Patrick Industries (PATK) 10-Q 8 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 29, 2014	Jul. 25, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'PATRICK INDUSTRIES INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	10,583,628
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	'No	'
Document Period End Date	29-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Financial Position (Unaudited) (USD $)	Jun. 29, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current Assets	'	'
Cash and cash equivalents	$3,323	$34
Trade receivables, net	45,475	22,644
Inventories	73,334	56,510
Deferred tax assets	3,460	3,762
Prepaid expenses and other	2,997	4,749
Total current assets	128,589	87,699
Property, plant and equipment, at cost	107,616	101,060
Less accumulated depreciation	60,853	58,943
Property, plant and equipment, net	46,763	42,117
Goodwill	29,470	16,495
Intangible assets, net of accumulated amortization (2014: $7,268; 2013: $5,640)	47,990	25,611
Deferred financing costs, net of accumulated amortization (2014: $1,579; 2013: $1,405)	1,113	1,283
Other non-current assets	998	982
TOTAL ASSETS	254,923	174,187
Current Liabilities	'	'
Accounts payable	38,805	18,826
Accrued liabilities	13,824	13,585
Total current liabilities	52,629	32,411
Long-term debt	101,685	55,000
Deferred compensation and other	2,174	2,546
Deferred tax liabilities	1,602	1,920
TOTAL LIABILITIES	158,090	91,877
SHAREHOLDERS’ EQUITY	'	'
Common stock	54,366	53,863
Additional-paid-in-capital	7,639	6,604
Accumulated other comprehensive income	54	54
Retained earnings	34,774	21,789
TOTAL SHAREHOLDERS’ EQUITY	96,833	82,310
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$254,923	$174,187

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) (USD $)	Jun. 29, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Intangible assets, accumulated amortization	$7,268	$5,640
Deferred financing costs, accumulated amortization	$1,579	$1,405

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
NET SALES	$187,855	$159,576	$358,005	$301,696
Cost of goods sold	156,036	134,416	299,039	254,100
GROSS PROFIT	31,819	25,160	58,966	47,596
Operating expenses:	'	'	'	'
Warehouse and delivery	6,659	4,710	12,771	9,246
Selling, general and administrative	8,765	7,441	17,265	14,410
Amortization of intangible assets	841	521	1,628	1,040
(Gain) loss on sale of fixed assets	37	-426	24	-430
Total operating expenses	16,302	12,246	31,688	24,266
OPERATING INCOME	15,517	12,914	27,278	23,330
Interest expense, net	507	522	1,056	1,074
Income before income taxes	15,010	12,392	26,222	22,256
Income taxes	5,779	4,835	10,095	8,680
NET INCOME	$9,231	$7,557	$16,127	$13,576
BASIC NET INCOME PER COMMON SHARE (in Dollars per share)	$0.86	$0.70	$1.51	$1.26
DILUTED NET INCOME PER COMMON SHARE (in Dollars per share)	$0.86	$0.70	$1.50	$1.25
Weighted average shares outstanding - Basic (in Shares)	10,707	10,720	10,705	10,814
- Diluted (in Shares)	10,761	10,762	10,754	10,856

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$16,127	$13,576
Depreciation	2,688	2,490
Amortization of intangible assets	1,628	1,040
Stock-based compensation expense	1,626	595
Deferred compensation expense	165	117
Deferred income taxes	-16	1,816
(Gain) loss on sale of fixed assets	24	-430
Decrease in cash surrender value of life insurance	45	45
Deferred financing amortization	174	195
Change in operating assets and liabilities, net of acquisitions:	'	'
Trade receivables	-17,780	-14,105
Inventories	-4,329	-4,682
Prepaid expenses and other	1,820	719
Accounts payable and accrued liabilities	14,678	13,858
Payments on deferred compensation obligations	-164	-200
Net cash provided by operating activities	16,686	15,034
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Capital expenditures	-2,368	-3,524
Proceeds from sale of property, equipment and facility	37	989
Business acquisitions	-55,027	'
Other	-61	-12
Net cash used in investing activities	-57,419	-2,547
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Long-term debt borrowings (payments), net	46,685	-3,708
Payment of deferred financing costs	-4	-96
Stock repurchases under buyback program	-3,683	-6,078
Realization of excess tax benefit on stock-based compensation	1,071	2,363
Proceeds from exercise of stock options, including tax benefit	26	60
Payments on capital lease obligations	-73	-84
Net cash provided by (used in) financing activities	44,022	-7,543
Increase in cash and cash equivalents	3,289	4,944
Cash and cash equivalents at beginning of year	34	434
Cash and cash equivalents at end of period	$3,323	$5,378

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 29, 2014
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
		1	BASIS OF PRESENTATION
	In the opinion of Patrick Industries, Inc. (“Patrick” or the “Company”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position as of June 29, 2014 and December 31, 2013, and its results of operations and cash flows for the three and six months ended June 29, 2014 and June 30, 2013.
	Patrick’s unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules or regulations. For a description of significant accounting policies used by the Company in the preparation of its consolidated financial statements, please refer to Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The December 31, 2013 condensed consolidated statement of financial position data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the second quarter and six months ended June 29, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014.
	In preparation of Patrick’s condensed consolidated financial statements as of and for the second quarter and six months ended June 29, 2014, management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date of issuance of the Form 10-Q for potential recognition or disclosure in the consolidated financial statements. See Note 5 for events that occurred subsequent to the balance sheet date.

Note_2_Recently_Issued_Account

Note 2 - Recently Issued Accounting Pronoucements	6 Months Ended
	Jun. 29, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	2	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
	Revenue Recognition
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance supersedes existing U.S. GAAP and industry-specific guidance related to revenue recognition, with the transition to the new standard following either a full retrospective approach or a modified retrospective approach (i.e., an approach that would allow the standard to be applied beginning with the current period, with no restatement of the comparative period, but additional disclosure would be required). The guidance is effective for annual and interim periods beginning after December 15, 2016. Early adoption of the guidance is not permitted. The Company is currently evaluating the provisions of this guidance and has not yet determined the impact, if any, that the implementation of this guidance will have on its results of operations or financial condition.
	Stock Compensation
	In June 2014, the FASB issued revised guidance on accounting for share-based payments that will require that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The revised guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the provisions of this guidance and has not yet determined the impact, if any, that the implementation of this guidance will have on its results of operations or financial condition.

