Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 29, 2015 | Apr. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PATRICK INDUSTRIES INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 10,293,216 | |
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 | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Position (Unaudited) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $69 | $123 |
Trade receivables, net | 68,718 | 32,637 |
Inventories | 74,284 | 71,020 |
Deferred tax assets | 3,654 | 4,563 |
Prepaid expenses and other | 2,648 | 6,453 |
Total current assets | 149,373 | 114,796 |
Property, plant and equipment, at cost | 125,740 | 120,439 |
Less accumulated depreciation | 64,909 | 63,086 |
Property, plant and equipment, net | 60,831 | 57,353 |
Goodwill | 47,107 | 31,630 |
Other intangible assets, net of accumulated amortization (2015: $11,728; 2014: $10,069) | 63,856 | 49,544 |
Deferred financing costs, net of accumulated amortization (2015: $1,871; 2014: $1,770) | 956 | 1,024 |
Other non-current assets | 1,198 | 1,214 |
TOTAL ASSETS | 323,321 | 255,561 |
Current Liabilities | ||
Accounts payable | 43,506 | 29,754 |
Accrued liabilities | 15,916 | 15,388 |
Total current liabilities | 59,422 | 45,142 |
Long-term debt | 149,759 | 101,054 |
Deferred compensation and other | 2,213 | 2,239 |
Deferred tax liabilities | 3,790 | 4,358 |
TOTAL LIABILITIES | 215,184 | 152,793 |
SHAREHOLDERS’ EQUITY | ||
Common stock | 54,740 | 54,769 |
Additional paid-in-capital | 8,568 | 7,459 |
Accumulated other comprehensive income | 31 | 31 |
Retained earnings | 44,798 | 40,509 |
TOTAL SHAREHOLDERS’ EQUITY | 108,137 | 102,768 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $323,321 | $255,561 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangible assets, accumulated amortization | $11,728 | $10,069 |
Deferred financing costs, accumulated amortization | $1,871 | $1,770 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
NET SALES | $223,388 | $170,150 |
Cost of goods sold | 187,994 | 143,003 |
GROSS PROFIT | 35,394 | 27,147 |
Operating Expenses: | ||
Warehouse and delivery | 6,659 | 6,112 |
Selling, general and administrative | 11,519 | 8,500 |
Amortization of intangible assets | 1,659 | 787 |
Gain on sale of fixed assets | -6 | -13 |
Total operating expenses | 19,831 | 15,386 |
OPERATING INCOME | 15,563 | 11,761 |
Interest expense, net | 804 | 549 |
Income before income taxes | 14,759 | 11,212 |
Income taxes | 5,609 | 4,316 |
NET INCOME | $9,150 | $6,896 |
BASIC NET INCOME PER COMMON SHARE (in Dollars per share) | $0.90 | $0.64 |
DILUTED NET INCOME PER COMMON SHARE (in Dollars per share) | $0.89 | $0.64 |
Weighted average shares outstanding | ||
- Basic (in Shares) | 10,218 | 10,702 |
- Diluted (in Shares) | 10,318 | 10,815 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $9,150 | $6,896 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 1,891 | 1,324 |
Amortization of intangible assets | 1,659 | 787 |
Stock-based compensation expense | 1,024 | 733 |
Deferred compensation expense | 83 | 83 |
Deferred income taxes | 341 | 900 |
Gain on sale of fixed assets | -6 | -13 |
Decrease in cash surrender value of life insurance | 23 | 23 |
Deferred financing amortization | 101 | 87 |
Change in operating assets and liabilities, net of business acquisitions: | ||
Trade receivables | -31,691 | -20,198 |
Inventories | -1,301 | -3,170 |
Prepaid expenses and other | 3,841 | 2,423 |
Accounts payable and accrued liabilities | 12,124 | 17,672 |
Payments on deferred compensation obligations | -80 | -76 |
Net cash provided by (used in) operating activities | -2,841 | 7,471 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | -1,866 | -914 |
Proceeds from sale of property, equipment and facility | 26 | 19 |
Business acquisitions | -39,579 | |
Other | -7 | -7 |
Net cash used in investing activities | -41,426 | -902 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Long-term debt borrowings (payments), net | 48,705 | -7,606 |
Payment of deferred financing costs | -33 | -1 |
Stock repurchases under buyback program | -5,650 | |
Realization of excess tax benefit on stock-based compensation | 1,204 | 1,037 |
Proceeds from exercise of stock options, including tax benefit | 16 | 26 |
Payments on capital lease obligations | -29 | -36 |
Net cash provided by (used in) financing activities | 44,213 | -6,580 |
Decrease in cash and cash equivalents | -54 | -11 |
Cash and cash equivalents at beginning of year | 123 | 34 |
Cash and cash equivalents at end of period | $69 | $23 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 29, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BASIS OF PRESENTATION |
In the opinion of Patrick Industries, Inc. (“Patrick” or the “Company”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position as of March 29, 2015 and December 31, 2014, and its results of operations and cash flows for the three months ended March 29, 2015 and March 30, 2014. | |
Patrick’s unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules or regulations. For a description of significant accounting policies used by the Company in the preparation of its consolidated financial statements, please refer to Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The December 31, 2014 condensed consolidated statement of financial position data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the first quarter ended March 29, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. | |
In preparation of Patrick’s condensed consolidated financial statements as of and for the quarter ended March 29, 2015, management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date of issuance of the Form 10-Q for potential recognition or disclosure in the consolidated financial statements. See Notes 6, 8 and 13 for events that occurred subsequent to the balance sheet date. |
Note_2_Recently_Issued_Account
Note 2 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 29, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued 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 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 periods prior to the effective date would be provided in the notes to the financial statements as previously reported under the current revenue standard. | |
The guidance was originally effective for annual and interim periods beginning after December 15, 2016 and early adoption was not permitted. In April 2015, the FASB proposed revised guidance that, if adopted, defers the effective date of the revenue recognition standard to be for annual and interim periods beginning after December 15, 2017. Under the proposed revised guidance, an entity would, however, be permitted to elect to adopt the amendments as of the original effective date. The impact from the adoption of this guidance on the Company's Condensed Consolidated Financial Statements cannot be 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. 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. | |
