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Significant Event
9 Months Ended
Jun. 28, 2013
Significant Event [Abstract]  
Significant Event

 

18SIGNIFICANT 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 has incurred approximately $3,527 of cumulative costs related to 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.  The Company has received $4,488 of cumulative insurance reimbursements associated with these costs.  During the nine month periods ended June 28, 2013 and June 29, 2012, the Company has recognized a gain of $771 and an expense of $19, respectively, in the Administrative, management, finance and information systems expense line in the Outdoor Equipment segment of the Company’s accompanying Condensed Consolidated Statements of Operations.

 

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