Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jun. 30, 2016 | Feb. 17, 2016 | |
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 | 14,730,805 | ||
Entity Public Float | $ 30,000,000 | ||
Amendment Flag | true | ||
Amendment Description | We are filing this Amendment No. 1 on Form 10-K/A ("Amendment") to amend our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the Securities and Exchange Commission ("SEC") on February 23, 2017 ("Form 10-K"). The sole purpose of this Amendment is to correct an inadvertent error in the Extensible Business Reporting Language ("XBRL") information filed on Exhibit 101 to the original Form 10-K. No changes have been made in this Amendment to modify or update the other disclosures presented in the Form 10-K. This Amendment does not reflect events occurring after the filing of the Form 10-K or modify or update any disclosures in the Form 10-K that may be affected by such events. This Amendment should be read in conjunction with the Form 10-K and our other filings with the SEC. | ||
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 4,212 | $ 6,497 |
Restricted cash | 663 | 663 |
Accounts receivable, less allowances of $272 and $404 | 3,492 | 6,925 |
Inventory, net | 22,951 | 20,934 |
Prepaid expenses and other current assets | 729 | 959 |
Total current assets | 32,047 | 35,978 |
Property, plant and equipment, net | 1,606 | 1,787 |
Cash surrender value of life insurance policies, net | 22,253 | |
Other assets | 2,868 | 3,128 |
Total assets | 36,521 | 63,146 |
Current liabilities: | ||
Accounts payable | 5,674 | 5,441 |
Accrued salaries, wages and benefits | 1,371 | 1,367 |
Deferred revenue | 759 | 442 |
Other accrued expenses | 593 | 334 |
Total current liabilities | 8,397 | 7,584 |
Deferred compensation | 4,219 | 4,301 |
Supplemental retirement plan | 1,724 | 1,797 |
Other long-term liabilities | 2,199 | 1,812 |
Total liabilities | 16,539 | 15,494 |
Commitments and Contingencies (Footnote 10) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 25,000,000 shares authorized, 14,730,805 and 14,906,831 shares issued and outstanding at December 31, 2016 and 2015, respectively | 275 | 283 |
Capital in excess of par value | 16,840 | 17,521 |
Retained earnings | 5,129 | 32,023 |
Accumulated other comprehensive loss | (2,262) | (2,175) |
Total stockholders’ equity | 19,982 | 47,652 |
Total liabilities and stockholders’ equity | $ 36,521 | $ 63,146 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowances (in Dollars) | $ 272 | $ 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 | 14,730,805 | 14,906,831 |
Common stock, shares outstanding | 14,730,805 | 14,906,831 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 44,574 | $ 57,364 |
Cost of sales | 36,160 | 43,679 |
Gross profit | 8,414 | 13,685 |
Selling, general and administrative expenses | 13,982 | 12,661 |
Operating (loss) income | (5,568) | 1,024 |
Income from Continued Dumping and Subsidy Offset Act, net | 1,103 | 5,308 |
Other income, net | 26 | 42 |
Interest expense, net | 101 | 947 |
(Loss) income from continuing operations before income taxes | (4,540) | 5,427 |
Income tax expense | 718 | 76 |
Net (loss) income from continuing operations | (5,258) | 5,351 |
Net (loss) from discontinued operations | (11) | |
Net (loss) income | $ (5,258) | $ 5,340 |
Basic (loss) income per share: | ||
(Loss) income from continuing operations (in Dollars per share) | $ (0.37) | $ 0.37 |
(Loss) from discontinued operations (in Dollars per share) | ||
Net (loss) income (in Dollars per share) | (0.37) | 0.37 |
Diluted (loss) income per share: | ||
(Loss) income from continuing operations (in Dollars per share) | (0.37) | 0.37 |
(Loss) from discontinued operations (in Dollars per share) | ||
Net (loss) income (in Dollars per share) | $ (0.37) | $ 0.37 |
Weighted average shares outstanding: | ||
Basic (in Shares) | 14,139 | 14,273 |
Diluted (in Shares) | 14,139 | 14,542 |
Dividend per share: | ||
Special dividend (in Dollars per share) | $ 1.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net (loss) income | $ (5,258) | $ 5,340 |
Other comprehensive (loss) income: | ||
Amortization of prior service credit | 92 | |
Actuarial loss (gain) | 174 | (497) |
Amortization of actuarial loss | (87) | (117) |
Adjustments to net periodic postretirement loss (benefit) | 87 | (522) |
Comprehensive (loss) income | $ (5,345) | $ 5,862 |
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, 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 | ||||
Net income (loss) | (5,258) | (5,258) | |||
Other comprehensive income (loss) | (87) | (87) | |||
Special dividends declared | (21,636) | (21,636) | |||
Restricted stock grants (in Shares) | 231 | ||||
Stock purchase and retirement | $ (8) | (1,004) | (1,012) | ||
Stock purchase and retirement (in Shares) | (400) | ||||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (15) | (15) | |||
Stock purchase and retirement for tax withholdings on vesting of restricted awards (in Shares) | (7) | ||||
Stock-based compensation | 338 | 338 | |||
Balance at Dec. 31, 2016 | $ 275 | $ 16,840 | $ 5,129 | $ (2,262) | $ 19,982 |
Balance (in Shares) at Dec. 31, 2016 | 14,731 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 48,248,000 | $ 56,271,000 |
Cash paid to suppliers and employees | (51,243,000) | (55,898,000) |
Cash from Continued Dumping and Subsidy Offset Act, net | 1,103,000 | 5,308,000 |
Interest paid, net | (191,000) | (987,000) |
Income tax payments | (510,000) | (105,000) |
Net cash (used in) provided by operating activities | (2,593,000) | 4,589,000 |
Cash flows from investing activities: | ||
Proceeds from surrender of corporate-owned life insurance policies | 28,139,000 | |
Decrease in restricted cash | 527,000 | |
Proceeds from sale of assets | 4,000 | |
Purchase of other assets | (14,000) | (15,000) |
Net cash provided by investing activities | 28,125,000 | 516,000 |
Cash flows from financing activities: | ||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (15,000) | (13,000) |
Payments on insurance policy loans | (5,495,000) | (5,461,000) |
Payment of dividends | (21,282,000) | |
Purchase and retirement of common stock | (1,012,000) | |
Net cash used by financing activities | (27,804,000) | (5,474,000) |
Cash flows from discontinued operations: | ||
Cash (used in) provided by operating activities | (13,000) | 1,282,000 |
Net cash (used in) provided by discontinued operations | (13,000) | 1,282,000 |
Net (decrease) increase cash | (2,285,000) | 913,000 |
Cash at beginning of year | 6,497,000 | 5,584,000 |
Cash at end of year | 4,212,000 | 6,497,000 |
Reconciliation of net (loss) income to net cash (used in) provided by operating activities: | ||
Net (loss) income | (5,258,000) | 5,340,000 |
Loss from discontinued operations | 11,000 | |
Depreciation | 181,000 | 185,000 |
Amortization | 289,000 | 285,000 |
Stock-based compensation | 338,000 | 824,000 |
Other, net | 14,000 | |
Changes in assets and liabilities: | ||
Accounts receivable | 3,433,000 | (1,072,000) |
Inventories | (2,017,000) | 3,282,000 |
Prepaid expenses and other assets | (176,000) | (1,747,000) |
Accounts payable | 233,000 | (542,000) |
Accrued salaries, wages and benefits | (250,000) | 177,000 |
Other accrued expenses | 235,000 | (1,109,000) |
