UFP Industries (UFPI) 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 28, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	UNIVERSAL FOREST PRODUCTS INC
Entity Central Index Key	912767
Current Fiscal Year End Date	-15
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	20,119,879
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	28-Mar-15

CONSOLIDATED_CONDENSED_BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (USD $)	Mar. 28, 2015	Dec. 27, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash and cash equivalents	$22,888	$0	$0
Restricted cash	710	405	720
Accounts receivable, net	260,926	195,912	242,433
Inventories:
Raw materials	221,360	183,770	168,310
Finished goods	183,351	156,278	143,700
Total inventories	404,711	340,048	312,010
Refundable income taxes	0	11,934	0
Deferred income taxes	6,267	6,284	6,850
Other current assets	13,717	18,423	20,339
TOTAL CURRENT ASSETS	709,219	573,006	582,352
DEFERRED INCOME TAXES	1,163	1,079	1,307
OTHER ASSETS	8,511	9,565	11,757
GOODWILL	184,064	183,062	160,945
INDEFINITE-LIVED INTANGIBLE ASSETS	2,340	2,340	2,340
OTHER INTANGIBLE ASSETS, NET	6,709	6,479	6,664
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	620,146	604,398	587,159
Less accumulated depreciation and amortization	-364,684	-356,129	-345,740
PROPERTY, PLANT AND EQUIPMENT, NET	255,462	248,269	241,419
TOTAL ASSETS	1,167,468	1,023,800	1,006,784
CURRENT LIABILITIES:
Cash overdraft	21,585	621	12,151
Accounts payable	114,225	89,105	91,015
Accrued liabilities:
Compensation and benefits	52,011	62,143	35,596
Income taxes	4,218	0	458
Other	23,097	23,591	21,000
Current portion of long-term debt	21	0	0
TOTAL CURRENT LIABILITIES	215,157	175,460	160,220
LONG-TERM DEBT, less current portion	187,020	98,645	143,471
DEFERRED INCOME TAXES	30,751	30,933	26,627
OTHER LIABILITIES	19,558	19,202	16,044
TOTAL LIABILITIES	452,486	324,240	346,362
Controlling interest shareholders' equity:
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none	0	0	0
Common stock, no par value; shares authorized 40,000,000; issued and outstanding, 20,119,879, 19,984,451, and 20,048,764	20,120	19,984	20,049
Additional paid-in capital	167,786	162,483	159,278
Retained earnings	512,421	502,334	469,028
Accumulated other comprehensive income	491	1,348	2,864
Employee stock notes receivable	-278	-455	-540
Total controlling interest shareholders' equity	700,540	685,694	650,679
Noncontrolling interest	14,442	13,866	9,743
TOTAL SHAREHOLDERS' EQUITY	714,982	699,560	660,422
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$1,167,468	$1,023,800	$1,006,784

CONSOLIDATED_CONDENSED_BALANCE1

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 28, 2015	Dec. 27, 2014	Mar. 29, 2014
SHAREHOLDERS' EQUITY:
Preferred stock, no par value (in dollars per share)	$0	$0	$0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, no par value (in dollars per share)	$0	$0	$0
Common stock, shares authorized (in shares)	40,000,000	40,000,000	40,000,000
Common stock, shares issued (in shares)	20,119,879	19,984,451	20,048,764
Common stock, shares outstanding (in shares)	20,119,879	19,984,451	20,048,764

CONSOLIDATED_CONDENSED_STATEME

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited) [Abstract]
NET SALES	$633,025	$553,998
COST OF GOODS SOLD	553,443	487,986
GROSS PROFIT	79,582	66,012
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	61,705	53,908
NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT CHARGES	14	-524
EARNINGS FROM OPERATIONS	17,863	12,628
INTEREST EXPENSE	1,173	1,066
INTEREST INCOME	-135	-290
EQUITY IN EARNINGS (LOSS) OF INVESTEE	-83	-51
NON-OPERATING (INCOME)/EXPENSE	955	725
EARNINGS BEFORE INCOME TAXES	16,908	11,903
INCOME TAXES	6,104	4,235
NET EARNINGS	10,804	7,668
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST	-642	-452
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	10,162	7,216
EARNINGS PER SHARE - BASIC (in dollars per share)	$0.51	$0.36
EARNINGS PER SHARE - DILUTED (in dollars per share)	$0.51	$0.36
FOREIGN CURRENCY TRANSLATION ADJUSTMENT	-1,003	-696
COMPREHENSIVE INCOME	9,801	6,972
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	-498	-358
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$9,303	$6,614