Note_3_Inventories

Note 3 - Inventories	6 Months Ended
	Jun. 29, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	3	INVENTORIES
	Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) or market and consist of the following classes:
	(thousands)		29-Jun-14			Dec. 31, 2013
	Raw materials		$	33,796		$	24,135
	Work in process			6,123			4,870
	Finished goods			5,039			3,877
	Less: reserve for inventory obsolescence			(1,605	)		(938	)
	Total manufactured goods, net			43,353			31,944
	Materials purchased for resale (distribution products)			30,542			24,904
	Less: reserve for inventory obsolescence			(561	)		(338	)
	Total materials purchased for resale (distribution products), net			29,981			24,566
	Total inventories		$	73,334		$	56,510

Note_4_Goodwill_and_Intangible

Note 4 - Goodwill and Intangible Assets	6 Months Ended
	Jun. 29, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill and Intangible Assets Disclosure [Text Block]	'
	4.     GOODWILL AND INTANGIBLE ASSETS
	Goodwill and other intangible assets are allocated to the Company’s reporting units at the date they are initially recorded. Goodwill and indefinite-lived intangible assets are not amortized but are subject to an impairment test based on their estimated fair value performed annually in the fourth quarter (or under certain circumstances more frequently as warranted). Goodwill impairment testing is performed at the reporting unit level, one level below the business segment. The Company’s Manufacturing segment includes goodwill originating from the acquisitions of Gravure Ink (acquired in the Adorn Holdings, Inc. acquisition), Quality Hardwoods Sales (“Quality Hardwoods”), A.I.A. Countertops, LLC (“AIA”), Infinity Graphics, Décor Mfg., LLC (“Décor”), Creative Wood Designs, Inc. (“Creative Wood”), Middlebury Hardwood Products, Inc. (“Middlebury Hardwoods”), Frontline Mfg., Inc. (“Frontline”), Premier Concepts, Inc. (“Premier”), Precision Painting Group (“Precision”), and Foremost Fabricators, LLC (“Foremost”). While Gravure Ink, AIA, Infinity Graphics, Décor, Creative Wood, Middlebury Hardwoods, Frontline, Premier, Precision, and Foremost 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”), John H. McDonald Co., Inc. d/b/a West Side Furniture (“West Side”), and Foremost, which remain reporting units for which impairment is assessed.
	Finite-lived intangible assets that meet certain criteria continue to be amortized over their useful lives and are also subject to an impairment test based on estimated undiscounted cash flows when impairment indicators exist. The Company performs the required impairment test of goodwill in the fourth quarter or more frequently if events or changes in circumstances indicate that the carrying value may exceed the fair value. No impairment was recognized during the second quarter and six months ended June 29, 2014. There have been no material changes to the method of evaluating goodwill impairment during the second quarter of 2014.
	In early June 2014, the Company acquired the business and certain assets of Bremen, Indiana and Elkhart, Indiana-based Precision. The purchase was determined to be a business combination and the intangible assets recorded as a result of the acquisition included (in thousands): customer relationships - $2,219; trademarks - $483; non-compete agreements - $1,220; and goodwill - $4,264. The goodwill recognized in this transaction is expected to be deductible for income tax purposes. Precision is included in the Manufacturing segment. See Note 5 for further details.
	In late June 2014, the Company acquired the business and certain assets of Goshen, Indiana-based Foremost. The purchase was determined to be a business combination and the intangible assets recorded as a result of the acquisition included (in thousands): customer relationships – $15,050; trademarks - $3,740; non-compete agreements - $1,295; and goodwill - $8,589. The goodwill recognized in this transaction is expected to be deductible for income tax purposes. The Foremost reporting units are included in the Manufacturing and Distribution segments. See Note 5 for further details.
	Goodwill
	Changes in the carrying amount of goodwill for the six months ended June 29, 2014 by segment are as follows:
	(thousands)		Manufacturing			Distribution			Total
	Balance – December 31, 2013	$	13,720		$	2,775		$	16,495
	Acquisitions		9,539			3,436			12,975
	Balance – June 29, 2014	$	23,259		$	6,211		$	29,470
	Other Intangible Assets
	As of June 29, 2014, the remaining intangible assets balance of $48.0 million is comprised of $8.4 million of trademarks which have an indefinite life, and therefore, no amortization expense has been recorded, and $39.6 million pertaining to customer relationships and non-compete agreements which are being amortized over periods ranging from 3 to 19 years.
	Other intangible assets, net consist of the following as of June 29, 2014 and December 31, 2013:
	(thousands)	June 29,			Weighted			Dec. 31,			Weighted
		2014			Average			2013			Average
					Useful Life						Useful Life
					(in years)						(in years)
	Customer relationships	$	40,937			11		$	23,668			11
	Non-compete agreements		5,932			3			3,417			3
	Trademarks		8,389						4,166
			55,258						31,251
	Less: accumulated amortization		(7,268	)					(5,640	)
	Other intangible assets, net	$	47,990					$	25,611
	Changes in the carrying value of other intangible assets for the six months ended June 29, 2014 by segment are as follows:
	(thousands)	Manufacturing			Distribution			Total
	Balance – December 31, 2013	$	19,626		$	5,985		$	25,611
	Acquisitions		15,973			8,034			24,007
	Amortization		(1,162	)		(466	)		(1,628	)
	Balance – June 29, 2014	$	34,437		$	13,553		$	47,990

