercised their 2008 Warrants to purchase an aggregate of 82,401 shares of the Company’s common stock. In connection with the cashless exercises, an aggregate of 45,175 net shares of common stock were issued. The fair value of the shares in the aggregate of $0.1 million was reclassified to shareholders’ equity on the consolidated statements of financial position. Following these exercises, there were in aggregate 413,996 shares of common stock issuable upon exercise of the then remaining 2008 Warrants. | |||||
Pursuant to the anti-dilution provisions, the number of shares of common stock issuable upon exercise of the then remaining 2008 Warrants was increased to an aggregate of 419,646 shares and the exercise price was adjusted to $0.94 per share as a result of the issuance on September 16, 2011, of warrants to purchase common stock with an exercise price less than the warrant exercise price then in effect (see “September 2011 Warrants” below). | |||||
In September 2011, one of the members of the Company’s former bank lending group exercised its 2008 Warrants to purchase 91,477 shares of the Company’s common stock. In connection with the cashless exercise, 45,881 net shares of common stock were issued. The fair value of the shares of $0.1 million was reclassified to shareholders’ equity on the consolidated statements of financial position. As of December 31, 2011, there were in aggregate 328,169 shares of common stock issuable upon exercise of the then remaining 2008 Warrants. | |||||
In 2012, the remaining five holders exercised their 2008 Warrants to purchase an aggregate of 328,169 shares of the Company’s common stock. In connection with the cashless exercises, an aggregate of 291,856 net shares of common stock were issued. The fair value of these shares in the aggregate of $2.9 million was reclassified to shareholders’ equity on the consolidated statements of financial position. As of December 31, 2012, all of the 2008 Warrants had been exercised. | |||||
March 2011 Warrants | |||||
On March 31, 2011, in connection with the March 2011 Notes (as defined herein), the Company issued warrants to purchase 125,000 shares of the Company’s common stock to each of Tontine Capital Overseas Master Fund II, L.P., a Cayman Islands limited partnership (“TCOMF2”) and Northcreek at an exercise price of $0.01 per share (the “March 2011 Warrants”). The March 2011 Warrants were immediately exercisable, subject to anti-dilution provisions, and were scheduled to expire on March 31, 2016. 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 amortized to interest expense over the life of the March 2011 Notes beginning in the second quarter of 2011. | |||||
The calculated fair value of the March 2011 Warrants was classified as a liability beginning in the second quarter of 2011 and was periodically remeasured with any changes in fair value recognized in the stock warrants revaluation line on the consolidated statements of income. Northcreek and TCOMF2 exercised their individual warrants to purchase 125,000 shares of the Company’s common stock at an exercise price of $0.01 per share in April 2011 and June 2011, respectively. | |||||
September 2011 Warrants | |||||
On September 16, 2011, in connection with the September 2011 Notes (as defined herein), the Company issued to Northcreek and an 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”). The September 2011 Warrants were immediately exercisable, subject to anti-dilution provisions, and were scheduled to expire on March 31, 2016. 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 amortized to interest expense over the life of the September 2011 Notes beginning in the third quarter of 2011. | |||||
The calculated fair value of the September 2011 Warrants was classified as a liability beginning in the third quarter of 2011 and was periodically remeasured with any changes in fair value recognized in the stock warrants revaluation line on the consolidated statements of income. Northcreek and the affiliate of Northcreek exercised their warrants to purchase, in the aggregate, 135,000 shares of the Company’s common stock at an exercise price of $0.01 per share in November 2011. | |||||
The 2008 Warrants, the March 2011 Warrants, and the September 2011 Warrants were measured at fair value on a recurring basis using Level 2 valuation methodologies. The Company estimated 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 involved assumptions that were judgmental and highly sensitive in the determination of the fair value and included the dividend yield, exercise price and forfeiture rate. Expected volatilities were based on historical volatility of the Company stock. The expected term of the stock warrants represented the period of time that the warrants were expected to be outstanding. The risk free interest rate was 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, March 2011 Warrants, or September 2011 Warrants outstanding as of December 31, 2013 and 2012. The Company utilized the same methodology to determine the fair value of the 2008 Warrants exercised in the year ended December 31, 2012. The total fair value of the outstanding warrants as of and for the years ended December 31, 2012 and 2011 is as follows: | |||||
(thousands) | |||||
Balance at December 31, 2011 | $ | 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 December 31, 2012 | $ | - | |||
Note_10_Debt
Note 10 - Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
10. DEBT | |||||||||
Total long-term debt outstanding as of December 31, 2013 and December 31, 2012 was $55.0 million and $49.7 million, respectively. | |||||||||
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 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 million 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 December 31, 2013 and 2012, the Company had $55.0 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 $7.0 million for 2012, $12.0 million for 2013, and $10.0 million for 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. | |||||||||
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. | |||||||||
As of and for the fiscal period ended December 31, 2013, the Company was in compliance with all three of these financial covenants. 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 December 31, 2013 are as follows: | |||||||||
(thousands except ratios) | Covenant | Actual | |||||||
Consolidated total leverage ratio (12-month period) | 3.5 | 1.1 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 6.2 | |||||||
Annual capital expenditures limitation | $ | 12,000 | $ | 8,669 | |||||
In 2012 and 2013, the Company was in compliance with all of its debt covenants at each reporting date as required under the terms of the 2012 Credit Agreement and, prior to October 24, 2012, the 2011 Credit Agreement. Based on the 2014 operating plan, the Company expects to continue to maintain compliance with the financial covenants under the 2012 Credit Agreement. | |||||||||
Aggregate maturities of long-term debt for the next five years ending December 31 are: 2014 - 2016: $0; and 2017 - $55.0 million. The revolver long-term debt balance of $55.0 million at December 31, 2013 is due to mature in 2017 according to the terms of the 2012 Credit Facility. | |||||||||
The Company was contingently liable for six standby letters of credit totaling $2.1 million at December 31, 2013, including three letters of credit totaling $0.8 million that exist to meet credit requirements for the Company’s insurance providers. The unused availability under the 2012 Credit Facility as of December 31, 2013 was $22.9 million. | |||||||||
Interest expense for the years ended December 31, 2013, 2012 and 2011 (in thousands) was $2,171, $4,037, and $4,470, respectively. | |||||||||
Interest paid for the years ended December 31, 2013, 2012 and 2011 (in thousands) was $2,225, $3,907, and $4,390, 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. | |||||||||
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 TCOMF2 and 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 the March 2011 Warrants. 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 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. | |||||||||
In connection with the issuance of the September 2011 Notes, the Company issued the September 2011 Warrants. 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 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. | |||||||||
Subordinated Secured Promissory Note | |||||||||
Also in connection with the financing of the AIA acquisition, the 2011 Credit Agreement was further 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. | |||||||||
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. |
Note_11_Fair_Value_Measurement
Note 11 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
11. FAIR VALUE MEASUREMENTS | |
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. Financial instruments included in Level 2 of the fair value hierarchy included the Company’s interest rate swap agreements (until their termination on March 25, 2011) and the 2008 Warrants (until the remaining warrants were exercised in 2012). The interest rate swaps were valued based on the LIBOR yield curve and the fair market values were provided by the Company’s lending institution. See Note 9 for further details. | |
The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of December 31, 2013 and 2012 because of the relatively short maturities of these financial instruments. The carrying amount of long-term debt approximated fair value as of December 31, 2013 and 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_12_Accrued_Liabilities
Note 12 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
12. ACCRUED LIABILITIES | |||||||||
Accrued liabilities as of December 31, 2013 and 2012 include the following: | |||||||||
(thousands) | 2013 | 2012 | |||||||
Employee compensation and benefits | $ | 7,855 | $ | 6,935 | |||||
Property taxes | 841 | 987 | |||||||
Customer incentives | 2,339 | 2,049 | |||||||
Accrued income taxes | 204 | 114 | |||||||
Other | 2,346 | 1,731 | |||||||
Total | $ | 13,585 | $ | 11,816 | |||||
Note_13_Income_Taxes
Note 13 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
13. INCOME TAXES | |||||||||||||
The provision for income taxes (credit) for the years ended December 31, 2013, 2012 and 2011 consists of the following: | |||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 8,647 | $ | 211 | $ | (235 | ) | ||||||
State | 2,104 | 134 | 54 | ||||||||||
Total current | 10,751 | 345 | (181 | ) | |||||||||
Deferred: | |||||||||||||
Federal | 3,670 | (6,320 | ) | 18 | |||||||||
State | 313 | (848 | ) | - | |||||||||
Total deferred | 3,983 | (7,168 | ) | 18 | |||||||||
Income taxes (credit) | $ | 14,734 | $ | (6,823 | ) | $ | (163 | ) | |||||
The provision for income taxes (credit) for the years ended December 31, 2013, 2012 and 2011 is different from the amounts that would otherwise be computed by applying a graduated federal statutory rate (35% in the year ended December 31, 2013 and 34% in each of the years ended December 31, 2012 and 2011 as presented below) to income before income taxes. | |||||||||||||
A reconciliation of the differences between the actual provision (credit) for income taxes and the tax provisions for income taxes at the federal statutory income tax rate for each of the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Tax provision, at federal statutory income tax rate | $ | 13,571 | $ | 7,232 | $ | 2,824 | |||||||
State taxes, net of federal benefit | 1,706 | 1,101 | 54 | ||||||||||
Deferred tax valuation allowance | - | (15,570 | ) | (3,048 | ) | ||||||||
Other, net | (543 | ) | 414 | 7 | |||||||||
Income taxes (credit) | $ | 14,734 | $ | (6,823 | ) | $ | (163 | ) | |||||
Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Income tax expense is the tax payable or refundable for the current period plus or minus the change in deferred tax assets and liabilities during the period. | |||||||||||||
The Company evaluates current conditions in the recreational vehicle, manufactured housing, and residential housing markets, and overall credit markets, as well as consumer confidence and the general economy in the U.S. to determine sustainability of the Company’s levels of profitability in the future. In the absence of specific favorable factors, the Company evaluates recording a valuation allowance for deferred tax assets in a tax jurisdiction when it has cumulative financial accounting losses over several consecutive years. | |||||||||||||
As of January 1, 2011, the Company had a tax valuation allowance (the “Valuation Allowance”) for deferred tax assets net of deferred tax liabilities (collectively, “Net Deferred Tax Assets”) not expected to be utilized of $18.6 million. As a result of the generation of taxable income in 2011, the Valuation Allowance was reduced by $3.0 million to $15.6 million at December 31, 2011. In the second quarter of 2012, the Company determined that it was likely that its Net Deferred Tax Assets would be realized based upon sustained profitability and forecasted future operating results. As a result of this determination, the Company reversed approximately $6.8 million of the Valuation Allowance in 2012, exclusive of the reversal expected to result from the Company’s estimated full year tax provision (the “2012 Tax Provision”), with the reversal recorded as a non-cash income tax credit. Excluding the $6.8 million reversal of the Valuation Allowance discussed above, the Company’s 2012 Tax Provision based on its taxable income position approximated $8.8 million, which was fully offset by the reversal of the remaining Valuation Allowance. | |||||||||||||
The Valuation Allowance did not impact the Company’s ability to utilize its federal and state net operating loss carry forwards (the “NOLs”) to offset taxable earnings for federal and state tax purposes. At December 31, 2012, the Company had a gross federal NOL carry forward of approximately $9.8 million that was fully utilized in 2013. In addition, the Company had various state NOLs of approximately $12.6 million at December 31, 2012, of which approximately $4.5 million were remaining to be utilized as of December 31, 2013 and will expire in varying amounts between 2014 and 2030. While the Company recorded income taxes at an estimated full year effective rate of 38% in 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 utilize a significant majority of the remaining state NOLs by the end of 2014. | |||||||||||||
As of December 31, 2012, both the federal and state NOLs included approximately $3.7 million of taxable deductions related to unrealized excess benefits on stock-based compensation, which had not been recorded as deferred tax assets. In 2013, the Company realized approximately $2.4 million of additional taxable deductions related to excess benefits on stock-based compensation, which had not been recorded as deferred tax assets at December 31, 2012. These tax benefits were recorded to shareholders’ equity upon realization in 2013. | |||||||||||||
The Company did not reflect any unrecognized tax benefits in its financial statements as of December 31, 2013 or December 31, 2012 and does not expect any significant changes relating to unrecognized tax benefits in the twelve months following December 31, 2013. | |||||||||||||
