Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'STANLEY FURNITURE CO INC. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 14,780,322 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000797465 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEEETS
CONSOLIDATED BALANCE SHEEETS (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $18,580 | $7,218 |
Restricted cash | 1,190 | 1,737 |
Short-term investments | ' | 10,000 |
Accounts receivable, less allowances of $373 and $270 | 6,188 | 5,608 |
Inventories: | ' | ' |
Finished goods | 22,273 | 23,370 |
Work-in-process | 456 | 249 |
Raw materials | 28 | 21 |
Total inventories | 22,757 | 23,640 |
Assets of discontinued operations | 5,222 | 36,441 |
Prepaid and other current assets | 3,619 | 3,964 |
Deferred income taxes | 129 | 699 |
Total current assets | 57,685 | 89,307 |
Property, plant and equipment, net | 1,797 | 1,935 |
Other assets | 4,127 | 3,982 |
Total assets | 63,609 | 95,224 |
Current liabilities: | ' | ' |
Accounts payable | 2,668 | 5,989 |
Liabilities of discontinued operations | 924 | 3,003 |
Accrued salaries, wages and benefits | 2,921 | 3,260 |
Other accrued expenses | 1,678 | 1,388 |
Total current liabilities | 8,191 | 13,640 |
Deferred income taxes | 129 | 699 |
Other long-term liabilities | 4,852 | 5,244 |
Total liabilities | 13,172 | 19,583 |
STOCKHOLDERS’ EQUITY | ' | ' |
Common stock, $.02 par value, 25,000,000 shares authorized,14,780,322 and 14,520,083 shares issued and outstanding | 283 | 283 |
Capital in excess of par value | 16,366 | 15,732 |
Retained earnings | 34,050 | 59,784 |
Accumulated other comprehensive loss | -262 | -158 |
Total stockholders’ equity | 50,437 | 75,641 |
Total liabilities and stockholders’ equity | $63,609 | $95,224 |
CONSOLIDATED_BALANCE_SHEEETS_P
CONSOLIDATED BALANCE SHEEETS (Parentheticals) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowances (in Dollars) | $373 | $270 |
Common stock par value (in Dollars per share) | $0.02 | $0.02 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 14,780,322 | 14,520,083 |
Common stock, shares outstanding | 14,780,322 | 14,520,083 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net sales | $13,928 | $14,661 | $44,603 | $45,294 |
Cost of sales | 11,012 | 11,200 | 35,368 | 35,247 |
Gross profit | 2,916 | 3,461 | 9,235 | 10,047 |
Selling, general, and administrative expenses | 3,294 | 3,693 | 11,757 | 11,837 |
Operating loss | -378 | -232 | -2,522 | -1,790 |
Other income, net | 24 | 33 | 336 | 51 |
Interest expense, net | 802 | 698 | 2,259 | 1,955 |
Loss from continuing operations before taxes | -1,156 | -897 | -4,445 | -3,694 |
Income tax benefit | -10 | -127 | -31 | -143 |
Net loss from continuing operations | -1,146 | -770 | -4,414 | -3,551 |
Net loss from discontinued operations | -1,118 | -1,700 | -21,320 | -4,542 |
Net loss | ($2,264) | ($2,470) | ($25,734) | ($8,093) |
Basic loss per share: | ' | ' | ' | ' |
Loss from continuing operations (in Dollars per share) | ($0.08) | ($0.05) | ($0.31) | ($0.25) |
Loss from discontinued operations (in Dollars per share) | ($0.08) | ($0.12) | ($1.50) | ($0.32) |
Net loss (in Dollars per share) | ($0.16) | ($0.17) | ($1.81) | ($0.57) |
Diluted loss per share: | ' | ' | ' | ' |
Loss from continuing operations (in Dollars per share) | ($0.08) | ($0.05) | ($0.31) | ($0.25) |
Loss from discontinued operations (in Dollars per share) | ($0.08) | ($0.12) | ($1.50) | ($0.32) |
Net loss (in Dollars per share) | ($0.16) | ($0.17) | ($1.81) | ($0.57) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 14,209 | 14,136 | 14,185 | 14,145 |
Diluted (in Shares) | 14,209 | 14,136 | 14,185 | 14,145 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net loss | ($2,264) | ($2,470) | ($25,734) | ($8,093) |
Other comprehensive loss: | ' | ' | ' | ' |
Amortization of prior service cost | 39 | 42 | 115 | 126 |
Amortization of actuarial loss | -4 | -8 | -11 | -25 |
Adjustments to net periodic benefit cost | 35 | 34 | 104 | 101 |
Comprehensive loss | ($2,299) | ($2,504) | ($25,838) | ($8,194) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $43,454 | $42,766 |
Cash paid to suppliers and employees | -50,232 | -43,982 |
Interest paid, net | -2,884 | -2,514 |
Income taxes paid, net | ' | -156 |
Net cash used by operating activities | -9,662 | -3,886 |
Cash flows from investing activities: | ' | ' |
