Encore Wire (WIRE) 10-Q 1 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'WIRE	'
Entity Registrant Name	'ENCORE WIRE CORP	'
Entity Central Index Key	'0000850460	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	20,717,652

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$19,094	$36,778	[1]
Accounts receivable, net of allowance of $2,065 and $2,065	238,622	215,739	[1]
Inventories	80,182	70,780	[1]
Income tax receivable	0	0	[1]
Deferred income taxes	0	4,756	[1]
Prepaid expenses and other	2,371	2,013	[1]
Total current assets	340,269	330,066	[1]
Property, plant and equipment-at cost:	'	'
Land and land improvements	48,269	47,324	[1]
Construction-in-progress	17,884	12,222	[1]
Buildings and improvements	96,175	90,930	[1]
Machinery and equipment	225,923	224,502	[1]
Furniture and fixtures	8,620	8,564	[1]
Total property, plant and equipment	396,871	383,542	[1]
Accumulated depreciation	-196,217	-189,288	[1]
Property, plant and equipment - net	200,654	194,254	[1]
Other assets	1,741	1,506	[1]
Total assets	542,664	525,826	[1]
Current liabilities:	'	'
Trade accounts payable	20,468	23,465	[1]
Accrued liabilities	22,136	23,006	[1]
Income taxes payable	1,724	1,447	[1]
Deferred income taxes	518	0	[1]
Total current liabilities	44,846	47,918	[1]
Non-current deferred income taxes	20,290	21,327	[1]
Commitments and contingencies	'	'	[1]
Stockholders' equity:	'	'
Preferred stock, $.01 par value: Authorized shares - 2,000,000; none issued	0	0	[1]
Common stock, $.01 par value: Authorized shares - 40,000,000; Issued shares - 26,652,303 and 26,631,653	267	266	[1]
Additional paid-in capital	50,226	49,459	[1]
Treasury stock, at cost - 5,934,651 and 5,934,651 shares	-88,134	-88,134	[1]
Retained earnings	515,169	494,990	[1]
Total stockholders' equity	477,528	456,581	[1]
Total liabilities and stockholders' equity	$542,664	$525,826	[1]
[1]	The consolidated balance sheet at December 31, 2013, as presented, is derived from the audited consolidated financial statements at that date.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'
Allowance for accounts receivable	$2,065	$2,065	[1]
Preferred stock, par value	$0.01	$0.01	[1]
Preferred stock, shares authorized	2,000,000	2,000,000	[1]
Preferred stock, shares issued	0	0	[1]
Common stock, par value	$0.01	$0.01	[1]
Common stock, shares authorized	40,000,000	40,000,000	[1]
Common stock, shares issued	26,652,303	26,631,653	[1]
Treasury stock, shares	5,934,651	5,934,651	[1]
[1]	The consolidated balance sheet at December 31, 2013, as presented, is derived from the audited consolidated financial statements at that date.

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Net sales	$307,088	$289,460	$584,286	$554,811
Cost of goods sold	273,576	249,309	518,598	490,359
Gross profit	33,512	40,151	65,688	64,452
Selling, general, and administrative expenses	18,235	16,213	33,688	31,360
Operating income	15,277	23,938	32,000	33,092
Net interest and other (income) expenses	-3	-18	-19	-35
Income before income taxes	15,280	23,956	32,019	33,127
Provision for income taxes	5,126	8,454	11,012	11,230
Net income	$10,154	$15,502	$21,007	$21,897
Net income per common and common equivalent share - basic	$0.49	$0.75	$1.01	$1.06
Weighted average common and common equivalent shares outstanding - basic	20,715	20,669	20,709	20,667
Net income per common and common equivalent share - diluted	$0.49	$0.75	$1.01	$1.06
Weighted average common and common equivalent shares outstanding - diluted	20,835	20,738	20,837	20,736
Cash dividends declared per share	$0.02	$0.02	$0.04	$0.04

