Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 01, 2016 | Oct. 21, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STANLEY FURNITURE CO INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 14,732,199 | |
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 | Oct. 1, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 7,293 | $ 6,497 |
Restricted cash | 663 | 663 |
Accounts receivable, less allowances of $555 and $404, on each respective date | 5,142 | 6,925 |
Inventory | 21,349 | 20,934 |
Prepaid expenses and other current assets | 503 | 959 |
Total current assets | 34,950 | 35,978 |
Property, plant and equipment, net | 1,654 | 1,787 |
Cash surrender value of life insurance policies, net | 22,253 | |
Other assets | 2,940 | 3,128 |
Total assets | 39,544 | 63,146 |
Current liabilities: | ||
Accounts payable | 5,319 | 5,883 |
Accrued salaries, wages and benefits | 1,420 | 1,367 |
Other accrued expenses | 968 | 334 |
Total current liabilities | 7,707 | 7,584 |
Deferred compensation | 3,969 | 4,301 |
Supplemental retirement plan | 1,732 | 1,797 |
Other long-term liabilities | 2,373 | 1,812 |
Total liabilities | 15,781 | 15,494 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 25,000,000 shares authorized, 14,732,199 and 14,906,831 shares issued and outstanding on each respective date | 275 | 283 |
Capital in excess of par value | 16,721 | 17,521 |
Retained earnings | 8,871 | 32,023 |
Accumulated other comprehensive loss | (2,104) | (2,175) |
Total stockholders’ equity | 23,763 | 47,652 |
Total liabilities and stockholders’ equity | $ 39,544 | $ 63,146 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
Allowances (in Dollars) | $ 555 | $ 404 |
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 | 14,732,199 | 14,906,831 |
Common stock, shares outstanding | 14,732,199 | 14,906,831 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Net sales | $ 11,036 | $ 13,760 | $ 34,772 | $ 43,565 |
Cost of sales | 9,201 | 10,350 | 28,334 | 33,333 |
Gross profit | 1,835 | 3,410 | 6,438 | 10,232 |
Selling, general, and administrative expenses | 3,807 | 2,823 | 10,626 | 9,921 |
Operating (loss) income | (1,972) | 587 | (4,188) | 311 |
Income from Continued Dumping and Subsidy Offset Act, net | 4,896 | |||
Other income, net | 5 | 12 | 16 | 52 |
Interest (income) expense, net | (6) | 216 | 103 | 756 |
(Loss) income from continuing operations before taxes | (1,961) | 383 | (4,275) | 4,503 |
Income tax expense (benefit) | 119 | (8) | 682 | 71 |
Net (loss) income from continuing operations | (2,080) | 391 | (4,957) | 4,432 |
Net income (loss) from discontinued operations | 74 | (9) | ||
Net (loss) income | $ (2,080) | $ 465 | $ (4,957) | $ 4,423 |
Basic (loss) income per share: | ||||
(Loss) income from continuing operations (in Dollars per share) | $ (0.15) | $ 0.03 | $ (0.35) | $ 0.31 |
Income (loss) from discontinued operations (in Dollars per share) | ||||
Net (loss) income (in Dollars per share) | (0.15) | 0.03 | (0.35) | 0.31 |
Diluted (loss) income per share: | ||||
(Loss) income from continuing operations (in Dollars per share) | (0.15) | 0.03 | (0.35) | 0.30 |
Income (loss) from discontinued operations (in Dollars per share) | ||||
Net (loss) income (in Dollars per share) | $ (0.15) | $ 0.03 | $ (0.35) | $ 0.30 |
Weighted average shares outstanding: | ||||
Basic (in Shares) | 14,094 | 14,285 | 14,143 | 14,260 |
Diluted (in Shares) | 14,094 | 14,548 | 14,143 | 14,531 |
Dividends per share: | ||||
Special dividend (in Dollars per share) | $ 1.25 | $ 1.25 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Net (loss) income | $ (2,080) | $ 465 | $ (4,957) | $ 4,423 |
Other comprehensive (loss) income: | ||||
Amortization of prior service cost | 23 | 69 | ||
Amortization of actuarial loss | (24) | (29) | (71) | (87) |
Adjustments to net periodic benefit cost | (24) | (6) | (71) | (18) |
Comprehensive (loss) income | $ (2,056) | $ 471 | $ (4,886) | $ 4,441 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 36,818 | $ 42,426 |
Cash paid to suppliers and employees | (39,389) | (44,091) |
Cash from Continued Dumping and Subsidy Offset Act | 4,896 | |
Interest paid, net | (193) | (670) |
Income taxes paid | (415) | (103) |
Net cash (used) provided by operating activities | (3,179) | 2,458 |
Cash flows from investing activities: | ||
Proceeds from surrender of corporate-owned life insurance policies | 28,139 | |
Decrease in restricted cash | 527 | |
Purchase of other assets | (14) | |
Net cash provided by investing activities | 28,125 | 527 |
Cash flows from financing activities: | ||