Debt Issuance Costs | |
In April 2015, the FASB issued guidance that would require that debt issuance costs related to a recognized debt liability be presented in the statement of financial position as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for financial statements issued for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. | |
The guidance should be applied on a retrospective basis in which the statement of financial position of each period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., debt issuance cost asset and the debt liability). The Company is currently evaluating the provisions of this guidance and has not yet determined the impact, if any, that the implementation of this guidance will have on its results of operations or financial condition. |
Note_3_Inventories
Note 3 - Inventories | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 3. INVENTORIES | ||||||||
Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) or market and consist of the following classes: | |||||||||
(thousands) | Mar. 29, 2015 | Dec. 31, 2014 | |||||||
Raw materials | $ | 40,265 | $ | 39,283 | |||||
Work in process | 5,873 | 5,607 | |||||||
Finished goods | 4,460 | 4,897 | |||||||
Less: reserve for inventory obsolescence | (1,485 | ) | (1,288 | ) | |||||
Total manufactured goods, net | 49,113 | 48,499 | |||||||
Materials purchased for resale (distribution products) | 26,067 | 23,049 | |||||||
Less: reserve for inventory obsolescence | (896 | ) | (528 | ) | |||||
Total materials purchased for resale (distribution products), net | 25,171 | 22,521 | |||||||
Total inventories | $ | 74,284 | $ | 71,020 | |||||
Note_4_Goodwill_and_Other_Inta
Note 4 - Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 4. 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 Holdings, Inc. acquisition), Quality Hardwoods Sales (“Quality Hardwoods”), A.I.A. Countertops, LLC (“AIA”), Infinity Graphics, Décor Mfg., LLC (“Décor”), Creative Wood Designs, Inc. (“Creative Wood”), Middlebury Hardwood Products, Inc. (“Middlebury Hardwoods”), Frontline Mfg., Inc. (“Frontline”), Premier Concepts, Inc. (“Premier”), Precision Painting Group (“Precision”), Foremost Fabricators, LLC (“Foremost”), PolyDyn3, LLC (“PolyDyn3”), Charleston Corporation (“Charleston”), and Better Way Partners, LLC d/b/a Better Way Products (“Better Way”). While Gravure Ink, AIA, Infinity Graphics, Décor, Creative Wood, Middlebury Hardwoods, Frontline, Premier, Precision, Foremost, PolyDyn3, Charleston and Better Way remain reporting units of the Company for which impairment is assessed, Quality Hardwoods is assessed for impairment as part of the Company’s hardwood door reporting unit. The Company’s Distribution segment includes goodwill originating from the acquisitions of Blazon International Group (“Blazon”), John H. McDonald Co., Inc. d/b/a West Side Furniture (“West Side”), and Foremost, which remain reporting units for which impairment is assessed. | |||||||||||||
Finite-lived intangible assets that meet certain criteria continue to be amortized over their useful lives and are also subject to an impairment test based on estimated undiscounted cash flows when impairment indicators exist. The Company assesses finite-lived intangible assets for impairment if events or changes in circumstances indicate that the carrying value may exceed the fair value. | |||||||||||||
No impairment was recognized during the first quarter ended March 29, 2015 related to goodwill, indefinite-lived intangible assets or finite-lived intangible assets. There have been no material changes to the method of evaluating impairment related to goodwill and indefinite-lived intangible assets during the first quarter of 2015. | |||||||||||||
In February 2015, the Company acquired the business and certain assets of Better Way. The purchase was determined to be a business combination and the intangible assets recorded as a result of the acquisition included (in thousands): customer relationships - $11,505; trademarks - $1,882; non-compete agreements - $2,534; and goodwill - $15,477. The goodwill recognized in this transaction is expected to be deductible for income tax purposes. Better Way is included in the Manufacturing segment. See Note 5 for further details. | |||||||||||||
Goodwill | |||||||||||||
Changes in the carrying amount of goodwill for the three months ended March 29, 2015 by segment are as follows: | |||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Balance - December 31, 2014 | $ | 25,309 | $ | 6,321 | $ | 31,630 | |||||||
Acquisitions | 15,477 | - | 15,477 | ||||||||||
Balance - March 29, 2015 | $ | 40,786 | $ | 6,321 | $ | 47,107 | |||||||
Other Intangible Assets | |||||||||||||
Other 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 March 29, 2015, the other intangible assets balance of $63.9 million is comprised of $10.9 million of trademarks which have an indefinite life, and therefore, no amortization expense has been recorded, and $53.0 million pertaining to customer relationships and non-compete agreements which are being amortized over periods ranging from two to 19 years. | |||||||||||||
For the finite-lived intangible assets attributable to the 2015 acquisition of Better Way, the useful life pertaining to non-compete agreements and customer relationships was five years and 10 years, respectively. Trademarks have an indefinite life, and therefore, no amortization expense has been recorded. | |||||||||||||
Other intangible assets, net consist of the following as of March 29, 2015 and December 31, 2014: | |||||||||||||
(thousands) | Mar. 29, | Weighted | Dec. 31, | Weighted | |||||||||
2015 | Average | 2014 | Average | ||||||||||
Useful Life | Useful Life | ||||||||||||
Customer relationships | $ | 55,774 | 11 years | $ | 44,269 | 11 years | |||||||
Non-compete agreements | 8,934 | 3 years | 6,350 | 3 years | |||||||||
Trademarks | 10,876 | 8,994 | |||||||||||
75,584 | 59,613 | ||||||||||||
Less: accumulated amortization | (11,728 | ) | (10,069 | ) | |||||||||
Other intangible assets, net | $ | 63,856 | $ | 49,544 | |||||||||
Changes in the carrying value of other intangible assets for the three months ended March 29, 2015 by segment are as follows: | |||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Balance - December 31, 2014 | $ | 36,491 | $ | 13,053 | $ | 49,544 | |||||||
Acquisitions | 15,971 | - | 15,971 | ||||||||||
Amoritization | (1,246 | ) | (413 | ) | (1,659 | ) | |||||||
Balance - March 29, 2015 | $ | 51,216 | $ | 12,640 | $ | 63,856 | |||||||
Note_5_Acquisitions
Note 5 - Acquisitions | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | 5. ACQUISITIONS | ||||||||
General | |||||||||
The Company completed a total of four acquisitions in 2014 and one acquisition in the first quarter of 2015 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 condensed consolidated statements of financial position at their estimated fair values as of the respective dates of acquisition. | |||||||||
