Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 27, 2015 | Jun. 27, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PATRICK INDUSTRIES INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 10,283,901 | ||
Entity Public Float | $328,084,901 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 76605 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $123 | $34 |
Trade receivables, net of allowance for doubtful accounts (2014: $175; 2013: $225) | 32,637 | 22,644 |
Inventories | 71,020 | 56,510 |
Deferred tax assets | 4,563 | 3,762 |
Prepaid expenses and other | 6,453 | 4,749 |
Total current assets | 114,796 | 87,699 |
Property, plant and equipment, net | 57,353 | 42,117 |
Goodwill | 31,630 | 16,495 |
Other intangible assets, net | 49,544 | 25,611 |
Deferred financing costs, net of accumulated amortization (2014: $1,770; 2013: $1,405) | 1,024 | 1,283 |
Other non-current assets | 1,214 | 982 |
TOTAL ASSETS | 255,561 | 174,187 |
Current Liabilities | ||
Accounts payable | 29,754 | 18,826 |
Accrued liabilities | 15,388 | 13,585 |
Total current liabilities | 45,142 | 32,411 |
Long-term debt | 101,054 | 55,000 |
Deferred compensation and other | 2,239 | 2,546 |
Deferred tax liabilities | 4,358 | 1,920 |
TOTAL LIABILITIES | 152,793 | 91,877 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
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 2014 - 10,333,720 shares; issued 2013 - 10,568,430 shares | 54,769 | 53,863 |
Additional paid-in-capital | 7,459 | 6,604 |
Accumulated other comprehensive income | 31 | 54 |
Retained earnings | 40,509 | 21,789 |
TOTAL SHAREHOLDERS’ EQUITY | 102,768 | 82,310 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $255,561 | $174,187 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade receivables, allowance for doubtful accounts (in Dollars) | $175 | $225 |
Deferred financing costs, accumulated amortization (in Dollars) | $1,770 | $1,405 |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 10,333,720 | 10,568,430 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
NET SALES | $735,717 | $594,931 | $437,367 | ||
Cost of goods sold | 617,214 | 503,908 | 371,623 | ||
GROSS PROFIT | 118,503 | 91,023 | 65,744 | ||
Operating Expenses: | |||||
Warehouse and delivery | 26,163 | 20,158 | 15,782 | ||
Selling, general and administrative | 36,362 | 27,979 | 21,637 | ||
Amortization of intangible assets | 4,477 | 2,371 | 1,523 | ||
(Gain) loss on sale of fixed assets and acquisition of business | 30 | -430 | -238 | ||
Total operating expenses | 67,032 | 50,078 | 38,704 | ||
OPERATING INCOME | 51,471 | 40,945 | 27,040 | ||
Stock warrants revaluation | 1,731 | ||||
Interest expense, net | 2,393 | 2,171 | 4,037 | ||
Income before income taxes (credit) | 49,078 | 38,774 | 21,272 | ||
Income taxes (credit) | 18,404 | 14,734 | -6,823 | ||
NET INCOME | $30,674 | $24,040 | $28,095 | ||
BASIC NET INCOME PER COMMON SHARE (in Dollars per share) | $2.88 | [1] | $2.24 | [1] | $2.66 |
DILUTED NET INCOME PER COMMON SHARE (in Dollars per share) | $2.87 | [1] | $2.23 | [1] | $2.64 |
Weighted average shares outstanding - Basic (in Shares) | 10,634 | 10,733 | 10,558 | ||
Weighted average shares outstanding - Diluted (in Shares) | 10,693 | 10,786 | 10,637 | ||
[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. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NET INCOME | $30,674 | $24,040 | $28,095 |
Change in accumulated pension obligation, net of tax (Note 13) | -23 | 37 | 200 |
COMPREHENSIVE INCOME | $30,651 | $24,077 | $28,295 |
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, 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 291,856 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 |
Net income | 30,674 | 30,674 | |||
Change in accumulated pension obligation, net of tax | -23 | -23 | |||
Stock repurchases under buyback program | -1,758 | -216 | -11,954 | -13,928 | |
Realization of excess tax benefit on stock-based compensation | 1,071 | 1,071 | |||
Issuance of shares upon exercise of common stock options | 26 | 26 | |||
Shares used to pay taxes on stock grants | -644 | -644 | |||
Stock-based compensation expense | 3,282 | 3,282 | |||
Balance at Dec. 31, 2014 | $54,769 | $7,459 | $31 | $40,509 | $102,768 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2012 | |
Sharеs issuеd for an acquisition | 100,000 |
Sharеs issuеd upon еxеrcisе of common stock warrants | 291,856 |
Sharеs issuеd upon еxеrcisе of common stock options | 362,250 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $30,674,000 | $24,040,000 | $28,095,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 5,956,000 | 4,926,000 | 4,063,000 |
Amortization of intangible assets | 4,477,000 | 2,371,000 | 1,523,000 |
Stock-based compensation expense | 3,282,000 | 1,312,000 | 802,000 |
Deferred compensation expense | 133,000 | 367,000 | 194,000 |
Provision for bad debts | 137,000 | 24,000 | 340,000 |
Deferred income taxes | 1,652,000 | 3,983,000 | 8,401,000 |
Reduction of tax valuation allowance | -15,570,000 | ||
(Gain) loss on sale of fixed assets and acquisition of business | 30,000 | -430,000 | -238,000 |
Stock warrants revaluation | 1,731,000 | ||
Increase in cash surrender value of life insurance | -134,000 | -24,000 | -88,000 |
Deferred financing cost amortization | 365,000 | 430,000 | 543,000 |
Amortization of debt discount | 832,000 | ||
Change in operating assets and liabilities, net of the effects of acquisitions: | |||
Trade receivables | -1,942,000 | -1,477,000 | 1,034,000 |
Inventories | -1,660,000 | -7,482,000 | -14,182,000 |
Prepaid expenses and other | -1,521,000 | -1,576,000 | -1,279,000 |
Accounts payable and accrued liabilities | 4,625,000 | -3,648,000 | 5,188,000 |
Payments on deferred compensation obligations | -333,000 | -385,000 | -392,000 |
Net cash provided by operating activities | 45,741,000 | 22,431,000 | 20,997,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | -6,542,000 | -8,669,000 | -7,895,000 |
Proceeds from sale of property, equipment and facility | 113,000 | 1,021,000 | 34,000 |
Business acquisitions | -72,094,000 | -16,511,000 | -29,262,000 |
Other | -98,000 | -97,000 | -99,000 |
Net cash used in investing activities | -78,621,000 | -24,256,000 | -37,222,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Long-term debt borrowings, net | 46,054,000 | 5,284,000 | 16,930,000 |
Short-term debt payments, net | -1,000,000 | ||
Stock repurchases under buyback program | -13,928,000 | -6,078,000 | |
Realization of excess tax benefit on stock-based compensation | 1,071,000 | 2,409,000 | |
Payment of deferred financing costs | -106,000 | -101,000 | -257,000 |
Proceeds from exercise of stock options, including tax benefit | 26,000 | 64,000 | 436,000 |
Payments on capital lease obligations | -148,000 | -153,000 | |
Net cash provided by financing activities | 32,969,000 | 1,425,000 | 16,109,000 |
Increase (decrease) in cash and cash equivalents | 89,000 | -400,000 | -116,000 |
Cash and cash equivalents at beginning of year | 34,000 | 434,000 | 550,000 |
Cash and cash equivalents at end of year | $123,000 | $34,000 | $434,000 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 12 Months Ended | |
Dec. 31, 2014 | ||
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 32 manufacturing plants and 16 distribution facilities located in 10 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. | ||
In preparation of Patrick’s consolidated financial statements as of December 31, 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-K for potential recognition or disclosure in the consolidated financial statements. See Notes 4, 9, 14 and 18 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, 2014 | |||||||||||||
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 $0.9 million, $0.8 million and $0.7 million for 2014, 2013 and 2012, 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. | |||||||||||||
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 15 for the calculation of both basic and diluted net income per common share. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | |||||||||||||
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) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 225 | $ | 275 | $ | 815 | |||||||
Provisions made during the year | 137 | 24 | 340 | ||||||||||
Write-offs | (193 | ) | (149 | ) | (892 | ) | |||||||
Recoveries during the year | 6 | 75 | 12 | ||||||||||
Balance at December 31 | $ | 175 | $ | 225 | $ | 275 | |||||||
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. Upon acquisition, goodwill and other intangible assets are assigned to reporting units which are one level below the Company’s business 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. 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. | |||||||||||||
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, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
Revenue Recognition | ||
In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of the guidance is that an entity should recognize revenue when it transfers 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. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. | ||
The guidance permits two methods of transition upon adoption: full retrospective and modified retrospective. Under the full retrospective method, prior periods would be restated under the new revenue standard, providing a comparable view across all periods presented. Under the modified retrospective method, prior periods would not be restated. Rather, revenues and other disclosures for pre-2017 periods would be provided in the notes to the financial statements as previously reported under the current revenue standard. The impact from the adoption of this guidance on the Company's consolidated financial statements has not been determined at this time. The Company is also working to determine the appropriate method of transition to the guidance. | ||
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 and 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_4_Acquisitions
Note 4 - Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Business Combination Disclosure [Text Block] | 4 | ACQUISITIONS | |||||||||||
General | |||||||||||||
The Company completed a total of 11 acquisitions in the three years ended December 31, 2014, 2013 and 2012 as discussed below. Each of the acquisitions was funded through borrowings under the Company’s credit facility in existence at the time of acquisition. Assets acquired and liabilities assumed in the individual acquisitions were recorded on the Company’s consolidated statements of financial position at their estimated fair values as of the respective dates 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 acquired companies’ respective management teams to maximize efficiencies, revenue impact, market share growth, and net income. Intangible asset values were estimated using income based valuation methodologies. The disclosure of the amortization periods assigned to finite-lived intangible assets is more fully disclosed in Note 7. | |||||||||||||
For the years ended December 31, 2014, 2013 and 2012, revenue of approximately $56 million, $12 million and $29 million, respectively, was included in the Company’s consolidated statements of income pertaining to the businesses acquired in each such year. | |||||||||||||
For the years ended December 31, 2014, 2013 and 2012, operating income of approximately $3.1 million, $0.2 million and $1.3 million, respectively, was included in the Company’s consolidated statements of income pertaining to the businesses acquired in each such year. Acquisition-related costs in the aggregate associated with the businesses acquired in 2014, 2013 and 2012 were immaterial. | |||||||||||||
2015 Acquisition | |||||||||||||
Better Way Partners, LLC d/b/a Better Way Products | |||||||||||||
On February 17, 2015, the Company announced that it had completed the acquisition of the business and certain assets of Better Way Partners, LLC d/b/a Better Way Products (“Better Way”), a manufacturer of fiberglass front and rear caps, marine helms and related fiberglass components primarily used in the RV, marine and transit vehicle markets, for a net purchase price of approximately $40.0 million. The acquisition of Better Way, with operating facilities located in New Paris, Bremen and Syracuse, Indiana, provides the opportunity for the Company to further expand its presence in the fiberglass components market and increase its product offerings, market share and per unit content. | |||||||||||||
The acquisition was funded under the Company’s 2012 Credit Facility (as defined herein). The Company is in the process of allocating the purchase consideration to the fair value of the assets acquired and expects to provide a summary in its Report on Form 10-Q for the quarter ended March 29, 2015. The results of operations for Better Way will be included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. | |||||||||||||
2014 Acquisitions | |||||||||||||
Precision Painting Group | |||||||||||||
In 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”), for a net purchase price of $16.0 million. The Precision Painting Group is comprised of three full service exterior full body painting operations that offer exterior painting and interior refurbishing for both OEMs and existing RV and fleet owners, and a transportation operation that services their in-house customers. | |||||||||||||
This acquisition provided 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 consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2014. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,425 | |||||||||||
Inventories | 208 | ||||||||||||
Property, plant and equipment | 7,032 | ||||||||||||
Prepaid expenses | 10 | ||||||||||||
Accounts payable and accrued liabilities | (997 | ) | |||||||||||
Intangible assets | 4,492 | ||||||||||||
Goodwill | 3,843 | ||||||||||||
Total net purchase price | $ | 16,013 | |||||||||||
Foremost Fabricators, LLC | |||||||||||||
In June 2014, the Company acquired the business and certain assets of Goshen, Indiana-based Foremost Fabricators, LLC (“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 provided 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 consolidated financial statements and the Manufacturing and Distribution operating segments from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2014. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 4,868 | |||||||||||
Inventories | 11,415 | ||||||||||||
Property, plant and equipment | 3,934 | ||||||||||||
Prepaid expenses | 129 | ||||||||||||
Accounts payable and accrued liabilities | (4,302 | ) | |||||||||||
Intangible assets | 20,905 | ||||||||||||
Goodwill | 8,407 | ||||||||||||
Total net purchase price | $ | 45,356 | |||||||||||
PolyDyn3, LLC | |||||||||||||
In September 2014, the Company acquired the business and certain assets of Elkhart, Indiana-based PolyDyn3, LLC (“PolyDyn3”), a custom fabricator of simulated wood and stone products such as headboards, fireplaces, ceiling medallions, columns and trims, for the RV market, for a net purchase price of $1.3 million. | |||||||||||||
This acquisition provided the opportunity for the Company to bring in-house new production capabilities and product lines that were previously represented through one of the Company’s Distribution segment business units, and increase its product offerings, market share and per unit content. The results of operations for PolyDyn3 are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2014. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 86 | |||||||||||