The composition of the deferred tax assets and liabilities as of December 31, 2013 and 2012 is as follows: | |||||||||||||
(thousands) | 2013 | 2012 | |||||||||||
Gross deferred tax assets: | |||||||||||||
Trade receivables allowance | $ | 89 | $ | 107 | |||||||||
Inventory capitalization | 546 | 291 | |||||||||||
Accrued expenses | 2,615 | 2,081 | |||||||||||
Deferred compensation | 974 | 964 | |||||||||||
Non-compete agreements | - | 6 | |||||||||||
Inventory reserves | 531 | 428 | |||||||||||
AMT and other tax credit carry-forwards | 9 | 896 | |||||||||||
Federal and State NOL carry-forwards | 201 | 2,390 | |||||||||||
Stock-based compensation | 538 | 287 | |||||||||||
Pension liability | 6 | 30 | |||||||||||
Intangibles | 89 | 1,212 | |||||||||||
Gross deferred tax assets | 5,598 | 8,692 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Prepaid expenses | (207 | ) | (141 | ) | |||||||||
Depreciation expense | (3,549 | ) | (2,726 | ) | |||||||||
Gross deferred tax liabilities | (3,756 | ) | (2,867 | ) | |||||||||
Net deferred tax assets | $ | 1,842 | $ | 5,825 | |||||||||
The deferred tax amounts above have been reflected on the consolidated statements of financial position as of December 31, 2013 and 2012 as follows: | |||||||||||||
(thousands) | 2013 | 2012 | |||||||||||
Current deferred tax assets, net | $ | 3,762 | $ | 5,149 | |||||||||
Long-term deferred tax assets, net | - | 676 | |||||||||||
Long-term deferred tax liabilities, net | (1,920 | ) | - | ||||||||||
Deferred tax assets, net | $ | 1,842 | $ | 5,825 | |||||||||
AMT credit carry forwards of $0.7 million and state manufacturing credit carry forwards of $0.1 million available at December 31, 2012 were fully utilized in 2013, or in the case of the state manufacturing credit carry forwards, the amounts not utilized expired at December 31, 2013. | |||||||||||||
The Company paid income taxes of $8.2 million in 2013. As a result of the NOLs exceeding the Company’s taxable income, there were no federal or state income taxes paid in the years ended December 31, 2012 and 2011 and virtually no other cash taxes paid other than franchise taxes and various state filing taxes. | |||||||||||||
The Company is subject to periodic audits by domestic tax authorities. For the majority of tax jurisdictions, the U.S. federal statute of limitations remains open for the years 2010 and later. |
Note_14_Shareholders_Equity
Note 14 - Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | ' | ||||||||||||
14. SHAREHOLDERS’ EQUITY | |||||||||||||
Preferred Stock | |||||||||||||
The Company has 1,000,000 shares of preferred stock authorized, without par value, the issuance of which is subject to approval by the Board of Directors (the “Board”). The Board has the authority to fix the number, rights, preferences and limitations of the shares, subject to applicable laws and the provisions of the Articles of Incorporation. | |||||||||||||
Common Stock | |||||||||||||
The Company has 20,000,000 shares of common stock authorized, without par value, of which 10,568,430 shares and 10,854,037 shares were issued and outstanding as of December 31, 2013 and 2012, respectively. | |||||||||||||
The Company issued 121,723 shares in 2013, 777,542 shares in 2012, and 663,306 shares in 2011 related to stock-based compensation plans and for the exercise of stock warrants and stock options. In addition, in 2012, the Company issued 100,000 shares in connection with the acquisition of Décor. Finally, in 2013, the Company repurchased 407,330 shares of its common stock through a stock repurchase program. See Notes 15 and 19 for further details. | |||||||||||||
The Company’s common stock does not have a stated par value. As a result, repurchases of common stock have been reflected, using an average cost method, as a reduction of common stock, additional paid-in-capital and retained earnings in the Company’s consolidated statements of financial position. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
U.S. GAAP defines comprehensive income as non-shareholder changes in equity. The components of and changes in accumulated other comprehensive income (loss) as of December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
(thousands) | Interest | Pension | Accumulated Other Comprehensive | ||||||||||
Rate Swap | Liability | Income (Loss) | |||||||||||
Adjustment | Adjustment (1) | ||||||||||||
Balance, December 31, 2010 | $ | (677 | ) | $ | (153 | ) | $ | (830 | ) | ||||
Current period change, net of tax | 677 | (30 | ) | 647 | |||||||||
Balance, December 31, 2011 | - | (183 | ) | (183 | ) | ||||||||
Current period change, net of tax | - | 200 | 200 | ||||||||||
Balance, December 31, 2012 | - | 17 | 17 | ||||||||||
Current period change, net of tax | - | 37 | 37 | ||||||||||
Balance, December 31, 2013 | $ | - | $ | 54 | $ | 54 | |||||||
-1 | For the year ended December 31, 2013, the pension liability adjustment was net of tax of $24,000. For the years ended December 31, 2012 and 2011, there was no tax effect reflected on the pension liability either due to the Company reporting a full valuation allowance for net deferred tax assets or due to the insignificance of the amount of such impacts. | ||||||||||||
Shareholder Rights Plan | |||||||||||||
On March 21, 2006, in conjunction with the expiration of the Shareholder Rights Agreement dated March 20, 1996, the Company’s Board adopted a Shareholder Rights Agreement granting new rights to holders of the Company’s common stock. Under the agreement, the Company authorized and declared a dividend distribution of one right payable on March 31, 2006 for each share of common stock of the Company outstanding on March 31, 2006, and the issuance of one right for each share of common stock subsequently issued prior to the separation date as defined in the Shareholder Rights Agreement. Each right entitles the holder to purchase 1/100th of a preferred share at the exercise price (currently $30.00), and in an unfriendly takeover situation, to purchase Company common stock having a market value equal to two times the exercise price. Also, if the Company is merged into another corporation, or if 50% or more of the Company’s assets are sold, then rights-holders are entitled, upon payment of the exercise price, to buy common shares of the acquiring corporation’s common stock having a then current market value equal to two times the exercise price. In either situation, these rights are not available to the acquiring party. However, these exercise features will not be activated if the acquiring party makes an offer to acquire all of the Company’s outstanding shares at a price that is judged by the Board to be fair to Patrick shareholders. The rights may be redeemed by the Company under certain circumstances at the rate of $0.01 per right. The rights will expire on March 21, 2016. The Company has authorized 1,000,000 shares of Preferred Stock Series A, no par value, in connection with this plan, none of which have been issued. | |||||||||||||
On March 12, 2008, in connection with a private placement of common stock with affiliates of TCOMF2 (collectively, “Tontine Capital”), the Company amended the provisions of the Shareholder Rights Agreement to exempt all Tontine Capital entities or any of their affiliates or associates. |
Note_15_Stock_Repurchase_Progr
Note 15 - Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Treasury Stock [Text Block] | ' |
15. STOCK REPURCHASE PROGRAM | |
On February 22, 2013, the Company’s Board authorized a stock repurchase program for purchasing up to $10.0 million of the Company’s common stock from time to time through open market or private transactions over the next 12 months. As of December 31, 2013, the Company had repurchased 407,330 shares at an average price of $14.92 for a total cost of approximately $6.1 million. | |
On February 13, 2014, the Company’s Board authorized an increase in the amount of the Company’s stock that may be acquired through the existing stock repurchase program over the next 12 months to $20.0 million, including approximately $3.9 million available under the previous authorization. |
Note_16_Income_Per_Common_Shar
Note 16 - Income Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
16. INCOME PER COMMON SHARE | |||||||||||||
Income per common share is calculated for the years ended December 31, 2013, 2012 and 2011 as follows: | |||||||||||||
(thousands except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income for basic and diluted per share calculation | $ | 24,040 | $ | 28,095 | $ | 8,470 | |||||||
Weighted average common shares outstanding – basic | 10,733 | 10,558 | 9,757 | ||||||||||
Effect of potentially dilutive securities | 53 | 79 | 399 | ||||||||||
Weighted average common shares outstanding – diluted | 10,786 | 10,637 | 10,156 | ||||||||||
Basic net income per common share | $ | 2.24 | $ | 2.66 | $ | 0.87 | |||||||
Diluted net income per common share | $ | 2.23 | $ | 2.64 | $ | 0.83 | |||||||
Note_17_Lease_Commitments
Note 17 - Lease Commitments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases of Lessee Disclosure [Text Block] | ' | ||||||||
17. LEASE COMMITMENTS | |||||||||
Leases | |||||||||
The Company leases office, manufacturing, and warehouse facilities and certain equipment under various non-cancelable agreements, which expire at various dates through 2022. These agreements contain various renewal options and provide for minimum annual rentals plus the payment of real estate taxes, insurance, and normal maintenance on the properties. | |||||||||
At December 31, 2013, future minimum lease payments required under facility and equipment operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows: | |||||||||
(thousands) | Facility Leases | Equipment Leases | |||||||
2014 | $ | 3,468 | $ | 1,431 | |||||
2015 | 2,448 | 1,290 | |||||||
2016 | 1,283 | 1,135 | |||||||
2017 | 1,041 | 891 | |||||||
2018 | 412 | 623 | |||||||
Thereafter | - | 435 | |||||||
Total minimum lease payments | $ | 8,652 | $ | 5,805 | |||||
The total rent expense (in thousands) included in the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011 is $5,206, $4,178, and $3,111, respectively. Rent expense in 2011 was reduced by $0.4 million for the recognition of the portion of the deferred gain that was being amortized and offset against lease payments related to the sale of a facility in California in the first quarter of 2010. In addition, rent expense was reduced by $0.4 million in each of 2013, 2012 and 2011 for lease payments received from a third party that is currently leasing the Company’s owned building in New London, NC. |
Note_18_Commitments_and_Contin
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
18. COMMITMENTS AND CONTINGENCIES | |
Legal | |
The Company is subject to proceedings, lawsuits, audits, and other claims arising in the normal course of business. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. Accruals for these items, when applicable, have been provided to the extent that losses are deemed probable and are reasonably estimable. These accruals are adjusted from time to time as developments warrant. | |
Although the ultimate outcome of these matters cannot be ascertained on the basis of present information, amounts already provided, availability of insurance coverage and legal advice received, it is the opinion of management that the ultimate resolution of these proceedings, lawsuits, and other claims will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. | |
Self-Insurance | |
The Company has a self-insured health plan for its employees under which there is both a participant stop-loss and an aggregate stop loss based on total participants. The Company is potentially responsible for annual claims not to individually exceed $250,000 at December 31, 2013. |
Note_19_Compensation_Plans
Note 19 - Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||
19. COMPENSATION PLANS | |||||||||||||||||||||||||
Deferred Compensation Obligations | |||||||||||||||||||||||||
The Company has deferred compensation agreements with certain key employees. The agreements provide for monthly benefits for ten years subsequent to retirement, disability, or death. The Company has accrued an estimated liability based upon the present value of an annuity needed to provide the future benefit payments. The assumed discount rate to measure the liability was 4.5% for the year ended December 31, 2013 and 7% for the year ended December 31, 2012. The Company recognized expense of $0.4 million, $0.2 million and $0.2 million for the years ended December 31, 2013, 2012 and 2011, respectively, in conjunction with this plan. Life insurance contracts have been purchased which may be used to fund these agreements. The contracts are recorded at their cash surrender value in the statements of financial position. Any differences between actual proceeds and cash surrender value are recorded as gains or losses in the periods presented. Additionally, the Company records gains or losses on the cash surrender value in the period incurred. The Company recognized gains of $24,000, $88,000 and $21,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Bonus Plan | |||||||||||||||||||||||||
The Company pays bonuses to certain management and sales personnel. Historically, bonuses are determined annually and are based upon corporate and divisional income levels and the achievement of individually defined performance criteria. The charge to operations amounted to approximately $4.2 million, $4.1 million and $2.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Profit-Sharing Plan | |||||||||||||||||||||||||
The Company has a qualified profit-sharing plan, more commonly known as a 401(k) plan, for all of its full-time and part-time eligible employees upon completion of a 90-day probationary period and who are at least 18 years of age. The plan provides for a matching contribution by the Company as defined in the agreement and, in addition, provides for a discretionary contribution annually as determined by the Board. The contributions and related expense for the years ended December 31, 2013, 2012 and 2011 were immaterial. | |||||||||||||||||||||||||
Stock Option, Stock Appreciation Rights, and Stock-Based Incentive Plans | |||||||||||||||||||||||||
The Company has various stock option and stock-based incentive plans and various agreements whereby stock options, performance share awards, time-based share awards, restricted stock awards, stock appreciation rights, restricted stock units, and other stock-based incentives were made available to certain key employees, directors, and others based upon meeting various individual, divisional or company-wide performance criteria and time-based criteria. Equity incentive plan awards are intended to retain and reward key employees for outstanding performance and efforts as they relate to the Company’s short-term and long-term objectives and its strategic plan. | |||||||||||||||||||||||||
The Company recorded compensation expense of $1.3 million, $0.8 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, on the consolidated statements of income for its stock-based compensation plans. | |||||||||||||||||||||||||