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013
OPERATING ACTIVITIES	'		'
Net income	$21,007		$21,897
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'		'
Depreciation and amortization	7,813		7,052
Deferred income taxes	4,237		4,769
Other	41		154
Changes in operating assets and liabilities:	'		'
Accounts receivable	-22,883		-38,193
Inventories	-9,402		-847
Trade accounts payable and accrued liabilities	-3,867		2,551
Other assets and liabilities	-584		1,822
Current income taxes receivable / payable	383		486
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	-3,255		-309
INVESTING ACTIVITIES	'		'
Purchases of property, plant and equipment	-14,178		-31,712
Proceeds from sale of assets	75		0
Other	-32		0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	-14,135		-31,712
FINANCING ACTIVITIES	'		'
Proceeds from issuances of common stock	428		169
Dividends paid	-828		-827
Excess tax benefits of options exercised	106		30
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	-294		-628
Net increase (decrease) in cash and cash equivalents	-17,684		-32,649
Cash and cash equivalents at beginning of period	36,778	[1]	33,883
Cash and cash equivalents at end of period	$19,094		$1,234
[1]	The consolidated balance sheet at December 31, 2013, as presented, is derived from the audited consolidated financial statements at that date.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
BASIS OF PRESENTATION	'
	NOTE 1 – BASIS OF PRESENTATION
	The unaudited consolidated financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2014
Inventory Disclosure [Abstract]	'
INVENTORIES	'
	NOTE 2 – INVENTORIES
	Inventories are stated at the lower of cost, determined by the last-in, first-out (LIFO) method, or market.
	Inventories consist of the following:
	In Thousands of Dollars	June 30,			December 31,
		2014			2013
	Raw materials	$	18,263		$	28,293
	Work-in-process		26,473			21,881
	Finished goods		91,071			82,997
	Total		135,807			133,171
	Adjust to LIFO cost		(55,625	)		(62,391	)
	Lower of cost or market adjustment		—			—
	Inventory, net	$	80,182		$	70,780
	LIFO pools are established at the end of each fiscal year. During the first three quarters of every year, LIFO calculations are based on the inventory levels and costs at that time. Accordingly, interim LIFO balances will fluctuate up and down in tandem with inventory levels and costs.
	During the first six months of 2014, the Company liquidated a portion of the LIFO inventory layer in the aluminum wire pool established in prior years. This liquidation had an insignificant effect on the net income of the Company. During the first quarter of 2013, the Company liquidated a portion of the layer established in 2011 and built some of that layer back in the second quarter of 2013. As a result, under the LIFO method, this inventory layer was liquidated at historical costs that were higher than current costs. This activity impacted net income positively in the second quarter of 2013 by $481,000 and negatively by $903,000 for the first six months of 2013. During 2014, LIFO adjustments were recorded decreasing cost of sales by $1.9 million in the second quarter and by $6.8 million in the first six months.

ACCRUED_LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2014
Payables And Accruals [Abstract]	'
ACCRUED LIABILITIES	'
	NOTE 3 – ACCRUED LIABILITIES
	Accrued liabilities consist of the following:
	In Thousands of Dollars	June 30,		December 31,
		2014		2013
	Sales volume discounts payable	$	13,967	$	15,898
	Property taxes payable		1,615		3,226
	Commissions payable		2,348		2,027
	Accrued salaries		3,677		1,314
	Other accrued liabilities		529		541
	Total accrued liabilities	$	22,136	$	23,006

