Document And Entity Information
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Document And Entity Information
3 Months Ended
Apr. 05, 2015
May 01, 2015
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Apr. 05, 2015  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2015  
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   6,928,871
Entity Current Reporting Status Yes  

Condensed Consolidated Balance Sheets
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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Apr. 05, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 49,356 $ 54,043
Marketable securities 20,593 22,404
Accounts receivable, net 51,346 68,752
Inventories:    
Finished goods 30,686 30,308
Work in process 54,055 50,569
Raw materials and supplies 8,488 8,181
Total inventory 93,229 89,058
Deferred tax assets 6,623 6,623
Income tax receivable   1,668
Other current assets 23,058 14,321
Total current assets 244,205 256,869
PROPERTY, PLANT AND EQUIPMENT:    
PROPERTY, PLANT AND EQUIPMENT 172,735 171,264
Less allowance for depreciation and amortization 78,124 75,721
PROPERTY, PLANT AND EQUIPMENT, NET 94,611 95,543
GOODWILL 11,485 11,485
INTANGIBLE ASSETS, net 8,250 10,644
NOTE RECEIVABLE 3,850 3,818
Total assets 362,401 378,359
CURRENT LIABILITIES:    
Accounts payable 33,426 32,948
Federal and state income taxes 4,590  
Accrued liabilities 13,998 15,680
Total current liabilities 52,014 48,628
DEFERRED INCOME TAXES 4,292 4,288
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common stock, $1 par value: Authorized: 12,000,000 shares; Issued: 7,440,518 shares 7,441 7,441
Paid-in capital 6,195 5,906
Retained earnings 308,412 328,417
Accumulated other comprehensive income (loss) 4 (3)
Stockholders' Equity before Treasury Stock 322,052 341,761
Treasury stock, at cost 15,957 16,318
Total stockholders' equity 306,095 325,443
Total liabilities and stockholders' equity $ 362,401 $ 378,359

Condensed Consolidated Balance Sheets (Parenthetical)
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Apr. 05, 2015
Dec. 31, 2014
Condensed 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
Apr. 05, 2015
Mar. 30, 2014
Consolidated Statements Of Comprehensive Income [Abstract]    
Net sales $ 100,999 $ 86,554
Cost of sales 80,120 70,834
Gross profit 20,879 15,720
Selling and general expenses 6,161 6,295
Intangibles amortization 2,394 2,443
Operating profit 12,324 6,982
Other income 75 164
Earnings before provision for income taxes 12,399 7,146
Provision for income taxes 4,290 2,456
Net earnings 8,109 4,690
Weighted average common shares outstanding:    
Basic and diluted 6,943 6,921
Net earnings per share:    
Basic and diluted $ 1.17 $ 0.68
Other comprehensive income, net of tax:    
Unrealized gain on available-for-sale securities 7 4
Comprehensive income $ 8,116 $ 4,694
Cash dividends declared and paid per common share $ 4.05 $ 5.05

Consolidated Statements Of Cash Flows
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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Apr. 05, 2015
Mar. 30, 2014
Cash flows from operating activities:    
Net earnings $ 8,109 $ 4,690
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition related assets:    
Provision for depreciation 2,485 2,337
Intangibles amortization 2,394 2,443
Provision for doubtful accounts 6 180
Noncash retirement plan expense 231  
Other 38 32
Changes in:    
Accounts receivable 17,400 22,886
Inventories (4,171) 1,597
Other current assets (8,737) 3
Accounts payable and accrued liabilities (1,194) (8,402)
Federal and state income taxes 6,256 (1,293)
Net cash provided by operating activities 22,817 24,473
Cash flows from investing activities:    
Marketable securities purchased (2,015) (1,208)
Marketable securities - maturities and sales 3,838 9,912
Purchase of property, plant and equipment (1,553) (3,868)
Acquisition of businesses, net of cash acquired   (10,000)
Sale of property, plant and equipment 22 300
Net cash provided by (used in) investing activities 292 (4,864)
Cash flows from financing activities:    
Dividends paid (28,114) (34,954)
Proceeds from sale of treasury stock 323 362
Other (5)  
Net cash used in financing activities (27,796) (34,592)
Net decrease in cash and cash equivalents (4,687) (14,983)
Cash and cash equivalents at beginning of year 54,043 22,953
Cash and cash equivalents at end of year $ 49,356 $ 7,970

Basis Of Presentation
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Basis Of Presentation
3 Months Ended
Apr. 05, 2015
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, 2014 is summarized from consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2014 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
Apr. 05, 2015
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
Apr. 05, 2015
Net Earnings Per Share [Abstract]  
Net 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
Apr. 05, 2015
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 April 5, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

23,293 

 

$

59,678 

 

$

18,028 

 

$

100,999 

Gross profit

 

 

4,840 

 

 

16,088 

 

 

(49)

 

 

20,879 

Operating profit

 