Inventories | 194 | ||||||||||||
Property, plant and equipment | 683 | ||||||||||||
Prepaid expenses | 125 | ||||||||||||
Accounts payable and accrued liabilities | (124 | ) | |||||||||||
Intangible assets | 230 | ||||||||||||
Goodwill | 57 | ||||||||||||
Total net purchase price | $ | 1,251 | |||||||||||
Charleston Corporation | |||||||||||||
In November 2014, the Company acquired the business and certain assets of Bremen, Indiana-based Charleston Corporation (“Charleston”), a manufacturer of fiberglass and plastic components primarily used in the RV, marine, and vehicle aftermarket industries, for a net purchase price of $9.5 million. | |||||||||||||
This acquisition provided the opportunity for the Company to further expand its presence in the fiberglass components market and increase its product offerings, market share and per unit content. The results of operations for Charleston are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2014. The following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,931 | |||||||||||
Inventories | 1,033 | ||||||||||||
Property, plant and equipment | 3,056 | ||||||||||||
Prepaid expenses | 7 | ||||||||||||
Accounts payable and accrued liabilities | (2,042 | ) | |||||||||||
Intangible assets | 2,783 | ||||||||||||
Goodwill | 2,706 | ||||||||||||
Total net purchase price | $ | 9,474 | |||||||||||
2013 Acquisitions | |||||||||||||
FrontlineMfg., 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 included a contingent payment that may be paid based on future performance. 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. In 2014, the Company determined that the contingent consideration would not be paid as the conditions for payment were not achieved. As a result, the Company recognized a pretax gain of $0.3 million associated with the non-payment of the contingent consideration which is included in the line item “Selling, general and administrative” on the consolidated statements of income for the year ended December 31, 2014. | |||||||||||||
This acquisition provided 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 consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the second quarter of 2014. The following summarizes the 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 | |||||||||||
PremierConcepts, 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 included a contingent payment that may be paid based on future performance. 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. In 2014, the Company determined that the contingent consideration would not be paid, as the conditions for payment were not achieved. As a result, the Company recognized a pretax gain of $0.2 million associated with the non-payment of the contingent consideration which is included in the line item “Selling, general and administrative” on the consolidated statements of income for the year ended December 31, 2014. | |||||||||||||
This acquisition provided 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 consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the second quarter of 2014. The following summarizes the 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 | |||||||||||
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 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. 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. | |||||||||||||
This acquisition provided the opportunity to expand 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 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. The acquisition was completed pursuant to a foreclosure and private sale under the Uniform Commercial Code with Capital Source Finance, LLC. | |||||||||||||
This acquisition provided the opportunity 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 consideration 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) loss on sale of fixed assets and acquisition of business” in the consolidated statements of income for the year ended December 31, 2012. 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 | ||||||||||||
Goodwill | (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. 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. In 2014, the Company determined that the second contingent consideration payment would not be made as the conditions for payment were not achieved. As a result, the Company recognized a pretax gain of $0.5 million associated with the non-payment of the contingent consideration which is included in the line item “Selling, general and administrative” on the consolidated statements of income for the year ended December 31, 2014. | |||||||||||||
This acquisition provided the opportunity to expand 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 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 following summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,872 | |||||||||||
Inventories | 1,719 | ||||||||||||
Property, plant and equipment | 7,171 | ||||||||||||
Prepaid expenses | 144 | ||||||||||||
Accounts payable and accrued liabilities | (1,223 | ) | |||||||||||
Intangible assets | 6,470 | ||||||||||||
Goodwill | 3,609 | ||||||||||||
Total net purchase price | $ | 19,762 | |||||||||||
Pro Forma Information(Unaudited) | |||||||||||||
The following pro forma information assumes the Foremost and Middlebury Hardwoods acquisitions occurred as of the beginning of the year immediately preceding each such acquisition. The pro forma information contains the actual operating results of Foremost and Middlebury Hardwoods, combined with the results prior to their respective acquisition dates adjusted to reflect the pro forma impact of the acquisitions occurring as of the beginning of the year immediately preceding each such acquisition. | |||||||||||||
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 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 $1.8 million for the years ended December 31, 2014 and 2013, respectively, related to intangible assets acquired in the Foremost acquisition; and (ii) $0.5 million related to the intangible assets acquired in the Middlebury Hardwoods acquisition for the year ended December 31, 2012. Pro forma information related to the other businesses acquired in 2014, 2013 and 2012 is not included in the table below, as their financial results were not considered significant to the Company’s operating results for the periods presented. | |||||||||||||
(thousands except per share data) | 2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 775,603 | $ | 664,471 | $ | 469,002 | |||||||
Net income | 31,953 | 25,077 | 28,785 | ||||||||||
Basic net income per common share | 3 | 2.34 | 2.73 | ||||||||||
Diluted net income per common share | 2.99 | 2.32 | 2.71 | ||||||||||
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. |
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventory Disclosure [Text Block] | 5 | INVENTORIES | |||||||||||
Inventories as of December 31, 2014 and 2013 consist of the following classes: | |||||||||||||
(thousands) | 2014 | 2013 | |||||||||||
Raw materials | $ | 39,283 | $ | 24,135 | |||||||||
Work in process | 5,607 | 4,870 | |||||||||||
Finished goods | 4,897 | 3,877 | |||||||||||
Less: reserve for inventory obsolescence | (1,288 | ) | (938 | ) | |||||||||
Total manufactured goods, net | 48,499 | 31,944 | |||||||||||
Materials purchased for resale (distribution products) | 23,049 | 24,904 | |||||||||||
Less: reserve for inventory obsolescence | (528 | ) | (338 | ) | |||||||||
Total materials purchased for resale (distribution products), net | 22,521 | 24,566 | |||||||||||
Total inventories | $ | 71,020 | $ | 56,510 | |||||||||
The following table summarizes the reserve for inventory obsolescence: | |||||||||||||
(thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 1,276 | $ | 1,106 | $ | 701 | |||||||
Charged to operations | 2,071 | 1,045 | 1,123 | ||||||||||
Deductions from reserves | (1,531 | ) | (875 | ) | (718 | ) | |||||||
Balance at December 31 | $ | 1,816 | $ | 1,276 | $ | 1,106 | |||||||
Note_6_Property_Plant_and_Equi
Note 6 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, 2014 and 2013: | |||||||||
(thousands) | 2014 | 2013 | |||||||
Land and improvements | $ | 2,635 | $ | 1,637 | |||||
Building and improvements | 37,798 | 29,663 | |||||||
Machinery and equipment | 76,010 | 66,365 | |||||||
Transportation equipment | 1,664 | 1,506 | |||||||
Leasehold improvements | 2,332 | 1,889 | |||||||
Property, plant and equipment, at cost | 120,439 | 101,060 | |||||||
Less: accumulated depreciation and amortization | (63,086 | ) | (58,943 | ) | |||||
Property, plant and equipment, net | $ | 57,353 | $ | 42,117 | |||||
For the years ended December 31, 2014 and 2013, 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, 2014 | |||||||||||||||||||||||||
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 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 acquisition), Quality Hardwoods Sales (“Quality Hardwoods”), A.I.A. Countertops, LLC (“AIA”), Infinity Graphics, Décor, Creative Wood, Middlebury Hardwoods, Frontline, Premier, Precision, Foremost, PolyDyn3, and Charleston. While Gravure Ink, AIA, Infinity Graphics, Décor, Creative Wood, Middlebury Hardwoods, Frontline, Premier, Precision, Foremost, PolyDyn3 and Charleston 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”), 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 subject to an impairment test based on estimated undiscounted cash flows when impairment indicators exist. The Company assesses finite-lived intangible assets for impairment if events or changes in circumstances indicate that the carrying value may exceed the fair value. | |||||||||||||||||||||||||
There was no impairment for goodwill and other intangible assets for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
The Company acquired the following intangible assets in various acquisitions from 2012 through 2014 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 Relationships | Non-Compete Agreements | Trademarks | Total Other Intangible Assets | Goodwill | Total Intangible Assets | |||||||||||||||||||
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 | 2,490 | 4,582 | |||||||||||||||||||
Premier | 863 | 203 | 144 | 1,210 | 1,095 | 2,305 | |||||||||||||||||||
West Side | 4,166 | 998 | 297 | 5,461 | 2,670 | 8,131 | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Precision | 2,904 | 1,105 | 483 | 4,492 | 3,843 | 8,335 | |||||||||||||||||||
Foremost | 15,485 | 1,350 | 4,070 | 20,905 | 8,407 | 29,312 | |||||||||||||||||||
PolyDyn3 | 201 | 23 | 6 | 230 | 57 | 287 | |||||||||||||||||||
Charleston | 2,011 | 443 | 329 | 2,783 | 2,706 | 5,489 | |||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 by segment are as follows: | |||||||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Acquisitions | 11,589 | 3,546 | 15,135 | ||||||||||||||||||||||
Balance - December 31, 2014 | $ | 25,309 | $ | 6,321 | $ | 31,630 | |||||||||||||||||||
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, 2014, the remaining intangible assets balance of $49.5 million is comprised of $9.0 million of trademarks which have an indefinite life, and therefore, no amortization expense has been recorded, and $40.5 million pertaining to customer relationships and non-compete agreements which are being amortized over periods ranging from 3 to 19 years. | |||||||||||||||||||||||||
For the finite-lived intangible assets attributable to the 2014 acquisitions, the useful life pertaining to non-compete agreements was three years for Precision, PolyDyn3 and Charleston, and five years for Foremost. The useful life pertaining to customer relationships for each of the 2014 acquisitions (Precision, Foremost, PolyDyn3 and Charleston) was 10 years. Trademarks have an indefinite life, and therefore, no amortization expense has been recorded. | |||||||||||||||||||||||||
Amortization expense for the Company’s intangible assets in the aggregate was $4.5 million, $2.4 million and $1.5 million for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Other intangible assets, net consist of the following at December 31, 2014 and 2013: | |||||||||||||||||||||||||
(thousands) | 2014 | Weighted Average Useful Life (years) | 2013 | Weighted Average Useful Life (years) | |||||||||||||||||||||
Customer relationships | $ | 44,269 | 11 | $ | 23,668 | 11 | |||||||||||||||||||
Non-compete agreements | 6,338 | 3 | 3,417 | 3 | |||||||||||||||||||||
Trademarks | 9,006 | 4,166 | |||||||||||||||||||||||
59,613 | 31,251 | ||||||||||||||||||||||||
Less: accumulated amortization | (10,069 | ) | (5,640 | ) | |||||||||||||||||||||
Other intangible assets, net | $ | 49,544 | $ | 25,611 | |||||||||||||||||||||
Changes in the carrying value of other intangible assets for the years ended December 31, 2014 and 2013 by segment are as follows: | |||||||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Acquisitions | 20,048 | 8,362 | 28,410 | ||||||||||||||||||||||
Amortization | (3,183 | ) | (1,294 | ) | (4,477 | ) | |||||||||||||||||||
Balance - December 31, 2014 | $ | 36,491 | $ | 13,053 | $ | 49,544 | |||||||||||||||||||
Amortization expense for the next five fiscal years ending December 31 related to finite-lived intangible assets as of December 31, 2014 is estimated to be (in thousands): 2015 - $5,750; 2016 - $5,407; 2017 - $4,612; 2018 - $4,317; and 2019 - $4,182. |
Note_8_Derivative_Financial_In
Note 8 - Derivative Financial Instruments | 12 Months Ended | |
Dec. 31, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8 | DERIVATIVE FINANCIAL INSTRUMENTS |
2008 Warrants Subject to Revaluation | ||
In 2008, the Company issued warrants to purchase shares of common stock to its then existing lenders (the “2008 Warrants”). In 2012, the Company issued an aggregate of 291,856 net shares of common stock to the remaining holders that exercised the remaining 2008 Warrants in cashless exercises. In addition, the Company recognized a stock warrants revaluation expense of $1.7 million in 2012 that represented the non-cash charges related to mark-to-market accounting for the 2008 Warrants. As of December 31, 2012, all of the 2008 Warrants had been exercised. |
Note_9_Debt
Note 9 - Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 9 | DEBT | |||||||
Total long-term debt outstanding as of December 31, 2014 and December 31, 2013 was $101.1 million and $55.0 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 (“Fifth-Third”), to establish a five-year $80.0 million revolving secured senior credit facility (the “2012 Credit Facility”). | |||||||||
On June 26, 2014 and November 7, 2014, the Company entered into amendments to the 2012 Credit Agreement to increase the maximum borrowing limit under the revolving line of credit (the “Revolver”) to $125.0 million and $165.0 million, respectively, and to add Key Bank as a participant (together with Wells Fargo and Fifth-Third, the “Lenders”). On February 13, 2015, the 2012 Credit Agreement was further amended to expand the 2012 Credit Facility to $185.0 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 provisions: | |||||||||
● | The maturity date for the 2012 Credit Facility is October 24, 2017; | ||||||||