Sale of short-term securities | 10,000 | 15,000 |
Decrease in restricted cash | 547 | ' |
Capital expenditures | ' | -2,232 |
Purchase of other assets | -44 | -377 |
Net cash provided by investing activities | 10,503 | 12,391 |
Cash flows from financing activities: | ' | ' |
Purchase and retirement of common stock | ' | -358 |
Proceeds from insurance policy loans | 2,701 | 2,416 |
Proceeds from exercise of stock options | ' | 38 |
Net cash provided by financing activities | 2,701 | 2,096 |
Cash flows from discontinued operations: | ' | ' |
Cash provided (used) by operating activities | 3,549 | -8,154 |
Cash provided (used) by investing activities | 4,271 | -2,461 |
Net cash provided (used) by discontinued operations | 7,820 | -10,615 |
Net increase in cash | 11,362 | -14 |
Cash at beginning of period | 7,218 | 10,930 |
Cash at end of period | 18,580 | 10,916 |
Reconciliation of net loss to net cash used by operating activities: | ' | ' |
Net loss | -25,734 | -8,093 |
Loss from discontinued operations | 21,320 | 4,542 |
Depreciation and amortization | 427 | 299 |
Stock-based compensation | 634 | 661 |
Accounts receivable | -580 | -2,543 |
Inventories | 883 | 5,328 |
Prepaid expenses and other current assets | -2,451 | -3,428 |
Accounts payable | -3,320 | -195 |
Accrued salaries, wages and benefits | -107 | 571 |
Other accrued expenses | 283 | -104 |
Other assets | -625 | -559 |
Other long-term liabilities | -392 | -365 |
Net cash used by operating activities | ($9,662) | ($3,886) |
Preparation_of_Interim_Unaudit
Preparation of Interim Unaudited Consolidated Financial Statements | 9 Months Ended |
Sep. 27, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. Preparation of Interim Unaudited Consolidated Financial Statements | |
The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles have been either condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim periods reported herein may not be indicative of the results expected for the year. We suggest that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes included in our latest Annual Report on Form 10-K. | |
Results of the discontinued operations are excluded from the accompanying notes to the consolidated financial statements for all periods presented, unless otherwise noted. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||
Sep. 27, 2014 | ||||||
Property, Plant and Equipment [Abstract] | ' | |||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||
2. Property, Plant and Equipment | ||||||
December 31, | ||||||
September 27, | 2013 | |||||
2014 | ||||||
Machinery and equipment | $ | 3,880 | $ | 3,880 | ||
Leasehold improvements | 1,589 | 1,589 | ||||
Property, plant and equipment, at cost | 5,469 | 5,469 | ||||
Less accumulated depreciation | 3,672 | 3,534 | ||||
Property, plant and equipment, net | $ | 1,797 | $ | 1,935 | ||
Income_taxes
Income taxes | 9 Months Ended |
Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
3. Income taxes | |
During the nine months of 2014, we recorded a non-cash charge to our valuation allowance of $10.5 million, increasing our valuation allowance against deferred tax assets to $19.5 million at September 27, 2014. The primary assets covered by this valuation allowance are net operating losses. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes, which requires an assessment of both positive and negative evidence when measuring the need for a valuation allowance. Our results over the most recent three-year period were heavily affected by our business restructuring activities. Our cumulative operating loss in the most recent three-year period, in our view, represented sufficient negative evidence to require a valuation allowance under the provisions of ASC 740, Income Taxes. We intend to maintain a valuation allowance until sufficient positive evidence exists to support its reversal. Although realization is not assured, we have concluded that the remaining net deferred tax asset in the amount of $129 will be realized based on the reversal of existing deferred tax liabilities. The amount of the deferred tax assets actually realized, however, could vary if there are differences in the timing or amount of future reversals of existing deferred tax liabilities. Should we determine that we will not be able to realize all or part of our deferred tax asset in the future, an adjustment to the deferred tax asset will be charged to income in the period such determination is made. | |
