Sparton (SPA) 10-Q 5 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 27, 2015	Oct. 23, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Sparton Corp.
Entity Central Index Key	92,679
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 27, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		9,880,527

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 30, 2015
Current Assets:
Cash and cash equivalents	$ 2,187	$ 14,914
Accounts receivable, net of allowance for doubtful accounts of $480 and $173, respectively	59,926	70,974
Inventories and cost of contracts in progress, net	86,589	79,503
Deferred income taxes	4,714	4,714
Prepaid expenses and other current assets	7,328	5,488
Total current assets	160,744	175,593
Property, plant and equipment, net	32,896	32,608
Goodwill	72,473	74,175
Other intangible assets, net	43,922	45,825
Deferred income taxes	2,324	2,199
Other assets	7,301	7,151
Total assets	319,660	337,551
Current Liabilities:
Accounts payable	26,508	29,948
Accrued salaries and wages	9,419	9,089
Accrued health benefits	1,515	1,510
Performance based payments on customer contracts	0	1,756
Other accrued expenses	16,423	16,328
Total current liabilities	53,865	58,631
Pension liability	424	424
Long-term debt	138,800	154,500
Environmental remediation	6,910	7,117
Total liabilities	$ 199,999	$ 220,672
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, no par value; 200,000 shares authorized, none issued	$ 0	$ 0
Common stock, $1.25 par value; 15,000,000 shares authorized, 9,880,527 and 9,886,618 shares issued and outstanding, respectively	12,351	12,358
Capital in excess of par value	16,504	16,045
Retained earnings	92,327	89,933
Accumulated other comprehensive loss	(1,521)	(1,457)
Total shareholders’ equity	119,661	116,879
Total liabilities and shareholders’ equity	$ 319,660	$ 337,551

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 30, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 480	$ 173
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Common stock, par value (usd per share)	$ 1.25	$ 1.25
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	9,880,527	9,886,618
Common stock, shares outstanding	9,880,527	9,886,618

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 106,691	$ 77,025
Cost of goods sold	85,553	64,172
Gross profit	21,138	12,853
Operating Expense:
Selling and administrative expenses	13,624	10,584
Internal research and development expenses	513	100
Amortization of intangible assets	2,503	1,340
Total operating expense	16,640	12,024
Operating income	4,498	829
Other income (expense):
Interest expense	(885)	(746)
Interest income	2	2
Other, net	68	146
Total other expense, net	(815)	(598)
Income before income taxes	3,683	231
Income taxes	1,289	35
Net income	$ 2,394	$ 196
Income per share of common stock:
Basic (in dollars per share)	$ 0.24	$ 0.02
Diluted (in dollars per share)	$ 0.24	$ 0.02
Weighted average shares of common stock outstanding:
Basic (in shares)	9,780,274	9,960,817
Diluted (in shares)	9,780,274	9,985,111

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 2,394	$ 196
Other comprehensive income, net:
Amortization of unrecognized net actuarial loss, net of tax benefit	7	20
Unrecognized loss on marketable equity securities, net of tax benefit	(71)	0
Other comprehensive (loss) income, net	(64)	20
Comprehensive income	$ 2,330	$ 216

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 2,394	$ 196
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,192	1,118
Amortization of intangible assets	2,503	1,340
Deferred income taxes	(125)	(36)
Stock-based compensation expense	432	449
Excess tax benefit from stock-based compensation	161	974
Amortization of deferred financing costs	70	461
Changes in operating assets and liabilities:
Accounts receivable	11,047	12,882
Inventories and cost of contracts in progress	(7,086)	1,848
Prepaid expenses and other current assets	(1,898)	(512)
Performance based payments on customer contracts	(1,756)	6,898
Accounts payable and accrued expenses	(2,179)	(5,053)
Net cash provided by operating activities	4,433	18,617
Cash Flows from Investing Activities:
Acquisition of businesses, net of cash acquired	0	(18,260)
Purchases of property, plant and equipment	(1,480)	(1,013)
Net cash used in investing activities	(1,480)	(19,273)
Cash Flows from Financing Activities:
Borrowings on long-term debt	18,000	20,014
Repayment on long-term debt	(33,700)	(19,014)
Payment of debt financing costs	0	(982)
Repurchase of stock	(141)	(1,830)
Proceeds from the exercise of stock options	0	12
Excess tax benefit from stock-based compensation	161	974
Net cash used in financing activities	(15,680)	(826)
Net decrease in cash and cash equivalents	(12,727)	(1,482)
Cash and cash equivalents at beginning of period	14,914	8,028
Cash and cash equivalents at end of period	2,187	6,546
Supplemental disclosure of cash flow information:
Cash paid for interest	663	291
Cash paid for income taxes	2	1,529
Supplemental disclosure of non-cash investing activities:
Adjustments to acquired companies opening balance sheets	$ 1,702	$ 832