● | 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 December 31, 2014, the Company had $101.1 million outstanding under its Revolver, which consisted of $97.0 million of borrowings under the LIBOR-based option and $4.1 million of borrowings under the Base Rate-based option. The interest rate for borrowings under the Revolver at December 31, 2014 was the Prime Rate plus 0.50% (or 3.75%), or LIBOR plus 1.50% (or 1.6875%). At December 31, 2013, the Company had $55.0 million of borrowings outstanding, all of which was under the LIBOR-based option of 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 2014 and for subsequent fiscal years, exclusive of 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. | |||||||||
In 2014 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. 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, 2014 are as follows: | |||||||||
(thousands except ratios) | Covenant | Actual | |||||||
Consolidated leverage ratio (12-month period) | 3.5 | 1.45 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 4.07 | |||||||
Annual capital expenditures limitation | $ | 10,000 | $ | 6,542 | |||||
Aggregate maturities of long-term debt for the next five years ending December 31 are: 2015 - 2016: $0; and 2017- $101.1 million. The revolver long-term debt balance of $101.1 million at December 31, 2014 is due to mature in 2017 in accordance with the terms of the 2012 Credit Facility. | |||||||||
The Company was contingently liable for three standby letters of credit totaling $0.8 million at December 31, 2014 that exist to meet credit requirements for the Company’s insurance providers. The unused availability under the 2012 Credit Facility as of December 31, 2014 was $63.1 million. | |||||||||
Interest expense for the years ended December 31, 2014, 2013 and 2012 (in thousands) was $2,393, $2,171, and $4,037, respectively. | |||||||||
Interest paid for the years ended December 31, 2014, 2013 and 2012 (in thousands) was $2,368, $2,225, and $3,907, respectively. | |||||||||
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 as participant (the “2011 Credit Agreement”), which consisted of a $50.0 million revolving secured senior credit facility (the “2011 Credit Facility”). The 2012 Credit Facility replaced the 2011 Credit Facility, which was scheduled to mature on March 31, 2015. | |||||||||
Secured Senior Subordinated Notes | |||||||||
March 2011 and September 2011 Notes | |||||||||
In March 2011, the Company issued $2.5 million principal amount of Secured Senior Subordinated Notes (the “March 2011 Notes”) to each of Tontine Capital Overseas Master Fund II, L.P., a Cayman Islands limited partnership (“TCOMF2”) and Northcreek Mezzanine Fund I, L.P. (“Northcreek”), or $5.0 million in the aggregate. In September 2011, the Company issued in the aggregate $2.7 million principal amount of Secured Senior Subordinated Notes (the “September 2011 Notes”) to Northcreek and an affiliate of Northcreek. In 2012, the Company repaid in full the remaining principal amount of its March 2011 Notes and September 2011 Notes. | |||||||||
Subordinated Secured Promissory Note | |||||||||
In connection with the AIA acquisition in 2011, the Company issued a 10% promissory note to the seller of AIA in the principal amount of $2.0 million, which was repaid in full in 2012. |
Note_10_Fair_Value_Measurement
Note 10 - Fair Value Measurements | 12 Months Ended | |
Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Disclosures [Text Block] | 10 | 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 2008 Warrants (until the remaining warrants were exercised in 2012). See Note 8 for further details. | ||
The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of December 31, 2014 and 2013 because of the relatively short maturities of these financial instruments. The carrying amount of long-term debt approximated fair value as of December 31, 2014 and 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_Accrued_Liabilities
Note 11 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11 | ACCRUED LIABILITIES | |||||||
Accrued liabilities as of December 31, 2014 and 2013 include the following: | |||||||||
(thousands) | 2014 | 2013 | |||||||
Employee compensation and benefits | $ | 8,360 | $ | 7,855 | |||||
Property taxes | 1,147 | 841 | |||||||
Customer incentives | 2,748 | 2,339 | |||||||
Accrued income taxes | 864 | 204 | |||||||
Other | 2,269 | 2,346 | |||||||
Total accrued liabilities | $ | 15,388 | $ | 13,585 | |||||
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 12 | INCOME TAXES | |||||||||||
The provision for income taxes (credit) for the years ended December 31, 2014, 2013 and 2012 consists of the following: | |||||||||||||
(thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 13,632 | $ | 8,647 | $ | 211 | |||||||
State | 3,120 | 2,104 | 134 | ||||||||||
Total current | 16,752 | 10,751 | 345 | ||||||||||
Deferred: | |||||||||||||
Federal | 1,496 | 3,670 | (6,320 | ) | |||||||||
State | 156 | 313 | (848 | ) | |||||||||
Total deferred | 1,652 | 3,983 | (7,168 | ) | |||||||||
Income taxes (credit) | $ | 18,404 | $ | 14,734 | $ | (6,823 | ) | ||||||
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 (35% in 2014 and 2013, and 34% in 2012) for each of the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
(thousands) | 2014 | 2013 | 2012 | ||||||||||
Tax provision, at federal statutory income tax rate | $ | 17,177 | $ | 13,571 | $ | 7,232 | |||||||
State taxes, net of federal benefit | 2,167 | 1,706 | 1,101 | ||||||||||
Deferred tax valuation allowance | - | - | (15,570 | ) | |||||||||
Other, net | (940 | ) | (543 | ) | 414 | ||||||||
Income taxes (credit) | $ | 18,404 | $ | 14,734 | $ | (6,823 | ) | ||||||
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 RV, MH 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 in recent years. | |||||||||||||
As of January 1, 2012, 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 $15.6 million. 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. In 2013, the Company fully utilized its remaining gross federal NOL carry forward of approximately $9.8 million. In addition, the Company had various state NOLs of approximately $12.6 million at December 31, 2012 and $4.5 million at December 31, 2013, of which approximately $1.6 million were remaining to be utilized as of December 31, 2014 and will expire in varying amounts between 2015 and 2030. While the Company recorded income taxes at an estimated full year effective rate of 37.5% in 2014 and 38% in 2013, the federal and state NOLs were used to partially offset the cash portion of the income tax liability for 2013 and, with respect to state NOLs only, 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 2014 and 2013, the Company realized approximately $2.7 million and $2.4 million, respectively, of additional taxable deductions related to excess benefits on stock-based compensation, which had not been recorded as deferred tax assets at December 31, 2013 and 2012. These tax benefits were recorded to shareholders’ equity upon realization in 2014 and 2013. | |||||||||||||
The Company did not reflect any unrecognized tax benefits in its financial statements as of December 31, 2014 or December 31, 2013 and does not expect any significant changes relating to unrecognized tax benefits in the twelve months following December 31, 2014. | |||||||||||||
The composition of the deferred tax assets and liabilities as of December 31, 2014 and 2013 is as follows: | |||||||||||||
(thousands) | 2014 | 2013 | |||||||||||
Gross deferred tax assets: | |||||||||||||
Trade receivables allowance | $ | 69 | $ | 89 | |||||||||
Inventory capitalization | 898 | 546 | |||||||||||
Accrued expenses | 3,155 | 2,615 | |||||||||||
Deferred compensation | 891 | 974 | |||||||||||
Inventory reserves | 756 | 531 | |||||||||||
AMT and other tax credit carry-forwards | - | 9 | |||||||||||
State NOL carry-forwards | 67 | 201 | |||||||||||
Stock-based compensation | 1,530 | 538 | |||||||||||
Pension liability | 13 | 6 | |||||||||||
Intangibles | - | 89 | |||||||||||
Gross deferred tax assets | 7,379 | 5,598 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Prepaid expenses | (363 | ) | (207 | ) | |||||||||
Depreciation expense | (4,936 | ) | (3,549 | ) | |||||||||
Intangibles | (1,875 | ) | - | ||||||||||
Gross deferred tax liabilities | (7,174 | ) | (3,756 | ) | |||||||||
Net deferred tax assets | $ | 205 | $ | 1,842 | |||||||||
The deferred tax amounts above have been reflected on the consolidated statements of financial position as of December 31, 2014 and 2013 as follows: | |||||||||||||
(thousands) | 2014 | 2013 | |||||||||||
Current deferred tax assets, net | $ | 4,563 | $ | 3,762 | |||||||||
Long-term deferred tax liabilities, net | (4,358 | ) | (1,920 | ) | |||||||||
Deferred tax assets, net | $ | 205 | $ | 1,842 | |||||||||
The Company paid income taxes of $16.7 million and $8.2 million in 2014 and 2013, respectively. As a result of the NOLs exceeding the Company’s taxable income, there were no federal or state income taxes paid in the year ended December 31, 2012 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 2011 and later. |
Note_13_Shareholders_Equity
Note 13 - Shareholders' Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ||
Shareholders' Equity and Share-based Payments [Text Block] | 13 | 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 10,333,720 shares and 10,568,430 shares were issued and outstanding as of December 31, 2014 and 2013, respectively. | ||
The Company issued 110,040 shares in 2014, 121,723 shares in 2013, and 777,542 shares in 2012 related to stock-based compensation plans and for the exercise of stock warrants and stock options. The shares issued were net of repurchases made by the Company of 14,484 shares in 2014, 38,704 shares in 2013, and 38,864 shares in 2012 for the sole purpose of satisfying the minimum tax withholding obligations of employees upon the vesting of stock awards held by the employees. | ||
In addition, in 2012, the Company issued 100,000 shares in connection with the acquisition of Décor. In 2014 and 2013, the Company repurchased 344,750 shares and 407,330 shares, respectively of its common stock through a stock repurchase program. See Note 14 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, 2014, 2013 and 2012 were immaterial. | ||
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_14_Stock_Repurchase_Progr
Note 14 - Stock Repurchase Program | 12 Months Ended | |
Dec. 31, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ||
Treasury Stock [Text Block] | 14 | STOCK REPURCHASE PROGRAM |
In February 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 following 12 months. During 2013, the Company repurchased 407,330 shares at an average price of $14.92 for a total cost of $6.1 million. | ||
In February 2014, the Board authorized an increase in the amount of the Company’s stock that may be acquired under the existing stock repurchase program over the next 12 months to $20.0 million, including the remaining amount available under the previous authorization. During 2014, the Company repurchased 344,750 shares at an average price of $40.40 per share for a total cost of $13.9 million. | ||
On February 17, 2015, the Board authorized an increase in the amount of the Company’s stock that may be acquired under the existing stock repurchase program over the next 12 months to $20.0 million, including the remaining amount available under the previous authorization. In the first quarter of 2015 through February 27, 2015, the Company repurchased 130,500 shares, including 100,000 shares purchased from a major stockholder in a privately negotiated transaction, at an average price of $43.29 per share for a total cost of $5.7 million. Since the inception of the stock repurchase program in February 2013 through February 27, 2015, the Company repurchased, in the aggregate, 882,580 shares at an average price of $29.07 per share for a total cost of $25.7 million. |
Note_15_Income_Per_Common_Shar
Note 15 - Income Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 15 | INCOME PER COMMON SHARE | |||||||||||
Income per common share is calculated for the years ended December 31, 2014, 2013 and 2012 as follows: | |||||||||||||
(thousands except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income for basic and diluted per share calculation | $ | 30,674 | $ | 24,040 | $ | 28,095 | |||||||
Weighted average common shares outstanding - basic | 10,634 | 10,733 | 10,558 | ||||||||||
Effect of potentially dilutive securities | 59 | 53 | 79 | ||||||||||
Weighted average common shares outstanding - diluted | 10,693 | 10,786 | 10,637 | ||||||||||
Basic net income per common share | $ | 2.88 | $ | 2.24 | $ | 2.66 | |||||||
Diluted net income per common share | $ | 2.87 | $ | 2.23 | $ | 2.64 | |||||||
Note_16_Lease_Commitments
Note 16 - Lease Commitments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Leases of Lessee Disclosure [Text Block] | 16 | 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 2024. 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, 2014, 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 | |||||||
2015 | $ | 3,640 | $ | 2,060 | |||||
2016 | 2,522 | 1,897 | |||||||
2017 | 2,114 | 1,591 | |||||||
2018 | 1,121 | 1,189 | |||||||
2019 | 296 | 700 | |||||||
Thereafter | - | 575 | |||||||
Total minimum lease payments | $ | 9,693 | $ | 8,012 | |||||
The total rent expense (in thousands) included in the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 is $6,746, $5,206, and $4,178, respectively. |
Note_17_Commitments_and_Contin
Note 17 - Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | 17 | 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, 2014. |
Note_18_Compensation_Plans
Note 18 - Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 18 | 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 both of the years ended December 31, 2014 and 2013. The Company recognized expense of $0.1 million, $0.4 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, 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 gains recognized were immaterial for all periods presented. | |||||||||||||||||||||||||
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 $4.8 million, $4.2 million and $4.1 million for the years ended December 31, 2014, 2013 and 2012, 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 meeting certain conditions. The plan provides for matching contributions by the Company as defined in the agreement. The contributions and related expense for the years ended December 31, 2014, 2013 and 2012 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, restricted stock awards, and stock appreciation rights (“SARS”) 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. All such awards qualify and are accounted for as equity awards. 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’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. | |||||||||||||||||||||||||
The Company recorded compensation expense of $3.3 million, $1.3 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012, respectively, on the consolidated statements of income for its stock-based compensation plans. As of December 31, 2014, there was approximately $5.0 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 18.4 months. | |||||||||||||||||||||||||
Compensation expense related to the fair value of stock awards as of the grant date is calculated based on the Company’s closing stock price on the date of grant. In addition, the Company estimates the fair value of all stock option and SARS 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 SARS represents the period of time that the options and SARS 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. | |||||||||||||||||||||||||