For each 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. See Note 4 for information regarding the amortization periods assigned to finite-lived intangible assets. | |||||||||
For the first quarter ended March 29 2015, revenue and operating income of approximately $6.5 million and $0.8 million, respectively, was included in the Company’s condensed consolidated statements of income pertaining to the business acquired in 2015. There were no businesses acquired in the first quarter of 2014. Acquisition-related costs associated with the business acquired in 2015 were immaterial. | |||||||||
2015 Acquisition | |||||||||
Better Way | |||||||||
In February 2015, the Company acquired the business and certain assets of 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 $39.6 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 results of operations for Better Way are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are expected to be finalized in the second quarter of 2015. The following summarizes the estimated fair values of the assets acquired and the liabilities assumed as of the date of acquisition: | |||||||||
(thousands) | |||||||||
Trade receivables | $ | 4,440 | |||||||
Inventories | 1,963 | ||||||||
Property, plant and equipment | 3,500 | ||||||||
Prepaid expenses | 59 | ||||||||
Accounts payable and accrued liabilities | (1,781 | ) | |||||||
Intangible assets | 15,921 | ||||||||
Goodwill | 15,477 | ||||||||
Total net purchase price | $ | 39,579 | |||||||
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 condensed 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 | $ | 1,425 | |||||||
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 | |||||||||
In June 2014, the Company acquired the business and certain assets of Goshen, Indiana-based Foremost, a fabricator and distributor of fabricated aluminum products, fiber reinforced polyester (“FRP”) sheet and coil, and custom laminated products primarily used in the RV market, for a net purchase price of $45.4 million. | |||||||||
This acquisition 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 condensed consolidated financial statements and the Manufacturing and Distribution operating segments 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 | $ | 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 | |||||||||
In September 2014, the Company acquired the business and certain assets of Elkhart, Indiana-based 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 condensed 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 | $ | 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 | |||||||||
In November 2014, the Company acquired the business and certain assets of Bremen, Indiana-based 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 condensed 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 | $ | 1,931 | |||||||
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 | |||||||
Pro Forma Information | |||||||||
The following pro forma information for the first quarters ended 2015 and 2014 assumes the Better Way acquisition (which was acquired in February 2015) and the Foremost acquisition (which was acquired in June 2014) occurred as of the beginning of the year immediately preceding each such acquisition. The pro forma information contains the actual operating results of Better Way and Foremost, 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) $0.2 million and $0.4 million for the first quarter ended March 30, 2015 and March 29, 2014, respectively, related to intangible assets acquired in the Better Way acquisition, and (ii) $0.5 million related to intangible assets acquired in the Foremost acquisition for the first quarter ended March 30, 2014. Pro forma information related to the other businesses acquired in 2015 and 2014 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. | |||||||||
First Quarter Ended | |||||||||
(thousands except per share data) | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Revenue | $ | 229,296 | $ | 200,663 | |||||
Net income | 9,650 | 7,862 | |||||||
Net income per share – basic | 0.94 | 0.73 | |||||||
Net income per share – diluted | 0.94 | 0.73 | |||||||
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_6_StockBased_Compensation
Note 6 - Stock-Based Compensation | 3 Months Ended |
Mar. 29, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. STOCK-BASED COMPENSATION |
The Company accounts for stock-based compensation in accordance with fair value recognition provisions. The Company recorded compensation expense of $1.0 million and $0.7 million for the first quarters ended March 29, 2015 and March 30, 2014, respectively, for its stock-based compensation plans on the condensed consolidated statements of income. | |
The Company estimates the fair value of (i) all stock grants as of the grant date using the closing price per share of the Company’s common stock on such date, and (ii) all stock option and stock appreciation rights awards as of the grant date by applying the Black-Scholes option pricing model. The Board of Directors (the “Board”) approved the following share grants in 2014: 34,000 shares on February 12, 2014, 65,668 shares on February 18, 2014, 10,560 shares on May 22, 2014, and 296 shares on September 30, 2014. In addition, on February 18, 2014, the Board approved the issuance of a total of 44,001 restricted stock units (“RSUs”) under the Company’s 2009 Omnibus Incentive Plan (the “Plan”), of which 14,667 of those RSUs were granted on that same date. | |
The Board approved the following share grant in the first quarter of 2015: 85,086 shares on February 16, 2015. In addition, on March 30, 2015, the beginning of the Company’s fiscal second quarter, the Board approved a share grant of 200 shares and granted an additional 14,667 RSUs under the Plan as discussed above. | |
As of March 29, 2015, there was approximately $8.9 million of total unrecognized compensation cost related to stock-based compensation arrangements granted under incentive plans. That cost is expected to be recognized over a weighted-average period of 23.6 months. |
Note_7_Net_Income_Per_Common_S
Note 7 - Net Income Per Common Share | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | 7. NET INCOME PERCOMMON SHARE | ||||||||
Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding, plus the dilutive effect of stock options, stock appreciation rights, and restricted stock units (collectively “Common Stock Equivalents”). The dilutive effect of Common Stock Equivalents is calculated under the treasury stock method using the average market price for the period. Certain Common Stock Equivalents were not included in the computation of diluted net income per common share because the exercise prices of those Common Stock Equivalents were greater than the average market price of the common shares. | |||||||||
Net income per common share is calculated for the first quarter periods as follows: | |||||||||