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Sep. 27, 2015
Accounting Policies [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the consolidated financial statements should be read in conjunction with Item 2 of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Quarterly Report on Form 10-Q. For fiscal year 2016, the Company has changed from a calendar year to a 52-53 week year (5-4-4 basis) ending on the Sunday closest to June 30. Therefore, the financial results of certain fiscal years, and the associated 14 week quarters, will not be exactly comparable to the prior and subsequent 52 week fiscal years and the associated quarters having only 13 weeks. The change was not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or 15d-10; hence, a transition report is not required to be filed on Form 10-K for the year ended June 30, 2015 or for the first interim report of fiscal 2016 for the quarter ended September 27, 2015 . The Company has made the change in fiscal years on a prospective basis and thus will not impact the Company’s financial statements as of and for the year ended June 30, 2015 or any interim period therein. The Company believes the change in fiscal years will provide numerous benefits, including more consistency between reported periods and to better align its reporting periods with the Company’s peer group. Operating results for the quarter ended September 27, 2015 are not necessarily indicative of the results that may be expected for the year ending July 3, 2016. The consolidated balance sheet at June 30, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2015 .

Acquisitions

Acquisitions	3 Months Ended
	Sep. 27, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions The company consummated seven acquisitions in fiscal year 2015. The following table summarizes the pro forma results of operations for the first quarter of fiscal year 2015 had the acquisitions occurred as of the the first day of the quarter: For the First Quarter of Fiscal Year 2015 Net sales $ 104,330 Net income 1,514 Net income per share — basic 0.15 Net income per share — diluted 0.15 In connection with the acquisitions, certain adjustments were made to the opening balance sheets of the acquired companies based upon the most recent information available. For the first quarter of fiscal year 2016, the adjustments, with offsetting reductions to goodwill, amounted to $1,702 . Certain of the acquisitions included escrow amounts as well as contingent consideration based on future earnings. Other than described above, no additional amounts have been adjusted as of September 27, 2015.

Inventories and Cost of Contrac

Inventories and Cost of Contracts in Progress	3 Months Ended
	Sep. 27, 2015
Inventory Disclosure [Abstract]
Inventories and Cost of Contracts in Progress	Inventories and Cost of Contracts in Progress The following are the major classifications of inventory, net of interim billings: September 27, June 30, Raw materials $ 53,151 $ 60,668 Work in process 20,711 19,047 Finished goods 13,606 7,244 Total inventory and cost of contracts in progress, gross 87,468 86,959 Inventory to which the U.S. government has title due to interim billings (879 ) (7,456 ) Total inventory and cost of contracts in progress, net $ 86,589 $ 79,503

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Sep. 27, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: September 27, June 30, Land and land improvements $ 1,429 $ 1,429 Buildings and building improvements 27,512 27,482 Machinery and equipment 38,082 36,923 Construction in progress 1,466 2,278 Total property, plant and equipment 68,489 68,112 Less accumulated depreciation (35,593 ) (35,504 ) Total property, plant and equipment, net $ 32,896 $ 32,608

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Sep. 27, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Changes in the carrying value of goodwill for the first quarter of fiscal year 2016 are as follows: Manufacturing and Design Services Engineered Components and Products Total Goodwill at June 30, 2015 $ 61,512 $ 12,663 $ 74,175 Adjustments to goodwill during the period (1,702 ) — (1,702 ) Goodwill at September 27, 2015 $ 59,810 $ 12,663 $ 72,473 The components of other intangible assets, net consist of the following: Net Carrying Value at Additions Amortization Net Carrying Value at Non-compete agreements $ 3,129 $ — $ (238 ) $ 2,891 Customer relationships 40,126 600 (2,141 ) 38,585 Trademarks/Tradenames 1,551 — (48 ) 1,503 Unpatented technology 1,019 — (76 ) 943 Other intangible assets, net $ 45,825 $ 600 $ (2,503 ) $ 43,922