Note_5_Acquistions

Note 5 - Acquistions	6 Months Ended
	Jun. 29, 2014
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
	5.       ACQUISITIONS
	2014 Acquisitions
	Precision
	In early June 2014, the Company acquired the business and certain assets of four related companies based in Bremen, Indiana and Elkhart, Indiana: Precision Painting, Inc., Carrera Custom Painting, Inc., Millennium Paint, Inc., and TDM Transport, Inc. (collectively referred to as “Precision Painting Group” or “Precision”). The Precision Painting Group is comprised of three full service exterior full body painting operations that offer interior refurbishing and painting for both OEMs and existing recreational vehicle (“RV”) and fleet owners, and a transportation operation that services their in-house customers. The net purchase price was $9.7 million.
	This acquisition provides the opportunity for the Company to establish a presence in the RV exterior full body painting market and increase its product offerings, market share and per unit content. The results of operations for Precision are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Precision team to maximize efficiencies, revenue impact, market share growth, and net income.
	The acquisition was funded through borrowings under the Company’s 2012 Credit Facility (as defined herein). Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The preliminary purchase price allocation is subject to final approval and settlement of a working capital adjustment, and thus all required purchase accounting adjustments are expected to be finalized within the measurement period of up to one year.   The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition:
	(thousands)
	Trade receivables	$	1,047
	Inventories		208
	Property, plant and equipment		855
	Prepaid expenses		60
	Accounts payable and accrued liabilities		(701	)
	Intangible assets		3,922
	Goodwill		4,264
	Total net purchase price	$	9,655
	In July 2014 (the beginning of the Company’s fiscal third quarter), as part of the asset purchase agreement, the Company purchased five operating facilities from the sellers of Precision for approximately $6.1 million in the aggregate.
	Foremost
	In late June 2014, the Company acquired the business and certain assets of Goshen, Indiana-based Foremost, a fabricator and distributor of fabricated aluminum products, fiber reinforced polyester (“FRP”) sheet and coil, and custom laminated products primarily used in the RV market, for a net purchase price of $45.4 million. This acquisition provides the opportunity for the Company to establish a presence in the laminated and fabricated roll formed aluminum products market and increase its product offerings, market share and per unit content. The results of operations for Foremost are included in the Company’s condensed consolidated financial statements and the Manufacturing and Distribution operating segments from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Foremost team to maximize efficiencies, revenue impact, market share growth, and net income.
	The acquisition was funded through borrowings under the Company’s 2012 Credit Facility. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The preliminary purchase price allocation is subject to final approval and settlement of a working capital adjustment, and thus all required purchase accounting adjustments are expected to be finalized within the measurement period of up to one year. The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition:
	(thousands)
	Trade receivables	$	4,126
	Inventories		12,287
	Property, plant and equipment		4,130
	Prepaid expenses		50
	Accounts payable and accrued liabilities		(3,895	)
	Intangible assets		20,085
	Goodwill		8,589
	Total net purchase price	$	45,372
	2013 Acquisitions
	Frontline
	In early September 2013, the Company acquired the business and certain assets of Warsaw, Indiana-based Frontline, a manufacturer of fiberglass bath fixtures including tubs, showers and combination tub/shower units for the RV, MH, and residential housing markets, for a net purchase price of $5.2 million, which includes a contingent payment that may be paid based on future performance. This acquisition provides the opportunity for the Company to establish a presence in the fiberglass bath fixtures market and increase its product offerings, market share and per unit content. The results of operations for Frontline are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The fair value of the contingent consideration arrangement was estimated by applying the income approach and included assumptions related to the probability of future payments and discounted cash flows. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the 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. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the second quarter 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	$	1,545
	Inventories		250
	Property, plant and equipment		917
	Prepaid expenses		21
	Accounts payable and accrued liabilities		(2,135	)
	Intangible assets		2,092
	Goodwill		2,490
	Total net purchase price	$	5,180
	Premier
	In early September 2013, the Company acquired the business and certain assets of Warsaw, Indiana-based Premier, a custom fabricator of solid surface, granite, and quartz countertops for the RV, MH and residential housing markets, for a net purchase price of $2.6 million, which includes a contingent payment that may be paid based on future performance. This acquisition provides the opportunity for the Company to expand its presence in the countertops market and increase its product offerings, market share and per unit content. The results of operations for Premier are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The fair value of the contingent consideration arrangement was estimated by applying the income approach and included assumptions related to the probability of future payments and discounted cash flows. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the Premier team to maximize efficiencies, revenue impact, market share growth, and net income.
	The acquisition was funded through borrowings under the Company’s 2012 Credit Facility. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the second quarter 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	$	764
	Inventories		347
	Property, plant and equipment		561
	Accounts payable and accrued liabilities		(1,357	)
	Intangible assets		1,210
	Goodwill		1,095
	Total net purchase price	$	2,620
	West Side
	In late September 2013, the Company acquired the business and certain assets of Goshen, Indiana-based West Side, a wholesale supplier of La-Z-Boy® recliners and the Serta® Trump Home™ mattress line, among other furniture products, to the RV market, for a net purchase price of $8.7 million. This acquisition provides the opportunity for the Company to expand its presence in the wholesale furniture business for the RV industry, and increase its product offerings, market share and per unit content. The results of operations for West Side are included in the Company’s condensed consolidated financial statements and the Distribution operating segment from the date of acquisition. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, sales, and systems resources with the organizational talent and expertise of the West Side team to maximize efficiencies, revenue impact, market share growth, and net income.
	The acquisition was funded through borrowings under the Company’s 2012 Credit Facility. Assets acquired and liabilities assumed in the acquisition were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the date of the acquisition. The following summarizes the estimated 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
Pro Forma Information
The following pro forma information for the second quarter and six months ended June 29, 2014 assumes the Precision and Foremost acquisitions (which were acquired in June 2014) occurred as of January 1, 2014, the beginning of the year in which such acquisitions occurred. The pro forma information for the second quarter and six months ended June 30, 2013 assumes the Frontline, Premier, and West Side acquisitions (all three of which were acquired in September 2013), and the Precision and Foremost acquisitions, occurred as of January 1, 2013. The pro forma information below for each of the 2014 and 2013 periods contains the actual operating results of Frontline, Premier, West Side, and Precision since their respective acquisition date, combined with the operating results prior to their respective acquisition dates. There were no actual operating results in the second quarter and first six months of 2014 related to the acquisition of Foremost since Foremost was acquired on the last business day of the second quarter ended June 29, 2014. The pro forma information includes financing and interest expense charges based on the actual incremental borrowings incurred in connection with each transaction as if it occurred at the beginning of the respective years. In addition, the pro forma information includes amortization expense related to intangible assets acquired in the Frontline, Premier and West Side acquisitions of approximately $0.3 million and $0.6 million, in the aggregate, for the second quarter and six months ended June 30, 2013, respectively. In addition, the pro forma information includes amortization expense related to intangible assets acquired in the Precision and Foremost acquisitions of approximately (i) $0.5 million and $1.1 million for the second quarter and six months ended 2014, respectively, and (ii) $0.6 million and $1.2 million for the second quarter and six months ended 2013, respectively.
		Second Quarter Ended					Six Months Ended
		June 29,			June 30,		June 29,		June 30,
(thousands except per share data)		2014			2013		2014		2013
Revenue	$	214,287		$	198,685	$	409,931	$	376,746
Net income		10,066			8,506		17,519		15,270
Income per share – basic		0.94			0.79		1.64		1.41
Income per share – diluted		0.94			0.79		1.63		1.41
The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time, nor is it intended to be a projection of future results.
For both the second quarter and six months ended June 29, 2014, revenue of approximately $1.6 million was included in the Company’s condensed consolidated statements of income pertaining to the two businesses acquired in the second quarter of 2014. There were no businesses acquired in the second quarter and first six months of 2013.

