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Note 3 - Restructuring Charges

3 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Restructuring Charges and Acquisition Costs [Text Block]

(3)

Restructuring Charges

On

August

15,

2014,

we purchased substantially all of the assets associated with the prestressed concrete strand (“PC strand”) business of American Spring Wire Corporation (“ASW”) for a final adjusted purchase price of

$33.5

million, net of post - closing adjustments of

$480,000

(the “ASW Acquisition”). ASW manufactured PC strand at facilities located in Houston, Texas and Newnan, Georgia.

Subsequent to the ASW Acquisition, in fiscal

2014,

we incurred employee separation costs for staffing reductions associated with the acquisition. In

February

2015,

we elected to consolidate our PC strand operations with the closure of the Newnan facility, which was completed in

March

2015.

Following is a summary of the restructuring activities and associated costs that were incurred during the

three

- month periods ended

December

31,

2016

and

January

2,

2016:

						Severance and
		Equipment				Other Employee				Facility				Gain on Sale
(In thousands)		Relocation Costs				Separation Costs				Closure Costs				of Equipment				Total
2017
Liability as of October 1, 2016		$	31			$	239			$	-			$	-			$	270
Restructuring charges			48				-				-				-				48
Cash payments			(79	)			(74	)			-				-				(153	)
Liability as of December 31, 2016		$	-			$	165			$	-			$	-			$	165
2016
Liability as of October 3, 2015		$	-			$	735			$	-			$	-			$	735
Restructuring charges (recoveries)			75				-				30				(180	)			(75	)
Cash receipts (payments)			(75	)			(72	)			(30	)			180				3
Liability as of January 2, 2016		$	-			$	663			$	-			$	-			$	663

As of

December

31,

2016,

we recorded restructuring liabilities amounting to

$0.2

million in accrued expenses on our consolidated balance sheet. As of

October

1,

2016,

we recorded restructuring liabilities amounting to

$0.3

million on our consolidated balance sheet, including

$0.1

million in accounts payable and

$0.2

million in accrued expenses. We do not currently expect to incur any significant restructuring charges during the remainder of fiscal

2017.

X

- Definition

The entire disclosure for restructuring and related activities and acquisition costs incurred to effect a business combination that have been expensed during the period. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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