Significant Event

12 Months Ended

Oct. 03, 2014

Significant Event [Abstract]

Significant Event

14SIGNIFICANT EVENT

On September 12, 2011, the Company announced a temporary closure of its Binghamton, New York manufacturing facility and administrative offices due to flooding from torrential rains.  The Binghamton manufacturing facility houses the Company’s consumer, commercial and military tent businesses.  The Company’s finished goods warehouse located nearby was unaffected by the flooding and the Company was able to resume shipments of products within a few days.  Production resumed on September 28, 2011.

The Company maintains insurance for both property damage and business interruption relating to catastrophic events.  Business interruption coverage covers lost profits and other costs incurred.  Non-refundable insurance recoveries received in excess of the net book value of damaged assets, clean up and post-event costs are recognized as income in the period received.

The Company incurred costs related to the clean-up and repair of the facility and equipment, losses of inventory and fixed assets, rental of temporary office space for administrative and R&D personnel and payroll expenses for labor idled due to the flood totaling approximately $3,500 and recognized $81 and $1,578 in 2013 and 2012, respectively.  The Company received approximately $4,500 of insurance reimbursements associated with these costs.  During the year ended September 27, 2013 the Company recognized a gain of $771 under its business interruption coverage.  In 2012 the Company recognized expense of $19 and  recorded a gain of $220 related to insurance recoveries under its business interruption coverage and a gain of $246 related to insurance proceeds received to replace fixed assets under the Company’s property loss coverage.  These amounts are included in “Administrative management, finance and information systems” expense in the Outdoor Equipment segment.

The Company has received all expected insurance recoveries related to this event.