Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 26, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STANLEY FURNITURE CO INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 15,105,145 | ||
Entity Public Float | $ 40,000,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 797,465 | ||
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 | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEEETS
CONSOLIDATED BALANCE SHEEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 6,497 | $ 5,584 |
Restricted cash | 663 | 1,190 |
Accounts receivable, less allowances of $404 and $375 | 6,925 | 5,853 |
Inventory | $ 20,934 | 24,216 |
Assets of discontinued operations | 1,373 | |
Prepaid expenses and other current assets | $ 959 | 890 |
Total current assets | 35,978 | 39,106 |
Property, plant and equipment, net | 1,787 | 1,990 |
Cash surrender value of life insurance policies, net | 22,253 | 15,129 |
Other assets | 3,128 | 3,416 |
Total assets | 63,146 | 59,641 |
Current liabilities: | ||
Accounts payable | 5,883 | 6,425 |
Liabilities of discontinued operations | 13 | 93 |
Accrued salaries, wages and benefits | 1,367 | 1,738 |
Other accrued expenses | 321 | 1,437 |
Total current liabilities | 7,584 | 9,693 |
Deferred compensation | 4,301 | 4,964 |
Supplemental retirement plan | 1,797 | 1,971 |
Other long-term liabilities | 1,812 | 2,034 |
Total liabilities | $ 15,494 | $ 18,662 |
Commitments and Contingencies (Footnote 10) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 25,000,000 shares authorized, 14,906,831 and 14,780,326 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 283 | $ 283 |
Capital in excess of par value | 17,521 | 16,710 |
Retained earnings | 32,023 | 26,683 |
Accumulated other comprehensive loss | (2,175) | (2,697) |
Total stockholders’ equity | 47,652 | 40,979 |
Total liabilities and stockholders’ equity | $ 63,146 | $ 59,641 |
CONSOLIDATED BALANCE SHEEETS (P
CONSOLIDATED BALANCE SHEEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowances (in Dollars) | $ 404 | $ 375 |
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 | 14,906,831 | 14,780,326 |
Common stock, shares outstanding | 14,906,831 | 14,780,326 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 57,364,000 | $ 60,623,000 |
Cost of sales | 43,679,000 | 48,610,000 |
Gross profit | 13,685,000 | 12,013,000 |
Selling, general and administrative expenses | 12,661,000 | 14,882,000 |
Operating income (loss) | 1,024,000 | $ (2,869,000) |
Income from Continued Dumping and Subsidy Offset Act, net | 5,308,000 | |
Other income (expense), net | 42,000 | $ (2,174,000) |
Interest expense, net | 947,000 | 2,884,000 |
Income (loss) from continuing operations before income taxes | 5,427,000 | (7,927,000) |
Income tax expense (benefit) | 76,000 | (39,000) |
Net income (loss) from continuing operations | 5,351,000 | (7,888,000) |
Net (loss) from discontinued operations | (11,000) | (22,004,000) |
Net income (loss) | $ 5,340,000 | $ (29,892,000) |
Basic income (loss) per share: | ||
Income (loss) from continuing operations (in Dollars per share) | $ 0.37 | $ (0.56) |
(Loss) from discontinued operations (in Dollars per share) | (1.55) | |
Net income (loss) (in Dollars per share) | $ 0.37 | (2.11) |
Diluted income (loss) per share: | ||
Income (loss) from continuing operations (in Dollars per share) | $ 0.37 | (0.56) |
(Loss) from discontinued operations (in Dollars per share) | (1.55) | |
Net income (loss) (in Dollars per share) | $ 0.37 | $ (2.11) |
Weighted average shares outstanding: | ||
Basic (in Shares) | 14,273 | 14,197 |
Diluted (in Shares) | 14,542 | 14,197 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 5,340 | $ (29,892) |
Other comprehensive income (loss): | ||
Amortization of prior service credit | 92 | 154 |
Actuarial (gain) loss | (497) | 1,013 |
Amortization of actuarial loss | (117) | (70) |
Adjustments to net periodic postretirement (benefit) loss | (522) | 1,097 |
Comprehensive income (loss) | $ 5,862 | $ (30,989) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS` EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2013 | $ 283 | $ 15,732 | $ 56,575 | $ (1,600) | $ 70,990 |
Balance (in Shares) at Dec. 31, 2013 | 14,520 | ||||
Net income (loss) | (29,892) | (29,892) | |||
Other comprehensive income (loss) | (1,097) | (1,097) | |||
Restricted stock grants (in Shares) | 400 | ||||
Restricted stock forfeited (in Shares) | (140) | ||||
Stock-based compensation | 978 | 978 | |||
Balance at Dec. 31, 2014 | $ 283 | 16,710 | 26,683 | (2,697) | 40,979 |
Balance (in Shares) at Dec. 31, 2014 | 14,780 | ||||
Net income (loss) | 5,340 | 5,340 | |||
Other comprehensive income (loss) | 522 | 522 | |||
Restricted stock grants (in Shares) | 229 | ||||
Restricted stock forfeited (in Shares) | (98) | ||||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (13) | (13) | |||
Stock purchase and retirement for tax withholdings on vesting of restricted awards (in Shares) | (4) | ||||
Stock-based compensation | 824 | 824 | |||
Balance at Dec. 31, 2015 | $ 283 | $ 17,521 | $ 32,023 | $ (2,175) | $ 47,652 |
Balance (in Shares) at Dec. 31, 2015 | 14,907 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 56,271 | $ 60,102 |
Cash paid to suppliers and employees | (55,898) | $ (67,139) |
Cash from Continued Dumping and Subsidy Offset Act, net | 5,308 | |
Interest paid, net | (987) | $ (4,179) |
Income tax payments | (105) | |
Net cash provided (used) by operating activities | $ 4,589 | $ (11,216) |
Cash flows from investing activities: | ||
Sale of short-term investments | 10,000 | |
Decrease in restricted cash | $ 527 | $ 547 |
Proceeds from sale of assets | 4 | |
Purchase of other assets | (15) | $ (44) |
Net cash provided by investing activities | 516 | $ 10,503 |
Cash flows from financing activities: | ||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (13) | |
Payments on insurance policy loans | $ (5,461) | $ (13,708) |
Proceeds from insurance policy loans | 2,701 | |
Net cash used by financing activities | $ (5,474) | (11,007) |
Cash flows from discontinued operations: | ||
Cash provided by operating activities | $ 1,282 | 4,744 |
Cash provided by investing activities | 5,342 | |
Net cash provided by discontinued operations | $ 1,282 | 10,086 |
Net increase (decrease) in cash | 913 | (1,634) |
Cash at beginning of year | 5,584 | 7,218 |
Cash at end of year | 6,497 | 5,584 |
Reconciliation of net income (loss) to net cash used by operating activities: | ||
Net income (loss) | 5,340 | (29,892) |
Loss from discontinued operations | 11 | 22,004 |
Depreciation | 185 | 188 |
Amortization | 285 | 344 |
Stock-based compensation | 824 | $ 978 |
Other, net | 14 | |
Changes in assets and liabilities: | ||
Accounts receivable | (1,072) | $ (488) |
Inventories | 3,282 | (315) |
Prepaid expenses and other assets | (1,747) | (1,044) |
Accounts payable | (542) | (634) |
Accrued salaries, wages and benefits | 177 | (2,273) |
Other accrued expenses | (1,109) | 33 |
Other long-term liabilities | (1,059) | (117) |
Net cash provided (used) by operating activities | $ 4,589 | $ (11,216) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Organization and Basis of Presentation The consolidated financial statements include Stanley Furniture Company, Inc. and our wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated. We are a leading design, marketing and sourcing resource in the middle-to-upscale segment of the wood furniture residential market. For financial reporting purposes, we operate in one reportable segment where substantially all revenues are from the sale of residential wood furniture products. Cash We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Short-term Investments Investments with maturities of greater than three months and less than one year at the time of purchase are considered short-term investments. Our investments were in certificates of deposits, which we held until maturity. We reported the investments at cost with earnings recognized through interest income. Accounts Receivable Substantially all of our accounts receivable are due from retailers and dealers that sell residential home furnishings, which consist of a large number of entities with a broad geographic dispersion. We continually perform credit evaluations of our customers and generally do not require collateral. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies to attempt to collect amounts owed to us after all internal collection attempts have ended. Revenue Recognition Sales are recognized when title and risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases however, title does not pass until the shipment is delivered to the customer. Revenue includes amounts billed to customers for shipping. Provisions are made at the time revenue is recognized for estimated product returns and for incentives that may be offered to customers. Inventories Inventories are valued at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out (FIFO) method. Property, Plant and Equipment Depreciation of property, plant and equipment is computed using the straight-line method based upon the estimated useful lives. Depreciation expense is charged to cost of sales or selling, general and administrative expenses based on the nature of the asset. Gains and losses related to dispositions and retirements are included in income. Maintenance and repairs are charged to income as incurred; renewals and betterments are capitalized. Assets are reviewed for possible impairment when events indicate that the carrying amount of an asset may not be recoverable. Assumptions and estimates used in the evaluation of impairment may affect the carrying value of property, plant and equipment, which could result in impairment charges in future periods. Our depreciation policy reflects judgments on the estimated useful lives of assets. Capitalized Software Cost We amortize purchased computer software costs using the straight-line method over the estimated economic lives