Stock Options: | |||||||||||||||||||||||||
Stock options vest pro-ratably over three years and have nine to ten-year contractual terms. | |||||||||||||||||||||||||
The following table summarizes the Company’s option activity during the years ended December 31, 2014, 2013 and 2012 for the options granted in 2009 and 2013: | |||||||||||||||||||||||||
Years ended December 31 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(shares in thousands) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||
Total Options: | |||||||||||||||||||||||||
Outstanding beginning of year | 244 | $ | 22.97 | 90 | $ | 1.54 | 452 | $ | 1.27 | ||||||||||||||||
Granted during the year | - | - | 200 | 27.67 | - | - | |||||||||||||||||||
Forfeited during the year | - | - | - | - | - | - | |||||||||||||||||||
Exercised during the year | (15 | ) | 1.75 | (46 | ) | 1.39 | (362 | ) | 1.2 | ||||||||||||||||
Outstanding, end of year | 229 | $ | 24.35 | 244 | $ | 22.97 | 90 | $ | 1.54 | ||||||||||||||||
Vested Options: | |||||||||||||||||||||||||
Vested during the year | 67 | $ | 27.67 | - | - | 141 | $ | 1.25 | |||||||||||||||||
Eligible, end of year for exercise | 96 | $ | 19.74 | 44 | $ | 1.7 | 90 | $ | 1.54 | ||||||||||||||||
Aggregate intrinsic value ($ in thousands): | |||||||||||||||||||||||||
Total options outstanding | $ | 4,499 | $ | 1,457 | $ | 1,265 | |||||||||||||||||||
Options exercisable | $ | 2,325 | $ | 1,205 | $ | 1,265 | |||||||||||||||||||
Options exercised | $ | 616 | $ | 856 | $ | 4,759 | |||||||||||||||||||
Weighted average fair value of options granted during the year | N/A | $ | 6.33 | 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 $43.98, $28.93 and $15.56 per share as of December 31, 2014, 2013 and 2012, respectively, is the price that would have been received by the option holders had those option holders exercised their options as of that date. | |||||||||||||||||||||||||
The cash received from the exercise of stock options was approximately $26,000, $64,000 and $0.4 million in 2014, 2013 and 2012, respectively. The income tax benefit related to the stock options exercised in 2014, 2013 and 2012 was $0.2 million, $0.3 million and $1.0 million, respectively. The grant date fair value of stock options vested in 2014 and 2012 was $1.8 million and $0.2 million, respectively. There were no stock options that vested in 2013. | |||||||||||||||||||||||||
A summary of options outstanding and exercisable at December 31, 2014 is as follows: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
(shares in thousands) | Shares Outstanding | Remaining Contractual Life (years) | Exercise Price | Shares Exercisable | Exercise Price | ||||||||||||||||||||
2009 Grants: | |||||||||||||||||||||||||
Exercise price - | $0.75 | 2 | 4.4 | $ | 0.75 | 2 | $ | 0.75 | |||||||||||||||||
Exercise price - | $1.75 | 27 | 4.4 | 1.75 | 27 | 1.75 | |||||||||||||||||||
2013 Grant: | |||||||||||||||||||||||||
Exercise price - | $27.67 | 200 | 8 | $ | 27.67 | 67 | $ | 27.67 | |||||||||||||||||
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 2014. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend rate | - | % | |||||||||||||||||||||||
Risk-free interest rate | 0.64 | % | |||||||||||||||||||||||
Expected option life (years) | 3 | ||||||||||||||||||||||||
Price volatility | 32.42 | % | |||||||||||||||||||||||
As of December 31, 2014, there was approximately $0.8 million of total unrecognized compensation expense related to the stock options, which is expected to be recognized over a weighted-average remaining life of approximately 23 months. | |||||||||||||||||||||||||
Stock Appreciation Rights(SARS): | |||||||||||||||||||||||||
On December 18, 2013, the Company’s Compensation Committee of the Board approved the grant of 200,000 SARS under the 2009 Plan divided into four tranches of 50,000 shares each, at strike prices of $27.67, $33.20, $39.84 and $47.81 per share. The SARS vest pro-ratably over three years from the grant date and have nine-year contractual terms. The SARS are to be settled in shares of common stock, or at the sole discretion of the Board in cash. The grant date fair value of these awards totaled $0.9 million and this amount is being amortized over the three-year vesting period. During 2014, SARS representing 66,667 shares in the aggregate, which equates to one third of each tranche, vested and none were exercised. The intrinsic value of these vested SARS at December 31, 2014 was $0.4 million, which was calculated based upon the Company’s closing stock price of $43.98 on December 31, 2014. The remaining contractual life of the SARS is eight years at December 31, 2014. | |||||||||||||||||||||||||
The following table presents assumptions used in the Black-Scholes model for the SARS granted in 2013. There were no SARS granted in 2012 and 2014. | |||||||||||||||||||||||||
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, 2014, there was approximately $0.6 million of total unrecognized compensation expense related to the SARS which is expected to be recognized over a weighted-average remaining life of approximately 23 months. | |||||||||||||||||||||||||
Restricted Stockand Restricted Stock Units: | |||||||||||||||||||||||||
The Company’s stock-based awards consist of both restricted stock awards and restricted stock units (“RSUs”). As of December 31, 2014, there was approximately $3.6 million of total unrecognized compensation expense related to restricted stock, which is expected to be recognized over a weighted-average remaining life of approximately 17 months. | |||||||||||||||||||||||||
In the first quarter of 2015, the Board approved restricted stock grants totaling 84,836 shares on February 16, 2015 at a grant date price per share of $46.96. The restricted shares cliff-vest over a three-year period based on performance- and time-based contingencies. The Company expects to expense approximately $4.0 million related to those shares pro-ratably over the vesting period on the consolidated statement of income. | |||||||||||||||||||||||||
RestrictedStock | |||||||||||||||||||||||||
Restricted stock awards possess voting rights, are included in the calculation of actual shares outstanding, and include both performance- and time-based contingencies. The grant date fair value of the awards is expensed over the related service or performance period. Time-based shares cliff vest at the conclusion of the required service period, which ranges from one to three years. The performance contingent shares are earned based on the achievement of a cumulative financial performance target over a three-year period and vest at the conclusion of the measurement period. | |||||||||||||||||||||||||
The following table summarizes the activity for restricted stock for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted-Average | Weighted-Average | Weighted-Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
(shares in thousands) | Shares | Stock Price | Shares | Stock Price | Shares | Stock Price | |||||||||||||||||||
Unvested beginning of year | 392 | $ | 8.02 | 412 | $ | 4.96 | 405 | $ | 2.01 | ||||||||||||||||
Granted during the year | 111 | 37.03 | 114 | 15.21 | 162 | 8.98 | |||||||||||||||||||
Vested during the year | (161 | ) | 4.64 | (134 | ) | 4.74 | (155 | ) | 1.46 | ||||||||||||||||
Unvested, end of year | 342 | $ | 19 | 392 | $ | 8.02 | 412 | $ | 4.96 | ||||||||||||||||
RSUs | |||||||||||||||||||||||||
Since RSUs do not possess voting rights, they are not included in the calculation of shares outstanding. The RSUs include a performance-based contingency. The grant date fair value of the awards is expensed over the related performance period. The performance contingent RSUs are earned based on the achievement of a cumulative financial performance target over a three-year period and vest at the conclusion of the measurement period. In 2014, the Company granted 14,667 RSUs at a weighted-average grant date stock price of $37.22 per share. |
Note_19_Segment_Information
Note 19 - Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | 19 | 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 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 countertop fabrication division, an exterior graphics division, an RV painting division, a fabricated aluminum products division, a simulated wood and stone products division, and a fiberglass and plastic components 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 75%, 77% and 76% of the Company’s net sales for the years ended December 31, 2014, 2013 and 2012, 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 25%, 23% and 24% of the Company’s net sales for the years ended December 31, 2014, 2013 and 2012, 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 operating income, segment assets, and certain other items that are either used by or provided to the chief operating decision maker of the Company as of and for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||
2014 | |||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 548,796 | $ | 186,921 | $ | 735,717 | |||||||
Intersegment sales | 18,356 | 2,517 | 20,873 | ||||||||||
Total sales | 567,152 | 189,438 | 756,590 | ||||||||||
Cost of goods sold | 477,189 | 160,375 | 637,564 | ||||||||||
Operating income | 55,838 | 10,659 | 66,497 | ||||||||||
Identifiable assets | 167,278 | 50,869 | 218,147 | ||||||||||
Depreciation and amortization | 7,087 | 1,560 | 8,647 | ||||||||||
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 | ||||||||||
Consolidated net sales by product type were as follows for the years ended December 31: | |||||||||||||
Consolidated net sales by product type: | 2014 | 2013 | 2012 | ||||||||||
Decorative interior products and components | $ | 615,285 | $ | 541,364 | $ | 392,048 | |||||||
Non-decorative interior products and components | 54,025 | 53,567 | 45,319 | ||||||||||
Exterior products and other | 66,407 | - | - | ||||||||||
Consolidated net sales | $ | 735,717 | $ | 594,931 | $ | 437,367 | |||||||
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, 2014, 2013 and 2012 is as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
Total Sales for reportable segments | $ | 756,590 | $ | 616,801 | $ | 455,204 | |||||||
Elimination of intersegment sales | (20,873 | ) | (21,870 | ) | (17,837 | ) | |||||||
Consolidated net sales | $ | 735,717 | $ | 594,931 | $ | 437,367 | |||||||
Cost of goods sold: | |||||||||||||
Total cost of goods sold for reportable segments | $ | 637,564 | $ | 523,567 | $ | 386,796 | |||||||
Elimination of intersegment cost of goods sold | (20,873 | ) | (21,870 | ) | (17,837 | ) | |||||||
Other | 523 | 2,211 | 2,664 | ||||||||||
Consolidated cost of goods sold | $ | 617,214 | $ | 503,908 | $ | 371,623 | |||||||
Operating income: | |||||||||||||
Operating income for reportable segments | $ | 66,497 | $ | 51,900 | $ | 36,525 | |||||||
Gain (loss) on sale of fixed assets and acquisition of business | (30 | ) | 430 | 238 | |||||||||
Unallocated corporate expenses | (10,519 | ) | (9,014 | ) | (8,200 | ) | |||||||
Amortization | (4,477 | ) | (2,371 | ) | (1,523 | ) | |||||||
Consolidated operating income | $ | 51,471 | $ | 40,945 | $ | 27,040 | |||||||
Consolidated total assets: | |||||||||||||
Identifiable assets for reportable segments | $ | 218,147 | $ | 139,507 | $ | 111,268 | |||||||
Corporate property and equipment | 24,854 | 22,871 | 22,025 | ||||||||||
Current and long-term assets not allocated to segments | 8,602 | 9,544 | 7,028 | ||||||||||
Intangibles and other assets not allocated to segments | 3,958 | 2,265 | 3,148 | ||||||||||
Consolidated total assets | $ | 255,561 | $ | 174,187 | $ | 143,469 | |||||||
Depreciation and amortization: | |||||||||||||
Depreciation and amortization for reportable segments | $ | 8,647 | $ | 5,531 | $ | 4,250 | |||||||
Corporate depreciation and amortization | 1,786 | 1,766 | 1,336 | ||||||||||
Consolidated depreciation and amortization | $ | 10,433 | $ | 7,297 | $ | 5,586 | |||||||
Amortization expense related to intangible assets in the Manufacturing segment for the years ended December 31, 2014, 2013 and 2012 was $3.2 million, $1.9 million, and $1.2 million, respectively. Intangible assets amortization expense in the Distribution segment was $1.3 million, $0.5 million, and $0.3 million in 2014, 2013 and 2012, 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 41% and 28% of the trade receivables balance at December 31, 2014 and 2013, respectively. There were no other customers that accounted for more than 10% of the trade receivables balance at December 31, 2014 and 2013. | |||||||||||||
The Company had two customers in the RV market that each accounted for over 10% of consolidated net sales. One RV customer accounted for approximately 34% of consolidated net sales in each of the three years ended December 31, 2014, 2013 and 2012. In addition, sales to a different RV customer accounted for approximately 24%, 23% and 20% of consolidated net sales in 2014, 2013 and 2012, respectively. |
Note_20_Quarterly_Financial_Da
Note 20 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Information [Text Block] | 20 | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||
Selected quarterly financial data for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||
(thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2014 | ||||||||||||||||
Net sales | $ | 170,150 | $ | 187,855 | $ | 188,138 | $ | 189,574 | $ | 735,717 | |||||||||||
Gross profit | 27,147 | 31,819 | 30,028 | 29,509 | 118,503 | ||||||||||||||||
Net income | 6,896 | 9,231 | 7,254 | 7,293 | 30,674 | ||||||||||||||||
Net income per common share (1): | |||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.86 | $ | 0.68 | $ | 0.7 | $ | 2.88 | |||||||||||
Diluted | 0.64 | 0.86 | 0.68 | 0.69 | 2.87 | ||||||||||||||||
(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 | ||||||||||||||||
(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, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
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) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 225 | $ | 275 | $ | 815 | |||||||
Provisions made during the year | 137 | 24 | 340 | ||||||||||
Write-offs | (193 | ) | (149 | ) | (892 | ) | |||||||
Recoveries during the year | 6 | 75 | 12 | ||||||||||
Balance at December 31 | $ | 175 | $ | 225 | $ | 275 | |||||||
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 $0.9 million, $0.8 million and $0.7 million for 2014, 2013 and 2012, 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. | |||||||||||||
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 15 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 | ||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | |||||||||||||
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. Upon acquisition, goodwill and other intangible assets are assigned to reporting units which are one level below the Company’s business 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. 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. | |||||||||||||
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, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | 225 | $ | 275 | $ | 815 | |||||||
Provisions made during the year | 137 | 24 | 340 | ||||||||||
Write-offs | (193 | ) | (149 | ) | (892 | ) | |||||||
Recoveries during the year | 6 | 75 | 12 | ||||||||||
Balance at December 31 | $ | 175 | $ | 225 | $ | 275 |