The major reconciling items between our effective income tax rate and the federal statutory rate are the changes in our valuation allowance and the cash surrender value on life insurance policies. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||
4. Employee Benefit Plans | ||||||||||||
Components of other postretirement benefit cost: | ||||||||||||
Three Months | Nine Months | |||||||||||
Ended | Ended | |||||||||||
Sept. 27, | Sept. 28, | Sept. 27, | Sept. 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Interest cost | $ | 27 | $ | 23 | $ | 82 | $ | 73 | ||||
Amortization of prior service benefit | -39 | -42 | -115 | -126 | ||||||||
Amortization of accumulated loss | 4 | 8 | 11 | 25 | ||||||||
Net periodic postretirement benefit income | $ | -8 | $ | -11 | $ | -22 | $ | -28 | ||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||
5. Stockholders’ Equity | ||||||||||||
Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data: | ||||||||||||
Three Months | Nine Months | |||||||||||
Ended | Ended | |||||||||||
Sept. 27, | Sept. 28, | Sept. 27, | Sept. 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average shares outstanding for basic calculation | 14,209 | 14,136 | 14,185 | 14,145 | ||||||||
Add: Effect of dilutive stock options | - | - | - | - | ||||||||
Weighted average shares outstanding, adjusted for diluted calculation | 14,209 | 14,136 | 14,185 | 14,145 | ||||||||
During the three and nine month periods ended September 27, 2014 and September 28, 2013, the dilutive effect of outstanding stock options is not recognized since we have a net loss for those periods. Approximately 1.6 million shares in the three and nine month periods of 2014 were issuable upon the exercise of stock options compared to 2.0 million shares in the three and nine month periods of 2013. Also, 544,000 shares in 2014 and 373,000 shares in 2013 of restricted stock were not included because they were anti-dilutive. | ||||||||||||
A reconciliation of the activity in Stockholders’ Equity accounts for the first nine months of 2014 is as follows: | ||||||||||||
Common | Capital in | Retained | Accumulated | |||||||||
Stock | Excess of | Earnings | Other | |||||||||
Par Value | Comprehensive | |||||||||||
Loss | ||||||||||||
Balance, December 31, 2013 | $ | 283 | $ | 15,732 | $ | 59,784 | $ | -158 | ||||
Net loss | - | - | -25,734 | - | ||||||||
Stock-based compensation | - | 634 | - | - | ||||||||
Exercise of stock options | - | - | - | - | ||||||||
Adjustment to net periodic benefit cost | - | - | - | -104 | ||||||||
Balance, September 27, 2014 | $ | 283 | $ | 16,366 | $ | 34,050 | $ | -262 | ||||
Restructuring_and_Related_Char
Restructuring and Related Charges | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||
6. Restructuring and Related Charges | |||||||||
In 2011, we evaluated our overall warehousing and distribution requirements for our Stanley Furniture product line and concluded only a portion of the leased warehouse space in Stanleytown, Virginia would be required. As a result, we took charges for future lease obligations in 2011 and in 2012 for the portions of the Stanleytown warehouse facility no longer used. During the second quarter of 2014, we completely exited the facility and took a charge of $354 for the remaining lease obligation. | |||||||||
In 2012, we made the strategic decision to consolidate our corporate office and High Point showroom into a single multi-purpose facility in High Point, North Carolina. During 2013, we recorded $770 in restructuring charges in selling, general and administrative expenses for severance and relocation costs associated with this move and consolidation, with $532 of that total recorded in the first nine months of the year. | |||||||||
Restructuring accrual activity for the nine months ending September 27, 2014 was as follows: | |||||||||
Lease | Severance and other | Total | |||||||
Obligations | |||||||||
termination costs- | |||||||||
Corporate Office | |||||||||
Accrual at January 1, 2014 | $ | 488 | $ | 169 | $ | 657 | |||
Charges (credits) to expense | 354 | -39 | 315 | ||||||
Cash payments | -242 | -116 | -358 | ||||||
Accrual at September 27, 2014 | $ | 600 | $ | 14 | $ | 614 | |||
