Document And Entity Information
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Document And Entity Information
 3 Months Ended
Mar. 30, 2014
May 01, 2014
Document And Entity Information [Abstract]    
Document Type 10-Q/A  
Amendment Flag true  
Document Period End Date Mar. 30, 2014  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2014  
Entity Registrant Name NATIONAL PRESTO INDUSTRIES INC  
Entity Central Index Key 0000080172  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   6,909,333
Amendment Description The purpose of the Amendment No. 1 on Form 10–Q/A to National Presto Industries, Inc.'s quarterly report on Form 10–Q for the quarter ended March 30, 2014, filed with the Securities and Exchange Commission on May 9, 2014 (the "Form 10–Q"), is solely to furnish a revised Exhibit 101, eXtensible Business Reporting Language ("XBRL") data files, to the Form 10–Q in accordance with Rule 405 of Regulation S–T. The revised Exhibit 101 contains certain data related to the Notes to the Consolidated Financial Statements that were omitted from the original filing, due to an apparent XBRL software or hardware malfunction. No other changes have been made to the Form 10–Q. This Amendment No. 1 speaks as of the original filing date of the form 10–Q, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the original Form 10–Q. Pursuant to rule 406T of Regulation S–T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections.  
Entity Current Reporting Status Yes  

Condensed Consolidated Balance Sheets
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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 7,970 $ 22,953
Marketable securities 27,707 36,404
Accounts receivable, net 62,754 84,322
Inventories:    
Finished goods 36,119 36,078
Work in process 50,084 49,690
Raw materials 9,396 6,746
Supplies 15  
Total inventory 95,614 92,514
Deferred tax assets 8,083 8,083
Income tax receivable 1,504 213
Other current assets 19,609 19,584
Total current assets 223,241 264,073
Property, Plant and equipment, gross 164,193 155,872
Less allowance for depreciation 68,574 66,283
PROPERTY, PLANT AND EQUIPMENT, NET 95,619 89,589
GOODWILL 11,485 11,485
INTANGIBLE ASSETS, net 22,254 24,698
NOTE RECEIVABLE 3,725 3,695
Total assets 356,324 393,540
CURRENT LIABILITIES:    
Accounts payable 31,573 38,323
Accrued liabilities 15,266 15,907
Total current liabilities 46,839 54,230
DEFERRED INCOME TAX 6,761 6,759
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common stock, $1 par value: Authorized: 12,000,000 Issued: 7,440,518 7,441 7,441
Paid-in capital 5,287 4,998
Retained earnings 306,631 336,895
Accumulated other comprehensive income 12 8
Stockholders' Equity before Treasury Stock 319,371 349,342
Treasury stock, at cost 16,647 16,791
Total stockholders' equity 302,724 332,551
Total liabilities and stockholders' equity $ 356,324 $ 393,540

Condensed Consolidated Balance Sheets (Parenthetical)
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Mar. 30, 2014
Dec. 31, 2013
Consolidated Balance Sheets [Abstract]    
Common stock, par value $ 1 $ 1
Common stock, shares authorized 12,000,000 12,000,000
Common stock, shares issued 7,440,518 7,440,518

Consolidated Statements Of Comprehensive Income
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Consolidated Statements Of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Consolidated Statements Of Comprehensive Income [Abstract]    
Net sales $ 86,554 $ 83,190
Cost of sales 70,834 66,981
Gross profit 15,720 16,209
Selling and general expenses 6,295 5,684
Intangibles amortization 2,443 167
Operating profit 6,982 10,358
Other income 164 208
Earnings before provision for income taxes 7,146 10,566
Income tax provision 2,456 3,712
Net earnings 4,690 6,854
Weighted average common shares outstanding:    
Basic and diluted 6,921 6,903
Net earnings per share:    
Basic and diluted $ 0.68 $ 0.99
Other comprehensive income, net of tax:    
Unrealized gain on available-for-sale securities 4 8
Comprehensive income $ 4,694 $ 6,862
Cash dividends declared and paid per common share $ 5.05 [1] $ 0.00 [1]
[1] An accelerated payment was made in late December 2012 of the annual 2013 dividend. The acceleration was occasioned by the uncertainty over the federal income tax rates that would be in effect for 2013. In contrast, the annual 2014 dividend payment was made during the first quarter of 2014.