(thousands except per share data) | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Net income for basic and diluted per share calculation | $ | 9,150 | $ | 6,896 | |||||
Weighted average common shares outstanding - basic | 10,218 | 10,702 | |||||||
Effect of potentially dilutive securities | 100 | 113 | |||||||
Weighted average common shares outstanding - diluted | 10,318 | 10,815 | |||||||
Basic net income per common share | $ | 0.9 | $ | 0.64 | |||||
Diluted net income per common share | $ | 0.89 | $ | 0.64 | |||||
Note_8_Debt
Note 8 - Debt | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 8. DEBT | ||||||||
Credit Facility | |||||||||
On October 24, 2012, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association as the agent and lender (“Wells Fargo”), and Fifth Third Bank (“Fifth Third”) as participant, to establish a five-year $80.0 million revolving secured senior credit facility (the “Credit Facility”). | |||||||||
On June 26, 2014 and November 7, 2014, the Company entered into amendments to the 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 National Association (“Key Bank”) as a participant. On February 13, 2015, the Credit Agreement was further amended to expand the Credit Facility to $185.0 million. | |||||||||
The 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 Credit Agreement includes certain definitions, terms and reporting requirements and includes the following additional provisions: | |||||||||
● | The maturity date for the 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 March 29, 2015, the Company had $149.8 million outstanding under its Revolver which consisted of $140.5 million of borrowings under the LIBOR-based option and $9.3 million of borrowings under the Base Rate-based option. 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 both March 29, 2015 and December 31, 2014 was the Prime Rate plus 0.50% (or 3.75%), or LIBOR plus 1.50% (or 1.6875%). These same interest rates were applicable during the first quarters ended March 29, 2015 and March 30, 2014. The fee payable on committed but unused portions of the Revolver was 0.20% for both of these periods. | |||||||||
Pursuant to the 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 $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 Credit Agreement to (ii) the sum of outstanding obligations under the Credit Facility. | |||||||||
The consolidated interest coverage ratio for any period is the ratio of (i) EBITDA minus depreciation to (ii) the sum of consolidated interest expense plus restricted payments made by the Company. | |||||||||
As of and for the fiscal three-month period ended March 29, 2015, the Company was in compliance with all three of these financial covenants at each reporting date. The required maximum total leverage ratio, minimum interest coverage ratio, and the annual capital expenditures limitation amounts compared to the actual amounts as of and for the fiscal three-month period ended March 29, 2015 are as follows: | |||||||||
(thousands except ratios) | Required | Actual | |||||||
Consolidated leverage ratio (12-month period) | 3 | 1.8 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 3.32 | |||||||
Annual capital expenditures limitation (actual year-to-date) | $ | 10,000 | $ | 1,866 | |||||
Interest paid for the first quarter ended March 29, 2015 and March 30, 2014 (in thousands) was $789 and $531, respectively. | |||||||||
2015 Credit Facility | |||||||||
The Company entered into an Amended and Restated Credit Agreement, dated as of April 28, 2015 (the “2015 Credit Agreement”,) by and among the Company, the lenders party thereto, and Wells Fargo, as Administrative Agent. The 2015 Credit Agreement amends and restates the Company’s existing Credit Agreement, which was scheduled to expire in October 2017, and extends the maturity to April 2020. The 2015 Credit Agreement provides for a $175.0 million revolving credit facility and a $75.0 million term loan. See Note 13 for additional details. |
Note_9_Fair_Value_Measurements
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 29, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 9. FAIR VALUE MEASUREMENTS |
The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of March 29, 2015 and December 31, 2014 because of the relatively short maturities of these financial instruments. The carrying amount of long-term debt approximated fair value as of March 29, 2015 and December 31, 2014 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_10_Income_Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES |
The Company recorded income taxes at an estimated full year effective rate of 38.0% in the first quarter of 2015 and 38.5% in the first quarter of 2014. | |
The Company had various state net operating loss carry forwards (“NOLs”) of approximately $1.6 million at December 31, 2014, of which approximately $1.3 million were remaining to be utilized as of March 29, 2015. The Company estimates that it will utilize a majority of the remaining state NOLs by the end of 2015. | |
In the first three months of 2015 and 2014, the Company realized approximately $1.2 million and $1.0 million, respectively, of excess tax benefits on stock-based compensation, which had not been recorded as deferred tax assets at December 31, 2014 and 2013. These tax benefits were recorded to shareholders’ equity upon realization in 2015 and 2014. | |
The Company paid income taxes of $1.7 million in the first quarter of 2015 and $8,976 in the first quarter of 2014. |
Note_11_Segment_Information
Note 11 - Segment Information | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | 11. SEGMENT INFORMATION | ||||||||||||
The Company has determined that its reportable segments are those based on its method of internal reporting, which segregates its businesses by product category and production/distribution process. | |||||||||||||
A description of the Company’s reportable segments is as follows: | |||||||||||||
Manufacturing – The Company’s lamination operations utilize various materials, such as lauan, medium density fiberboard (“MDF”), gypsum, and particleboard, which are bonded by adhesives or a heating process to a number of products, including vinyl, paper, foil, and high-pressure laminates. These products are utilized to produce furniture, shelving, wall, counter, and cabinet products with a wide variety of finishes and textures. This segment also includes a cabinet door division, a fiberglass bath fixtures division, a hardwood furniture division, a vinyl printing division, a solid surface, granite, and quartz 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 76% of the Company’s net sales in both the first quarter of 2015 and the first quarter of 2014. | |||||||||||||
Distribution – The Company distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, FRP products, cement siding, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products. The Distribution segment contributed approximately 24% of the Company’s net sales in both the first quarter of 2015 and the first quarter of 2014. | |||||||||||||
