Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Nov. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'NATIONAL PRESTO INDUSTRIES INC | ' |
Entity Central Index Key | '0000080172 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 6,914,502 |
Entity Current Reporting Status | 'Yes | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $25,289 | $22,953 |
Marketable securities | 20,625 | 36,404 |
Accounts receivable, net | 50,265 | 84,322 |
Inventories: | ' | ' |
Finished goods | 45,228 | 36,078 |
Work in process | 58,086 | 49,690 |
Raw materials | 10,126 | 6,746 |
Supplies | 69 | ' |
Total inventory | 113,509 | 92,514 |
Deferred tax assets | 8,083 | 8,083 |
Income tax receivable | 6,492 | 213 |
Other current assets | 16,516 | 19,584 |
Total current assets | 240,779 | 264,073 |
Property, Plant and equipment, gross | 168,447 | 155,872 |
Less allowance for depreciation | 73,402 | 66,283 |
PROPERTY, PLANT AND EQUIPMENT, NET | 95,045 | 89,589 |
GOODWILL | 11,485 | 11,485 |
INTANGIBLE ASSETS, net | 16,183 | 24,698 |
NOTE RECEIVABLE | 3,786 | 3,695 |
Total assets | 367,278 | 393,540 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 33,161 | 38,323 |
Accrued liabilities | 14,809 | 15,907 |
Total current liabilities | 47,970 | 54,230 |
DEFERRED INCOME TAX | 6,759 | 6,759 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $1 par value: Authorized: 12,000,000 Issued: 7,440,518 | 7,441 | 7,441 |
Paid-in capital | 5,654 | 4,998 |
Retained earnings | 315,941 | 336,895 |
Accumulated other comprehensive income | 8 | 8 |
Stockholders' Equity before Treasury Stock | 329,044 | 349,342 |
Treasury stock, at cost | 16,495 | 16,791 |
Total stockholders' equity | 312,549 | 332,551 |
Total liabilities and stockholders' equity | $367,278 | $393,540 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 7,440,518 | 7,440,518 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net sales | $95,463 | $100,612 | $270,329 | $285,198 | ||||
Cost of sales | 79,298 | 80,962 | 222,302 | 230,928 | ||||
Gross profit | 16,165 | 19,650 | 48,027 | 54,270 | ||||
Selling and general expenses | 5,625 | 5,627 | 18,360 | 16,737 | ||||
Intangibles amortization | 2,692 | 167 | 8,516 | 500 | ||||
Operating profit | 7,848 | 13,856 | 21,151 | 37,033 | ||||
Other income | 41 | 153 | 353 | 508 | ||||
Earnings before provision for income taxes | 7,889 | 14,009 | 21,504 | 37,541 | ||||
Income tax provision | 2,766 | 4,994 | 7,520 | 13,371 | ||||
Net earnings | 5,123 | 9,015 | 13,984 | 24,170 | ||||
Weighted average common shares outstanding: | ' | ' | ' | ' | ||||
Weighted average shares outstanding (basic and diluted) | 6,932 | 6,907 | 6,927 | 6,905 | ||||
Net earnings per share: | ' | ' | ' | ' | ||||
Basic and diluted | $0.74 | $1.31 | $2.02 | $3.50 | ||||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||||
Unrealized gain (loss) on available-for-sale securities | -3 | -7 | ' | -27 | ||||
Comprehensive income | $5,120 | $9,008 | $13,984 | $24,143 | ||||
Cash dividends declared and paid per common share | $0 | [1] | $0 | [1] | $5.05 | [1] | $0 | [1] |
[1] | An accelerated payment was made in late December 2012 of the annual 2013 dividend. The acceleration was occasioned by the uncertainty over the federal income tax rates that would be in effect for 2013. In contrast, the annual 2014 dividend payment was made during the first quarter of 2014. |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $13,984 | $24,170 |
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition related assets: | ' | ' |
Provision for depreciation | 7,198 | 6,241 |
Intangibles amortization | 8,516 | 500 |
Provision for doubtful accounts | 424 | 319 |
Other | 470 | 260 |
Changes in: | ' | ' |
Accounts receivable | 35,131 | 14,781 |
Inventories | -16,307 | -27,879 |
Other current assets | 3,096 | -3,543 |
Accounts payable and accrued liabilities | -6,703 | 1,507 |
Federal and state income taxes | -6,277 | -580 |
Net cash provided by operating activities | 39,532 | 15,776 |
Cash flows from investing activities: | ' | ' |
Marketable securities purchased | -2,833 | -6,151 |
Marketable securities - maturities and sales | 18,613 | 17,373 |
Acquisition of property, plant and equipment | -8,154 | -18,055 |