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Earnings [Member]	Employee Stock Notes Receivable [Member]	Noncontrolling Interest [Member]	Total
In Thousands, unless otherwise specified
Balance at Dec. 28, 2013	$19,948	$156,129	$461,812	$3,466	($732)	$9,111	$649,734
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings			7,216			452	7,668
Foreign currency translation adjustment				-602		-94	-696
Noncontrolling interest associated with business acquisitions						975	975
Distributions to noncontrolling interest						-701	-701
Issuance of shares under employee stock plans	2	97					99
Issuance of shares under stock grant programs	63	523					586
Issuance of shares under deferred compensation plans	36	-35					1
Expense associated with share-based compensation arrangements		495					495
Accrued expense under deferred compensation plans		2,069					2,069
Payments received on employee stock notes receivable					192		192
Balance at Mar. 29, 2014	20,049	159,278	469,028	2,864	-540	9,743	660,422
Balance at Dec. 27, 2014	19,984	162,483	502,334	1,348	-455	13,866	699,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings			10,162			642	10,804
Foreign currency translation adjustment				-857		-146	-1,003
Noncontrolling interest associated with business acquisitions						1,019	1,019
Distributions to noncontrolling interest						-939	-939
Issuance of shares under employee stock plans	12	457					469
Issuance of shares under stock grant programs	75	1,782	1				1,858
Issuance of shares under deferred compensation plans	50	-50					0
Repurchase of shares	-1		-76		77		0
Tax benefits from non-qualified stock options exercised		66					66
Expense associated with share-based compensation arrangements		378					378
Accrued expense under deferred compensation plans		2,670					2,670
Payments received on employee stock notes receivable					100		100
Balance at Mar. 28, 2015	$20,120	$167,786	$512,421	$491	($278)	$14,442	$714,982

CONSOLIDATED_STATEMENTS_OF_SHA1

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employee stock plans (in shares)	12,015	2,172
Issuance of shares under stock grant programs (in shares)	75,063	63,019
Issuance of shares under deferred compensation plans (in shares)	49,863	35,303
Repurchase of shares (in shares)	1,513

CONSOLIDATED_CONDENSED_STATEME1

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$10,804	$7,668
Adjustments to reconcile net earnings attributable to controlling interest:
Depreciation	8,996	7,691
Amortization of intangibles	983	586
Expense associated with share-based compensation arrangements	378	495
Expense associated with stock grant plans	27	29
Deferred income taxes (credit)	-193	-150
Equity in earnings of investee	-83	-51
Net (gain) loss on sale or impairment of property, plant and equipment	14	-602
Changes in:
Accounts receivable	-63,148	-61,825
Inventories	-64,422	-23,980
Accounts payable and cash overdraft	45,219	29,222
Accrued liabilities and other	10,880	-2,743
NET CASH FROM OPERATING ACTIVITIES	-50,545	-43,660
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	-15,102	-8,994
Proceeds from sale of property, plant and equipment	50	785
Acquisitions, net of cash received	-2,585	-4,191
Advances of notes receivable	-1,273	-2,462
Collections on notes receivable	5,790	473
Cash restricted as to use	-305	0
Other, net	-16	-36
NET CASH FROM INVESTING ACTIVITIES	-13,441	-14,425
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	140,303	106,318
Repayments under revolving credit facilities	-52,718	-47,547
Debt issuance costs	-9	0
Proceeds from issuance of common stock	469	99
Distributions to noncontrolling interest	-939	-701
Repurchase of common stock	-78	0
Other, net	0	-8
NET CASH FROM FINANCING ACTIVITIES	87,028	58,161
Effect of exchange rate changes on cash	-154	-76
NET CHANGE IN CASH AND CASH EQUIVALENTS	22,888	0
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	22,888	0
SUPPLEMENTAL INFORMATION:
Interest paid	374	281
Income taxes paid (refunded)	-9,709	1,681
NON-CASH INVESTING ACTIVITIES
Other receivables exchanged for notes receivable	0	2,768
Notes receivable exchanged for property	389	0
NON-CASH FINANCING ACTIVITIES:
Common stock issued under deferred compensation plans	$2,526	$1,894

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 28, 2015
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	A.	BASIS OF PRESENTATION
	The accompanying unaudited interim consolidated condensed financial statements (the "Financial Statements") include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.  Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States.  All intercompany transactions and balances have been eliminated.
	In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented.  All such adjustments are of a normal recurring nature.  These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10-K for the fiscal year ended December 27, 2014.
	Seasonality has a significant impact on our working capital from January to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to December which typically results in significant cash flow from operations in our third and fourth quarters.  For comparative purposes, we have included the March 29, 2014 balances in the accompanying unaudited consolidated condensed balance sheets.