The Company’s 2009 Omnibus Incentive Plan (the “Plan”) permits the future granting of share options and share awards to its employees, Directors and other service providers. Option awards are generally granted with an exercise price equal to, or greater than, the market price of the Company’s stock at the date of grant. | |||||||||||||||||||||||||
On December 18, 2013, the Company’s Compensation Committee of the Board approved the grant of stock awards under the 2009 Plan which consisted of (a) 200,000 stock options at an exercise price per share of $27.67, and (b) 200,000 stock appreciation rights, divided into four tranches of 50,000 shares each, at strike prices of $27.67, $33.20, $39.84 and $47.81 per share, respectively, for each tranche. Both the stock options and stock appreciation rights vest pro-rata over three years, commencing on December 18, 2014, and have nine - year contractual terms. The stock appreciation rights are to be settled in shares of common stock, or at the sole discretion of the Board in cash. Finally, the stock appreciation rights are subject to shareholder approval of amendments to the Company’s 2009 Plan to increase the shares of common stock available under the plan and to make certain other changes, and the Company has accounted for the stock appreciation rights as if such amendments were approved. | |||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||
The following table summarizes the Company’s option activity during the years ended December 31, 2013, 2012 and 2011 for the options granted in 2009 and 2013: | |||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(shares in thousands) | Shares | Weighted Average | Shares | Weighted Average | Shares | Weighted Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Total Options: | |||||||||||||||||||||||||
Outstanding, beginning of year | 90 | $ | 1.54 | 452 | $ | 1.27 | 497 | $ | 1.61 | ||||||||||||||||
Granted during the year | 200 | 27.67 | - | - | - | - | |||||||||||||||||||
Forfeited during the year | - | - | - | - | (22 | ) | 9.36 | ||||||||||||||||||
Exercised during the year | (46 | ) | 1.39 | (362 | ) | 1.2 | (23 | ) | 0.9 | ||||||||||||||||
Outstanding, end of year | 244 | $ | 22.97 | 90 | $ | 1.54 | 452 | $ | 1.27 | ||||||||||||||||
Vested Options: | |||||||||||||||||||||||||
Vested during the year | - | - | 141 | $ | 1.25 | 166 | $ | 1.25 | |||||||||||||||||
Eligible, end of year for exercise | 44 | $ | 1.7 | 90 | $ | 1.54 | 317 | $ | 1.27 | ||||||||||||||||
Aggregate intrinsic value of total options outstanding ($ thousands) | $ | 1,457 | $ | 1,265 | $ | 1,282 | |||||||||||||||||||
Aggregate intrinsic value of options exercisable ($ thousands) | $ | 1,205 | $ | 1,265 | $ | 897 | |||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 6.33 | N/A | N/A | |||||||||||||||||||||
The aggregate intrinsic value (excess of market value over the option exercise price) in the table above is before income taxes, and assuming the Company’s closing stock price of $28.93 per share as of December 31, 2013 is the price that would have been received by the option holders had those option holders exercised their options as of that date. The aggregate intrinsic value of options exercised for the years ended December 31, 2013 and 2012 was $0.9 million and $4.8 million, respectively. The cash received, and the tax benefit realized from the exercise of stock options, was $64,000, $436,000 and $21,000 in 2013, 2012 and 2011, respectively. There are 66,667 stock options that are expected to vest in 2014. | |||||||||||||||||||||||||
A summary of options outstanding and exercisable at December 31, 2013 is as follows: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
(shares in thousands) | Shares Outstanding | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | Shares Exercisable | Weighted Average Exercise Price | ||||||||||||||||||||
2009 Grants: | |||||||||||||||||||||||||
Exercise price - | $0.75 | 2 | 5.4 | $ | 0.75 | 2 | $ | 0.75 | |||||||||||||||||
Exercise price - | $1.75 | 42 | 5.4 | 1.75 | 42 | 1.75 | |||||||||||||||||||
2013 Grant: | |||||||||||||||||||||||||
Exercise price - | $27.67 | 200 | 9 | $ | 27.67 | - | $ | - | |||||||||||||||||
Stock Appreciation Rights: | |||||||||||||||||||||||||
A summary of stock appreciation rights (SARS) outstanding and exercisable at December 31, 2013 is as follows: | |||||||||||||||||||||||||
SARS Outstanding | SARS Exercisable | ||||||||||||||||||||||||
(shares in thousands) | Shares Outstanding | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | Shares Exercisable | Weighted Average Exercise Price | ||||||||||||||||||||
2013 Grant: | |||||||||||||||||||||||||
Exercise price - | $27.67 | 50 | 9 | $ | 27.67 | - | $ | - | |||||||||||||||||
Exercise price - | $33.20 | 50 | 9 | 33.2 | - | - | |||||||||||||||||||
Exercise price - | $39.84 | 50 | 9 | 39.84 | - | - | |||||||||||||||||||
Exercise price - | $47.81 | 50 | 9 | 47.81 | - | - | |||||||||||||||||||
The Company estimates the fair value of all stock option and stock appreciation rights awards as of the grant date by applying the Black-Scholes option-pricing model. The use of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense and include the dividend yield, exercise price, and forfeiture rate. Expected volatilities take into consideration the historical volatility of the Company’s common stock. The expected term of options and stock appreciation rights represents the period of time that the options and stock appreciation rights granted are expected to be outstanding based on historical Company trends. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for instruments of a similar term. | |||||||||||||||||||||||||
The following table presents assumptions used in the Black-Scholes model for the stock options granted in 2013. There were no stock options granted in 2012 and 2011. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend rate | - | % | |||||||||||||||||||||||
Risk-free interest rate | 0.64 | % | |||||||||||||||||||||||
Expected option life (years) | 3 | ||||||||||||||||||||||||
Price volatility | 32.42 | % | |||||||||||||||||||||||
The following table presents assumptions used in the Black-Scholes model for the stock appreciation rights granted in 2013. There were no stock appreciation rights granted in 2012 and 2011. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend rate | - | % | |||||||||||||||||||||||
Risk-free interest rate | 0.64% | - | 1.55 | % | |||||||||||||||||||||
Expected option life (years) | 3 | - | 4 | ||||||||||||||||||||||
Price volatility | 32.42 | % | |||||||||||||||||||||||
As of December 31, 2013, there was approximately $3.6 million of total unrecognized compensation cost related to share-based compensation arrangements granted under incentive plans. That cost is expected to be recognized over a weighted-average period of approximately 21.4 months. The total fair value of stock options vested was approximately $0.2 million for both of the years ended December 31, 2012 and 2011. There were no stock options or stock appreciation rights that vested in 2013. | |||||||||||||||||||||||||
Restricted Stock: | |||||||||||||||||||||||||
The following table summarizes the activity for unvested restricted stock for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
(shares in thousands) | Shares | Weighted-Average Grant Date Fair Value | |||||||||||||||||||||||
Unvested, December 31, 2011 | 178 | $ | 2.21 | ||||||||||||||||||||||
Granted during the year | 162 | 8.98 | |||||||||||||||||||||||
Vested during the year | (166 | ) | 4.74 | ||||||||||||||||||||||
Unvested, December 31, 2012 | 174 | 6.12 | |||||||||||||||||||||||
Granted during the year | 114 | 15.21 | |||||||||||||||||||||||
Vested during the year | (152 | ) | 8.23 | ||||||||||||||||||||||
Unvested, December 31, 2013 | 136 | $ | 11.4 | ||||||||||||||||||||||
The total fair value of restricted stock vested during the years ended December 31, 2013 and 2012 was approximately $1.3 million and $0.8 million, respectively. | |||||||||||||||||||||||||
In conjunction with the Company’s restricted stock awards, the Board 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. The Board approved the issuance of 200,000 shares that may be issued upon the exercise of stock options that were granted on December 18, 2013, and the issuance of 200,000 shares that may be issued upon the exercise of stock appreciation rights that were granted on December 18, 2013 as discussed above. | |||||||||||||||||||||||||
The following share grants were approved in 2014: 34,000 on February 12, 2014 and 65,668 shares on February 18, 2014. In addition, on February 18, 2014, the Board approved the issuance of 44,001 restricted stock units under the Company’s 2009 Plan. The restricted stock units are subject to shareholder approval of amendments to the Company’s 2009 Plan to increase the shares of common stock available under the plan and to make certain other changes, and the Company has accounted for the restricted stock units as if such amendments were approved. |
Note_20_Segment_Information
Note 20 - Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
20. 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 or 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, medium-density fiberboard (“MDF”), gypsum, and particleboard, which 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 77%, 76% and 76% of the Company’s net sales for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Distribution – The Company 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 23%, 24% and 24% of the Company’s net sales for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The accounting policies of the segments are the same as those described in Note 2, except that segment data includes intersegment sales. Assets are identified to the segments with the exception of cash, prepaid expenses, land and buildings, and certain deferred assets, which are identified with the corporate division. The corporate division charges rents to the segments for use of the land and buildings based upon estimated market rates. The Company accounts for intersegment sales similar to third party transactions, which reflect current market prices. The Company also records certain income from purchase incentive agreements as corporate division revenue. The Company evaluates the performance of its segments and allocates resources to them based on a variety of indicators including sales, cost of goods sold, operating income and total identifiable assets. In addition, certain significant items (the majority of which are non-cash in nature), are presented in the table below. | |||||||||||||
The table below presents information about the net income, segment assets, and certain other items that are either used by or provided to the chief operating decision makers of the Company as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
2013 | |||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 458,438 | $ | 136,493 | $ | 594,931 | |||||||
Intersegment sales | 19,264 | 2,606 | 21,870 | ||||||||||
Total sales | 477,702 | 139,099 | 616,801 | ||||||||||
Cost of goods sold | 407,528 | 116,039 | 523,567 | ||||||||||
Operating income | 43,860 | 8,040 | 51,900 | ||||||||||
Identifiable assets | 98,058 | 41,449 | 139,507 | ||||||||||
Depreciation and amortization | 4,906 | 625 | 5,531 | ||||||||||
2012 | |||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 330,941 | $ | 106,426 | $ | 437,367 | |||||||
Intersegment sales | 16,007 | 1,830 | 17,837 | ||||||||||
Total sales | 346,948 | 108,256 | 455,204 | ||||||||||
Cost of goods sold | 296,641 | 90,155 | 386,796 | ||||||||||
Operating income | 30,798 | 5,727 | 36,525 | ||||||||||
Identifiable assets | 85,523 | 25,745 | 111,268 | ||||||||||
Depreciation and amortization | 3,851 | 399 | 4,250 | ||||||||||
2011 | |||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 232,460 | $ | 75,362 | $ | 307,822 | |||||||
Intersegment sales | 11,800 | 360 | 12,160 | ||||||||||
Total sales | 244,260 | 75,722 | 319,982 | ||||||||||
Cost of goods sold | 210,797 | 63,636 | 274,433 | ||||||||||
Operating income | 18,805 | 2,689 | 21,494 | ||||||||||
Identifiable assets | 50,139 | 16,446 | 66,585 | ||||||||||
Depreciation and amortization | 3,553 | 330 | 3,883 | ||||||||||
A reconciliation of certain line items pertaining to the total reportable segments to the consolidated financial statements as of and for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Total sales for reportable segments | $ | 616,801 | $ | 455,204 | $ | 319,982 | |||||||
Elimination of intersegment sales | (21,870 | ) | (17,837 | ) | (12,160 | ) | |||||||
Consolidated net sales | $ | 594,931 | $ | 437,367 | $ | 307,822 | |||||||
Cost of goods sold: | |||||||||||||
Total cost of goods sold for reportable segments | $ | 523,567 | $ | 386,796 | $ | 274,433 | |||||||
Elimination of intersegment cost of goods sold | (21,870 | ) | (17,837 | ) | (12,160 | ) | |||||||
Other | 2,211 | 2,664 | 1,241 | ||||||||||
Consolidated cost of goods sold | $ | 503,908 | $ | 371,623 | $ | 263,514 | |||||||
Operating income: | |||||||||||||
Operating income for reportable segments | $ | 51,900 | $ | 36,525 | $ | 21,494 | |||||||
Gain on sale of fixed assets and acquisition of business | 430 | 238 | 244 | ||||||||||
Unallocated corporate expenses | (9,014 | ) | (8,200 | ) | (7,434 | ) | |||||||
Amortization | (2,371 | ) | (1,523 | ) | (829 | ) | |||||||
Consolidated operating income | $ | 40,945 | $ | 27,040 | $ | 13,475 | |||||||
Consolidated total assets: | |||||||||||||
Identifiable assets for reportable segments | $ | 139,507 | $ | 111,268 | $ | 66,585 | |||||||
Corporate property and equipment | 22,871 | 22,025 | 14,769 | ||||||||||
Current and long-term assets not allocated to segments | 9,544 | 7,028 | 1,844 | ||||||||||
Intangibles and other assets not allocated to segments | 2,265 | 3,148 | 2,572 | ||||||||||
Consolidated total assets | $ | 174,187 | $ | 143,469 | $ | 85,770 | |||||||
Depreciation and amortization: | |||||||||||||
Depreciation and amortization for reportable segments | $ | 5,531 | $ | 4,250 | $ | 3,883 | |||||||
Corporate depreciation and amortization | 1,766 | 1,336 | 1,033 | ||||||||||
Consolidated depreciation and amortization | $ | 7,297 | $ | 5,586 | $ | 4,916 | |||||||
Amortization expense related to intangible assets in the Manufacturing segment for the years ended December 31, 2013, 2012 and 2011 was $1.9 million, $1.2 million and $0.6 million, respectively. Intangible assets amortization expense in the Distribution segment was $0.5 million, $0.3 million and $0.2 million in 2013, 2012 and 2011, respectively. | |||||||||||||
Unallocated corporate expenses include corporate general and administrative expenses comprised of wages, insurance, taxes, supplies, travel and entertainment, professional fees and other. | |||||||||||||
Major Customers | |||||||||||||
The Company had one RV customer that accounted for approximately 28% and 30% of the trade receivables balance at December 31, 2013 and 2012, respectively. This same customer accounted for approximately 34%, 34% and 32% of consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. In addition, sales to a different RV customer accounted for approximately 23%, 20% and 17% of consolidated net sales in 2013, 2012 and 2011, respectively. There were no other customers that accounted for more than 10% of the trade receivables balance at December 31, 2013 and 2012. |