Other long-term liabilities | 399,000 | (1,059,000) |
Net cash (used in) provided by operating activities | $ (2,593,000) | $ 4,589,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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. Restricted Cash Restricted cash includes collateral deposits required under the Company’s line of credit agreement, to guarantee the Company’s workers compensation insurance policy. The restricted cash balance is expected to mature over the next twelve months. 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. Amounts collected in advance of shipment are reflected as deferred revenue on the consolidated balance sheet and then recognized as revenue as the risk of loss passes to the customer. Inventories Inventories are stated at the lower of cost (first-in, first-out) or market. Cost is determined based solely on those charges incurred in the acquisition and production of the related inventory (i.e. material, freight, labor and overhead). Management regularly examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain items. As a result, we provide inventory valuation write-downs based upon established percentages based on age of the inventory and planned discontinuance of certain items. As of December 31, 2016 and 2015, we had approximately $23.0 million and $20.9 million of finished goods, net of a valuation allowance of $1.3 million and $1.4 million, respectively. 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, 2016 and 2015 was approximately $2.4 million and $2.7 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 7. 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. In the first quarter of 2016, we liquidated the corporate-owned life insurance policies with cash surrender value of $28.1 million. We received $22.4 million in proceeds, net of outstanding loans and accrued interest. 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 7 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 is computed 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 As of December 31, 2015, the Company reclassified approximately $442,000 of amounts collected in advance of shipment from accounts payable to deferred revenue. As both accounts payable and deferred revenue are presented as current liabilities, management does not believe there to be a material impact on the consolidated financial statements taken as a whole. New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC"), Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows Statement of Cash Flows (Topic 230): Restricted In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property, Plant and Equipment Depreciable lives (in years) (in thousands) 2016 2015 Machinery and equipment 5 to 12 $ 2,675 $ 2,675 Leasehold improvements 15 1,833 1,833 Property, plant and equipment, at cost 4,508 4,508 Less accumulated depreciation 2,902 2,721 Property, plant and equipment, net $ 1,606 $ 1,787 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 3. Debt We have a secured $6.0 million revolving credit facility with Wells Fargo Bank, National Association with an excess availability requirement of $2.0 million resulting in maximum borrowings of $4.0 million under the facility, subject to borrowing base eligibility requirements. The credit facility matures in October 2018 and is secured by our accounts receivable, inventory and certain other assets. Borrowings under the credit facility bear interest at a variable per annum rate equal to the daily three month London Bank Interbank Offered Rate plus 3.5%. The credit facility contains covenants that, among other things limit our ability to incur certain types of debt or liens, pay dividends, enter into mergers and consolidations or use proceeds of borrowing for other than permitted uses. The credit facility also includes a covenant requiring us to maintain a minimum fixed charge ratio of not less than 1.1 to 1.0 for the trailing twelve months with an initial compliance date at December 31, 2017. At December 31, 2016, no borrowings were outstanding under this revolving credit facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 4. Income Taxes The provision for income tax expense (benefit) consists of (in thousands): 2016 2015 Current: Federal $ 525 $ 52 State 193 24 Total current 718 76 Deferred: Federal - - State - - Total deferred - - Income tax expense (benefit) $ 718 $ 76 A reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate follows: 2016 2015 Federal statutory rate 35.0 % 35.0 % State tax, net of federal benefit (6.1) .6 State tax credits and adjustments 1.8 (1.9) Change in cash surrender value of life insurance policies (185.1) (9.0) Valuation allowance increase (decrease) 143.2 (23.6) Other, net (4.6) .3 Effective income tax rate (15.8) % 1.4 % The income tax effects of temporary differences that comprise deferred tax assets and liabilities at December 31 follow (in thousands): 2016 2015 Noncurrent deferred tax assets (liabilities): Accounts receivable $ 99 $ 150 Other accrued expenses 587 248 Property, plant and equipment (1,190) (1,255) Employee benefits 3,979 4,252 Contribution carryforward 181 278 AMT credit 1,205 676 Net operating loss 7,727 14,845 Gross non-current deferred tax assets 12,588 19,194 Less valuation allowance (12,588) (19,194) Net noncurrent deferred tax assets $ - $ - We have U.S. federal net operating loss carryforwards of approximately $20.6 million which are available to reduce future taxable income. The federal net operating loss will begin expiring in 2033. We have combined state net operating loss carryforwards of $18.4 million that will expire at various times beginning in 2027. During 2016, we recorded a non-cash credit to our valuation allowance of $6.6 million against our December 31, 2016 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): 2016 2015 Unrecognized tax benefits balance at January 1 $ 307 $ 309 Gross increases in tax positions of prior years 164 - Lapse of statute of limitations - (2) Unrecognized tax benefits balance at December 31 $ 471 $ 307 As of December 31, 2016 and 2015, we had approximately $97,000 and $76,000 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 $307,000 at December 31, 2016 and $200,000 at December 31, 2015. The 2010 through 2015 tax years remain open to examination by major taxing jurisdictions. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Stockholders’ Equity In addition to common stock, authorized capital includes 1,000,000 shares of “blank check” preferred stock. None was outstanding during the two years ended December 31, 2016. 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): 2016 2015 Weighted average shares outstanding for basic calculation 14,139 14,273 Dilutive effect of stock options - 269 Weighted average shares outstanding for diluted calculation 14,139 14,542 In 2016, the dilutive effect of stock options and restricted shares was not recognized since we had a net loss. Approximately 1.1 million shares in 2016 and 1.2 million shares in 2015 that were issuable upon the exercise of stock options were not included in the diluted per share calculation because they were anti-dilutive. In 2016 and 2015, approximately 544,000 and 51,000 shares of restricted stock, respectively, were not included because they were anti-dilutive. We will repurchase common shares that are tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. During 2016 and 2015, we repurchased 6,862 shares for approximately $15,000 and 4,622 shares for approximately $13,000, respectively. 