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 28, 2015
FAIR VALUE [Abstract]
FAIR VALUE	B.	FAIR VALUE
	We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value.  Assets measured at fair value are as follows:
			28-Mar-15		29-Mar-14
	(in thousands)		Quoted Prices in Active Markets		Quoted Prices in Active Markets
			(Level 1)		(Level 1)
	Money market funds		$	62	$	162
	Mutual funds:
	Domestic stock funds			244		833
	International stock funds			70		577
	Target funds			238		198
	Bond funds			172		152
	Total mutual funds			724		1,760
			$	786	$	1,922
	We maintain money market and mutual funds in our non-qualified deferred compensation plan.  These funds are valued at prices quoted in an active exchange market and are included in "Other Assets".  We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP.
	We did not maintain any Level 2 or 3 assets or liabilities at March 28, 2015 or March 29, 2014.

REVENUE_RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 28, 2015
REVENUE RECOGNITION [Abstract]
REVENUE RECOGNITION	C.	REVENUE RECOGNITION
	Revenue is recognized at the time the product is shipped to the customer. Generally, title passes at the time of shipment.  In certain circumstances, the customer takes title when the shipment arrives at the destination.  However, our shipping process is typically completed the same day.
	Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations.  Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs.  Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units.  Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known.  Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent.
	Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration.  Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs.  During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist.
	The following table presents the balances of percentage-of-completion accounts which are included in "Other current assets" and "Accrued liabilities: Other", respectively (in thousands):
			March 28,		27-Dec-14		March 29,
			2015				2014
	Cost and Earnings in Excess of Billings		$	4,314	$	5,244	$	7,296
	Billings in Excess of Cost and Earnings			3,710		4,682		1,307

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 28, 2015
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	D.	EARNINGS PER SHARE
	The computation of earnings per share ("EPS") is as follows (in thousands):
			Three Months Ended
			28-Mar-15			29-Mar-14
	Numerator:
	Net earnings attributable to controlling interest		$	10,162		$	7,216
	Adjustment for earnings allocated to non-vested restricted common stock			(123	)		(63	)
	Net earnings for calculating EPS		$	10,039		$	7,153
	Denominator:
	Weighted average shares outstanding			20,092			20,058
	Adjustment for non-vested restricted common stock			(244	)		(176	)
	Shares for calculating basic EPS			19,848			19,882
	Effect of dilutive stock options			29			23
	Shares for calculating diluted EPS			19,877			19,905
	Net earnings per share:
	Basic		$	0.51		$	0.36
	Diluted		$	0.51		$	0.36
	No options were excluded from the computation of diluted EPS for the quarters ended March 28, 2015 or March 29, 2014.

