Equity Interest Investments

3 Months Ended

Mar. 21, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

Note D – Equity Interest Investments

The Company has a 50% interest in a joint venture, Stiga Sports AB (Stiga). The joint venture is accounted for under the equity method of accounting. Stiga, located in Sweden, is a global sporting goods company producing table tennis equipment and game products. Financial information for Stiga reflected in the table below has been translated from local currency to U.S. dollars using exchange rates in effect at the respective period-end for balance sheet amounts, and using average exchange rates for statement of operations amounts. Certain differences exist between U.S. GAAP and local GAAP in Sweden, and the impact of these differences is not reflected in the summarized information reflected in the table below. The most significant difference relates to the accounting for goodwill for Stiga which is amortized over eight years in Sweden but is not amortized for U.S. GAAP reporting purposes. The goodwill for Stiga was fully amortized as of December 27, 2014. The effect on Stiga’s net assets resulting from the cumulative amortization of goodwill for the periods ended March 21, 2015 and March 22, 2014 are addbacks to Stiga’s consolidated financial information of $10.3 million and $13.8 million, respectively. These net differences are comprised of cumulative goodwill adjustments of $14.4 million offset by the related cumulative tax effect of $4.1 million as of March 21, 2015 and cumulative goodwill adjustments of $19.3 million offset by the related cumulative tax effect of $5.5 million as of March 22, 2014. The Company’s 50% portion of the statement of operations impact of these goodwill and tax adjustments and other individually insignificant U.S. GAAP adjustments for the periods ended March 21, 2015, and March 22, 2014 are to increase Stiga’s net income by approximately zero and $0.2 million, respectively. The Company’s 50% portion of net income for Stiga for the periods ended March 21, 2015 and March 22, 2014 was $666 thousand and $189 thousand, respectively, and is included in other income (expense) on the Company’s statements of operations.

Summarized financial information for Stiga Sports AB balance sheets as of March 21, 2015, December 27, 2014, and March 22, 2014 and statements of operations for the three months ended March 21, 2015 and March 22, 2014 is as follows:

In thousands	March 21,  2015		December 27,  2014		March 22,  2014
Current assets	$	25,295	$	30,539	$	26,775
Non-current assets		7,869		8,082		9,444
Total assets		33,164		38,621		36,219
Current liabilities		4,334		7,669		5,498
Non-current liabilities		4,167		4,229		4,991
Total liabilities		8,501		11,898		10,489
Net assets	$	24,663	$	26,723	$	25,730

	Three Months Ended
	March 21,  2015		March 22,  2014
Net sales	$	5,599	$	5,345
Gross profit		2,871		2,856
Net income		518		93