Restructuring accrual activity for the nine months ending September 28, 2013 was as follows: | |||||||||
Lease | Severance and other | Total | |||||||
Obligations | termination costs | ||||||||
Accrual at January 1, 2013 | $ | 732 | $ | - | $ | 732 | |||
Charges to expense | - | 532 | 532 | ||||||
Cash payments | -183 | -449 | -632 | ||||||
Accrual at September 28, 2013 | $ | 549 | $ | 83 | $ | 632 | |||
The restructuring accrual is classified as “Other accrued expenses”. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||||||
7. Discontinued Operations | ||||||||||||
During the second quarter of 2014, we concluded that revenue on our Young America product line remained below the level needed to reach profitability and that the time frame needed to assure sustainable profitability was longer than we felt was economically justified. Therefore, we made the decision to cease manufacturing operations at our Robbinsville, North Carolina facility and sell the related assets of this facility. Manufacturing operations were ceased in the third quarter of 2014 and as a result this product line was reflected as a discontinued operation pursuant to the provisions of Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08) for all periods presented. | ||||||||||||
Loss from discontinued operations, net of taxes, comprised the following: | ||||||||||||
Three Months | Nine Months | |||||||||||
Ended | Ended | |||||||||||
Sept. 27, | Sept.28, | Sept. 27, | Sept. 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Net sales | $ | 3,510 | $ | 9,326 | $ | 19,263 | $ | 28,909 | ||||
Cost of sales | 4,295 | 10,005 | 36,748 | 30,611 | ||||||||
Selling, general and administrative expenses | 333 | 1,021 | 3,835 | 2,840 | ||||||||
Loss from discontinued operations before income taxes | -1,118 | -1,700 | -21,320 | -4,542 | ||||||||
Income taxes | - | - | - | - | ||||||||
Loss from discontinued operations, net of income taxes | $ | -1,118 | $ | -1,700 | $ | -21,320 | $ | -4,542 | ||||
Loss from discontinued operations includes accelerated depreciation and amortization, write-down of inventories and other assets, severance and other termination costs and operating losses related to final manufacturing production. | ||||||||||||
Net assets for discontinued operations are as follows: | ||||||||||||
December 31, | ||||||||||||
September 27, | 2013 | |||||||||||
2014 | ||||||||||||
Accounts receivable, net | $ | 2,361 | $ | 6,394 | ||||||||
Inventory | 1,369 | 10,026 | ||||||||||
Property, plant and equipment | 1,492 | 18,209 | ||||||||||
Other assets | - | 1,812 | ||||||||||
Total assets | 5,222 | 36,441 | ||||||||||
Accounts payable and other liabilities | 924 | 3,003 | ||||||||||
Net assets | $ | 4,298 | $ | 33,438 | ||||||||
The only ongoing costs for discontinued operations will be warehouse and shipping for distribution of discontinued inventory. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||
Sep. 27, 2014 | ||||||
Property, Plant and Equipment [Abstract] | ' | |||||
Property, Plant and Equipment [Table Text Block] | ' | |||||
December 31, | ||||||
September 27, | 2013 | |||||
2014 | ||||||
Machinery and equipment | $ | 3,880 | $ | 3,880 | ||
Leasehold improvements | 1,589 | 1,589 | ||||
Property, plant and equipment, at cost | 5,469 | 5,469 | ||||
Less accumulated depreciation | 3,672 | 3,534 | ||||
Property, plant and equipment, net | $ | 1,797 | $ | 1,935 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | |||||||||||
Three Months | Nine Months | |||||||||||
Ended | Ended | |||||||||||
Sept. 27, | Sept. 28, | Sept. 27, | Sept. 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Interest cost | $ | 27 | $ | 23 | $ | 82 | $ | 73 | ||||
Amortization of prior service benefit | -39 | -42 | -115 | -126 | ||||||||
Amortization of accumulated loss | 4 | 8 | 11 | 25 | ||||||||
Net periodic postretirement benefit income | $ | -8 | $ | -11 | $ | -22 | $ | -28 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
Three Months | Nine Months | |||||||||||
Ended | Ended | |||||||||||
Sept. 27, | Sept. 28, | Sept. 27, | Sept. 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average shares outstanding for basic calculation | 14,209 | 14,136 | 14,185 | 14,145 | ||||||||
Add: Effect of dilutive stock options | - | - | - | - | ||||||||