of the related products. Unamortized cost at December 31, 2015 and 2014 was approximately $2.7 million and $2.9 million, respectively, and is included in other assets. Cash Surrender Value of Life Insurance Policies At December 31, 2015, we owned 27 life insurance policies as a funding arrangement for our deferred compensation plan discussed in Note 6. These corporate-owned policies had a net cash surrender value of $22.3 million. We had $5.5 million in loans and accrued interest outstanding against the cash surrender value. The growth in cash surrender value of these corporate-owned policies, net of related premiums and plan administrative costs, is included in operating income. Interest on the insurance policy loans is recorded as interest expense below operating income. Actuarially valued benefit accruals and expenses We maintain three actuarially valued benefit plans. These are our deferred compensation plan, our supplemental employee retirement plan and our postretirement health care benefits program. The liability for these programs and the majority of their annual expense are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and mortality projections, which are usually updated on an annual basis near the beginning of each year. We are required to consider current market conditions, including changes in interest rates in making these assumptions. Changes in projected liability and expense may occur in the future due to changes in these assumptions. The key assumptions used in developing the projected liabilities and expenses associated with the plans are outlined in Note 6 of the consolidated financial statements. Income Taxes Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax expense represents the change in the deferred tax asset/liability balance. Income tax credits are reported as a reduction of income tax expense in the year in which the credits are generated. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. Interest and penalties on uncertain tax positions are recorded as income tax expense. Fair Value of Financial Instruments Accounting for fair value measurements requires disclosure of the level within the fair value hierarchy in which fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). The fair value of receivables and payables approximate the carrying amount because of the short maturity of these instruments. Earnings per Common Share Basic earnings per share iscomputed based on the weighted average number of common shares outstanding. Diluted earnings per share includes any dilutive effect of outstanding stock options and restricted stock calculated using the treasury stock method. Stock-Based Compensation We record share-based payment awards at fair value on the grant date of the awards, based on the estimated number of awards that are expected to vest, over the vesting period. The fair value of stock options was determined using the Black-Scholes option-pricing model. The fair value of the restricted stock awards was based on the closing price of the Company’s common stock on the date of the grant. For awards with performance conditions, we recognize compensation cost over the expected period to achieve the performance conditions, provided achievement of the performance conditions are deemed probable. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Changes in such estimates may affect amounts reported in future periods. Reclassifications Certain amounts in the 2014 consolidated financial statements have been reclassified to conform to the 2015 presentation. These reclassifications do not have an impact tot consolidated statements of operations, consolidated statement of comprehensive income, or consolidated statement of changes in stockholders’ equity. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Topic 605, Revenue Recognition Topic 606, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property, Plant and Equipment Depreciable lives (in thousands) (in years) 2015 2014 Machinery and equipment 5 to 12 $ 2,675 $ 3,883 Leasehold improvements 15 1,833 1,833 Property, plant and equipment, at cost 4,508 5,716 Less accumulated depreciation 2,721 3,726 Property, plant and equipment, net $ 1,787 $ 1,990 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 3. Income Taxes The provision for income tax expense (benefit) consists of (in thousands): 2015 2014 Current: Federal $ 52 $ - State 24 (39) Total current 76 (39) Deferred: Federal - - State - - Total deferred - - Income tax expense (benefit) $ 76 $ (39) A reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate follows: 2015 2014 Federal statutory rate 35.0 % (35.0) % State tax, net of federal benefit .6 (2.4) State tax credits and adjustments (1.9) .1 Increase in cash surrender value of life insurance policies (9.0) (2.7) Valuation allowance (decrease) increase (23.6) 39.9 Other, net .3 - Effective income tax rate 1.4 % (0.1) % In accordance with our decision to early adopt and apply retrospectively Accounting Standards Update No. 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes The income tax effects of temporary differences that comprise deferred tax assets and liabilities at December 31 follow (in thousands): 2015 2014 Noncurrent deferred tax assets (liabilities): Accounts receivable $ 150 $ 294 Other accrued expenses 248 425 Property, plant and equipment (1,255) (1,187) Employee benefits 4,252 5,649 Contribution carryforward 278 279 AMT credit 676 631 Net operating loss 14,845 15,633 Gross non-current deferred tax assets (liabilities) 19,194 21,724 Less valuation allowance (19,194) (21,724) Net noncurrent deferred tax assets (liabilities) $ - $ - We have U.S. federal net operating loss carryforwards of approximately $40.1 million which are available to reduce future taxable income. The federal net operating loss will begin expiring in 2031. We have combined state net operating loss carryforwards of $27.1 million that will expire at various times beginning in 2026. During 2015, we recorded an $854,000 adjustment to correct an error in the prior year value of the employee benefits deferred tax asset to appropriately reflect the amount recorded associated with the future benefits of stock option compensation deductions. Since we have a full valuation allowance, this adjustment had no impact on the consolidated statement of operations and is considered immaterial. During 2015, we recorded a non-cash credit to our valuation allowance of $2.5 million against our December 31, 2015 deferred tax assets. The primary assets which are covered by this valuation allowance are employee benefits and net operating losses in excess of the amounts which can be carried back to prior periods. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes The unrecognized tax benefits activity for the year ended December 31 follows (in thousands): 2015 2014 Unrecognized tax benefits balance at January 1 $ 309 $ 351 Lapse of statute of limitations (2) (42) Unrecognized tax benefits balance at December 31 $ 307 $ 309 As of December 31, 2015 and 2014, we had approximately $76,000 and $52,000 of accrued interest related to uncertain tax positions, respectively. Total amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $200,000 at December 31, 2015 and $201,000 at December 31, 2014. The 2011, 2012, 2013 and 2014 tax years remain open to examination by major taxing jurisdictions. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 4. Stockholders’ Equity In addition to common stock, authorized capital includes 1,000,000 shares of “blank check” preferred stock. None was outstanding during the three years ended December 31, 2015. The Board of Directors is authorized to issue such stock in series and to fix the designation, powers, preferences, rights, limitations and restrictions with respect to any series of such shares. Such “blank check” preferred stock may rank prior to common stock as to dividend rights, liquidation preferences or both, may have full or limited voting rights and may be convertible into shares of common stock. Basic and diluted earnings per share are calculated using the following share data (in thousands): 2015 2014 Weighted average shares outstanding for basic calculation 14,273 14,197 Dilutive effect of stock options 269 - Weighted average shares outstanding for diluted calculation 14,542 14,197 In 2014, the dilutive effect of stock options and restricted shares was not recognized since we had a net loss. Approximately 1.2 million shares in 2015 and 1.4 million shares in 2014 were issuable upon the exercise of stock options, which were not included in the diluted per share calculation because they were anti-dilutive. In 2015 and 2014, approximately 51,000 and 544,000 shares of restricted stock, respectively, were not included because they were anti-dilutive. During 2015, we repurchased 4,622 shares of our common stock for approximately $13,000, which were tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. In July 2012, the Board of Directors authorized the purchase of up to $5.0 million of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices the Company deems appropriate. In 2015 and 2014, no repurchases of our common stock were made pursuant to this authorization. As of December 31, 2015 we have $4.0 million remaining on this authorization. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Stock Based Compensation The Stanley Furniture Company, Inc. 2012 Incentive Compensation Plan (Incentive Compensation Plan) provides for the granting of performance grants, performance shares, stock options, restricted stock, restricted stock units, and stock appreciation rights to employees and certain service providers. Under this plan, the aggregate number of common shares that may be issued through awards of any form is 1.6 million. In addition, shares authorized under the 2008 Incentive Compensation Plan are also available for issuance under the Incentive Compensation Plan if they are unissued or subsequently expire, are forfeited or terminate unexercised. Stock Options The options are issued at market value on the date of grant and have a term of 10 years from the grant date. In general, employee grants vest ratably over a four to five year period and Director grants vest after one year. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the option and each vesting date. We have estimated the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes pricing valuation model. The application of this valuation model involves assumptions that are judgmental and sensitive in the determination of compensation expense. No options were granted in 2015 or 2014. Stock option activity for the two years ended December 31, 2015, follows: Number of shares Weighted-Average Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2013 1,944,108 $ 6.06 6.7 Forfeited (465,786) 4.76 Expired (106,968) 12.88 Outstanding at December 31, 2014 1,371,354 $ 5.97 5.7 Forfeited (184,798) 4.31 Expired (20,364) 23.41 Outstanding at December 31, 2015 1,166,192 $ 5.93 4.7 $ - Exercisable at December 31, 2015 1,125,988 $ 5.98 4.6 $ - As of December 31, 2015, there was $65,000 of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted-average remaining vesting period of 1.0 years. There were no stock options exercised in 2015 and 2014. Restricted Stock The restricted stock awards are accounted for as “non-vested equity shares” until the awards vest or are forfeited. In general, restricted stock awards for employees are time vested or performance vested and for non-employee directors vest at the end of their current term on the Board. The fair value of each share of restricted stock is the market price of our stock on the grant date. The fair value of each time vested award is amortized into compensation expense on a straight-line basis between the award date and the vesting date. Performance based awards are amortized into compensation expense based on the probability of meeting the performance criteria. In 2015 and 2014, 140,442 and 68,608 of restricted stock awards vested and were released, respectively. The following table summarizes information about restricted stock awards for the two years ended December 31, 2015: Weighted-Average Number Grant Date of shares Fair Value Outstanding at December 31, 2013 352,613 $ 3.85 Forfeited (140,448) $ 3.89 Vested (68,608) $ 3.80 Granted 400,691 $ 3.71 Outstanding at December 31, 2014 544,248 $ 3.74 Forfeited (97,549) $ 3.45 Vested (140,442) $ 3.29 Granted 228,676 $ 2.86 Outstanding at December 31, 2015 534,933 $ 3.53 As of December 31, 2015, there was $667,000 of total unrecognized compensation cost related to non-vested restricted stock awards, which is expected to be recognized over a weighted-average remaining vesting period of 2.3 years. |
Employee Benefits Plans
Employee Benefits Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6. Employee Benefits Plans Defined Contribution Plan We maintain a defined contribution plan covering substantially all of our employees and make discretionary matching and profit sharing contributions. The total plan cost, including employer contributions, was $34,000 in 2015 and $273,000 in 2014. Employer contributions were suspended to the plan beginning in 2015. Deferred Compensation Plan Effective January 1986, we established an unfunded, nonqualified deferred compensation plan for select key executives (the “Plan”). The Plan allowed participants to defer a portion of their compensation and, upon retirement, receive an annual payment for life with a minimum of 15 payments. The Plan was frozen to new participants in 1991 and there are no active employees in the plan. The Plan is accounted for in accordance with ASC 715, Pension Plans, which results in an accrued liability based on future benefit payments owed to each participant under the Plan, utilizing mortality assumptions and a high quality corporate bond discount rate. Corporate-owned life insurance policies were purchased as a potential funding source for this Plan. The Company has the ability to borrow against these policies or cash them in at any time. The balance sheet reflects a cash surrender value asset of $22.3 million (net of $5.5 million in loans and accrued interest) at December 31, 2015 and $15.1 million (net of $11.1 million in loans and accrued interest) at December 31, 2014. Interest is paid on the borrowings at a rate of 13.13%, offset by a fixed rate of return of 12.63% on the borrowed portion of the cash surrender value of these policies, resulting in a net borrowing cost of 0.50%. The fixed return on the non-borrowed cash surrender value of these policies is 4%. Policy loan payments of $13.7 million and $5.5 million were made in 2014 and 2015, respectively. The growth in the cash surrender value of these policies, net of related premiums and plan administrative costs, is included in operating income. Interest charges for policy loans are included in interest expenses below operating income. The growth in cash surrender value of these policies is not taxable unless the policies are cashed in, while the interest paid is deductible for tax purposes. While our $40.1 million in federal net operating loss (“NOL”) carryforwards make the tax benefits of these instruments less valuable today, these tax benefits would be beneficial in the future once the NOL’s were fully utilized. The impact of the deferred compensation plan and corporate owned life insurance policies impact on net income is as follows (in thousands): 2015 2014 Growth in cash surrender value of corporate-owned life insurance policies $ 1,701 $ 2,836 Deferred compensation plan expenses 506 459 Operating income impact 1,195 2,377 Interest expense on loans against corporate-owned life insurance polices 948 2,881 Net income impact $ 247 $ (504) Subsequent to year end, we made the decision to liquidate two of the outstanding life insurance policies with cash surrender value of $2.6 million. We used $2.5 million of the proceeds to pay down outstanding loans and accrued interest, lowering our outstanding loan levels to $3.1 million and lowering interest expense to approximately $410,000 annually. The annualized benefit in operating income and in net income if all policy loans and accrued interest were paid off would be approximately $500,000. The financial status of the deferred compensation plan based on actuarially valued benefits at December 31 follows (in thousands): 2015 2014 Change in benefit obligation: Beginning benefit obligation $ 5,412 $ 4,952 Interest cost 182 189 Actuarial loss (gain) (395) 721 Benefits paid (450) (450) Ending benefit obligation $ 4,749 $ 5,412 Change in plan assets: Beginning fair value of plan assets - - Employer contributions 450 450 Benefits paid (450) (450) Ending fair value of plan assets - - Funded status $ (4,749) $ (5,412) Amount recognized in the consolidated balance sheet (in thousands): 2015 2014 Current liabilities $ (448) $ (448) Noncurrent liabilities (4,301) (4,964) Total $ (4,749) $ (5,412) Amount recognized in accumulated other comprehensive income (loss) (in thousands): 2015 2014 Net loss $ 1,614 $ 2,102 Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) (in thousands): 2015 2014 Net periodic benefit cost: Interest cost $ 182 $ 189 Amortization of net loss 93 61 Net periodic benefit cost 275 $ 250 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (395) $ 721 Amortization of net loss (93) (61) Total recognized in other comprehensive income (loss) (488) 660 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (213) $ 910 Approximately $72,000 in accumulated other comprehensive income (loss) is expected to be recognized as components of net periodic benefit cost during 2016. The assumptions used to determine the plan’s financial status and postretirement benefit cost: 2015 2014 Discount rate for funded status 3.55% 3.50% Discount rate for benefit cost 3.50% 4.00% Estimated future benefit payments are as follows (in thousands): 2016 $ 448 2017 440 2018 392 2019 380 2020 370 2021 - 2025 1,608 Estimated contributions for 2016 $ 448 Supplemental retirement plan and other postretirement benefits Benefits under the supplemental retirement ceased to accrue after 1995. Our postretirement health care benefits were terminated for current employees effective January 1, 2010. Prior to this termination, we provided health care benefits to eligible retired employees between the ages of 55 and 65 and provide life insurance benefits to eligible retired employees from age 55 until death. The financial status of the plans at December 31 follows (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Change in benefit obligation: Beginning benefit obligation $ 2,129 $ 1,937 $ 932 $ 1,066 Interest cost 72 74 26 34 Plan participants’ contributions 50 57 Actuarial (gain) loss (93) 291 (9) 1 Benefits paid (156) (173) (172) (226) Ending benefit obligation $ 1,952 $ 2,129 $ 827 $ 932 Change in plan assets: Beginning fair value of plan assets - - - - Employer contributions 156 173 122 169 Plan participants’ contributions 50 57 Benefits paid (156) (173) (172) (226) Ending fair value of plan assets - - - - Funded status $ (1,952) $ (2,129) $ (827) $ (932) Amount recognized in the consolidated balance sheet (in thousands) : Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Current liabilities $ (155) $ (158) $ (92) $ (98) Noncurrent liabilities (1,797) (1,971) (735) (834) Total $ (1,952) $ (2,129) $ (827) $ (932) Amount recognized in accumulated other comprehensive income (loss) (in thousands) : Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Net loss (gain) $ 704 $ 832 $ (149) $ (152) Prior service cost (credit) - - - (92) Total $ 704 $ 832 $ (149) $ (244) Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Net periodic benefit cost: Interest cost $ 72 $ 74 $ 26 $ 34 Amortization of net loss (gain) 36 24 (13) (14) Amortization of prior service cost - - (92) (154) Net periodic benefit cost (income) $ 108 $ 98 $ (79) $ (134) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (93) $ 291 $ (9) $ 1 Amortization of net (loss) gain (36) (24) 13 14 Amortization of prior service cost - - 92 154 Total recognized in other comprehensive income (loss) $ (129) $ 267 $ 96 $ 169 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (21) $ 365 $ 17 $ 35 The amounts in accumulated other comprehensive (loss) income that are expected to be recognized as components of net periodic benefit cost during 2016 are as follows (in thousands): Supplemental Retirement Plan Other Postretirement Benefits Net loss (gain) $ 32 $ (9) The assumptions used to determine the plan’s financial status and postretirement benefit cost: Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Discount rate for funded status 3.65% 3.50% 3.20% 3.10% Discount rate for benefit cost 3.50% 4.00% 3.10% 3.50% Health care cost assumed trend rate for next year 6.50% 7.00% Rate that the cost trend rate gradually declines to 5.50% 5.50% Year that the rate reaches the rate it is assumed to remain at 2018 2018 An increase or decrease in the assumed health care cost trend rate of one percentage point in each future year would affect the accumulated postretirement benefit obligation at December 31, 2015 by approximately $140 and the annual postretirement benefit cost by approximately $4. Estimated future benefit payments are as follows (in thousands): Supplemental Retirement Plan Other Postretirement Benefits Estimated net future benefit payments: 2016 $ 155 $ 92 2017 152 91 2018 149 83 2019 146 80 2020 143 76 2021 - 2025 661 307 Estimated contributions for 2016 $ 155 $ 92 The accrued liabilities relating to these plans are included in accrued salaries, wages and benefits and in long-term liabilities. |
Restructuring and Related Charg
Restructuring and Related Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 7. Restructuring and Related Charges As of December 31, 2015, our lease for warehouse space in Stanleytown, Virginia expired. Over the last few years we have continually evaluated our overall warehousing and distribution requirements and began reducing our utilization of this facility in 2012 and exited it in 2014. As a result, we took a charge to cost of goods sold for the remaining future lease obligations of $354,000 in 2014 when we completely exited the facility. During 2013, we recorded $770,000 in restructuring charges in selling, general and administrative expenses for severance and relocation costs associated with the strategic decision to consolidate our corporate office and High Point showroom into a single multi-purpose facility in High Point, North Carolina. Restructuring accrual activity for the years ended December 31, 2015 and 2014 follows (in thousands): Severance and other Lease termination costs Obligations Total Accrual January 1, 2014 $ 169 $ 488 $ 657 Charges (credits) to expense (54) 354 300 Cash Payments (115) (362) (477) Accrual December 31, 2014 - 480 480 Cash payments - (480) (480) Accrual December 31, 2015 $ - $ - $ - |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 8. 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 Loss from discontinued operations, net of taxes, comprised the following (in thousands): 2015 2014 Net sales $ 553 $ 19,193 Cost of sales 772 37,805 Selling, general and administrative expenses (144) 3,392 Other income 64 - Loss from discontinued operations before income taxes (11) (22,004) Income tax (benefit) expense - - Loss from discontinued operations, net of taxes $ (11) $ (22,004) Loss from discontinued operations includes accelerated depreciation and amortization, write-down of inventories and other assets, severance and other termination costs, operating losses related to final manufacturing production and loss on sale of assets. During the fourth quarter of 2014, we completed the sale of all property, plant and equipment for $5.5 million, and in 2015, we completed the sale and distribution of the remaining discontinued product. Net (liabilities) assets for discontinued operations are as follows (in thousands): December 31, December 31, 2015 2014 Accounts receivable, net $ - $ 695 Inventory - 678 Total assets - 1,373 Accounts payable and other liabilities 13 93 Net (liabilities) assets $ (13) $ 1,280 |
Income for Continued Dumping an
Income for Continued Dumping and Subsidy Offset Act (CDSOA) | 12 Months Ended |
Dec. 31, 2015 | |
Income For Continued Dumping And Subsidy Offset Act [Abstract] | |
Income For Continued Dumping And Subsidy Offset Act [Text Block] | 9. Income for Continued Dumping and Subsidy Offset Act (CDSOA) The CDSOA provides for distribution of monies collected by U.S. Customs and Border Protection (Customs) for imports covered by antidumping duty orders entering the United States through September 30, 2007 to qualified domestic producers. Distribution for 2012, 2013 and 2014 were withheld by Customs until pending ligation had been exhausted. On October 6, 2014, the Supreme Court denied two of three of the Non-Supporting Producers’ petitions for certiorari review, and on December 15, 2014, the Supreme Court denied the third petition for review. Accordingly, in March 2015, Customs began distributing funds withheld from distribution and our allocated share of these funds totaled $4.9 million. In addition, we received $412,000 in December 2015 in normal distribution of funds collected on antidumping duty orders entering the United States prior to September 2007. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies Our leased facilities include warehouse and distribution space, showroom and office space and certain technology equipment. These leases have varying terms up to ten years. Rental expenses charged to operations were $2.9 million and $2.7 million in 2015 and 2014, respectively. At December 31, 2015, the future minimum lease payments for our current operating leases were as follows (in thousands): Total 2016 $ 1,196 2017 783 2018 835 2019 863 2020 740 Thereafter 1,143 Total minimum lease payments $ 5,560 We currently have letters of credit to cover estimated exposures, most notably with workman’s compensation claims. This agreement requires us to maintain a compensating balance with the issuer for the amounts outstanding. We currently have letters of credit outstanding in the amount of $663,000. The compensating balance amount is reflected as restricted cash on the consolidated balance sheet. In the normal course of business, we are involved in claims and lawsuits, none of which currently, in management’s opinion, will have a material adverse effect on our Consolidated Financial Statements. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 11. Quarterly Results of Operations (Unaudited) (in thousands, except per share data) 2015 Quarters: First Second Third Fourth Net Sales $ 14,672 $ 15,133 $ 13,760 $ 13,799 Gross profit 2,983 3,839 3,410 3,453 Net income from continuing operations 2,773 (1) 1,268 (1) 391 919 (1) Net (loss) income from discontinued operations (118) 35 74 (2) Net income $ 2,655 (1) $ 1,303 (1) $ 465 $ 917 (1) Basic earnings per share (2) : Net income from continuing operations $ .20 $ .09 $ .03 $ .06 Net loss from discontinued operations (.01) - - - Net Income $ .19 $ .09 $ .03 $ .06 Diluted earnings per share (2) : Net income from continuing operations $ .19 $ .09 $ .03 $ .06 Net (loss) income from discontinued operations (.01) - - - Net income $ .18 $ .09 $ .03 $ .06 2014 Quarters: First Second Third Fourth Net Sales $ 14,642 $ 16,033 $ 13,928 $ 16,020 Gross profit 2,938 2,725 2,624 3,726 Net loss from continuing operations (1,725) (2,197) (3) (1,438) (2,528) Net loss from discontinued operations (2,901) (17,303) (1,118) (682) Net loss $ (4,626) $ (19,500) (3) $ (2,556) $ (3,210) Basic loss per share (2) : Net loss from continuing operations $ (.12) $ (.16) $ (.10) $ (.18) Net loss from discontinued operations (.21) (1.22) (.08) (.05) Net loss $ (.33) $ (1.38) $ (.18) $ (.23) Diluted loss per share (2) : Net loss income from continuing operations $ (.12) $ (.16) $ (.10) $ (.18) Loss from discontinued operations (.21) (1.22) (.08) (.05) Net loss $ (.33) $ (1.38) $ (.18) $ (.23) (1) Includes proceeds received from the Continued Dumping and Subsidy Offset Act, net of taxes, of $3.8 million in the first quarter, $1.1 million in the second quarter and $407,000 in the fourth quarter of 2015. (2) The sum of individual quarterly net income per share may not agree to the total for the year due to each period’s computation being based on the weighted average number of common shares outstanding during each period. (3) Includes a charge of $354,000 for the future lease obligation for a leased facility no longer utilized. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | STANLEY FURNITURE COMPANY, INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For each of the Two Years in the Period Ended December 31, 2015 ( in Column A Column B Column C Column D Column E Charged Balance at (Credited) Balance at Beginning to Costs & End Descriptions of Period Expenses Deductions of Period 2015 Doubtful receivables $ 189 $ 93 $ 15 (a) $ 267 Discounts, returns, and allowances 186 (49) (b) - 137 $ 375 $ 44 $ 15 $ 404 Valuation allowance for deferred tax assets $ 21,724 $ - $ 2,530 $ 19,194 2014 Doubtful receivables $ 112 $ 171 $ 94 (a) $ 189 Discounts, returns, and allowances 158 28 (b) - 186 $ 270 $ 199 $ 94 $ 375 Valuation allowance for deferred tax assets $ 10,727 $ 10,997 $ - $ 21,724 (a) Uncollectible receivables written-off, net of recoveries. (b) Represents net increase (decrease) in the reserve. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Organization and Basis of Presentation The consolidated financial statements include Stanley Furniture Company, Inc. and our wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated. We are a leading design, marketing and sourcing resource in the middle-to-upscale segment of the wood furniture residential market. For financial reporting purposes, we operate in one reportable segment where substantially all revenues are from the sale of residential wood furniture products. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Investment, Policy [Policy Text Block] | Short-term Investments Investments with maturities of greater than three months and less than one year at the time of purchase are considered short-term investments. Our investments were in certificates of deposits, which we held until maturity. We reported the investments at cost with earnings recognized through interest income. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Substantially all of our accounts receivable are due from retailers and dealers that sell residential home furnishings, which consist of a large number of entities with a broad geographic dispersion. We continually perform credit evaluations of our customers and generally do not require collateral. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies to attempt to collect amounts owed to us after all internal collection attempts have ended. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Sales are recognized when title and risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases however, title does not pass until the shipment is delivered to the customer. Revenue includes amounts billed to customers for shipping. Provisions are made at the time revenue is recognized for estimated product returns and for incentives that may be offered to customers. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out (FIFO) method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Depreciation of property, plant and equipment is computed using the straight-line method based upon the estimated useful lives. Depreciation expense is charged to cost of sales or selling, general and administrative expenses based on the nature of the asset. Gains and losses related to dispositions and retirements are included in income. Maintenance and repairs are charged to income as incurred; renewals and betterments are capitalized. Assets are reviewed for possible impairment when events indicate that the carrying amount of an asset may not be recoverable. Assumptions and estimates used in the evaluation of impairment may affect the carrying value of property, plant and equipment, which could result in impairment charges in future periods. Our depreciation policy reflects judgments on the estimated useful lives of assets. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Capitalized Software Cost We amortize purchased computer software costs using the straight-line method over the estimated economic lives of the related products. Unamortized cost at December 31, 2015 and 2014 was approximately $2.7 million and $2.9 million, respectively, and is included in other assets. |
Cash Surrender Value of Life Insurance, Policy [Policy Text Block] | Cash Surrender Value of Life Insurance Policies At December 31, 2015, we owned 27 life insurance policies as a funding arrangement for our deferred compensation plan discussed in Note 6. These corporate-owned policies had a net cash surrender value of $22.3 million. We had $5.5 million in loans and accrued interest outstanding against the cash surrender value. The growth in cash surrender value of these corporate-owned policies, net of related premiums and plan administrative costs, is included in operating income. Interest on the insurance policy loans is recorded as interest expense below operating income. |
Actuarially Valued Benefit Accruals and Expenses Policy, [Policy Text Block] | Actuarially valued benefit accruals and expenses We maintain three actuarially valued benefit plans. These are our deferred compensation plan, our supplemental employee retirement plan and our postretirement health care benefits program. The liability for these programs and the majority of their annual expense are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and mortality projections, which are usually updated on an annual basis near the beginning of each year. We are required to consider current market conditions, including changes in interest rates in making these assumptions. Changes in projected liability and expense may occur in the future due to changes in these assumptions. The key assumptions used in developing the projected liabilities and expenses associated with the plans are outlined in Note 6 of the consolidated financial statements. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax expense represents the change in the deferred tax asset/liability balance. Income tax credits are reported as a reduction of income tax expense in the year in which the credits are generated. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. Interest and penalties on uncertain tax positions are recorded as income tax expense. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Accounting for fair value measurements requires disclosure of the level within the fair value hierarchy in which fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). The fair value of receivables and payables approximate the carrying amount because of the short maturity of these instruments |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Basic earnings per share iscomputed based on the weighted average number of common shares outstanding. Diluted earnings per share includes any dilutive effect of outstanding stock options and restricted stock calculated using the treasury stock method. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We record share-based payment awards at fair value on the grant date of the awards, based on the estimated number of awards that are expected to vest, over the vesting period. The fair value of stock options was determined using the Black-Scholes option-pricing model. The fair value of the restricted stock awards was based on the closing price of the Company’s common stock on the date of the grant. For awards with performance conditions, we recognize compensation cost over the expected period to achieve the performance conditions, provided achievement of the performance conditions are deemed probable. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Changes in such estimates may affect amounts reported in future periods. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts in the 2014 consolidated financial statements have been reclassified to conform to the 2015 presentation. These reclassifications do not have an impact tot consolidated statements of operations, consolidated statement of comprehensive income, or consolidated statement of changes in stockholders’ equity. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Topic 605, Revenue Recognition Topic 606, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable lives (in thousands) (in years) 2015 2014 Machinery and equipment 5 to 12 $ 2,675 $ 3,883 Leasehold improvements 15 1,833 1,833 Property, plant and equipment, at cost 4,508 5,716 Less accumulated depreciation 2,721 3,726 Property, plant and equipment, net $ 1,787 $ 1,990 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 Current: Federal $ 52 $ - State 24 (39) Total current 76 (39) Deferred: Federal - - State - - Total deferred - - Income tax expense (benefit) $ 76 $ (39) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 Federal statutory rate 35.0 % (35.0) % State tax, net of federal benefit .6 (2.4) State tax credits and adjustments (1.9) .1 Increase in cash surrender value of life insurance policies (9.0) (2.7) Valuation allowance (decrease) increase (23.6) 39.9 Other, net .3 - Effective income tax rate 1.4 % (0.1) % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Noncurrent deferred tax assets (liabilities): Accounts receivable $ 150 $ 294 Other accrued expenses 248 425 Property, plant and equipment (1,255) (1,187) Employee benefits 4,252 5,649 Contribution carryforward 278 279 AMT credit 676 631 Net operating loss 14,845 15,633 Gross non-current deferred tax assets (liabilities) 19,194 21,724 Less valuation allowance (19,194) (21,724) Net noncurrent deferred tax assets (liabilities) $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 Unrecognized tax benefits balance at January 1 $ 309 $ 351 Lapse of statute of limitations (2) (42) Unrecognized tax benefits balance at December 31 $ 307 $ 309 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 Weighted average shares outstanding for basic calculation 14,273 14,197 Dilutive effect of stock options 269 - Weighted average shares outstanding for diluted calculation 14,542 14,197 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of shares Weighted-Average Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2013 1,944,108 $ 6.06 6.7 Forfeited (465,786) 4.76 Expired (106,968) 12.88 Outstanding at December 31, 2014 1,371,354 $ 5.97 5.7 Forfeited (184,798) 4.31 Expired (20,364) 23.41 Outstanding at December 31, 2015 1,166,192 $ 5.93 4.7 $ - Exercisable at December 31, 2015 1,125,988 $ 5.98 4.6 $ - |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted-Average Number Grant Date of shares Fair Value Outstanding at December 31, 2013 352,613 $ 3.85 Forfeited (140,448) $ 3.89 Vested (68,608) $ 3.80 Granted 400,691 $ 3.71 Outstanding at December 31, 2014 544,248 $ 3.74 Forfeited (97,549) $ 3.45 Vested (140,442) $ 3.29 Granted 228,676 $ 2.86 Outstanding at December 31, 2015 534,933 $ 3.53 |
Employee Benefits Plans (Tables