Note_6_StockBased_Compensation

Note 6 - Stock-Based Compensation	6 Months Ended
	Jun. 29, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	6.      STOCK-BASED COMPENSATION
	The Company accounts for stock-based compensation in accordance with fair value recognition provisions. The Company recorded compensation expense of $0.9 million and $0.3 million for the second quarters ended June 29, 2014 and June 30, 2013, respectively, for its stock-based compensation plans on the condensed consolidated statements of income. For the comparable six months periods, the Company recorded $1.6 million and $0.6 million, respectively.
	The Company estimates the fair value of (i) all stock grants as of the grant date using the closing price per share of the Company’s common stock on such date, and (ii) all stock option and stock appreciation rights awards as of the grant date by applying the Black-Scholes option pricing model. The Board of Directors (the “Board”) approved the following share grants in 2013: 89,947 shares on March 4, 2013; 5,000 shares on March 11, 2013; and 19,480 shares on May 23, 2013. In addition, on December 18, 2013, the Company granted 200,000 shares that may be issued upon the exercise of stock options and 200,000 shares that may be issued upon the exercise of stock appreciation rights. The grant of the stock appreciation rights was subject to shareholder approval of amendments to the Company’s 2009 Omnibus Incentive Plan (the “Plan”) to increase the number of shares available for grant under the Plan and to make certain other changes. On May 22, 2014, the Company’s shareholders approved the amendments to the Plan at the Company’s annual meeting of shareholders.
	The following share grants were approved in 2014: 34,000 shares on February 12, 2014, 65,668 shares on February 18, 2014, and 10,560 shares on May 22, 2014. In addition, on February 18, 2014, the Board approved the issuance of 44,001 restricted stock units under the Plan.
	As of June 29, 2014, there was approximately $6.6 million of total unrecognized compensation cost related to stock-based compensation arrangements granted under incentive plans. That cost is expected to be recognized over a weighted-average period of 24.3 months.

Note_7_Income_Per_Common_Share

Note 7 - Income Per Common Share	6 Months Ended
	Jun. 29, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	7.       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, and restricted stock units (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.
	Income per common share is calculated for the second quarter and six months periods as follows:
			Second Quarter Ended				Six Months Ended
			June 29,		June 30,		June 29,		June 30,
	(thousands except per share data)		2014		2013		2014		2013
	Net income for basic and diluted per share calculation	$	9,231	$	7,557	$	16,127	$	13,576
	Weighted average common shares outstanding - basic		10,707		10,720		10,705		10,814
	Effect of potentially dilutive securities		54		42		49		42
	Weighted average common shares outstanding – diluted		10,761		10,762		10,754		10,856
	Basic net income per common share	$	0.86	$	0.7	$	1.51	$	1.26
	Diluted net income per common share	$	0.86	$	0.7	$	1.5	$	1.25

Note_8_Other_NonCurrent_Assets

Note 8 - Other Non-Current Assets	6 Months Ended
	Jun. 29, 2014
Disclosure Text Block Supplement [Abstract]	'
Other Assets Disclosure [Text Block]	'
	8.     OTHER NON-CURRENT ASSETS
	As of June 29, 2014 and December 31, 2013, other non-current assets of $1.0 million were net of borrowings against the cash value of life insurance policies on certain of the Company’s officers and directors of approximately $2.8 million and $2.7 million, respectively.

Note_9_Debt

Note 9 - Debt	6 Months Ended
	Jun. 29, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	9.     DEBT
	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 $80.0 million revolving secured senior credit facility (the “2012 Credit Facility”).
	On June 26, 2014, the Company entered into a fourth amendment to the 2012 Credit Agreement to increase the maximum borrowing limit under the revolving line of credit (the “Revolver”) to $125.0 million from $80.0 million.
	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 additional provisions:
		●	The maturity date for the 2012 Credit Facility is October 24, 2017;
		●	The Company has the option to increase the 2012 Credit Facility by an amount up to $20.0 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 $5.0 million for same day advances (“Swing Line”) which shall bear interest based upon the Base Rate plus the Applicable Margin;
		●	Up to $20.0 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 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 June 29, 2014, the Company had $101.7 million outstanding under its Revolver which consisted of $90.5 million of borrowings under LIBOR and $11.2 million of borrowings under the Prime Rate. The interest rate for borrowings under the Revolver at June 29, 2014 was the Prime Rate plus 0.50% (or 3.75%), or LIBOR plus 1.50% (or 1.625%). At December 31, 2013, the Company had $55.0 million of borrowings outstanding under LIBOR. The interest rate for borrowings under the Revolver at December 31, 2013 was the Prime Rate plus 0.50% (or 3.75%), or LIBOR plus 1.50% (or 1.6875%). The fee payable on committed but unused portions of the Revolver was 0.20% for both of these periods.
	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 $12.0 million for 2013 and $10.0 million for subsequent fiscal years, exclusive of business acquisitions. 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, (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 six-month period ended June 29, 2014, the Company was in compliance with all three of these financial covenants at each reporting date. The required maximum total leverage ratio, minimum interest coverage ratio, and the annual capital expenditures limitation amounts compared to the actual amounts as of and for the fiscal six-month period ended June 29, 2014 are as follows:
	(thousands except ratios)			Required		Actual
	Consolidated leverage ratio (12-month period)			3.5		1.4
	Consolidated interest coverage ratio (12-month period)			2.25		11.7
	Annual capital expenditures limitation (actual year-to-date)		$	10,000	$	2,368

Note_10_Fair_Value_Measurement

Note 10 - Fair Value Measurements	6 Months Ended
	Jun. 29, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	10.    FAIR VALUE MEASUREMENTS
	The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of June 29, 2014 and December 31, 2013 because of the relatively short maturities of these financial instruments. The carrying amount of long-term debt approximated fair value as of June 29, 2014 and December 31, 2013 based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding long-term debt.

Note_11_Income_Taxes

Note 11 - Income Taxes	6 Months Ended
	Jun. 29, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	11.   INCOME TAXES
	The Company recorded income taxes at an estimated full year effective rate of 38.5% in the second quarter and first six months of 2014. For the comparable 2013 periods, the estimated full year effective tax rate was 39%.
	The Company had various state net operating loss carry forwards (“NOLs”) of approximately $4.5 million at December 31, 2013, of which approximately $2.9 million were remaining to be utilized as of June 29, 2014. The Company estimates that it will utilize a significant majority of the remaining state NOLs by the end of 2014.
	In the first six months of 2014, the Company realized a net tax benefit of approximately $1.1 million related to excess benefits on stock-based compensation, which had not been recorded as deferred tax assets at December 31, 2013. This tax benefit was recorded to shareholders’ equity upon realization in the first six months of 2014.