COMMITMENTS_CONTINGENCIES_AND_

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	3 Months Ended
	Mar. 28, 2015
COMMITMENTS, CONTINGENCIES, AND GUARANTEES [Abstract]
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	E.	COMMITMENTS, CONTINGENCIES, AND GUARANTEES
	We are self-insured for environmental impairment liability, including certain liabilities which are insured through a wholly owned subsidiary, Ardellis Insurance Ltd., a licensed captive insurance company.
	We own and operate a number of facilities throughout the United States that chemically treat lumber products.  In connection with the ownership and operation of these and other real properties, and the disposal or treatment of hazardous or toxic substances, we may, under various federal, state, and local environmental laws, ordinances, and regulations, be potentially liable for removal and remediation costs, as well as other potential costs, damages, and expenses.  Environmental reserves, calculated with no discount rate, have been established to cover remediation activities at wood preservation facilities in Stockertown, PA; Elizabeth City, NC; Auburndale, FL; and Medley, FL. In addition, a reserve was established for our facility in Thornton, CA to remove certain lead containing materials which existed on the property at the time of purchase.  During 2009, a subsidiary entered into a consent order with the State of Florida to conduct additional testing at our Auburndale, FL facility. We admitted no liability and the costs are not expected to be material.
	On a consolidated basis, we have reserved approximately $3.5 million on March 28, 2015 and March 29, 2014, representing the estimated costs to complete future remediation efforts. These amounts are included in Other Liabilities within the condensed balance sheet and have not been reduced by an insurance receivable.
	In addition, on March 28, 2015, we were parties either as plaintiff or defendant to a number of lawsuits and claims arising through the normal course of our business.  In the opinion of management, our consolidated financial statements will not be materially affected by the outcome of these contingencies and claims.
	On March 28, 2015, we had outstanding purchase commitments on capital projects of approximately $6.6 million.
	We provide a variety of warranties for products we manufacture. Historically, warranty claims have not been material.  We distribute products manufactured by other companies, some of which are no longer in business.  While we do not warrant these products, we have received claims as a distributor of these products when the manufacturer no longer exists or has the ability to pay.  Historically, these costs have not had a material affect on our consolidated financial statements.
	As part of our operations,  we supply building materials and labor to residential and multi-family construction projects or we jointly bid on contracts with framing companies for such projects. In some instances we are required to post payment and performance bonds to insure the project owner that our products and installation services are completed in accordance with our contractual obligations.  We have agreed to indemnify the surety for claims made against the bonds.  As of March 28, 2015 we had approximately $7.1 million in outstanding payment and performance bonds, which expire during the next two years.  In addition, approximately $13.6 million in payment and performance bonds are outstanding for completed projects which are still under warranty.
	On March 28, 2015, we had outstanding letters of credit totaling $26.4 million, primarily related to certain insurance contracts and industrial development revenue bonds described further below.
	In lieu of cash deposits, we provide irrevocable letters of credit in favor of our insurers to guarantee our performance under certain insurance contracts.  We currently have irrevocable letters of credit outstanding totaling approximately $16.5 million for these types of insurance arrangements.  We have reserves recorded on our balance sheet, in accrued liabilities, that reflect our expected future liabilities under these insurance arrangements.
	We are required to provide irrevocable letters of credit in favor of the bond trustees for all of the industrial development revenue bonds that we have issued.  These letters of credit guarantee principal and interest payments to the bondholders.  We currently have irrevocable letters of credit outstanding totaling approximately $9.8 million related to our outstanding industrial development revenue bonds.  These letters of credit have varying terms but may be renewed at the option of the issuing banks.
	Certain wholly owned domestic subsidiaries have guaranteed the indebtedness of Universal Forest Products, Inc. in certain debt agreements, including the Series 2012 Senior Notes and our revolving credit facility.  The maximum exposure of these guarantees is limited to the indebtedness outstanding under these debt arrangements and this exposure will expire concurrent with the expiration of the debt agreements.
	Many of our wood treating operations utilize "Subpart W" drip pads, defined as hazardous waste management units by the Environmental Protection Agency.  The rules regulating drip pads require that the pad be "closed" at the point that it is no longer intended to be used for wood treating operations or to manage hazardous waste.  Closure involves identification and disposal of contaminants which are required to be removed from the facility.  The cost of closure is dependent upon a number of factors including, but not limited to, identification and removal of contaminants, cleanup standards that vary from state to state, and the time period over which the cleanup would be completed.  Based on our present knowledge of existing circumstances, it is considered probable that these costs will approximate $0.6 million.  As a result, this amount is recorded in other long-term liabilities on March 28, 2015.
	We did not enter into any new guarantee arrangements during the first quarter of 2015 which would require us to recognize a liability on our balance sheet.