Note_4_Acquisitions_Tables
Note 4 - Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (thousands) | ||||||||||||
Trade receivables | $ | 1,425 | |||||||||||
Inventories | 208 | ||||||||||||
Property, plant and equipment | 7,032 | ||||||||||||
Prepaid expenses | 10 | ||||||||||||
Accounts payable and accrued liabilities | (997 | ) | |||||||||||
Intangible assets | 4,492 | ||||||||||||
Goodwill | 3,843 | ||||||||||||
Total net purchase price | $ | 16,013 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 4,868 | |||||||||||
Inventories | 11,415 | ||||||||||||
Property, plant and equipment | 3,934 | ||||||||||||
Prepaid expenses | 129 | ||||||||||||
Accounts payable and accrued liabilities | (4,302 | ) | |||||||||||
Intangible assets | 20,905 | ||||||||||||
Goodwill | 8,407 | ||||||||||||
Total net purchase price | $ | 45,356 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 86 | |||||||||||
Inventories | 194 | ||||||||||||
Property, plant and equipment | 683 | ||||||||||||
Prepaid expenses | 125 | ||||||||||||
Accounts payable and accrued liabilities | (124 | ) | |||||||||||
Intangible assets | 230 | ||||||||||||
Goodwill | 57 | ||||||||||||
Total net purchase price | $ | 1,251 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,931 | |||||||||||
Inventories | 1,033 | ||||||||||||
Property, plant and equipment | 3,056 | ||||||||||||
Prepaid expenses | 7 | ||||||||||||
Accounts payable and accrued liabilities | (2,042 | ) | |||||||||||
Intangible assets | 2,783 | ||||||||||||
Goodwill | 2,706 | ||||||||||||
Total net purchase price | $ | 9,474 | |||||||||||
(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 | |||||||||||
(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 | ||||||||||||
Goodwill | (223 | ) | |||||||||||
Total net purchase price | $ | 2,783 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 927 | |||||||||||
Inventories | 1,423 | ||||||||||||
Property, plant and equipment | 1,429 | ||||||||||||
Prepaid expenses | 24 | ||||||||||||
Accounts payable and accrued liabilities | (1,570 | ) | |||||||||||
Other liabilities | (958 | ) | |||||||||||
Intangible assets | 757 | ||||||||||||
Goodwill | 994 | ||||||||||||
Total net purchase price | $ | 3,026 | |||||||||||
(thousands) | |||||||||||||
Trade receivables | $ | 1,872 | |||||||||||
Inventories | 1,719 | ||||||||||||
Property, plant and equipment | 7,171 | ||||||||||||
Prepaid expenses | 144 | ||||||||||||
Accounts payable and accrued liabilities | (1,223 | ) | |||||||||||
Intangible assets | 6,470 | ||||||||||||
Goodwill | 3,609 | ||||||||||||
Total net purchase price | $ | 19,762 | |||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | (thousands except per share data) | 2014 | 2013 | 2012 | |||||||||
Revenue | $ | 775,603 | $ | 664,471 | $ | 469,002 | |||||||
Net income | 31,953 | 25,077 | 28,785 | ||||||||||
Basic net income per common share | 3 | 2.34 | 2.73 | ||||||||||
Diluted net income per common share | 2.99 | 2.32 | 2.71 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Schedule of Inventory, Current [Table Text Block] | (thousands) | 2014 | 2013 | ||||||||||
Raw materials | $ | 39,283 | $ | 24,135 | |||||||||
Work in process | 5,607 | 4,870 | |||||||||||
Finished goods | 4,897 | 3,877 | |||||||||||
Less: reserve for inventory obsolescence | (1,288 | ) | (938 | ) | |||||||||
Total manufactured goods, net | 48,499 | 31,944 | |||||||||||
Materials purchased for resale (distribution products) | 23,049 | 24,904 | |||||||||||
Less: reserve for inventory obsolescence | (528 | ) | (338 | ) | |||||||||
Total materials purchased for resale (distribution products), net | 22,521 | 24,566 | |||||||||||
Total inventories | $ | 71,020 | $ | 56,510 | |||||||||
Summary of Reserve for Inventory Obsolescence [Table Text Block] | (thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | 1,276 | $ | 1,106 | $ | 701 | |||||||
Charged to operations | 2,071 | 1,045 | 1,123 | ||||||||||
Deductions from reserves | (1,531 | ) | (875 | ) | (718 | ) | |||||||
Balance at December 31 | $ | 1,816 | $ | 1,276 | $ | 1,106 |
Note_6_Property_Plant_and_Equi1
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | (thousands) | 2014 | 2013 | ||||||
Land and improvements | $ | 2,635 | $ | 1,637 | |||||
Building and improvements | 37,798 | 29,663 | |||||||
Machinery and equipment | 76,010 | 66,365 | |||||||
Transportation equipment | 1,664 | 1,506 | |||||||
Leasehold improvements | 2,332 | 1,889 | |||||||
Property, plant and equipment, at cost | 120,439 | 101,060 | |||||||
Less: accumulated depreciation and amortization | (63,086 | ) | (58,943 | ) | |||||
Property, plant and equipment, net | $ | 57,353 | $ | 42,117 |
Note_7_Goodwill_and_Other_Inta1
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill Acquired in Business Combinations [Table Text Block] | (thousands) | Customer Relationships | Non-Compete Agreements | Trademarks | Total Other Intangible Assets | Goodwill | Total Intangible Assets | ||||||||||||||||||
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 | 2,490 | 4,582 | |||||||||||||||||||
Premier | 863 | 203 | 144 | 1,210 | 1,095 | 2,305 | |||||||||||||||||||
West Side | 4,166 | 998 | 297 | 5,461 | 2,670 | 8,131 | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Precision | 2,904 | 1,105 | 483 | 4,492 | 3,843 | 8,335 | |||||||||||||||||||
Foremost | 15,485 | 1,350 | 4,070 | 20,905 | 8,407 | 29,312 | |||||||||||||||||||
PolyDyn3 | 201 | 23 | 6 | 230 | 57 | 287 | |||||||||||||||||||
Charleston | 2,011 | 443 | 329 | 2,783 | 2,706 | 5,489 | |||||||||||||||||||
Schedule of Goodwill [Table Text Block] | (thousands) | Manufacturing | Distribution | Total | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Acquisitions | 11,589 | 3,546 | 15,135 | ||||||||||||||||||||||
Balance - December 31, 2014 | $ | 25,309 | $ | 6,321 | $ | 31,630 | |||||||||||||||||||
Schedule of Intangible Assets By Major Class [Table Text Block] | (thousands) | 2014 | Weighted Average Useful Life (years) | 2013 | Weighted Average Useful Life (years) | ||||||||||||||||||||
Customer relationships | $ | 44,269 | 11 | $ | 23,668 | 11 | |||||||||||||||||||
Non-compete agreements | 6,338 | 3 | 3,417 | 3 | |||||||||||||||||||||
Trademarks | 9,006 | 4,166 | |||||||||||||||||||||||
59,613 | 31,251 | ||||||||||||||||||||||||
Less: accumulated amortization | (10,069 | ) | (5,640 | ) | |||||||||||||||||||||
Other intangible assets, net | $ | 49,544 | $ | 25,611 | |||||||||||||||||||||
Schedule of Intangible Assets by Business Segment [Table Text Block] | (thousands) | Manufacturing | Distribution | Total | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Acquisitions | 20,048 | 8,362 | 28,410 | ||||||||||||||||||||||
Amortization | (3,183 | ) | (1,294 | ) | (4,477 | ) | |||||||||||||||||||
Balance - December 31, 2014 | $ | 36,491 | $ | 13,053 | $ | 49,544 |
Note_9_Debt_Tables
Note 9 - Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Required financial covenants compared to actual amounts [Table Text Block] | (thousands except ratios) | Covenant | Actual | ||||||
Consolidated leverage ratio (12-month period) | 3.5 | 1.45 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 4.07 | |||||||
Annual capital expenditures limitation | $ | 10,000 | $ | 6,542 |
Note_11_Accrued_Liabilities_Ta
Note 11 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | (thousands) | 2014 | 2013 | ||||||
Employee compensation and benefits | $ | 8,360 | $ | 7,855 | |||||
Property taxes | 1,147 | 841 | |||||||
Customer incentives | 2,748 | 2,339 | |||||||
Accrued income taxes | 864 | 204 | |||||||
Other | 2,269 | 2,346 | |||||||
Total accrued liabilities | $ | 15,388 | $ | 13,585 |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (thousands) | 2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||||
Federal | $ | 13,632 | $ | 8,647 | $ | 211 | |||||||
State | 3,120 | 2,104 | 134 | ||||||||||
Total current | 16,752 | 10,751 | 345 | ||||||||||
Deferred: | |||||||||||||
Federal | 1,496 | 3,670 | (6,320 | ) | |||||||||
State | 156 | 313 | (848 | ) | |||||||||
Total deferred | 1,652 | 3,983 | (7,168 | ) | |||||||||
Income taxes (credit) | $ | 18,404 | $ | 14,734 | $ | (6,823 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (thousands) | 2014 | 2013 | 2012 | |||||||||
Tax provision, at federal statutory income tax rate | $ | 17,177 | $ | 13,571 | $ | 7,232 | |||||||
State taxes, net of federal benefit | 2,167 | 1,706 | 1,101 | ||||||||||
Deferred tax valuation allowance | - | - | (15,570 | ) | |||||||||
Other, net | (940 | ) | (543 | ) | 414 | ||||||||
Income taxes (credit) | $ | 18,404 | $ | 14,734 | $ | (6,823 | ) | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (thousands) | 2014 | 2013 | ||||||||||
Gross deferred tax assets: | |||||||||||||
Trade receivables allowance | $ | 69 | $ | 89 | |||||||||
Inventory capitalization | 898 | 546 | |||||||||||
Accrued expenses | 3,155 | 2,615 | |||||||||||
Deferred compensation | 891 | 974 | |||||||||||
Inventory reserves | 756 | 531 | |||||||||||
AMT and other tax credit carry-forwards | - | 9 | |||||||||||
State NOL carry-forwards | 67 | 201 | |||||||||||
Stock-based compensation | 1,530 | 538 | |||||||||||
Pension liability | 13 | 6 | |||||||||||
Intangibles | - | 89 | |||||||||||
Gross deferred tax assets | 7,379 | 5,598 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Prepaid expenses | (363 | ) | (207 | ) | |||||||||
Depreciation expense | (4,936 | ) | (3,549 | ) | |||||||||
Intangibles | (1,875 | ) | - | ||||||||||
Gross deferred tax liabilities | (7,174 | ) | (3,756 | ) | |||||||||
Net deferred tax assets | $ | 205 | $ | 1,842 | |||||||||
(thousands) | 2014 | 2013 | |||||||||||
Current deferred tax assets, net | $ | 4,563 | $ | 3,762 | |||||||||
Long-term deferred tax liabilities, net | (4,358 | ) | (1,920 | ) | |||||||||
Deferred tax assets, net | $ | 205 | $ | 1,842 |
Note_15_Income_Per_Common_Shar1
Note 15 - Income Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (thousands except per share data) | 2014 | 2013 | 2012 | |||||||||
Net income for basic and diluted per share calculation | $ | 30,674 | $ | 24,040 | $ | 28,095 | |||||||
Weighted average common shares outstanding - basic | 10,634 | 10,733 | 10,558 | ||||||||||
Effect of potentially dilutive securities | 59 | 53 | 79 | ||||||||||
Weighted average common shares outstanding - diluted | 10,693 | 10,786 | 10,637 | ||||||||||
Basic net income per common share | $ | 2.88 | $ | 2.24 | $ | 2.66 | |||||||
Diluted net income per common share | $ | 2.87 | $ | 2.23 | $ | 2.64 |
Note_16_Lease_Commitments_Tabl
Note 16 - Lease Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (thousands) | Facility Leases | Equipment Leases | ||||||
2015 | $ | 3,640 | $ | 2,060 | |||||
2016 | 2,522 | 1,897 | |||||||
2017 | 2,114 | 1,591 | |||||||
2018 | 1,121 | 1,189 | |||||||
2019 | 296 | 700 | |||||||
Thereafter | - | 575 | |||||||
Total minimum lease payments | $ | 9,693 | $ | 8,012 |
Note_18_Compensation_Plans_Tab
Note 18 - Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Years ended December 31 | 2014 | 2013 | 2012 | |||||||||||||||||||||
(shares in thousands) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||
Total Options: | |||||||||||||||||||||||||
Outstanding beginning of year | 244 | $ | 22.97 | 90 | $ | 1.54 | 452 | $ | 1.27 | ||||||||||||||||
Granted during the year | - | - | 200 | 27.67 | - | - | |||||||||||||||||||
Forfeited during the year | - | - | - | - | - | - | |||||||||||||||||||
Exercised during the year | (15 | ) | 1.75 | (46 | ) | 1.39 | (362 | ) | 1.2 | ||||||||||||||||
Outstanding, end of year | 229 | $ | 24.35 | 244 | $ | 22.97 | 90 | $ | 1.54 | ||||||||||||||||
Vested Options: | |||||||||||||||||||||||||
Vested during the year | 67 | $ | 27.67 | - | - | 141 | $ | 1.25 | |||||||||||||||||
Eligible, end of year for exercise | 96 | $ | 19.74 | 44 | $ | 1.7 | 90 | $ | 1.54 | ||||||||||||||||
Aggregate intrinsic value ($ in thousands): | |||||||||||||||||||||||||
Total options outstanding | $ | 4,499 | $ | 1,457 | $ | 1,265 | |||||||||||||||||||
Options exercisable | $ | 2,325 | $ | 1,205 | $ | 1,265 | |||||||||||||||||||
Options exercised | $ | 616 | $ | 856 | $ | 4,759 | |||||||||||||||||||
Weighted average fair value of options granted during the year | N/A | $ | 6.33 | 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 | Remaining Contractual Life (years) | Exercise Price | Shares Exercisable | Exercise Price | ||||||||||||||||||||
2009 Grants: | |||||||||||||||||||||||||
Exercise price - | $0.75 | 2 | 4.4 | $ | 0.75 | 2 | $ | 0.75 | |||||||||||||||||
Exercise price - | $1.75 | 27 | 4.4 | 1.75 | 27 | 1.75 | |||||||||||||||||||
2013 Grant: | |||||||||||||||||||||||||
Exercise price - | $27.67 | 200 | 8 | $ | 27.67 | 67 | $ | 27.67 | |||||||||||||||||
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 | % | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Dividend rate | -% | ||||||||||||||||||||||||
Risk-free interest rate | 0.64% | - | 1.55% | ||||||||||||||||||||||
Expected option life (years) | 3 | - | 4 | ||||||||||||||||||||||
Price volatility | 32.42% | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted-Average | Weighted-Average | Weighted-Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
(shares in thousands) | Shares | Stock Price | Shares | Stock Price | Shares | Stock Price | |||||||||||||||||||
Unvested beginning of year | 392 | $ | 8.02 | 412 | $ | 4.96 | 405 | $ | 2.01 | ||||||||||||||||
Granted during the year | 111 | 37.03 | 114 | 15.21 | 162 | 8.98 | |||||||||||||||||||
Vested during the year | (161 | ) | 4.64 | (134 | ) | 4.74 | (155 | ) | 1.46 | ||||||||||||||||
Unvested, end of year | 342 | $ | 19 | 392 | $ | 8.02 | 412 | $ | 4.96 |
Note_19_Segment_Information_Ta
Note 19 - Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2014 | ||||||||||||
Manufacturing | Distribution | Total | |||||||||||
Net outside sales | $ | 548,796 | $ | 186,921 | $ | 735,717 | |||||||
Intersegment sales | 18,356 | 2,517 | 20,873 | ||||||||||
Total sales | 567,152 | 189,438 | 756,590 | ||||||||||
Cost of goods sold | 477,189 | 160,375 | 637,564 | ||||||||||
Operating income | 55,838 | 10,659 | 66,497 | ||||||||||
Identifiable assets | 167,278 | 50,869 | 218,147 | ||||||||||
Depreciation and amortization | 7,087 | 1,560 | 8,647 | ||||||||||
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 | ||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Consolidated net sales by product type: | 2014 | 2013 | 2012 | |||||||||
Decorative interior products and components | $ | 615,285 | $ | 541,364 | $ | 392,048 | |||||||
Non-decorative interior products and components | 54,025 | 53,567 | 45,319 | ||||||||||
Exterior products and other | 66,407 | - | - | ||||||||||
Consolidated net sales | $ | 735,717 | $ | 594,931 | $ | 437,367 | |||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
Total Sales for reportable segments | $ | 756,590 | $ | 616,801 | $ | 455,204 | |||||||
Elimination of intersegment sales | (20,873 | ) | (21,870 | ) | (17,837 | ) | |||||||
Consolidated net sales | $ | 735,717 | $ | 594,931 | $ | 437,367 | |||||||
Cost of goods sold: | |||||||||||||
Total cost of goods sold for reportable segments | $ | 637,564 | $ | 523,567 | $ | 386,796 | |||||||
Elimination of intersegment cost of goods sold | (20,873 | ) | (21,870 | ) | (17,837 | ) | |||||||
Other | 523 | 2,211 | 2,664 | ||||||||||
Consolidated cost of goods sold | $ | 617,214 | $ | 503,908 | $ | 371,623 | |||||||
Operating income: | |||||||||||||