Note_21_Quarterly_Financial_Da
Note 21 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
21. QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
Selected quarterly financial data for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
(thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2013 | ||||||||||||||||
Net sales | $ | 142,120 | $ | 159,576 | $ | 146,623 | $ | 146,612 | $ | 594,931 | |||||||||||
Gross profit | 22,436 | 25,160 | 21,823 | 21,604 | 91,023 | ||||||||||||||||
Net income | 6,019 | 7,557 | 5,452 | 5,012 | 24,040 | ||||||||||||||||
Net income per common share (1): | |||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.7 | $ | 0.51 | $ | 0.47 | $ | 2.24 | |||||||||||
Diluted | 0.55 | 0.7 | 0.51 | 0.47 | 2.23 | ||||||||||||||||
(thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2012 | ||||||||||||||||
Net sales | $ | 102,688 | $ | 115,605 | $ | 112,946 | $ | 106,128 | $ | 437,367 | |||||||||||
Gross profit | 16,434 | 17,839 | 16,903 | 14,568 | 65,744 | ||||||||||||||||
Net income | 5,011 | 13,313 | 6,554 | 3,217 | 28,095 | ||||||||||||||||
Net income per common share (1): | |||||||||||||||||||||
Basic | $ | 0.49 | $ | 1.26 | $ | 0.61 | $ | 0.3 | $ | 2.66 | |||||||||||
Diluted | 0.47 | 1.22 | 0.6 | 0.3 | 2.64 | ||||||||||||||||
-1 | Basic and diluted net income per common share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted net income per common share information may not equal annual basic and diluted net income per common share. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company ships product based on specific orders from customers and revenue is recognized at the time of passage of title and risk of loss to the customer, which is generally upon delivery. The Company’s selling price is fixed and determined at the time of shipment and collectability is reasonably assured and not contingent upon the customer’s use or resale of the product. | |||||||||||||
The Company records freight billed to customers in net sales and the corresponding costs incurred for shipping and handling are recorded in warehouse and delivery expenses. The amounts recorded in warehouse and delivery expenses related to these customer billed freight costs were $0.8 million, $0.7 million and $0.5 million for 2013, 2012 and 2011, respectively. | |||||||||||||
Estimated costs related to customer volume rebates and sales incentives are accrued as a reduction of revenue at the time products are sold. | |||||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||||||
Costs and Expenses | |||||||||||||
Cost of goods sold includes material costs, direct and indirect labor, overhead expenses, inbound freight charges, inspection costs, internal transfer costs, receiving costs, and other costs. | |||||||||||||
Warehouse and delivery expenses include salaries and wages, building rent and insurance, and other overhead costs related to distribution operations and delivery costs related to the shipment of finished and distributed products to customers. Purchasing costs are included in selling, general and administrative (“SG&A”) expenses. | |||||||||||||
Estimated vendor volume rebates earned are accrued monthly based on purchase volume and recorded as a reduction of material costs. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
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, stock appreciation rights, restricted stock units, and warrants (collectively “Common Stock Equivalents”). The dilutive effect of Common Stock Equivalents is calculated under the treasury stock method using the average market price for the period. Certain Common Stock Equivalents were not included in the computation of diluted net income per common share because the exercise prices of those Common Stock Equivalents were greater than the average market price of the common shares. See Note 16 for the calculation of both basic and diluted net income per common share. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include all overnight sweep investments. | |||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
Trade Receivables | |||||||||||||
Trade receivables consist primarily of amounts due to the Company from its normal business activities. In assessing the carrying value of its trade receivables, the Company estimates the recoverability by making assumptions based on factors such as current overall and industry-specific economic conditions, historical and anticipated customer performance, historical write-off and collection experience, the level of past-due amounts, and specific risks identified in the trade receivables portfolio. | |||||||||||||
The following table summarizes the changes in the allowance for doubtful accounts: | |||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 275 | $ | 815 | $ | 397 | |||||||
Provisions made during the year | 24 | 340 | 738 | ||||||||||
Write-offs | (149 | ) | (892 | ) | (387 | ) | |||||||
Recoveries during the year | 75 | 12 | 67 | ||||||||||
Balance at December 31 | $ | 225 | $ | 275 | $ | 815 | |||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) or market. Based on the inventory aging and other considerations for realizable value, the Company writes down the carrying value to market value where appropriate. The Company reviews inventory on-hand and records provisions for obsolete inventory based on current assessments of future demands, market conditions, and related management initiatives. Any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and operating results. The cost of manufactured inventories includes raw materials, inbound freight, labor and overhead. The Company’s distribution inventories include the cost of raw materials and inbound freight. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment (“PP&E”) is generally recorded at cost. However, PP&E acquired in connection with an acquisition is recorded at fair value. Depreciation is computed primarily by the straight-line method applied to individual items based on estimated useful lives, which generally range from 10 to 30 years for buildings and improvements, and from three to seven years for machinery, equipment and transportation equipment. Leasehold improvements are amortized over the lesser of their useful lives or the related lease term. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. Long-lived assets other than goodwill and intangible assets that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. The recoverability of PP&E is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable, primarily based on estimated selling price, appraised value or projected future cash flows. | |||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Assets and liabilities acquired in business combinations are accounted for using the purchase method and are recorded at their respective fair values. Goodwill and other intangible assets are related to the Manufacturing and Distribution segments. 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. The Company performs the required test for goodwill and indefinite-lived intangible assets impairment in the fourth quarter, or more frequently, if events or changes in circumstances indicate that the carrying value may exceed the fair value. Finite-lived intangible assets relate to customer relationships and non-compete agreements. 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. Intangible assets acquired in business combinations are initially recorded at their estimated fair values as determined by an income valuation approach using Level III fair value inputs. | |||||||||||||
The goodwill impairment test is a two-step process, which requires the Company to make assumptions regarding fair value. First, the fair value of the reporting unit is compared to its carrying value. In 2012, the Company changed its methodology for evaluating goodwill for impairment. Based on revised guidance issued by the Financial Accounting Standards Board (“FASB”), the Company may first perform a qualitative assessment of the composition of its goodwill for impairment. If the qualitative assessment indicates it is more likely than not that the fair value of the reporting unit is less than its carrying value, the company then performs a quantitative assessment. The Company will periodically perform a quantitative assessment regardless of the results of the qualitative assessment as required by the revised guidance. When estimating fair value with the quantitative assessment, the Company calculates the present value of future cash flows based on projected future operating results and business plans, forecasted sales volumes, discount rates, comparable marketplace fair value data from within a comparable industry grouping, current industry and economic conditions, and historical results. If the fair value exceeds the carrying value, goodwill and other intangible assets are not impaired and no further steps are required. | |||||||||||||
If the estimated fair value is less than the carrying value, the second step is completed to compute the impairment amount by determining the “implied fair value” of goodwill. This determination requires the allocation of the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any remaining unallocated fair value represents the “implied fair value” of goodwill, which is compared to the corresponding carrying value to compute the goodwill impairment amount that is recorded and charged to operations. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
When events or conditions warrant, the Company evaluates the recoverability of long-lived assets other than goodwill and indefinite-lived intangible assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based upon several factors, including management's intention with respect to the assets and their projected future undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. A significant adverse change in the Company’s business climate in future periods could result in a significant loss of market share or the inability to achieve previously projected revenue growth and could lead to a required assessment of the recoverability of the Company’s long-lived assets, which may subsequently result in an impairment charge. | |||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | ||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs are classified as non-current assets on the statement of financial position and are amortized over the life of the related debt or credit facility using the straight-line method. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
All derivatives are recognized on the statement of financial position at their fair value. On the date the derivative contract is entered into, the Company designates the derivative as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to an asset or liability ("cash-flow" hedge). Changes in the fair value of a derivative that is highly effective as (and that is designated and qualifies as) a cash-flow hedge are recorded in other comprehensive income until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). | |||||||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedged transactions. This process includes linking all derivatives designated as cash-flow hedges to specific assets and liabilities on the statement of financial position or forecasted transactions. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. When it is determined a derivative is not highly effective as a hedge or it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, as discussed below. | |||||||||||||
The Company discontinues hedge accounting prospectively when (1) it is determined the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is de-designated as a hedge instrument because it is unlikely a forecasted transaction will occur; or (4) management determines that designation of the derivative as a hedge instrument is no longer appropriate. As of the de-designation date, the amount of the loss accumulated on the ineffective portion of the hedged item is amortized into net income (loss) over the life of the swaps utilizing the straight line method which approximates the effective interest method, and is reflected as a reduction to the accumulated other comprehensive income (loss) component of shareholders’ equity. | |||||||||||||
When hedge accounting is discontinued because it is probable a forecasted transaction will not occur, the derivative will continue to be carried on the statement of financial position at its fair value, and gains and losses that were accumulated in other comprehensive income will be recognized immediately in earnings. In all other situations in which hedge accounting is discontinued, the derivative will be carried at its fair value on the statement of financial position, with subsequent changes in its fair value recognized in earnings. | |||||||||||||
Disclosures relative to derivative instruments can also be found in Notes 9 and 11. | |||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables, debt and accounts payable. The Company believes cash and cash equivalents, trade receivables, and accounts payable are recorded at amounts that approximate their current market values because of the relatively short maturities of these financial instruments. The carrying value of the long-term debt instruments approximates the fair value based upon terms and conditions available to the Company in comparison to the terms and conditions of the outstanding debt. | |||||||||||||
The Company follows accounting guidance on fair value measurements, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||
Level 2 inputs – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and other inputs that are observable or can be corroborated by observable market data. | |||||||||||||
Level 3 inputs – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized in the current year to the extent future deferred tax liability timing differences are expected to reverse. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets may not be realized. | |||||||||||||
The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies and Practices (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 275 | $ | 815 | $ | 397 | |||||||
Provisions made during the year | 24 | 340 | 738 | ||||||||||
Write-offs | (149 | ) | (892 | ) | (387 | ) | |||||||
Recoveries during the year | 75 | 12 | 67 | ||||||||||
Balance at December 31 | $ | 225 | $ | 275 | $ | 815 |
Note_4_Acquistions_Tables
Note 4 - Acquistions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,640 | |||||||||||
Inventories | 250 | ||||||||||||
Property, plant and equipment | 917 | ||||||||||||
Prepaid expenses | 21 | ||||||||||||
Accounts payable and accrued liabilities | (2,135 | ) | |||||||||||
Intangible assets | 2,092 | ||||||||||||
Goodwill | 2,395 | ||||||||||||
Total net purchase price | $ | 5,180 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 791 | |||||||||||
Inventories | 347 | ||||||||||||
Property, plant and equipment | 561 | ||||||||||||
Accounts payable and accrued liabilities | (1,357 | ) | |||||||||||
Intangible assets | 1,210 | ||||||||||||
Goodwill | 1,068 | ||||||||||||
