Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | |
Jun. 28, 2014 | Aug. 01, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'CPS Technologies Corp/DE/ | ' |
Entity Central Index Key | '0000814676 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Public Float | ' | $21,000,000 |
Entity Common Stock, Shares Outstanding | ' | 13,087,027 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $1,144,594 | $1,571,054 |
Accounts receivable-trade, net | 3,448,955 | 2,900,457 |
Inventories, net | 2,781,592 | 2,183,699 |
Prepaid expenses and other current assets | 107,971 | 175,726 |
Deferred taxes | 531,377 | 649,420 |
Total current assets | 8,014,489 | 7,480,356 |
Property and equipment: | ' | ' |
Production equipment | 7,777,208 | 7,728,408 |
Furniture and office equipment | 404,855 | 383,990 |
Leasehold improvements | 759,819 | 759,819 |
Total cost | 8,941,882 | 8,872,217 |
Accumulated depreciation and amortization | -7,772,631 | -7,470,815 |
Construction in progress | 626,220 | 431,385 |
Net property and equipment | 1,795,471 | 1,832,787 |
Deferred taxes, non-current portion | 1,838,481 | 1,826,482 |
Total assets | 11,648,441 | 11,139,625 |
Current liabilities: | ' | ' |
Accounts payable | 1,442,526 | 1,091,909 |
Accrued expenses | 935,578 | 1,106,813 |
Obligations under capital leases, current portion | 35,098 | 76,372 |
Total current liabilities | 2,413,202 | 2,275,094 |
Total liabilities | 2,413,202 | 2,275,094 |
Stockholders equity: | ' | ' |
Common stock, $0.01 par value, authorized 20,000,000 and 15,000,000 shares; issued 13,215,942 and 13,178,042 shares; outstanding 13,087,027 and 13,066,641 shares; at June 28, 2014 and December 28, 2013, respectively | 132,160 | 131,781 |
Additional paid-in capital | 34,510,625 | 34,278,757 |
Accumulated deficit | -25,128,130 | -25,318,332 |
Less cost of 128,915 and 111,401 common shares repurchased at June 28, 2014 and December 28, 2013, respectively | -279,416 | -227,675 |
Total stockholders equity | 9,235,239 | 8,864,531 |
Total liabilities and stockholders equity | $11,648,441 | $11,139,625 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, authorized | 20,000,000 | 15,000,000 |
Common Stock, issued shares | 13,215,942 | 13,178,042 |
Common Stock outstanding shares | 13,087,027 | 13,066,641 |
Common Stock, par value | $0.01 | $0.01 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Product sales | $5,130,022 | $5,240,817 | $11,082,102 | $10,154,164 |
Research and development under cooperative agreement | 4,640 | 59,725 | 38,611 | 177,456 |
Total revenues | 5,134,662 | 5,300,542 | 11,120,713 | 10,331,620 |
Cost of product sales | 4,072,492 | 3,887,713 | 8,491,852 | 7,906,468 |
Cost of research and development under cooperative agreement | 3,834 | 49,531 | 32,156 | 147,418 |
Gross Margin | 1,058,336 | 1,363,298 | 2,596,705 | 2,277,734 |
Selling, general, and administrative | 1,153,214 | 1,008,118 | 2,279,002 | 1,908,032 |
Operating income (loss) from operations | -94,878 | 355,180 | 317,703 | 369,702 |
Interest expense, net | -539 | -12,678 | -1,501 | -22,870 |
Net income (loss) before income tax expense (benefit) | -95,417 | 342,502 | 316,202 | 346,832 |
Income tax expense (benefit) | -38,000 | 106,000 | 126,000 | 107,720 |
Net income (loss) | ($57,417) | $236,502 | $190,202 | $239,112 |
Net income (loss) per basic common share | $0 | $0.02 | $0.01 | $0.02 |
Weighted average number of basic common shares outstanding | 13,084,968 | 12,961,506 | 13,077,273 | 12,916,633 |
Net income (loss) per diluted common share | $0 | $0.02 | $0.01 | $0.02 |
Weighted average number of diluted common shares outstanding | 13,084,968 | 13,091,084 | 13,705,570 | 13,101,855 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 28, 2014 | Jun. 29, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $190,202 | $239,112 |
Depreciation and amortization | 301,817 | 317,788 |
Share-based compensation | 156,344 | 115,765 |
Deferred taxes | 126,000 | 107,720 |
Excess tax benefit from stock options exercised | -19,956 | -117,273 |
Accounts receivable-trade | -548,498 | -785,583 |
Inventories | -597,893 | 376,898 |
Prepaid expenses and other current assets | 67,755 | 20,343 |
Accounts payable | 350,617 | 385,108 |
Accrued expenses | -171,235 | -104,076 |
Net cash provided by (used in) operating activities | -144,847 | 555,802 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -264,501 | -278,898 |
Net cash used in investing activities | -264,501 | -278,898 |
Cash flows from financing activities: | ' | ' |
Payment of capital lease obligations | -41,274 | -71,986 |
Proceeds from equipment lease line | ' | 163,155 |
Repayment of line of credit, net | ' | -500,000 |
Proceeds from issuance of common stock | 55,947 | 73,469 |
Excess tax benefit from stock options exercised | 19,956 | 117,273 |