Note_12_Segment_Information

Note 12 - Segment Information	6 Months Ended
	Jun. 29, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	12.    SEGMENT INFORMATION
	The Company has determined that its reportable segments are those based on its method of internal reporting, which segregates its businesses by product category and production/distribution process.
	A description of the Company’s reportable segments is as follows:
	Manufacturing – The Company’s lamination operations utilize 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, a fiberglass bath fixtures division, a hardwood furniture division, a vinyl printing division, a solid surface, granite, and quartz fabrication division, an exterior graphics division, and the recently acquired RV painting (Precision) and fabricated aluminum products (Foremost) divisions. 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 76% and 78% of the Company’s net sales for the six months ended June 29, 2014 and June 30, 2013, respectively.
	Distribution – The Company distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, FRP 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 24% and 22% of the Company’s net sales for the six months ended June 29, 2014 and June 30, 2013, respectively.
	The tables below present unaudited information about the sales and operating income of those segments.
	SecondQuarter Ended June 29, 2014:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	142,948		$	44,907		$	187,855
	Intersegment sales		5,253			634			5,887
	Operating income		16,271			2,552			18,823
	Second Quarter Ended June 30, 2013:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	125,027		$	34,549		$	159,576
	Intersegment sales		5,282			751			6,033
	Operating income		13,355			2,353			15,708
	Six MonthsEnded June 29, 2014:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	271,634		$	86,371		$	358,005
	Intersegment sales		10,315			1,235			11,550
	Operating income		29,415			4,849			34,264
	Six Months Ended June 30, 2013:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	236,490		$	65,206		$	301,696
	Intersegment sales		10,221			1,612			11,833
	Operating income		25,079			4,272			29,351
	The table below presents a reconciliation of segment operating income to consolidated operating income:
		Second Quarter Ended						Six Months Ended
		June 29,			June 30,			June 29,			June 30,
	(thousands)	2014			2013			2014			2013
	Operating income for reportable segments	$	18,823		$	15,708		$	34,264		$	29,351
	Gain (loss) on sale of fixed assets		(37	)		426			(24	)		430
	Unallocated corporate expenses		(2,428	)		(2,699	)		(5,334	)		(5,411	)
	Amortization of intangible assets		(841	)		(521	)		(1,628	)		(1,040	)
	Consolidated operating income	$	15,517		$	12,914		$	27,278		$	23,330
	Unallocated corporate expenses include corporate general and administrative expenses comprised of wages, insurance, taxes, supplies, travel and entertainment, professional fees and other.

Note_13_Stock_Repurchase_Progr

Note 13 - Stock Repurchase Program	6 Months Ended
	Jun. 29, 2014
Disclosure Text Block Supplement [Abstract]	'
Treasury Stock [Text Block]	'
	13.     STOCK REPURCHASE PROGRAM
	On February 22, 2013, the Board authorized a stock repurchase program for purchasing up to $10.0 million of the Company’s common stock over the next 12 months. On February 13, 2014, the 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.
	In the second quarter and first six months of 2014, the Company repurchased 94,546 shares at an average price of $38.96 per share for a total cost of approximately $3.7 million. Since the inception of the stock repurchase program in February 2013, the Company has repurchased in the aggregate 501,876 shares at an average price of $19.45 per share for a total cost of approximately $9.8 million.
	Common Stock
	The Company’s common stock does not have a stated par value. As a result, repurchases of common stock have been reflected, using an average cost method, as a reduction of common stock, additional paid-in-capital, and retained earnings on the Company’s condensed consolidated statements of financial position.

Note_3_Inventories_Tables

Note 3 - Inventories (Tables)	6 Months Ended
	Jun. 29, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
	(thousands)	29-Jun-14			Dec. 31, 2013
	Raw materials	$	33,796		$	24,135
	Work in process		6,123			4,870
	Finished goods		5,039			3,877
	Less: reserve for inventory obsolescence		(1,605	)		(938	)
	Total manufactured goods, net		43,353			31,944
	Materials purchased for resale (distribution products)		30,542			24,904
	Less: reserve for inventory obsolescence		(561	)		(338	)
	Total materials purchased for resale (distribution products), net		29,981			24,566
	Total inventories	$	73,334		$	56,510

Note_4_Goodwill_and_Intangible1

Note 4 - Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 29, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Goodwill [Table Text Block]	'
	(thousands)		Manufacturing			Distribution			Total
	Balance – December 31, 2013	$	13,720		$	2,775		$	16,495
	Acquisitions		9,539			3,436			12,975
	Balance – June 29, 2014	$	23,259		$	6,211		$	29,470
Schedule of Intangible Assets By Major Class [Table Text Block]	'
	(thousands)	June 29,			Weighted			Dec. 31,			Weighted
		2014			Average			2013			Average
					Useful Life						Useful Life
					(in years)						(in years)
	Customer relationships	$	40,937			11		$	23,668			11
	Non-compete agreements		5,932			3			3,417			3
	Trademarks		8,389						4,166
			55,258						31,251
	Less: accumulated amortization		(7,268	)					(5,640	)
	Other intangible assets, net	$	47,990					$	25,611
Schedule of Intangible Assets by Business Segment [Table Text Block]	'
	(thousands)	Manufacturing			Distribution			Total
	Balance – December 31, 2013	$	19,626		$	5,985		$	25,611
	Acquisitions		15,973			8,034			24,007
	Amortization		(1,162	)		(466	)		(1,628	)
	Balance – June 29, 2014	$	34,437		$	13,553		$	47,990