Consolidated Statements Of Cash Flows
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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net earnings $ 4,690 $ 6,854
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for depreciation 2,337 2,114
Intangibles amortization 2,443 167
Provision for doubtful accounts 180 56
Other 32 109
Changes in:    
Accounts receivable 22,886 25,914
Inventories 1,597 (13,513)
Other current assets 3 (6,835)
Accounts payable and accrued liabilities (8,402) (5,088)
Federal and state income taxes (1,293) 1,043
Net cash provided by operating activities 24,473 10,821
Cash flows from investing activities:    
Marketable securities purchased (1,208) (1,709)
Marketable securities - maturities and sales 9,912 2,264
Acquisition of property, plant and equipment (3,868) (5,769)
Acquisition of businesses, net of cash acquired (10,000)  
Sale of property, plant and equipment 300 3
Net cash used in investing activities (4,864) (5,211)
Cash flows from financing activities:    
Dividends paid (34,954)  
Other 362  
Net cash used in financing activities (34,592)  
Net increase (decrease) in cash and cash equivalents (14,983) 5,610
Cash and cash equivalents at beginning of period 22,953 37,437
Cash and cash equivalents at end of period $ 7,970 $ 43,047

Basis Of Presentation
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Basis Of Presentation
 3 Months Ended
Mar. 30, 2014
Basis Of Presentation [Abstract]  
Basis Of Presentation

NOTE A – BASIS OF PRESENTATION 

The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods.  The condensed consolidated balance sheet as of December 31, 2013 is summarized from consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2013 Annual Report on Form 10-K.  Interim results for the period are not indicative of those for the year.


Reclassifications
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Reclassifications
 3 Months Ended
Mar. 30, 2014
Reclassifications [Abstract]  
Reclassifications

NOTE B – RECLASSIFICATIONS

Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s financial statement presentation.  These reclassifications did not affect net earnings or stockholders’ equity as previously reported.


Earnings Per Share
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Earnings Per Share
 3 Months Ended
Mar. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE C – EARNINGS PER SHARE 

Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period.  Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable.  Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations.    


Business Segments
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Business Segments
 3 Months Ended
Mar. 30, 2014
Business Segments [Abstract]  
Business Segments

NOTE D – BUSINESS SEGMENTS 

In the following summary, operating profit represents earnings before other income, principally interest income and income taxes.  The Company's segments operate discretely from each other with no shared manufacturing facilities.  Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Quarter ended March 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$
19,363 

 

$
48,289 

 

$
18,902 

 

$
86,554 

Gross profit

 

 
3,789 

 

 
11,305 

 

 
626 

 

 
15,720 

Operating profit

 

 
944 

 

 
6,027 

 

 
11 

 

 
6,982 

Total assets

 

 
125,828 

 

 
164,334 

 

 
66,162 

 

 
356,324 

Depreciation and amortization

 

 
242 

 

 
3,108 

 

 
1,431 

 

 
4,781 

Capital expenditures

 

 
164 

 

 
602 

 

 
3,102 

 

 
3,868 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$
24,889 

 

$
38,951 

 

$
19,350 

 

$
83,190 

Gross profit

 

 
4,457 

 

 
10,066 

 

 
1,686 

 

 
16,209 

Operating profit

 

 
1,558 

 

 
7,665 

 

 
1,135 

 

 
10,358 

Total assets

 

 
188,776 

 

 
108,200 

 

 
59,955 

 

 
356,931 

Depreciation and amortization

 

 
282 

 

 
681 

 

 
1,318 

 

 
2,281 

Capital expenditures

 

 
114 

 

 
1,583 

 

 
4,072 

 

 
5,769 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Business Segments (Tables)
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Business Segments (Tables)
 3 Months Ended
Mar. 30, 2014
Business Segments [Abstract]  
Summary Of Business Segments Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Quarter ended March 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$
19,363 

 

$
48,289 

 

$
18,902 

 

$
86,554 

Gross profit

 

 
3,789 

 

 
11,305 

 

 
626 

 

 
15,720 

Operating profit

 

 
944 

 

 
6,027 

 

 
11 

 

 
6,982 

Total assets

 

 
125,828 

 

 
164,334 

 

 
66,162 

 

 
356,324 

Depreciation and amortization

 

 
242 

 

 
3,108 

 

 
1,431 

 

 
4,781 

Capital expenditures

 

 
164 

 

 
602 

 

 
3,102 

 

 
3,868 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$
24,889 

 