The tables below present unaudited information about the sales and operating income of those segments. | |||||||||||||
First Quarter Ended March 29, 2015 | |||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Net outside sales | $ | 170,347 | $ | 53,041 | $ | 223,388 | |||||||
Intersegment sales | 4,503 | 801 | 5,304 | ||||||||||
Total sales | 174,850 | 53,842 | 228,692 | ||||||||||
Operating income | 18,321 | 3,293 | 21,614 | ||||||||||
First Quarter Ended March 30, 2014 | |||||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Net outside sales | $ | 128,686 | $ | 41,464 | $ | 170,150 | |||||||
Intersegment sales | 5,062 | 601 | 5,663 | ||||||||||
Total sales | 133,748 | 42,065 | 175,813 | ||||||||||
Operating income | 13,144 | 2,297 | 15,441 | ||||||||||
The table below presents a reconciliation of segment operating income to consolidated operating income: | |||||||||||||
First Quarter Ended | |||||||||||||
(thousands) | March 29, | March 30, | |||||||||||
2015 | 2014 | ||||||||||||
Operating income for reportable segments | $ | 21,614 | $ | 15,441 | |||||||||
Unallocated corporate expenses | (4,392 | ) | (2,893 | ) | |||||||||
Amortization of intangible assets | (1,659 | ) | (787 | ) | |||||||||
Consolidated operating income | $ | 15,563 | $ | 11,761 | |||||||||
Unallocated corporate expenses include corporate general and administrative expenses comprised of wages, insurance, taxes, supplies, travel and entertainment, professional fees and other. |
Note_12_Stock_Repurchase_Progr
Note 12 - Stock Repurchase Program | 3 Months Ended |
Mar. 29, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] | 12. STOCK REPURCHASE PROGRAM |
On February 17, 2015, the Company’s Board authorized an increase in the amount of the Company’s common stock that may be acquired under its existing stock buyback program over the following 12 months to $20.0 million. | |
In the first quarter of 2015, the Company repurchased 130,500 shares at an average price of $43.29 per share for a total cost of approximately $5.7 million. Since the inception of the stock repurchase program in February 2013 through March 29, 2015, the Company has repurchased in the aggregate 882,580 shares at an average price of $29.07 per share for a total cost of approximately $25.7 million. | |
Common Stock | |
The Company’s common stock does not have a stated par value. As a result, repurchases of common stock have been reflected, using an average cost method, as a reduction of common stock, additional paid-in-capital, and retained earnings on the Company’s condensed consolidated statements of financial position. |
Note_13_Subsequent_Events
Note 13 - Subsequent Events | 3 Months Ended | ||
Mar. 29, 2015 | |||
Subsequent Events [Abstract] | |||
Subsequent Events [Text Block] | 13. SUBSEQUENT EVENTS | ||
Termination of Shareholder Rights Agreement | |||
On April 16, 2015, the Company accelerated the expiration date of the Rights Agreement, dated March 21, 2006, between Patrick Industries, Inc. and National City Bank, as Rights Agent (as so amended, the “Rights Agreement”) so that the Rights Agreement terminated at the close of business on April 16, 2015 and, therefore, the Rights issued under the Rights Agreement expired at that time. | |||
Common Stock Split | |||
On April 27, 2015, the Company’s Board declared a three - for - two stock split, to be effected in the form of a stock dividend, payable in the form of one share of common stock for every two shares of the Company’s common stock held. The split is effective for shareholders of record as of May 15, 2015 and will be payable on May 29, 2015. | |||
2015 Credit Facility | |||
On April 28, 2015, the Company entered into the 2015 Credit Agreement with Wells Fargo as Administrative Agent and a lender, and Fifth Third, Key Bank, Bank of America, N.A., and Lake City Bank as participants, to expand its senior secured credit facility to $250.0 million and extend its maturity to 2020 (the “2015 Credit Facility) . The 2015 Credit Facility is comprised of a $175.0 million revolving credit loan (the “2015 Revolver”) and a $75.0 million term loan (the “Term Loan”). The 2015 Credit Agreement amends and restates the Company’s existing Credit Agreement, which was scheduled to expire in October 2017. | |||
The 2015 Credit Agreement is secured by substantially all personal property assets of the Company and any domestic subsidiary guarantors. The 2015 Credit Agreement includes certain definitions, terms and reporting requirements and includes the following additional provisions: | |||
● | The maturity date for the 2015 Credit Facility is April 28, 2020; | ||
● | The Company has the option to increase the 2015 Revolver by an amount up to $50.0 million, subject to certain conditions. | ||
● | The Term Loan will be repaid in installments of approximately $2.7 million per quarter starting on June 30, 2015, with the remaining balance due at maturity; | ||
● | The interest rates for borrowings under the Revolver and the Term Loan are the Base Rate plus the Applicable Margin or LIBOR plus the Applicable Margin, with a fee payable by the Company on unused but committed portions of the 2015 Revolver; | ||
● | The 2015 Revolver includes a sub-limit up to $10.0 million for same day advances (“Swing Line”) which shall bear interest based upon the Base Rate plus the Applicable Margin; | ||
● | Up to $10.0 million of the 2015 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 fixed charge coverage ratio, and other covenants include limitations and restrictions concerning investments, sales of assets, liens on assets, dividends and other payments; and | ||
● | Customary prepayment provisions, representations, warranties and covenants, and events of default. | ||
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | (thousands) | Mar. 29, 2015 | Dec. 31, 2014 | ||||||
Raw materials | $ | 40,265 | $ | 39,283 | |||||
Work in process | 5,873 | 5,607 | |||||||
Finished goods | 4,460 | 4,897 | |||||||
Less: reserve for inventory obsolescence | (1,485 | ) | (1,288 | ) | |||||
Total manufactured goods, net | 49,113 | 48,499 | |||||||
Materials purchased for resale (distribution products) | 26,067 | 23,049 | |||||||
Less: reserve for inventory obsolescence | (896 | ) | (528 | ) | |||||
Total materials purchased for resale (distribution products), net | 25,171 | 22,521 | |||||||
Total inventories | $ | 74,284 | $ | 71,020 |
Note_4_Goodwill_and_Other_Inta1
Note 4 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Schedule of Goodwill [Table Text Block] | (thousands) | Manufacturing | Distribution | Total | |||||||||
Balance - December 31, 2014 | $ | 25,309 | $ | 6,321 | $ | 31,630 | |||||||
Acquisitions | 15,477 | - | 15,477 | ||||||||||
Balance - March 29, 2015 | $ | 40,786 | $ | 6,321 | $ | 47,107 | |||||||
Schedule of Intangible Assets By Major Class [Table Text Block] | (thousands) | Mar. 29, | Weighted | Dec. 31, | Weighted | ||||||||