Total net purchase price | $ | 2,620 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 902 | |||||||||||
Inventories | 1,439 | ||||||||||||
Property, plant and equipment | 324 | ||||||||||||
Prepaid expenses | 9 | ||||||||||||
Accounts payable and accrued liabilities | (2,094 | ) | |||||||||||
Intangible assets | 5,461 | ||||||||||||
Goodwill | 2,670 | ||||||||||||
Total net purchase price | $ | 8,711 | |||||||||||
(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 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,144 | |||||||||||
Inventories | 222 | ||||||||||||
Property, plant and equipment | 667 | ||||||||||||
Prepaid expenses | 26 | ||||||||||||
Accounts payable and accrued liabilities | (1,381 | ) | |||||||||||
Intangible assets | 3,704 | ||||||||||||
Goodwill | 1,163 | ||||||||||||
Total net purchase price | $ | 5,545 | |||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||
(thousands except per share data) | 2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 624,842 | $ | 517,891 | $ | 387,861 | |||||||
Net income | 23,762 | 30,234 | 11,126 | ||||||||||
Basic net income per common share | 2.21 | 2.86 | 1.14 | ||||||||||
Diluted net income per common share | 2.2 | 2.84 | 1.1 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||||
(thousands) | 2013 | 2012 | |||||||||||
Raw materials | $ | 24,135 | $ | 24,197 | |||||||||
Work in process | 4,870 | 3,000 | |||||||||||
Finished goods | 3,877 | 3,169 | |||||||||||
Less: reserve for inventory obsolescence | (938 | ) | (825 | ) | |||||||||
Total manufactured goods, net | 31,944 | 29,541 | |||||||||||
Materials purchased for resale (distribution products) | 24,904 | 17,732 | |||||||||||
Less: reserve for inventory obsolescence | (338 | ) | (281 | ) | |||||||||
Total materials purchased for resale (distribution products), net | 24,566 | 17,451 | |||||||||||
Balance at December 31 | $ | 56,510 | $ | 46,992 | |||||||||
Summary of the Reserve for Inventory Obsolescence [Table Text Block] | ' | ||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 1,106 | $ | 701 | $ | 854 | |||||||
Charged to operations | 1,045 | 1,123 | 1,020 | ||||||||||
Deductions from reserves | (875 | ) | (718 | ) | (1,173 | ) | |||||||
Balance at December 31 | $ | 1,276 | $ | 1,106 | $ | 701 |
Note_6_Property_Plant_and_Equi1
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(thousands) | 2013 | 2012 | |||||||
Land and improvements | $ | 1,637 | $ | 1,669 | |||||
Buildings and improvements | 29,663 | 26,692 | |||||||
Machinery and equipment | 66,365 | 63,456 | |||||||
Transportation equipment | 1,506 | 937 | |||||||
Leasehold improvements | 1,889 | 1,716 | |||||||
Property, plant and equipment, at cost | 101,060 | 94,470 | |||||||
Less: accumulated depreciation and amortization | (58,943 | ) | (57,401 | ) | |||||
Property, plant and equipment, net | $ | 42,117 | $ | 37,069 |
Note_7_Goodwill_and_Other_Inta1
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill Acquired In Business Combinations [Table Text Block] | ' | ||||||||||||||||||||||||
(thousands) | Customer | Non-Compete | Trademarks | Total Other | Goodwill | Total | |||||||||||||||||||
Relationships | Agreements | Intangible | Intangible | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||
Praxis | $ | 399 | $ | 30 | $ | - | $ | 429 | $ | - | $ | 429 | |||||||||||||
AIA | 2,751 | 312 | 641 | 3,704 | 1,163 | 4,867 | |||||||||||||||||||
Infinity Graphics | 186 | 76 | 48 | 310 | 190 | 500 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Décor | 655 | 384 | 624 | 1,663 | 1,440 | 3,103 | |||||||||||||||||||
Gustafson | 178 | 16 | 143 | 337 | - | 337 | |||||||||||||||||||
Creative Wood | 207 | 312 | 238 | 757 | 994 | 1,751 | |||||||||||||||||||
Middlebury Hardwoods | 5,920 | 140 | 410 | 6,470 | 3,609 | 10,079 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Frontline | 1,411 | 460 | 221 | 2,092 | 2,395 | 4,487 | |||||||||||||||||||
Premier | 863 | 203 | 144 | 1,210 | 1,068 | 2,278 | |||||||||||||||||||
West Side | 4,166 | 998 | 297 | 5,461 | 2,670 | 8,131 | |||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||||||||||
Balance – December 31, 2011 | $ | 4,214 | $ | 105 | $ | 4,319 | |||||||||||||||||||
Acquisitions | 6,043 | - | 6,043 | ||||||||||||||||||||||
Balance – December 31, 2012 | 10,257 | 105 | 10,362 | ||||||||||||||||||||||
Acquisitions | 3,463 | 2,670 | 6,133 | ||||||||||||||||||||||
Balance – December 31, 2013 | $ | 13,720 | $ | 2,775 | $ | 16,495 | |||||||||||||||||||
Schedule of Intangible Assets By Major Class [Table Text Block] | ' | ||||||||||||||||||||||||
(thousands) | 2013 | Weighted Average Useful Life | 2012 | Weighted Average Useful Life | |||||||||||||||||||||
Customer relationships | $ | 23,668 | 11 | years | $ | 17,228 | 11 | years | |||||||||||||||||
Non-compete agreements | 3,417 | 3 | years | 1,756 | 3 | years | |||||||||||||||||||
Trademarks | 4,166 | 3,504 | |||||||||||||||||||||||
31,251 | 22,488 | ||||||||||||||||||||||||
Less: accumulated amortization | (5,640 | ) | (3,269 | ) | |||||||||||||||||||||
Other intangible assets, net | $ | 25,611 | $ | 19,219 | |||||||||||||||||||||
Schedule of Intangible Assets by Business Segment [Table Text Block] | ' | ||||||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||||||||||
Balance -December 31, 2011 | $ | 10,583 | $ | 932 | $ | 11,515 | |||||||||||||||||||
Acquisitions | 8,890 | 337 | 9,227 | ||||||||||||||||||||||
Amortization | (1,231 | ) | (292 | ) | (1,523 | ) | |||||||||||||||||||
Balance - December 31, 2012 | 18,242 | 977 | 19,219 | ||||||||||||||||||||||
Acquisitions | 3,302 | 5,461 | 8,763 | ||||||||||||||||||||||
Amortization | (1,918 | ) | (453 | ) | (2,371 | ) | |||||||||||||||||||
Balance - December 31, 2013 | $ | 19,626 | $ | 5,985 | $ | 25,611 |
Note_9_Derivative_Financial_In1
Note 9 - Derivative Financial Instruments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Schedule Of Outstanding Stock Warrants At Fair Value [Table Text Block] | ' | ||||
(thousands) | |||||
Balance at December 31, 2011 | $ | 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 December 31, 2012 | $ | - |
Note_10_Debt_Tables
Note 10 - Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Required financial covenants compared to actual amounts [Table Text Block] | ' | ||||||||
(thousands except ratios) | Covenant | Actual | |||||||
Consolidated total leverage ratio (12-month period) | 3.5 | 1.1 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 6.2 | |||||||
Annual capital expenditures limitation | $ | 12,000 | $ | 8,669 |
Note_12_Accrued_Liabilities_Ta
Note 12 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
(thousands) | 2013 | 2012 | |||||||
Employee compensation and benefits | $ | 7,855 | $ | 6,935 | |||||
Property taxes | 841 | 987 | |||||||
Customer incentives | 2,339 | 2,049 | |||||||
Accrued income taxes | 204 | 114 | |||||||
Other | 2,346 | 1,731 | |||||||
Total | $ | 13,585 | $ | 11,816 |
Note_13_Income_Taxes_Tables
Note 13 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 8,647 | $ | 211 | $ | (235 | ) | ||||||
State | 2,104 | 134 | 54 | ||||||||||
Total current | 10,751 | 345 | (181 | ) | |||||||||
Deferred: | |||||||||||||
Federal | 3,670 | (6,320 | ) | 18 | |||||||||
State | 313 | (848 | ) | - | |||||||||
Total deferred | 3,983 | (7,168 | ) | 18 | |||||||||
Income taxes (credit) | $ | 14,734 | $ | (6,823 | ) | $ | (163 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
(thousands) | 2013 | 2012 | 2011 | ||||||||||
Tax provision, at federal statutory income tax rate | $ | 13,571 | $ | 7,232 | $ | 2,824 | |||||||
State taxes, net of federal benefit | 1,706 | 1,101 | 54 | ||||||||||
Deferred tax valuation allowance | - | (15,570 | ) | (3,048 | ) | ||||||||
Other, net | (543 | ) | 414 | 7 | |||||||||
Income taxes (credit) | $ | 14,734 | $ | (6,823 | ) | $ | (163 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
(thousands) | 2013 | 2012 | |||||||||||
Gross deferred tax assets: | |||||||||||||
Trade receivables allowance | $ | 89 | $ | 107 | |||||||||
Inventory capitalization | 546 | 291 | |||||||||||
Accrued expenses | 2,615 | 2,081 | |||||||||||
Deferred compensation | 974 | 964 | |||||||||||
Non-compete agreements | - | 6 | |||||||||||
Inventory reserves | 531 | 428 | |||||||||||
AMT and other tax credit carry-forwards | 9 | 896 | |||||||||||
Federal and State NOL carry-forwards | 201 | 2,390 | |||||||||||
Stock-based compensation | 538 | 287 | |||||||||||
Pension liability | 6 | 30 | |||||||||||
Intangibles | 89 | 1,212 | |||||||||||
Gross deferred tax assets | 5,598 | 8,692 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Prepaid expenses | (207 | ) | (141 | ) | |||||||||
Depreciation expense | (3,549 | ) | (2,726 | ) | |||||||||
Gross deferred tax liabilities | (3,756 | ) | (2,867 | ) | |||||||||
Net deferred tax assets | $ | 1,842 | $ | 5,825 | |||||||||
(thousands) | 2013 | 2012 | |||||||||||
Current deferred tax assets, net | $ | 3,762 | $ | 5,149 | |||||||||
Long-term deferred tax assets, net | - | 676 | |||||||||||
Long-term deferred tax liabilities, net | (1,920 | ) | - | ||||||||||
Deferred tax assets, net | $ | 1,842 | $ | 5,825 |
Note_14_Shareholders_Equity_Ta
Note 14 - Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
(thousands) | Interest | Pension | Accumulated Other Comprehensive | ||||||||||
Rate Swap | Liability | Income (Loss) | |||||||||||
Adjustment | Adjustment (1) | ||||||||||||
Balance, December 31, 2010 | $ | (677 | ) | $ | (153 | ) | $ | (830 | ) | ||||
Current period change, net of tax | 677 | (30 | ) | 647 | |||||||||
Balance, December 31, 2011 | - | (183 | ) | (183 | ) | ||||||||
Current period change, net of tax | - | 200 | 200 | ||||||||||
Balance, December 31, 2012 | - | 17 | 17 | ||||||||||
Current period change, net of tax | - | 37 | 37 | ||||||||||
Balance, December 31, 2013 | $ | - | $ | 54 | $ | 54 |
Note_16_Income_Per_Common_Shar1
Note 16 - Income Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
(thousands except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income for basic and diluted per share calculation | $ | 24,040 | $ | 28,095 | $ | 8,470 | |||||||
Weighted average common shares outstanding – basic | 10,733 | 10,558 | 9,757 | ||||||||||
Effect of potentially dilutive securities | 53 | 79 | 399 | ||||||||||
Weighted average common shares outstanding – diluted | 10,786 | 10,637 | 10,156 | ||||||||||
Basic net income per common share | $ | 2.24 | $ | 2.66 | $ | 0.87 | |||||||
Diluted net income per common share | $ | 2.23 | $ | 2.64 | $ | 0.83 |
Note_17_Lease_Commitments_Tabl
Note 17 - Lease Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||
(thousands) | Facility Leases | Equipment Leases | |||||||
2014 | $ | 3,468 | $ | 1,431 | |||||
2015 | 2,448 | 1,290 | |||||||
2016 | 1,283 | 1,135 | |||||||
2017 | 1,041 | 891 | |||||||
2018 | 412 | 623 | |||||||
Thereafter | - | 435 | |||||||
Total minimum lease payments | $ | 8,652 | $ | 5,805 |
Note_19_Compensation_Plans_Tab
Note 19 - Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Note 19 - Compensation Plans (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(shares in thousands) | Shares | Weighted Average | Shares | Weighted Average | Shares | Weighted Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Total Options: | |||||||||||||||||||||||||
Outstanding, beginning of year | 90 | $ | 1.54 | 452 | $ | 1.27 | 497 | $ | 1.61 | ||||||||||||||||
Granted during the year | 200 | 27.67 | - | - | - | - | |||||||||||||||||||
Forfeited during the year | - | - | - | - | (22 | ) | 9.36 | ||||||||||||||||||
Exercised during the year | (46 | ) | 1.39 | (362 | ) | 1.2 | (23 | ) | 0.9 | ||||||||||||||||
Outstanding, end of year | 244 | $ | 22.97 | 90 | $ | 1.54 | 452 | $ | 1.27 | ||||||||||||||||
Vested Options: | |||||||||||||||||||||||||
Vested during the year | - | - | 141 | $ | 1.25 | 166 | $ | 1.25 | |||||||||||||||||
Eligible, end of year for exercise | 44 | $ | 1.7 | 90 | $ | 1.54 | 317 | $ | 1.27 | ||||||||||||||||
Aggregate intrinsic value of total options outstanding ($ thousands) | $ | 1,457 | $ | 1,265 | $ | 1,282 | |||||||||||||||||||
Aggregate intrinsic value of options exercisable ($ thousands) | $ | 1,205 | $ | 1,265 | $ | 897 | |||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 6.33 | N/A | N/A | |||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
(shares in thousands) | Shares Outstanding | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | Shares Exercisable | Weighted Average Exercise Price | ||||||||||||||||||||
2009 Grants: | |||||||||||||||||||||||||
Exercise price - | $0.75 | 2 | 5.4 | $ | 0.75 | 2 | $ | 0.75 | |||||||||||||||||
Exercise price - | $1.75 | 42 | 5.4 | 1.75 | 42 | 1.75 | |||||||||||||||||||
2013 Grant: | |||||||||||||||||||||||||
Exercise price - | $27.67 | 200 | 9 | $ | 27.67 | - | $ | - | |||||||||||||||||
SARS Outstanding | SARS Exercisable | ||||||||||||||||||||||||
(shares in thousands) | Shares Outstanding | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | Shares Exercisable | Weighted Average Exercise Price | ||||||||||||||||||||
2013 Grant: | |||||||||||||||||||||||||
Exercise price - | $27.67 | 50 | 9 | $ | 27.67 | - | $ | - | |||||||||||||||||
Exercise price - | $33.20 | 50 | 9 | 33.2 | - | - | |||||||||||||||||||
Exercise price - | $39.84 | 50 | 9 | 39.84 | - | - | |||||||||||||||||||
Exercise price - | $47.81 | 50 | 9 | 47.81 | - | - | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend rate | - | % | |||||||||||||||||||||||
Risk-free interest rate | 0.64 | % | |||||||||||||||||||||||
Expected option life (years) | 3 | ||||||||||||||||||||||||
Price volatility | 32.42 | % | |||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||||||||||
(shares in thousands) | Shares | Weighted-Average Grant Date Fair Value | |||||||||||||||||||||||
Unvested, December 31, 2011 | 178 | $ | 2.21 | ||||||||||||||||||||||
Granted during the year | 162 | 8.98 | |||||||||||||||||||||||
Vested during the year | (166 | ) | 4.74 | ||||||||||||||||||||||
Unvested, December 31, 2012 | 174 | 6.12 | |||||||||||||||||||||||
Granted during the year | 114 | 15.21 | |||||||||||||||||||||||
Vested during the year | (152 | ) | 8.23 | ||||||||||||||||||||||
Unvested, December 31, 2013 | 136 | $ | 11.4 | ||||||||||||||||||||||
Stock Appreciation Rights (SARs) [Member] | ' | ||||||||||||||||||||||||
Note 19 - Compensation Plans (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend rate | - | % | |||||||||||||||||||||||
Risk-free interest rate | 0.64% | - | 1.55 | % | |||||||||||||||||||||
Expected option life (years) | 3 | - | 4 | ||||||||||||||||||||||
Price volatility | 32.42 | % |
Note_20_Segment_Information_Ta
Note 20 - Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
2013 | |||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 458,438 | $ | 136,493 | $ | 594,931 | |||||||
Intersegment sales | 19,264 | 2,606 | 21,870 | ||||||||||
Total sales | 477,702 | 139,099 | 616,801 | ||||||||||
Cost of goods sold | 407,528 | 116,039 | 523,567 | ||||||||||
Operating income | 43,860 | 8,040 | 51,900 | ||||||||||
Identifiable assets | 98,058 | 41,449 | 139,507 | ||||||||||
Depreciation and amortization | 4,906 | 625 | 5,531 | ||||||||||
2012 | |||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 330,941 | $ | 106,426 | $ | 437,367 | |||||||
Intersegment sales | 16,007 | 1,830 | 17,837 | ||||||||||