Acquisition of businesses, net of cash acquired | -10,534 | ' |
Sale of property, plant and equipment | 304 | 8 |
Net cash used in investing activities | -2,604 | -6,825 |
Cash flows from financing activities: | ' | ' |
Dividends paid | -34,954 | ' |
Other | 362 | ' |
Net cash used in financing activities | -34,592 | ' |
Net increase in cash and cash equivalents | 2,336 | 8,951 |
Cash and cash equivalents at beginning of period | 22,953 | 37,437 |
Cash and cash equivalents at end of period | $25,289 | $46,388 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 28, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
NOTE A – BASIS OF PRESENTATION | |
The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 2013 is summarized from consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2013 Annual Report on Form 10-K. Interim results for the period are not indicative of those for the year. | |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 28, 2014 | |
Reclassifications [Abstract] | ' |
Reclassifications | ' |
NOTE B – RECLASSIFICATIONS | |
Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s financial statement presentation. These reclassifications did not affect net earnings or stockholders’ equity as previously reported. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Sep. 28, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
NOTE C – EARNINGS PER SHARE | |
Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. | |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Business Segments [Abstract] | ' | ||||||||||||
Business Segments | ' | ||||||||||||
NOTE D – BUSINESS SEGMENTS | |||||||||||||
In the following summary, operating profit represents earnings before other income, principally interest income and income taxes. The Company's segments operate discretely from each other with no shared manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented. | |||||||||||||
(in thousands) | |||||||||||||
Housewares / Small Appliances | Defense Products | Absorbent Products | Total | ||||||||||
Quarter ended September 28, 2014 | |||||||||||||
External net sales | $ | 28,264 | $ | 52,657 | $ | 14,542 | $ | 95,463 | |||||
Gross profit | 5,166 | 13,084 | -2,085 | 16,165 | |||||||||
Operating profit | 2,841 | 7,678 | -2,671 | 7,848 | |||||||||
Total assets | 152,414 | 151,867 | 62,997 | 367,278 | |||||||||
Depreciation and amortization | 236 | 3,326 | 1,615 | 5,177 | |||||||||
Capital expenditures | 172 | 291 | 2,738 | 3,201 | |||||||||
Quarter ended September 29, 2013 | |||||||||||||
External net sales | $ | 29,394 | $ | 52,453 | $ | 18,765 | $ | 100,612 | |||||
Gross profit | 6,731 | 12,922 | -3 | 19,650 | |||||||||
Operating profit | 4,104 | 10,380 | -628 | 13,856 | |||||||||
Total assets | 202,866 | 115,437 | 61,053 | 379,356 | |||||||||
Depreciation and amortization | 260 | 520 | 1,447 | 2,227 | |||||||||
Capital expenditures | 164 | 2,519 | 1,947 | 4,630 | |||||||||
(in thousands) | |||||||||||||
Housewares/ | |||||||||||||
Small | Defense | Absorbent | |||||||||||
Appliances | Products | Products | Total | ||||||||||
Nine Months ended September 28, 2014 | |||||||||||||
External net sales | $ | 69,576 | $ | 151,313 | $ | 49,440 | $ | 270,329 | |||||
Gross profit | 13,363 | 37,589 | -2,925 | 48,027 | |||||||||
Operating profit | 5,223 | 20,724 | -4,796 | 21,151 | |||||||||
Total assets | 152,414 | 151,867 | 62,997 | 367,278 | |||||||||
Depreciation and amortization | 721 | 10,454 | 4,539 | 15,714 | |||||||||
Capital expenditures | 491 | 1,180 | 6,483 | 8,154 | |||||||||
Nine Months ended September 29, 2013 | |||||||||||||
External net sales | $ | 78,772 | $ | 149,920 | $ | 56,506 | $ | 285,198 | |||||
Gross profit | 15,762 | 36,456 | 2,052 | 54,270 | |||||||||
Operating profit | 7,474 | 29,153 | 406 | 37,033 | |||||||||
Total assets | 202,866 | 115,437 | 61,053 | 379,356 | |||||||||
Depreciation and amortization | 817 | 1,741 | 4,183 | 6,741 | |||||||||
Capital expenditures | 442 | 8,817 | 8,796 | 18,055 | |||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 28, 2014 | |
Fair Value Of Financial Instruments [Abstract] | ' |
Fair Value Of Financial Instruments | ' |
NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS | |
The Company utilizes the methods of fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures, to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |
The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. | |
Cash_Cash_Equivalents_And_Mark
Cash, Cash Equivalents And Marketable Securities | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Cash, Cash Equivalents And Marketable Securities [Abstract] | ' | ||||||||||||
Cash, Cash Equivalents And Marketable Securities | ' | ||||||||||||
NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES | |||||||||||||
The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820). | |||||||||||||
The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity. Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities. | |||||||||||||
At September 28, 2014 and December 31, 2013, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the periods presented is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable. There were no transfers into or out of Level 2 during the nine months ended September 28, 2014. | |||||||||||||
(In Thousands) | |||||||||||||
MARKETABLE SECURITIES | |||||||||||||
Amortized Cost | Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||
28-Sep-14 | |||||||||||||
Tax-exempt Municipal Bonds | $ | 6,549 | $ | 6,561 | $ | 12 | $ | - | |||||
Variable Rate Demand Notes | 14,064 | 14,064 | - | - | |||||||||
Total Marketable Securities | $ | 20,613 | $ | 20,625 | $ | 12 | $ | - | |||||
31-Dec-13 | |||||||||||||
Tax-exempt Municipal Bonds | $ | 20,813 | $ | 20,825 | $ | 18 | $ | 6 | |||||
Variable Rate Demand Notes | 15,579 | 15,579 | - | - | |||||||||
Total Marketable Securities | $ | 36,392 | $ | 36,404 | $ | 18 | $ | 6 | |||||
Proceeds from maturities and sales of available-for-sale securities totaled $4,225,000 and $723,000 for the three month periods ended September 28, 2014 and September 29, 2013, and totaled $18,613,000 and $17,373,000 for the nine months then ended, respectively. There were no gross gains or losses related to sales of marketable securities during the same periods. Net unrealized gains (losses) included in other comprehensive income were $(5,000) and $(12,000) before taxes for the three month periods ended September 28, 2014 and September 29, 2013, and were $1,000 and $(42,000) before taxes for the nine month periods then ended, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods. | |||||||||||||
The contractual maturities of the marketable securities held at September 28, 2014 are as follows: $4,354,000 within one year; $3,177,000 beyond one year to five years; $6,448,000 beyond five years to ten years, and $6,646,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 28, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
NOTE G – COMMITMENTS AND CONTINGENCIES | |
The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations. | |
Business_Acquisition
Business Acquisition | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Business Acquisition [Abstract] | ' | |||||||||||
Business Acquisition | ' | |||||||||||
NOTE H – BUSINESS ACQUISITION | ||||||||||||
On January 24, 2014, AMTEC Corporation, a wholly-owned subsidiary of the Company, purchased substantially all of the assets of Chemring Energetic Devices, Inc.’s business located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC. The Clear Lake facility is a manufacturer of detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials. Its major customers include U.S. and foreign government agencies, AMTEC Corporation, and other defense contractors. The acquisition of the Clear Lake facility will serve to complement the Defense segment’s existing line of products. The total consideration transferred was $10,534,000, consisting of $10,000,000 of cash paid at closing, and an additional cash payment of $534,000, which was made during the second quarter of 2014. | ||||||||||||
The acquisition was accounted for under the acquisition method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities. The following table shows the amounts recorded as of the acquisition date. The allocation differs from what was previously reported due to a final true up during the second quarter of 2014, the amount of which was not significant. | ||||||||||||