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. During 2016, we repurchased 400,000 shares of common stock for approximately $1.0 million. In 2015, no repurchases of our common stock were made pursuant to this authorization. As of December 31, 2016, we have $3.0 million remaining on this authorization to repurchase our common stock. During 2016, the Board of Directors declared two special dividends totaling $1.50 per share. The first special dividend of $1.25 per share was distributed to shareholders on August 19, 2016 and the second special dividend of $.25 per share was distributed to shareholders on November 18, 2016. Approximately $354,000 in dividends payable relate to unvested restricted shares. In the fourth quarter of 2016, the Board of Directors adopted a Rights Agreement designed to protect the Company’s substantial net operating loss carryforwards. Under the Rights Agreement, company stockholders of record as of December 15, 2016 received one preferred share purchase right for each share of common stock they owned on such date. If a person or group acquires beneficial ownership of 4.9% or more of the Company’s outstanding common stock (subject to certain specified exceptions), the rights will become exercisable. The rights will also become exercisable if a person or group that already owns 4.9% or more of the Company’s outstanding common stock acquires an additional 1% or more of the Company’s outstanding common stock. If the rights become exercisable, all holders of rights, other than the person or group triggering the rights, will be entitled to purchase Company common stock at a 50% discount. Rights held by the person or group triggering the rights will become void and will not be exercisable. The rights have a de minimis fair value. The rights trade with the Company’s common stock. The Rights Agreement and the rights will expire on the first day after the Company’s 2017 annual meeting of stockholders unless the Company’s stockholders approve the Rights Agreement at the meeting, in which case the Rights Agreement and the rights will expire on December 5, 2019 (unless the Company’s NOLs are utilized prior to that date). The Board may amend the Rights Agreement in any way or redeem the rights at any time unless and until the rights are triggered. The Rights Agreement includes a procedure for the Board to consider requests to exempt a particular transaction from triggering the exercisability of the rights under the Rights Agreement if the transaction (i) does not (x) create a significant risk of the Company’s NOLs being impaired or (y) constitute a default under the change-in-control covenant included in the Company’s credit facility or (ii) is otherwise in the best interests of the Company. The Company entered into Amendment No. 1, dated January 30, 2017, to the Rights Agreement. This amendment amends the definition of Acquiring Person in the Rights Agreement to exclude any member of the Hale Group (Hale Partnership Fund, LP and certain affiliates that are parties to the agreement (Hale Agreement) dated January 30, 2017 with the Company), provided that any purchases made by members of the Hale Group after December 5, 2016 are made in compliance with Section 1(h) of the Hale Agreement. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. 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 2016 or 2015. Stock option activity for the two years ended December 31, 2016, follows: Number of shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) 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 Expired (36,610) 23.88 Outstanding at December 31, 2016 1,129,582 $ 5.35 3.8 $ - Exercisable at December 31, 2016 1,129,582 $ 5.35 3.8 $ - There were no stock options exercised in 2016 and 2015. 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 2016 and 2015, 221,745 and 140,442 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, 2016: Weighted-Average Grant Date Fair Value Number of shares 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 Vested (221,745) $ 4.01 Granted 230,836 $ 2.52 Outstanding at December 31, 2016 544,024 $ 2.89 As of December 31, 2016, there was $379,000 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 2.4 years. |
Employee Benefits Plans
Employee Benefits Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 7. 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 $16,000 in 2016 and $34,000 in 2015. 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 Corporate-owned life insurance policies were purchased as a potential funding source for this Plan. The Company had the ability to borrow against these policies or cash them in at any time. The balance sheet reflected a cash surrender value asset of $22.3 million (net of $5.5 million in loans and accrued interest) at December 31, 2015. Interest was 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%. In the first quarter of 2016, we liquidated the corporate-owned life insurance policies with cash surrender value of $28.1 million. We received $22.4 million in proceeds, net of 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. 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. The liquidation of these policies in 2016 created approximately $24.0 million in taxable income which was offset by net operating loss carryforwards. The impact of the deferred compensation plan and corporate owned life insurance policies impact on net income is as follows (in thousands): 2016 2015 Growth in cash surrender value of corporate-owned life insurance policies $ 301 $ 1,701 Deferred compensation plan expenses 352 506 Operating income impact (51) 1,195 Interest expense on loans against corporate-owned life insurance polices 109 948 Net income impact $ (160) $ 247 The financial status of the deferred compensation plan based on actuarially valued benefits at December 31 follows (in thousands): 2016 2015 Change in benefit obligation: Beginning benefit obligation $ 4,749 $ 5,412 Interest cost 160 182 Actuarial loss (gain) 210 (395) Benefits paid (450) (450) Ending benefit obligation $ 4,669 $ 4,749 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 $ (4,669) $ (4,749) Amount recognized in the consolidated balance sheet (in thousands): 2016 2015 Current liabilities $ (450) $ (448) Noncurrent liabilities (4,219) (4,301) Total $ (4,669) $ (4,749) Amount recognized in accumulated other comprehensive (loss) income (in thousands): 2016 2015 Net loss $ 1,752 $ 1,614 Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss) income (in thousands): 2016 2015 Net periodic benefit cost: Interest cost $ 160 $ 182 Amortization of net loss 72 93 Net periodic benefit cost $ 232 $ 275 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net loss (gain) $ 210 $ (395) Amortization of net loss (72) (93) Total recognized in other comprehensive (loss) income 138 (488) Total recognized in net periodic benefit cost and other comprehensive (loss) income $ 370 $ (213) Approximately $84,000 