Total sales | 346,948 | 108,256 | 455,204 | ||||||||||
Cost of goods sold | 296,641 | 90,155 | 386,796 | ||||||||||
Operating income | 30,798 | 5,727 | 36,525 | ||||||||||
Identifiable assets | 85,523 | 25,745 | 111,268 | ||||||||||
Depreciation and amortization | 3,851 | 399 | 4,250 | ||||||||||
2011 | |||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 232,460 | $ | 75,362 | $ | 307,822 | |||||||
Intersegment sales | 11,800 | 360 | 12,160 | ||||||||||
Total sales | 244,260 | 75,722 | 319,982 | ||||||||||
Cost of goods sold | 210,797 | 63,636 | 274,433 | ||||||||||
Operating income | 18,805 | 2,689 | 21,494 | ||||||||||
Identifiable assets | 50,139 | 16,446 | 66,585 | ||||||||||
Depreciation and amortization | 3,553 | 330 | 3,883 | ||||||||||
Reconciliation of Certain Line Items Pertaining to Total Reportable Segments [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Total sales for reportable segments | $ | 616,801 | $ | 455,204 | $ | 319,982 | |||||||
Elimination of intersegment sales | (21,870 | ) | (17,837 | ) | (12,160 | ) | |||||||
Consolidated net sales | $ | 594,931 | $ | 437,367 | $ | 307,822 | |||||||
Cost of goods sold: | |||||||||||||
Total cost of goods sold for reportable segments | $ | 523,567 | $ | 386,796 | $ | 274,433 | |||||||
Elimination of intersegment cost of goods sold | (21,870 | ) | (17,837 | ) | (12,160 | ) | |||||||
Other | 2,211 | 2,664 | 1,241 | ||||||||||
Consolidated cost of goods sold | $ | 503,908 | $ | 371,623 | $ | 263,514 | |||||||
Operating income: | |||||||||||||
Operating income for reportable segments | $ | 51,900 | $ | 36,525 | $ | 21,494 | |||||||
Gain on sale of fixed assets and acquisition of business | 430 | 238 | 244 | ||||||||||
Unallocated corporate expenses | (9,014 | ) | (8,200 | ) | (7,434 | ) | |||||||
Amortization | (2,371 | ) | (1,523 | ) | (829 | ) | |||||||
Consolidated operating income | $ | 40,945 | $ | 27,040 | $ | 13,475 | |||||||
Consolidated total assets: | |||||||||||||
Identifiable assets for reportable segments | $ | 139,507 | $ | 111,268 | $ | 66,585 | |||||||
Corporate property and equipment | 22,871 | 22,025 | 14,769 | ||||||||||
Current and long-term assets not allocated to segments | 9,544 | 7,028 | 1,844 | ||||||||||
Intangibles and other assets not allocated to segments | 2,265 | 3,148 | 2,572 | ||||||||||
Consolidated total assets | $ | 174,187 | $ | 143,469 | $ | 85,770 | |||||||
Depreciation and amortization: | |||||||||||||
Depreciation and amortization for reportable segments | $ | 5,531 | $ | 4,250 | $ | 3,883 | |||||||
Corporate depreciation and amortization | 1,766 | 1,336 | 1,033 | ||||||||||
Consolidated depreciation and amortization | $ | 7,297 | $ | 5,586 | $ | 4,916 |
Note_21_Quarterly_Financial_Da1
Note 21 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
(thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2013 | ||||||||||||||||
Net sales | $ | 142,120 | $ | 159,576 | $ | 146,623 | $ | 146,612 | $ | 594,931 | |||||||||||
Gross profit | 22,436 | 25,160 | 21,823 | 21,604 | 91,023 | ||||||||||||||||
Net income | 6,019 | 7,557 | 5,452 | 5,012 | 24,040 | ||||||||||||||||
Net income per common share (1): | |||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.7 | $ | 0.51 | $ | 0.47 | $ | 2.24 | |||||||||||
Diluted | 0.55 | 0.7 | 0.51 | 0.47 | 2.23 | ||||||||||||||||
(thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2012 | ||||||||||||||||
Net sales | $ | 102,688 | $ | 115,605 | $ | 112,946 | $ | 106,128 | $ | 437,367 | |||||||||||
Gross profit | 16,434 | 17,839 | 16,903 | 14,568 | 65,744 | ||||||||||||||||
Net income | 5,011 | 13,313 | 6,554 | 3,217 | 28,095 | ||||||||||||||||
Net income per common share (1): | |||||||||||||||||||||
Basic | $ | 0.49 | $ | 1.26 | $ | 0.61 | $ | 0.3 | $ | 2.66 | |||||||||||
Diluted | 0.47 | 1.22 | 0.6 | 0.3 | 2.64 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Number of Operating Segments | 2 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies and Practices (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 2 - Summary of Significant Accounting Policies and Practices (Details) [Line Items] | ' | ' | ' |
Shipping and Handling Costs (in Dollars) | $0.80 | $0.70 | $0.50 |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies and Practices (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies and Practices (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '30 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies and Practices (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies and Practices (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies and Practices (Details) - Changes in the Allowance for Douibtful Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in the Allowance for Douibtful Accounts [Abstract] | ' | ' | ' |
Balance | $275 | $815 | $397 |
Provisions made during the year | 24 | 340 | 738 |
Write-offs | -149 | -892 | -387 |
Recoveries during the year | 75 | 12 | 67 |
Balance | $225 | $275 | $815 |
Note_4_Acquistions_Details
Note 4 - Acquistions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Mar. 02, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Oct. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Frontline [Member] | Premier Concepts, Inc. [Member] | West Side Furniture [Member] | Decor [Member] | Decor [Member] | Gustafson Lighting [Member] | Creative Wood [Member] | Middlebury Hardwood Products, Inc. [Member] | Praxis [Member] | AIA [Member] | AIA [Member] | Infinity Graphics [Member] | Acquired Entities [Member] | Acquired Entities [Member] | Acquired Entities [Member] | ||||
Note 4 - Acquistions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $16,511,000 | $29,262,000 | $7,314,000 | $5,200,000 | $2,600,000 | $8,700,000 | $4,300,000 | ' | $2,800,000 | $3,000,000 | $19,800,000 | $500,000 | $5,500,000 | ' | $1,300,000 | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $6.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 223,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | 2,092,000 | 1,210,000 | 5,461,000 | 1,663,000 | ' | 337,000 | 757,000 | 6,470,000 | 400,000 | 3,704,000 | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Trade Receivables and Inventories, Net of Accounts Payable Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 200,000 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | 917,000 | 561,000 | 324,000 | 400,000 | ' | 1,221,000 | 1,429,000 | 7,171,000 | 200,000 | 667,000 | ' | 600,000 | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill and Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Business Acquisition, Pro Forma Amortization Expense | 900,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | 700,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | $29,000,000 | $8,000,000 |
Note_4_Acquistions_Details_Fai
Note 4 - Acquistions (Details) - Fair Value of Assets Acquired, Summary (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | Frontline [Member] | Frontline [Member] | Premier Concepts, Inc. [Member] | Premier Concepts, Inc. [Member] | West Side Furniture [Member] | West Side Furniture [Member] | Decor [Member] | Decor [Member] | Gustafson Lighting [Member] | Creative Wood [Member] | Creative Wood [Member] | Middlebury Hardwood Products, Inc. [Member] | Middlebury Hardwood Products, Inc. [Member] | AIA [Member] | AIA [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivables | ' | ' | ' | ' | $1,640 | ' | $791 | ' | $902 | ' | $1,280 | $982 | ' | $927 | ' | $1,872 | ' | $1,144 |
Inventories | ' | ' | ' | ' | 250 | ' | 347 | ' | 1,439 | ' | 903 | 1,262 | ' | 1,423 | ' | 1,719 | ' | 222 |
Property, plant and equipment | ' | ' | ' | ' | 917 | ' | 561 | ' | 324 | ' | 400 | 1,221 | ' | 1,429 | ' | 7,171 | ' | 667 |
Prepaid expenses | ' | ' | ' | ' | 21 | ' | ' | ' | 9 | ' | 22 | 20 | ' | 24 | ' | 144 | ' | 26 |
Accounts payable and accrued liabilities | ' | ' | ' | ' | -2,135 | ' | -1,357 | ' | -2,094 | ' | -1,375 | -816 | ' | -1,570 | ' | -1,223 | ' | -1,381 |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -958 | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | 2,092 | ' | 1,210 | ' | 5,461 | ' | 1,663 | 337 | ' | 757 | ' | 6,470 | ' | 3,704 |
Gain on acquisition of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -223 | ' | ' | ' | ' | ' | ' |
Goodwill | 16,495 | 10,362 | 4,319 | 2,395 | 2,395 | 1,068 | 1,068 | 2,670 | 2,670 | 1,440 | 1,440 | ' | 994 | 994 | 3,609 | 3,609 | 1,163 | 1,163 |
Total net purchase price | ' | ' | ' | ' | $5,180 | ' | $2,620 | ' | $8,711 | ' | $4,333 | $2,783 | ' | $3,026 | ' | $19,762 | ' | $5,545 |
Note_4_Acquistions_Details_Pro
Note 4 - Acquistions (Details) - Pro Forma Information Related to Acquisitions (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pro Forma Information Related to Acquisitions [Abstract] | ' | ' | ' |
Revenue | $624,842 | $517,891 | $387,861 |
Net income | $23,762 | $30,234 | $11,126 |
Basic net income per common share | $2.21 | $2.86 | $1.14 |
Diluted net income per common share | $2.20 | $2.84 | $1.10 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $24,135 | $24,197 |
Work in process | 4,870 | 3,000 |
Finished goods | 3,877 | 3,169 |
Total materials purchased for resale (distribution products), net | 24,566 | 17,451 |
Balance at December 31 | 56,510 | 46,992 |
Total manufactured goods, net | 31,944 | 29,541 |
Materials purchased for resale (distribution products) | 24,904 | 17,732 |
Manufactured Goods [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Less: reserve for inventory obsolescence | -938 | -825 |
Materials Purchased for Resale [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Less: reserve for inventory obsolescence | ($338) | ($281) |
Note_5_Inventories_Details_Sum
Note 5 - Inventories (Details) - Summary of Reserve for Inventory Obsolescence (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 |
Summary of Reserve for Inventory Obsolescence [Abstract] | ' | ' | ' |
Balance | $1,106 | $701 | $854 |
Charged to operations | 1,045 | 1,123 | 1,020 |
Deductions from reserves | -875 | -718 | -1,173 |
Balance | $1,276 | $1,106 | $701 |
Note_6_Property_Plant_and_Equi2
Note 6 - Property, Plant and Equipment (Details) - Property, Plant and Equipment, Net (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant & equipment, at cost | $101,060 | $94,470 |
Less: accumulated depreciation and amortization | -58,943 | -57,401 |
Property, plant and equipment, net | 42,117 | 37,069 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant & equipment, at cost | 1,637 | 1,669 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant & equipment, at cost | 29,663 | 26,692 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant & equipment, at cost | 66,365 | 63,456 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant & equipment, at cost | 1,506 | 937 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant & equipment, at cost | $1,889 | $1,716 |
Note_7_Goodwill_and_Other_Inta2
Note 7 - Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Trademarks [Member] | Trademarks [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Minimum [Member] | Maximum [Member] | ||||
Customer Relationships and Non-compete Agreements [Member] | Customer Relationships and Non-compete Agreements [Member] | ||||||||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | $48,000 | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 25,611,000 | 19,219,000 | 11,515,000 | 4,100,000 | ' | ' | 21,500,000 | ' | ' |
Finite-Lived Intangible Asset, Weighted Average Useful Life | ' | ' | ' | ' | ' | '11 years | ' | '3 years | '19 years |
Amortization of Intangible Assets | 2,371,000 | 1,523,000 | 829,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,121,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,894,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,554,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,999,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $1,987,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Goodwill_and_Other_Inta3
Note 7 - Goodwill and Other Intangible Assets (Details) - Intangible Assets and Goodwill Acquired (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Praxis [Member] | Praxis [Member] | Praxis [Member] | AIA [Member] | AIA [Member] | AIA [Member] | AIA [Member] | AIA [Member] | Infinity Graphics [Member] | Infinity Graphics [Member] | Infinity Graphics [Member] | Infinity Graphics [Member] | Decor [Member] | Decor [Member] | Decor [Member] | Decor [Member] | Decor [Member] | Gustafson Lighting [Member] | Gustafson Lighting [Member] | Gustafson Lighting [Member] | Gustafson Lighting [Member] | Creative Wood [Member] | Creative Wood [Member] | Creative Wood [Member] | Creative Wood [Member] | Creative Wood [Member] | Middlebury Hardwood Products, Inc. [Member] | Middlebury Hardwood Products, Inc. [Member] | Middlebury Hardwood Products, Inc. [Member] | Middlebury Hardwood Products, Inc. [Member] | Middlebury Hardwood Products, Inc. [Member] | Frontline [Member] | Frontline [Member] | Frontline [Member] | Frontline [Member] | Frontline [Member] | Premier Concepts, Inc. [Member] | Premier Concepts, Inc. [Member] | Premier Concepts, Inc. [Member] | Premier Concepts, Inc. [Member] | Premier Concepts, Inc. [Member] | West Side Furniture [Member] | West Side Furniture [Member] | West Side Furniture [Member] | West Side Furniture [Member] | West Side Furniture [Member] | Customer Relationships [Member] | |||
Customer Relationships [Member] | Noncompete Agreements [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Trademarks [Member] | ||||||||||||||||||||||
2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Intangible Assets | $25,611 | $19,219 | $11,515 | $399 | $30 | $429 | $2,751 | $312 | $641 | $3,704 | ' | $186 | $76 | $48 | $310 | $655 | $384 | $624 | $1,663 | ' | $178 | $16 | $143 | $337 | $207 | $312 | $238 | $757 | ' | $5,920 | $140 | $410 | $6,470 | ' | $1,411 | $460 | $221 | $2,092 | ' | $863 | $203 | $144 | $1,210 | ' | $4,166 | $998 | $297 | $5,461 | ' | $21,500 |
Goodwill | 16,495 | 10,362 | 4,319 | ' | ' | ' | ' | ' | ' | 1,163 | 1,163 | ' | ' | ' | 190 | ' | ' | ' | 1,440 | 1,440 | ' | ' | ' | ' | ' | ' | ' | 994 | 994 | ' | ' | ' | 3,609 | 3,609 | ' | ' | ' | 2,395 | 2,395 | ' | ' | ' | 1,068 | 1,068 | ' | ' | ' | 2,670 | 2,670 | ' |
Intangible Assets | ' | ' | ' | ' | ' | $429 | ' | ' | ' | $4,867 | ' | ' | ' | ' | $500 | ' | ' | ' | $3,103 | ' | ' | ' | ' | $337 | ' | ' | ' | $1,751 | ' | ' | ' | ' | $10,079 | ' | ' | ' | ' | $4,487 | ' | ' | ' | ' | $2,278 | ' | ' | ' | ' | $8,131 | ' | ' |
Note_7_Goodwill_and_Other_Inta4
Note 7 - Goodwill and Other Intangible Assets (Details) - Carrying Amount of Goodwill by Segment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $16,495 | $10,362 | $4,319 |
Acquisitions | 6,133 | 6,043 | ' |
Manufacturing [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 13,720 | 10,257 | 4,214 |
Acquisitions | 3,463 | 6,043 | ' |
Distribution [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 2,775 | 105 | 105 |
Acquisitions | $2,670 | ' | ' |
Note_7_Goodwill_and_Other_Inta5
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ' | ' |
Other intangible assets, net | $22,488 | $31,251 |
Less: accumulated amortization | -3,269 | -5,640 |
Other intangible assets, net | 19,219 | 25,611 |