INCOME_TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	NOTE 4 – INCOME TAXES
	Income taxes were accrued at an effective rate of 33.5% in the second quarter of 2014 versus 35.3% in the second quarter of 2013, consistent with the Company’s estimated liabilities. The decrease in the effective rate was due to a change in the proportional effects of permanent items on the effective rate. For the six months ended June 30, the Company’s effective tax rate was approximately 34.4% in 2014 and 33.9% in 2013.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	NOTE 5 – EARNINGS PER SHARE
	Net earnings (loss) per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock options, treated as common stock equivalents, is calculated using the treasury stock method.
	The following table sets forth the computation of basic and diluted net earnings (loss) per share:
		Quarters Ended
	In Thousands	June 30,		June 30,
		2014		2013
	Numerator:
	Net income (loss)	$	10,154	$	15,502
	Denominator:
	Denominator for basic net income per common and common equivalent share – weighted average shares		20,715		20,669
	Effect of dilutive securities:
	Employee stock options		120		69
	Denominator for diluted net income per common and common equivalent share – weighted average shares		20,835		20,738
	The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the second quarter was 49,000 in 2014 and 191,000 in 2013. Such options were anti-dilutive for the respective periods.
	The following table sets forth the computation of basic and diluted net earnings (loss) per share:
		Six Months Ended
	In Thousands	June 30,		June 30,
		2014		2013
	Numerator:
	Net income (loss)	$	21,007	$	21,897
	Denominator:
	Denominator for basic net income per common and common equivalent share – weighted average shares		20,709		20,667
	Effect of dilutive securities:
	Employee stock options		128		69
	Denominator for diluted net income per common and common equivalent share – weighted average shares		20,837		20,736
	The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the six months ended was 34,000 in 2014 and 191,000 in 2013. Such options were anti-dilutive for the respective periods.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
DEBT	'
	NOTE 6 – DEBT
	The Company is party to a Credit Agreement with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent (the “Credit Agreement”). The Credit Agreement extends through October 1, 2017 and provides for maximum borrowings of the lesser of $150.0 million or the amount of eligible accounts receivable plus the amount of eligible finished goods and raw materials, less any reserves established by the banks. Additionally, at our request and subject to certain conditions, the commitments under the Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. The calculated maximum borrowing amount available at June 30, 2014, as computed under the Credit Agreement, was $149.5 million. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) LIBOR plus a margin that varies from 0.875% to 1.75% depending upon the Leverage Ratio (as defined in the Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0%) plus 0% to 0.25% (depending upon the Leverage Ratio). A commitment fee ranging from 0.15% to 0.30% (depending upon the Leverage Ratio) is payable on the unused line of credit. At June 30, 2014, there were no borrowings outstanding under the Credit Agreement. Obligations under the Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company.
	Obligations under the Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of June 30, 2014.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
STOCKHOLDERS' EQUITY	'
	NOTE 7 – STOCKHOLDERS’ EQUITY
	On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized amount of shares of its common stock on the open market or through privately negotiated transactions at prices determined by the President of the Company during the term of the program. The Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, and as of June 30, 2014, the repurchase authorization had 1,225,750 shares remaining authorized through March 31, 2015. The Company did not repurchase any shares of its stock in the first six months of 2014 or 2013. Other than net income, there was no material change in stockholders equity during the quarter and six months ended June 30, 2014.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
CONTINGENCIES	'
	NOTE 8 – CONTINGENCIES
	On July 7, 2009, Southwire Company, a Delaware corporation (“Southwire”), filed a complaint for patent infringement against the Company and Cerro Wire, Inc. (“Cerro”) in the United States District Court for the Eastern District of Texas. In the complaint, Southwire alleged that the Company infringed one or more claims of United States Patent No. 7,557,301 (the “301 patent”), entitled “Method of Manufacturing Electrical Cable Having Reduced Required Force for Installation,” by making and selling electrical cables, including the Company’s Super Slick cables. The case has been transferred to the Northern District of Georgia and the parties have agreed to stay it pending reexamination of the ‘301 patent by the United States Patent and Trademark Office (the “USPTO”). On June 23, 2011, the USPTO issued an office action in the reexamination finally rejecting all the claims of the ‘301 patent. Southwire responded to these final rejections on August 8, 2011 by submitting substantially amended claims. The examiner determined that the amended claims captured patentable subject matter and on September 21, 2011 issued a notice that a reexamination certificate would be issued evidencing the patentability of the amended claims. The reexamination certificate was issued on the ‘301 patent on December 27, 2011. Subsequent to the issuance of the ‘301 reexamination certificate, a new inter partes reexamination proceeding was instituted by Cerro Wire against the reexamined ‘301 patent. At this time, all of the claims of the reexamined ‘301 patent have been rejected by the USPTO. This decision is not final.