in accumulated other comprehensive income (loss) is expected to be recognized as components of net periodic benefit cost during 2017. The assumptions used to determine the plan’s financial status and postretirement benefit cost: 2016 2015 Discount rate for funded status 3.50% 3.55% Discount rate for benefit cost 3.55% 3.50% Estimated future benefit payments are as follows (in thousands): 2017 $ 450 2018 402 2019 391 2020 381 2021 364 2022 - 2026 1,582 Estimated contributions for 2017 $ 450 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 2016 2015 2016 2015 Change in benefit obligation: Beginning benefit obligation $ 1,952 $ 2,129 $ 827 $ 932 Interest cost 68 72 23 26 Plan participants’ contributions - - 46 50 Actuarial (gain) loss 14 (93) (51) (9) Benefits paid (155) (156) (135) (172) Ending benefit obligation $ 1,879 $ 1,952 $ 710 $ 827 Change in plan assets: Beginning fair value of plan assets - - - - Employer contributions 155 156 89 122 Plan participants’ contributions - - 46 50 Benefits paid (155) (156) (135) (172) Ending fair value of plan assets - - - - Funded status $ (1,879) $ (1,952) $ (710) $ (827) Amount recognized in the consolidated balance sheet (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Current liabilities $ (155) $ (155) $ (88) $ (92) Noncurrent liabilities (1,724) (1,797) (622) (735) Total $ (1,879) $ (1,952) $ (710) $ (827) Amount recognized in accumulated other comprehensive (loss) income (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Net loss (gain) $ 686 $ 704 $ (182) $ (149) Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss) income (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Net periodic benefit cost: Interest cost $ 68 $ 72 $ 23 $ 26 Amortization of net loss (gain) 32 36 (17) (13) Amortization of prior service cost - - - (92) Net periodic benefit cost (income) $ 100 $ 108 $ 6 $ (79) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ 14 $ (93) $ (51) $ (9) Amortization of net (loss) gain (32) (36) 17 13 Amortization of prior service cost - - - 92 Total recognized in other comprehensive (loss) income $ (18) $ (129) $ (34) $ 96 Total recognized in net periodic benefit cost and other comprehensive (loss) income $ 82 $ (21) $ (28) $ 17 The amounts in accumulated other comprehensive (loss) income that are expected to be recognized as components of net periodic benefit cost during 2017 are as follows (in thousands): Supplemental Retirement Plan Other Postretirement Benefits Net loss (gain) $ 33 $ (16) The assumptions used to determine the plan’s financial status and postretirement benefit cost: Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Discount rate for funded status 3.55% 3.65% 3.20% 3.20% Discount rate for benefit cost 3.65% 3.50% 3.20% 3.10% Health care cost assumed trend rate for next year 6.00% 6.50% 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, 2016 by approximately $50 and the annual postretirement benefit cost by approximately $2. Estimated future benefit payments are as follows (in thousands): Supplemental Retirement Plan Other Postretirement Benefits Estimated net future benefit payments: 2017 $ 155 $ 88 2018 152 80 2019 148 76 2020 145 72 2021 141 67 2022 - 2026 645 259 Estimated contributions for 2017 $ 155 $ 88 The accrued liabilities relating to these plans are included in accrued salaries, wages and benefits and in long-term liabilities. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 Net sales $ - $ 553 Cost of sales - 772 Selling, general and administrative expenses - (144) Other income - 64 Loss from discontinued operations before income taxes - (11) Income tax (benefit) expense - - Loss from discontinued operations, net of taxes $ - $ (11) 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. |
Income for Continued Dumping an
Income for Continued Dumping and Subsidy Offset Act (CDSOA) | 12 Months Ended |
Dec. 31, 2016 | |
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. In 2016 and 2015, we received $1.1 million and $5.3 million, respectively, in distributions of funds collected on antidumping duty orders entering the United States prior to September 2007. The distribution amount in 2015 included $4.9 million of distributions for 2012, 2013 and 2014 that were withheld by Customs until pending ligation had been exhausted. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 $3.0 million and $2.9 million in 2016 and 2015, respectively. At December 31, 2016, the future minimum lease payments for our current operating leases were as follows (in thousands): Total 2017 $ 1,280 2018 1,374 2019 1,420 2020 1,308 2021 1,339 Thereafter 1,275 Total minimum lease payments $ 7,996 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, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 11. Quarterly Results of Operations (Unaudited) (in thousands, except per share data) 2016 Quarters: First Second Third Fourth Net Sales $ 11,683 $ 12,053 $ 11,036 $ 9,802 Gross profit 2,541 2,062 1,835 1,976 Net loss $ (1,485) $ (1,392) $ (2,080) $ (301) (1) Net loss per share: Basic $ (.10) $ (.10) $ (.15) $ (.02) Diluted $ (.10) $ (.10) $ (.15) $ (.02) 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) income 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 (1) Includes proceeds received from the Continued Dumping and Subsidy Offset Act, net of taxes, of $1.1 million in fourth quarter of 2016, $3.8 million in the first quarter of 2015, $1.1 million in the second quarter of 2015 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. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For each of the Two Years in the Period Ended December 31, 2016 (in thousands) Column A Column B Column C Column D Column E Descriptions Balance at Beginning of Period Charged (Credited) to Costs & Expenses Deductions Balance at End of Period 2016 Doubtful receivables $ 267 $ 91 $ 241 (a) $ 117 Discounts, returns, and allowances 137 18 (b) - 155 $ 404 $ 109 $ 241 $ 272 Valuation allowance for deferred tax assets $ 19,194 $ - $ 6,606 $ 12,588 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 (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, 2016 | |
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. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash includes collateral deposits required under the Company’s line of credit agreement, to guarantee the Company’s workers compensation insurance policy. The restricted cash balance is expected to mature over the next twelve months. |
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. Amounts collected in advance of shipment are reflected as deferred revenue on the consolidated balance sheet and then recognized as revenue as the risk of loss passes to the customer. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost (first-in, first-out) or market. Cost is determined based solely on those charges incurred in the acquisition and production of the related inventory (i.e. material, freight, labor and overhead). Management regularly examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain items. As a result, we provide inventory valuation write-downs based upon established percentages based on age of the inventory and planned discontinuance of certain items. As of December 31, 2016 and 2015, we had approximately $23.0 million and $20.9 million of finished goods, net of a valuation allowance of $1.3 million and $1.4 million, respectively. |