Customer Relationships [Member] | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ' | ' |
Other intangible assets, net | 17,228 | 23,668 |
Weighted Average Useful LIfe | '11 years | ' |
Noncompete Agreements [Member] | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ' | ' |
Other intangible assets, net | 1,756 | 3,417 |
Weighted Average Useful LIfe | '3 years | ' |
Trademarks [Member] | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ' | ' |
Other intangible assets, net | $3,504 | $4,166 |
Note_7_Goodwill_and_Other_Inta6
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | ' | ' | ' |
Other intangible assets, net | $25,611 | $19,219 | $11,515 |
Acquisitions | 8,763 | 9,227 | ' |
Amortization | -2,371 | -1,523 | ' |
Manufacturing [Member] | ' | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | ' | ' | ' |
Other intangible assets, net | 19,626 | 18,242 | 10,583 |
Acquisitions | 3,302 | 8,890 | ' |
Amortization | -1,918 | -1,231 | ' |
Distribution [Member] | ' | ' | ' |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | ' | ' | ' |
Other intangible assets, net | 5,985 | 977 | 932 |
Acquisitions | 5,461 | 337 | ' |
Amortization | ($453) | ($292) | ' |
Note_8_Other_NonCurrent_Assets1
Note 8 - Other Non-Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Other Assets, Noncurrent | $982,000 | $861,000 |
Loans, Gross, Insurance Policy | $2,700,000 | $2,700,000 |
Note_9_Derivative_Financial_In2
Note 9 - Derivative Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2007 | Dec. 31, 2008 | Mar. 25, 2011 | Mar. 25, 2011 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2008 | Sep. 30, 2011 | Aug. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 16, 2011 | Dec. 31, 2009 | Dec. 31, 2008 | Jun. 30, 2011 | Mar. 31, 2011 | Apr. 30, 2011 | Mar. 31, 2011 | Mar. 31, 2013 | Sep. 16, 2011 | Nov. 30, 2011 |
Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | March 2011 Warrants [Member] | March 2011 Warrants [Member] | March 2011 Warrants [Member] | March 2011 Warrants [Member] | March 2011 Warrants [Member] | September 2011 [Member] | September 2011 [Member] | |||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | TCOMF2 [Member] | TCOMF2 [Member] | Northcreek [Member] | Northcreek [Member] | |||||||||||||||
Interest Swap 1 [Member] | ||||||||||||||||||||||||
Note 9 - Derivative Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | ' | ' | 2 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | 5.60% | ' | ' | ' | ' | 4.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Cash Received on Hedge (in Dollars) | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net (in Dollars) | ' | ' | ' | ' | 1,100,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net (in Dollars) | ' | ' | ' | ' | ' | ' | ' | -700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) (in Dollars) | ' | ' | ' | ' | ' | -600,000 | -79,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 474,049 | ' | 125,000 | ' | 125,000 | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.94 | $0.96 | $1 | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | $0.01 |
New Warrants Issued Or Remaining During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 413,996 | ' | 328,169 | 419,646 | 496,397 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercised Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,477 | 82,401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135,000 |
Net Stock Issued During Period Shares Warrants Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,881 | 45,175 | 328,169 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135,000 | ' |
Adjustments To Additional Paid In Capital Warrant Exercised (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 10,568,430 | 10,854,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 291,856 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants with debt discount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | $300,000 | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | 125,000 | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.94 | $0.96 | $1 | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | $0.01 |
Note_9_Derivative_Financial_In3
Note 9 - Derivative Financial Instruments (Details) - Outstanding Stock Warrants at Fair Value (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Note 9 - Derivative Financial Instruments (Details) - Outstanding Stock Warrants at Fair Value [Line Items] | ' | ' |
Change in fair value, included in earnings | ($1,731) | ($699) |
Warrant [Member] | ' | ' |
Note 9 - Derivative Financial Instruments (Details) - Outstanding Stock Warrants at Fair Value [Line Items] | ' | ' |
Balance at December 31, 2011 | 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 December 31, 2012 | $0 | ' |
Note_10_Debt_Details
Note 10 - Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 12 Months Ended | 24 Months Ended | 27 Months Ended | 1 Months Ended | 24 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 24, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2012 | Oct. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Additional Borrowing Capacity [Member] | Required [Member] | Required [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | TCOMF2 [Member] | Prime Rate [Member] | Prime Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Same Day Advance Swing Line [Member] | 2011 Credit Facility [Member] | March 2011 Notes [Member] | September 2011 Notes [Member] | Promissory Note [Member] | Promissory Note [Member] | Promissory Note [Member] | Promissory Note [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Credit Requirements Met [Member] | ||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Subordinated Notes [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Senior Subordinated Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | March 2011 Notes [Member] | March 2011 Notes [Member] | September 2011 Notes [Member] | September 2011 Notes [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
March 2011 Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | March 2011 Notes [Member] | ||||||||||||||||||||||||||||||
Note 10 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | ' | ' | $55,000,000 | $49,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | 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% | ' | ' |
Consolidated Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | 3 | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Interest Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual Capital Expenditures Limitation And Actual Year To Date | ' | ' | ' | ' | ' | ' | 12,000,000 | 7,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,900,000 | ' | ' |
Interest Expense, Debt | ' | ' | 2,171,000 | 4,037,000 | 4,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | 2,225,000 | 3,907,000 | 4,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | 5,000,000 | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Debt Instrument Number Of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Senior Debt | $6,160,000 | $770,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $270,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | 104.00% | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Note_10_Debt_Details_Required_
Note 10 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts (2012 Credit Facility [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Required [Member] | ' |
Note 10 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts [Line Items] | ' |
Consolidated total leverage ratio (12-month period) | 3.5 |
Consolidated interest coverage ratio (12-month period) | 2.25 |
Annual capital expenditures limitation (in Dollars) | $12,000 |
Scenario, Actual [Member] | ' |
Note 10 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts [Line Items] | ' |
Consolidated total leverage ratio (12-month period) | 1.1 |
Consolidated interest coverage ratio (12-month period) | 6.2 |
Annual capital expenditures limitation (in Dollars) | $8,669 |
Note_12_Accrued_Liabilities_De
Note 12 - Accrued Liabilities (Details) - Accrued Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Employee compensation and benefits | $7,855 | $6,935 |
Property taxes | 841 | 987 |
Customer incentives | 2,339 | 2,049 |
Accrued income taxes | 204 | 114 |
Other | 2,346 | 1,731 |
Total | $13,585 | $11,816 |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | ' | 35.00% | 34.00% | 34.00% | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | ' | $15,600,000 | $18,600,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 6,800,000 | ' | 6,800,000 | -3,000,000 | ' |
Taxes Payable | ' | ' | 8,800,000 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | ' | 4,500,000 | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | ' | 38.00% | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | ' | 2,400,000 | ' | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 2,409,000 | ' | ' | ' |
Income Taxes Paid | ' | 8,200,000 | ' | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | 9,800,000 | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 2,400,000 | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | 12,600,000 | ' | ' |
Deductions Related to Unrealized Exess Benefits on Stock-based Compensation [Member] | ' | ' | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | 3,700,000 | ' | ' |
Alternative Minimum Tax Credit Carryforward [Member] | ' | ' | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | ' | ' | 700,000 | ' | ' |
Manufacturing Credit Carryforwards [Member] | ' | ' | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | ' | ' | $100,000 | ' | ' |
Note_13_Income_Taxes_Details_P
Note 13 - Income Taxes (Details) - Provision for Income Tax Benefit from Continuing Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $8,647 | $211 | ($235) |
State | 2,104 | 134 | 54 |
Total current | 10,751 | 345 | -181 |
Deferred: | ' | ' | ' |
Federal | 3,670 | -6,320 | 18 |
State | 313 | -848 | ' |
Total deferred | 3,983 | -7,168 | 18 |
Income taxes (credit) | $14,734 | ($6,823) | ($163) |
Note_13_Income_Taxes_Details_E
Note 13 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Tax provision, at federal statutory income tax rate | $13,571 | $7,232 | $2,824 |
State taxes, net of federal benefit | 1,706 | 1,101 | 54 |
Deferred tax valuation allowance | ' | -15,570 | -3,048 |
Other, net | -543 | 414 | 7 |
Income taxes (credit) | $14,734 | ($6,823) | ($163) |
Note_13_Income_Taxes_Details_C
Note 13 - Income Taxes (Details) - Composition of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Gross deferred tax assets: | ' | ' |
Trade receivables allowance | $89 | $107 |
Inventory capitalization | 546 | 291 |
Accrued expenses | 2,615 | 2,081 |
Deferred compensation | 974 | 964 |
Non-compete agreements | ' | 6 |
Inventory reserves | 531 | 428 |
AMT and other tax credit carry-forwards | 9 | 896 |
Federal and State NOL carry-forwards | 201 | 2,390 |
Stock-based compensation | 538 | 287 |
Pension liability | 6 | 30 |
Intangibles | 89 | 1,212 |
Gross deferred tax assets | 5,598 | 8,692 |
Gross deferred tax liabilities: | ' | ' |
Prepaid expenses | -207 | -141 |
Depreciation expense | -3,549 | -2,726 |
Gross deferred tax liabilities | -3,756 | -2,867 |
Net deferred tax assets (liabilities) | 1,842 | 5,825 |
Current deferred tax assets, net | 3,762 | 5,149 |
Long-term deferred tax assets, net | ' | 676 |
Long-term deferred tax liabilities, net | ($1,920) | ' |
Note_14_Shareholders_Equity_De
Note 14 - Shareholders' Equity (Details) (USD $) | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series A Preferred Stock [Member] | Shareholder Right Plan [Member] | Decor [Member] | |||||
Note 14 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ' | ' | 1,000,000 | ' | ' |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 10,568,430 | 10,854,037 | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 10,854,037 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 121,723 | 777,542 | 663,306 | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | 100,000 |
Stock Repurchased During Period, Shares | 407,330 | ' | ' | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax (in Dollars) | $24,000 | ' | ' | ' | ' | ' | ' |
Number Of Rights Payable For Each Share As Dividend Under Agreement | ' | ' | ' | 1 | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | $30 | ' |
Multiplier Of Right Exercise Price In Event Of Takeover Or Merger | 2 | ' | ' | ' | ' | ' | ' |
Minimum Percentage Of Assets SoldIn Event Of Merger For Exercise Of Right | 50.00% | ' | ' | ' | ' | ' | ' |
Rights Redeem Rate (in Dollars per share) | $0.01 | ' | ' | ' | ' | ' | ' |
Note_14_Shareholders_Equity_De1
Note 14 - Shareholders' Equity (Details) - Components of and Changes in Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Balance | $54 | $17 | ($183) | ($830) | ||||
Current period change, net of tax | 37 | 200 | 647 | ' | ||||
Interest Rate Swap Adjustment [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Balance | ' | ' | ' | -677 | ||||
Current period change, net of tax | ' | ' | 677 | ' | ||||
Pension Liability Adjustment [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Balance | 54 | [1] | 17 | [1] | -183 | [1] | -153 | [1] |
Current period change, net of tax | $37 | [1] | $200 | [1] | ($30) | [1] | ' | |
[1] | For the year ended December 31, 2013, the pension liability adjustment was net of tax of $24,000. For the years ended December 31, 2012 and 2011, there was no tax effect reflected on the pension liability either due to the Company reporting a full valuation allowance for net deferred tax assets or due to the insignificance of the amount of such impacts. |
Note_15_Stock_Repurchase_Progr1
Note 15 - Stock Repurchase Program (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Feb. 22, 2013 | Dec. 31, 2013 | Feb. 13, 2014 |
Subsequent Event [Member] | |||
Note 15 - Stock Repurchase Program (Details) [Line Items] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $10 | ' | $20 |
Stock Repurchased During Period, Shares (in Shares) | ' | 407,330 | ' |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | ' | $14.92 | ' |
Stock Repurchased During Period, Value | ' | 6.1 | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | $3.90 |
Note_16_Income_Per_Common_Shar2
Note 16 - Income Per Common Share (Details) - Earnings Per Common Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Earnings Per Common Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net income for basic and diluted per share calculation (in Dollars) | $5,012 | $5,452 | $7,557 | $6,019 | $3,217 | $6,554 | $13,313 | $5,011 | $24,040 | $28,095 | $8,470 | ||||||||||
Weighted average common shares outstanding – basic | ' | ' | ' | ' | ' | ' | ' | ' | 10,733 | 10,558 | 9,757 | ||||||||||
Effect of potentially dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 53 | 79 | 399 | ||||||||||
Weighted average common shares outstanding – diluted | ' | ' | ' | ' | ' | ' | ' | ' | 10,786 | 10,637 | 10,156 | ||||||||||
Basic net income per common share (in Dollars per share) | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $0.30 | [1] | $0.61 | [1] | $1.26 | [1] | $0.49 | [1] | $2.24 | [1] | $2.66 | [1] | $0.87 |
Diluted net income per common share (in Dollars per share) | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $0.30 | [1] | $0.60 | [1] | $1.22 | [1] | $0.47 | [1] | $2.23 | [1] | $2.64 | [1] | $0.83 |