Repurchase of common stock | -51,741 | -73,470 |
Net cash used in financing activities | -17,112 | -291,559 |
Net decrease in cash and cash equivalents | -426,460 | -14,655 |
Cash and cash equivalents at beginning of period | 1,571,054 | 306,854 |
Cash and cash equivalents at end of period | 1,144,594 | 292,199 |
Supplemental cash flow information: | ' | ' |
Cash paid for taxes, net of refunds | 34,706 | ' |
Interest paid | $1,501 | $22,895 |
1_Nature_of_Business
(1) Nature of Business | 6 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
(1) Nature of Business | ' |
(1) Nature of Business | |
CPS Technologies Corporation (the “Company” or “CPS”) provides advanced material solutions to the electronics, power generation, automotive and other industries. The Company’s primary advanced material solution is metal-matrix composites which are a combination of metal and ceramic. | |
CPS also assembles housings and packages for hybrid circuits. These housings and packages may include components made of metal-matrix composites or they may include components made of more traditional materials such as aluminum, copper-tungsten, etc. | |
The Company sells into several end markets including the wireless communications infrastructure market, high-performance microprocessor market, motor controller market, and other microelectronic and structural markets. |
2_Interim_Financial_Statements
(2) Interim Financial Statements | 6 Months Ended |
Jun. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
(2) Interim Financial Statements | ' |
(2) Interim Financial Statements | |
As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles. | |
The accompanying financial statements are unaudited. In the opinion of management, the unaudited financial statements of CPS reflect all normal recurring adjustments which are necessary to present fairly the financial position and results of operations for such periods. | |
The Company’s balance sheet at December 28, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. | |
For further information, refer to the financial statements and footnotes thereto included in the Registrant’s Annual Report on Form 10-K for the year ended December 28, 2013. | |
The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. |
3_Net_Income_Per_Common_and_Co
(3) Net Income Per Common and Common Equivalent Share | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
(3) Net Income Per Common and Common Equivalent Share | ' | ||||||||||||||||
(3) Net Income Per Common and Common Equivalent Share | |||||||||||||||||
Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock options and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive. | |||||||||||||||||
The following table presents the calculation of both basic and diluted earnings per share (“EPS”): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic EPS Computation: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | -57,417 | $ | 236,502 | $ | 190,202 | $ | 239,112 | |||||||||
Denominator: | |||||||||||||||||
Weighted average | |||||||||||||||||
Common shares | |||||||||||||||||
Outstanding | 13,087,905 | 12,961,506 | 13,078,741 | 12,916,633 | |||||||||||||
Basic EPS | $ | 0 | $ | 0.02 | $ | 0.01 | $ | 0.02 | |||||||||
Diluted EPS Computation: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | -57,417 | $ | 236,502 | $ | 190,202 | $ | 239,112 | |||||||||
Denominator: | |||||||||||||||||
Weighted average | |||||||||||||||||
Common shares | |||||||||||||||||
Outstanding | 13,084,968 | 12,961,506 | 13,077,273 | 12,916,633 | |||||||||||||
Dilutive effect of stock options | — | 129,578 | 628,297 | 185,222 | |||||||||||||
Total Shares | 13,084,968 | 13,091,084 | 13,705,570 | 13,101,855 | |||||||||||||
Diluted EPS | $ | 0 | $ | 0.02 | $ | 0.01 | $ | 0.02 | |||||||||
4_ShareBased_Payments
(4) Share-Based Payments | 6 Months Ended |
Jun. 28, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
(4) Share-Based Payments | ' |
(4) Share-Based Payments | |
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted. | |
There were no stock options granted under the Plan during the quarter ended June 28, 2014. | |
During the quarter ended June 29, 2013, a total of 201,000 stock options were granted to employees under the Company’s 2009 Stock Incentive Plan (the “Plan”) and a total of 30,000 stock options were granted to outside directors. | |
During the quarters ended June 28, 2014 and June 29, 2013 the Company issued 5,000 and 237,000, respectively, as a result of option exercises. No stock options expired during the quarter ended June 28, 2014. During the quarter ended June 29, 2013, 33,000 stock options expired related to previously granted shares under the 1999 Stock Incentive Plan. | |