Note_5_Acquistions_Tables

Note 5 - Acquistions (Tables)	6 Months Ended
	Jun. 29, 2014
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
	(thousands)
	Trade receivables	$	1,047
	Inventories		208
	Property, plant and equipment		855
	Prepaid expenses		60
	Accounts payable and accrued liabilities		(701	)
	Intangible assets		3,922
	Goodwill		4,264
	Total net purchase price	$	9,655
	(thousands)
	Trade receivables	$	4,126
	Inventories		12,287
	Property, plant and equipment		4,130
	Prepaid expenses		50
	Accounts payable and accrued liabilities		(3,895	)
	Intangible assets		20,085
	Goodwill		8,589
	Total net purchase price	$	45,372
	(thousands)
	Trade receivables	$	1,545
	Inventories		250
	Property, plant and equipment		917
	Prepaid expenses		21
	Accounts payable and accrued liabilities		(2,135	)
	Intangible assets		2,092
	Goodwill		2,490
	Total net purchase price	$	5,180
	(thousands)
	Trade receivables	$	764
	Inventories		347
	Property, plant and equipment		561
	Accounts payable and accrued liabilities		(1,357	)
	Intangible assets		1,210
	Goodwill		1,095
	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
Business Acquisition, Pro Forma Information [Table Text Block]	'
			Second Quarter Ended					Six Months Ended
			June 29,			June 30,		June 29,		June 30,
	(thousands except per share data)		2014			2013		2014		2013
	Revenue	$	214,287		$	198,685	$	409,931	$	376,746
	Net income		10,066			8,506		17,519		15,270
	Income per share – basic		0.94			0.79		1.64		1.41
	Income per share – diluted		0.94			0.79		1.63		1.41

Note_7_Income_Per_Common_Share1

Note 7 - Income Per Common Share (Tables)	6 Months Ended
	Jun. 29, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
			Second Quarter Ended				Six Months Ended
			June 29,		June 30,		June 29,		June 30,
	(thousands except per share data)		2014		2013		2014		2013
	Net income for basic and diluted per share calculation	$	9,231	$	7,557	$	16,127	$	13,576
	Weighted average common shares outstanding - basic		10,707		10,720		10,705		10,814
	Effect of potentially dilutive securities		54		42		49		42
	Weighted average common shares outstanding – diluted		10,761		10,762		10,754		10,856
	Basic net income per common share	$	0.86	$	0.7	$	1.51	$	1.26
	Diluted net income per common share	$	0.86	$	0.7	$	1.5	$	1.25

Note_9_Debt_Tables

Note 9 - Debt (Tables)	6 Months Ended
	Jun. 29, 2014
Debt Disclosure [Abstract]	'
Schedule of Required financial covenants compared to actual amounts [Table Text Block]	'
	(thousands except ratios)		Required		Actual
	Consolidated leverage ratio (12-month period)		3.5		1.4
	Consolidated interest coverage ratio (12-month period)		2.25		11.7
	Annual capital expenditures limitation (actual year-to-date)	$	10,000	$	2,368

Note_12_Segment_Information_Ta

Note 12 - Segment Information (Tables)	6 Months Ended
	Jun. 29, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
	SecondQuarter Ended June 29, 2014:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	142,948		$	44,907		$	187,855
	Intersegment sales		5,253			634			5,887
	Operating income		16,271			2,552			18,823
	Second Quarter Ended June 30, 2013:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	125,027		$	34,549		$	159,576
	Intersegment sales		5,282			751			6,033
	Operating income		13,355			2,353			15,708
	Six MonthsEnded June 29, 2014:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	271,634		$	86,371		$	358,005
	Intersegment sales		10,315			1,235			11,550
	Operating income		29,415			4,849			34,264
	Six Months Ended June 30, 2013:
	(thousands)		Manufacturing			Distribution			Total
	Net outside sales	$	236,490		$	65,206		$	301,696
	Intersegment sales		10,221			1,612			11,833
	Operating income		25,079			4,272			29,351
Reconciliation of Certain Line Items Pertaining to Total Reportable Segments [Table Text Block]	'
		Second Quarter Ended						Six Months Ended
		June 29,			June 30,			June 29,			June 30,
	(thousands)	2014			2013			2014			2013
	Operating income for reportable segments	$	18,823		$	15,708		$	34,264		$	29,351
	Gain (loss) on sale of fixed assets		(37	)		426			(24	)		430
	Unallocated corporate expenses		(2,428	)		(2,699	)		(5,334	)		(5,411	)
	Amortization of intangible assets		(841	)		(521	)		(1,628	)		(1,040	)
	Consolidated operating income	$	15,517		$	12,914		$	27,278		$	23,330

Note_3_Inventories_Details_Inv

Note 3 - Inventories (Details) - Inventories (USD $)	Jun. 29, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory [Line Items]	'	'
Raw materials	$33,796	$24,135
Work in process	6,123	4,870
Finished goods	5,039	3,877
Total materials purchased for resale (distribution products), net	29,981	24,566
Total inventories	73,334	56,510
Total manufactured goods, net	43,353	31,944
Materials purchased for resale (distribution products)	30,542	24,904
Manufactured Goods [Member]	'	'
Inventory [Line Items]	'	'
Less: reserve for inventory obsolescence	-1,605	-938
Materials Purchased for Resale [Member]	'	'
Inventory [Line Items]	'	'
Less: reserve for inventory obsolescence	($561)	($338)

Note_4_Goodwill_and_Intangible2

Note 4 - Goodwill and Intangible Assets (Details) (USD $)

3 Months Ended

5 Months Ended

6 Months Ended

1 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Dec. 31, 2013

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Jun. 29, 2014

Trademarks [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Trademarks [Member]

Trademarks [Member]

Noncompete Agreements [Member]

Noncompete Agreements [Member]

Customer Relationships and Non-compete Agreements [Member]

Customer Relationships and Non-compete Agreements [Member]

Precision [Member]

Foremost [Member]

Precision [Member]

Foremost [Member]

Precision [Member]

Foremost [Member]

Precision [Member]

Foremost [Member]

Minimum [Member]

Maximum [Member]

Note 4 - Goodwill and Intangible Assets (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment of Intangible Assets, Finite-lived

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Goodwill, Impairment Loss

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Finite-lived Intangible Assets Acquired

'

'

'

'

'

2,219,000

15,050,000

'

483,000

3,740,000

1,220,000

1,295,000

'

'

'

'

Goodwill, Acquired During Period

'

'

12,975,000

'

'

'

'

'

'

'

'

'

'

'

4,264,000

8,589,000

Intangible Assets, Net (Excluding Goodwill)

$47,990,000

$47,990,000

$47,990,000

$25,611,000

$8,400,000

'

'

$39,600,000

'

'

'

'

'

'

'

'

Finite-Lived Intangible Asset, Weighted Average Useful Life

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'19 years

'

'

Note_4_Goodwill_and_Intangible3

Note 4 - Goodwill and Intangible Assets (Details) - Carrying Amount of Goodwill by Segment (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2014
Goodwill [Line Items]	'
Balance – December 31, 2013	$16,495
Acquisitions	12,975
Balance – June 29, 2014	29,470
Manufacturing [Member]	'
Goodwill [Line Items]	'
Balance – December 31, 2013	13,720
Acquisitions	9,539
Balance – June 29, 2014	23,259
Distribution [Member]	'
Goodwill [Line Items]	'
Balance – December 31, 2013	2,775
Acquisitions	3,436
Balance – June 29, 2014	$6,211