Debt

Debt	3 Months Ended
	Sep. 27, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company has a revolving line-of-credit facility (the “Credit Facility”) of $275,000 , which can be expanded by up to $100,000 . The facility is secured by substantially all assets of the Company and its subsidiaries and expires on September 11, 2019 . Outstanding borrowings under the Credit Facility will bear interest, at the Company’s option, at either LIBOR, fixed for interest periods of one, two, three or six month periods, plus 1.00% to 1.75% , or at the bank’s base rate, as defined, plus 0.00% to 0.75% , based upon the Company’s Total Funded Debt/EBITDA Ratio, as defined. The Company is also required to pay commitment fees on unused portions of the Credit Facility ranging from 0.20% to 0.35% , based on the Company’s Total Funded Debt/EBITDA Ratio, as defined. The Credit Facility includes representations, covenants and events of default that are customary for financing transactions of this nature. The effective interest rate on outstanding borrowings under the Credit Facility was 2.10% at September 27, 2015 . As a condition of the Credit Facility, the Company is subject to certain customary covenants, which it was in compliance with at September 27, 2015 . As of September 27, 2015 , the Company had approximately $135,753 available under its $275,000 credit facility, reflecting borrowings of $138,800 and certain letters of credit outstanding of $447 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 27, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Financial Accounting Standards Board (“FASB”) ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value as follows: Level 1 - unadjusted quoted prices in active markets for the identical asset or liability, Level 2 - observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability, and Level 3 - unobservable inputs for the asset or liability. The fair value of the Company’s Credit Facility (See Note 6, Debt, of the “Notes to Unaudited Consolidated Financial Statements” in this Quarterly Report on Form 10-Q) approximate its carrying value as the rates on these borrowings are variable and repriced based on current market conditions. Due to the current nature of the Company’s accounts receivable and accounts payable, their fair values approximate their carrying value. The Company holds marketable equity securities of $730 and $846 at September 27, 2015 and June 30, 2015 , respectively, that it classifies as available-for-sale and are recorded in other non-current assets on the Consolidated Balance Sheets. These securities are carried at fair value with unrealized gains and losses reflected in Accumulated Other Comprehensive Income and are classified as Level 1 in the fair value hierarchy. In connection with certain acquisitions, as of September 27, 2015 , the Company had recorded $1,530 of contingent consideration using significant unobservable inputs (Level 3).

Income Taxes

Income Taxes	3 Months Ended
	Sep. 27, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective income tax rate was 35.0% for the first quarter of fiscal year 2016, compared to 33.7% for the first quarter of fiscal year 2015. The Company’s effective income tax rate for the interim periods presented was determined from the Company’s estimated annual effective tax rate for the applicable year, which was based on the federal statutory income tax rate, permanent tax differences, foreign income taxes and state income taxes.

Defined Benefit Pension Plan

Defined Benefit Pension Plan	3 Months Ended
	Sep. 27, 2015
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Pension Plan	Defined Benefit Pension Plan The Company has a frozen defined benefit pension plan. The net periodic pension expense under the plan was $10 for both the first quarters of fiscal years 2016 and 2015. During the first quarter of fiscal years 2016 and 2015, no contributions were made to the pension plan.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 27, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company is involved in various legal proceedings relating to claims arising in the ordinary course of business. The Company is not currently a party to any such legal proceedings, the adverse outcome of which, individually or in the aggregate, is expected to have a material adverse effect on the Company's financial condition or results of operations. Additionally, the Company believes it has sufficient insurance coverage to effectively mitigate any litigation exposure. On October 1, 2015, the Company settled an outstanding legal matter with L-3 for $2,500 . The settlement amount was fully accrued on the Company’s consolidated balance sheet as of September 27, 2015. The Company is a party to an environment remediation matter in Albuquerque, New Mexico. As of September 27, 2015 and June 30, 2015, Sparton had accrued approximately $7,584 and $7,792 , respectively, as its estimate of the remaining minimum future discounted financial liability regarding this matter, of which approximately $675 is classified as a current liability and included on the balance sheets in other accrued expenses. See the Company’s annual report as filed on Form 10-K for further information. The Company is subject to audits by certain federal government agencies, including the Defense Contract Audit Agency and the Defense Contract Management Agency. The agencies audit and evaluate government contracts and government contractors’ administrative processes and systems. These agencies review the Company’s performance on contracts, pricing practices, cost structure, financial capability and compliance with applicable laws, regulations and standards. They also review the adequacy of the Company’s internal control systems and policies, including the Company’s purchasing, accounting, estimating, compensation and management information processes and systems. The Company works closely with these agencies to ensure compliance. From time to time, the Company is notified of claims related to noncompliance arising from the audits performed by agencies. Such claims have historically been subject to actions of remediation and/or financial claims that are typically subject to negotiated settlements. The Company believes that it has appropriate reserves established for outstanding issues and is not aware of any other issues of noncompliance that would have a material effect on the Company’s financial position or results of operations.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 27, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has a long-term incentive plan to offer incentive and non-qualified stock options, stock appreciation rights, restricted stock or restricted stock units, performance awards and other stock-based awards, including grants of shares under the Sparton Corporation 2010 Long-Term Incentive Plan (the “2010 Plan”). The following table shows stock-based compensation expense by type of share-based award, included in the consolidated statements of income: For the First Quarter of Fiscal Years 2016 2015 Fair value expense of stock option awards $ 122 $ 38 Restricted stock units 218 76 Restricted stock 92 335 Total stock-based compensation expense $ 432 $ 449 During the first quarter of fiscal year 2016, the Company awarded an aggregate of 124,722 stock options to certain members of management with an exercise price of $23.02 . The fair value of each stock option is estimated at the grant date using the Black-Scholes option pricing method. The Company granted 92,695 stock options during the first quarter of fiscal year 2015. The following is a summary of activity for the first quarter of fiscal year 2016 related to the 2010 plan: Stock Options Restricted stock units Restricted shares Outstanding at June 30, 2015 107,584 62,828 132,299 Granted 124,722 92,962 — Vested — — (27,345 ) Outstanding at September 27, 2015 232,306 155,790 104,954 As of September 27, 2015 , 19,143 stock options were exercisable.

Earnings Per Share Data

Earnings Per Share Data	3 Months Ended
	Sep. 27, 2015
Earnings Per Share [Abstract]
Earnings Per Share Data	Earnings Per Share Data The following table sets forth the computation of basic and diluted net income per share: For the First Quarter of Fiscal Years 2016 2015 Numerator: Net income $ 2,394 $ 196 Less net income allocated to contingently issuable participating securities (25 ) (3 ) Net income available to common shareholders $ 2,369 $ 193 Weighted average shares outstanding – Basic 9,780,274 9,960,817 Dilutive effect of stock options — 24,294 Weighted average shares outstanding – Diluted 9,780,274 9,985,111 Net income available to common shareholders per share: Basic $ 0.24 $ 0.02 Diluted $ 0.24 $ 0.02 For the first quarter of fiscal years 2016 and 2015, 104,954 and 175,666 , respectively, of unvested participating restricted shares were included in determining both basic and diluted earnings per share. Potential common shares, excluded from the calculation of diluted net income per share because they were either contingently issuable or their inclusion would be anti-dilutive, were 493,050 for the first quarter of fiscal year 2016.

Business Segments

Business Segments	3 Months Ended
	Sep. 27, 2015
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has identified two reportable segments; Manufacturing & Design Services and Engineered Components & Products. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company's resources on a segment basis. The Company’s Chief Decision Maker (CODM) assesses segment performance and allocates resources to each segment individually. Net sales, gross profit, operating income and total assets for the Company’s reportable segments for the first quarter of fiscal years 2016 and 2015 are as follows: For the First Quarter of Fiscal Year 2016 Manufacturing and Design Services Engineered Components and Products Corporate and Other Unallocated Eliminations Total Sales $ 73,957 $ 38,089 $ — $ (5,355 ) $ 106,691 Gross profit 10,296 10,842 — — 21,138 Operating income 2,341 6,303 (4,146 ) — 4,498 Selling and administrative expenses 5,881 3,597 4,146 — 13,624 Internal research and development expenses — 513 — — 513 Depreciation/amortization 2,815 664 216 — 3,695 Capital expenditures 1,006 45 429 — 1,480 Total assets at September 27, 2015 $ 238,229 $ 91,016 $ 17,950 $ (27,535 ) $ 319,660 For the First Quarter of Fiscal Year 2015 Manufacturing and Design Services Engineered Components and Products Corporate and Other Unallocated Eliminations Total Sales $ 56,251 $ 23,069 $ — $ (2,295 ) $ 77,025 Gross profit 7,086 5,767 — — 12,853 Operating income 2,106 3,266 (4,543 ) — 829 Selling and administrative expenses 3,729 2,312 4,543 — 10,584 Internal research and development expenses — 100 — — 100 Depreciation/amortization 2,059 292 107 — 2,458 Capital expenditures 400 462 151 — 1,013 Total assets at June 30, 2015 $ 238,777 $ 64,880 $ 33,894 $ — $ 337,551

New Accounting Standards

New Accounting Standards	3 Months Ended
	Sep. 27, 2015
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers , which amends guidance for revenue recognition. Under the new standard, revenue will be recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The standard creates a five-step model that will generally require companies to use more judgment and make more estimates than under current guidance when considering the terms of contracts along with all relevant facts and circumstances. These include the identification of customer contracts and separating performance obligations, the determination of transaction price that potentially includes an estimate of variable consideration, allocating the transaction price to each separate performance obligation, and recognizing revenue in line with the pattern of transfer. The standard also requires extensive additional disclosures to provide greater insight into revenues recognized and deferred, including quantitative and qualitative information about significant judgments and changes in those judgments made to determine the timing and amount of revenues recognized. ASU 2014-09, as amended by ASU 2015-14, is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Companies have the option of using either a full or modified retrospective approach in applying this standard. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 changes the presentation of debt issuance costs for term debt in the balance sheet by requiring the debt issuance costs to be presented as a direct deduction from the related debt liability, rather than recorded as an asset. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015, and interim periods within those annual periods and will need to be applied retrospectively. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 ("ASU 2015-11"), Simplifying the Measurement of Inventory. ASU 2015-11 clarifies that inventory should be held at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price, less the estimated costs to complete, dispose and transport such inventory. ASU 2015-11 will be effective for fiscal years and interim periods beginning after December 15, 2016. ASU 2015-11 is required to be applied prospectively and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-12 ("ASU 2015-12"), Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) - I. Fully Benefit-Responsive Investment Contracts; II. Plan Investment Disclosures, and III. Measurement Date Practical Expedient. ASU 2015-12 is effective for fiscal years beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 ("ASU 2015-16"), Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments. The amendments clarify that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer needs to record, in the same period’s financial statements, the effect of changes in depreciation, amortization or other income as a result of the change to the provisional amounts as if the accounting had been completed at the acquisition date. This amendment requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item as if the provisional adjustments had been recognized as of the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 27, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 1, 2015, the Company settled an outstanding legal matter with L-3 through the payment of $2,500 . The settlement amount was accrued at September 27, 2015 . On October 5, 2015, Sparton Corporation announced the closing of its Lawrenceville, GA manufacturing operations no later than June 30, 2016. The Lawrenceville facility was acquired as part of the Hunter Technology Corporation acquisition in April 2015 and has been operating within the Manufacturing & Design Services segment. No amounts have been recorded in the consolidated financial statements of the Company as of and for the quarter ended September 27, 2015 , as the plan of closure was not approved by the Board of Directors until after the first quarter of fiscal year 2016.

Business and Basis of Present22

Business and Basis of Presentation (Policies)	3 Months Ended
	Sep. 27, 2015
Accounting Policies [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the consolidated financial statements should be read in conjunction with Item 2 of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Quarterly Report on Form 10-Q. For fiscal year 2016, the Company has changed from a calendar year to a 52-53 week year (5-4-4 basis) ending on the Sunday closest to June 30. Therefore, the financial results of certain fiscal years, and the associated 14 week quarters, will not be exactly comparable to the prior and subsequent 52 week fiscal years and the associated quarters having only 13 weeks. The change was not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or 15d-10; hence, a transition report is not required to be filed on Form 10-K for the year ended June 30, 2015 or for the first interim report of fiscal 2016 for the quarter ended September 27, 2015 . The Company has made the change in fiscal years on a prospective basis and thus will not impact the Company’s financial statements as of and for the year ended June 30, 2015 or any interim period therein. The Company believes the change in fiscal years will provide numerous benefits, including more consistency between reported periods and to better align its reporting periods with the Company’s peer group. Operating results for the quarter ended September 27, 2015 are not necessarily indicative of the results that may be expected for the year ending July 3, 2016. The consolidated balance sheet at June 30, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2015 .
New Accounting Standards	New Accounting Standards In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers , which amends guidance for revenue recognition. Under the new standard, revenue will be recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The standard creates a five-step model that will generally require companies to use more judgment and make more estimates than under current guidance when considering the terms of contracts along with all relevant facts and circumstances. These include the identification of customer contracts and separating performance obligations, the determination of transaction price that potentially includes an estimate of variable consideration, allocating the transaction price to each separate performance obligation, and recognizing revenue in line with the pattern of transfer. The standard also requires extensive additional disclosures to provide greater insight into revenues recognized and deferred, including quantitative and qualitative information about significant judgments and changes in those judgments made to determine the timing and amount of revenues recognized. ASU 2014-09, as amended by ASU 2015-14, is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Companies have the option of using either a full or modified retrospective approach in applying this standard. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 changes the presentation of debt issuance costs for term debt in the balance sheet by requiring the debt issuance costs to be presented as a direct deduction from the related debt liability, rather than recorded as an asset. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015, and interim periods within those annual periods and will need to be applied retrospectively. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 ("ASU 2015-11"), Simplifying the Measurement of Inventory. ASU 2015-11 clarifies that inventory should be held at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price, less the estimated costs to complete, dispose and transport such inventory. ASU 2015-11 will be effective for fiscal years and interim periods beginning after December 15, 2016. ASU 2015-11 is required to be applied prospectively and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-12 ("ASU 2015-12"), Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) - I. Fully Benefit-Responsive Investment Contracts; II. Plan Investment Disclosures, and III. Measurement Date Practical Expedient. ASU 2015-12 is effective for fiscal years beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 ("ASU 2015-16"), Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments. The amendments clarify that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer needs to record, in the same period’s financial statements, the effect of changes in depreciation, amortization or other income as a result of the change to the provisional amounts as if the accounting had been completed at the acquisition date. This amendment requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item as if the provisional adjustments had been recognized as of the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Sep. 27, 2015
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information	The following table summarizes the pro forma results of operations for the first quarter of fiscal year 2015 had the acquisitions occurred as of the the first day of the quarter: For the First Quarter of Fiscal Year 2015 Net sales $ 104,330 Net income 1,514 Net income per share — basic 0.15 Net income per share — diluted 0.15

Inventories and Cost of Contr24

Inventories and Cost of Contracts in Progress (Tables)	3 Months Ended
	Sep. 27, 2015
Inventory Disclosure [Abstract]
Classifications of Inventory, Net of Interim Billings	The following are the major classifications of inventory, net of interim billings: September 27, June 30, Raw materials $ 53,151 $ 60,668 Work in process 20,711 19,047 Finished goods 13,606 7,244 Total inventory and cost of contracts in progress, gross 87,468 86,959 Inventory to which the U.S. government has title due to interim billings (879 ) (7,456 ) Total inventory and cost of contracts in progress, net $ 86,589 $ 79,503

Property, Plant and Equipment25

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Sep. 27, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Property, plant and equipment, net consists of the following: September 27, June 30, Land and land improvements $ 1,429 $ 1,429 Buildings and building improvements 27,512 27,482 Machinery and equipment 38,082 36,923 Construction in progress 1,466 2,278 Total property, plant and equipment 68,489 68,112 Less accumulated depreciation (35,593 ) (35,504 ) Total property, plant and equipment, net $ 32,896 $ 32,608

Goodwill and Other Intangible26

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Sep. 27, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	Changes in the carrying value of goodwill for the first quarter of fiscal year 2016 are as follows: Manufacturing and Design Services Engineered Components and Products Total Goodwill at June 30, 2015 $ 61,512 $ 12,663 $ 74,175 Adjustments to goodwill during the period (1,702 ) — (1,702 ) Goodwill at September 27, 2015 $ 59,810 $ 12,663 $ 72,473
Summary of Intangible Assets, Net	The components of other intangible assets, net consist of the following: Net Carrying Value at Additions Amortization Net Carrying Value at Non-compete agreements $ 3,129 $ — $ (238 ) $ 2,891 Customer relationships 40,126 600 (2,141 ) 38,585 Trademarks/Tradenames 1,551 — (48 ) 1,503 Unpatented technology 1,019 — (76 ) 943 Other intangible assets, net $ 45,825 $ 600 $ (2,503 ) $ 43,922

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 27, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense by Type of Share-Based Award	The following table shows stock-based compensation expense by type of share-based award, included in the consolidated statements of income: For the First Quarter of Fiscal Years 2016 2015 Fair value expense of stock option awards $ 122 $ 38 Restricted stock units 218 76 Restricted stock 92 335 Total stock-based compensation expense $ 432 $ 449
Summary of Options Outstanding and Exercisable	The following is a summary of activity for the first quarter of fiscal year 2016 related to the 2010 plan: Stock Options Restricted stock units Restricted shares Outstanding at June 30, 2015 107,584 62,828 132,299 Granted 124,722 92,962 — Vested — — (27,345 ) Outstanding at September 27, 2015 232,306 155,790 104,954

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	3 Months Ended
	Sep. 27, 2015
Earnings Per Share [Abstract]
Earnings Per Share	The following table sets forth the computation of basic and diluted net income per share: For the First Quarter of Fiscal Years 2016 2015 Numerator: Net income $ 2,394 $ 196 Less net income allocated to contingently issuable participating securities (25 ) (3 ) Net income available to common shareholders $ 2,369 $ 193 Weighted average shares outstanding – Basic 9,780,274 9,960,817 Dilutive effect of stock options — 24,294 Weighted average shares outstanding – Diluted 9,780,274 9,985,111 Net income available to common shareholders per share: Basic $ 0.24 $ 0.02 Diluted $ 0.24 $ 0.02

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Sep. 27, 2015
Segment Reporting [Abstract]
Operating Results and Other Financial Information by Segment	Net sales, gross profit, operating income and total assets for the Company’s reportable segments for the first quarter of fiscal years 2016 and 2015 are as follows: For the First Quarter of Fiscal Year 2016 Manufacturing and Design Services Engineered Components and Products Corporate and Other Unallocated Eliminations Total Sales $ 73,957 $ 38,089 $ — $ (5,355 ) $ 106,691 Gross profit 10,296 10,842 — — 21,138 Operating income 2,341 6,303 (4,146 ) — 4,498 Selling and administrative expenses 5,881 3,597 4,146 — 13,624 Internal research and development expenses — 513 — — 513 Depreciation/amortization 2,815 664 216 — 3,695 Capital expenditures 1,006 45 429 — 1,480 Total assets at September 27, 2015 $ 238,229 $ 91,016 $ 17,950 $ (27,535 ) $ 319,660 For the First Quarter of Fiscal Year 2015 Manufacturing and Design Services Engineered Components and Products Corporate and Other Unallocated Eliminations Total Sales $ 56,251 $ 23,069 $ — $ (2,295 ) $ 77,025 Gross profit 7,086 5,767 — — 12,853 Operating income 2,106 3,266 (4,543 ) — 829 Selling and administrative expenses 3,729 2,312 4,543 — 10,584 Internal research and development expenses — 100 — — 100 Depreciation/amortization 2,059 292 107 — 2,458 Capital expenditures 400 462 151 — 1,013 Total assets at June 30, 2015 $ 238,777 $ 64,880 $ 33,894 $ — $ 337,551

Acquisitions - Pro Forma (Detai

Acquisitions - Pro Forma (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 27, 2015USD ($)	Sep. 30, 2014USD ($)$ / shares	Jun. 30, 2015acquisition
Business Combinations [Abstract]
Number of consummated acquisitions | acquisition			7
Net sales		$ 104,330
Net income		$ 1,514
Net income per share — basic (in dollars per share) | $ / shares		$ 0.15
Net income per share — diluted (in dollars per share) | $ / shares		$ 0.15
Adjustments with offsetting reductions to goodwill	$ 1,702

Inventories and Cost of Contr31

Inventories and Cost of Contracts in Progress - Classifications of Inventory, Net of Interim Billings (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 30, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 53,151	$ 60,668
Work in process	20,711	19,047
Finished goods	13,606	7,244
Total inventory and cost of contracts in progress, gross	87,468	86,959
Inventory to which the U.S. government has title due to interim billings	(879)	(7,456)
Total inventory and cost of contracts in progress, net	$ 86,589	$ 79,503

Property Plant and Equipment, N

Property Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 68,489	$ 68,112
Less accumulated depreciation	(35,593)	(35,504)
Total property, plant and equipment, net	32,896	32,608
Land and land improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	1,429	1,429
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	27,512	27,482
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	38,082	36,923
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,466	$ 2,278

Goodwill and Other Intangible33

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	3 Months Ended
	Sep. 27, 2015USD ($)
Goodwill [Roll Forward]
Goodwill at June 30, 2015	$ 74,175
Adjustments to goodwill during the period	(1,702)
Goodwill at September 27, 2015	72,473
Manufacturing and Design Services
Goodwill [Roll Forward]
Goodwill at June 30, 2015	61,512
Adjustments to goodwill during the period	(1,702)
Goodwill at September 27, 2015	59,810
Engineered Components and Products
Goodwill [Roll Forward]
Goodwill at June 30, 2015	12,663
Adjustments to goodwill during the period	0
Goodwill at September 27, 2015	$ 12,663

Goodwill and Other Intangible34

Goodwill and Other Intangible Assets - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount at beginning of period	$ 45,825
Additions	600
Amortization	(2,503)	$ (1,340)
Net carrying amount at end of period	43,922
Non-compete agreements
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount at beginning of period	3,129
Additions	0
Amortization	(238)
Net carrying amount at end of period	2,891
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount at beginning of period	40,126
Additions	600
Amortization	(2,141)
Net carrying amount at end of period	38,585
Trademarks/Tradenames
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount at beginning of period	1,551
Additions	0
Amortization	(48)
Net carrying amount at end of period	1,503
Unpatented technology
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount at beginning of period	1,019
Additions	0
Amortization	(76)
Net carrying amount at end of period	$ 943

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended
	Sep. 27, 2015USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 275,000,000
Additional borrowing capacity	$ 100,000,000
Effective interest rate percent	2.10%
Available borrowings	$ 135,753,000
Available borrowings	$ 138,800,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Unused commitment fees	0.20%
Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Interest rate	1.00%
Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Interest rate	0.00%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unused commitment fees	0.35%
Revolving Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Interest rate	1.75%
Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Interest rate	0.75%
Letter of Credit
Debt Instrument [Line Items]
Available borrowings	$ 447,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, noncurrent	$ 730	$ 846
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 1,530

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation percent	35.00%	33.70%

Defined Benefit Pension Plan -

Defined Benefit Pension Plan - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]
Periodic pension expenses	$ 10,000	$ 10,000
Employer contribution	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 01, 2015	Sep. 27, 2015	Jun. 30, 2015
Loss Contingencies [Line Items]
Accrual amount of minimum future undiscounted financial liabilities related to Coors Road Property		$ 7,584	$ 7,792
Amount of financial liability included in other accrued expenses of current liability		$ 675
Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements	$ 2,500

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense by Type of Share-Based Award (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 432	$ 449
Fair value expense of stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	122	38
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	218	76
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 92	$ 335

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period intrinsic value (in dollars per share)	124,722	92,695
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period intrinsic value (in dollars per share)	124,722
Options granted in period (in shares)	$ 23.02

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Options Outstanding and Exercisable (Detail) - shares	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Stock Options
Number of Shares, Outstanding, beginning balance	107,584
Granted, Number of Shares	124,722	92,695
Vested, Number of Shares	0
Number of Shares, Outstanding And Exercisable, ending balance	232,306
Stock Units
Stock options exercisable (shares)	19,143
Restricted stock units
Stock Units
Number of Stock Units/Shares, Outstanding, beginning balance	62,828
Granted, Number of Units/Shares	92,962
Vested, Number of Units/Shares	0
Number of Stock Units/Shares, Outstanding, ending balance	155,790
Restricted stock shares
Stock Units
Number of Stock Units/Shares, Outstanding, beginning balance	132,299
Granted, Number of Units/Shares	0
Vested, Number of Units/Shares	(27,345)
Number of Stock Units/Shares, Outstanding, ending balance	104,954

Earnings Per Share Data (Detail

Earnings Per Share Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 2,394	$ 196
Less net income allocated to contingently issuable participating securities	(25)	(3)
Net income available to common shareholders	$ 2,369	$ 193
Weighted average shares outstanding – Basic (in shares)	9,780,274	9,960,817
Dilutive effect of stock options (in shares)	0	24,294
Weighted average shares outstanding – Diluted (in shares)	9,780,274	9,985,111
Net income available to common shareholders per share:
Net income per share: Basic (in dollars per share)	$ 0.24	$ 0.02
Net income per share: Diluted (in dollars per share)	$ 0.24	$ 0.02

Earnings Per Share Data - Addit

Earnings Per Share Data - Additional Information (Detail) - shares	3 Months Ended
	Sep. 27, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Unvested restricted shares included in determining both basic and diluted earnings per share	104,954	175,666
Potential shares	493,050

Business Segments - Operating R

Business Segments - Operating Results and Other Financial Information by Segment (Detail) $ in Thousands	3 Months Ended
	Sep. 27, 2015USD ($)segment	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	2
Sales	$ 106,691	$ 77,025
Gross profit	21,138	12,853
Operating income	4,498	829
Selling and administrative expenses	13,624	10,584
Internal research and development expenses	513	100
Depreciation/amortization	3,695	2,458
Capital expenditures	1,480	1,013
Total assets	319,660		$ 337,551
Operating Segments [Member] | Manufacturing and Design Services
Segment Reporting Information [Line Items]
Sales	73,957	56,251
Gross profit	10,296	7,086
Operating income	2,341	2,106
Selling and administrative expenses	5,881	3,729
Internal research and development expenses	0	0
Depreciation/amortization	2,815	2,059
Capital expenditures	1,006	400
Total assets	238,229		238,777
Operating Segments [Member] | Engineered Components and Products
Segment Reporting Information [Line Items]
Sales	38,089	23,069
Gross profit	10,842	5,767
Operating income	6,303	3,266
Selling and administrative expenses	3,597	2,312
Internal research and development expenses	513	100
Depreciation/amortization	664	292
Capital expenditures	45	462
Total assets	91,016		64,880
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Sales	0	0
Gross profit	0	0
Operating income	(4,146)	(4,543)
Selling and administrative expenses	4,146	4,543
Internal research and development expenses	0	0
Depreciation/amortization	216	107
Capital expenditures	429	151
Total assets	17,950		33,894
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales	(5,355)	(2,295)
Gross profit	0	0
Operating income	0	0
Selling and administrative expenses	0	0
Internal research and development expenses	0	0
Depreciation/amortization	0	0
Capital expenditures	0	$ 0
Total assets	$ (27,535)		$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Oct. 01, 2015USD ($)
Subsequent Event
Subsequent Event [Line Items]
Payments for legal settlements	$ 2,500