	On July 2, 2010, the Company filed a complaint against Southwire in the Northern District of Georgia. The complaint alleged that Southwire was using a deceptively misdescriptive trademark on its SimPull products, and that Southwire had made false statements about the Company’s Slick Wire products. Southwire’s United States Patent No. 7,749,024 (“the ‘024 patent”) issued on July 6, 2010. The morning the patent issued, the Company amended its complaint to seek a declaratory judgment that the Company’s Slick Wire products do not infringe the ‘024 patent. Later that same day, Southwire filed a separate complaint against the Company and Cerro Wire in the Eastern District of Texas alleging infringement of the ‘024 patent. The Company’s complaint against Southwire was stayed by agreement on April 11, 2011. The case will remain stayed until the USPTO issues a certificate of reexamination of the ‘024 patent. The complaint filed by Southwire in the Eastern District of Texas has been voluntarily dismissed and Southwire will have the option to pursue its claims against the Company in the Northern District of Georgia, once the reexamination is completed. On October 8, 2010, the Company filed a request with the USPTO for an inter partes reexamination of the ‘024 patent. On November 9, 2010, the USPTO ordered the reexamination of the ‘024 patent. In ordering reexamination of Southwire’s ‘024 patent, the USPTO determined that the Company’s submission of prior art raised a substantial new question of patentability of the claims of the ‘024 patent. On December 3, 2010, the USPTO issued a non-final office action rejecting all of the claims of the ‘024 Patent. Southwire filed a response to the non-final office action on February 3, 2011, which included legal arguments and supporting technical declarations. The Company filed its comments to the Southwire response on March 3, 2011, including points and authorities, legal arguments, and supporting technical declarations. On July 9, 2012, the Examiner issued an Action Closing Prosecution (“ACP”) finally rejecting patent claims 4-7 and 9-12 in the reexamination of the ‘024 patent. On August 15, 2012, Southwire filed a response to the ACP, which included extensive proposed claim amendments and arguments supporting the patentability of the proposed amended claims. The Company filed its comments to the Southwire response to the ACP on September 13, 2012, including points and authorities, legal arguments, and a supporting technical declaration. The Examiner refused entry of Southwire’s proposed amendments and maintained the rejection of all the claims under reexamination in a Right of Appeal Notice mailed September 28, 2012. On October 17, 2012, Southwire filed two petitions requesting that the reexamination be reopened or, in the alternative, that the proposed amendments presented in its September 13, 2012 response to ACP be entered into the record. Southwire filed a Notice of Appeal on October 29, 2012 and its Appellant’s Brief on December 31, 2012, followed by the Company filing its Respondent’s Brief on January 25, 2013. The petitions filed by Southwire on October 17, 2012 were denied by the USPTO in a decision mailed April 5, 2013. The Examiner’s Brief was mailed on July 16, 2013. Southwire filed its Rebuttal Brief on August 16, 2013. On March 28, 2014, the Patent Trial and Appeal Board (“PTAB”) issued its Decision on Appeal. In its opinion, the PTAB fully addressed one of nine grounds of rejection of the claims under reexamination as obvious in view of the prior art, sustaining the rejections of the broadest claims, but reversing the rejections of a number of the narrower claims. In light of the PTAB’s failure to address the remaining eight grounds of rejection with regards to these narrower claims, the Company filed a Request for Rehearing on April 22, 2014.
	The ‘024 patent was also subject to parallel Inter Partes Reexamination Control No. 95/000,594, instituted by Cerro on November 11, 2010 (“the ‘594 reexamination”). The ‘024 patent exam proceeded with the ‘594 reexamination and ultimately all the claims were finally rejected by the Examiner in an ACP mailed August 10, 2012. In response to a right of appeal notice mailed by the Examiner on October 25, 2012, Southwire filed a notice of appeal on November 26, 2012 and filed an appeal brief on January 28, 2013. Southwire’s appeal brief exceeded the page limitations allowed for patent owner’s appeal briefs during reexaminations, and therefore the USPTO mailed a notice of defective appeal brief on February 20, 2013. Southwire filed a corrected Appellant’s Brief and accompanying petition on August 6, 2013. The PTAB granted the petition and accepted the corrected Appellant’s Brief on October 24, 2013. Cerro filed their Respondent’s Brief on November 25, 2013, which was followed by the Examiner’s Answer to Southwire’s Appellant’s Brief on December 4, 2013. On January 6, 2014, both Southwire and Cerro submitted Rebuttal Briefs in response to the Examiner’s Answer. On July 16, 2014, the PTAB rendered its decision, affirming the Examiner’s rejections of all the claims under reexamination as anticipated by the prior art.
	The parties convened on March 21, 2012 and August 27, 2012 for settlement conferences regarding the ‘301 patent lawsuit. Such settlement conferences did not result in any negotiation, agreement, decision or other development that the Company believed is material to such lawsuit. Settlement discussions continue between the parties. The potentially applicable factual and legal issues related to the above claims asserted against the Company have not been resolved. The Company disputes all of Southwire’s claims and alleged damages and intends to vigorously defend the lawsuits and vigorously pursue its own claims against Southwire if and when the litigation resumes. The Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. Any such accruals are reviewed at least quarterly and adjusted to reflect the effects of negotiations, settlements, rulings, advice of legal counsel and technical experts and other information and events pertaining to a particular matter. To the extent there is a reasonable possibility (within the meaning of ASC 450) that probable losses could exceed amounts already accrued, if any, and the additional loss or range of loss is able to be estimated, management discloses the additional loss or range of loss.
	For matters where the Company has evaluated that a loss is not probable, but is reasonably possible, the Company will disclose an estimate of the possible loss or range of loss or make a statement that such an estimate cannot be made. In some instances, for reasonably possible losses, the Company cannot estimate the possible loss or range of loss. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit will have on the Company. There are many reasons that the Company cannot make these assessments, including, among others, one or more of the following: the early stages of a proceeding; damages sought that are unspecified, unsupportable, unexplained or uncertain; discovery is incomplete; the complexity of the facts that are in dispute; the difficulty of assessing novel claims; the parties not having engaged in any meaningful settlement discussions; the possibility that other parties may share in any ultimate liability; and/or the often slow pace of litigation.
	At this time, given the status of the proceedings, the complexities of the facts in dispute and the multiple claims involved, the Company has not concluded that a probable loss exists with respect to the Southwire litigation. Accordingly, no accrual has been made. Additionally, given the aforementioned uncertainties, the Company is unable to estimate any possible loss or range of losses for disclosure purposes.