Operating income for reportable segments | $ | 66,497 | $ | 51,900 | $ | 36,525 | |||||||
Gain (loss) on sale of fixed assets and acquisition of business | (30 | ) | 430 | 238 | |||||||||
Unallocated corporate expenses | (10,519 | ) | (9,014 | ) | (8,200 | ) | |||||||
Amortization | (4,477 | ) | (2,371 | ) | (1,523 | ) | |||||||
Consolidated operating income | $ | 51,471 | $ | 40,945 | $ | 27,040 | |||||||
Consolidated total assets: | |||||||||||||
Identifiable assets for reportable segments | $ | 218,147 | $ | 139,507 | $ | 111,268 | |||||||
Corporate property and equipment | 24,854 | 22,871 | 22,025 | ||||||||||
Current and long-term assets not allocated to segments | 8,602 | 9,544 | 7,028 | ||||||||||
Intangibles and other assets not allocated to segments | 3,958 | 2,265 | 3,148 | ||||||||||
Consolidated total assets | $ | 255,561 | $ | 174,187 | $ | 143,469 | |||||||
Depreciation and amortization: | |||||||||||||
Depreciation and amortization for reportable segments | $ | 8,647 | $ | 5,531 | $ | 4,250 | |||||||
Corporate depreciation and amortization | 1,786 | 1,766 | 1,336 | ||||||||||
Consolidated depreciation and amortization | $ | 10,433 | $ | 7,297 | $ | 5,586 |
Note_20_Quarterly_Financial_Da1
Note 20 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | (thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2014 | |||||||||||||||
Net sales | $ | 170,150 | $ | 187,855 | $ | 188,138 | $ | 189,574 | $ | 735,717 | |||||||||||
Gross profit | 27,147 | 31,819 | 30,028 | 29,509 | 118,503 | ||||||||||||||||
Net income | 6,896 | 9,231 | 7,254 | 7,293 | 30,674 | ||||||||||||||||
Net income per common share (1): | |||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.86 | $ | 0.68 | $ | 0.7 | $ | 2.88 | |||||||||||
Diluted | 0.64 | 0.86 | 0.68 | 0.69 | 2.87 | ||||||||||||||||
(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 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Number of Manufacturing Plants | 32 |
Number of Distribution Facilities | 16 |
Number of States in which Entity Operates | 10 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 2 - Summary of Significant Accounting Policies and Practices (Details) [Line Items] | |||
Freight Costs (in Dollars) | $0.90 | $0.80 | $0.70 |
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 Doubtful Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the Allowance for Doubtful Accounts [Abstract] | |||
Balance at January 1 | $225 | $275 | $815 |
Provisions made during the year | 137 | 24 | 340 |
Write-offs | -193 | -149 | -892 |
Recoveries during the year | 6 | 75 | 12 |
Balance at December 31 | $175 | $225 | $275 |
Note_4_Acquisitions_Details
Note 4 - Acquisitions (Details) (USD $) | 12 Months Ended | 36 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Oct. 31, 2012 | |
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Number of Businesses Acquired | 11 | ||||||||||||
Operating Income (Loss) | $51,471,000 | $40,945,000 | $27,040,000 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 72,094,000 | 16,511,000 | 29,262,000 | ||||||||||
Goodwill, Acquired During Period | 15,135,000 | 6,133,000 | |||||||||||
Subsequent Event [Member] | Better Way Products [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 40,000,000 | ||||||||||||
Acquired Entities [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Revenues | 56,000,000 | 12,000,000 | 29,000,000 | ||||||||||
Operating Income (Loss) | 3,100,000 | 200,000 | 1,300,000 | ||||||||||
Precision [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 16,000,000 | ||||||||||||
Foremost [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 45,400,000 | ||||||||||||
Business Acquisition, Pro Forma Amortization Expense | 900,000 | 1,800,000 | |||||||||||
PolyDyn3 [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,300,000 | ||||||||||||
Charleston Corporation [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 9,500,000 | ||||||||||||
Frontline [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 5,200,000 | ||||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 300,000 | ||||||||||||
Premier Concepts, Inc. [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 2,600,000 | ||||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 200,000 | ||||||||||||
West Side Furniture [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 8,700,000 | ||||||||||||
Decor [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 4,300,000 | ||||||||||||
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 | ||||||||||||
Gustafson Lighting [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 2,800,000 | ||||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 200,000 | ||||||||||||
Fair Value of Assets Acquired | 3,000,000 | ||||||||||||
Goodwill, Acquired During Period | 2,800,000 | ||||||||||||
Creative Wood [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 3,000,000 | ||||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 500,000 | ||||||||||||
Middlebury Hardwood Products Inc. [Member] | |||||||||||||
Note 4 - Acquisitions (Details) [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 19,800,000 | ||||||||||||
Business Acquisition, Pro Forma Amortization Expense | $500,000 |
Note_4_Acquisitions_Details_Fa
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
Goodwill | $31,630 | $16,495 | $10,362 | ||||||||
Precision [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
Trade receivables | 1,425 | ||||||||||
Inventories | 208 | ||||||||||
Property, plant and equipment | 7,032 | ||||||||||
Prepaid expenses | 10 | ||||||||||
Accounts payable and accrued liabilities | -997 | ||||||||||
Intangible assets | 4,492 | ||||||||||
Goodwill | 3,843 | 3,843 | |||||||||
Total net purchase price | 16,013 | ||||||||||
Foremost [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
Trade receivables | 4,868 | ||||||||||
Inventories | 11,415 | ||||||||||
Property, plant and equipment | 3,934 | ||||||||||
Prepaid expenses | 129 | ||||||||||
Accounts payable and accrued liabilities | -4,302 | ||||||||||
Intangible assets | 20,905 | ||||||||||
Goodwill | 8,407 | 8,407 | |||||||||
Total net purchase price | 45,356 | ||||||||||
PolyDyn3 [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
Trade receivables | 86 | ||||||||||
Inventories | 194 | ||||||||||
Property, plant and equipment | 683 | ||||||||||
Prepaid expenses | 125 | ||||||||||
Accounts payable and accrued liabilities | -124 | ||||||||||
Intangible assets | 230 | ||||||||||
Goodwill | 57 | 57 | |||||||||
Total net purchase price | 1,251 | ||||||||||
Charleston Corporation [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
Trade receivables | 1,931 | ||||||||||
Inventories | 1,033 | ||||||||||
Property, plant and equipment | 3,056 | ||||||||||
Prepaid expenses | 7 | ||||||||||
Accounts payable and accrued liabilities | -2,042 | ||||||||||
Intangible assets | 2,783 | ||||||||||
Goodwill | 2,706 | 2,706 | |||||||||
Total net purchase price | 9,474 | ||||||||||
Frontline [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
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 | 2,490 | |||||||||
Total net purchase price | 5,180 | ||||||||||
Premier Concepts, Inc. [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
Trade receivables | 764 | ||||||||||
Inventories | 347 | ||||||||||
Property, plant and equipment | 561 | ||||||||||
Accounts payable and accrued liabilities | -1,357 | ||||||||||
Intangible assets | 1,210 | ||||||||||
Goodwill | 1,095 | 1,095 | |||||||||
Total net purchase price | 2,620 | ||||||||||
West Side Furniture [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
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 | 2,670 | |||||||||
Total net purchase price | 8,711 | ||||||||||
Decor [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
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 | 1,440 | |||||||||
Total net purchase price | 4,333 | ||||||||||
Gustafson Lighting [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
Trade receivables | 982 | ||||||||||
Inventories | 1,262 | ||||||||||
Property, plant and equipment | 1,221 | ||||||||||
Prepaid expenses | 20 | ||||||||||
Accounts payable and accrued liabilities | -816 | ||||||||||
Intangible assets | 337 | ||||||||||
Goodwill | -223 | ||||||||||
Total net purchase price | 2,783 | ||||||||||
Creative Wood [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
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 | 994 | |||||||||
Total net purchase price | 3,026 | ||||||||||
Middlebury Hardwood Products Inc. [Member] | |||||||||||
Note 4 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | |||||||||||
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 | 3,609 | |||||||||
Total net purchase price | $19,762 |
Note_4_Acquisitions_Details_Pr
Note 4 - Acquisitions (Details) - Pro Forma Information Related to Acquisitions (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pro Forma Information Related to Acquisitions [Abstract] | |||
Revenue | $775,603 | $664,471 | $469,002 |
Net income | $31,953 | $25,077 | $28,785 |
Basic net income per common share | $3 | $2.34 | $2.73 |
Diluted net income per common share | $2.99 | $2.32 | $2.71 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Raw materials | $39,283 | $24,135 |
Work in process | 5,607 | 4,870 |
Finished goods | 4,897 | 3,877 |
Total materials purchased for resale (distribution products), net | 22,521 | 24,566 |
Total inventories | 71,020 | 56,510 |
Total manufactured goods, net | 48,499 | 31,944 |
Materials purchased for resale (distribution products) | 23,049 | 24,904 |
Manufactured Goods [Member] | ||
Inventory [Line Items] | ||
Less: reserve for inventory obsolescence | -1,288 | -938 |
Materials Purchased for Resale [Member] | ||
Inventory [Line Items] | ||
Less: reserve for inventory obsolescence | ($528) | ($338) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Reserve for Inventory Obsolescence [Abstract] | |||
Balance at January 1 | $1,276 | $1,106 | $701 |
Charged to operations | 2,071 | 1,045 | 1,123 |
Deductions from reserves | -1,531 | -875 | -718 |
Balance at December 31 | $1,816 | $1,276 | $1,106 |
Note_6_Property_Plant_and_Equi2
Note 6 - Property, Plant and Equipment (Details) - Property, Plant and Equipment, Net (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $120,439 | $101,060 |
Less: accumulated depreciation and amortization | -63,086 | -58,943 |
Property, plant and equipment, net | 57,353 | 42,117 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 2,635 | 1,637 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 37,798 | 29,663 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 76,010 | 66,365 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 1,664 | 1,506 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $2,332 | $1,889 |
Note_7_Goodwill_and_Other_Inta2
Note 7 - Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | $0 | $0 | $0 |
Intangible Assets, Net (Excluding Goodwill) | 49,544,000 | 25,611,000 | 19,219,000 |
Amortization of Intangible Assets | 4,477,000 | 2,371,000 | 1,523,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,750,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,407,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,612,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,317,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,182,000 | ||
Trademarks [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 9,000,000 | ||
Customer Relationships and Non-compete Agreements [Member] | Minimum [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Customer Relationships and Non-compete Agreements [Member] | Maximum [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 19 years | ||
Customer Relationships and Non-compete Agreements [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 40,500,000 | ||
Noncompete Agreements [Member] | Precision [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 1,105,000 | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Noncompete Agreements [Member] | PolyDyn3 [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 23,000 | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Noncompete Agreements [Member] | Charleston Corporation [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 443,000 | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Noncompete Agreements [Member] | Foremost [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 1,350,000 | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Noncompete Agreements [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | |
Customer Relationships [Member] | Precision [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 2,904,000 | ||
Customer Relationships [Member] | PolyDyn3 [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 201,000 | ||
Customer Relationships [Member] | Charleston Corporation [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 2,011,000 | ||
Customer Relationships [Member] | Foremost [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 15,485,000 | ||
Customer Relationships [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years | 11 years | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Precision [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 4,492,000 | ||
PolyDyn3 [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 230,000 | ||
Charleston Corporation [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 2,783,000 | ||
Foremost [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $20,905,000 |
Note_7_Goodwill_and_Other_Inta3
Note 7 - Goodwill and Other Intangible Assets (Details) - Intangible Assets and Goodwill Acquired (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Oct. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2014 |
In Thousands, unless otherwise specified | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | $49,544 | $25,611 | $19,219 | ||||||||
Goodwill | 31,630 | 16,495 | 10,362 | ||||||||
Customer Relationships [Member] | Decor [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 655 | ||||||||||
Customer Relationships [Member] | Gustafson Lighting [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 178 | ||||||||||
Customer Relationships [Member] | Creative Wood [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 207 | ||||||||||
Customer Relationships [Member] | Middlebury Hardwood Products Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 5,920 | ||||||||||
Customer Relationships [Member] | Frontline [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 1,411 | ||||||||||
Customer Relationships [Member] | Premier Concepts, Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 863 | ||||||||||
Customer Relationships [Member] | West Side Furniture [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 4,166 | ||||||||||
Customer Relationships [Member] | Precision [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 2,904 | ||||||||||
Customer Relationships [Member] | Foremost [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 15,485 | ||||||||||
Customer Relationships [Member] | PolyDyn3 [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 201 | ||||||||||
Customer Relationships [Member] | Charleston Corporation [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 2,011 | ||||||||||
Noncompete Agreements [Member] | Decor [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 384 | ||||||||||
Noncompete Agreements [Member] | Gustafson Lighting [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 16 | ||||||||||