Weighted average shares outstanding, adjusted for diluted calculation | 14,209 | 14,136 | 14,185 | 14,145 | ||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | |||||||||||
Common | Capital in | Retained | Accumulated | |||||||||
Stock | Excess of | Earnings | Other | |||||||||
Par Value | Comprehensive | |||||||||||
Loss | ||||||||||||
Balance, December 31, 2013 | $ | 283 | $ | 15,732 | $ | 59,784 | $ | -158 | ||||
Net loss | - | - | -25,734 | - | ||||||||
Stock-based compensation | - | 634 | - | - | ||||||||
Exercise of stock options | - | - | - | - | ||||||||
Adjustment to net periodic benefit cost | - | - | - | -104 | ||||||||
Balance, September 27, 2014 | $ | 283 | $ | 16,366 | $ | 34,050 | $ | -262 |
Restructuring_and_Related_Char1
Restructuring and Related Charges (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||
Lease | Severance and other | Total | |||||||
Obligations | |||||||||
termination costs- | |||||||||
Corporate Office | |||||||||
Accrual at January 1, 2014 | $ | 488 | $ | 169 | $ | 657 | |||
Charges (credits) to expense | 354 | -39 | 315 | ||||||
Cash payments | -242 | -116 | -358 | ||||||
Accrual at September 27, 2014 | $ | 600 | $ | 14 | $ | 614 | |||
Lease | Severance and other | Total | |||||||
Obligations | termination costs | ||||||||
Accrual at January 1, 2013 | $ | 732 | $ | - | $ | 732 | |||
Charges to expense | - | 532 | 532 | ||||||
Cash payments | -183 | -449 | -632 | ||||||
Accrual at September 28, 2013 | $ | 549 | $ | 83 | $ | 632 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | ' | |||||||||||
Three Months | Nine Months | |||||||||||
Ended | Ended | |||||||||||
Sept. 27, | Sept.28, | Sept. 27, | Sept. 28, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Net sales | $ | 3,510 | $ | 9,326 | $ | 19,263 | $ | 28,909 | ||||
Cost of sales | 4,295 | 10,005 | 36,748 | 30,611 | ||||||||
Selling, general and administrative expenses | 333 | 1,021 | 3,835 | 2,840 | ||||||||
Loss from discontinued operations before income taxes | -1,118 | -1,700 | -21,320 | -4,542 | ||||||||
Income taxes | - | - | - | - | ||||||||
Loss from discontinued operations, net of income taxes | $ | -1,118 | $ | -1,700 | $ | -21,320 | $ | -4,542 | ||||
Schedule of Disposal Groups, Including Discontinued Operations Balance Sheet [Table Text Block] | ' | |||||||||||
December 31, | ||||||||||||
September 27, | 2013 | |||||||||||
2014 | ||||||||||||
Accounts receivable, net | $ | 2,361 | $ | 6,394 | ||||||||
Inventory | 1,369 | 10,026 | ||||||||||
Property, plant and equipment | 1,492 | 18,209 | ||||||||||
Other assets | - | 1,812 | ||||||||||
Total assets | 5,222 | 36,441 | ||||||||||
Accounts payable and other liabilities | 924 | 3,003 | ||||||||||
Net assets | $ | 4,298 | $ | 33,438 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Machinery and equipment | $3,880 | $3,880 |
Leasehold improvements | 1,589 | 1,589 |
Property, plant and equipment, at cost | 5,469 | 5,469 |
Less accumulated depreciation | 3,672 | 3,534 |
Property, plant and equipment, net | $1,797 | $1,935 |
Income_taxes_Details
Income taxes (Details) (USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $10,500,000 |
Deferred Tax Assets, Valuation Allowance | 19,500,000 |
Deferred Tax Assets, Net, Current | $129,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) - Components of other postretirement benefit cost (Other Postretirement Benefit Plan [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Other Postretirement Benefit Plan [Member] | ' | ' | ' | ' |
Employee Benefit Plans (Details) - Components of other postretirement benefit cost [Line Items] | ' | ' | ' | ' |
Interest cost | $27 | $23 | $82 | $73 |
Amortization of prior service benefit | -39 | -42 | -115 | -126 |
Amortization of accumulated loss | 4 | 8 | 11 | 25 |
Net periodic postretirement benefit income | ($8) | ($11) | ($22) | ($28) |
Stockholders_Equity_Details
Stockholders' Equity (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Equity Option [Member] | ' | ' | ' | ' |
Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,600,000 | 2,000,000 | 1,600,000 | 2,000,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 544,000 | 373,000 |
Stockholders_Equity_Details_Ba
Stockholders' Equity (Details) - Basic and Diluted Earnings Per Share Calculation | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Basic and Diluted Earnings Per Share Calculation [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding for basic calculation | 14,209 | 14,136 | 14,185 | 14,145 |
