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Restatement (Tables)
3 Months Ended
Apr. 04, 2015
Accounting Changes and Error Corrections [Abstract]  
Schedule of Prior Period Adjustments
The effects of these prior period errors on our unaudited condensed consolidated financial statements are as follows (in thousands, except per share data):
 
 
March 29, 2014
Unaudited Condensed Consolidated Balance Sheet:
 
As Reported
 
Adjustments
 
As Restated
Assets
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
Cash and cash equivalents
 
$
29,415

 
$

 
$
29,415

Accounts receivable (less allowance for doubtful accounts of $427 at March 29, 2014)
 
100,570

 

 
100,570

Inventories
 
148,895

 

 
148,895

Production cost of contracts
 
10,479

 

 
10,479

Deferred income taxes
 
13,836

 
1,504

 
15,340

Other current assets
 
21,664

 
998

 
22,662

Total Current Assets
 
324,859

 
2,502

 
327,361

Property and Equipment, Net
 
94,168

 

 
94,168

Goodwill
 
161,940

 
(4,371
)
 
157,569

Intangibles, Net
 
162,875

 

 
162,875

Other Assets
 
9,320

 

 
9,320

Total Assets
 
$
753,162

 
$
(1,869
)
 
$
751,293

Liabilities and Shareholders’ Equity
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
Current portion of long-term debt
 
$
25

 
$

 
$
25

Accounts payable
 
53,973

 

 
53,973

Accrued liabilities
 
39,628

 
3,824

 
43,452

Total Current Liabilities
 
93,626

 
3,824

 
97,450

Long-Term Debt, Less Current Portion
 
325,171

 

 
325,171

Deferred Income Taxes
 
70,556

 
(500
)
 
70,056

Other Long-Term Liabilities
 
18,922

 
(300
)
 
18,622

Total Liabilities
 
508,275

 
3,024

 
511,299

Commitments and Contingencies
 

 

 

Shareholders’ Equity
 
 
 
 
 
 
Common stock - $0.01 par value; 35,000,000 shares authorized; 10,999,632 shares issued at March 29, 2014
 
110

 

 
110

Treasury stock, at cost; 143,300 shares at March 29, 2014
 
(1,924
)
 

 
(1,924
)
Additional paid-in capital
 
71,037

 
(1,633
)
 
69,404

Retained earnings
 
179,457

 
(3,260
)
 
176,197

Accumulated other comprehensive loss
 
(3,793
)
 

 
(3,793
)
Total Shareholders’ Equity
 
244,887

 
(4,893
)
 
239,994

Total Liabilities and Shareholders’ Equity
 
$
753,162

 
$
(1,869
)
 
$
751,293


 
 
Three Months Ended March 29, 2014
Unaudited Condensed Consolidated Statement of Income:
 
As Reported
 
Adjustments
 
As Restated
Net Revenues
 
$
179,753

 
$

 
$
179,753

Cost of Sales
 
144,683

 
(845
)
 
143,838

Gross Profit
 
35,070

 
845

 
35,915

Selling, General and Administrative Expenses
 
21,087

 

 
21,087

Operating Income
 
13,983

 
845

 
14,828

Interest Expense
 
(7,125
)
 

 
(7,125
)
Income Before Taxes
 
6,858

 
845

 
7,703

Income Tax Expense
 
2,229

 
315

 
2,544

Net Income
 
$
4,629

 
$
530

 
$
5,159

Earnings Per Share
 
 
 
 
 
 
Basic earnings per share
 
$
0.43

 
$
0.05

 
$
0.48

Diluted earnings per share
 
$
0.42

 
$
0.05

 
$
0.46

Weighted-Average Number of Shares Outstanding
 
 
 
 
 
 
Basic
 
10,844

 

 
10,844

Diluted
 
11,107

 

 
11,107


 
 
Three Months Ended March 29, 2014
Unaudited Condensed Consolidated Statement of Comprehensive Income:
 
As Reported
 
Adjustments
 
As Restated
Net Income
 
$
4,629

 
$
530

 
$
5,159

Pension Adjustments
 
 
 
 
 
 
Amortization of actuarial loss included in net income, net of tax benefit of $36 for the three months ended March 29, 2014
 
(69
)
 

 
(69
)
Other Comprehensive Loss
 
(69
)
 

 
(69
)
Comprehensive Income
 
$
4,560

 
$
530

 
$
5,090


 
 
Three Months Ended March 29, 2014
Unaudited Condensed Consolidated Cash Flow Statement:
 
As Reported
 
Adjustments
 
As Restated
Cash Flows from Operating Activities
 
 
 
 
 
 
Net Income
 
$
4,629

 
$
530

 
$
5,159

Adjustments to Reconcile Net Income to
 
 
 
 
 
 
Net Cash Provided by Operating Activities:
 
 
 
 
 
 
Depreciation and amortization
 
7,426

 

 
7,426

Stock-based compensation expense
 
364

 

 
364

Deferred income taxes
 
(919
)
 
315

 
(604
)
Excess tax benefits from stock-based compensation
 
(124
)
 

 
(124
)
Recovery of doubtful accounts
 
(62
)
 

 
(62
)
Other
 
88

 
(845
)
 
(757
)
Changes in Assets and Liabilities:
 
 
 
 
 
 
Accounts receivable
 
(8,599
)
 

 
(8,599
)
Inventories
 
(8,388
)
 

 
(8,388
)
Production cost of contracts
 
513

 

 
513

Other assets
 
5,440

 

 
5,440

Accounts payable
 
(4,138
)
 

 
(4,138
)
Accrued and other liabilities
 
(6,067
)
 

 
(6,067
)
Net Cash Used in Operating Activities
 
(9,837
)
 

 
(9,837
)
Cash Flows from Investing Activities
 
 
 
 
 
 
Purchases of property and equipment
 
(2,192
)
 

 
(2,192
)
Proceeds from sales of assets
 
5

 

 
5

Net Cash Used in Investing Activities
 
(2,187
)
 

 
(2,187
)
Cash Flows from Financing Activities
 
 
 
 
 
 
Repayment of term loan and other debt
 
(7,506
)
 

 
(7,506
)
Excess tax benefits from stock-based compensation
 
124

 

 
124

Net proceeds from issuance of common stock under stock plans
 
7

 

 
7

Net Cash Used in Financing Activities
 
(7,375
)
 

 
(7,375
)
Net Decrease in Cash and Cash Equivalents
 
(19,399
)
 

 
(19,399
)
Cash and Cash Equivalents at Beginning of Year
 
48,814

 

 
48,814

Cash and Cash Equivalents at End of Year
 
$
29,415

 
$

 
$
29,415

Supplemental Disclosures of Cash Flow Information
 
 
 
 
 
 
Interest paid
 
$
11,397

 
$

 
$
11,397

Taxes paid
 
$
58

 
$

 
$
58

Non-cash activities:
 
 
 
 
 
 
     Purchases of property and equipment not paid
 
$
182

 
$

 
$
182