2015 | Average | 2014 | Average | ||||||||||
Useful Life | Useful Life | ||||||||||||
Customer relationships | $ | 55,774 | 11 years | $ | 44,269 | 11 years | |||||||
Non-compete agreements | 8,934 | 3 years | 6,350 | 3 years | |||||||||
Trademarks | 10,876 | 8,994 | |||||||||||
75,584 | 59,613 | ||||||||||||
Less: accumulated amortization | (11,728 | ) | (10,069 | ) | |||||||||
Other intangible assets, net | $ | 63,856 | $ | 49,544 | |||||||||
Schedule of Intangible Assets by Business Segment [Table Text Block] | (thousands) | Manufacturing | Distribution | Total | |||||||||
Balance - December 31, 2014 | $ | 36,491 | $ | 13,053 | $ | 49,544 | |||||||
Acquisitions | 15,971 | - | 15,971 | ||||||||||
Amoritization | (1,246 | ) | (413 | ) | (1,659 | ) | |||||||
Balance - March 29, 2015 | $ | 51,216 | $ | 12,640 | $ | 63,856 |
Note_5_Acquisitions_Tables
Note 5 - Acquisitions (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (thousands) | ||||||||
Trade receivables | $ | 4,440 | |||||||
Inventories | 1,963 | ||||||||
Property, plant and equipment | 3,500 | ||||||||
Prepaid expenses | 59 | ||||||||
Accounts payable and accrued liabilities | (1,781 | ) | |||||||
Intangible assets | 15,921 | ||||||||
Goodwill | 15,477 | ||||||||
Total net purchase price | $ | 39,579 | |||||||
(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 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | First Quarter Ended | ||||||||
(thousands except per share data) | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Revenue | $ | 229,296 | $ | 200,663 | |||||
Net income | 9,650 | 7,862 | |||||||
Net income per share – basic | 0.94 | 0.73 | |||||||
Net income per share – diluted | 0.94 | 0.73 |
Note_7_Net_Income_Per_Common_S1
Note 7 - Net Income Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (thousands except per share data) | March 29, | March 30, | ||||||
2015 | 2014 | ||||||||
Net income for basic and diluted per share calculation | $ | 9,150 | $ | 6,896 | |||||
Weighted average common shares outstanding - basic | 10,218 | 10,702 | |||||||
Effect of potentially dilutive securities | 100 | 113 | |||||||
Weighted average common shares outstanding - diluted | 10,318 | 10,815 | |||||||
Basic net income per common share | $ | 0.9 | $ | 0.64 | |||||
Diluted net income per common share | $ | 0.89 | $ | 0.64 |
Note_8_Debt_Tables
Note 8 - Debt (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Required financial covenants compared to actual amounts [Table Text Block] | (thousands except ratios) | Required | Actual | ||||||
Consolidated leverage ratio (12-month period) | 3 | 1.8 | |||||||
Consolidated interest coverage ratio (12-month period) | 2.25 | 3.32 | |||||||
Annual capital expenditures limitation (actual year-to-date) | $ | 10,000 | $ | 1,866 |
Note_11_Segment_Information_Ta
Note 11 - Segment Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (thousands) | Manufacturing | Distribution | Total | |||||||||
Net outside sales | $ | 170,347 | $ | 53,041 | $ | 223,388 | |||||||
Intersegment sales | 4,503 | 801 | 5,304 | ||||||||||
Total sales | 174,850 | 53,842 | 228,692 | ||||||||||
Operating income | 18,321 | 3,293 | 21,614 | ||||||||||
(thousands) | Manufacturing | Distribution | Total | ||||||||||
Net outside sales | $ | 128,686 | $ | 41,464 | $ | 170,150 | |||||||
Intersegment sales | 5,062 | 601 | 5,663 | ||||||||||
Total sales | 133,748 | 42,065 | 175,813 | ||||||||||
Operating income | 13,144 | 2,297 | 15,441 | ||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | First Quarter Ended | ||||||||||||
(thousands) | March 29, | March 30, | |||||||||||
2015 | 2014 | ||||||||||||
Operating income for reportable segments | $ | 21,614 | $ | 15,441 | |||||||||
Unallocated corporate expenses | (4,392 | ) | (2,893 | ) | |||||||||
Amortization of intangible assets | (1,659 | ) | (787 | ) | |||||||||
Consolidated operating income | $ | 15,563 | $ | 11,761 |
Note_3_Inventories_Details_Inv
Note 3 - Inventories (Details) - Inventories (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Raw materials | $40,265 | $39,283 |
Work in process | 5,873 | 5,607 |
Finished goods | 4,460 | 4,897 |
Total materials purchased for resale (distribution products), net | 25,171 | 22,521 |
Total inventories | 74,284 | 71,020 |
Total manufactured goods, net | 49,113 | 48,499 |
Materials purchased for resale (distribution products) | 26,067 | 23,049 |
Manufactured Goods [Member] | ||
Inventory [Line Items] | ||
Less: reserve for inventory obsolescence | -1,485 | -1,288 |
Materials Purchased for Resale [Member] | ||
Inventory [Line Items] | ||
Less: reserve for inventory obsolescence | ($896) | ($528) |
Note_4_Goodwill_and_Other_Inta2
Note 4 - Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended |
Mar. 29, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | |
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | $0 | ||
Goodwill | 47,107,000 | 31,630,000 | |
Intangible Assets, Net (Excluding Goodwill) | 63,856,000 | 49,544,000 | |
Trademarks [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | 10,900,000 | ||
Minimum [Member] | Customer Relationships and Non-compete Agreements [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Maximum [Member] | Customer Relationships and Non-compete Agreements [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 19 years | ||
Better Way Products [Member] | Customer Relationships [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-lived Intangible Assets Acquired | 11,505,000 | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Better Way Products [Member] | Trademarks [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-lived Intangible Assets Acquired | 1,882,000 | ||
Better Way Products [Member] | Noncompete Agreements [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-lived Intangible Assets Acquired | 2,534,000 | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Better Way Products [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Goodwill | 15,477,000 | ||
Customer Relationships [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years | 11 years | |
Noncompete Agreements [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | |
Customer Relationships and Non-compete Agreements [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $53,000,000 |
Note_4_Goodwill_and_Other_Inta3
Note 4 - Goodwill and Other Intangible Assets (Details) - Carrying Amount of Goodwill by Segment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Carrying amount of goodwill | $47,107 | $31,630 |
Acquisitions | 15,477 | |
Manufacturing [Member] | ||
Goodwill [Line Items] | ||
Carrying amount of goodwill | 40,786 | 25,309 |
Acquisitions | 15,477 | |
Distribution [Member] | ||
Goodwill [Line Items] | ||
Carrying amount of goodwill | $6,321 | $6,321 |
Note_4_Goodwill_and_Other_Inta4
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 31, 2014 |
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ||
Other intangible assets | $75,584 | $59,613 |