Payment of dividends | (17,618) | |
Payments on insurance policy loans | (5,495) | (4,279) |
Repurchase and retirement of common stock | (1,012) | |
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (14) | |
Net cash used by financing activities | (24,139) | (4,279) |
Cash flows from discontinued operations: | ||
Cash (used) provided by operating activities | (11) | 1,287 |
Net cash (used) provided by discontinued operations | (11) | 1,287 |
Net increase (decrease) in cash | 796 | (7) |
Cash at beginning of period | 6,497 | 5,584 |
Cash at end of period | 7,293 | 5,577 |
Reconciliation of net loss to net cash (used) provided by operating activities: | ||
Net (loss) income | (4,957) | 4,423 |
Loss from discontinued operations | 9 | |
Depreciation and amortization | 350 | 352 |
Stock-based compensation | 218 | 539 |
Changes in assets and liabilities: | ||
Accounts receivable | 1,783 | (888) |
Inventories | (415) | 3,208 |
Prepaid expenses and other assets | 50 | (1,253) |
Accounts payable | (564) | (2,521) |
Accrued salaries, wages and benefits | 157 | (161) |
Other accrued expenses | 68 | (1,030) |
Other long-term liabilities | 131 | (220) |
Net cash (used) provided by operating activities | $ (3,179) | $ 2,458 |
Preparation of Interim Unaudite
Preparation of Interim Unaudited Consolidated Financial Statements | 9 Months Ended |
Oct. 01, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles in the United States have been either condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim periods reported herein may not be indicative of the results expected for the year. We suggest that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes included in our latest Annual Report on Form 10-K. Results of the discontinued operations are excluded from the accompanying notes to the consolidated financial statements for all periods presented, unless otherwise noted. Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the 2016 presentation. These reclassifications do not have an impact on the consolidated statements of operations or the consolidated statement of comprehensive (loss) income. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Oct. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 2. (in thousands) October 1, 2016 December 31, 2015 Machinery and equipment $ 2,675 $ 2,675 Leasehold improvements 1,833 1,833 Property, plant and equipment, at cost 4,508 4,508 Less accumulated depreciation 2,854 2,721 Property, plant and equipment, net $ 1,654 $ 1,787 |
Income taxes
Income taxes | 9 Months Ended |
Oct. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 3. During the first nine months of 2016, we expect to use approximately $19.7 million of our $40.1 million net operating loss carry-forwards against taxable income resulting from our surrender of corporate-owned life insurance policies. The premiums paid and the growth in surrender value of these policies were excludable from taxable income over the life of these policies when held until death of the covered lives, but this growth, net of premiums paid, became taxable when we surrendered the policies. The aggregate impact of the surrender of these policies in the first nine months of this year was $24.0 million in taxable income. The income tax expense associated with the surrender of the corporate-owned life insurance policies was largely recognized during the first quarter when the policies were surrendered. The income tax expense recognized during the current three month period was the result of additional alternative minimum tax liability associated with the surrender of the corporate-owned life insurance policies and state income taxes. The income tax expense recognized during the current nine month period was the result of federal alternative minimum tax and, to a lesser extent, the impact of surrendering these policies have on state income taxes. During the first nine months of 2016, we reduced our valuation allowance against deferred tax assets from $19.2 million to $12.6 million at October 1, 2016, as a result of the use of a portion of our net operating loss carry-forwards. We maintain a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes Income Taxes Our effective tax rates for the current three and nine month periods were negative 6.1% and negative 16.0%, respectively, driven by the impact of the alternative minimum tax and state related taxes on the surrender of corporate owned life insurance policies. The effective tax rates in the prior year three and nine month periods were a benefit of 1.8% and an expense of 1.6%, respectively, also driven by the impact of the alternative minimum tax limiting the ability to offset the income received from the Continued Dumping and Subsidy Offset Act during those periods. The major reconciling items between our effective income tax rate and the federal statutory rate are the change in our valuation allowance and the cash surrender value on life insurance policies. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Oct. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 4. Components of other postretirement benefit cost (in thousands): Three Months Ended Nine Months Ended Oct. 1, 2016 Sept. 26, 2015 Oct. 1, 2016 Sept. 26, 2015 Interest cost $ 64 $ 70 $ 191 $ 210 Amortization of prior service benefit - (23) - (69) Amortization of actuarial loss 24 29 71 87 Net periodic postretirement benefit cost $ 88 $ 76 $ 262 $ 228 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Oct. 01, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Ended Nine Months Ended Oct. 1, 2016 Sept. 26, 2015 Oct. 1, 2016 Sept. 26, 2015 Weighted average shares outstanding for basic calculation 14,094 14,285 14,143 14,260 Add: Effect of dilutive stock awards - 263 - 271 Weighted average shares outstanding, adjusted for diluted calculation 14,094 14,548 14,143 14,531 In the three and nine month periods ended October 1, 2016, the dilutive effect of stock options is not recognized since we had a net loss. Approximately 1.2 million shares in the three and nine month periods of 2016 were issuable upon the exercise of stock options. These were not included in the diluted per share calculation because they were anti-dilutive. Also, 638,000 shares in 2016 of restricted stock were not included because they were anti-dilutive. In the three and nine month periods ended September 26, 2015, approximately 1.4 million stock options were excluded from the diluted per share calculation as they would be anti-dilutive. A reconciliation of the activity in stockholders’ equity accounts for the first nine months ended October 1, 2016 is as follows (in thousands): Accumulated Other Comprehensive Loss Capital in Excess of Par Value Common Stock Retained Earnings Balance at December 31, 2015 $ 283 $ 17,521 $ 32,023 $ (2,175) Net loss - - (4,957) - Purchase and retirement of common stock (8) (1,004) - - Stock purchase and retirement for tax withholdings - (14) - - Stock-based compensation - 218 - - Dividends - - (18,195) - Adjustment to net periodic benefit cost - - - 71 Balance at October 1, 2016 $ 275 $ 16,721 $ 8,871 $ (2,104) |
Income from Continued Dumping a
Income from Continued Dumping and Subsidy Offset Act (CDSOA) | 9 Months Ended |
Oct. 01, 2016 | |
Income For Continued Dumping And Subsidy Offset Act [Abstract] | |
Income For Continued Dumping And Subsidy Offset Act [Text Block] | 6. We did not receive any CDSOA distributions in the 2016 three and nine month periods. In the prior year nine month period, we recorded income of $4.9 million from CDSOA distributions previously withheld by U.S. Customs and Border Protection pending resolution of non-supporting producers’ claims seeking to share in these distributions. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Oct. 01, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. 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): Three Months Ended Nine Months Ended Oct. 1, 2016 Sept. 26, 2015 Oct. 1, 2016 Sept 26, 2015 Net sales $ - $ 16 $ - $ 554 Cost of sales - 41 - 760 Selling, general and administrative expenses, net - (36) - (134) Other income - 63 - 63 Income (loss) from discontinued operations before income taxes - 74 - (9) Income taxes - - - - Income (loss) from discontinued operations $ - $ 74 $ - $ (9) Loss from discontinued operations included write-down of inventories and other assets, severance and other termination costs and operating losses related to final manufacturing production. |
Corporate-owned Life Insurance
Corporate-owned Life Insurance Policies | 9 Months Ended |
Oct. 01, 2016 | |
Investments, All Other Investments [Abstract] | |