Note_4_Goodwill_and_Intangible4

Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2014	Dec. 31, 2013
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items]	'	'
Other intangible assets	$55,258	$31,251
Less: accumulated amortization	-7,268	-5,640
Other intangible assets, net	47,990	25,611
Customer Relationships [Member]	'	'
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items]	'	'
Other intangible assets	40,937	23,668
Weighted average useful life	'11 years	'11 years
Noncompete Agreements [Member]	'	'
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items]	'	'
Other intangible assets	5,932	3,417
Weighted average useful life	'3 years	'3 years
Trademarks [Member]	'	'
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items]	'	'
Other intangible assets	$8,389	$4,166

Note_4_Goodwill_and_Intangible5

Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets by Segment (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013	Dec. 31, 2013
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items]	'	'	'	'	'
Carrying value of other intangible assets	$47,990	'	$47,990	'	$25,611
Acquisitions	'	'	24,007	'	'
Amortization	-841	-521	-1,628	-1,040	'
Manufacturing [Member]	'	'	'	'	'
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items]	'	'	'	'	'
Carrying value of other intangible assets	34,437	'	34,437	'	19,626
Acquisitions	'	'	15,973	'	'
Amortization	'	'	-1,162	'	'
Distribution [Member]	'	'	'	'	'
Note 4 - Goodwill and Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items]	'	'	'	'	'
Carrying value of other intangible assets	13,553	'	13,553	'	5,985
Acquisitions	'	'	8,034	'	'
Amortization	'	'	($466)	'	'

Note_5_Acquistions_Details

Note 5 - Acquistions (Details) (USD $)

6 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

5 Months Ended

6 Months Ended

3 Months Ended

Jun. 29, 2014

Jul. 31, 2014

Jun. 29, 2014

Jun. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Subsequent Event [Member]

Precision [Member]

Foremost [Member]

Frontline [Member]

Premier Concepts, Inc. [Member]

West Side Furniture [Member]

Frontline, Premier and West Side [Member]

Frontline, Premier and West Side [Member]

Precision and Foremost [Member]

Precision and Foremost [Member]

Precision and Foremost [Member]

Precision and Foremost [Member]

Acquired Entities [Member]

Note 5 - Acquistions (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Acquire Businesses, Net of Cash Acquired

$55,027,000

'

$9,700,000

$45,400,000

$5,200,000

$2,600,000

$8,700,000

'

'

'

'

'

'

'

Payments to Acquire Buildings

'

6,100,000

'

'

'

'

'

'

'

'

'

'

'

'

Business Acquisition, Pro Forma Amortization Expense

'

'

'

'

'

'

'

300,000

600,000

500,000

600,000

1,100,000

1,200,000

'

Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,600,000

Note_5_Acquistions_Details_Fai

Note 5 - Acquistions (Details) - Fair Value of Assets Acquired, Summary (USD $)	Jun. 29, 2014	Dec. 31, 2013	Jun. 29, 2014	Jun. 29, 2014	Jun. 29, 2014	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified			Precision [Member]	Foremost [Member]	Frontline [Member]	Premier Concepts, Inc. [Member]	West Side Furniture [Member]
Note 5 - Acquistions (Details) - Fair Value of Assets Acquired, Summary [Line Items]	'	'	'	'	'	'	'
Trade receivables	'	'	$1,047	$4,126	$1,545	$764	$902
Inventories	'	'	208	12,287	250	347	1,439
Property, plant and equipment	'	'	855	4,130	917	561	324
Prepaid expenses	'	'	60	50	21	'	9
Accounts payable and accrued liabilities	'	'	-701	-3,895	-2,135	-1,357	-2,094
Intangible assets	'	'	3,922	20,085	2,092	1,210	5,461
Goodwill	29,470	16,495	4,264	8,589	2,490	1,095	2,670
Total net purchase price	'	'	$9,655	$45,372	$5,180	$2,620	$8,711

Note_5_Acquistions_Details_Pro

Note 5 - Acquistions (Details) - Pro Forma Information Related to Acquisitions (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Pro Forma Information Related to Acquisitions [Abstract]	'	'	'	'
Revenue	$214,287	$198,685	$409,931	$376,746
Net income	$10,066	$8,506	$17,519	$15,270
Income per share – basic	$0.94	$0.79	$1.64	$1.41
Income per share – diluted	$0.94	$0.79	$1.63	$1.41

Note_6_StockBased_Compensation1

Note 6 - Stock-Based Compensation (Details) (USD $)

1 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

In Millions, except Share data, unless otherwise specified

22-May-14

Feb. 12, 2014

Feb. 18, 2014

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Feb. 18, 2014

Mar. 04, 2013

23-May-13

Mar. 11, 2013

Dec. 18, 2013

Dec. 18, 2013

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Stock Appreciation Rights (SARs) [Member]

2009 Omnibus Incentive Plan [Member]

Note 6 - Stock-Based Compensation (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocated Share-based Compensation Expense (in Dollars)

'

'

'

$0.90

$0.30

$1.60

$0.60

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

'

'

'

'

'

'

'

'

89,947

19,480

5,000

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

'

'

'

'

'

'

'

'

'

'

'

200,000

200,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

10,560

34,000

65,668

'

'

'

'

44,001

'

'

'

'

'

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars)

'

'

'

$6.60

'

$6.60

'

'

'

'

'

'

'

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

'

'

'

'

'

'24 months 9 days

'

'

'

'

'

'

'

Note_7_Income_Per_Common_Share2

Note 7 - Income Per Common Share (Details) - Earnings Per Common Share (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Earnings Per Common Share [Abstract]	'	'	'	'
Net income for basic and diluted per share calculation (in Dollars)	$9,231	$7,557	$16,127	$13,576
Weighted average common shares outstanding - basic	10,707	10,720	10,705	10,814
Effect of potentially dilutive securities	54	42	49	42
Weighted average common shares outstanding – diluted	10,761	10,762	10,754	10,856
Basic net income per common share (in Dollars per share)	$0.86	$0.70	$1.51	$1.26
Diluted net income per common share (in Dollars per share)	$0.86	$0.70	$1.50	$1.25

