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Restatement (Tables)
6 Months Ended
Jul. 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):
 
 
June 28, 2014
Unaudited Condensed Consolidated Balance Sheet:
 
As Reported
 
Adjustments
 
As Restated
Assets
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
Cash and cash equivalents
 
$
43,751

 
$

 
$
43,751

Accounts receivable (less allowance for doubtful accounts of $254 at June 28, 2014)
 
105,209

 

 
105,209

Inventories
 
142,201

 

 
142,201

Production cost of contracts
 
11,023

 

 
11,023

Deferred income taxes
 
11,513

 
1,416

 
12,929

Other current assets
 
20,602

 
998

 
21,600

Total Current Assets
 
334,299

 
2,414

 
336,713

Property and Equipment, Net
 
94,070

 

 
94,070

Goodwill
 
161,940

 
(4,371
)
 
157,569

Intangibles, Net
 
160,285

 

 
160,285

Other Assets
 
8,660

 

 
8,660

Total Assets
 
$
759,254

 
$
(1,957
)
 
$
757,297

Liabilities and Shareholders’ Equity
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
Current portion of long-term debt
 
$
26

 
$

 
$
26

Accounts payable
 
53,749

 

 
53,749

Accrued liabilities
 
47,973

 
3,589

 
51,562

Total Current Liabilities
 
101,748

 
3,589

 
105,337

Long-Term Debt, Less Current Portion
 
317,664

 

 
317,664

Deferred Income Taxes
 
69,747

 
(500
)
 
69,247

Other Long-Term Liabilities
 
17,456

 
(300
)
 
17,156

Total Liabilities
 
506,615

 
2,789

 
509,404

Commitments and Contingencies
 

 

 

Shareholders’ Equity
 
 
 
 
 
 
Common stock - $0.01 par value; 35,000,000 shares authorized; 10,892,133 shares issued at June 28, 2014
 
109

 

 
109

Additional paid-in capital
 
70,337

 
(1,633
)
 
68,704

Retained earnings
 
185,929

 
(3,113
)
 
182,816

Accumulated other comprehensive loss
 
(3,736
)
 

 
(3,736
)
Total Shareholders’ Equity
 
252,639

 
(4,746
)
 
247,893

Total Liabilities and Shareholders’ Equity
 
$
759,254

 
$
(1,957
)
 
$
757,297


 
 
Three Months Ended June 28, 2014
 
Six Months Ended June 28, 2014
Unaudited Condensed Consolidated Statement of Income:
 
As Reported
 
Adjustments
 
As Restated
 
As Reported
 
Adjustments
 
As Restated
Net Revenues
 
$
186,516

 
$

 
$
186,516

 
$
366,269

 
$

 
$
366,269

Cost of Sales
 
149,073

 
(235
)
 
148,838

 
293,756

 
(1,080
)
 
292,676

Gross Profit
 
37,443

 
235

 
37,678

 
72,513

 
1,080

 
73,593

Selling, General and Administrative Expenses
 
20,868

 

 
20,868

 
41,955

 

 
41,955

Operating Income
 
16,575

 
235

 
16,810

 
30,558

 
1,080

 
31,638

Interest Expense
 
(6,994
)
 

 
(6,994
)
 
(14,119
)
 

 
(14,119
)
Income Before Taxes
 
9,581

 
235

 
9,816

 
16,439

 
1,080

 
17,519

Income Tax Expense
 
3,109

 
88

 
3,197

 
5,338

 
403

 
5,741

Net Income
 
$
6,472

 
$
147

 
$
6,619

 
$
11,101

 
$
677

 
$
11,778

Earnings Per Share
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.60

 
$
0.01

 
$
0.61

 
$
1.02

 
$
0.06

 
$
1.08

Diluted earnings per share
 
$
0.59

 
$
0.01

 
$
0.60

 
$
1.00

 
$
0.06

 
$
1.06

Weighted-Average Number of Shares Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
10,871

 

 
10,871

 
10,864

 

 
10,864

Diluted
 
11,045

 

 
11,045

 
11,122

 

 
11,122


 
 
Three Months Ended June 28, 2014
 
Six Months Ended June 28, 2014
Unaudited Condensed Consolidated Statement of Comprehensive Income:
 
As Reported
 
Adjustments
 
As Restated
 
As Reported
 
Adjustments
 
As Restated
Net Income
 
$
6,472

 
$
147

 
$
6,619

 
$
11,101

 
$
677

 
$
11,778

Pension Adjustments
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of actuarial loss and prior service costs, net of tax benefit of approximately $48 and $84 for the three months and six months ended June 28, 2014
 
(57
)
 

 
(57
)
 
(126
)
 

 
(126
)
Other Comprehensive Loss
 
(57
)
 

 
(57
)
 
(126
)
 

 
(126
)
Comprehensive Income
 
$
6,529

 
$
147

 
$
6,676

 
$
11,227

 
$
677

 
$
11,904


 
 
Six Months Ended June 28, 2014
Unaudited Condensed Consolidated Cash Flow Statement:
 
As Reported
 
Adjustments
 
As Restated
Cash Flows from Operating Activities
 
 
 
 
 
 
Net Income
 
$
11,101

 
$
677

 
$
11,778

Adjustments to Reconcile Net Income to
 
 
 
 
 
 
Net Cash Provided by Operating Activities:
 
 
 
 
 
 
Depreciation and amortization
 
15,125

 

 
15,125

Stock-based compensation expense
 
1,288

 

 
1,288

Deferred income taxes
 
595

 
403

 
998

Excess tax benefits from stock-based compensation
 
(61
)
 

 
(61
)
Recovery of doubtful accounts
 
(235
)
 

 
(235
)
Other
 
1,111

 
(1,080
)
 
31

Changes in Assets and Liabilities:
 
 
 
 
 
 
Accounts receivable
 
(13,066
)
 

 
(13,066
)
Inventories
 
(1,694
)
 

 
(1,694
)
Production cost of contracts
 
(1,734
)
 

 
(1,734
)
Other assets
 
6,563

 

 
6,563

Accounts payable
 
(4,363
)
 

 
(4,363
)
Accrued and other liabilities
 
835

 

 
835

Net Cash Provided by Operating Activities
 
15,465

 

 
15,465

Cash Flows from Investing Activities
 
 
 
 
 
 
Purchases of property and equipment
 
(5,997
)
 

 
(5,997
)
Proceeds from sales of assets
 
51

 

 
51

Net Cash Used in Investing Activities
 
(5,946
)
 

 
(5,946
)
Cash Flows from Financing Activities
 
 
 
 
 
 
Repayment of term loan and other debt
 
(15,012
)
 

 
(15,012
)
Excess tax benefits from stock-based compensation
 
61

 

 
61

Net proceeds from issuance of common stock under stock plans
 
369

 

 
369

Net Cash Used in Financing Activities
 
(14,582
)
 

 
(14,582
)
Net Decrease in Cash and Cash Equivalents
 
(5,063
)
 

 
(5,063
)
Cash and Cash Equivalents at Beginning of Year
 
48,814

 

 
48,814

Cash and Cash Equivalents at End of Year
 
$
43,751

 
$

 
$
43,751