Less: accumulated amortization | -11,728 | -10,069 |
Other intangible assets, net | 63,856 | 49,544 |
Customer Relationships [Member] | ||
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ||
Other intangible assets | 55,774 | 44,269 |
Weighted average useful life | 11 years | 11 years |
Noncompete Agreements [Member] | ||
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ||
Other intangible assets | 8,934 | 6,350 |
Weighted average useful life | 3 years | 3 years |
Trademarks [Member] | ||
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets, Net, by Major Class [Line Items] | ||
Other intangible assets | $10,876 | $8,994 |
Note_4_Goodwill_and_Other_Inta5
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 |
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | |||
Carrying value of other intangible assets | $63,856 | $49,544 | |
Acquisitions | 15,971 | ||
Amoritization | -1,659 | -787 | |
Manufacturing [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | |||
Carrying value of other intangible assets | 51,216 | 36,491 | |
Acquisitions | 15,971 | ||
Amoritization | -1,246 | ||
Distribution [Member] | |||
Note 4 - Goodwill and Other Intangible Assets (Details) - Other Intangible Assets by Segment [Line Items] | |||
Carrying value of other intangible assets | 12,640 | 13,053 | |
Amoritization | ($413) |
Note_5_Acquisitions_Details
Note 5 - Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2014 | |
Note 5 - Acquisitions (Details) [Line Items] | |||||||
Number of Businesses Acquired | 1 | 0 | 4 | ||||
Operating Income (Loss) | $15,563,000 | $11,761,000 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 39,579,000 | ||||||
Acquired Entities [Member] | |||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||
Revenues | 6,500,000 | ||||||
Operating Income (Loss) | 800,000 | ||||||
Better Way Products [Member] | |||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 39,600,000 | ||||||
Business Acquisition, Pro Forma Amortization Expense | 200,000 | 400,000 | |||||
Precision [Member] | |||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 16,000,000 | ||||||
Foremost [Member] | |||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 45,400,000 | ||||||
Business Acquisition, Pro Forma Amortization Expense | 500,000 | ||||||
PolyDyn3 [Member] | |||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,300,000 | ||||||
Charleston Corporation [Member] | |||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $9,500,000 |
Note_5_Acquisitions_Details_Fa
Note 5 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2014 |
In Thousands, unless otherwise specified | ||||||
Note 5 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | ||||||
Goodwill | $47,107 | $31,630 | ||||
Better Way Products [Member] | ||||||
Note 5 - Acquisitions (Details) - Fair Value of Assets Acquired, Summary [Line Items] | ||||||
Trade receivables | 4,440 | |||||
Inventories | 1,963 | |||||
Property, plant and equipment | 3,500 | |||||
Prepaid expenses | 59 | |||||
Accounts payable and accrued liabilities | -1,781 | |||||
Intangible assets | 15,921 | |||||
Goodwill | 15,477 | |||||
Total net purchase price | 39,579 | |||||
Precision [Member] | ||||||
Note 5 - 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 | |||||
Total net purchase price | 16,013 | |||||
Foremost [Member] | ||||||
Note 5 - 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 | |||||
Total net purchase price | 45,356 | |||||
PolyDyn3 [Member] | ||||||
Note 5 - 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 | |||||
Total net purchase price | 1,251 | |||||
Charleston Corporation [Member] | ||||||
Note 5 - 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 | |||||
Total net purchase price | $9,474 |
Note_5_Acquisitions_Details_Pr
Note 5 - Acquisitions (Details) - Pro Forma Information Related to Acquisitions (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Pro Forma Information Related to Acquisitions [Abstract] | ||
Revenue | $229,296 | $200,663 |
Net income | $9,650 | $7,862 |
Net income per share – basic | $0.94 | $0.73 |
Net income per share – diluted | $0.94 | $0.73 |
Note_6_StockBased_Compensation1
Note 6 - Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Feb. 16, 2015 | Sep. 30, 2014 | 22-May-14 | Feb. 18, 2014 | Feb. 12, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 30, 2015 |
Note 6 - Stock-Based Compensation (Details) [Line Items] | ||||||||
Allocated Share-based Compensation Expense (in Dollars) | $1 | $0.70 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 85,086 | 296 | 10,560 | 65,668 | 34,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 8.9 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 23 months 18 days | |||||||
Subsequent Event [Member] | ||||||||
Note 6 - Stock-Based Compensation (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 200 | |||||||
Restricted Stock Units (RSUs) [Member] | 2009 Omnibus Incentive Plan [Member] | ||||||||
Note 6 - Stock-Based Compensation (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 44,001 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Note 6 - Stock-Based Compensation (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,667 | 14,667 |
Note_7_Net_Income_Per_Common_S2
Note 7 - Net Income Per Common Share (Details) - Earnings Per Common Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Earnings Per Common Share [Abstract] | ||
Net income for basic and diluted per share calculation (in Dollars) | $9,150 | $6,896 |
Weighted average common shares outstanding - basic | 10,218 | 10,702 |
Effect of potentially dilutive securities | 100 | 113 |
Weighted average common shares outstanding - diluted | 10,318 | 10,815 |
Basic net income per common share (in Dollars per share) | $0.90 | $0.64 |
Diluted net income per common share (in Dollars per share) | $0.89 | $0.64 |
Note_8_Debt_Details
Note 8 - Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | Oct. 24, 2012 | Apr. 28, 2015 | Feb. 13, 2015 | Nov. 07, 2014 | Jun. 26, 2014 | |
Note 8 - Debt (Details) [Line Items] | ||||||||
Interest Paid | $789,000 | $531,000 | ||||||
Subsequent Event [Member] | The Lenders [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000,000 | |||||||
Long-term Line of Credit | 175,000,000 | |||||||
Subsequent Event [Member] | The Lenders [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | |||||||
Long-term Debt | 75,000,000 | |||||||
Same Day Advance Swing Line [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |||||||
Additional Borrowing Capacity [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | |||||||
Required [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Consolidated Leverage Ratio | 3.5 | |||||||
Required [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Consolidated Leverage Ratio | 3 | |||||||
Consolidated Interest Coverage Ratio | 2.25 | |||||||