BUSINESS_COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Mar. 28, 2015
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	F.	BUSINESS COMBINATIONS
	We completed the following acquisitions in fiscal 2015 and 2014 which were accounted for using the purchase method (in thousands):
	Company Name	Acquisition Date	Purchase Price	Intangible Assets	Net Tangible Assets	Operating	Business Description
						Segment
	Rapid Wood Mfg., LLC ("Rapid Wood")	2-Feb-15	$1,638	$789	$849	Western Division	A supplier of lumber products to the region's manufactured housing and recreational vehicle industries based in Caldwell, Idaho.  Rapid Wood had annual sales of $2.3 million.
			(asset purchase)
	Integra Packaging Proprietary, Ltd ("Integra Packaging")	16-Jan-15	$1,102	$1,406	$715	Other	An Australian-based manufacturer and distributor of industrial wood specialty packaging products.  Integra Packaging had annual sales of $12.4 million.
			(51.94% stock purchase)	(The Company portion of Intangible Assets $730 or 51.94%)	(The Company portion of Net Tangible Assets $372 or 51.94%)
	Bigs Packaging and Lumber, LLC ("Bigs Packaging")	13-Nov-14	$20,000 (asset purchase) + $3,976 earnout accrual	$15,031	$8,945	Western Division	A Texas-based manufacturer of industrial wood and packaging solutions.  Bigs Packaging had annual sales of $50.0 million.
	Packnet Ltd ("Packnet")	24-Nov-14	$7,506 (80% asset purchase)	$7,885	$1,498	Western Division	A supplier of industrial packaging and services based in Eagan, MN.  Packnet had annual sales of $9.0 Million.
				(The Company portion of Intangible Assets $6,308 or 80%)	(The Company portion of Net Tangible Assets $1,198 or 80%)
	High Level Components, LLC ("High Level")	31-Mar-14	$2,944	$ -	$3,232	North Division	A building component manufacturer based in Locust, NC.  High Level had annual sales of $6.8 million.
			(asset purchase)
	Upshur Forest Products, LLC ("Upshur")	28-Mar-14	$1,774	$1,577	$1,971	Western Division	A sawmill located in Gilmer, TX.  Upshur had annual sales of $8.9 million.
			(50% asset purchase; 51% voting majority)	(The Company portion of Intangible Assets $788 or 50%)	(The Company portion of Net Tangible Assets $986 or 50%)
	Container Systems, Inc. ("CSI")	14-Mar-14	$2,417 (asset purchase)	$-	$2,417	South Division	A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC.  CSI had annual sales of $3.0 million.
	The intangible assets, including contingent consideration, for each acquisition were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2014 or the first quarter of 2015, except for Integra, Rapid Wood, and Bigs Packaging.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 28, 2015
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	G.	SEGMENT REPORTING
	ASC 280, Segment Reporting ("ASC 280"), defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.
	Due to recent changes in management structure, we have revised our operating segments.  Our operating segments currently consist of the North, South, Western, Alternative Materials, and International divisions.  Prior year amounts have been reclassified to these segments.  Our Alternative Materials and International divisions have been included in the "All Other" column of the table below.  The "Corporate" column includes unallocated administrative costs and certain incentive compensation expense.
			Three Months Ended March 28, 2015
			North		South		Western		All			Corporate			Total
									Other
	Net sales to outside customers		$	179,499	$	164,195	$	257,579	$	31,752		$	-		$	633,025
	Intersegment net sales			9,809		7,199		9,627		3,896			-			30,531
	Segment operating profit			2,710		6,002		10,519		(1,146	)		(222	)		17,863
			Three Months Ended March 29, 2014
			North		South		Western		All			Corporate			Total
									Other
	Net sales to outside customers		$	156,634	$	143,360	$	225,400	$	28,604		$	-		$	553,998
	Intersegment net sales			9,542		4,814		11,042		3,845			-			29,243
	Segment operating profit			1,223		6,273		8,845		(1,090	)		(2,623	)		12,628

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 28, 2015
INCOME TAXES [Abstract]
INCOME TAXES	H.	INCOME TAXES
	Effective tax rates differ from statutory federal income tax rates, primarily due to provisions for state and local income taxes and permanent tax differences.  Our effective tax rate was 36.1% in the first quarter of 2015 compared to 35.6% for same period of 2014.  The increase is primarily due to the recognition of a $145,000 non-taxable life insurance benefit in 2014 as well as a decrease of $70,000 in 2015 of state tax credits which the State of California is phasing out beginning in 2015.  This increase is partially offset by a lower state effective income tax rate in 2015.

REVENUE_RECOGNITION_Policies

REVENUE RECOGNITION (Policies)	3 Months Ended
	Mar. 28, 2015
REVENUE RECOGNITION [Abstract]
Revenue Recognition	Earnings on construction contracts are reflected in operations using percentage-of-completion accounting, under either cost to cost or units of delivery methods, depending on the nature of the business at individual operations.  Under percentage-of-completion using the cost to cost method, revenues and related earnings on construction contracts are measured by the relationships of actual costs incurred related to the total estimated costs.  Under percentage-of-completion using the units of delivery method, revenues and related earnings on construction contracts are measured by the relationships of actual units produced related to the total number of units.  Revisions in earnings estimates on the construction contracts are recorded in the accounting period in which the basis for such revisions becomes known.  Projected losses on individual contracts are charged to operations in their entirety when such losses become apparent.
	Our construction contracts are generally entered into with a fixed price and completion of the projects can range from 6 to 18 months in duration.  Therefore, our operating results are impacted by, among many other things, labor rates and commodity costs.  During the year, we update our estimated costs to complete our projects using current labor and commodity costs and recognize losses to the extent that they exist.