(in thousands) | ||||||||||||
Receivables | $ | 1,498 | ||||||||||
Inventory | 4,688 | |||||||||||
Other current assets | 28 | |||||||||||
Property, plant and equipment | 4,800 | |||||||||||
Total assets acquired | 11,014 | |||||||||||
Less: Current liabilities assumed | 480 | |||||||||||
Net assets acquired | $ | 10,534 | ||||||||||
The amount shown above for receivables represents the gross accounts receivable from the sales of goods, net of an allowance for doubtful accounts of $20,000. | ||||||||||||
The Company’s results of operations for the third quarter of 2014 includes revenue of $5,294,000 and earnings of $171,000 from the acquired facility, and revenue of $11,301,000 and earnings of $876,000 from the acquired facility from the date of acquisition through September 28, 2014. The following pro forma condensed consolidated results of operations has been prepared as if the acquisition had occurred as of January 1, 2013. | ||||||||||||
(unaudited) | ||||||||||||
(in thousands, except per share data) | ||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||
Net sales | $ | 95,463 | $ | 104,397 | $ | 270,964 | $ | 298,098 | ||||
Net earnings | 5,123 | 8,626 | 13,704 | 23,976 | ||||||||
Net earnings per share (basic and diluted) | $ | 0.74 | $ | 1.25 | $ | 1.98 | $ | 3.47 | ||||
Weighted average shares outstanding (basic and diluted) | 6,932 | 6,907 | 6,927 | 6,905 | ||||||||
The unaudited pro forma financial information presented above is not intended to represent or be indicative of what would have occurred if the transactions had taken place on the dates presented and is not indicative of what the Company’s actual results of operations would have been had the acquisitions been completed at the beginning of the periods indicated above. Further, the pro forma combined results do not reflect one-time costs to fully merge and operate the combined organization more efficiently, or anticipated synergies expected to result from the combination and should not be relied upon as being indicative of the future results that the Company will experience. | ||||||||||||
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncement | 9 Months Ended |
Sep. 28, 2014 | |
Recently Issued Accounting Pronouncement [Abstract] | ' |
Recently Issued Accounting Pronouncement | ' |
NOTE I – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT | |
In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. It is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements, but does not expect the impact to be material. | |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Business Segments [Abstract] | ' | ||||||||||||
Summary Of Business Segments Information | ' | ||||||||||||
(in thousands) | |||||||||||||
Housewares / Small Appliances | Defense Products | Absorbent Products | Total | ||||||||||
Quarter ended September 28, 2014 | |||||||||||||
External net sales | $ | 28,264 | $ | 52,657 | $ | 14,542 | $ | 95,463 | |||||
Gross profit | 5,166 | 13,084 | -2,085 | 16,165 | |||||||||
Operating profit | 2,841 | 7,678 | -2,671 | 7,848 | |||||||||
Total assets | 152,414 | 151,867 | 62,997 | 367,278 | |||||||||
Depreciation and amortization | 236 | 3,326 | 1,615 | 5,177 | |||||||||
Capital expenditures | 172 | 291 | 2,738 | 3,201 | |||||||||
Quarter ended September 29, 2013 | |||||||||||||
External net sales | $ | 29,394 | $ | 52,453 | $ | 18,765 | $ | 100,612 | |||||
Gross profit | 6,731 | 12,922 | -3 | 19,650 | |||||||||
Operating profit | 4,104 | 10,380 | -628 | 13,856 | |||||||||
Total assets | 202,866 | 115,437 | 61,053 | 379,356 | |||||||||
Depreciation and amortization | 260 | 520 | 1,447 | 2,227 | |||||||||
Capital expenditures | 164 | 2,519 | 1,947 | 4,630 | |||||||||
(in thousands) | |||||||||||||
Housewares/ | |||||||||||||
Small | Defense | Absorbent | |||||||||||
Appliances | Products | Products | Total | ||||||||||
Nine Months ended September 28, 2014 | |||||||||||||
External net sales | $ | 69,576 | $ | 151,313 | $ | 49,440 | $ | 270,329 | |||||
Gross profit | 13,363 | 37,589 | -2,925 | 48,027 | |||||||||