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, 2016 and 2015 was approximately $2.4 million and $2.7 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 7. 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. In the first quarter of 2016, we liquidated the corporate-owned life insurance policies with cash surrender value of $28.1 million. We received $22.4 million in proceeds, net of outstanding loans and accrued interest. |
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 7 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 is computed 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 As of December 31, 2015, the Company reclassified approximately $442,000 of amounts collected in advance of shipment from accounts payable to deferred revenue. As both accounts payable and deferred revenue are presented as current liabilities, management does not believe there to be a material impact on the consolidated financial statements taken as a whole. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC"), Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows Statement of Cash Flows (Topic 230): Restricted In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable lives (in years) (in thousands) 2016 2015 Machinery and equipment 5 to 12 $ 2,675 $ 2,675 Leasehold improvements 15 1,833 1,833 Property, plant and equipment, at cost 4,508 4,508 Less accumulated depreciation 2,902 2,721 Property, plant and equipment, net $ 1,606 $ 1,787 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 Current: Federal $ 525 $ 52 State 193 24 Total current 718 76 Deferred: Federal - - State - - Total deferred - - Income tax expense (benefit) $ 718 $ 76 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Federal statutory rate 35.0 % 35.0 % State tax, net of federal benefit (6.1) .6 State tax credits and adjustments 1.8 (1.9) Change in cash surrender value of life insurance policies (185.1) (9.0) Valuation allowance increase (decrease) 143.2 (23.6) Other, net (4.6) .3 Effective income tax rate (15.8) % 1.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Noncurrent deferred tax assets (liabilities): Accounts receivable $ 99 $ 150 Other accrued expenses 587 248 Property, plant and equipment (1,190) (1,255) Employee benefits 3,979 4,252 Contribution carryforward 181 278 AMT credit 1,205 676 Net operating loss 7,727 14,845 Gross non-current deferred tax assets 12,588 19,194 Less valuation allowance (12,588) (19,194) Net noncurrent deferred tax assets $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2016 2015 Unrecognized tax benefits balance at January 1 $ 307 $ 309 Gross increases in tax positions of prior years 164 - Lapse of statute of limitations - (2) Unrecognized tax benefits balance at December 31 $ 471 $ 307 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 Weighted average shares outstanding for basic calculation 14,139 14,273 Dilutive effect of stock options - 269 Weighted average shares outstanding for diluted calculation 14,139 14,542 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) 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 Expired (36,610) 23.88 Outstanding at December 31, 2016 1,129,582 $ 5.35 3.8 $ - Exercisable at December 31, 2016 1,129,582 $ 5.35 3.8 $ - |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted-Average Grant Date Fair Value Number of shares 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 Vested (221,745) $ 4.01 Granted 230,836 $ 2.52 Outstanding at December 31, 2016 544,024 $ 2.89 |
Employee Benefits Plans (Tables
Employee Benefits Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | 2016 2015 Growth in cash surrender value of corporate-owned life insurance policies $ 301 $ 1,701 Deferred compensation plan expenses 352 506 Operating income impact (51) 1,195 Interest expense on loans against corporate-owned life insurance polices 109 948 Net income impact $ (160) $ 247 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2016 2015 Change in benefit obligation: Beginning benefit obligation $ 4,749 $ 5,412 Interest cost 160 182 Actuarial loss (gain) 210 (395) Benefits paid (450) (450) Ending benefit obligation $ 4,669 $ 4,749 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 $ (4,669) $ (4,749) Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Change in benefit obligation: Beginning benefit obligation $ 1,952 $ 2,129 $ 827 $ 932 Interest cost 68 72 23 26 Plan participants’ contributions - - 46 50 Actuarial (gain) loss 14 (93) (51) (9) Benefits paid (155) (156) (135) (172) Ending benefit obligation $ 1,879 $ 1,952 $ 710 $ 827 Change in plan assets: Beginning fair value of plan assets - - - - Employer contributions 155 156 89 122 Plan participants’ contributions - - 46 50 Benefits paid (155) (156) (135) (172) Ending fair value of plan assets - - - - Funded status $ (1,879) $ (1,952) $ (710) $ (827) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | 2016 2015 Current liabilities $ (450) $ (448) Noncurrent liabilities (4,219) (4,301) Total $ (4,669) $ (4,749) Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Current liabilities $ (155) $ (155) $ (88) $ (92) Noncurrent liabilities (1,724) (1,797) (622) (735) Total $ (1,879) $ (1,952) $ (710) $ (827) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2016 2015 Net loss $ 1,752 $ 1,614 Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Net loss (gain) $ 686 $ 704 $ (182) $ (149) Supplemental Retirement Plan Other Postretirement Benefits Net loss (gain) $ 33 $ (16) |
Schedule of Net Benefit Costs [Table Text Block] | 2016 2015 Net periodic benefit cost: Interest cost $ 160 $ 182 Amortization of net loss 72 93 Net periodic benefit cost $ 232 $ 275 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net loss (gain) $ 210 $ (395) Amortization of net loss (72) (93) Total recognized in other comprehensive (loss) income 138 (488) Total recognized in net periodic benefit cost and other comprehensive (loss) income $ 370 $ (213) Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Net periodic benefit cost: Interest cost $ 68 $ 72 $ 23 $ 26 Amortization of net loss (gain) 32 36 (17) (13) Amortization of prior service cost - - - (92) Net periodic benefit cost (income) $ 100 $ 108 $ 6 $ (79) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ 14 $ (93) $ (51) $ (9) Amortization of net (loss) gain (32) (36) 17 13 Amortization of prior service cost - - - 92 Total recognized in other comprehensive (loss) income $ (18) $ (129) $ (34) $ 96 Total recognized in net periodic benefit cost and other comprehensive (loss) income $ 82 $ (21) $ (28) $ 17 |