INVENTORIES_Tables

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2014
Inventory Disclosure [Abstract]	'
Inventories	'
	Inventories consist of the following:
	In Thousands of Dollars	June 30,			December 31,
		2014			2013
	Raw materials	$	18,263		$	28,293
	Work-in-process		26,473			21,881
	Finished goods		91,071			82,997
	Total		135,807			133,171
	Adjust to LIFO cost		(55,625	)		(62,391	)
	Lower of cost or market adjustment		—			—
	Inventory, net	$	80,182		$	70,780

ACCRUED_LIABILITIES_Tables

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2014
Payables And Accruals [Abstract]	'
Accrued Liabilities	'
	Accrued liabilities consist of the following:
	In Thousands of Dollars	June 30,		December 31,
		2014		2013
	Sales volume discounts payable	$	13,967	$	15,898
	Property taxes payable		1,615		3,226
	Commissions payable		2,348		2,027
	Accrued salaries		3,677		1,314
	Other accrued liabilities		529		541
	Total accrued liabilities	$	22,136	$	23,006

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Computation of Basic and Diluted Net Earnings (Loss) Per Share	'
	The following table sets forth the computation of basic and diluted net earnings (loss) per share:
		Quarters Ended
	In Thousands	June 30,		June 30,
		2014		2013
	Numerator:
	Net income (loss)	$	10,154	$	15,502
	Denominator:
	Denominator for basic net income per common and common equivalent share – weighted average shares		20,715		20,669
	Effect of dilutive securities:
	Employee stock options		120		69
	Denominator for diluted net income per common and common equivalent share – weighted average shares		20,835		20,738
	The following table sets forth the computation of basic and diluted net earnings (loss) per share:
		Six Months Ended
	In Thousands	June 30,		June 30,
		2014		2013
	Numerator:
	Net income (loss)	$	21,007	$	21,897
	Denominator:
	Denominator for basic net income per common and common equivalent share – weighted average shares		20,709		20,667
	Effect of dilutive securities:
	Employee stock options		128		69
	Denominator for diluted net income per common and common equivalent share – weighted average shares		20,837		20,736

Inventories_Inventories_Detail

Inventories - Inventories (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory Net [Abstract]	'	'
Raw materials	$18,263	$28,293
Work-in-process	26,473	21,881
Finished goods	91,071	82,997
Total	135,807	133,171
Adjust to LIFO cost	-55,625	-62,391
Inventory, net	$80,182	$70,780	[1]
[1]	The consolidated balance sheet at December 31, 2013, as presented, is derived from the audited consolidated financial statements at that date.