$
38,951 

 

$
19,350 

 

$
83,190 

Gross profit

 

 
4,457 

 

 
10,066 

 

 
1,686 

 

 
16,209 

Operating profit

 

 
1,558 

 

 
7,665 

 

 
1,135 

 

 
10,358 

Total assets

 

 
188,776 

 

 
108,200 

 

 
59,955 

 

 
356,931 

Depreciation and amortization

 

 
282 

 

 
681 

 

 
1,318 

 

 
2,281 

Capital expenditures

 

 
114 

 

 
1,583 

 

 
4,072 

 

 
5,769 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Business Segments (Schedule Of Segment Information) (Details)
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Business Segments (Schedule Of Segment Information) (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Dec. 31, 2013
Segment Reporting Information [Line Items]      
External net sales $ 86,554 $ 83,190  
Gross profit 15,720 16,209  
Operating profit 6,982 10,358  
Total assets 356,324 356,931 393,540
Depreciation and amortization 4,781 2,281  
Capital expenditures 3,868 5,769  
Housewares/ Small Appliances [Member]
      
Segment Reporting Information [Line Items]      
External net sales 19,363 24,889  
Gross profit 3,789 4,457  
Operating profit 944 1,558  
Total assets 125,828 188,776  
Depreciation and amortization 242 282  
Capital expenditures 164 114  
Defense Products [Member]
      
Segment Reporting Information [Line Items]      
External net sales 48,289 38,951  
Gross profit 11,305 10,066  
Operating profit 6,027 7,665  
Total assets 164,334 108,200  
Depreciation and amortization 3,108 681  
Capital expenditures 602 1,583  
Absorbent Products [Member]
      
Segment Reporting Information [Line Items]      
External net sales 18,902 19,350  
Gross profit 626 1,686  
Operating profit 11 1,135  
Total assets 66,162 59,955  
Depreciation and amortization 1,431 1,318  
Capital expenditures $ 3,102 $ 4,072  

Fair Value Of Financial Instruments
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Fair Value Of Financial Instruments
 3 Months Ended
Mar. 30, 2014
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments

NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company utilizes the methods of fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures, to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments.    


Cash, Cash Equivalents And Marketable Securities
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Cash, Cash Equivalents And Marketable Securities
 3 Months Ended
Mar. 30, 2014
Cash, Cash Equivalents And Marketable Securities [Abstract]  
Cash, Cash Equivalents And Marketable Securities

NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES 

The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents.  Cash equivalents include money market funds.  The Company deposits its cash in high quality financial institutions.  The balances, at times, may exceed federally insured limits.  Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820).

 

The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity.  Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities.

 

At March 30, 2014 and December 31, 2013, cost for marketable securities was determined using the specific identification method.  A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the periods presented is shown in the following table.  All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.  There were no transfers into or out of Level 2 during the three months ended March 30, 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In Thousands)

 

 

MARKETABLE SECURITIES

 

 

Amortized Cost

 

Fair Value

 

Gross Unrealized Gains

 

Gross Unrealized Losses

March 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$
15,000 

 

$
15,018 

 

$
21 

 

$
3 

Variable Rate Demand Notes

 

 
12,689 

 

 
12,689 

 

 

 -

 

 

 -

Total Marketable Securities

 

$
27,689 

 

$
27,707 

 

$
21 

 

$
3 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$
20,813 

 

$
20,825 

 

$
18 

 

$
6 

Variable Rate Demand Notes

 

 
15,579 

 

 
15,579 

 

 

 -

 

 

 -

Total Marketable Securities

 

$
36,392 

 

$
36,404 

 

$
18 

 

$
6 

 

 

Proceeds from maturities and sales of available-for-sale securities totaled $9,912,000 and $2,264,000 for the three month periods ended March 30, 2014 and March  31, 2013, respectively.  There were no gross gains or losses related to sales of marketable securities during the same periods.  Net unrealized gains included in other comprehensive income, were $7,000 and $12,000 before taxes for the three month periods ended March 30, 2014 and March  31, 2013, respectively.  No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.

 

The contractual maturities of the marketable securities held at March 30, 2014 are as follows: $12,773,000 within one year; $3,330,000 beyond one year to five years; $4,822,000 beyond five years to ten years, and $6,782,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which can be tendered for cash at par plus interest within seven days.  Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable.


Cash, Cash Equivalents And Marketable Securities (Tables)
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Cash, Cash Equivalents And Marketable Securities (Tables)
 3 Months Ended
Mar. 30, 2014
Cash, Cash Equivalents And Marketable Securities [Abstract]  
Summary Of The Amortized Costs And Fair Values Of Marketable Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In Thousands)

 

 

MARKETABLE SECURITIES

 

 

Amortized Cost

 

Fair Value

 

Gross Unrealized Gains

 

Gross Unrealized Losses

March 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$
15,000 

 

$
15,018 

 

$
21 

 

$
3 

Variable Rate Demand Notes

 

 
12,689 

 

 
12,689 

 

 

 -

 

 

 -

Total Marketable Securities

 

$
27,689 

 

$
27,707 

 

$
21 

 

$
3 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$
20,813 

 

$
20,825 

 

$
18 

 

$
6 

Variable Rate Demand Notes

 

 
15,579 

 

 
15,579 

 

 

 -

 

 

 -

Total Marketable Securities

 

$
36,392 

 

$
36,404 

 

$
18 

 

$
6 

 


Cash, Cash Equivalents and Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details)
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Cash, Cash Equivalents and Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2014
Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost $ 27,689 $ 36,392
MARKETABLE SECURITIES, Fair Value 27,707 36,404
MARKETABLE SECURITIES, Gross Unrealized Gains 21 18
MARKETABLE SECURITIES - Gross Unrealized Losses 3 6
Tax-Exempt Municipal Bonds [Member]
    
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 15,000 20,813
MARKETABLE SECURITIES, Fair Value 15,018 20,825
MARKETABLE SECURITIES, Gross Unrealized Gains 21 18
MARKETABLE SECURITIES - Gross Unrealized Losses 3 6
Variable Rate Demand Notes [Member]
    
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 12,689 15,579
MARKETABLE SECURITIES, Fair Value $ 12,689 $ 15,579

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details)
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Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) (USD $)
 3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Transfers into Level 2 $ 0  
Transfers out of Level 2 0  
Proceeds from sales of available-for-sale securities 9,912,000 2,264,000
Gross gains or losses related to sales of marketable securities 0 0
Net unrealized losses included in accumulated other comprehensive income, before taxes 7,000 12,000
Contractual maturities of marketable securities within 1 year 12,773,000  
Contractual maturities of marketable securities, years 2-5 3,330,000  
Contractual maturities of marketable securities, years 6-10 4,822,000  
Contractual maturities of marketable securities, after 10 years 6,782,000  
Marketable securities liquidation period 7 days  
Accumulated Net Unrealized Investment Gain (Loss) [Member]
    
Reclassification out of AOCI $ 0 $ 0

Commitments And Contingencies
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Commitments And Contingencies
 3 Months Ended
Mar. 30, 2014
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

NOTE G – COMMITMENTS AND CONTINGENCIES

The Company is involved in largely routine litigation incidental to its business.  Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations.


Business Acquisition
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Business Acquisition
 3 Months Ended
Mar. 30, 2014
Business Acquisition [Abstract]  
Business Acquisition

NOTE H – BUSINESS ACQUISITION

On January 24, 2014, AMTEC Corporation, a wholly-owned subsidiary of the Company, purchased substantially all of the assets of Chemring Energetic Devices, Inc.’s business located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC.  The Clear Lake facility is a manufacturer of detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials.  Its major customers include U.S. and foreign government agencies, AMTEC Corporation, and other defense contractors.  The acquisition of the Clear Lake facility will serve to complement the Defense segment’s existing line of products.  The total consideration transferred was $10,534,000, consisting of $10,000,000 of cash paid at closing, and an additional cash payment of $534,000, which was made subsequent to March 30, 2014.

 

The acquisition was accounted for under the acquisition method of accounting with the Company treated as the acquiring entity.  Accordingly, the consideration paid by the Company to complete the acquisition has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities.  The following table shows the amounts recorded as of the acquisition date. 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

Receivables

$
1,498 

Inventory

 
4,697 

Other current assets

 
28 

Property, plant and equipment

 
4,800 

  Total assets acquired

 
11,023 

Less: Current liabilities assumed

 
489 

Net assets acquired

$
10,534 

 

The amounts shown above represent the preliminary fair values assigned to the assets acquired and liabilities assumed at the acquisition date and are subject to change as the valuation process is not complete.  Final determination of the fair values may result in adjustments to the amounts presented.  The Company expects to finalize the accounting for the acquisition during the second quarter of 2014.  The amount shown above for receivables represents the gross accounts receivable from the sales of goods, net of an allowance for doubtful accounts of $20,000.