Life Insurance, Corporate or Bank Owned [Text Block] | 8. In January 2016, we made the decision to liquidate two of our twenty-seven corporate-owned 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 on corporate-owned life insurance policies, lowering our outstanding loan levels to $3.1 million. In March 2016, we made the decision to liquidate the remaining twenty-five life insurance policies with cash surrender value of $25.6 million. We received $22.4 million in proceeds on March 28, 2016, comprised of the cash surrender value net of $3.2 million in remaining outstanding loans and accrued interest. The decision to liquidate was made after continued review of the financial stability of Genworth Life Insurance Company, the issuer of the policies. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 01, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 9. Subsequent to quarter end, we entered into a revolving credit facility with Wells Fargo Bank, National Association that provides for maximum borrowings of $4.0 million and matures October 2018. The facility is secured by our accounts receivable, inventory and certain other assets. The facility contains covenants requiring us to maintain a minimum fixed charge coverage ratio of 1.1 times with an initial compliance date at December 31, 2017. As previously announced, the Board of Directors planned to declare an additional special dividend of $0.25 per share once we secured a revolving credit facility sufficient to fund fluctuations in working capital. As a result of our securing the credit facility, the Board has declared a special dividend of $0.25 per share payable on November 18, 2016 to shareholders of record as of the close of business on November 11, 2016. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (in thousands) October 1, 2016 December 31, 2015 Machinery and equipment $ 2,675 $ 2,675 Leasehold improvements 1,833 1,833 Property, plant and equipment, at cost 4,508 4,508 Less accumulated depreciation 2,854 2,721 Property, plant and equipment, net $ 1,654 $ 1,787 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended Oct. 1, 2016 Sept. 26, 2015 Oct. 1, 2016 Sept. 26, 2015 Interest cost $ 64 $ 70 $ 191 $ 210 Amortization of prior service benefit - (23) - (69) Amortization of actuarial loss 24 29 71 87 Net periodic postretirement benefit cost $ 88 $ 76 $ 262 $ 228 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended Oct. 1, 2016 Sept. 26, 2015 Oct. 1, 2016 Sept. 26, 2015 Weighted average shares outstanding for basic calculation 14,094 14,285 14,143 14,260 Add: Effect of dilutive stock awards - 263 - 271 Weighted average shares outstanding, adjusted for diluted calculation 14,094 14,548 14,143 14,531 |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Other Comprehensive Loss Capital in Excess of Par Value Common Stock Retained Earnings Balance at December 31, 2015 $ 283 $ 17,521 $ 32,023 $ (2,175) Net loss - - (4,957) - Purchase and retirement of common stock (8) (1,004) - - Stock purchase and retirement for tax withholdings - (14) - - Stock-based compensation - 218 - - Dividends - - (18,195) - Adjustment to net periodic benefit cost - - - 71 Balance at October 1, 2016 $ 275 $ 16,721 $ 8,871 $ (2,104) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Three Months Ended Nine Months Ended Oct. 1, 2016 Sept. 26, 2015 Oct. 1, 2016 Sept 26, 2015 Net sales $ - $ 16 $ - $ 554 Cost of sales - 41 - 760 Selling, general and administrative expenses, net - (36) - (134) Other income - 63 - 63 Income (loss) from discontinued operations before income taxes - 74 - (9) Income taxes - - - - Income (loss) from discontinued operations $ - $ 74 $ - $ (9) |
Property, Plant and Equipment20
Property, Plant and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 2,675 | $ 2,675 |
Leasehold improvements | 1,833 | 1,833 |
Property, plant and equipment, at cost | 4,508 | 4,508 |
Less accumulated depreciation | 2,854 | 2,721 |
Property, plant and equipment, net | $ 1,654 | $ 1,787 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Operating Loss Carryforwards Utilized During Period | $ 19.7 | ||||
Operating Loss Carryforwards | $ 40.1 | ||||
Taxable Income from Surrender of Policies | 24 | ||||
Deferred Tax Assets, Valuation Allowance | $ 12.6 | $ 12.6 | $ 19.2 | ||
Effective Income Tax Rate Reconciliation, Percent | (6.10%) | (1.80%) | (16.00%) | 1.60% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Components of other postretirement benefit cost - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Components of other postretirement benefit cost [Abstract] | ||||
Interest cost | $ 64 | $ 70 | $ 191 | $ 210 |
Amortization of prior service benefit | (23) | (69) | ||
Amortization of actuarial loss | 24 | 29 | 71 | 87 |
Net periodic postretirement benefit cost | $ 88 | $ 76 | $ 262 | $ 228 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Employee Stock Option [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,200,000 | 1,400,000 | 1,200,000 | 1,400,000 |