Note_8_Other_NonCurrent_Assets1

Note 8 - Other Non-Current Assets (Details) (USD $)	Jun. 29, 2014	Dec. 31, 2013
Disclosure Text Block Supplement [Abstract]	'	'
Other Assets, Noncurrent	$998,000	$982,000
Loans, Gross, Insurance Policy	$2,800,000	$2,700,000

Note_9_Debt_Details

Note 9 - Debt (Details) (USD $)

Jun. 29, 2014

Dec. 31, 2013

Dec. 31, 2012

Jun. 29, 2014

Jun. 29, 2014

Dec. 31, 2012

Dec. 31, 2012

Jun. 29, 2014

Jun. 29, 2014

Dec. 31, 2013

Jun. 29, 2014

Dec. 31, 2013

Oct. 24, 2012

Jun. 29, 2014

Dec. 31, 2013

Jun. 26, 2014

Jun. 29, 2014

Additional Borrowing Capacity [Member]

Required [Member]

Required [Member]

Required [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Same Day Advance Swing Line [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Letter of Credit [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Prime Rate [Member]

Prime Rate [Member]

Minimum [Member]

Maximum [Member]

Note 9 - Debt (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Term

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)

$20,000,000

'

'

'

'

'

'

$5,000,000

'

'

'

'

$80,000,000

'

'

$125,000,000

$20,000,000

Long-term Line of Credit (in Dollars)

'

'

'

'

'

'

'

'

90,500,000

'

11,200,000

'

'

101,700,000

55,000,000

'

'

Debt Instrument, Basis Spread on Variable Rate

'

'

'

'

'

'

'

'

1.50%

1.50%

0.50%

0.50%

'

'

'

'

'

Debt Instrument, Interest Rate, Effective Percentage

'

'

'

'

'

'

'

'

1.63%

1.69%

3.75%

3.75%

'

'

'

'

'

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

0.20%

0.20%

'

'

Consolidated Leverage Ratio

'

'

3.5

3.5

'

3

3.5

'

'

'

'

'

'

'

'

'

'

Consolidated Interest Coverage Ratio

'

'

2.25

2.25

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual Capital Expenditures Limitation And Actual Year To Date (in Dollars)

'

$12,000,000

'

$10,000,000

$10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Minimum Asset Coverage Ratio

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

Note_9_Debt_Details_Required_F

Note 9 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2014
Required [Member]	'
Note 9 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts [Line Items]	'
Consolidated leverage ratio (12-month period)	3.5
Consolidated interest coverage ratio (12-month period)	2.25
Annual capital expenditures limitation (actual year-to-date) (in Dollars)	$10,000
Scenario, Actual [Member]	'
Note 9 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts [Line Items]	'
Consolidated leverage ratio (12-month period)	1.4
Consolidated interest coverage ratio (12-month period)	11.7
Annual capital expenditures limitation (actual year-to-date) (in Dollars)	$2,368

Note_11_Income_Taxes_Details

Note 11 - Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Dec. 31, 2013
					State and Local Jurisdiction [Member]	State and Local Jurisdiction [Member]
Note 11 - Income Taxes (Details) [Line Items]	'	'	'	'	'	'
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	38.50%	39.00%	38.50%	39.00%	'	'
Operating Loss Carryforwards (in Dollars)	'	'	'	'	$2.90	$4.50
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options (in Dollars)	'	'	$1.10	'	'	'

Note_12_Segment_Information_De

Note 12 - Segment Information (Details) (Sales Revenue, Goods, Net [Member], Product Concentration Risk [Member])	6 Months Ended
	Jun. 29, 2014	Jun. 30, 2013
Manufacturing [Member]	'	'
Note 12 - Segment Information (Details) [Line Items]	'	'
Concentration Risk, Percentage	76.00%	78.00%
Distribution [Member]	'	'
Note 12 - Segment Information (Details) [Line Items]	'	'
Concentration Risk, Percentage	24.00%	22.00%

Note_12_Segment_Information_De1

Note 12 - Segment Information (Details) - Net Income, Assets and Certain Other Items of Segments (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Sales	$187,855	$159,576	$358,005	$301,696
Operating income	15,517	12,914	27,278	23,330
Outside Sales [Member] | Manufacturing [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Sales	142,948	125,027	271,634	236,490
Outside Sales [Member] | Distribution [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Sales	44,907	34,549	86,371	65,206
Outside Sales [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Sales	187,855	159,576	358,005	301,696
Inside Sales [Member] | Manufacturing [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Sales	5,253	5,282	10,315	10,221
Inside Sales [Member] | Distribution [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Sales	634	751	1,235	1,612
Inside Sales [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Sales	5,887	6,033	11,550	11,833
Manufacturing [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Operating income	16,271	13,355	29,415	25,079
Distribution [Member] | Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Operating income	2,552	2,353	4,849	4,272
Operating Segments [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Operating income	$18,823	$15,708	$34,264	$29,351

Note_12_Segment_Information_De2

Note 12 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Note 12 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items]	'	'	'	'
Operating income	$15,517	$12,914	$27,278	$23,330
Gain (loss) on sale of fixed assets	-37	426	-24	430
Unallocated corporate expenses	-2,428	-2,699	-5,334	-5,411
Amortization of intangible assets	-841	-521	-1,628	-1,040
Operating Segments [Member]	'	'	'	'
Note 12 - Segment Information (Details) - Reconciliation of Certain Line Items Pertaining to Total Reportable Segments to Consolidated Financial Statements [Line Items]	'	'	'	'
Operating income	$18,823	$15,708	$34,264	$29,351

Note_13_Stock_Repurchase_Progr1

Note 13 - Stock Repurchase Program (Details) (USD $)	3 Months Ended	6 Months Ended	17 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 29, 2014	Jun. 29, 2014	Jun. 29, 2014	Feb. 13, 2014	Feb. 22, 2013
Disclosure Text Block Supplement [Abstract]	'	'	'	'	'
Stock Repurchase Program, Authorized Amount	'	'	'	$20	$10
Stock Repurchase Program, Remaining Authorized Repurchase Amount	'	'	'	3.9	'
Stock Repurchased During Period, Shares (in Shares)	94,546	94,546	'	'	'
Stock Repurchase Program, Average Price per Share (in Dollars per share)	$38.96	$38.96	$19.45	'	'
Stock Repurchased During Period, Value	3.7	3.7	'	'	'
Total Common Stock Repurchased to Date, Shares (in Shares)	'	'	501,876	'	'
Stock Repurchase Program, Aggregate Purchase Price	$9.80	$9.80	$9.80	'	'