Add: Effect of dilutive stock options | ' | ' | ' | ' |
Weighted average shares outstanding, adjusted for diluted calculation | 14,209 | 14,136 | 14,185 | 14,145 |
Stockholders_Equity_Details_Re
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | $75,641 | ' |
Net loss | -2,264 | -2,470 | -25,734 | -8,093 |
Stock-based compensation | ' | ' | 634 | 661 |
Adjustment to net periodic benefit cost | 35 | 34 | 104 | 101 |
Balance, September 27, 2014 | 50,437 | ' | 50,437 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | 283 | ' |
Net loss | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | ' |
Adjustment to net periodic benefit cost | ' | ' | ' | ' |
Balance, September 27, 2014 | 283 | ' | 283 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | 15,732 | ' |
Net loss | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 634 | ' |
Exercise of stock options | ' | ' | ' | ' |
Adjustment to net periodic benefit cost | ' | ' | ' | ' |
Balance, September 27, 2014 | 16,366 | ' | 16,366 | ' |
Retained Earnings [Member] | ' | ' | ' | ' |
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | 59,784 | ' |
Net loss | ' | ' | -25,734 | ' |
Stock-based compensation | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | ' |
Adjustment to net periodic benefit cost | ' | ' | ' | ' |
Balance, September 27, 2014 | 34,050 | ' | 34,050 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | -158 | ' |
Net loss | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | ' |
Adjustment to net periodic benefit cost | ' | ' | -104 | ' |
Balance, September 27, 2014 | ($262) | ' | ($262) | ' |
Restructuring_and_Related_Char2
Restructuring and Related Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Sep. 28, 2013 | Dec. 31, 2013 |
Lease Obligations [Member] | Severance And Relocation Cost [Member] | Severance And Relocation Cost [Member] | |
Restructuring and Related Charges (Details) [Line Items] | ' | ' | ' |
Restructuring Charges | $354 | $532 | $770 |
Restructuring_and_Related_Char3
Restructuring and Related Charges (Details) - Restructuring accrual activity (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Restructuring and Related Charges (Details) - Restructuring accrual activity [Line Items] | ' | ' |
Accrual | $657 | $732 |
Charges (credits) to expense | 315 | 532 |
Cash payments | -358 | -632 |
Accrual | 614 | 632 |
Corporate Segment [Member] | Severance And Other Termination Costs [Member] | ' | ' |
Restructuring and Related Charges (Details) - Restructuring accrual activity [Line Items] | ' | ' |
Accrual | 169 | ' |
Charges (credits) to expense | -39 | ' |
Cash payments | -116 | ' |
Accrual | 14 | ' |
Lease Obligations [Member] | ' | ' |
Restructuring and Related Charges (Details) - Restructuring accrual activity [Line Items] | ' | ' |
Accrual | 488 | 732 |
Charges (credits) to expense | 354 | ' |
Cash payments | -242 | -183 |
Accrual | 600 | 549 |
Severance And Other Termination Costs [Member] | ' | ' |
Restructuring and Related Charges (Details) - Restructuring accrual activity [Line Items] | ' | ' |
Accrual | ' | ' |
Charges (credits) to expense | ' | 532 |
Cash payments | ' | -449 |
Accrual | ' | $83 |
Discontinued_Operations_Detail
Discontinued Operations (Details) - Loss from discontinued operations, net of taxes (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Loss from discontinued operations, net of taxes [Abstract] | ' | ' | ' | ' |
Net sales | $3,510 | $9,326 | $19,263 | $28,909 |
Cost of sales | 4,295 | 10,005 | 36,748 | 30,611 |
Selling, general and administrative expenses | 333 | 1,021 | 3,835 | 2,840 |
Loss from discontinued operations before income taxes | -1,118 | -1,700 | -21,320 | -4,542 |
Income taxes | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | ($1,118) | ($1,700) | ($21,320) | ($4,542) |
Discontinued_Operations_Detail1
Discontinued Operations (Details) - Net assets for discontinued operations (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net assets for discontinued operations [Abstract] | ' | ' |
Accounts receivable, net | $2,361 | $6,394 |
Inventory | 1,369 | 10,026 |
Property, plant and equipment | 1,492 | 18,209 |
Other assets | ' | 1,812 |
Total assets | 5,222 | 36,441 |
Accounts payable and other liabilities | 924 | 3,003 |
Net assets | $4,298 | $33,438 |