Operating profit | 5,223 | 20,724 | -4,796 | 21,151 | |||||||||
Total assets | 152,414 | 151,867 | 62,997 | 367,278 | |||||||||
Depreciation and amortization | 721 | 10,454 | 4,539 | 15,714 | |||||||||
Capital expenditures | 491 | 1,180 | 6,483 | 8,154 | |||||||||
Nine Months ended September 29, 2013 | |||||||||||||
External net sales | $ | 78,772 | $ | 149,920 | $ | 56,506 | $ | 285,198 | |||||
Gross profit | 15,762 | 36,456 | 2,052 | 54,270 | |||||||||
Operating profit | 7,474 | 29,153 | 406 | 37,033 | |||||||||
Total assets | 202,866 | 115,437 | 61,053 | 379,356 | |||||||||
Depreciation and amortization | 817 | 1,741 | 4,183 | 6,741 | |||||||||
Capital expenditures | 442 | 8,817 | 8,796 | 18,055 | |||||||||
Cash_Cash_Equivalents_And_Mark1
Cash, Cash Equivalents And Marketable Securities (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Cash, Cash Equivalents And Marketable Securities [Abstract] | ' | ||||||||||||
Summary Of The Amortized Costs And Fair Values Of Marketable Securities | ' | ||||||||||||
(In Thousands) | |||||||||||||
MARKETABLE SECURITIES | |||||||||||||
Amortized Cost | Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||
28-Sep-14 | |||||||||||||
Tax-exempt Municipal Bonds | $ | 6,549 | $ | 6,561 | $ | 12 | $ | - | |||||
Variable Rate Demand Notes | 14,064 | 14,064 | - | - | |||||||||
Total Marketable Securities | $ | 20,613 | $ | 20,625 | $ | 12 | $ | - | |||||
31-Dec-13 | |||||||||||||
Tax-exempt Municipal Bonds | $ | 20,813 | $ | 20,825 | $ | 18 | $ | 6 | |||||
Variable Rate Demand Notes | 15,579 | 15,579 | - | - | |||||||||
Total Marketable Securities | $ | 36,392 | $ | 36,404 | $ | 18 | $ | 6 | |||||
Business_Acquisition_Tables
Business Acquisition (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Business Acquisition [Abstract] | ' | |||||||||||
Summary of Assets Acquired and Liabilities Assumed in a Business Combination | ' | |||||||||||
(in thousands) | ||||||||||||
Receivables | $ | 1,498 | ||||||||||
Inventory | 4,688 | |||||||||||
Other current assets | 28 | |||||||||||
Property, plant and equipment | 4,800 | |||||||||||
Total assets acquired | 11,014 | |||||||||||
Less: Current liabilities assumed | 480 | |||||||||||
Net assets acquired | $ | 10,534 | ||||||||||
Summary Pro Forma Results of Operations for a Material Business Acquisition | ' | |||||||||||
(unaudited) | ||||||||||||
(in thousands, except per share data) | ||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||
Net sales | $ | 95,463 | $ | 104,397 | $ | 270,964 | $ | 298,098 | ||||
Net earnings | 5,123 | 8,626 | 13,704 | 23,976 | ||||||||
Net earnings per share (basic and diluted) | $ | 0.74 | $ | 1.25 | $ | 1.98 | $ | 3.47 | ||||
Weighted average shares outstanding (basic and diluted) | 6,932 | 6,907 | 6,927 | 6,905 | ||||||||
Business_Segments_Schedule_Of_
Business Segments (Schedule Of Segment Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External net sales | $95,463 | $100,612 | $270,329 | $285,198 | ' |
Gross profit | 16,165 | 19,650 | 48,027 | 54,270 | ' |
Operating profit | 7,848 | 13,856 | 21,151 | 37,033 | ' |
Total assets | 367,278 | 379,356 | 367,278 | 379,356 | 393,540 |
Depreciation and amortization | 5,177 | 2,227 | 15,714 | 6,741 | ' |
Capital expenditures | 3,201 | 4,630 | 8,154 | 18,055 | ' |
Housewares/ Small Appliances [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External net sales | 28,264 | 29,394 | 69,576 | 78,772 | ' |
Gross profit | 5,166 | 6,731 | 13,363 | 15,762 | ' |
Operating profit | 2,841 | 4,104 | 5,223 | 7,474 | ' |
Total assets | 152,414 | 202,866 | 152,414 | 202,866 | ' |
Depreciation and amortization | 236 | 260 | 721 | 817 | ' |
Capital expenditures | 172 | 164 | 491 | 442 | ' |
Defense Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External net sales | 52,657 | 52,453 | 151,313 | 149,920 | ' |
Gross profit | 13,084 | 12,922 | 37,589 | 36,456 | ' |
Operating profit | 7,678 | 10,380 | 20,724 | 29,153 | ' |
Total assets | 151,867 | 115,437 | 151,867 | 115,437 | ' |
Depreciation and amortization | 3,326 | 520 | 10,454 | 1,741 | ' |
Capital expenditures | 291 | 2,519 | 1,180 | 8,817 | ' |
Absorbent Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External net sales | 14,542 | 18,765 | 49,440 | 56,506 | ' |