Inventories_Additional_Informa

Inventories - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Inventory Disclosure [Abstract]	'	'	'	'
Inventory LIFO Reserve Effect on Net Income	'	$481,000	'	($903,000)
Cost of sales LIFO adjustment	($1,900,000)	'	($6,800,000)	'

Accrued_Liabilities_Accrued_Li

Accrued Liabilities - Accrued Liabilities (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accrued Liabilities Current [Abstract]	'	'
Sales volume discounts payable	$13,967	$15,898
Property taxes payable	1,615	3,226
Commissions payable	2,348	2,027
Accrued salaries	3,677	1,314
Other accrued liabilities	529	541
Total accrued liabilities	$22,136	$23,006	[1]
[1]	The consolidated balance sheet at December 31, 2013, as presented, is derived from the audited consolidated financial statements at that date.

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]	'	'	'	'
Effective tax rate	33.50%	35.30%	34.40%	33.90%

Earnings_Per_Share_Computation

Earnings Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'	'	'
Net income (loss)	$10,154	$15,502	$21,007	$21,897
Denominator:	'	'	'	'
Denominator for basic net income per common and common equivalent share - weighted average shares	20,715	20,669	20,709	20,667
Effect of dilutive securities:	'	'	'	'
Employee stock options	120	69	128	69
Denominator for diluted net income per common and common equivalent share - weighted average shares	20,835	20,738	20,837	20,736

Earnings_Per_Share_Additional_

Earnings Per Share - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share Reconciliation [Abstract]	'	'	'	'
Weighted average employee stock options excluded from the determination of diluted net income per common and common equivalent share	49,000	191,000	34,000	191,000

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014
	Bank
Line of Credit Facility [Line Items]	'
Number of banks to which Company is party to a Credit Agreement	2
Credit Agreement expiration date	1-Oct-17
Feature of financial agreement	'Maximum borrowings of the lesser of $150.0 million or the amount of eligible accounts receivable plus the amount of eligible finished goods and raw materials, less any reserves established by the banks.
Available increase in borrowings under Credit Agreement	$100,000,000
Calculated maximum borrowings	150,000,000
Calculated maximum borrowing amount available in current year	149,500,000
Outstanding borrowings	$0
Credit Agreement [Member]	'
Line of Credit Facility [Line Items]	'
Line of credit facility, interest rate description	'LIBOR plus a margin that varies from 0.875% to 1.75% depending upon the Leverage Ratio (as defined in the Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0%) plus 0% to 0.25% (depending upon the Leverage Ratio).
Percentage of federal funds rate	'Highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0%
Minimum [Member] | Credit Agreement [Member]	'
Line of Credit Facility [Line Items]	'
Percentage of commitment fee	0.15%
Minimum [Member] | Credit Agreement Interest Rate Option One [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]	'
Line of Credit Facility [Line Items]	'
Debt instrument basis spread on variable rate	0.88%
Minimum [Member] | Credit Agreement Interest Rate Option Two [Member] | Credit Agreement [Member] | Base Rate [Member]	'
Line of Credit Facility [Line Items]	'
Debt instrument basis spread on variable rate	0.00%
Maximum [Member] | Credit Agreement [Member]	'
Line of Credit Facility [Line Items]	'
Percentage of commitment fee	0.30%
Maximum [Member] | Credit Agreement Interest Rate Option One [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]	'
Line of Credit Facility [Line Items]	'
Debt instrument basis spread on variable rate	1.75%
Maximum [Member] | Credit Agreement Interest Rate Option Two [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]	'
Line of Credit Facility [Line Items]	'
Debt instrument basis spread on variable rate	1.00%
Maximum [Member] | Credit Agreement Interest Rate Option Two [Member] | Credit Agreement [Member] | Base Rate [Member]	'
Line of Credit Facility [Line Items]	'
Debt instrument basis spread on variable rate	0.25%
Maximum [Member] | Credit Agreement Interest Rate Option Two [Member] | Credit Agreement [Member] | Prime Rate [Member]	'
Line of Credit Facility [Line Items]	'
Debt instrument basis spread on variable rate	0.50%

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Repurchase of common stock authorized remaining, Shares	1,225,750
Repurchase of common stock, Shares	0