 

2,026 

 

 

11,074 

 

 

(776)

 

 

12,324 

Total assets

 

 

152,892 

 

 

144,208 

 

 

65,301 

 

 

362,401 

Depreciation and amortization

 

 

235 

 

 

3,035 

 

 

1,609 

 

 

4,879 

Capital expenditures

 

 

132 

 

 

34 

 

 

1,387 

 

 

1,553 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Business Segments (Tables)
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Business Segments (Tables)
3 Months Ended
Apr. 05, 2015
Business Segments [Abstract]  
Summary Of Business Segments Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Quarter ended April 5, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

23,293 

 

$

59,678 

 

$

18,028 

 

$

100,999 

Gross profit

 

 

4,840 

 

 

16,088 

 

 

(49)

 

 

20,879 

Operating profit

 

 

2,026 

 

 

11,074 

 

 

(776)

 

 

12,324 

Total assets

 

 

152,892 

 

 

144,208 

 

 

65,301 

 

 

362,401 

Depreciation and amortization

 

 

235 

 

 

3,035 

 

 

1,609 

 

 

4,879 

Capital expenditures

 

 

132 

 

 

34 

 

 

1,387 

 

 

1,553 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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
Apr. 05, 2015
Mar. 30, 2014
Dec. 31, 2014
Segment Reporting Information [Line Items]      
External net sales $ 100,999 $ 86,554  
Gross profit 20,879 15,720  
Operating profit 12,324 6,982  
Total assets 362,401 356,324 378,359
Depreciation and amortization 4,879 4,781  
Capital expenditures 1,553 3,868  
Housewares/ Small Appliances [Member]
     
Segment Reporting Information [Line Items]      
External net sales 23,293 19,363  
Gross profit 4,840 3,789  
Operating profit 2,026 944  
Total assets 152,892 125,828  
Depreciation and amortization 235 242  
Capital expenditures 132 164  
Defense Products [Member]
     
Segment Reporting Information [Line Items]      
External net sales 59,678 48,289  
Gross profit 16,088 11,305  
Operating profit 11,074 6,027  
Total assets 144,208 164,334  
Depreciation and amortization 3,035 3,108  
Capital expenditures 34 602  
Absorbent Products [Member]
     
Segment Reporting Information [Line Items]      
External net sales 18,028 18,902  
Gross profit (49) 626  
Operating profit (776) 11  
Total assets 65,301 66,162  
Depreciation and amortization 1,609 1,431  
Capital expenditures $ 1,387 $ 3,102  

Fair Value Of Financial Instruments
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Fair Value Of Financial Instruments
3 Months Ended
Apr. 05, 2015
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
Apr. 05, 2015
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 April 5, 2015 and December 31, 2014, 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 April 5, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In Thousands)

 

 

MARKETABLE SECURITIES

 

 

Amortized Cost

 

Fair Value

 

Gross Unrealized Gains

 

Gross Unrealized Losses

April 5, 2015

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

9,126 

 

$

9,132 

 

$

 

$

Variable Rate Demand Notes

 

 

11,461 

 

 

11,461 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

20,587 

 

$

20,593 

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

8,809 

 

$

8,804 

 

$

 

$

10 

Variable Rate Demand Notes

 

 

13,600 

 

 

13,600 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

22,409 

 

$

22,404 

 

$

 

$

10 

 

 

Proceeds from maturities and sales of available-for-sale securities totaled $3,838,000 and $9,912,000 for the three month periods ended April 5, 2015 and March 30, 2014, 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 $12,000 and $7,000 before taxes for the three month periods ended April 5, 2015 and March 30, 2014, 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 April 5, 2015 are as follows: $5,037,000 within one year; $4,490,000 beyond one year to five years; $6,481,000 beyond five years to ten years, and $4,585,000 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
Apr. 05, 2015
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

April 5, 2015

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

9,126 

 

$

9,132 

 

$

 

$

Variable Rate Demand Notes

 

 

11,461 

 

 

11,461 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

20,587 

 

$

20,593 

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

8,809 

 

$

8,804 

 

$

 

$

10 

Variable Rate Demand Notes

 

 

13,600 

 

 

13,600 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

22,409 

 

$

22,404 

 

$

 

$

10 

 


Cash, Cash Equivalents And Marketable Securities (Narrative) (Details)
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Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) (USD $)
3 Months Ended
Apr. 05, 2015
Mar. 30, 2014
Cash, Cash Equivalents And Marketable Securities [Line Items]    
Transfers into Level 2 $ 0  
Transfers out of Level 2 0  
Proceeds from sales of available-for-sale securities 3,838,000 9,912,000
Gross gains or losses related to sales of marketable securities 0 0
Net unrealized losses included in accumulated other comprehensive income, before taxes 12,000 7,000
Contractual maturities of marketable securities within 1 year 5,037,000  
Contractual maturities of marketable securities, years 2-5 4,490,000  
Contractual maturities of marketable securities, years 6-10 6,481,000  
Contractual maturities of marketable securities, after 10 years 4,585,000  
Marketable securities liquidation period 7 days  
Accumulated Net Unrealized Investment Gain (Loss) [Member]
   