Restricted Stock [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 638,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Basic and Diluted Earnings Per Share Calculation - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Basic and Diluted Earnings Per Share Calculation [Abstract] | ||||
Weighted average shares outstanding for basic calculation | 14,094 | 14,285 | 14,143 | 14,260 |
Add: Effect of dilutive stock awards | 263 | 271 | ||
Weighted average shares outstanding, adjusted for diluted calculation | 14,094 | 14,548 | 14,143 | 14,531 |
Stockholders' Equity (Details25
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||||
Balance at December 31, 2015 | $ 47,652 | |||
Net loss | $ (2,080) | $ 465 | (4,957) | $ 4,423 |
Adjustment to net periodic benefit cost | (24) | $ (6) | (71) | $ (18) |
Balance at October 1, 2016 | 23,763 | 23,763 | ||
Common Stock [Member] | ||||
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||||
Balance at December 31, 2015 | 283 | |||
Net loss | ||||
Purchase and retirement of common stock | (8) | |||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | ||||
Stock-based compensation | ||||
Dividends | ||||
Adjustment to net periodic benefit cost | ||||
Balance at October 1, 2016 | 275 | 275 | ||
Additional Paid-in Capital [Member] | ||||
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||||
Balance at December 31, 2015 | 17,521 | |||
Net loss | ||||
Purchase and retirement of common stock | (1,004) | |||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (14) | |||
Stock-based compensation | 218 | |||
Dividends | ||||
Adjustment to net periodic benefit cost | ||||
Balance at October 1, 2016 | 16,721 | 16,721 | ||
Retained Earnings [Member] | ||||
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||||
Balance at December 31, 2015 | 32,023 | |||
Net loss | (4,957) | |||
Purchase and retirement of common stock | ||||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | ||||
Stock-based compensation | ||||
Dividends | (18,195) | |||
Adjustment to net periodic benefit cost | ||||
Balance at October 1, 2016 | 8,871 | 8,871 | ||
AOCI Attributable to Parent [Member] | ||||
Stockholders' Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||||
Balance at December 31, 2015 | (2,175) | |||
Net loss | ||||
Purchase and retirement of common stock | ||||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | ||||
Stock-based compensation | ||||
Dividends | ||||
Adjustment to net periodic benefit cost | 71 | |||
Balance at October 1, 2016 | $ (2,104) | $ (2,104) |
Income from Continued Dumping26
Income from Continued Dumping and Subsidy Offset Act (CDSOA) (Details) $ in Thousands | 9 Months Ended |
Sep. 26, 2015USD ($) | |
Income For Continued Dumping And Subsidy Offset Act [Abstract] | |
Income from Continued Dumping and Subsidy Offset Act, net | $ 4,896 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Loss from discontinued operations, net of taxes - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Loss from discontinued operations, net of taxes [Abstract] | ||||
Net sales | $ 16 | $ 554 | ||
Cost of sales | 41 | 760 | ||
Selling, general and administrative expenses, net | (36) | (134) | ||
Other income | 63 | 63 | ||
Income (loss) from discontinued operations before income taxes | 74 | (9) | ||
Income taxes | ||||
Income (loss) from discontinued operations after income taxes | $ 74 | $ (9) |
Corporate-owned Life Insuranc28
Corporate-owned Life Insurance Policies (Details) $ in Thousands | Mar. 31, 2016USD ($) | Mar. 28, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Dec. 31, 2015USD ($) |
Investments, All Other Investments [Abstract] | |||||
Liquidated Corporate Owned Life Insurance Policies Numbers | 25 | 2 | |||
Life Insurance Policy, Numbers Held | 27 | ||||
Cash Surrender Value of Life Insurance | $ 25,600 | $ 2,600 | $ 22,253 | ||
Repayments of Secured Debt | $ 3,200 | 2,500 | |||
Secured Debt | $ 3,100 | ||||
Proceeds from Life Insurance Policies | $ 22,400 | $ 28,139 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 02, 2016 | Oct. 01, 2016 | Oct. 01, 2016 |
Subsequent Events (Details) [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 1.25 | $ 1.25 | |
Special Dividend [Member] | Subsequent Event [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | ||
Dividends Payable, Date to be Paid | Nov. 18, 2016 | ||
Dividends Payable, Date of Record | Nov. 11, 2016 | ||
Line of Credit [Member] | Subsequent Event [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4 | ||
Line of Credit Facility, Covenant Terms | The facility contains covenants requiring us to maintain a minimum fixed charge coverage ratio of 1.1 times with an initial compliance date at December 31, 2017 |