 

The Company’s results of operations includes revenue of $2,015,000 and earnings of $155,000 of the acquired facility since the date of acquisition.  The following pro forma condensed consolidated results of operations has been prepared as if the acquisition had occurred as of January 1, 2013.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

(in thousands, except per share data)

 

Quarter Ended

 

Quarter Ended

 

March 30, 2014

 

March 31, 2013

 

 

 

 

 

 

Net sales

$
87,189 

 

$
87,321 

Net earnings

 
4,410 

 

 
6,982 

 

 

 

 

 

 

Net earnings per share (basic and diluted)

$
0.64 

 

$
1.01 

Weighted average shares outstanding (basic and diluted)

 
6,921 

 

 
6,903 

 

 

 

 

 

 

 

The unaudited pro forma financial information presented above is not intended to represent or be indicative of what would have occurred if the transactions had taken place on the dates presented and is not indicative of what the Company’s actual results of operations would have been had the acquisitions been completed at the beginning of the periods indicated above. Further, the pro forma combined results do not reflect one-time costs to fully merge and operate the combined organization more efficiently, or anticipated synergies expected to result from the combination and should not be relied upon as being indicative of the future results that the Company will experience.


Business Acquisition (Tables)
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Business Acquisition (Tables)
 3 Months Ended
Mar. 30, 2014
Business Acquisition [Abstract]  
Summary of Assets Acquired and Liabilities Assumed in a Business Combination

 

 

 

 

 

 

 

(in thousands)

 

 

 

Receivables

$
1,498 

Inventory

 
4,697 

Other current assets

 
28 

Property, plant and equipment

 
4,800 

  Total assets acquired

 
11,023 

Less: Current liabilities assumed

 
489 

Net assets acquired

$
10,534 

 

Summary Pro Forma Results of Operations for a Material Business Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

(in thousands, except per share data)

 

Quarter Ended

 

Quarter Ended

 

March 30, 2014

 

March 31, 2013

 

 

 

 

 

 

Net sales

$
87,189 

 

$
87,321 

Net earnings

 
4,410 

 

 
6,982 

 

 

 

 

 

 

Net earnings per share (basic and diluted)

$
0.64 

 

$
1.01 

Weighted average shares outstanding (basic and diluted)

 
6,921 

 

 
6,903 

 

 

 

 

 

 

 


Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details)
v0.0.0.0
Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) (Tech Ord [Member], USD $)
In Thousands, unless otherwise specified
Jan. 24, 2014
Tech Ord [Member]
  
Business Acquisition [Line Items]  
Receivables $ 1,498
Inventory 4,697
Other Current Assets 28
Property, Plant and Equipment 4,800
Total Assets Acquired 11,023
Less: Current Liabilities Assumed 489
Net Assets Acquired $ 10,534

Business Acquisition (Schedule of Pro Forma Results of Operatiaons) (Details)
v0.0.0.0
Business Acquisition (Schedule of Pro Forma Results of Operatiaons) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Business Acquisition [Line Items]    
Basic and diluted 6,921 6,903
Tech Ord [Member]
    
Business Acquisition [Line Items]    
Pro Forma Net Sales $ 87,189 $ 87,321
Pro Forma Net Earnings $ 4,410 $ 6,982
Net earnings per share (basic and diluted) $ 0.64 $ 1.01
Basic and diluted 6,921 6,903

Business Acquisition (Narrative) (Details)
v0.0.0.0
Business Acquisition (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 1 Months Ended 3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Jan. 24, 2014
Tech Ord [Member]
Mar. 30, 2014
Tech Ord [Member]
Jun. 29, 2014
Tech Ord [Member]
Scenario, Forecast [Member]
Business Acquisition [Line Items]          
Net sales $ 86,554 $ 83,190      
Business Combination, Consideration Transferred     10,534    
Cash Paid to Acquire Business     10,000   534
Estimated Amount of Acquired Receivable Uncollectible     20    
Revenue of Acquiree Included in Conolidated Income Statement Since Acquisition Date       2,015  
Earnings (Loss) of Acquiree Included in Conolidated Income Statement Since Acquisition Date       $ 155