Noncompete Agreements [Member] | Creative Wood [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 312 | ||||||||||
Noncompete Agreements [Member] | Middlebury Hardwood Products Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 140 | ||||||||||
Noncompete Agreements [Member] | Frontline [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 460 | ||||||||||
Noncompete Agreements [Member] | Premier Concepts, Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 203 | ||||||||||
Noncompete Agreements [Member] | West Side Furniture [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 998 | ||||||||||
Noncompete Agreements [Member] | Precision [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 1,105 | ||||||||||
Noncompete Agreements [Member] | Foremost [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 1,350 | ||||||||||
Noncompete Agreements [Member] | PolyDyn3 [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 23 | ||||||||||
Noncompete Agreements [Member] | Charleston Corporation [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 443 | ||||||||||
Trademarks [Member] | Decor [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 624 | ||||||||||
Trademarks [Member] | Gustafson Lighting [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 143 | ||||||||||
Trademarks [Member] | Creative Wood [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 238 | ||||||||||
Trademarks [Member] | Middlebury Hardwood Products Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 410 | ||||||||||
Trademarks [Member] | Frontline [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 221 | ||||||||||
Trademarks [Member] | Premier Concepts, Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 144 | ||||||||||
Trademarks [Member] | West Side Furniture [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 297 | ||||||||||
Trademarks [Member] | Precision [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 483 | ||||||||||
Trademarks [Member] | Foremost [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 4,070 | ||||||||||
Trademarks [Member] | PolyDyn3 [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 6 | ||||||||||
Trademarks [Member] | Charleston Corporation [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 329 | ||||||||||
Decor [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 1,663 | ||||||||||
Goodwill | 1,440 | 1,440 | |||||||||
Intangible assets, net, including goodwill | 3,103 | ||||||||||
Gustafson Lighting [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 337 | ||||||||||
Goodwill | -223 | ||||||||||
Intangible assets, net, including goodwill | 337 | ||||||||||
Creative Wood [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 757 | ||||||||||
Goodwill | 994 | 994 | |||||||||
Intangible assets, net, including goodwill | 1,751 | ||||||||||
Middlebury Hardwood Products Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 6,470 | ||||||||||
Goodwill | 3,609 | 3,609 | |||||||||
Intangible assets, net, including goodwill | 10,079 | ||||||||||
Frontline [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 2,092 | ||||||||||
Goodwill | 2,490 | 2,490 | |||||||||
Intangible assets, net, including goodwill | 4,582 | ||||||||||
Premier Concepts, Inc. [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 1,210 | ||||||||||
Goodwill | 1,095 | 1,095 | |||||||||
Intangible assets, net, including goodwill | 2,305 | ||||||||||
West Side Furniture [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 5,461 | ||||||||||
Goodwill | 2,670 | 2,670 | |||||||||
Intangible assets, net, including goodwill | 8,131 | ||||||||||
Precision [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 4,492 | ||||||||||
Goodwill | 3,843 | 3,843 | |||||||||
Intangible assets, net, including goodwill | 8,335 | ||||||||||
Foremost [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 20,905 | ||||||||||
Goodwill | 8,407 | 8,407 | |||||||||
Intangible assets, net, including goodwill | 29,312 | ||||||||||
PolyDyn3 [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 230 | ||||||||||
Goodwill | 57 | 57 | |||||||||
Intangible assets, net, including goodwill | 287 | ||||||||||
Charleston Corporation [Member] | |||||||||||
2012 | |||||||||||
Intangible assets, net, excluding goodwill | 2,783 | ||||||||||
Goodwill | 2,706 | 2,706 | |||||||||
Intangible assets, net, including goodwill | $5,489 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Carrying amount of goodwill | $31,630 | $16,495 | $10,362 |
Acquisitions | 15,135 | 6,133 | |
Manufacturing [Member] | |||
Goodwill [Line Items] | |||
Carrying amount of goodwill | 25,309 | 13,720 | 10,257 |
Acquisitions | 11,589 | 3,463 | |
Distribution [Member] | |||
Goodwill [Line Items] | |||
Carrying amount of goodwill | 6,321 | 2,775 | 105 |
Acquisitions | $3,546 | $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, 2014 | Dec. 31, 2013 |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ||
Other intangible assets | $59,613 | $31,251 |
Less: accumulated amortization | -10,069 | -5,640 |
Other intangible assets, net | 49,544 | 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 | 44,269 | 23,668 |
Weighted average useful life | 11 years | 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 | 6,338 | 3,417 |
Weighted average useful life | 3 years | 3 years |
Trademarks [Member] | ||
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ||
Other intangible assets | $9,006 | $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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | |||
Carrying value of other intangible assets | $49,544 | $25,611 | $19,219 |
Acquisitions | 28,410 | 8,763 | |
Amortization | -4,477 | -2,371 | -1,523 |
Manufacturing [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | |||
Carrying value of other intangible assets | 36,491 | 19,626 | 18,242 |
Acquisitions | 20,048 | 3,302 | |
Amortization | -3,183 | -1,918 | -1,200 |
Distribution [Member] | |||
Note 7 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | |||
Carrying value of other intangible assets | 13,053 | 5,985 | 977 |
Acquisitions | 8,362 | 5,461 | |
Amortization | ($1,294) | ($453) | ($300) |
Note_8_Derivative_Financial_In1
Note 8 - Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 8 - Derivative Financial Instruments (Details) [Line Items] | |||
Common Stock, Shares, Issued | 10,333,720 | 10,568,430 | |
Stock Warrants, Revaluation | ($1,731) | ||
2008 Warrants [Member] | |||
Note 8 - Derivative Financial Instruments (Details) [Line Items] | |||
Common Stock, Shares, Issued | 291,856 |
Note_9_Debt_Details
Note 9 - Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 24, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | Mar. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | Nov. 07, 2014 | Jun. 26, 2014 | |
Note 9 - Debt (Details) [Line Items] | ||||||||||
Long-term Line of Credit | $101,100,000 | $55,000,000 | ||||||||
Debt Instrument, Term | 5 years | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 101,100,000 | |||||||||
Letters of Credit Outstanding, Amount | 800,000 | |||||||||
Interest Expense, Debt | 2,393,000 | 2,171,000 | 4,037,000 | |||||||
Interest Paid | 2,368,000 | 2,225,000 | 3,907,000 | |||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 185,000,000 | |||||||||
Same Day Advance Swing Line [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |||||||||
Additional Borrowing Capacity [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | |||||||||
Required [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Consolidated Leverage Ratio | 3.5 | |||||||||
Consolidated Interest Coverage Ratio | 2.25 | |||||||||
Annual Capital Expenditures Limitation And Actual Year To Date | 12,000,000 | |||||||||
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Consolidated Leverage Ratio | 3 | |||||||||
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Consolidated Leverage Ratio | 3.5 | |||||||||
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Annual Capital Expenditures Limitation And Actual Year To Date | 10,000,000 | |||||||||
2011 Credit Facility [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | |||||||||
March 2011 Notes [Member] | Tontine [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 2,500,000 | |||||||||
March 2011 Notes [Member] | TCOMF2 [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 2,500,000 | |||||||||
March 2011 Notes [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 5,000,000 | |||||||||
September 2011 [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 2,700,000 | |||||||||
Aia [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||
Repayments of Notes Payable | 2,000,000 | |||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Long-term Line of Credit | 97,000,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.50% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.69% | 1.69% | ||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Long-term Line of Credit | 4,100,000 | |||||||||
Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Note 9 - Debt (Details) [Line Items] | ||||||||||
Long-term Line of Credit | 101,100,000 | 55,000,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 80,000,000 | 165,000,000 | 125,000,000 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | 0.20% | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $63,100,000 |
Note_9_Debt_Details_Required_F
Note 9 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts (Credit Facility 2012 [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 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 (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) | 1.45 |
Consolidated interest coverage ratio (12-month period) | 4.07 |
Annual capital expenditures limitation (in Dollars) | $6,542 |
Note_11_Accrued_Liabilities_De
Note 11 - Accrued Liabilities (Details) - Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Employee compensation and benefits | $8,360 | $7,855 |
Property taxes | 1,147 | 841 |
Customer incentives | 2,748 | 2,339 |
Accrued income taxes | 864 | 204 |
Other | 2,269 | 2,346 |
Total accrued liabilities | $15,388 | $13,585 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 12 - Income Taxes (Details) [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 34.00% | ||
Deferred Tax Assets, Valuation Allowance | $15.60 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -6.8 | ||||
Taxes Payable | 8.8 | ||||
Effective Income Tax Rate Reconciliation, Percent | 37.50% | 38.00% | |||
Excess Tax Benefit from Share-based Compensation, Operating Activities | 2.7 | 2.4 | |||
Income Taxes Paid | 16.7 | 8.2 | |||
Domestic Tax Authority [Member] | |||||
Note 12 - Income Taxes (Details) [Line Items] | |||||
Operating Loss Carryforwards | 9.8 | ||||
State and Local Jurisdiction [Member] | |||||
Note 12 - Income Taxes (Details) [Line Items] | |||||
Operating Loss Carryforwards | 1.6 | 4.5 | 12.6 | ||
Deductions Related to Unrealized Exess Benefits on Stock-based Compensation [Member] | |||||
Note 12 - Income Taxes (Details) [Line Items] | |||||
Operating Loss Carryforwards | $3.70 |
Note_12_Income_Taxes_Details_P
Note 12 - Income Taxes (Details) - Provision for Income Tax Benefit from Continuing Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $13,632 | $8,647 | $211 |
State | 3,120 | 2,104 | 134 |
Total current | 16,752 | 10,751 | 345 |
Deferred: | |||
Federal | 1,496 | 3,670 | -6,320 |
State | 156 | 313 | -848 |
Total deferred | 1,652 | 3,983 | -7,168 |
Income taxes (credit) | $18,404 | $14,734 | ($6,823) |
Note_12_Income_Taxes_Details_E
Note 12 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Tax provision, at federal statutory income tax rate | $17,177 | $13,571 | $7,232 |
State taxes, net of federal benefit | 2,167 | 1,706 | 1,101 |
Deferred tax valuation allowance | -15,570 | ||
Other, net | -940 | -543 | 414 |
Income taxes (credit) | $18,404 | $14,734 | ($6,823) |
Note_12_Income_Taxes_Details_C
Note 12 - Income Taxes (Details) - Composition of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gross deferred tax assets: | ||
Trade receivables allowance | $69 | $89 |
Inventory capitalization | 898 | 546 |
Accrued expenses | 3,155 | 2,615 |
Deferred compensation | 891 | 974 |
Inventory reserves | 756 | 531 |
AMT and other tax credit carry-forwards | 9 | |
State NOL carry-forwards | 67 | 201 |
Stock-based compensation | 1,530 | 538 |
Pension liability | 13 | 6 |
Intangibles | 89 | |
Gross deferred tax assets | 7,379 | 5,598 |
Gross deferred tax liabilities: | ||
Prepaid expenses | -363 | -207 |
Depreciation expense | -4,936 | -3,549 |
Intangibles | -1,875 | |
Gross deferred tax liabilities | -7,174 | -3,756 |
Deferred tax assets, net | 205 | 1,842 |
Current deferred tax assets, net | 4,563 | 3,762 |
Long-term deferred tax liabilities, net | ($4,358) | ($1,920) |
Note_13_Shareholders_Equity_De
Note 13 - Shareholders' Equity (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2006 | |
Note 13 - Shareholders' Equity (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | ||
Preferred Stock, Shares Issued | 10,333,720 | |||
Common Stock, Shares, Issued | 10,333,720 | 10,568,430 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 110,040 | 121,723 | 777,542 | |
Stock Repurchased During Period, Shares | 14,484 | 38,704 | 38,864 | |
Number of Rights Payable for Each Share as Dividend Under Agreement | 1 | |||
Multiplier of Right Exercise Price in Event of Takeover or Merger | 2 | |||
Minimum Percentage of Assets Sold in Event of Merger for Exercise of Right | 50.00% | |||
Rights Redeem Rate (in Dollars per share) | $0.01 | |||
Series A Preferred Stock [Member] | ||||
Note 13 - Shareholders' Equity (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized | 1,000,000 | |||
Decor [Member] | ||||
Note 13 - Shareholders' Equity (Details) [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 100,000 | |||
Shareholder Right Plan [Member] | ||||
Note 13 - Shareholders' Equity (Details) [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $30 | |||
Stock Repurchase Program [Member] | ||||
Note 13 - Shareholders' Equity (Details) [Line Items] | ||||
Stock Repurchased During Period, Shares | 344,750 | 407,330 |
Note_14_Stock_Repurchase_Progr1
Note 14 - Stock Repurchase Program (Details) (USD $) | 12 Months Ended | 2 Months Ended | 25 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2015 | Feb. 27, 2015 | Feb. 28, 2014 | Feb. 22, 2013 | Feb. 17, 2015 |
Note 14 - Stock Repurchase Program (Details) [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $20 | $10 | |||||
Treasury Stock, Shares, Acquired (in Shares) | 344,750 | 407,330 | |||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $40.40 | $14.92 | |||||
Stock Repurchased During Period, Value | 6.1 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 13.9 | ||||||
Subsequent Event [Member] | Tontine [Member] | |||||||
Note 14 - Stock Repurchase Program (Details) [Line Items] | |||||||
Treasury Stock, Shares, Acquired (in Shares) | 100,000 | ||||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $43.29 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 5.7 | ||||||
Subsequent Event [Member] | |||||||
Note 14 - Stock Repurchase Program (Details) [Line Items] | |||||||
Treasury Stock, Shares, Acquired (in Shares) | 130,500 | 882,580 | |||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $29.07 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 25.7 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $20 |
Note_15_Income_Per_Common_Shar2
