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BUSINESS ACQUISITIONS
 9 Months Ended
Sep. 26, 2014
BUSINESS ACQUISITIONS [Abstract]  
BUSINESS ACQUISITIONS
Note 11.  BUSINESS ACQUISITIONS

On February 19, 2014, the Company acquired all of the equity interests of FTW, the parent company of Ft. Wayne Plastics, Inc. (“FWP”), a leading manufacturer of medium- to large- sized molded plastic components, specializing in low pressure, multi-nozzle structural plastic and gas assist solutions, for $11.5 million in cash, subject to certain pre-closing and post-closing purchase price adjustments. The acquisition of FWP’s premiere manufacturing capabilities and dedication to customer service are highly complementary with the Company.
 
The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of February 19, 2014 are set forth below:
 
Current assets
 
$
3,076
 
Long-term assets
  
4,349
 
Intangible assets
  
4,066
 
Goodwill
  
2,556
 
Total Assets Acquried
  
14,047
 
     
Deferred tax liabilities
  
(2,440
)
Other liabilities
  
(833
)
Total liabilities assumed
  
(3,273
)
     
Net assets acquired
 
$
10,774
 

The accompanying consolidated statements of income for the three and nine months ended September 26, 2014 and September 27, 2013 do not include any revenues or expenses related to the acquisition prior to the respective closing date. The following unaudited pro forma consolidated financial information is presented as if the acquisition had occurred at the beginning of the periods presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if these acquisitions had actually occurred during those periods, or the results that may be obtained in the future as a result of these acquisitions.
 

Pro Forma (unaudited)
 
Three months ended
  
Nine months ended
 
 
 
September 26,
  
September 26,
 
 
 
2014
  
2013
  
2014
  
2013
 
Net Sales
 
$
26,543
  
$
25,294
  
$
73,606
  
$
72,891
 
 
                
Gross profit
  
4,994
   
4,310
   
12,176
   
11,803
 
 
                
Income from continuing operations
 $
1,351
  $
470
  $
3,058
  $
206
 
 
                
Average common shares outstanding - Basic
  
7,951
   
7,951
   
7,951
   
7,951
 
Dilutive effect of convertible preferred stock
  
18,859
   
18,859
   
18,859
   
18,859
 
Average common shares outstanding - Diluted
  
26,810
   
26,810
   
26,810
   
26,810
 
 
                
 
                
Basic earnings per share
 
$
0.17
  
$
0.06
  
$
0.38
  
$
0.03
 
Diluted earnings per share
 
$
0.05
  
$
0.02
  
$
0.11
  
$
0.01