Schedule of Assumptions Used [Table Text Block] | 2016 2015 Discount rate for funded status 3.50% 3.55% Discount rate for benefit cost 3.55% 3.50% Supplemental Retirement Plan Other Postretirement Benefits 2016 2015 2016 2015 Discount rate for funded status 3.55% 3.65% 3.20% 3.20% Discount rate for benefit cost 3.65% 3.50% 3.20% 3.10% Health care cost assumed trend rate for next year 6.00% 6.50% 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] | 2017 $ 450 2018 402 2019 391 2020 381 2021 364 2022 - 2026 1,582 Estimated contributions for 2017 $ 450 Supplemental Retirement Plan Other Postretirement Benefits Estimated net future benefit payments: 2017 $ 155 $ 88 2018 152 80 2019 148 76 2020 145 72 2021 141 67 2022 - 2026 645 259 Estimated contributions for 2017 $ 155 $ 88 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | 2016 2015 Net sales $ - $ 553 Cost of sales - 772 Selling, general and administrative expenses - (144) Other income - 64 Loss from discontinued operations before income taxes - (11) Income tax (benefit) expense - - Loss from discontinued operations, net of taxes $ - $ (11) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Total 2017 $ 1,280 2018 1,374 2019 1,420 2020 1,308 2021 1,339 Thereafter 1,275 Total minimum lease payments $ 7,996 |
Quarterly Results of Operatio28
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | (in thousands, except per share data) 2016 Quarters: First Second Third Fourth Net Sales $ 11,683 $ 12,053 $ 11,036 $ 9,802 Gross profit 2,541 2,062 1,835 1,976 Net loss $ (1,485) $ (1,392) $ (2,080) $ (301) (1) Net loss per share: Basic $ (.10) $ (.10) $ (.15) $ (.02) Diluted $ (.10) $ (.10) $ (.15) $ (.02) 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) income 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 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of Reportable Segments | 1 | ||
Inventory, Gross | $ 23,000,000 | $ 20,900,000 | |
Inventory Valuation Reserves | 1,300,000 | 1,400,000 | |
Capitalized Computer Software, Net | 2,400,000 | $ 2,700,000 | |
Life Insurance Policy, Numbers Held | 27 | ||
Cash Surrender Value of Life Insurance | $ 22,253,000 | ||
Proceeds from Life Insurance Policies | $ 28,100,000 | 28,139,000 | |
Payments for (Proceeds from) Life Insurance Policies | $ (22,400,000) | ||
Reclassification from Accounts Payable to Deferred Revenue | 442,000 | ||
Borrowings Against Cash Surrender Value [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Secured Debt | $ 5,500,000 |
Property, Plant and Equipment30
Property, Plant and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 4,508 | $ 4,508 |
Less accumulated depreciation | 2,902 | 2,721 |
Property, plant and equipment, net | 1,606 | 1,787 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 2,675 | 2,675 |
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 |
Debt (Details)
Debt (Details) - Revolving Credit Facility [Member] - Wells Fargo Bank [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt (Details) [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 6,000,000 |
Line of Credit Facility Excess Availability Requirement | 2,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 |
Line of Credit Facility, Description | The credit facility matures in October 2018 and is secured by our accounts receivable, inventory and certain other assets. |
Line of Credit Facility, Interest Rate Description | Borrowings under the credit facility bear interest at a variable per annum rate equal to the daily three month London Bank Interbank Offered Rate plus 3.5%. |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Line of Credit Facility, Covenant Terms | maintain a minimum fixed charge ratio of not less than 1.1 to 1.0 for the trailing twelve months with an initial compliance date at December 31, 2017. |
Long-term Line of Credit | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes (Details) [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 6,600,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 97,000 | $ 76,000 |
Liability for Uncertainty in Income Taxes, Current | 307,000 | $ 200,000 |
Domestic Tax Authority [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 20,600,000 | |
State and Local Jurisdiction [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 18,400,000 |
Income Taxes (Details) - The pr
Income Taxes (Details) - The provision for income tax expense (benefit) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | ||
Federal | $ 525 | $ 52 |
State | 193 | 24 |
Total current | 718 | 76 |
Deferred: | ||
Federal | ||
State | ||
Total deferred | ||
Income tax expense (benefit) | $ 718 | $ 76 |
Income Taxes (Details) - Reconc
Income Taxes (Details) - Reconciliation of effective income tax rate | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of effective income tax rate [Abstract] | ||
Federal statutory rate | 35.00% | 35.00% |
State tax, net of federal benefit | (6.10%) | 0.60% |
State tax credits and adjustments | 1.80% | (1.90%) |
Change in cash surrender value of life insurance policies | (185.10%) | (9.00%) |
Valuation allowance increase (decrease) | 143.20% | (23.60%) |
Other, net | (4.60%) | 0.30% |
Effective income tax rate | (15.80%) | 1.40% |
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, 2016 | Dec. 31, 2015 |
Noncurrent deferred tax assets (liabilities): | ||
Accounts receivable | $ 99 | $ 150 |
Other accrued expenses | 587 | 248 |
Property, plant and equipment | (1,190) | (1,255) |
Employee benefits | 3,979 | 4,252 |
Contribution carryforward | 181 | 278 |
AMT credit | 1,205 | 676 |
Net operating loss | 7,727 | 14,845 |
Gross non-current deferred tax assets | 12,588 | 19,194 |
Less valuation allowance | (12,588) | (19,194) |
Net noncurrent deferred tax assets |
Income Taxes (Details) - The un
Income Taxes (Details) - The unrecognized tax benefits activity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
The unrecognized tax benefits activity [Abstract] | ||
Unrecognized tax benefits balance at January 1 | $ 307 | $ 309 |
Gross increases in tax positions of prior years | 164 | |
Lapse of statute of limitations | (2) | |
Unrecognized tax benefits balance at December 31 | $ 471 | $ 307 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Nov. 18, 2016 | Aug. 19, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2012 |
Stockholders' Equity (Details) [Line Items] | |||||
Stock Repurchased During Period, Value (in Dollars) | $ 15,000 | $ 13,000 | |||
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $ 0.25 | $ 1.25 | $ 1.50 | ||
Dividends Payable (in Dollars) | $ 354,000 | ||||
Employee Stock Option [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,100,000 | 1,200,000 | |||
Restricted Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 544,000 | 51,000 | |||
Stock Repurchased During Period, Shares | 6,862 | 4,622 | |||
Stock Repurchased During Period, Value (in Dollars) | $ 15,000 | $ 13,000 | |||
Preferred Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Excess Stock, Shares Authorized | 1,000,000 | ||||
Common Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Stock Repurchased During Period, Shares | (7,000) | (4,000) | |||
Privately Negotiated Transaction [Member] | Common Stock [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Stock Repurchased During Period, Shares | 400,000 | ||||
Stock Repurchased During Period, Value (in Dollars) | $ 1,000,000 | ||||
Stock Repurchase Program, Authorized Amount (in Dollars) | $ 5,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | $ 3,000,000 | ||||
Minimum [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 4.90% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Basic and Diluted Earnings Per Share Calculation - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Basic and Diluted Earnings Per Share Calculation [Abstract] | ||