Cash, Cash Equivalents And Marketable Securities [Line Items]    
Reclassification out of AOCI $ 0 $ 0

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
Apr. 05, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost $ 20,587 $ 22,409
MARKETABLE SECURITIES, Fair Value 20,593 22,404
MARKETABLE SECURITIES, Gross Unrealized Gains 8 5
MARKETABLE SECURITIES - Gross Unrealized Losses 2 10
Tax-Exempt Municipal Bonds [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 9,126 8,809
MARKETABLE SECURITIES, Fair Value 9,132 8,804
MARKETABLE SECURITIES, Gross Unrealized Gains 8 5
MARKETABLE SECURITIES - Gross Unrealized Losses 2 10
Variable Rate Demand Notes [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 11,461 13,600
MARKETABLE SECURITIES, Fair Value $ 11,461 $ 13,600

Commitments And Contingencies
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Commitments And Contingencies
3 Months Ended
Apr. 05, 2015
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
Apr. 05, 2015
Business Acquisitions [Abstract]  
Business Acquisitions

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 complements 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 during the second quarter of 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

 

4,688 

Other current assets

 

28 

Property, plant and equipment

 

4,800 

  Total assets acquired

 

11,014 

Less: Current liabilities assumed

 

480 

Net assets acquired

$

10,534 

 

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 statement of comprehensive income for the first quarter of 2014 includes revenue of $2,015,000 and earnings of $155,000 from the acquired facility from the date of acquisition.  The following unaudited pro forma condensed consolidated results of operations has been prepared as if the acquisition had occurred as of the first day of the fiscal year prior to the fiscal year in which the acquisition was completed.

 

 

 

 

 

 

 

 

(unaudited)

 

 

(in thousands, except per share data)

 

 

 

Quarter Ended

 

March 30, 2014

 

 

 

Net sales

$

87,189 

Net earnings

 

4,410 

 

 

 

Net earnings per share (basic and diluted)

$

0.64 

Weighted average shares outstanding (basic and diluted)

 

6,921 

 

 

 

 

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 reflect one-time costs to fully merge and operate the combined organization more efficiently, but do not reflect 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
Apr. 05, 2015
Business Acquisitions [Abstract]  
Summary of Assets Acquired and Liabilities Assumed in a Business Combination

 

 

 

 

 

 

 

(in thousands)

 

 

 

Receivables

$

1,498 

Inventory

 

4,688 

Other current assets

 

28 

Property, plant and equipment

 

4,800 

  Total assets acquired

 

11,014 

Less: Current liabilities assumed

 

480 

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

 

March 30, 2014

 

 

 

Net sales

$

87,189 

Net earnings

 

4,410 

 

 

 

Net earnings per share (basic and diluted)

$

0.64 

Weighted average shares outstanding (basic and diluted)

 

6,921 

 

 

 

 


Business Acquisition (Narrative) (Details)
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Business Acquisition (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 1 Months Ended 3 Months Ended
Apr. 05, 2015
Mar. 30, 2014
Jan. 24, 2014
Tech Ord [Member]
Jun. 29, 2014
Tech Ord [Member]
Mar. 30, 2014
Tech Ord [Member]
Business Acquisition [Line Items]          
Net sales $ 100,999 $ 86,554      
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

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details)
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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 4,688
Other Current Assets 28
Property, Plant and Equipment 4,800
Total Assets Acquired 11,014
Less: Current Liabilities Assumed 480
Net Assets Acquired $ 10,534

Business Acquisition (Schedule of Pro Forma Results of Operations) (Details)
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Business Acquisition (Schedule of Pro Forma Results of Operations) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 05, 2015
Mar. 30, 2014
Business Acquisition [Line Items]    
Basic and diluted 6,943 6,921
Tech Ord [Member]
   
Business Acquisition [Line Items]    
Net Sales   $ 87,189
Net Earnings   $ 4,410
Net earnings per share (basic and diluted)   $ 0.64
Basic and diluted   6,921

Recently Issued Accounting Pronouncement
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Recently Issued Accounting Pronouncement
3 Months Ended
Apr. 05, 2015
Recently Issued Accounting Pronouncement [Abstract]  
Recently Issued Accounting Pronouncement

NOTE I – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT

In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. It is effective for annual reporting periods beginning after December 15, 2016, if not deferred as discussed below. Early adoption is not permitted. The amendment may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. In April 2015, the FASB proposed a one-year deferral of the effective date of ASU 2014-09.  If approved, the new standard will be effective for annual reporting periods beginning after December 15, 2017.  The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements, but does not expect the impact to be material.