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Note_17_Lease_Commitments_Deta
Note 17 - Lease Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | $5,206,000 | $4,178,000 | $3,111,000 |
Sale Leaseback Transaction, Current Period Gain Recognized | ' | ' | 400,000 |
Operating Leases, Income Statement, Minimum Lease Revenue | $400,000 | $400,000 | $400,000 |
Note_17_Lease_Commitments_Deta1
Note 17 - Lease Commitments (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Manufacturing Facility [Member] | ' |
Note 17 - Lease Commitments (Details) - Future Minimum Lease Payments [Line Items] | ' |
2014 | $3,468 |
2015 | 2,448 |
2016 | 1,283 |
2017 | 1,041 |
2018 | 412 |
Total minimum lease payments | 8,652 |
Equipment [Member] | ' |
Note 17 - Lease Commitments (Details) - Future Minimum Lease Payments [Line Items] | ' |
2014 | 1,431 |
2015 | 1,290 |
2016 | 1,135 |
2017 | 891 |
2018 | 623 |
Thereafter | 435 |
Total minimum lease payments | $5,805 |
Note_18_Commitments_and_Contin1
Note 18 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Self Insured Health Plan, Annual Claim Limit Per Individual | $250,000 |
Note_19_Compensation_Plans_Det
Note 19 - Compensation Plans (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2014 | Feb. 18, 2014 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Mar. 04, 2013 | Mar. 11, 2013 | Mar. 23, 2013 | 24-May-12 | Mar. 12, 2012 | Feb. 16, 2012 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | At Strike Price [Member] | Strike Price 1 [Member] | Strike Price 2 [Member] | Strike Price 3 [Member] | Strike Price 4 [Member] | Stock Appreciation Rights (SARs) [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2009 Omnibus Incentive Plan [Member] | Bonus Plan [Member] | Bonus Plan [Member] | Bonus Plan [Member] | Profit-Sharing Plan [Member] | |||||
Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||||||||||||||
Note 19 - Compensation Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement Period for Benefits | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | ' | 4.50% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Compensation Expense | ' | $367,000 | $194,000 | $222,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,200,000 | $4,100,000 | $2,400,000 | ' |
Increase Decrease In Cash Surrender Value of Life Insurance | ' | 24,000 | 88,000 | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement Probationary Period for Eligibility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days |
Deferred Compensation Arrangement Eligible Employee Minimum Age Requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 years |
Allocated Share-based Compensation Expense | ' | 1,300,000 | 800,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $6.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.67 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Number of Tranches Granted | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | 114,000 | 162,000 | ' | ' | ' | 50,000 | ' | ' | ' | ' | 200,000 | ' | 89,947 | 5,000 | 19,480 | 24,500 | 122,800 | 15,000 | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | $28.93 | ' | ' | ' | ' | ' | $27.67 | $33.20 | $39.84 | $47.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | 900,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | ' | 64,000 | 436,000 | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) | ' | 66,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '21 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | $1,300,000 | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 200,000 | 200,000 | ' | ' | 34,000 | 65,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,001 | ' | ' | ' | ' | ' |
Note_19_Compensation_Plans_Det1
Note 19 - Compensation Plans (Details) - Summary of Option Activity (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Options: | ' | ' | ' | ' |
Outstanding, beginning of year (in Shares) | ' | 90,000 | 452,000 | 497,000 |
Outstanding, beginning of year | ' | $1.54 | $1.27 | $1.61 |
Granted during the year (in Shares) | 200,000 | 200,000 | ' | ' |
Granted during the year | ' | $27.67 | ' | ' |
Forfeited during the year (in Shares) | ' | ' | ' | -22,000 |
Forfeited during the year | ' | ' | ' | $9.36 |
Exercised during the year (in Shares) | ' | -46,000 | -362,250 | -22,750 |
Exercised during the year | ' | $1.39 | $1.20 | $0.90 |
Outstanding, end of year (in Shares) | ' | 244,000 | 90,000 | 452,000 |
Outstanding, end of year | ' | $22.97 | $1.54 | $1.27 |
Vested Options: | ' | ' | ' | ' |
Vested during the year (in Shares) | ' | ' | 141,000 | 166,000 |
Vested during the year | ' | ' | $1.25 | $1.25 |
Eligible, end of year for exercise (in Shares) | ' | 44,000 | 90,000 | 317,000 |
Eligible, end of year for exercise | ' | $1.70 | $1.54 | $1.27 |
Aggregate intrinsic value of total options outstanding ($ thousands) (in Dollars) | ' | $1,457 | $1,265 | $1,282 |
Aggregate intrinsic value of options exercisable ($ thousands) (in Dollars) | ' | $1,205 | $1,265 | $897 |
Weighted average fair value of options granted during the year | ' | $6.33 | ' | ' |
Note_19_Compensation_Plans_Det2
Note 19 - Compensation Plans (Details) - Options Outstanding and Exercisable (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Employee Stock Option [Member] | Price 1 [Member] | ' |
2009 Grants: | ' |
Exercise price | $0.75 |
Shares outstanding (in Shares) | 2 |
Average remaining contractual life | '5 years 146 days |
Weighted average exercise price | $0.75 |
Shares exercisable (in Shares) | 2 |
Weighted average exercise price | $0.75 |
Employee Stock Option [Member] | Price 2 [Member] | ' |
2009 Grants: | ' |
Exercise price | $1.75 |
Shares outstanding (in Shares) | 42 |
Average remaining contractual life | '5 years 146 days |
Weighted average exercise price | $1.75 |
Shares exercisable (in Shares) | 42 |
Weighted average exercise price | $1.75 |
Employee Stock Option [Member] | Price 3 [Member] | ' |
2009 Grants: | ' |
Exercise price | $27.67 |
Shares outstanding (in Shares) | 200 |
Average remaining contractual life | '9 years |
Weighted average exercise price | $27.67 |
Stock Appreciation Rights (SARs) [Member] | Price 4 [Member] | ' |
2009 Grants: | ' |
Exercise price | $27.67 |
Shares outstanding (in Shares) | 50 |
Average remaining contractual life | '9 years |
Weighted average exercise price | $27.67 |
Stock Appreciation Rights (SARs) [Member] | Price 5 [Member] | ' |
2009 Grants: | ' |
Exercise price | $33.20 |
Shares outstanding (in Shares) | 50 |
Average remaining contractual life | '9 years |
Weighted average exercise price | $33.20 |
Stock Appreciation Rights (SARs) [Member] | Price 6 [Member] | ' |
2009 Grants: | ' |
Exercise price | $39.84 |
Shares outstanding (in Shares) | 50 |
Average remaining contractual life | '9 years |
Weighted average exercise price | $39.84 |
Stock Appreciation Rights (SARs) [Member] | Price 7 [Member] | ' |
2009 Grants: | ' |
Exercise price | $47.81 |
Shares outstanding (in Shares) | 50 |
Average remaining contractual life | '9 years |
Weighted average exercise price | $47.81 |
Note_19_Compensation_Plans_Det3
Note 19 - Compensation Plans (Details) - Stock Options Fair Value Assumptions | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options Fair Value Assumptions [Abstract] | ' |
Risk-free interest rate | 0.64% |
Expected option life (years) | '3 years |
Price volatility | 32.42% |
Note_19_Compensation_Plans_Det4
Note 19 - Compensation Plans (Details) - Stock Appreciation Rights Fair Value Assumptions | 12 Months Ended |
Dec. 31, 2013 | |
Note 19 - Compensation Plans (Details) - Stock Appreciation Rights Fair Value Assumptions [Line Items] | ' |
Risk-free interest rate | 0.64% |
Expected option life (years) | '3 years |
Price volatility | 32.42% |
Stock Appreciation Rights (SARs) [Member] | ' |
Note 19 - Compensation Plans (Details) - Stock Appreciation Rights Fair Value Assumptions [Line Items] | ' |
Price volatility | 32.42% |
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | ' |
Note 19 - Compensation Plans (Details) - Stock Appreciation Rights Fair Value Assumptions [Line Items] | ' |
Risk-free interest rate | 0.64% |
Expected option life (years) | '3 years |
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ' |
Note 19 - Compensation Plans (Details) - Stock Appreciation Rights Fair Value Assumptions [Line Items] | ' |
Risk-free interest rate | 1.55% |
Expected option life (years) | '4 years |
Note_19_Compensation_Plans_Det5
Note 19 - Compensation Plans (Details) - Summary of Unvested Restricted Stock (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Unvested Restricted Stock [Abstract] | ' | ' | ' |
Shares | 136 | 174 | 178 |
Weighted average grant date fair value | $11.40 | $6.12 | $2.21 |
Shares, granted | 114 | 162 | ' |
Weighted average grant date fair value, granted | $15.21 | $8.98 | ' |
Shares, vested | -152 | -166 | ' |
Weighted average grant date fair value, vested | $8.23 | $4.74 | ' |
Note_20_Segment_Information_De
Note 20 - Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Amortization of Intangible Assets (in Dollars) | $2,371 | $1,523 | $829 |
RV Customer 1 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 34.00% | 34.00% | 32.00% |
RV Customer 1 [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 28.00% | 30.00% | ' |
RV Customer 2 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 23.00% | 20.00% | 17.00% |
Manufacturing [Member] | Product Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 77.00% | 76.00% | 76.00% |
Manufacturing [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Amortization of Intangible Assets (in Dollars) | 1,900 | 1,200 | 600 |
Distribution [Member] | Product Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 23.00% | 24.00% | 24.00% |
Distribution [Member] | ' | ' | ' |
Note 20 - Segment Information (Details) [Line Items] | ' | ' | ' |
Amortization of Intangible Assets (in Dollars) | $500 | $300 | $200 |
Note_20_Segment_Information_De1
Note 20 - Segment Information (Details) - Net Income, Assets and Certain Other Items of Segments (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $146,612 | $146,623 | $159,576 | $142,120 | $106,128 | $112,946 | $115,605 | $102,688 | $594,931 | $437,367 | $307,822 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 503,908 | 371,623 | 263,514 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 40,945 | 27,040 | 13,475 |
Manufacturing [Member] | Operating Segments [Member] | Outside Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 458,438 | 330,941 | 232,460 |
Manufacturing [Member] | Operating Segments [Member] | Inside Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 19,264 | 16,007 | 11,800 |
Manufacturing [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 477,702 | 346,948 | 244,260 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 407,528 | 296,641 | 210,797 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 43,860 | 30,798 | 18,805 |
Identifiable assets | 98,058 | ' | ' | ' | 85,523 | ' | ' | ' | 98,058 | 85,523 | 50,139 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,906 | 3,851 | 3,553 |
Distribution [Member] | Operating Segments [Member] | Outside Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 136,493 | 106,426 | 75,362 |
Distribution [Member] | Operating Segments [Member] | Inside Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,606 | 1,830 | 360 |
Distribution [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 139,099 | 108,256 | 75,722 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 116,039 | 90,155 | 63,636 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 8,040 | 5,727 | 2,689 |
Identifiable assets | 41,449 | ' | ' | ' | 25,745 | ' | ' | ' | 41,449 | 25,745 | 16,446 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 625 | 399 | 330 |
Operating Segments [Member] | Outside Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 594,931 | 437,367 | 307,822 |
Operating Segments [Member] | Inside Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 21,870 | 17,837 | 12,160 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 616,801 | 455,204 | 319,982 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 523,567 | 386,796 | 274,433 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 51,900 | 36,525 | 21,494 |
Identifiable assets | 139,507 | ' | ' | ' | 111,268 | ' | ' | ' | 139,507 | 111,268 | 66,585 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $5,531 | $4,250 | $3,883 |
Note_20_Segment_Information_De2
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $146,612 | $146,623 | $159,576 | $142,120 | $106,128 | $112,946 | $115,605 | $102,688 | $594,931 | $437,367 | $307,822 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 503,908 | 371,623 | 263,514 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 40,945 | 27,040 | 13,475 |
Total assets | 174,187 | ' | ' | ' | 143,469 | ' | ' | ' | 174,187 | 143,469 | 85,770 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,297 | 5,586 | 4,916 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | -2,371 | -1,523 | -829 |
Gain on sale of fixed assets and acquisition of business | ' | ' | ' | ' | ' | ' | ' | ' | 430 | 238 | 244 |
Operating Segments [Member] | Other Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,211 | 2,664 | 1,241 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 616,801 | 455,204 | 319,982 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 523,567 | 386,796 | 274,433 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 51,900 | 36,525 | 21,494 |
Total assets | 139,507 | ' | ' | ' | 111,268 | ' | ' | ' | 139,507 | 111,268 | 66,585 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,531 | 4,250 | 3,883 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -21,870 | -17,837 | -12,160 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -21,870 | -17,837 | -12,160 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -9,014 | -8,200 | -7,434 |
Total assets | 22,871 | ' | ' | ' | 22,025 | ' | ' | ' | 22,871 | 22,025 | 14,769 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,766 | 1,336 | 1,033 |
Assets Not Allocated to Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 9,544 | ' | ' | ' | 7,028 | ' | ' | ' | 9,544 | 7,028 | 1,844 |
Intangible and Other Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $2,265 | ' | ' | ' | $3,148 | ' | ' | ' | $2,265 | $3,148 | $2,572 |
Note_21_Quarterly_Financial_Da2
Note 21 - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | $146,612 | $146,623 | $159,576 | $142,120 | $106,128 | $112,946 | $115,605 | $102,688 | $594,931 | $437,367 | $307,822 | ||||||||||
Gross profit | 21,604 | 21,823 | 25,160 | 22,436 | 14,568 | 16,903 | 17,839 | 16,434 | 91,023 | 65,744 | 44,308 | ||||||||||
Net income | $5,012 | $5,452 | $7,557 | $6,019 | $3,217 | $6,554 | $13,313 | $5,011 | $24,040 | $28,095 | $8,470 | ||||||||||
Basic (in Dollars per share) | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $0.30 | [1] | $0.61 | [1] | $1.26 | [1] | $0.49 | [1] | $2.24 | [1] | $2.66 | [1] | $0.87 |
Diluted (in Dollars per share) | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $0.30 | [1] | $0.60 | [1] | $1.22 | [1] | $0.47 | [1] | $2.23 | [1] | $2.64 | [1] | $0.83 |
[1] | Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |