DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended |
Sep. 28, 2014 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 28-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'SR |
Entity Registrant Name | 'STANDARD REGISTER CO |
Entity Central Index Key | '0000093456 |
Current Fiscal Year End Date | '--12-28 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Smaller Reporting Company |
Common Stock | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 8,227,050 |
Common Class A | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 944,996 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
REVENUE | $219,382 | $199,339 | $673,170 | $477,776 |
COST OF SALES | 157,223 | 145,687 | 485,122 | 343,149 |
GROSS MARGIN | 62,159 | 53,652 | 188,048 | 134,627 |
OPERATING EXPENSES | ' | ' | ' | ' |
Selling, general and administrative | 55,511 | 54,384 | 171,294 | 124,486 |
Acquisition and integration costs | 3,655 | 6,216 | 9,867 | 8,002 |
Asset impairments | 0 | 1,262 | 680 | 1,262 |
Restructuring and other exit costs | 2,992 | 11,055 | 8,758 | 11,874 |
Total operating expenses | 62,158 | 72,917 | 190,599 | 145,624 |
INCOME (LOSS) FROM OPERATIONS | 1 | -19,265 | -2,551 | -10,997 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest expense | -5,365 | -3,713 | -15,480 | -4,867 |
Other (expense) income | -21 | 7 | 145 | 65 |
Total other expense | -5,386 | -3,706 | -15,335 | -4,802 |
LOSS BEFORE INCOME TAXES | -5,385 | -22,971 | -17,886 | -15,799 |
INCOME TAX EXPENSE | 214 | 252 | 638 | 686 |
NET LOSS | ($5,599) | ($23,223) | ($18,524) | ($16,485) |
LOSS PER SHARE | ($0.65) | ($3.92) | ($2.15) | ($2.79) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Net loss | ($5,599) | ($23,223) | ($18,524) | ($16,485) |
Other comprehensive loss, net of tax: | ' | ' | ' | ' |
Cumulative translation adjustment | -480 | -11 | -507 | -27 |
Total other comprehensive loss, net of tax | -480 | -11 | -507 | -27 |
COMPREHENSIVE LOSS | ($6,079) | ($23,234) | ($19,031) | ($16,512) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $1,210 | $2,342 |
Accounts receivable, net of allowance of $3,465 and $2,625 | 146,399 | 157,567 |
Inventories, net | 61,192 | 61,939 |
Prepaid expense | 19,782 | 14,508 |
Total current assets | 228,583 | 236,356 |
LONG-TERM ASSETS | ' | ' |
Plant and equipment, net | 92,546 | 93,003 |
Goodwill | 78,634 | 78,634 |
Intangible assets, net | 47,224 | 54,810 |
Deferred tax asset | 9,283 | 9,306 |
Other | 7,714 | 8,768 |
Total long-term assets | 235,401 | 244,521 |
Total assets | 463,984 | 480,877 |
CURRENT LIABILITIES | ' | ' |
Current portion of long-term debt | 13,877 | 5,589 |
Accounts payable | 62,167 | 51,748 |
Other current liabilities | 59,541 | 68,020 |
Total current liabilities | 135,585 | 125,357 |
LONG-TERM LIABILITIES | ' | ' |
Long-term debt | 287,163 | 263,880 |
Pension benefit liability | 160,021 | 192,779 |
Deferred compensation | 3,088 | 3,169 |
Environmental liabilities | 3,854 | 3,786 |
Other long-term liabilities | 2,745 | 3,203 |
Total long-term liabilities | 456,871 | 466,817 |
COMMITMENTS AND CONTINGENCIES - See Note 13 | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Capital in excess of par value | 99,238 | 97,290 |
Accumulated other comprehensive losses | -25,740 | -25,233 |
Accumulated deficit | -162,240 | -143,716 |
Treasury stock at cost: 2,040 and 2,021 shares | -50,392 | -50,236 |
Total shareholders' deficit | -128,472 | -111,297 |
Total liabilities and shareholders' deficit | 463,984 | 480,877 |
Common Stock | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock | 9,717 | 9,653 |
Common Class A | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock | $945 | $945 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $3,465 | $2,625 |
Treasury stock, shares (in shares) | 2,040 | 2,021 |
Common Stock | ' | ' |
Common stock, par value (usd per share) | $1 | $1 |
Common stock, Authorized (in shares) | 101,000 | 101,000 |
Common stock, Issued (in shares) | 9,717 | 9,653 |
Common Class A | ' | ' |
Common stock, par value (usd per share) | $1 | $1 |
Common stock, Authorized (in shares) | 9,450 | 9,450 |
Common stock, Issued (in shares) | 945 | 945 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($18,524) | ($16,485) |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' |
Depreciation and amortization | 26,955 | 17,852 |
Asset impairments | 680 | 1,262 |
Restructuring and other exit costs | 8,758 | 11,874 |
Pension benefit | -1,644 | -1,519 |
Payment-in-kind interest | 4,382 | 0 |
Other | 3,173 | 2,930 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | 10,369 | 2,107 |
Inventories | 747 | 2,993 |
Restructuring payments | -11,458 | -3,982 |
Accounts payable and other current liabilities | 4,720 | 10,327 |
Pension contributions and payments | -31,114 | -20,571 |
Other assets and liabilities | -5,310 | -1,518 |
Net cash (used in) provided by operating activities | -8,266 | 5,270 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisition, cash received | 0 | 1,665 |
Additions to plant and equipment | -11,857 | -9,065 |
Proceeds from sale of equipment | 491 | 171 |
Net cash used in investing activities | -11,366 | -7,229 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net change in borrowings under revolving credit facility | 22,889 | 8,371 |
Debt issuance costs | 0 | -2,357 |
Principal payments on long-term debt | -3,736 | -1,840 |
Other | -153 | -398 |
Net cash provided by financing activities | 19,000 | 3,776 |
Effect of exchange rate changes on cash | -500 | -25 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -1,132 | 1,792 |
Cash and cash equivalents at beginning of period | 2,342 | 1,012 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,210 | 2,804 |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Capital leases | 8,036 | 138 |
Additions to short term notes payable | 0 | 500 |
Warrants issued in conjunction with acquisition | $0 | $6,509 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The accompanying consolidated financial statements include the accounts of The Standard Register Company and its wholly-owned subsidiaries (referenced in this report as the "Company," "we," "our," or “Standard Register,”) after elimination of intercompany transactions, profits, and balances. One of our significant subsidiaries reports results on a calendar quarter, while the remaining results are reported on a fiscal quarter. We do not believe the one-day difference in the number of days in the reporting period or the difference in the reporting period-end dates has a material impact on our consolidated financial statements. | |
The consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete annual financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 29, 2013 (Annual Report). In our opinion, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation have been included. The results for interim periods are not necessarily indicative of trends or of results to be expected for a full year. | |
Certain prior-year amounts have been reclassified to conform to the current-year presentation. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS (Notes) | 9 Months Ended |
Sep. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NEW ACCOUNTING PRONOUNCEMENTS | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The update changes the requirements for reporting discontinued operations and enhances disclosures regarding an entity's discontinued operations. ASU 2014-08 will be effective for the Company in the first quarter of 2015. We do not not anticipate the adoption of ASU 2014-08 to have a material impact on the Company’s consolidated financial position, cash flows, or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers,” which provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The update supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 will be effective for the Company in the first quarter of 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our revenue recognition. | |
In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The update provides guidance about management's responsibility to assess an entity’s ability to continue as a going concern and to provide related disclosure in certain circumstances. ASU 2014-15 will be effective for annual periods ending after December 15, 2016, and all interim and annual periods thereafter, with early adoption permitted. We are currently evaluating the impact the adoption of ASU 2014-15 would have on the disclosures in our consolidated financial statements. |
ACQUISITION
ACQUISITION | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Business Acquisition, Pro Forma Information [Abstract] | ' | |||||||
Business Combination Disclosure [Text Block] | ' | |||||||
ACQUISITION | ||||||||
As described in our annual report on Form 10-K for the year ended December 29, 2013, on August 1, 2013, the Company acquired all of the outstanding membership interests of WorkflowOne, LLC (WorkflowOne). The following table summarizes pro forma financial information for the 13 and 39-week periods ended September 29, 2013 as if the acquisition had occurred at the beginning of fiscal 2013. The pro forma financial information primarily includes estimated adjustments to interest expense for the long-term debt assumed and amendment to our Revolving Credit Facility, amortization associated with the acquired intangible assets, and cost of sales and depreciation expense for fair value adjustments to inventory and plant and equipment. Adjustments were also made to reduce selling, general, and administrative expense to eliminate acquisition-related transaction costs incurred by Standard Register and WorkflowOne, and to reflect the exercise of warrants issued at acquisition in the calculation of net income per share. | ||||||||
The pro forma financial information does not reflect any cost savings that may be realized as a result of the acquisition and is not necessarily indicative of what our consolidated results would have been had the acquisition been completed on December 31, 2012. | ||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||
(Unaudited) | September 29, | September 29, | ||||||
2013 | 2013 | |||||||
Revenue | $ | 231,742 | $ | 733,249 | ||||
Operating (loss) income | (12,536 | ) | 1,275 | |||||
Net loss | (18,247 | ) | (14,728 | ) | ||||
Net loss per share | (2.13 | ) | (1.72 | ) | ||||
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT, AND EQUIPMENT (Notes) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
PROPERTY, PLANT, AND EQUIPMENT | ||||||||
Property, plant, and equipment consists of the following: | ||||||||
September 28, | December 29, | |||||||
2014 | 2013 | |||||||
Land | $ | 3,898 | $ | 3,898 | ||||
Buildings and improvements | 72,425 | 72,614 | ||||||
Machinery and equipment | 199,503 | 195,249 | ||||||
Office equipment | 172,149 | 172,317 | ||||||
Construction in progress | 12,451 | 6,060 | ||||||
Total | 460,426 | 450,138 | ||||||
Less accumulated depreciation | 368,512 | 357,615 | ||||||
Property, plant, and equipment, net | 91,914 | 92,523 | ||||||
Net assets held for sale | 632 | 480 | ||||||
Total property, plant, and equipment, net | $ | 92,546 | $ | 93,003 | ||||
As part of the restructuring plan discussed in Note 5, we exited one of our facilities and have classified the land, building, and certain other assets included in the disposal group as held for sale. The assets are currently recorded at net book value and are no longer being depreciated. Subsequent to the balance sheet date we entered into a sales agreement worth approximately $2,400 for these assets. |
RESTRUCTURING_AND_OTHER_EXIT_C
RESTRUCTURING AND OTHER EXIT COSTS | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
RESTRUCTURING AND OTHER EXIT COSTS | ' | |||||||||||||||||||
RESTRUCTURING | ||||||||||||||||||||
All costs related to restructuring actions are included in restructuring and other exit costs in the accompanying Consolidated Statements of Income. Certain costs that are required to be expensed as incurred are not included in the restructuring liability. | ||||||||||||||||||||
On September 26, 2013, the Company’s Board of Directors approved a strategic restructuring program in connection with the acquisition of WorkflowOne and the integration of the two companies. The restructuring program is expected to continue through the end of 2015, and includes costs associated with workforce reductions, contract termination costs primarily from exiting leased facilities, and other associated costs, including fees to a third party to assist with the implementation of our plan, costs to consolidate facilities and relocate equipment and inventory, costs to consolidate our headquarters, and costs associated with the write-off of inventory (which are recorded to cost of sales). | ||||||||||||||||||||
As a result of the plan, restructuring actions not yet initiated from previous restructuring plans were integrated into our current plan. Components of the restructuring and other exit costs consist of the following: | ||||||||||||||||||||
Total | Total | Cumulative | ||||||||||||||||||
Expected | 2014 YTD | To-Date | ||||||||||||||||||
Costs | Expense | Expense | ||||||||||||||||||
Employee separation costs | $ | 9,800 | $ | 453 | $ | 9,637 | ||||||||||||||
Contract exit and termination costs | 7,000 | 1,718 | 1,868 | |||||||||||||||||
Other associated exit costs | 13,600 | 6,587 | 11,704 | |||||||||||||||||
Total | $ | 30,400 | $ | 8,758 | $ | 23,209 | ||||||||||||||
Costs in 2013 associated with now completed plans were not material. The remaining restructuring liability balances at the end of 2013 for completed plans also were not material and have been combined into the liability for the current plan. A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||
Balance 2013 | Accrued | Incurred | Reversed in 2014 | Balance | ||||||||||||||||
in 2014 | in 2014 YTD | 2014 | ||||||||||||||||||
Employee separation costs | $ | 7,705 | $ | 288 | $ | (4,157 | ) | $ | (144 | ) | $ | 3,692 | ||||||||
Contract exit and termination costs | 208 | 1,221 | (175 | ) | — | 1,254 | ||||||||||||||
Other associated exit costs | — | 599 | (332 | ) | — | 267 | ||||||||||||||
Total | $ | 7,913 | $ | 2,108 | $ | (4,664 | ) | $ | (144 | ) | $ | 5,213 | ||||||||
OTHER_CURRENT_LIABILITIES
OTHER CURRENT LIABILITIES | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
OTHER CURRENT LIABILITIES | ' | |||||||
OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities consist of the following: | ||||||||
September 28, | December 29, | |||||||
2014 | 2013 | |||||||
Accrued compensation | $ | 11,337 | $ | 13,876 | ||||
Accrued customer rebates | 8,284 | 9,033 | ||||||
Accrued non-income taxes | 6,335 | 6,185 | ||||||
Accrued restructuring and other exit costs | 5,213 | 7,913 | ||||||
Current portion of pension | 1,959 | 1,959 | ||||||
Deferred revenue | 7,538 | 7,143 | ||||||
Other current liabilities | 18,875 | 21,911 | ||||||
Total | $ | 59,541 | $ | 68,020 | ||||
LONG_TERM_DEBT
LONG TERM DEBT | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt [Text Block] | ' | |||||||
LONG TERM DEBT | ||||||||
Long-term debt consists of the following: | ||||||||
September 28, | December 29, | |||||||
2014 | 2013 | |||||||
Revolving credit facility | $ | 74,247 | $ | 51,358 | ||||
First lien term loan | 120,075 | 120,075 | ||||||
Second lien term loan | 94,307 | 89,925 | ||||||
Capital lease obligations | 12,411 | 8,111 | ||||||
Total | 301,040 | 269,469 | ||||||
Less current portion | 13,877 | 5,589 | ||||||
Long-term portion | $ | 287,163 | $ | 263,880 | ||||
Under the Second Lien Term Loan ("Second Lien") the Company has the right at certain times to increase the outstanding principal on the loan in lieu of paying cash for interest due. The payment-in-kind ("PIK") interest amounts follow the same maturity schedule as the rest of the Second Lien principal. The Company has elected to use the PIK interest option for the full amount of interest in the amounts of $2,302 in the third quarter, and $4,382 year-to-date. The use of PIK interest in the prior quarter did not change the interest rate applied to the Second Lien principal. Beginning with the current quarter, an additional 1.5% of interest will be added to the base rate for any amount of PIK interest elected that exceeds 50% of the interest due for the Second Lien in the period the election is made. The additional 1.5% will also be added to the base rate for the period if any amount of PIK interest is elected in the third year. PIK interest is included in interest expense on the Statement of Income. | ||||||||
Our revolving credit facility ("Credit Facility") requires that we maintain certain levels of liquidity, initially the greater of $15,000 or 15% of our aggregate commitments, which are currently $125,000. Failure to maintain this liquidity level would trigger an activation period and would give our lenders the right to dominion of our bank accounts. This would not make the underlying debt callable by the lender and would not affect our ability to borrow on the Credit Facility. However, we would be required to reclassify the Credit Facility balance to “Current maturities of long-term debt” on our Consolidated Balance Sheet, as our Credit Facility does contain a subjective acceleration clause. In the third quarter our liquidity was $36,136 and our required minimum was $12,500. In addition, the Credit Facility contains a fixed charge coverage covenant of 1:1 that becomes applicable if liquidity falls below 12.5% of the aggregate commitments or $12,500, whichever is greater. | ||||||||
The First and Second Liens require the Company to be in compliance with specified quarterly financial covenants, the levels of which are required to improve in subsequent quarters. The most stringent of these covenants is the total leverage ratio. As of September 28, 2014, our leverage ratio was 4.38:1 compared to a required 4.89:1. The Company was in compliance with all covenants as of September 28, 2014. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The number of shares outstanding for calculation of earnings per share (EPS) is as follows: | ||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||
(Shares in thousands) | September 28, | September 29, | September 28, | September 29, | ||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average shares outstanding - basic | 8,621 | 5,931 | 8,609 | 5,909 | ||||||||
Effect of potentially dilutive securities | — | — | — | — | ||||||||
Weighted-average shares outstanding - diluted | 8,621 | 5,931 | 8,609 | 5,909 | ||||||||
The effects of stock options and nonvested shares on diluted EPS are reflected through the application of the treasury stock method. Due to the net loss incurred for all periods presented, no outstanding options or nonvested shares were included in the diluted EPS computation because they would automatically result in anti-dilution. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 28, 2014 | |
Share-based Compensation [Abstract] | ' |
SHARE-BASED COMPENSATION | ' |
SHARE-BASED COMPENSATION | |
Total share-based compensation expense was $665 and $652 for the 13-week periods ended September 28, 2014, and September 29, 2013. Total share-based compensation expense was $2,009 and $1,628 for the 39-week periods ended September 28, 2014, and September 29, 2013. |
PENSION_PLANS
PENSION PLANS | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits Disclosure | ' | |||||||||||||||
PENSION PLANS | ||||||||||||||||
Net periodic benefit cost includes the following components: | ||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 5,063 | $ | 4,551 | $ | 15,188 | $ | 13,655 | ||||||||
Expected return on plan assets | (5,611 | ) | (5,058 | ) | (16,832 | ) | (15,174 | ) | ||||||||
Total | $ | (548 | ) | $ | (507 | ) | $ | (1,644 | ) | $ | (1,519 | ) |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||
Changes in accumulated other comprehensive loss, net of deferred taxes, for the year-to-date period ended September 28, 2014 consist of the following: | ||||||||||||
Foreign Currency Translation | Defined Benefit Pension Plans | Total | ||||||||||
Balance beginning of period | $ | (361 | ) | $ | (24,872 | ) | $ | (25,233 | ) | |||
Net current-period other comprehensive loss | (507 | ) | — | (507 | ) | |||||||
Balance end of period | $ | (868 | ) | $ | (24,872 | ) | $ | (25,740 | ) | |||
Because of the valuation allowance against our deferred tax assets, there are no federal or state income-based tax expenses or benefits related to any amounts recorded to other comprehensive loss. |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
Our Company's reporting structure is based on customer markets. Healthcare serves hospitals and other providers of healthcare and related services. Business Solutions primarily serves customers in the financial services, manufacturing, retail, business services, and transportation markets. Corporate consists of unallocated selling, general, and administrative costs, which primarily include restructuring and other exit costs, pension benefit plan expense, acquisition and integration costs, and asset impairments. The loss before income taxes reported in our consolidated financial statements also includes other income and expense, primarily interest expense, in addition to the operating income (loss) reported below. | |||||||||||||||||
Information about our operations by reportable segment for the 13-week periods ended September 28, 2014 and September 29, 2013 is as follows: | |||||||||||||||||
Healthcare | Business Solutions | Corporate | Total | ||||||||||||||
Revenue from external customers | 2014 | $ | 65,654 | $ | 153,728 | — | $ | 219,382 | |||||||||
2013 | 62,908 | 136,431 | — | 199,339 | |||||||||||||
Operating income (loss) | 2014 | $ | 5,316 | $ | 1,088 | (6,403 | ) | $ | 1 | ||||||||
2013 | 2,063 | (1,452 | ) | (19,876 | ) | (19,265 | ) | ||||||||||
Information about our operations by reportable segment for the 39-week periods ended September 28, 2014 and September 29, 2013 is as follows: | |||||||||||||||||
Healthcare | Business Solutions | Corporate | Total | ||||||||||||||
Revenue from external customers | 2014 | $ | 194,887 | $ | 478,283 | — | $ | 673,170 | |||||||||
2013 | 160,579 | 317,197 | — | 477,776 | |||||||||||||
Operating income (loss) | 2014 | $ | 10,135 | $ | 5,093 | (17,779 | ) | $ | (2,551 | ) | |||||||
2013 | 5,968 | 2,376 | (19,341 | ) | (10,997 | ) | |||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Contingencies | |
The Company has participated with other Potentially Responsible Parties (“PRPs”) in the investigation, study, and remediation of the Pasco Sanitary Landfill Superfund Site (the “Pasco Site”) in eastern Washington State since 1998. The Company is a member of a PRP Group known as the Industrial Waste Area Generators Group III (the “IWAG Group”). The IWAG Group and several other PRP groups have entered into agreed orders with the Department of Ecology for implementation of interim remedial actions and expansion of groundwater monitoring. At this time, an agreement has not yet been reached on the final remediation approach. We have accrued our best estimate of our obligation and have an undiscounted long-term liability of $1,185 that we currently believe is adequate to cover our portion of the total future potential costs of remediation. We expect the costs to be incurred over a period of 60 years; however, the current proposed remediation approach could require monitoring for a longer period of time. This estimate is contingent upon the final remedy agreed upon, the participation of other PRPs not currently in the IWAG Group III, the length of monitoring required, and the final agreed upon allocation. Until a final remediation approach is approved and a final agreement is reached among all PRPs, it is reasonably possible that one or more of these factors could change our estimate; however, we are unable to determine the impact at this time. | |
The Company participates with other PRPs in the investigation, study, and remediation of the Valleycrest Landfill Site (the “Valleycrest Site”) in western Ohio. The Company is a member of a PRP Group known as the Valleycrest Landfill Site Group (the “VLSG”). A remedial investigation and feasibility study was conducted by the VLSG which indicated a range of viable remedial approaches. At this time, a final remediation approach has not been selected, and we have accrued the estimate of our obligation based on the most likely approach being considered by the U.S. Environmental Protection Agency. We have an undiscounted long-term liability of $2,450 that we currently believe is adequate to cover our portion of the total future potential costs of remediation, which are expected to be incurred over a period of 30 years. This estimate is contingent upon the final remedy agreed upon, the participation of other PRPs not currently in the VLSG, and the final agreed upon allocation. Until a final remediation approach is approved and a final agreement is reached among all PRPs, it is reasonably possible that one or more of these factors could change our estimate; however, we are unable to determine the impact at this time. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 28, 2014 | |
Fair Value Disclosures [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
We have financial assets and liabilities that are not recorded at fair value but which require disclosure of their fair value. The carrying value of cash equivalents, accounts receivable, and accounts payable approximates fair value due to the short-term nature of these instruments. The carrying value of outstanding amounts under our Revolving Credit Facility, First and Second Lien Credit Facilities, and capital lease obligation approximate fair value based on currently available market rates. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
Because of the valuation allowance against our deferred tax assets, there was no domestic federal or state income-based tax expense or benefit. Tax expense for 2014 and 2013 reflects state tax liabilities derived from a tax base other than net income and foreign taxes in Mexico. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 28, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
The Company has evaluated for disclosure all subsequent events through the date the financial statements were issued and filed with the United States Securities and Exchange Commission. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The accompanying consolidated financial statements include the accounts of The Standard Register Company and its wholly-owned subsidiaries (referenced in this report as the "Company," "we," "our," or “Standard Register,”) after elimination of intercompany transactions, profits, and balances. One of our significant subsidiaries reports results on a calendar quarter, while the remaining results are reported on a fiscal quarter. We do not believe the one-day difference in the number of days in the reporting period or the difference in the reporting period-end dates has a material impact on our consolidated financial statements. | |
The consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete annual financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 29, 2013 (Annual Report). In our opinion, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation have been included. The results for interim periods are not necessarily indicative of trends or of results to be expected for a full year. | |
Certain prior-year amounts have been reclassified to conform to the current-year presentation. |
ACQUISITION_Tables
ACQUISITION (Tables) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Business Acquisition, Pro Forma Information [Abstract] | ' | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||
The pro forma financial information does not reflect any cost savings that may be realized as a result of the acquisition and is not necessarily indicative of what our consolidated results would have been had the acquisition been completed on December 31, 2012. | ||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||
(Unaudited) | September 29, | September 29, | ||||||
2013 | 2013 | |||||||
Revenue | $ | 231,742 | $ | 733,249 | ||||
Operating (loss) income | (12,536 | ) | 1,275 | |||||
Net loss | (18,247 | ) | (14,728 | ) | ||||
Net loss per share | (2.13 | ) | (1.72 | ) | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant, and equipment consists of the following: | ||||||||
September 28, | December 29, | |||||||
2014 | 2013 | |||||||
Land | $ | 3,898 | $ | 3,898 | ||||
Buildings and improvements | 72,425 | 72,614 | ||||||
Machinery and equipment | 199,503 | 195,249 | ||||||
Office equipment | 172,149 | 172,317 | ||||||
Construction in progress | 12,451 | 6,060 | ||||||
Total | 460,426 | 450,138 | ||||||
Less accumulated depreciation | 368,512 | 357,615 | ||||||
Property, plant, and equipment, net | 91,914 | 92,523 | ||||||
Net assets held for sale | 632 | 480 | ||||||
Total property, plant, and equipment, net | $ | 92,546 | $ | 93,003 | ||||
RESTRUCTURING_AND_OTHER_EXIT_C1
RESTRUCTURING AND OTHER EXIT COSTS (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Schedule of components of restructuring and other exit costs | ' | |||||||||||||||||||
Components of the restructuring and other exit costs consist of the following: | ||||||||||||||||||||
Total | Total | Cumulative | ||||||||||||||||||
Expected | 2014 YTD | To-Date | ||||||||||||||||||
Costs | Expense | Expense | ||||||||||||||||||
Employee separation costs | $ | 9,800 | $ | 453 | $ | 9,637 | ||||||||||||||
Contract exit and termination costs | 7,000 | 1,718 | 1,868 | |||||||||||||||||
Other associated exit costs | 13,600 | 6,587 | 11,704 | |||||||||||||||||
Total | $ | 30,400 | $ | 8,758 | $ | 23,209 | ||||||||||||||
Schedule of summary of accrual activity | ' | |||||||||||||||||||
A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||
Balance 2013 | Accrued | Incurred | Reversed in 2014 | Balance | ||||||||||||||||
in 2014 | in 2014 YTD | 2014 | ||||||||||||||||||
Employee separation costs | $ | 7,705 | $ | 288 | $ | (4,157 | ) | $ | (144 | ) | $ | 3,692 | ||||||||
Contract exit and termination costs | 208 | 1,221 | (175 | ) | — | 1,254 | ||||||||||||||
Other associated exit costs | — | 599 | (332 | ) | — | 267 | ||||||||||||||
Total | $ | 7,913 | $ | 2,108 | $ | (4,664 | ) | $ | (144 | ) | $ | 5,213 | ||||||||
OTHER_CURRENT_LIABILITIES_Tabl
OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Summary of other current liabilities | ' | |||||||
OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities consist of the following: | ||||||||
September 28, | December 29, | |||||||
2014 | 2013 | |||||||
Accrued compensation | $ | 11,337 | $ | 13,876 | ||||
Accrued customer rebates | 8,284 | 9,033 | ||||||
Accrued non-income taxes | 6,335 | 6,185 | ||||||
Accrued restructuring and other exit costs | 5,213 | 7,913 | ||||||
Current portion of pension | 1,959 | 1,959 | ||||||
Deferred revenue | 7,538 | 7,143 | ||||||
Other current liabilities | 18,875 | 21,911 | ||||||
Total | $ | 59,541 | $ | 68,020 | ||||
LONG_TERM_DEBT_Tables
LONG TERM DEBT (Tables) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consists of the following: | ||||||||
September 28, | December 29, | |||||||
2014 | 2013 | |||||||
Revolving credit facility | $ | 74,247 | $ | 51,358 | ||||
First lien term loan | 120,075 | 120,075 | ||||||
Second lien term loan | 94,307 | 89,925 | ||||||
Capital lease obligations | 12,411 | 8,111 | ||||||
Total | 301,040 | 269,469 | ||||||
Less current portion | 13,877 | 5,589 | ||||||
Long-term portion | $ | 287,163 | $ | 263,880 | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Number of Shares Outstanding for Calculation of Earnings Per Share (EPS) | ' | |||||||||||
The number of shares outstanding for calculation of earnings per share (EPS) is as follows: | ||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||
(Shares in thousands) | September 28, | September 29, | September 28, | September 29, | ||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average shares outstanding - basic | 8,621 | 5,931 | 8,609 | 5,909 | ||||||||
Effect of potentially dilutive securities | — | — | — | — | ||||||||
Weighted-average shares outstanding - diluted | 8,621 | 5,931 | 8,609 | 5,909 | ||||||||
PENSION_PLANS_Tables
PENSION PLANS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||
Net periodic benefit cost includes the following components: | ||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 5,063 | $ | 4,551 | $ | 15,188 | $ | 13,655 | ||||||||
Expected return on plan assets | (5,611 | ) | (5,058 | ) | (16,832 | ) | (15,174 | ) | ||||||||
Total | $ | (548 | ) | $ | (507 | ) | $ | (1,644 | ) | $ | (1,519 | ) |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
Changes in accumulated other comprehensive loss, net of deferred taxes, for the year-to-date period ended September 28, 2014 consist of the following: | ||||||||||||
Foreign Currency Translation | Defined Benefit Pension Plans | Total | ||||||||||
Balance beginning of period | $ | (361 | ) | $ | (24,872 | ) | $ | (25,233 | ) | |||
Net current-period other comprehensive loss | (507 | ) | — | (507 | ) | |||||||
Balance end of period | $ | (868 | ) | $ | (24,872 | ) | $ | (25,740 | ) |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of information about operations by reportable segment | ' | ||||||||||||||||
Information about our operations by reportable segment for the 13-week periods ended September 28, 2014 and September 29, 2013 is as follows: | |||||||||||||||||
Healthcare | Business Solutions | Corporate | Total | ||||||||||||||
Revenue from external customers | 2014 | $ | 65,654 | $ | 153,728 | — | $ | 219,382 | |||||||||
2013 | 62,908 | 136,431 | — | 199,339 | |||||||||||||
Operating income (loss) | 2014 | $ | 5,316 | $ | 1,088 | (6,403 | ) | $ | 1 | ||||||||
2013 | 2,063 | (1,452 | ) | (19,876 | ) | (19,265 | ) | ||||||||||
ACQUISITION_Pro_forma_Impact_o
ACQUISITION Pro forma Impact of Acquisition (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Business Acquisition, Pro Forma Revenue | $231,742 | $733,249 |
Business Acquisitions Pro Forma Operating Income | -12,536 | 1,275 |
Business Acquisition, Pro Forma Net Income (Loss) | ($18,247) | ($14,728) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ($2.13) | ($1.72) |
PROPERTY_PLANT_AND_EQUIPMENT_S
PROPERTY, PLANT, AND EQUIPMENT - Summary of Property, Plant, and Equipment (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land | $3,898 | $3,898 |
Buildings and improvements | 72,425 | 72,614 |
Machinery and equipment | 199,503 | 195,249 |
Office equipment | 172,149 | 172,317 |
Construction in progress | 12,451 | 6,060 |
Total | 460,426 | 450,138 |
Less accumulated depreciation | 368,512 | 357,615 |
Property, plant, and equipment, net | 91,914 | 92,523 |
Net assets held for sale | 632 | 480 |
Total property, plant, and equipment, net | $92,546 | $93,003 |
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT, AND EQUIPMENT - Narrative (Details) (USD $) | 9 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Oct. 31, 2014 |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Proceeds from sale of equipment | $491 | $171 | $2,400 |
RESTRUCTURING_AND_OTHER_EXIT_C2
RESTRUCTURING AND OTHER EXIT COSTS - Components of Restructuring and Other Exit Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring payments | ' | ' | ($11,458) | ($3,982) |
Total 2014 YTD Expense | 2,992 | 11,055 | 8,758 | 11,874 |
Restructuring Fiscal Twenty Thirteen Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring payments | ' | ' | -4,664 | ' |
Total Expected Costs | 30,400 | ' | 30,400 | ' |
Total 2014 YTD Expense | ' | ' | 8,758 | ' |
Cumulative To-Date Expense | 23,209 | ' | 23,209 | ' |
Restructuring Fiscal Twenty Thirteen Plan [Member] | Employee separation costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring payments | ' | ' | -4,157 | ' |
Total Expected Costs | 9,800 | ' | 9,800 | ' |
Total 2014 YTD Expense | ' | ' | 453 | ' |
Cumulative To-Date Expense | 9,637 | ' | 9,637 | ' |
Restructuring Fiscal Twenty Thirteen Plan [Member] | Contract exit and termination costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring payments | ' | ' | -175 | ' |
Total Expected Costs | 7,000 | ' | 7,000 | ' |
Total 2014 YTD Expense | ' | ' | 1,718 | ' |
Cumulative To-Date Expense | 1,868 | ' | 1,868 | ' |
Restructuring Fiscal Twenty Thirteen Plan [Member] | Other associated exit costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring payments | ' | ' | -332 | ' |
Total Expected Costs | 13,600 | ' | 13,600 | ' |
Total 2014 YTD Expense | ' | ' | 6,587 | ' |
Cumulative To-Date Expense | $11,704 | ' | $11,704 | ' |
RESTRUCTURING_AND_OTHER_EXIT_C3
RESTRUCTURING AND OTHER EXIT COSTS - Summary of Accrual Activity (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance 2013 | $7,913 | ' |
Incurred in 2014 YTD | -11,458 | -3,982 |
Balance 2014 | 5,213 | ' |
Restructuring Fiscal Twenty Thirteen Plan [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance 2013 | 7,913 | ' |
Accrued in 2014 | 2,108 | ' |
Incurred in 2014 YTD | -4,664 | ' |
Reversed in 2014 | -144 | ' |
Balance 2014 | 5,213 | ' |
Restructuring Fiscal Twenty Thirteen Plan [Member] | Employee separation costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance 2013 | 7,705 | ' |
Accrued in 2014 | 288 | ' |
Incurred in 2014 YTD | -4,157 | ' |
Reversed in 2014 | -144 | ' |
Balance 2014 | 3,692 | ' |
Restructuring Fiscal Twenty Thirteen Plan [Member] | Contract exit and termination costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance 2013 | 208 | ' |
Accrued in 2014 | 1,221 | ' |
Incurred in 2014 YTD | -175 | ' |
Reversed in 2014 | 0 | ' |
Balance 2014 | 1,254 | ' |
Restructuring Fiscal Twenty Thirteen Plan [Member] | Other associated exit costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance 2013 | 0 | ' |
Accrued in 2014 | 599 | ' |
Incurred in 2014 YTD | -332 | ' |
Reversed in 2014 | 0 | ' |
Balance 2014 | $267 | ' |
OTHER_CURRENT_LIABILITIES_Summ
OTHER CURRENT LIABILITIES - Summary of Other Current Liabilities (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued compensation | $11,337 | $13,876 |
Accrued customer rebates | 8,284 | 9,033 |
Accrued non-income taxes | 6,335 | 6,185 |
Accrued restructuring and other exit costs | 5,213 | 7,913 |
Current portion of pension | 1,959 | 1,959 |
Deferred revenue | 7,538 | 7,143 |
Other current liabilities | 18,875 | 21,911 |
Total | $59,541 | $68,020 |
LONG_TERM_DEBT_Components_of_L
LONG TERM DEBT Components of Long term Debt (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total | $301,040 | $269,469 |
Less current portion | 13,877 | 5,589 |
Long-term portion | 287,163 | 263,880 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | 74,247 | 51,358 |
First Lien Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | 120,075 | ' |
Long-term Debt | ' | 120,075 |
Second Lien Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 94,307 | 89,925 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Capital Lease Obligations | $12,411 | $8,111 |
LONG_TERM_DEBT_Narrative_Detai
LONG TERM DEBT Narrative (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 |
Second Lien Credit Facility [Member] | Second Lien Credit Facility [Member] | Revolving Credit Facility [Member] | First and Second Lien Credit Facilities [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Payment-in-kind interest | $4,382 | $0 | $2,302 | $4,382 | ' | ' |
Debt Instrument, Interest Rate, Increase | ' | ' | 1.50% | ' | ' | ' |
Debt Instrument, Percentage Paid-in-Kind Interest to Increase Interest Rate | ' | ' | 50.00% | ' | ' | ' |
Debt instrument, minimum liquidity amount to prevent activation period | ' | ' | ' | ' | 15,000 | ' |
Debt instrument, minimum liquidity percent to prevent activation period | ' | ' | ' | ' | 15.00% | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 36,136 | ' | ' | ' | ' | ' |
Debt instrument, minimum liquidity amount to prevent covenant requirements | $12,500 | ' | ' | ' | ' | ' |
Debt instrument, fixed charge coverage ratio covenant | 1 | ' | ' | ' | ' | ' |
Debt instrument, minimum liquidity percent to prevent covenant requirements | 12.50% | ' | ' | ' | ' | ' |
Long term debt leverage ratio | ' | ' | ' | ' | ' | 4.38 |
Long term debt leverage ratio covenant requirement | ' | ' | ' | ' | ' | 4.89 |
EARNINGS_PER_SHARE_Summary_of_
EARNINGS PER SHARE - Summary of Number of Shares Outstanding for Calculation of Earnings Per Share (EPS) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average shares outstanding - basic | 8,621 | 5,931 | 8,609 | 5,909 |
Effect of potentially dilutive securities | 0 | 0 | 0 | 0 |
Weighted-average shares outstanding - diluted | 8,621 | 5,931 | 8,609 | 5,909 |
EARNINGS_PER_SHARE_Narrative_D
EARNINGS PER SHARE - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Total share-based compensation expense | $665 | $652 | $2,009 | $1,628 |
PENSION_PLANS_Net_Periodic_Ben
PENSION PLANS - Net Periodic Benefit Cost Components, Pension Plans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Interest Cost | $5,063 | $4,551 | $15,188 | $13,655 |
Expected Return on Plan Assets | -5,611 | -5,058 | -16,832 | -15,174 |
Total | ($548) | ($507) | ($1,644) | ($1,519) |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in Other Accumulated Other Comprehensive Income (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Balance beginning of period | ($25,233) |
Net current-period other comprehensive loss | -507 |
Balance end of period | -25,740 |
Foreign Currency Translation | ' |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Balance beginning of period | -361 |
Net current-period other comprehensive loss | -507 |
Balance end of period | -868 |
Defined Benefit Pension Plans | ' |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Balance beginning of period | -24,872 |
Net current-period other comprehensive loss | 0 |
Balance end of period | ($24,872) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE LOSS Narrative (Details) (USD $) | 9 Months Ended |
Sep. 28, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' |
Other Comprehensive Income (Loss), Tax | $0 |
SEGMENT_REPORTING_Information_
SEGMENT REPORTING - Information about Operations by Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | $219,382 | $199,339 | $673,170 | $477,776 |
Operating income | 1 | -19,265 | -2,551 | -10,997 |
Healthcare | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | 65,654 | 62,908 | 194,887 | 160,579 |
Operating income | 5,316 | 2,063 | 10,135 | 5,968 |
Business Solutions | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | 153,728 | 136,431 | 478,283 | 317,197 |
Operating income | 1,088 | -1,452 | 5,093 | 2,376 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | 0 | 0 | 0 | 0 |
Operating income | ($6,403) | ($19,876) | ($17,779) | ($19,341) |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Pasco Sanitary Landfill Superfund Site | ' |
Site Contingency [Line Items] | ' |
Period of time over which remdiation costs are expected to be incurred | 'P60Y |
Environmental liabilities | $1,185 |
Valleycrest Landfill Site | ' |
Site Contingency [Line Items] | ' |
Period of time over which remdiation costs are expected to be incurred | 'P30Y |
Environmental liabilities | $2,450 |
INCOME_TAXES_Income_Taxes_Deta
INCOME TAXES Income Taxes (Details) (USD $) | 9 Months Ended |
Sep. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Federal Income Tax Expense (Benefit), Continuing Operations | $0 |