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 28, 2015
FAIR VALUE [Abstract]
Assets and liabilities measured at fair value	We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value.  Assets measured at fair value are as follows:
		28-Mar-15		29-Mar-14
	(in thousands)	Quoted Prices in Active Markets		Quoted Prices in Active Markets
		(Level 1)		(Level 1)
	Money market funds	$	62	$	162
	Mutual funds:
	Domestic stock funds		244		833
	International stock funds		70		577
	Target funds		238		198
	Bond funds		172		152
	Total mutual funds		724		1,760
		$	786	$	1,922

REVENUE_RECOGNITION_Tables

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 28, 2015
REVENUE RECOGNITION [Abstract]
Balances of percentage-of-completion accounts which are included in Other current assets and Accrued liabilities Other	The following table presents the balances of percentage-of-completion accounts which are included in "Other current assets" and "Accrued liabilities: Other", respectively (in thousands):
		March 28,		27-Dec-14		March 29,
		2015				2014
	Cost and Earnings in Excess of Billings	$	4,314	$	5,244	$	7,296
	Billings in Excess of Cost and Earnings		3,710		4,682		1,307

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 28, 2015
EARNINGS PER SHARE [Abstract]
Computation of earnings per share	The computation of earnings per share ("EPS") is as follows (in thousands):
		Three Months Ended
		28-Mar-15			29-Mar-14
	Numerator:
	Net earnings attributable to controlling interest	$	10,162		$	7,216
	Adjustment for earnings allocated to non-vested restricted common stock		(123	)		(63	)
	Net earnings for calculating EPS	$	10,039		$	7,153
	Denominator:
	Weighted average shares outstanding		20,092			20,058
	Adjustment for non-vested restricted common stock		(244	)		(176	)
	Shares for calculating basic EPS		19,848			19,882
	Effect of dilutive stock options		29			23
	Shares for calculating diluted EPS		19,877			19,905
	Net earnings per share:
	Basic	$	0.51		$	0.36
	Diluted	$	0.51		$	0.36

BUSINESS_COMBINATIONS_Tables

BUSINESS COMBINATIONS (Tables)	3 Months Ended
	Mar. 28, 2015
BUSINESS COMBINATIONS [Abstract]
Business Acquisitions Accounted for Using Purchase Method	We completed the following acquisitions in fiscal 2015 and 2014 which were accounted for using the purchase method (in thousands):
	Company Name	Acquisition Date	Purchase Price	Intangible Assets	Net Tangible Assets	Operating	Business Description
						Segment
	Rapid Wood Mfg., LLC ("Rapid Wood")	2-Feb-15	$1,638	$789	$849	Western Division	A supplier of lumber products to the region's manufactured housing and recreational vehicle industries based in Caldwell, Idaho.  Rapid Wood had annual sales of $2.3 million.
			(asset purchase)
	Integra Packaging Proprietary, Ltd ("Integra Packaging")	16-Jan-15	$1,102	$1,406	$715	Other	An Australian-based manufacturer and distributor of industrial wood specialty packaging products.  Integra Packaging had annual sales of $12.4 million.
			(51.94% stock purchase)	(The Company portion of Intangible Assets $730 or 51.94%)	(The Company portion of Net Tangible Assets $372 or 51.94%)
	Bigs Packaging and Lumber, LLC ("Bigs Packaging")	13-Nov-14	$20,000 (asset purchase) + $3,976 earnout accrual	$15,031	$8,945	Western Division	A Texas-based manufacturer of industrial wood and packaging solutions.  Bigs Packaging had annual sales of $50.0 million.
	Packnet Ltd ("Packnet")	24-Nov-14	$7,506 (80% asset purchase)	$7,885	$1,498	Western Division	A supplier of industrial packaging and services based in Eagan, MN.  Packnet had annual sales of $9.0 Million.
				(The Company portion of Intangible Assets $6,308 or 80%)	(The Company portion of Net Tangible Assets $1,198 or 80%)
	High Level Components, LLC ("High Level")	31-Mar-14	$2,944	$ -	$3,232	North Division	A building component manufacturer based in Locust, NC.  High Level had annual sales of $6.8 million.
			(asset purchase)
	Upshur Forest Products, LLC ("Upshur")	28-Mar-14	$1,774	$1,577	$1,971	Western Division	A sawmill located in Gilmer, TX.  Upshur had annual sales of $8.9 million.
			(50% asset purchase; 51% voting majority)	(The Company portion of Intangible Assets $788 or 50%)	(The Company portion of Net Tangible Assets $986 or 50%)
	Container Systems, Inc. ("CSI")	14-Mar-14	$2,417 (asset purchase)	$-	$2,417	South Division	A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC.  CSI had annual sales of $3.0 million.

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 28, 2015
SEGMENT REPORTING [Abstract]
Segment Reporting	Our operating segments currently consist of the North, South, Western, Alternative Materials, and International divisions.  Prior year amounts have been reclassified to these segments.  Our Alternative Materials and International divisions have been included in the "All Other" column of the table below.  The "Corporate" column includes unallocated administrative costs and certain incentive compensation expense.
		Three Months Ended March 28, 2015
		North		South		Western		All			Corporate			Total
								Other
	Net sales to outside customers	$	179,499	$	164,195	$	257,579	$	31,752		$	-		$	633,025
	Intersegment net sales		9,809		7,199		9,627		3,896			-			30,531
	Segment operating profit		2,710		6,002		10,519		(1,146	)		(222	)		17,863
		Three Months Ended March 29, 2014
		North		South		Western		All			Corporate			Total
								Other
	Net sales to outside customers	$	156,634	$	143,360	$	225,400	$	28,604		$	-		$	553,998
	Intersegment net sales		9,542		4,814		11,042		3,845			-			29,243
	Segment operating profit		1,223		6,273		8,845		(1,090	)		(2,623	)		12,628

FAIR_VALUE_Details

FAIR VALUE (Details) (Recurring [Member], Quoted Prices in Active Markets (Level 1) [Member], USD $)	Mar. 28, 2015	Mar. 29, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$786	$1,922
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	62	162
Domestic Stock Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	244	833
International Stock Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	70	577
Target Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	238	198
Bond Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	172	152
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$724	$1,760

REVENUE_RECOGNITION_Details

REVENUE RECOGNITION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Dec. 27, 2014	Mar. 29, 2014
REVENUE RECOGNITION [Abstract]
Cost and Earnings in Excess of Billings	$4,314	$5,244	$7,296
Billings in Excess of Cost and Earnings	$3,710	$4,682	$1,307
Percentage of Completion Account Balances [Abstract]
Construction contracts completion term, minimum	6 months
Construction contracts completion term, maximum	18 months

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Numerator [Abstract]
Net earnings attributable to controlling interest	$10,162	$7,216
Adjustment for earnings allocated to non-vested restricted common stock	-123	-63
Net earnings for calculating EPS	$10,039	$7,153
Denominator [Abstract]
Weighted average shares outstanding (in shares)	20,092	20,058
Adjustment for non-vested restricted common stock (in shares)	-244	-176
Shares for calculating basic EPS (in shares)	19,848	19,882
Effect of dilutive stock options (in shares)	29	23
Shares for calculating diluted EPS (in shares)	19,877	19,905
Net earnings per share [Abstract]
Basic (in dollars per share)	$0.51	$0.36
Diluted (in dollars per share)	$0.51	$0.36
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares excluded from computation of EPS (in shares)	0	0

COMMITMENTS_CONTINGENCIES_AND_1

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
COMMITMENTS, CONTINGENCIES, AND GUARANTEES [Abstract]
Estimated costs to complete future remediation efforts	$3.50	$3.50
Surety Bonds and Letters of Credit [Abstract]
Payment and performance bonds outstanding	7.1
Expiration period of surety bonds	2 years
Completed projects still under warranty	13.6
Outstanding letters of credit	26.4
Irrevocable letters of credit in favor of our insurers outstanding	16.5
Irrevocable letters of credit in favor of our industrial development revenue bonds outstanding	9.8
Approximate identification and removal of contaminants costs	0.6
Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment [Line Items]
Outstanding purchase commitments on capital projects	$6.60