Required [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Annual Capital Expenditures Limitation And Actual Year To Date | 10,000,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Long-term Line of Credit | 140,500,000 | 97,000,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.50% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.69% | 1.69% | ||||||
Base Rate [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Long-term Line of Credit | 9,300,000 | 4,100,000 | ||||||
Prime Rate [Member] | Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 0.50% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | 3.75% | ||||||
Revolving Credit Facility [Member] | ||||||||
Note 8 - Debt (Details) [Line Items] | ||||||||
Debt Instrument, Term | 5 years | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 80,000,000 | 185,000,000 | 165,000,000 | 125,000,000 | ||||
Long-term Line of Credit | $149,800,000 | $101,100,000 | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | 0.20% |
Note_8_Debt_Details_Required_F
Note 8 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts (Credit Facility 2012 [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
Required [Member] | |
Note 8 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts [Line Items] | |
Consolidated leverage ratio (12-month period) | 3 |
Consolidated interest coverage ratio (12-month period) | 2.25 |
Annual capital expenditures limitation (actual year-to-date) (in Dollars) | $10,000 |
Scenario, Actual [Member] | |
Note 8 - Debt (Details) - Required Financial Covenants Compared to Actual Amounts [Line Items] | |
Consolidated leverage ratio (12-month period) | 1.8 |
Consolidated interest coverage ratio (12-month period) | 3.32 |
Annual capital expenditures limitation (actual year-to-date) (in Dollars) | $1,866 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | |
Note 10 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 38.00% | 38.50% | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $1,200,000 | $1,000,000 | |
Income Taxes Paid | 1,700,000 | 8,976 | |
State and Local Jurisdiction [Member] | |||
Note 10 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | $1,300,000 | $1,600,000 |
Note_11_Segment_Information_De
Note 11 - Segment Information (Details) (Product Concentration Risk [Member], Sales Revenue, Goods, Net [Member]) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Manufacturing [Member] | ||
Note 11 - Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 76.00% | 76.00% |
Distribution [Member] | ||
Note 11 - Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 24.00% | 24.00% |
Note_11_Segment_Information_De1
Note 11 - Segment Information (Details) - Sales and Operating Income of Segments (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Sales | $223,388 | $170,150 |
Operating income | 15,563 | 11,761 |
Manufacturing [Member] | Operating Segments [Member] | Outside Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 170,347 | 128,686 |
Manufacturing [Member] | Operating Segments [Member] | Inside Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 4,503 | 5,062 |
Manufacturing [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 174,850 | 133,748 |
Operating income | 18,321 | 13,144 |
Distribution [Member] | Operating Segments [Member] | Outside Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 53,041 | 41,464 |
Distribution [Member] | Operating Segments [Member] | Inside Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 801 | 601 |
Distribution [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 53,842 | 42,065 |
Operating income | 3,293 | 2,297 |
Operating Segments [Member] | Outside Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 223,388 | 170,150 |
Operating Segments [Member] | Inside Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 5,304 | 5,663 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 228,692 | 175,813 |
Operating income | $21,614 | $15,441 |
Note_11_Segment_Information_De2
Note 11 - Segment Information (Details) - Reconciliation of Segment Operating Income to Consolidated Operating Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income for reportable segments | $15,563 | $11,761 |
Unallocated corporate expenses | 19,831 | 15,386 |
Amortization of intangible assets | 1,659 | 787 |
Consolidated operating income | 15,563 | 11,761 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income for reportable segments | 21,614 | 15,441 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Unallocated corporate expenses | -4,392 | -2,893 |
Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Amortization of intangible assets | ($1,659) | ($787) |
Note_12_Stock_Repurchase_Progr1
Note 12 - Stock Repurchase Program (Details) (USD $) | 3 Months Ended | 26 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 29, 2015 | Feb. 17, 2015 |
Note 12 - Stock Repurchase Program (Details) [Line Items] | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $20 | ||
Treasury Stock, Shares, Acquired (in Shares) | 130,500 | ||
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 12 - Stock Repurchase Program (Details) [Line Items] | |||
Treasury Stock, Shares, Acquired (in Shares) | 882,580 | ||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $29.07 | ||
Treasury Stock, Value, Acquired, Cost Method | $25.70 |
Note_13_Subsequent_Events_Deta
Note 13 - Subsequent Events (Details) (USD $) | 0 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Apr. 28, 2015 | Apr. 27, 2015 | Mar. 29, 2015 | Feb. 13, 2015 | Dec. 31, 2014 | Nov. 07, 2014 | Jun. 26, 2014 | Oct. 24, 2012 |
Subsequent Event [Member] | The Lenders [Member] | Term Loan [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Debt Instrument, Periodic Payment | $2.70 | |||||||
Subsequent Event [Member] | The Lenders [Member] | Revolving Credit Facility [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 175 | |||||||
Long-term Line of Credit | 175 | |||||||
Line of Credit Facility, Additional Borrowing Capacity | 50 | |||||||
Subsequent Event [Member] | The Lenders [Member] | Same Day Advance Swing Line [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | |||||||
Subsequent Event [Member] | The Lenders [Member] | Standby Letters of Credit [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | |||||||
Subsequent Event [Member] | The Lenders [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250 | |||||||
Long-term Debt | 75 | |||||||
Subsequent Event [Member] | Stock Split To [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | |||||||
Subsequent Event [Member] | Stock Split From [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | |||||||
Subsequent Event [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Stockholders' Equity Note, Stock Split, Number of Shares Issued Per Number of Share Per Dividend (in Shares) | 1 | |||||||
Stockholders' Equity Note, Stock Split, Number of Shares for Which the Dividend Will be Issued (in Shares) | 2 | |||||||
Revolving Credit Facility [Member] | ||||||||
Note 13 - Subsequent Events (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 185 | 165 | 125 | 80 | ||||
Long-term Line of Credit | $149.80 | $101.10 |