Employee Benefits Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | 2015 2014 Growth in cash surrender value of corporate-owned life insurance policies $ 1,701 $ 2,836 Deferred compensation plan expenses 506 459 Operating income impact 1,195 2,377 Interest expense on loans against corporate-owned life insurance polices 948 2,881 Net income impact $ 247 $ (504) |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2015 2014 Change in benefit obligation: Beginning benefit obligation $ 5,412 $ 4,952 Interest cost 182 189 Actuarial loss (gain) (395) 721 Benefits paid (450) (450) Ending benefit obligation $ 4,749 $ 5,412 Change in plan assets: Beginning fair value of plan assets - - Employer contributions 450 450 Benefits paid (450) (450) Ending fair value of plan assets - - Funded status $ (4,749) $ (5,412) Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Change in benefit obligation: Beginning benefit obligation $ 2,129 $ 1,937 $ 932 $ 1,066 Interest cost 72 74 26 34 Plan participants’ contributions 50 57 Actuarial (gain) loss (93) 291 (9) 1 Benefits paid (156) (173) (172) (226) Ending benefit obligation $ 1,952 $ 2,129 $ 827 $ 932 Change in plan assets: Beginning fair value of plan assets - - - - Employer contributions 156 173 122 169 Plan participants’ contributions 50 57 Benefits paid (156) (173) (172) (226) Ending fair value of plan assets - - - - Funded status $ (1,952) $ (2,129) $ (827) $ (932) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | 2015 2014 Current liabilities $ (448) $ (448) Noncurrent liabilities (4,301) (4,964) Total $ (4,749) $ (5,412) Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Current liabilities $ (155) $ (158) $ (92) $ (98) Noncurrent liabilities (1,797) (1,971) (735) (834) Total $ (1,952) $ (2,129) $ (827) $ (932) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2015 2014 Net loss $ 1,614 $ 2,102 Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Net loss (gain) $ 704 $ 832 $ (149) $ (152) Prior service cost (credit) - - - (92) Total $ 704 $ 832 $ (149) $ (244) Supplemental Retirement Plan Other Postretirement Benefits Net loss (gain) $ 32 $ (9) |
Schedule of Net Benefit Costs [Table Text Block] | 2015 2014 Net periodic benefit cost: Interest cost $ 182 $ 189 Amortization of net loss 93 61 Net periodic benefit cost 275 $ 250 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (395) $ 721 Amortization of net loss (93) (61) Total recognized in other comprehensive income (loss) (488) 660 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (213) $ 910 Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Net periodic benefit cost: Interest cost $ 72 $ 74 $ 26 $ 34 Amortization of net loss (gain) 36 24 (13) (14) Amortization of prior service cost - - (92) (154) Net periodic benefit cost (income) $ 108 $ 98 $ (79) $ (134) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (93) $ 291 $ (9) $ 1 Amortization of net (loss) gain (36) (24) 13 14 Amortization of prior service cost - - 92 154 Total recognized in other comprehensive income (loss) $ (129) $ 267 $ 96 $ 169 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (21) $ 365 $ 17 $ 35 |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 Discount rate for funded status 3.55% 3.50% Discount rate for benefit cost 3.50% 4.00% Supplemental Retirement Plan Other Postretirement Benefits 2015 2014 2015 2014 Discount rate for funded status 3.65% 3.50% 3.20% 3.10% Discount rate for benefit cost 3.50% 4.00% 3.10% 3.50% Health care cost assumed trend rate for next year 6.50% 7.00% Rate that the cost trend rate gradually declines to 5.50% 5.50% Year that the rate reaches the rate it is assumed to remain at 2018 2018 |
Schedule of Expected Benefit Payments [Table Text Block] | 2016 $ 448 2017 440 2018 392 2019 380 2020 370 2021 - 2025 1,608 Estimated contributions for 2016 $ 448 Supplemental Retirement Plan Other Postretirement Benefits Estimated net future benefit payments: 2016 $ 155 $ 92 2017 152 91 2018 149 83 2019 146 80 2020 143 76 2021 - 2025 661 307 Estimated contributions for 2016 $ 155 $ 92 |
Restructuring and Related Cha26
Restructuring and Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Severance and other Lease termination costs Obligations Total Accrual January 1, 2014 $ 169 $ 488 $ 657 Charges (credits) to expense (54) 354 300 Cash Payments (115) (362) (477) Accrual December 31, 2014 - 480 480 Cash payments - (480) (480) Accrual December 31, 2015 $ - $ - $ - |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | 2015 2014 Net sales $ 553 $ 19,193 Cost of sales 772 37,805 Selling, general and administrative expenses (144) 3,392 Other income 64 - Loss from discontinued operations before income taxes (11) (22,004) Income tax (benefit) expense - - Loss from discontinued operations, net of taxes $ (11) $ (22,004) |
Schedule of Disposal Groups, Including Discontinued Operations Balance Sheet [Table Text Block] | December 31, December 31, 2015 2014 Accounts receivable, net $ - $ 695 Inventory - 678 Total assets - 1,373 Accounts payable and other liabilities 13 93 Net (liabilities) assets $ (13) $ 1,280 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Total 2016 $ 1,196 2017 783 2018 835 2019 863 2020 740 Thereafter 1,143 Total minimum lease payments $ 5,560 |
Quarterly Results of Operatio29
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 Quarters: First Second Third Fourth Net Sales $ 14,672 $ 15,133 $ 13,760 $ 13,799 Gross profit 2,983 3,839 3,410 3,453 Net income from continuing operations 2,773 (1) 1,268 (1) 391 919 (1) Net (loss) income from discontinued operations (118) 35 74 (2) Net income $ 2,655 (1) $ 1,303 (1) $ 465 $ 917 (1) Basic earnings per share (2) : Net income from continuing operations $ .20 $ .09 $ .03 $ .06 Net loss from discontinued operations (.01) - - - Net Income $ .19 $ .09 $ .03 $ .06 Diluted earnings per share (2) : Net income from continuing operations $ .19 $ .09 $ .03 $ .06 Net (loss) income from discontinued operations (.01) - - - Net income $ .18 $ .09 $ .03 $ .06 2014 Quarters: First Second Third Fourth Net Sales $ 14,642 $ 16,033 $ 13,928 $ 16,020 Gross profit 2,938 2,725 2,624 3,726 Net loss from continuing operations (1,725) (2,197) (3) (1,438) (2,528) Net loss from discontinued operations (2,901) (17,303) (1,118) (682) Net loss $ (4,626) $ (19,500) (3) $ (2,556) $ (3,210) Basic loss per share (2) : Net loss from continuing operations $ (.12) $ (.16) $ (.10) $ (.18) Net loss from discontinued operations (.21) (1.22) (.08) (.05) Net loss $ (.33) $ (1.38) $ (.18) $ (.23) Diluted loss per share (2) : Net loss income from continuing operations $ (.12) $ (.16) $ (.10) $ (.18) Loss from discontinued operations (.21) (1.22) (.08) (.05) Net loss $ (.33) $ (1.38) $ (.18) $ (.23) |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Reportable Segments | 1 | |
Capitalized Computer Software, Net | $ 2,700,000 | $ 2,900,000 |
Life Insurance Policy, Numbers Held | 27 | |
Cash Surrender Value of Life Insurance | $ 22,253,000 | $ 15,129,000 |
Increase (Decrease) in Deferred Tax Asset (Liabilities) due to Retrospective Reclassification | 66,000 | |
Borrowings Against Cash Surrender Value [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Secured Debt | $ 5,500,000 |
Property, Plant and Equipment31
Property, Plant and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 4,508 | $ 5,716 |
Less accumulated depreciation | 2,721 | 3,726 |
Property, plant and equipment, net | 1,787 | 1,990 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 2,675 | 3,883 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Depreciable Lives | 15 years | |
Property, plant and equipment, at cost | $ 1,833 | $ 1,833 |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Depreciable Lives | 5 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Depreciable Lives | 12 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes (Details) [Line Items] | ||
Increase (Decrease) in Deferred Tax Asset (Liabilities) due to Retrospective Reclassification | $ 66,000 | |
Operating Loss Carryforwards | 40,100,000 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 854,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,500,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 76,000 | $ 52,000 |
Liability for Uncertain Tax Positions, Current | 200,000 | $ 201,000 |
Domestic Tax Authority [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 40,100,000 | |
Operating Loss Carryforwards, Expiration Date Description | begin expiring in 2031 | |
State and Local Jurisdiction [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 27,100,000 | |
Operating Loss Carryforwards, Expiration Date Description | various times beginning in 2026 | |
Tax Year 2011 [Member] | ||
Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,011 | |
Tax Year 2012 [Member] | ||
Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,012 | |
Tax Year 2013 [Member] | ||
Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,013 | |
Tax Year 2014 [Member] | ||
Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,014 |
Income Taxes (Details) - The pr
Income Taxes (Details) - The provision for income tax expense (benefit) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ 52 | |
State | 24 | $ (39) |
Total current | $ 76 | $ (39) |
Deferred: | ||
Federal | ||
State | ||
Total deferred | ||
Income tax expense (benefit) | $ 76 | $ (39) |
Income Taxes (Details) - Reconc
Income Taxes (Details) - Reconciliation of effective income tax rate | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of effective income tax rate [Abstract] | ||
Federal statutory rate | 35.00% | (35.00%) |
State tax, net of federal benefit | 0.60% | (2.40%) |
State tax credits and adjustments | (1.90%) | 0.10% |
Increase in cash surrender value of life insurance policies | (9.00%) | (2.70%) |
Valuation allowance (decrease) increase | (23.60%) | 39.90% |
Other, net | 0.30% | |
Effective income tax rate | 1.40% | (0.10%) |
Income Taxes (Details) - The in
Income Taxes (Details) - The income tax effects of temporary differences that comprise deferred tax assets and liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Noncurrent deferred tax assets (liabilities): | ||
Accounts receivable | $ 150 | $ 294 |
Other accrued expenses | 248 | 425 |
Property, plant and equipment | (1,255) | (1,187) |
Employee benefits | 4,252 | 5,649 |
Contribution carryforward | 278 | 279 |
AMT credit | 676 | 631 |
Net operating loss | 14,845 | 15,633 |
Gross non-current deferred tax assets (liabilities) | 19,194 | 21,724 |