BUSINESS_COMBINATIONS_Details

BUSINESS COMBINATIONS (Details) (USD $)	3 Months Ended
	Mar. 28, 2015
Rapid Wood Mfg., LLC [Member]
Business Acquisition [Line Items]
Company Name	Rapid Wood Mfg., LLC (bRapid Woodb)
Acquisition Date	2-Feb-15
Purchase Price	$1,638,000
Intangible Assets	789,000
Net Tangible Assets	849,000
Operating Segment	Western Division
Business Description	A supplier of lumber products to the regionbs manufactured housing and recreational vehicle industries based in Caldwell, Idaho. Rapid Wood had annual sales of $2.3 million.
Acquired entity, prior year sales	2,300,000
Integra Packaging Proprietary, Ltd [Member]
Business Acquisition [Line Items]
Company Name	Integra Packaging Proprietary, Ltd (bIntegra Packagingb)
Acquisition Date	16-Jan-15
Purchase Price	1,102,000
Intangible Assets	1,406,000
Net Tangible Assets	715,000
Operating Segment	Other
Business Description	An Australian-based manufacturer and distributor of industrial wood specialty packaging products. Integra Packaging had annual sales of $12.4 million.
Acquired entity, prior year sales	12,400,000
Percentage of stock purchase (in hundredths)	51.94%
Integra Packaging Proprietary, Ltd [Member] | Parent Company [Member]
Business Acquisition [Line Items]
Intangible Assets	730,000
Net Tangible Assets	372,000
Percentage of intangible assets acquired (in hundredths)	51.94%
Percentage of tangible assets acquired (in hundredths)	51.94%
Bigs Packaging and Lumber, LLC [Member]
Business Acquisition [Line Items]
Company Name	Bigs Packaging and Lumber, LLC (bBigs Packagingb)
Acquisition Date	13-Nov-14
Purchase Price	20,000,000
Intangible Assets	15,031,000
Net Tangible Assets	8,945,000
Operating Segment	Western Division
Business Description	A Texas-based manufacturer of industrial wood and packaging solutions. Bigs Packaging had annual sales of $50.0 million.
Acquired entity, prior year sales	50,000,000
Earnout accrual	3,976,000
Packnet Ltd [Member]
Business Acquisition [Line Items]
Company Name	Packnet Ltd (bPacknetb)
Acquisition Date	24-Nov-14
Purchase Price	7,506,000
Intangible Assets	7,885,000
Net Tangible Assets	1,498,000
Operating Segment	Western Division
Business Description	A supplier of industrial packaging and services based in Eagan, MN. Packnet had annual sales of $9.0 Million.
Acquired entity, prior year sales	9,000,000
Percentage of asset purchase (in hundredths)	80.00%
Packnet Ltd [Member] | Parent Company [Member]
Business Acquisition [Line Items]
Intangible Assets	6,308,000
Net Tangible Assets	1,198,000
Percentage of intangible assets acquired (in hundredths)	80.00%
Percentage of tangible assets acquired (in hundredths)	80.00%
High Level Components, LLC [Member]
Business Acquisition [Line Items]
Company Name	High Level Components, LLC (bHigh Levelb)
Acquisition Date	31-Mar-14
Purchase Price	2,944,000
Intangible Assets	0
Net Tangible Assets	3,232,000
Operating Segment	North Division
Business Description	A building component manufacturer based in Locust, NC. High Level had annual sales of $6.8 million.
Acquired entity, prior year sales	6,800,000
Upshur Forest Products, LLC [Member]
Business Acquisition [Line Items]
Company Name	Upshur Forest Products, LLC (bUpshurb)
Acquisition Date	28-Mar-14
Purchase Price	1,774,000
Intangible Assets	1,577,000
Net Tangible Assets	1,971,000
Operating Segment	Western Division
Business Description	A sawmill located in Gilmer, TX. Upshur had annual sales of $8.9 million.
Acquired entity, prior year sales	8,900,000
Percentage of asset purchase (in hundredths)	50.00%
Percentage of voting majority (in hundredths)	51.00%
Upshur Forest Products, LLC [Member] | Parent Company [Member]
Business Acquisition [Line Items]
Intangible Assets	788,000
Net Tangible Assets	986,000
Percentage of intangible assets acquired (in hundredths)	50.00%
Percentage of tangible assets acquired (in hundredths)	50.00%
Container Systems, Inc. [Member]
Business Acquisition [Line Items]
Company Name	Container Systems, Inc. (bCSIb)
Acquisition Date	14-Mar-14
Purchase Price	2,417,000
Intangible Assets	0
Net Tangible Assets	2,417,000
Operating Segment	South Division
Business Description	A manufacturer of crates and containers for industrial applications and the moving-and-storage industry, located in Franklinton, NC. CSI had annual sales of $3.0 million.
Acquired entity, prior year sales	$3,000,000

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Segment Reporting Information [Line Items]
Net sales	$633,025	$553,998
Segment operating profit	17,863	12,628
Intersegment net sales [Member]
Segment Reporting Information [Line Items]
Net sales	30,531	29,243
Corporate [Member]
Segment Reporting Information [Line Items]
Net sales	0	0
Segment operating profit	-222	-2,623
North [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	179,499	156,634
Segment operating profit	2,710	1,223
North [Member] | Intersegment net sales [Member]
Segment Reporting Information [Line Items]
Net sales	9,809	9,542
South [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	164,195	143,360
Segment operating profit	6,002	6,273
South [Member] | Intersegment net sales [Member]
Segment Reporting Information [Line Items]
Net sales	7,199	4,814
Western [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	257,579	225,400
Segment operating profit	10,519	8,845
Western [Member] | Intersegment net sales [Member]
Segment Reporting Information [Line Items]
Net sales	9,627	11,042
All Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	31,752	28,604
Segment operating profit	-1,146	-1,090
All Other [Member] | Intersegment net sales [Member]
Segment Reporting Information [Line Items]
Net sales	$3,896	$3,845

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
INCOME TAXES [Abstract]
Effective income tax rate (in hundredths)	36.10%	35.60%
Recognized tax benefit for non-taxable life insurance benefit		$145,000
Recognized tax provision for state tax credits	$70,000