Weighted average shares outstanding for basic calculation | 14,139 | 14,273 |
Dilutive effect of stock options | 269 | |
Weighted average shares outstanding for diluted calculation | 14,139 | 14,542 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
2012 Incentive Compensation Plan [Member] | Common Stock [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, Award Vesting Period | 10 years | |
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] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 221,745 | 140,442 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | $ 379,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | |
Minimum [Member] | Employee Stock Option [Member] | Employees [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] | Employees [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, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | |
Stock Based Compensation (Details) - Stock option activity [Line Items] | |||
Options outstanding, Number of shares | 1,166,192 | 1,371,354 | |
Options outstanding, Weighted-Average Exercise Price | $ 5.93 | $ 5.97 | |
Options outstanding, Weighted-Average Remaining Contractual Term | 3 years 292 days | 5 years 255 days | 4 years 255 days |
Options Forfeited, Number of shares | (184,798) | ||
Options Forfeited, Weighted-Average Exercise Price | $ 4.31 | ||
Options Expired, Number of shares | (36,610) | (20,364) | |
Options Expired, Weighted-Average Exercise Price | $ 23.88 | $ 23.41 | |
Options outstanding, Number of shares | 1,129,582 | 1,166,192 | 1,166,192 |
Options outstanding, Weighted-Average Exercise Price | $ 5.35 | $ 5.93 | $ 5.93 |
Options outstanding, Weighted-Average Remaining Contractual Term | 3 years 292 days | 5 years 255 days | 4 years 255 days |
Options outstanding, Aggregate Intrinsic Value | |||
Exercisable, Number of shares | 1,129,582 | ||
Exercisable, Weighted-Average Exercise Price | $ 5.35 | ||
Exercisable, Weighted-Average Remaining Contractual Term | 3 years 292 days | ||
Exercisable, Aggregate Intrinsic Value |
Stock Based Compensation (Det41
Stock Based Compensation (Details) - Information about restricted stock awards - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Based Compensation (Details) - Information about restricted stock awards [Line Items] | ||
Options Outstanding, Number of Shares | 534,933 | 544,248 |
Options Outstanding, Weighted-Average Grand date Fair Value | $ 3.53 | $ 3.74 |
Options Forfeited, Number of shares | (97,549) | |
Options Forfeited, Weighted-Average Grant Date Fair Value | $ 3.45 | |
Options Vested, Number of shares | (221,745) | (140,442) |
Options Vested, Weighted-Average Grant Date Fair Value | $ 4.01 | $ 3.29 |
Options Granted, Number of shares | 230,836 | 228,676 |
Options Granted, Weighted-Average Grant Date Fair Value | $ 2.52 | $ 2.86 |
Options Outstanding, Number of Shares | 544,024 | 534,933 |
Options Outstanding, Weighted-Average Grand date Fair Value | $ 2.89 | $ 3.53 |
Employee Benefits Plans (Detail
Employee Benefits Plans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefits Plans (Details) [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 16,000 | $ 34,000 | |
Cash Surrender Value of Life Insurance | 22,253,000 | ||
Policy Loans and Accrued Interest | 5,500,000 | ||
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% | ||
Proceeds from Life Insurance Policies | $ 28,100,000 | $ 28,139,000 | |
Payments for (Proceeds from) Life Insurance Policies | (22,400,000) | ||
Other Comprehensive Income (Loss), Tax | 84,000 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 50 | ||
Other Postretirement Benefit Expense | $ 2 | ||
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 | ||
Operating Income (Loss) [Member] | |||
Employee Benefits Plans (Details) [Line Items] | |||
Operating Loss Carryforwards | $ 24,000,000 |
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, 2016 | Dec. 31, 2015 | |
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 | $ 301 | $ 1,701 |
Deferred compensation plan expenses | 352 | 506 |
Operating income impact | (51) | 1,195 |
Interest expense on loans against corporate-owned life insurance polices | 109 | 948 |
Net income impact | $ (160) | $ 247 |
Employee Benefits Plans (Deta44
Employee Benefits Plans (Details) - Funded status - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Change in benefit obligation: | ||
Actuarial (gain) loss | $ (174) | $ 497 |
Deferred Compensation Plan [Member] | ||
Change in benefit obligation: | ||
Beginning benefit obligation | 4,749 | 5,412 |
Interest cost | 160 | 182 |
Actuarial (gain) loss | 210 | (395) |
Employer contributions | 450 | 450 |
Benefits paid | (450) | (450) |
Ending benefit obligation | 4,669 | 4,749 |
Funded status | (4,669) | (4,749) |
Supplemental Employee Retirement Plan [Member] | ||
Change in benefit obligation: | ||
Beginning benefit obligation | 1,952 | 2,129 |
Interest cost | 68 | 72 |
Actuarial (gain) loss | 14 | (93) |
Employer contributions | 155 | 156 |
Benefits paid | (155) | (156) |
Ending benefit obligation | 1,879 | 1,952 |
Funded status | (1,879) | (1,952) |
Other Postretirement Benefit Plan [Member] | ||
Change in benefit obligation: | ||
Beginning benefit obligation | 827 | 932 |
Interest cost | 23 | 26 |
Plan participants’ contributions | 46 | 50 |
Actuarial (gain) loss | (51) | (9) |
Employer contributions | 89 | 122 |
Benefits paid | (135) | (172) |
Ending benefit obligation | 710 | 827 |
Funded status | $ (710) | $ (827) |
Employee Benefits Plans (Deta45
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Compensation Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet [Line Items] | ||
Current liabilities | $ (450) | $ (448) |
Noncurrent liabilities | (4,219) | (4,301) |
Total | (4,669) | (4,749) |
Supplemental Employee Retirement Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet [Line Items] | ||
Current liabilities | (155) | (155) |
Noncurrent liabilities | (1,724) | (1,797) |
Total | (1,879) | (1,952) |
Other Postretirement Benefit Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in the consolidated balance sheet [Line Items] | ||
Current liabilities | (88) | (92) |
Noncurrent liabilities | (622) | (735) |
Total | $ (710) | $ (827) |
Employee Benefits Plans (Deta46
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive (loss) income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive (loss) income [Line Items] | ||
Net loss (gain) | $ 1,752 | $ 1,614 |
Supplemental Employee Retirement Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive (loss) income [Line Items] | ||
Net loss (gain) | 686 | 704 |
Net loss (gain) | 33 | |
Other Postretirement Benefit Plan [Member] | ||
Employee Benefits Plans (Details) - Amount recognized in accumulated other comprehensive (loss) income [Line Items] | ||
Net loss (gain) | (182) | $ (149) |
Net loss (gain) | $ (16) |
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, 2016 | Dec. 31, 2015 | |
Deferred Compensation Plan [Member] | ||
Net periodic benefit cost: | ||
Interest cost | $ 160 | $ 182 |
Amortization of net loss | 72 | 93 |
Net periodic benefit cost | 232 | 275 |
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: | ||
Net loss (gain) | 210 | (395) |
Amortization of net (loss) gain | (72) | (93) |