During the quarter ended June 28, 2014 and June 29, 2013 the Company repurchased 2,550 and 46,785 shares, respectively, from employees to facilitate their exercise of stock options. | |
During the three and six months ended June 28, 2014, the Company recognized $83,897 and $156,344, respectively, as shared-based compensation expense related to previously granted shares under the Plan. A tax benefit of $2,670 was recognized as additional paid in capital in the quarter ended June 28, 2014, resulting from the excess tax benefit of option exercises. | |
During the three and six months ended June 29, 2013, the Company recognized $62,133 and $115,765, respectively, as shared-based compensation expense related to previously granted shares under the Plan. |
5_Inventories
(5) Inventories | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
(5) Inventories | ' | ||||||||
(5) Inventories | |||||||||
Inventories consist of the following: | |||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 438,535 | $ | 359,535 | |||||
Work in process | 1,621,557 | 1,135,413 | |||||||
Finished goods | 1,122,000 | 1,079,251 | |||||||
Total inventory | 3,182,092 | 2,574,199 | |||||||
Reserve for obsolescence | -400,500 | -390,500 | |||||||
Inventories, net | $ | 2,781,592 | $ | 2,183,699 | |||||
6_Accrued_Expenses
(6) Accrued Expenses | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
(6) Accrued Expenses | ' | ||||||||
(6) Accrued Expenses | |||||||||
Accrued expenses consist of the following: | |||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
Accrued legal and accounting | $ | 68,347 | $ | 92,000 | |||||
Accrued payroll | 631,297 | 823,196 | |||||||
Accrued other | 237,595 | 158,116 | |||||||
Accrued income tax | -1,661 | 33,501 | |||||||
$ | 935,578 | $ | 1,106,813 | ||||||
7_Line_of_Credit_and_Equipment
(7) Line of Credit and Equipment Facility Agreements | 6 Months Ended |
Jun. 28, 2014 | |
Debt Disclosure [Abstract] | ' |
(7) Line of Credit and Equipment Facility Agreements | ' |
(7) Line of Credit and Equipment Lease Facility Agreements | |
In early May 2014, the Company renewed its $2 million revolving line of credit (“LOC”) and $500 thousand equipment finance facility (“Lease Line”) with Santander Bank. Both Agreements mature in May 2015. The LOC is secured by the accounts receivable and other assets of the Company, has an interest rate of prime (3.25% at June 28, 2014) plus one half of one percent (0.5%) and a one-year term. Under the terms of the Agreement, the Company is required to maintain its operating accounts with Santander Bank. The LOC and the Lease Line are cross defaulted and cross collateralized. The Company is also subject to certain financial covenants within the terms of the LOC that require the Company to maintain a targeted coverage ratio as well as targeted debt to equity and current ratios. At June 28, 2014, the Company was in compliance with all existing covenants. | |
At June 28, 2014, the Company had $35 thousand net carrying value of capital equipment financed by advances and capital lease obligations under the Lease Line and $465 thousand available | |
remaining. Equipment financed by the Santander equipment lease qualifies for treatment as a capital lease once converted from the Lease Line to a lease. | |
At June 28, 2014 the Company had no borrowings under this LOC and its borrowing base at the time would have permitted an additional $2.0 million to have been borrowed. |
8_Income_Taxes
(8) Income Taxes | 6 Months Ended |
Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
(8) Income Taxes | ' |
(8) Income Taxes | |
At December 28, 2013, the Company had approximately $1.71 million of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose. | |
The Company has a current and non-current deferred tax asset aggregating $2,370 thousand and $2,476 thousand on the Company’s balance sheet at June 28, 2014 and December 28, 2013, respectively. A valuation allowance is required to be established or maintained when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset. | |
The Company recorded a tax benefit of $30 thousand and a tax expense of $98 thousand for federal income taxes and a tax benefit of $8 thousand and a tax expense of $28 thousand for state income taxes during the three and six months ended June 28, 2014, respectively. The Company recorded a tax expense of $82 thousand and $83 thousand for federal income taxes and a tax expense of $24 thousand and $24 thousand for state income taxes during the three and six months ended June 29, 2013, respectively. | |
3_Net_Income_Per_Common_and_Co1
(3) Net Income Per Common and Common Equivalent Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of both basic and diluted earnings per share | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic EPS Computation: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | -57,417 | $ | 236,502 | $ | 190,202 | $ | 239,112 | |||||||||