Less valuation allowance | $ (19,194) | $ (21,724) |
Net noncurrent deferred tax assets (liabilities) |
Income Taxes (Details) - The un
Income Taxes (Details) - The unrecognized tax benefits activity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
The unrecognized tax benefits activity [Abstract] | ||
Unrecognized tax benefits balance at January 1 | $ 309 | $ 351 |
Lapse of statute of limitations | (2) | (42) |
Unrecognized tax benefits balance at December 31 | $ 307 | $ 309 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2012 | |
Stockholders' Equity (Details) [Line Items] | |||
Stock Repurchased During Period, Shares | 4,622 | ||
Stock Repurchased During Period, Value (in Dollars) | $ 13,000 | ||
Stock Repurchase Program, Authorized Amount (in Dollars) | $ 4,000,000 | $ 5,000,000 | |
Restricted Stock [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 51,000 | 544,000 | |
Preferred Stock [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Excess Stock, Shares Authorized | 1,000,000 | ||
Equity Option [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,200,000 | 1,400,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Basic and Diluted Earnings Per Share Calculation - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Basic and Diluted Earnings Per Share Calculation [Abstract] | ||
Weighted average shares outstanding for basic calculation | 14,273 | 14,197 |
Dilutive effect of stock options | 269 | |
Weighted average shares outstanding for diluted calculation | 14,542 | 14,197 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Incentive Compensation Plan [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,600,000 | ||
Employee Stock Option [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $ 65,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Employee Stock Option [Member] | Director [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Restricted Stock [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $ 667,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 140,442 | 68,608 | |
Minimum [Member] | Employee Stock Option [Member] | Employee [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Maximum [Member] | Employee Stock Option [Member] | Employee [Member] | |||
Stock Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Stock Based Compensation (Det40
Stock Based Compensation (Details) - Stock option activity - Employee Stock Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | |
Stock Based Compensation (Details) - Stock option activity [Line Items] | |||
Outstanding at December 31, 2013 | 1,371,354 | 1,944,108 | |
Outstanding at December 31, 2013 | $ 5.97 | $ 6.06 | |
Outstanding at December 31, 2013 | 4 years 255 days | 6 years 255 days | 5 years 255 days |
Options Forfeited, Number of shares | (184,798) | (465,786) | |
Options Forfeited, Weighted-Average Exercise Price | $ 4.31 | $ 4.76 | |
Options Expired, Number of shares | (20,364) | (106,968) | |
Options Expired, Weighted-Average Exercise Price | $ 23.41 | $ 12.88 | |
Options outstanding, Number of shares | 1,166,192 | 1,371,354 | 1,371,354 |
Options outstanding, Weighted-Average Exercise Price | $ 5.93 | $ 5.97 | $ 5.97 |
Options outstanding, Weighted-Average Remaining Contractual Term | 4 years 255 days | 6 years 255 days | 5 years 255 days |
Options outstanding, Aggregate Intrinsic Value | |||
Exercisable at December 31, 2015 | 1,125,988 | ||
Exercisable at December 31, 2015 | $ 5.98 | ||
Exercisable at December 31, 2015 | 4 years 219 days | ||
Exercisable at December 31, 2015 |
Stock Based Compensation (Det41
Stock Based Compensation (Details) - Information about non-vested share awards - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Based Compensation (Details) - Information about non-vested share awards [Line Items] | ||
Outstanding at December 31, 2013 | 544,248 | 352,613 |
Outstanding at December 31, 2013 | $ 3.74 | $ 3.85 |
Options Forfeited, Number of shares | (97,549) | (140,448) |
Options Forfeited, Weighted-Average Grant Date Fair Value | $ 3.45 | $ 3.89 |
Options Vested, Number of shares | (140,442) | (68,608) |
Options Vested, Weighted-Average Grant Date Fair Value | $ 3.29 | $ 3.80 |
Options Granted, Number of shares | 228,676 | 400,691 |
Options Granted, Weighted-Average Grant Date Fair Value | $ 2.86 | $ 3.71 |
Options Outstanding | 534,933 | 544,248 |
Options Outstanding, Weighted-Average Grand date Fair Value | $ 3.53 | $ 3.74 |
Employee Benefits Plans (Detail
Employee Benefits Plans (Details) - USD ($) | Jan. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Employee Benefits Plans (Details) [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 34,000 | $ 273,000 | |
Cash Surrender Value of Life Insurance | 22,253,000 | 15,129,000 | |
Policy Loan Interest Amount | $ 5,500,000 | 11,100,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 13.13% | ||
Cash Surrender Value, Borrowed Portion, Fixed Rate of Return Percentage | 12.63% | ||
Net Borrowing Cost Percentage | 0.50% | ||
Cash Surrender Value, Non Borrowed Portion, Fixed Rate of Return Percentage | 4.00% | ||
Repayment Of Policy Loans | $ 5,500,000 | 13,700,000 | |
Operating Loss Carryforwards | 40,100,000 | ||
Interest Expense | 947,000 | $ 2,884,000 | |
Other Comprehensive Income (Loss), Tax | 72,000 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 140 | ||
Other Postretirement Benefit Expense | $ 4 | ||
Subsequent Event [Member] | |||
Employee Benefits Plans (Details) [Line Items] | |||
Cash Surrender Value of Life Insurance | $ 2,600,000 | ||
Repayment Of Policy Loans | 2,500,000 | ||
Debt Instrument, Face Amount | 3,100,000 | ||
Interest Expense | 410,000 | ||
Operating Income Annualized Benefit | $ 500,000 | ||
Minimum [Member] | |||
Employee Benefits Plans (Details) [Line Items] | |||
Health Care Benefits Age Of Eligible Retired Employees | 55 | ||
Maximum [Member] | |||
Employee Benefits Plans (Details) [Line Items] | |||
Health Care Benefits Age Of Eligible Retired Employees | 65 |
Employee Benefits Plans (Deta43
Employee Benefits Plans (Details) - The impact of the deferred compensation plan and corporate owned life insurance policies - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
The impact of the deferred compensation plan and corporate owned life insurance policies [Abstract] | ||
Growth in cash surrender value of corporate-owned life insurance policies | $ 1,701 | $ 2,836 |
Deferred compensation plan expenses | 506 | 459 |
Operating income impact | 1,195 | 2,377 |
Interest expense on loans against corporate-owned life insurance polices | 948 | 2,881 |
Net income impact | $ 247 | $ (504) |
Employee Benefits Plans (Deta44
Employee Benefits Plans (Details) - Funded status - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in benefit obligation: | ||
Actuarial (gain) loss | $ 497 | $ (1,013) |
Deferred Compensation Plan [Member] | ||
Change in benefit obligation: | ||
Beginning benefit obligation | 5,412 | 4,952 |
Interest cost | 182 | 189 |
Actuarial (gain) loss | (395) | 721 |
Employer contributions | 450 | 450 |
Benefits paid | (450) | (450) |
Ending benefit obligation | 4,749 | 5,412 |
Change in plan assets: | ||
Funded status | (4,749) | (5,412) |
Supplemental Employee Retirement Plan [Member] | ||
Change in benefit obligation: | ||
Beginning benefit obligation | 2,129 | 1,937 |
Interest cost | 72 | 74 |
Actuarial (gain) loss | (93) | 291 |
Employer contributions | 156 | 173 |
Benefits paid | (156) | (173) |
Ending benefit obligation | 1,952 | 2,129 |
Change in plan assets: | ||
Funded status | (1,952) | (2,129) |
Other Postretirement Benefit Plan [Member] | ||
Change in benefit obligation: | ||
Beginning benefit obligation | 932 | 1,066 |
Interest cost | 26 | 34 |
Plan participants’ contributions | 50 | 57 |
Actuarial (gain) loss | (9) | 1 |
Employer contributions | 122 | 169 |
Benefits paid | (172) | (226) |
Ending benefit obligation | 827 | 932 |
Change in plan assets: | ||
Funded status | $ (827) | $ (932) |
Employee Benefits Plans (Deta45
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Compensation Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet [Line Items] | ||
Current liabilities | $ (448) | $ (448) |
Noncurrent liabilities | (4,301) | (4,964) |
Total | (4,749) | (5,412) |
Supplemental Employee Retirement Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet [Line Items] | ||
Current liabilities | (155) | (158) |
Noncurrent liabilities | (1,797) | (1,971) |
Total | (1,952) | (2,129) |
Other Postretirement Benefit Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet [Line Items] | ||
Current liabilities | (92) | (98) |
Noncurrent liabilities | (735) | (834) |
Total | $ (827) | $ (932) |
Employee Benefits Plans (Deta46
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive income (loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive income (loss) [Line Items] | ||
Net loss (gain) | $ 1,614 | $ 2,102 |
Supplemental Employee Retirement Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive income (loss) [Line Items] | ||
Net loss (gain) | $ 704 | $ 832 |
Prior service cost (credit) | ||
Total | $ 704 | $ 832 |
Net loss (gain) | 32 | |
Other Postretirement Benefit Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive income (loss) [Line Items] | ||
Net loss (gain) | $ (149) | (152) |
Prior service cost (credit) | (92) | |
Total | $ (149) | $ (244) |
Net loss (gain) | $ (9) |
Employee Benefits Plans (Deta47
Employee Benefits Plans (Details) - Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Plan [Member] | ||
Net periodic benefit cost: | ||
Interest cost | $ 182 | $ 189 |
Amortization of net loss (gain) | 93 | 61 |
Net periodic benefit cost (income) | 275 | 250 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||
Net loss (gain) | (395) | 721 |
Amortization of net (loss) gain | (93) | (61) |
Total recognized in other comprehensive income (loss) | (488) | 660 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (213) | 910 |