Total recognized in other comprehensive (loss) income | 138 | (488) |
Total recognized in net periodic benefit cost and other comprehensive (loss) income | 370 | (213) |
Supplemental Employee Retirement Plan [Member] | ||
Net periodic benefit cost: | ||
Interest cost | 68 | 72 |
Amortization of net loss | 32 | 36 |
Net periodic benefit cost | 100 | 108 |
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: | ||
Net loss (gain) | 14 | (93) |
Amortization of net (loss) gain | (32) | (36) |
Total recognized in other comprehensive (loss) income | (18) | (129) |
Total recognized in net periodic benefit cost and other comprehensive (loss) income | 82 | (21) |
Other Postretirement Benefit Plan [Member] | ||
Net periodic benefit cost: | ||
Interest cost | 23 | 26 |
Amortization of net loss | (17) | (13) |
Amortization of prior service cost | (92) | |
Net periodic benefit cost | 6 | (79) |
Amortization of prior service cost | 92 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: | ||
Net loss (gain) | (51) | (9) |
Amortization of net (loss) gain | 17 | 13 |
Total recognized in other comprehensive (loss) income | (34) | 96 |
Total recognized in net periodic benefit cost and other comprehensive (loss) income | $ (28) | $ 17 |
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, 2016 | Dec. 31, 2015 | |
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 | 3.50% | 3.55% |
Discount rate for benefit cost | 3.55% | 3.50% |
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 | 3.55% | 3.65% |
Discount rate for benefit cost | 3.65% | 3.50% |
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% | 3.20% |
Discount rate for benefit cost | 3.20% | 3.10% |
Health care cost assumed trend rate for next year | 6.00% | 6.50% |
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 $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Deferred Compensation Plan [Member] | |
Employee Benefits Plans (Details) - Estimated future benefit payments [Line Items] | |
2,017 | $ 450 |
2,018 | 402 |
2,019 | 391 |
2,020 | 381 |
2,021 | 364 |
2022 - 2026 | 1,582 |
Estimated contributions for 2017 | 450 |
Supplemental Employee Retirement Plan [Member] | |
Employee Benefits Plans (Details) - Estimated future benefit payments [Line Items] | |
2,017 | 155 |
2,018 | 152 |
2,019 | 148 |
2,020 | 145 |
2,021 | 141 |
2022 - 2026 | 645 |
Estimated contributions for 2017 | 155 |
Other Postretirement Benefit Plan [Member] | |
Employee Benefits Plans (Details) - Estimated future benefit payments [Line Items] | |
2,017 | 88 |
2,018 | 80 |
2,019 | 76 |
2,020 | 72 |
2,021 | 67 |
2022 - 2026 | 259 |
Estimated contributions for 2017 | $ 88 |
Discontinued Operations (Detail
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, 2016 | Dec. 31, 2015 | |
Loss from discontinued operations, net of taxes [Abstract] | ||||||
Net sales | $ 553 | |||||
Cost of sales | 772 | |||||
Selling, general and administrative expenses | (144) | |||||
Other income | 64 | |||||
Loss from discontinued operations before income taxes | (11) | |||||
Income tax (benefit) expense | ||||||
Loss from discontinued operations, net of taxes | $ (2) | $ 74 | $ 35 | $ (118) | $ (11) |
Income for Continued Dumping 51
Income for Continued Dumping and Subsidy Offset Act (CDSOA) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income for Continued Dumping and Subsidy Offset Act (CDSOA) (Details) [Line Items] | ||
Income from Continued Dumping and Subsidy Offset Act, net | $ 1,103 | $ 5,308 |
Distribution for 2012, 2013 and 2014 [Member] | ||
Income for Continued Dumping and Subsidy Offset Act (CDSOA) (Details) [Line Items] | ||
Income from Continued Dumping and Subsidy Offset Act, net | $ 4,900 |
Commitments and Contingencies52
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies (Details) [Line Items] | ||
Leases Terms of Expiration | 10 years | |
Operating Leases, Rent Expense | $ 3,000,000 | $ 2,900,000 |
Letter of Credit [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 663,000 |
Commitments and Contingencies53
Commitments and Contingencies (Details) - Future minimum lease payments for our current operating leases $ in Thousands | Dec. 31, 2016USD ($) |
Future minimum lease payments for our current operating leases [Abstract] | |
2,017 | $ 1,280 |
2,018 | 1,374 |
2,019 | 1,420 |
2,020 | 1,308 |
2,021 | 1,339 |
Thereafter | 1,275 |
Total minimum lease payments | $ 7,996 |
Quarterly Results of Operatio54
Quarterly Results of Operations (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Cash from Continued Dumping and Subsidy Offset Act | $ 1,100,000 | $ 407,000 | $ 1,100,000 | $ 3,800,000 | $ 1,103,000 | $ 5,308,000 |
Quarterly Results of Operatio55
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Results of Operations [Abstract] | ||||||||||
Net Sales | $ 9,802 | $ 11,036 | $ 12,053 | $ 11,683 | $ 13,799 | $ 13,760 | $ 15,133 | $ 14,672 | $ 44,574 | $ 57,364 |
Gross profit | 1,976 | 1,835 | 2,062 | 2,541 | 3,453 | 3,410 | 3,839 | 2,983 | 8,414 | 13,685 |
Net income from continuing operations | 919 | 391 | 1,268 | 2,773 | (5,258) | 5,351 | ||||
Net (loss) income from discontinued operations | (2) | 74 | 35 | (118) | (11) | |||||
Net loss | $ (301) | $ (2,080) | $ (1,392) | $ (1,485) | $ 917 | $ 465 | $ 1,303 | $ 2,655 | $ (5,258) | $ 5,340 |
Net loss per share: | ||||||||||
Net income from continuing operations (in Dollars per share) | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.20 | $ (0.37) | $ 0.37 | ||||
Net (loss) income from discontinued operations (in Dollars per share) | (0.01) | |||||||||
Basic (in Dollars per share) | $ (0.02) | $ (0.15) | $ (0.10) | $ (0.10) | 0.06 | 0.03 | 0.09 | 0.19 | (0.37) | 0.37 |
Net income from continuing operations (in Dollars per share) | 0.06 | 0.03 | 0.09 | 0.19 | (0.37) | 0.37 | ||||
Net (loss) income from discontinued operations (in Dollars per share) | (0.01) | |||||||||
Diluted (in Dollars per share) | $ (0.02) | $ (0.15) | $ (0.10) | $ (0.10) | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.18 | $ (0.37) | $ 0.37 |
SCHEDULE II - VALUATION AND Q56
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Doubtful Receivables [Member] | ||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES [Line Items] | ||
Balance at Beginning of Period | $ 267 | $ 189 |
Charged (Credited) to Costs and Expenses | 91 | 93 |
Deductions | 241 | 15 |
Balance at End of Period | 117 | 267 |
Discount Returns and Allowance [Member] | ||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES [Line Items] | ||
Balance at Beginning of Period | 137 | 186 |
Charged (Credited) to Costs and Expenses | 18 | (49) |
Deductions | ||
Balance at End of Period | 155 | 137 |
Doubtful Receivables & Discounts Returns and Allowances [Member] | ||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES [Line Items] | ||
Balance at Beginning of Period | 404 | 375 |
Charged (Credited) to Costs and Expenses | 109 | 44 |
Deductions | 241 | 15 |
Balance at End of Period | 272 | 404 |
Valuation Allowance of Deferred Tax Assets [Member] | ||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES [Line Items] | ||
Balance at Beginning of Period | 19,194 | 21,724 |
Charged (Credited) to Costs and Expenses | ||
Deductions | 6,606 | 2,530 |
Balance at End of Period | $ 12,588 | $ 19,194 |