Note 15 - 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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Earnings Per Common Share [Abstract] | |||||||||||||||||||||
Net income for basic and diluted per share calculation (in Dollars) | $7,293 | $7,254 | $9,231 | $6,896 | $5,012 | $5,452 | $7,557 | $6,019 | $30,674 | $24,040 | $28,095 | ||||||||||
Weighted average common shares outstanding - basic | 10,634 | 10,733 | 10,558 | ||||||||||||||||||
Effect of potentially dilutive securities | 59 | 53 | 79 | ||||||||||||||||||
Weighted average common shares outstanding - diluted | 10,693 | 10,786 | 10,637 | ||||||||||||||||||
Basic net income per common share (in Dollars per share) | $0.70 | [1] | $0.68 | [1] | $0.86 | [1] | $0.64 | [1] | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $2.88 | [1] | $2.24 | [1] | $2.66 |
Diluted net income per common share (in Dollars per share) | $0.69 | [1] | $0.68 | [1] | $0.86 | [1] | $0.64 | [1] | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $2.87 | [1] | $2.23 | [1] | $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. |
Note_16_Lease_Commitments_Deta
Note 16 - Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $6,746 | $5,206 | $4,178 |
Note_16_Lease_Commitments_Deta1
Note 16 - Lease Commitments (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Manufacturing Facility [Member] | |
Note 16 - Lease Commitments (Details) - Future Minimum Lease Payments [Line Items] | |
2015 | $3,640 |
2016 | 2,522 |
2017 | 2,114 |
2018 | 1,121 |
2019 | 296 |
Total minimum lease payments | 9,693 |
Equipment [Member] | |
Note 16 - Lease Commitments (Details) - Future Minimum Lease Payments [Line Items] | |
2015 | 2,060 |
2016 | 1,897 |
2017 | 1,591 |
2018 | 1,189 |
2019 | 700 |
Thereafter | 575 |
Total minimum lease payments | $8,012 |
Note_17_Commitments_and_Contin1
Note 17 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Self Insured Health Plan, Annual Claim Limit per Individual | $250,000 |
Note_18_Compensation_Plans_Det
Note 18 - Compensation Plans (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
Dec. 18, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 16, 2015 | Mar. 04, 2013 | 24-May-12 | |
Note 18 - 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% | 4.50% | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $133,000 | $367,000 | $194,000 | ||||
Allocated Share-based Compensation Expense | 3,300,000 | 1,300,000 | 800,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 5,000,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 18 months 12 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share Price (in Dollars per share) | $43.98 | $28.93 | $15.56 | ||||
Proceeds from Stock Options Exercised | 26,000 | 64,000 | 436,000 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 200,000 | 300,000 | 1,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 1,800,000 | 0 | 200,000 | ||||
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) | 111,000 | 114,000 | 162,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 161,000 | 134,000 | 155,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $37.03 | $15.21 | $8.98 | ||||
Employee Stock Option [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 800,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 23 months | ||||||
Stock Appreciation Rights (SARs) [Member] | At Strike Price [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 50,000 | ||||||
Stock Appreciation Rights (SARs) [Member] | Strike Price 1 [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share Price (in Dollars per share) | 27.67 | ||||||
Stock Appreciation Rights (SARs) [Member] | Strike Price 2 [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share Price (in Dollars per share) | 33.2 | ||||||
Stock Appreciation Rights (SARs) [Member] | Strike Price 3 [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share Price (in Dollars per share) | 39.84 | ||||||
Stock Appreciation Rights (SARs) [Member] | Strike Price 4 [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share Price (in Dollars per share) | 47.81 | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 600,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 23 months | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 200,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 900,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 66,667 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 8 years | ||||||
Restricted Stock [Member] | Subsequent Event [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 4,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 84,836 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $46.96 | ||||||
Restricted Stock [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
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 | 17 months | ||||||
Non-Participating Restricted Stock [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 14,667 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $37.22 | ||||||
Minimum [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 9 years | ||||||
Maximum [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 10 years | ||||||
Bonus Plan [Member] | |||||||
Note 18 - Compensation Plans (Details) [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $4,800,000 | $4,200,000 | $4,100,000 |
Note_18_Compensation_Plans_Det1
Note 18 - Compensation Plans (Details) - Summary of Option Activity (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total Options: | |||
Shares (in Shares) | 244,000 | 90,000 | 452,000 |
Weighted average exercise price | $22.97 | $1.54 | $1.27 |
Granted during the year (in Shares) | 200,000 | ||
Granted during the year | $27.67 | ||
Exercised during the year (in Shares) | -15,000 | -46,000 | -362,250 |
Exercised during the year | $1.75 | $1.39 | $1.20 |
Shares (in Shares) | 229,000 | 244,000 | 90,000 |
Weighted average exercise price | $24.35 | $22.97 | $1.54 |
Vested Options: | |||
Vested during the year (in Shares) | 67,000 | 141,000 | |
Vested during the year | $27.67 | $1.25 | |
Eligible, end of year for exercise (in Shares) | 96,000 | 44,000 | 90,000 |
Eligible, end of year for exercise | $19.74 | $1.70 | $1.54 |
Aggregate intrinsic value ($ in thousands): | |||
Total options outstanding (in Dollars) | $4,499 | $1,457 | $1,265 |
Options exercisable (in Dollars) | 2,325 | 1,205 | 1,265 |
Options exercised (in Dollars) | $616 | $856 | $4,759 |
Weighted average fair value of options granted during the year | $6.33 |
Note_18_Compensation_Plans_Det2
Note 18 - Compensation Plans (Details) - Options Outstanding and Exercisable (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Exercise Price 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price | $0.75 |
Shares Outstanding (in Shares) | 2 |
Remaining Contractual Life | 4 years 146 days |
Exercise Price, Outstanding | $0.75 |
Shares Exercisable (in Shares) | 2 |
Exercise Price, Exercisable | $0.75 |
Exercise Price 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price | $1.75 |
Shares Outstanding (in Shares) | 27 |
Remaining Contractual Life | 4 years 146 days |
Exercise Price, Outstanding | $1.75 |
Shares Exercisable (in Shares) | 27 |
Exercise Price, Exercisable | $1.75 |
Exercise Price 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price | $27.67 |
Shares Outstanding (in Shares) | 200 |
Remaining Contractual Life | 8 years |
Exercise Price, Outstanding | $27.67 |
Shares Exercisable (in Shares) | 67 |
Exercise Price, Exercisable | $27.67 |
Note_18_Compensation_Plans_Det3
Note 18 - Compensation Plans (Details) - Fair Value Assumptions | 12 Months Ended |
Dec. 31, 2013 | |
Employee Stock Option [Member] | |
Note 18 - Compensation Plans (Details) - 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] | Minimum [Member] | |
Note 18 - Compensation Plans (Details) - 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 18 - Compensation Plans (Details) - Fair Value Assumptions [Line Items] | |
Risk-free interest rate | 1.55% |
Expected option life (years) | 4 years |
Stock Appreciation Rights (SARs) [Member] | |
Note 18 - Compensation Plans (Details) - Fair Value Assumptions [Line Items] | |
Price volatility | 32.42% |
Note_18_Compensation_Plans_Det4
Note 18 - Compensation Plans (Details) - Summary of Unvested Restricted Stock (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Unvested Restricted Stock [Abstract] | |||
Unvested beginning of year | 392 | 412 | 405 |
Unvested beginning of year | $8.02 | $4.96 | $2.01 |
Unvested, end of year | 342 | 392 | 412 |
Unvested, end of year | $19 | $8.02 | $4.96 |
Granted during the year | 111 | 114 | 162 |
Granted during the year | $37.03 | $15.21 | $8.98 |
Vested during the year | -161 | -134 | -155 |
Vested during the year | $4.64 | $4.74 | $1.46 |
Note_19_Segment_Information_De
Note 19 - Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 19 - Segment Information (Details) [Line Items] | |||
Amortization of Intangible Assets (in Dollars) | $4,477 | $2,371 | $1,523 |
RV Customer 1 [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 34.00% | 34.00% | 34.00% |
RV Customer 1 [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 41.00% | 28.00% | |
RV Customer 2 [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 24.00% | 23.00% | 20.00% |
Manufacturing [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 75.00% | 77.00% | 76.00% |
Manufacturing [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Amortization of Intangible Assets (in Dollars) | 3,183 | 1,918 | 1,200 |
Distribution [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 23.00% | 24.00% |
Distribution [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Amortization of Intangible Assets (in Dollars) | $1,294 | $453 | $300 |
Note_19_Segment_Information_De1
Note 19 - 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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $189,574 | $188,138 | $187,855 | $170,150 | $146,612 | $146,623 | $159,576 | $142,120 | $735,717 | $594,931 | $437,367 |
Cost of goods sold | 617,214 | 503,908 | 371,623 | ||||||||
Operating income | 51,471 | 40,945 | 27,040 | ||||||||
Identifiable assets | 218,147 | 139,507 | 218,147 | 139,507 | 111,268 | ||||||
Outside Sales [Member] | Manufacturing [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 548,796 | 458,438 | 330,941 | ||||||||
Outside Sales [Member] | Distribution [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 186,921 | 136,493 | 106,426 | ||||||||
Outside Sales [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 735,717 | 594,931 | 437,367 | ||||||||
Inside Sales [Member] | Manufacturing [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 18,356 | 19,264 | 16,007 | ||||||||
Inside Sales [Member] | Distribution [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 2,517 | 2,606 | 1,830 | ||||||||
Inside Sales [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 20,873 | 21,870 | 17,837 | ||||||||
Manufacturing [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 567,152 | 477,702 | 346,948 | ||||||||
Cost of goods sold | 477,189 | 407,528 | 296,641 | ||||||||
Operating income | 55,838 | 43,860 | 30,798 | ||||||||
Identifiable assets | 167,278 | 98,058 | 167,278 | 98,058 | 85,523 | ||||||
Depreciation and amortization | 7,087 | 4,906 | 3,851 | ||||||||
Distribution [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 189,438 | 139,099 | 108,256 | ||||||||
Cost of goods sold | 160,375 | 116,039 | 90,155 | ||||||||
Operating income | 10,659 | 8,040 | 5,727 | ||||||||
Identifiable assets | 50,869 | 41,449 | 50,869 | 41,449 | 25,745 | ||||||
Depreciation and amortization | 1,560 | 625 | 399 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 756,590 | 616,801 | 455,204 | ||||||||
Cost of goods sold | 637,564 | 523,567 | 386,796 | ||||||||
Operating income | 66,497 | 51,900 | 36,525 | ||||||||
Identifiable assets | 218,147 | 139,507 | 218,147 | 139,507 | 111,268 | ||||||
Depreciation and amortization | $8,647 | $5,531 | $4,250 |
Note_19_Segment_Information_De2
Note 19 - Segment Information (Details) - Other Reconciling Items from Segments to Consolidated (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Sales | $189,574 | $188,138 | $187,855 | $170,150 | $146,612 | $146,623 | $159,576 | $142,120 | $735,717 | $594,931 | $437,367 |
Cost of Goods Sold | 617,214 | 503,908 | 371,623 | ||||||||
Operating Income | 51,471 | 40,945 | 27,040 | ||||||||
Identifiable assets for reportable segments | 218,147 | 139,507 | 218,147 | 139,507 | 111,268 | ||||||
Corporate property and equipment | 57,353 | 42,117 | 57,353 | 42,117 | |||||||
Assets | 255,561 | 174,187 | 255,561 | 174,187 | 143,469 | ||||||
Depreciation and Amortization | 10,433 | 7,297 | 5,586 | ||||||||
Gain (loss) on sale of fixed assets and acquisition of business | -30 | 430 | 238 | ||||||||
Unallocated corporate expenses | 67,032 | 50,078 | 38,704 | ||||||||
Amortization | -4,477 | -2,371 | -1,523 | ||||||||
Decorative Interior Products and Components [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Sales | 615,285 | 541,364 | 392,048 | ||||||||
Non-Decorative Interior Products and Components [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Sales | 54,025 | 53,567 | 45,319 | ||||||||
Exterior Products and Other [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Sales | 66,407 | ||||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Sales | 756,590 | 616,801 | 455,204 | ||||||||
Cost of Goods Sold | 637,564 | 523,567 | 386,796 | ||||||||
Operating Income | 66,497 | 51,900 | 36,525 | ||||||||
Identifiable assets for reportable segments | 218,147 | 139,507 | 218,147 | 139,507 | 111,268 | ||||||
Depreciation and Amortization | 8,647 | 5,531 | 4,250 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Sales | -20,873 | -21,870 | -17,837 | ||||||||
Cost of Goods Sold | -20,873 | -21,870 | -17,837 | ||||||||
Corporate, Non-Segment [Member] | Assets [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Assets | 8,602 | 9,544 | 8,602 | 9,544 | 7,028 | ||||||
Corporate, Non-Segment [Member] | Intangible and Other Assets [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Assets | 3,958 | 2,265 | 3,958 | 2,265 | 3,148 | ||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Corporate property and equipment | 24,854 | 22,871 | 24,854 | 22,871 | 22,025 | ||||||
Depreciation and Amortization | 1,786 | 1,766 | 1,336 | ||||||||
Unallocated corporate expenses | -10,519 | -9,014 | -8,200 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Cost of Goods Sold | $523 | $2,211 | $2,664 |
Note_20_Quarterly_Financial_Da2
Note 20 - 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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||
Net sales | $189,574 | $188,138 | $187,855 | $170,150 | $146,612 | $146,623 | $159,576 | $142,120 | $735,717 | $594,931 | $437,367 | ||||||||||
Gross profit | 29,509 | 30,028 | 31,819 | 27,147 | 21,604 | 21,823 | 25,160 | 22,436 | 118,503 | 91,023 | 65,744 | ||||||||||
Net income | $7,293 | $7,254 | $9,231 | $6,896 | $5,012 | $5,452 | $7,557 | $6,019 | $30,674 | $24,040 | $28,095 | ||||||||||
Net income per common share (1): | |||||||||||||||||||||
Basic (in Dollars per share) | $0.70 | [1] | $0.68 | [1] | $0.86 | [1] | $0.64 | [1] | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $2.88 | [1] | $2.24 | [1] | $2.66 |
Diluted (in Dollars per share) | $0.69 | [1] | $0.68 | [1] | $0.86 | [1] | $0.64 | [1] | $0.47 | [1] | $0.51 | [1] | $0.70 | [1] | $0.55 | [1] | $2.87 | [1] | $2.23 | [1] | $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. |