Gross profit | -2,085 | -3 | -2,925 | 2,052 | ' |
Operating profit | -2,671 | -628 | -4,796 | 406 | ' |
Total assets | 62,997 | 61,053 | 62,997 | 61,053 | ' |
Depreciation and amortization | 1,615 | 1,447 | 4,539 | 4,183 | ' |
Capital expenditures | $2,738 | $1,947 | $6,483 | $8,796 | ' |
Recovered_Sheet1
Cash, Cash Equivalents and Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
MARKETABLE SECURITIES, Amortized Cost | $20,613 | $36,392 |
MARKETABLE SECURITIES, Fair Value | 20,625 | 36,404 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 12 | 18 |
MARKETABLE SECURITIES - Gross Unrealized Losses | ' | 6 |
Tax-Exempt Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
MARKETABLE SECURITIES, Amortized Cost | 6,549 | 20,813 |
MARKETABLE SECURITIES, Fair Value | 6,561 | 20,825 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 12 | 18 |
MARKETABLE SECURITIES - Gross Unrealized Losses | ' | 6 |
Variable Rate Demand Notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
MARKETABLE SECURITIES, Amortized Cost | 14,064 | 15,579 |
MARKETABLE SECURITIES, Fair Value | $14,064 | $15,579 |
Cash_Cash_Equivalents_And_Mark2
Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Cash, Cash Equivalents And Marketable Securities [Line Items] | ' | ' | ' | ' |
Transfers into Level 2 | $0 | ' | $0 | ' |
Transfers out of Level 2 | 0 | ' | 0 | ' |
Proceeds from sales of available-for-sale securities | 4,225,000 | 723,000 | 18,613,000 | 17,373,000 |
Gross gains or losses related to sales of marketable securities | 0 | 0 | 0 | 0 |
Net unrealized losses included in accumulated other comprehensive income, before taxes | -5,000 | -12,000 | 1,000 | -42,000 |
Contractual maturities of marketable securities within 1 year | 4,354,000 | ' | 4,354,000 | ' |
Contractual maturities of marketable securities, years 2-5 | 3,177,000 | ' | 3,177,000 | ' |
Contractual maturities of marketable securities, years 6-10 | 6,448,000 | ' | 6,448,000 | ' |
Contractual maturities of marketable securities, after 10 years | 6,646,000 | ' | 6,646,000 | ' |
Marketable securities liquidation period | ' | ' | '7 days | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Cash, Cash Equivalents And Marketable Securities [Line Items] | ' | ' | ' | ' |
Reclassification out of AOCI | $0 | $0 | $0 | $0 |
Business_Acquisition_Schedule_
Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) (Tech Ord [Member], USD $) | Jan. 24, 2014 |
In Thousands, unless otherwise specified | |
Tech Ord [Member] | ' |
Business Acquisition [Line Items] | ' |
Receivables | $1,498 |
Inventory | 4,688 |
Other Current Assets | 28 |
Property, Plant and Equipment | 4,800 |
Total Assets Acquired | 11,014 |
Less: Current Liabilities Assumed | 480 |
Net Assets Acquired | $10,534 |
Business_Acquisition_Schedule_1
Business Acquisition (Schedule of Pro Forma Results of Operatiaons) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Weighted average shares outstanding (basic and diluted) | 6,932 | 6,907 | 6,927 | 6,905 |
Tech Ord [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net Sales | 95,463 | 104,397 | 270,964 | 298,098 |
Net Earnings | 5,123 | 8,626 | 13,704 | 23,976 |
Net earnings per share (basic and diluted) | 0.74 | 1.25 | 1.98 | 3.47 |
Weighted average shares outstanding (basic and diluted) | 6,932 | 6,907 | 6,927 | 6,905 |
Business_Acquisition_Narrative
Business Acquisition (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Jan. 24, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Sep. 28, 2014 |
Tech Ord [Member] | Tech Ord [Member] | Tech Ord [Member] | Tech Ord [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $95,463 | $100,612 | $270,329 | $285,198 | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | 10,534 | ' | ' | ' |
Cash Paid to Acquire Business | ' | ' | ' | ' | 10,000 | ' | 534 | ' |
Estimated Amount of Acquired Receivable Uncollectible | ' | ' | ' | ' | 20 | ' | ' | ' |
Revenue of Acquiree Included in Conolidated Income Statement Since Acquisition Date | ' | ' | ' | ' | ' | 5,294 | ' | 11,301 |
Earnings (Loss) of Acquiree Included in Conolidated Income Statement Since Acquisition Date | ' | ' | ' | ' | ' | $171 | ' | $876 |