Denominator: | |||||||||||||||||
Weighted average | |||||||||||||||||
Common shares | |||||||||||||||||
Outstanding | 13,087,905 | 12,961,506 | 13,078,741 | 12,916,633 | |||||||||||||
Basic EPS | $ | 0 | $ | 0.02 | $ | 0.01 | $ | 0.02 | |||||||||
Diluted EPS Computation: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | -57,417 | $ | 236,502 | $ | 190,202 | $ | 239,112 | |||||||||
Denominator: | |||||||||||||||||
Weighted average | |||||||||||||||||
Common shares | |||||||||||||||||
Outstanding | 13,084,968 | 12,961,506 | 13,077,273 | 12,916,633 | |||||||||||||
Dilutive effect of stock options | — | 129,578 | 628,297 | 185,222 | |||||||||||||
Total Shares | 13,084,968 | 13,091,084 | 13,705,570 | 13,101,855 | |||||||||||||
Diluted EPS | $ | 0 | $ | 0.02 | $ | 0.01 | $ | 0.02 |
5_Inventories_Tables
(5) Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories consist of the following | ' | ||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 438,535 | $ | 359,535 | |||||
Work in process | 1,621,557 | 1,135,413 | |||||||
Finished goods | 1,122,000 | 1,079,251 | |||||||
Total inventory | 3,182,092 | 2,574,199 | |||||||
Reserve for obsolescence | -400,500 | -390,500 | |||||||
Inventories, net | $ | 2,781,592 | $ | 2,183,699 | |||||
6_Accrued_Expenses_Tables
(6) Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued expenses | ' | ||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
Accrued legal and accounting | $ | 68,347 | $ | 92,000 | |||||
Accrued payroll | 631,297 | 823,196 | |||||||
Accrued other | 237,595 | 158,116 | |||||||
Accrued income tax | -1,661 | 33,501 | |||||||
$ | 935,578 | $ | 1,106,813 | ||||||
3_Net_Income_Per_Common_and_Co2
(3) Net Income Per Common and Common Equivalent Share - Calculation of both basic and diluted earnings per share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Basic EPS Computation: | ' | ' | ' | ' |
Net income (loss) | ($57,417) | $236,502 | $190,202 | $239,112 |
Weighted average common shares outstanding | 13,087,905 | 12,961,506 | 13,078,741 | 12,916,633 |
Basic EPS | $0 | $0.02 | $0.01 | $0.02 |
Diluted EPS Computation: | ' | ' | ' | ' |
Net income (loss) | -57,417 | 236,502 | 190,202 | 239,112 |
Weighted average common shares outstanding | 13,084,968 | 12,961,506 | 13,077,273 | 12,916,633 |
Dilutive effect of stock options | ' | $129,578 | $628,297 | $185,222 |
Total Shares | 13,084,968 | 13,091,084 | 13,705,570 | 13,101,855 |
Diluted EPS | $0 | $0.02 | $0.01 | $0.02 |
4_ShareBased_Payments_Details_
(4) Share-Based Payments (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Stock Options Granted to employees | ' | 201,000 | ' | ' |
Stock Options Granted to outside directors | ' | 30,000 | ' | ' |
Stock issued as a result of option exercises | '5,000 | '237000 | ' | ' |
Stock options expired | ' | 33,000 | ' | ' |
Shares repurchased to facilitate exercise of stock options | 2,550 | 46,785 | ' | ' |
Share-based compensation expense | $83,897 | $62,133 | $156,344 | $115,765 |
Tax benefit recognized resulting from stock option exercises | $2,670 | ' | ' | ' |
5_Inventories_Inventories_cons
(5) Inventories - Inventories consist of the following (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $438,535 | $359,535 |
Work in process | 1,621,557 | 1,135,413 |
Finished goods | 1,122,000 | 1,079,251 |
Total inventory | 3,182,092 | 2,574,199 |
Reserve for obsolescence | -400,500 | -390,500 |
Inventories, net | $2,781,592 | $2,183,699 |
6_Accrued_Expenses_Accrued_exp
(6) Accrued Expenses - Accrued expenses (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
Payables and Accruals [Abstract] | ' | ' |
Accrued legal and accounting | $68,347 | $92,000 |
Accrued payroll | 631,297 | 823,196 |
Accrued other | 237,595 | 158,116 |
Accrued income tax | -1,661 | 33,501 |
Total accrued expenses | $935,578 | $1,106,813 |
7_Line_of_Credit_and_Equipment1
(7) Line of Credit and Equipment Facility Agreements (Details Narrative) (USD $) | Jun. 28, 2014 |
Debt Disclosure [Abstract] | ' |
Revolving Line of Credit permitted borrowings | $2,000,000 |
Equipment finance facility permitted borrowings | 500,000 |
Net carrying value of capital equipment financed | 35 |
Lease Line available funding | 465,000 |
Revolving line of credit borrowing base available | $2,000,000 |
8_Income_Taxes_Details_Narrati
(8) Income Taxes (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Current and non-current deferred tax asset | $2,370,000 | ' | $2,370,000 | ' | $2,476,000 |
Federal income tax benefit recorded | 30 | ' | ' | ' | ' |
Federal income tax expense recorded | ' | 82 | 98 | 83 | ' |
State income tax expense recorded | ' | $24 | $28 | $24 | ' |