Supplemental Employee Retirement Plan [Member] | ||
Net periodic benefit cost: | ||
Interest cost | 72 | 74 |
Amortization of net loss (gain) | 36 | 24 |
Net periodic benefit cost (income) | 108 | 98 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||
Net loss (gain) | (93) | 291 |
Amortization of net (loss) gain | (36) | (24) |
Total recognized in other comprehensive income (loss) | (129) | 267 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (21) | $ 365 |
Net periodic benefit cost: | ||
Amortization of prior service cost | ||
Other Postretirement Benefit Plan [Member] | ||
Net periodic benefit cost: | ||
Interest cost | $ 26 | $ 34 |
Amortization of net loss (gain) | (13) | (14) |
Net periodic benefit cost (income) | (79) | (134) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||
Net loss (gain) | (9) | 1 |
Amortization of net (loss) gain | 13 | 14 |
Total recognized in other comprehensive income (loss) | 96 | 169 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 17 | 35 |
Net periodic benefit cost: | ||
Amortization of prior service cost | (92) | (154) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||
Amortization of prior service cost | $ 92 | $ 154 |
Employee Benefits Plans (Deta48
Employee Benefits Plans (Details) - The assumptions used to determine the plan’s financial status and postretirement benefit cost: | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Plan [Member] | ||
Employee Benefits Plans (Details) - The assumptions used to determine the plan’s financial status and postretirement benefit cost: [Line Items] | ||
Discount rate for funded status | 3.55% | 3.50% |
Discount rate for benefit cost | 3.50% | 4.00% |
Supplemental Employee Retirement Plan [Member] | ||
Employee Benefits Plans (Details) - The assumptions used to determine the plan’s financial status and postretirement benefit cost: [Line Items] | ||
Discount rate for funded status | 3.65% | 3.50% |
Discount rate for benefit cost | 3.50% | 4.00% |
Other Postretirement Benefit Plan [Member] | ||
Employee Benefits Plans (Details) - The assumptions used to determine the plan’s financial status and postretirement benefit cost: [Line Items] | ||
Discount rate for funded status | 3.20% | 3.10% |
Discount rate for benefit cost | 3.10% | 3.50% |
Health care cost assumed trend rate for next year | 6.50% | 7.00% |
Rate that the cost trend rate gradually declines to | 5.50% | 5.50% |
Year that the rate reaches the rate it is assumed to remain at | 2,018 | 2,018 |
Employee Benefits Plans (Deta49
Employee Benefits Plans (Details) - Estimated future benefit payments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2008 | |
Deferred Compensation Plan [Member] | ||
Employee Benefits Plans (Details) - Estimated future benefit payments [Line Items] | ||
2,016 | $ 448 | |
2,017 | 440 | |
2,018 | 392 | |
2,019 | 380 | |
2,020 | 370 | |
2021 - 2025 | 1,608 | |
Estimated contributions for 2016 | 448 | |
Supplemental Employee Retirement Plan [Member] | ||
Employee Benefits Plans (Details) - Estimated future benefit payments [Line Items] | ||
2,016 | 155 | |
2,017 | 152 | |
2,018 | 149 | |
2,019 | 146 | |
2,020 | 143 | |
2021 - 2025 | 661 | |
Estimated contributions for 2016 | $ 155 | |
Other Postretirement Benefit Plan [Member] | ||
Employee Benefits Plans (Details) - Estimated future benefit payments [Line Items] | ||
2,016 | $ 92 | |
2,017 | 91 | |
2,018 | 83 | |
2,019 | 80 | |
2,020 | 76 | |
2021 - 2025 | 307 | |
Estimated contributions for 2016 | $ 92 |
Restructuring and Related Cha50
Restructuring and Related Charges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring and Related Charges (Details) [Line Items] | ||
Restructuring Charges | $ 354,000 | |
Selling, General and Administrative Expenses [Member] | Severance and Relocation Cost [Member] | ||
Restructuring and Related Charges (Details) [Line Items] | ||
Restructuring Charges | $ 770,000 |
Restructuring and Related Cha51
Restructuring and Related Charges (Details) - Restructuring accrual activity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and Related Charges (Details) - Restructuring accrual activity [Line Items] | ||
Accrual January 1, 2014 | $ 480 | $ 657 |
Charges (credits) to expense | 300 | |
Cash Payments | $ (480) | (477) |
Accrual | 480 | |
Severance And Other Termination Costs [Member] | ||
Restructuring and Related Charges (Details) - Restructuring accrual activity [Line Items] | ||
Accrual January 1, 2014 | 169 | |
Charges (credits) to expense | (54) | |
Cash Payments | $ (115) | |
Accrual | ||
Lease Obligations [Member] | ||
Restructuring and Related Charges (Details) - Restructuring accrual activity [Line Items] | ||
Accrual January 1, 2014 | $ 480 | $ 488 |
Charges (credits) to expense | 354 | |
Cash Payments | $ (480) | (362) |
Accrual | $ 480 |
Discontinued Operations (Detail
Discontinued Operations (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2014USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Proceeds from Sale of Property, Plant, and Equipment | $ 5.5 |
Discontinued Operations (Deta53
Discontinued Operations (Details) - Loss from discontinued operations, net of taxes - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss from discontinued operations, net of taxes [Abstract] | ||||||||||
Net sales | $ 553 | $ 19,193 | ||||||||
Cost of sales | 772 | 37,805 | ||||||||
Selling, general and administrative expenses | (144) | $ 3,392 | ||||||||
Other income | 64 | |||||||||
Loss from discontinued operations before income taxes | $ (11) | $ (22,004) | ||||||||
Income tax (benefit) expense | ||||||||||
Loss from discontinued operations, net of taxes | $ (2) | $ 74 | $ 35 | $ (118) | $ (682) | $ (1,118) | $ (17,303) | $ (2,901) | $ (11) | $ (22,004) |
Discontinued Operations (Deta54
Discontinued Operations (Details) - Net assets for discontinued operations - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net assets for discontinued operations [Abstract] | ||
Accounts receivable, net | $ 695 | |
Inventory | 678 | |
Total assets | 1,373 | |
Accounts payable and other liabilities | $ 13 | 93 |
Net (liabilities) assets | $ (13) | $ 1,280 |
Income for Continued Dumping 55
Income for Continued Dumping and Subsidy Offset Act (CDSOA) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income For Continued Dumping And Subsidy Offset Act [Abstract] | ||||
Income from Continued Dumping and Subsidy Offset Act, net | $ 412 | $ 4,900,000 | $ 5,308,000 |
Commitments and Contingencies56
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies (Details) [Line Items] | ||
Leases Terms of Expiration | 10 years | |
Operating Leases, Rent Expense | $ 2,900,000 | $ 2,700,000 |
Letter of Credit [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 663,000 |
Commitments and Contingencies57
Commitments and Contingencies (Details) - Future minimum lease payments for our current capital and operating leases $ in Thousands | Dec. 31, 2015USD ($) |
Future minimum lease payments for our current capital and operating leases [Abstract] | |
2,016 | $ 1,196 |
2,017 | 783 |
2,018 | 835 |
2,019 | 863 |
2,020 | 740 |
Thereafter | 1,143 |
Total minimum lease payments | $ 5,560 |
Quarterly Results of Operatio58
Quarterly Results of Operations (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Jun. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Cash from Continued Dumping and Subsidy Offset Act | $ 407,000 | $ 1,100,000 | $ 3,800,000 | $ 5,308,000 | ||
Business Exit Costs | $ 354,000 |
Quarterly Results of Operatio59
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Results of Operations [Abstract] | ||||||||||
Net Sales | $ 13,799 | $ 13,760 | $ 15,133 | $ 14,672 | $ 16,020 | $ 13,928 | $ 16,033 | $ 14,642 | $ 57,364 | $ 60,623 |
Gross profit | 3,453 | 3,410 | 3,839 | 2,983 | 3,726 | 2,624 | 2,725 | 2,938 | 13,685 | 12,013 |
Net income from continuing operations | 919 | 391 | 1,268 | 2,773 | (2,528) | (1,438) | (2,197) | (1,725) | 5,351 | (7,888) |
Net (loss) income from discontinued operations | (2) | 74 | 35 | (118) | (682) | (1,118) | (17,303) | (2,901) | (11) | (22,004) |
Net income | $ 917 | $ 465 | $ 1,303 | $ 2,655 | $ (3,210) | $ (2,556) | $ (19,500) | $ (4,626) | $ 5,340 | $ (29,892) |
Basic earnings per share (2): | ||||||||||
Net income from continuing operations | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.20 | $ (0.18) | $ (0.10) | $ (0.16) | $ (0.12) | $ 0.37 | $ (0.56) |
Net loss from discontinued operations | (0.01) | (0.05) | (0.08) | (1.22) | (0.21) | (1.55) | ||||
Net Income | $ 0.06 | $ 0.03 | $ 0.09 | 0.19 | (0.23) | (0.18) | (1.38) | (0.33) | $ 0.37 | (2.11) |
Diluted earnings per share (2): | ||||||||||
Net income from continuing operations | $ 0.06 | $ 0.03 | $ 0.09 | 0.19 | (0.18) | (0.10) | (0.16) | (0.12) | $ 0.37 | (0.56) |
Net (loss) income from discontinued operations | (0.01) | (0.05) | (0.08) | (1.22) | (0.21) | (1.55) | ||||
Net income | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.18 | $ (0.23) | $ (0.18) | $ (1.38) | $ (0.33) | $ 0.37 | $ (2.11) |
SCHEDULE II - VALUATION AND Q60
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | ||
2,015 | ||
Balance at Beginning of Period | $ 189 | $ 112 |
Charged (Credited) to Costs and Expenses | 93 | 171 |
Deductions | 15 | 94 |
Balance at End of Period | 267 | 189 |
Discount Returns and Allowance [Member] | ||
2,015 | ||
Balance at Beginning of Period | 186 | 158 |
Charged (Credited) to Costs and Expenses | $ (49) | $ 28 |
Deductions | ||
Balance at End of Period | $ 137 | $ 186 |
Doubtful Receivables & Discounts Returns and Allowances [Member] | ||
2,015 | ||
Balance at Beginning of Period | 375 | 270 |
Charged (Credited) to Costs and Expenses | 44 | 199 |
Deductions | 15 | 94 |
Balance at End of Period | 404 | 375 |
Valuation Allowance of Deferred Tax Assets [Member] | ||
2,015 | ||
Balance at Beginning of Period | $ 21,724 | 10,727 |
Charged (Credited) to Costs and Expenses | $ 10,997 | |
Deductions | $ 2,530 | |
Balance at End of Period | $ 19,194 | $ 21,724 |