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Changes in Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

	June 30, 2018
	As Reported				Adjustments				Without adoption of Topic 606
Assets:
Current assets:
Cash and cash equivalents	$	—			$	—			$	—
Accounts receivable, net	38,601,000				—				38,601,000
Inventory, net	19,683,000				—				19,683,000
Prepaid expenses and other current assets	8,382,000				(593,000		)		7,789,000
Total current assets	66,666,000				(593,000		)		66,073,000
Property, plant and equipment, net	81,609,000				—				81,609,000
Goodwill	22,957,000				—				22,957,000
Intangibles, net	17,148,000				—				17,148,000
Other non-current assets	2,125,000				—				2,125,000
Total Assets	$	190,505,000			$	(593,000	)		$	189,912,000
Liabilities and Stockholders’ Equity:
Current liabilities:
Revolving line of credit	$	784,000			$	—			$	784,000
Current portion of long-term debt	3,230,000				—				3,230,000
Accounts payable	24,883,000				—				24,883,000
Compensation and related benefits	5,075,000				—				5,075,000
Accrued other liabilities	5,210,000				—				5,210,000
Total current liabilities	39,182,000				—				39,182,000
Long-term debt	39,401,000				—				39,401,000
Deferred tax liability	395,000				—				395,000
Post retirement benefits liability	7,912,000				—				7,912,000
Total Liabilities	$	86,890,000			$	—			$	86,890,000
Commitments and Contingencies	—								—
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at June 30, 2018 and December 31, 2017	—				—				—
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 7,771,415 at June 30, 2018 and 7,711,277 December 31, 2017	78,000				—				78,000
Paid-in capital	32,434,000				—				32,434,000
Accumulated other comprehensive income, net of income taxes	1,832,000				—				1,832,000
Treasury stock - at cost, 3,790,308 at June 30, 2018 and 3,773,128 at December 31, 2017	(28,403,000		)		—				(28,403,000		)
Retained earnings	97,674,000				(593,000		)		97,081,000
Total Stockholders’ Equity	103,615,000				(593,000		)		103,022,000
Total Liabilities and Stockholders’ Equity	$	190,505,000			$	(593,000	)		$	189,912,000

The following tables summarize the effects of adopting Topic 606 on our unaudited consolidated financial statements for the three and six months ended June 30, 2018.

Consolidated Statements of Income (Unaudited)

	Three Months Ended
	June 30, 2018
	As Reported				Adjustments				Without adoption of Topic 606
Net sales:
Products	$	65,225,000			$	—			$	65,225,000
Tooling	3,376,000				3,020,000				6,396,000
Total net sales	68,601,000				3,020,000				71,621,000
Total cost of sales	60,704,000				2,472,000				63,176,000
Gross margin	7,897,000				548,000				8,445,000
Total selling, general and administrative expense	6,479,000				—				6,479,000
Operating Income	1,418,000				548,000				1,966,000
Other income and expense
Interest expense	624,000				—				624,000
Net periodic post-retirement benefit cost	(12,000		)		—				(12,000		)
Total other income and expense	612,000				—				612,000
Income before taxes	806,000				548,000				1,354,000
Income tax expense	361,000				115,000				476,000
Net income	$	445,000			$	433,000			$	878,000
Net income per common share:
Basic	$	0.06			$	—			$	0.11
Diluted	$	0.06			$	—			$	0.11

Consolidated Statements of Income (Unaudited)

	Six Months Ended
	June 30, 2018
	As Reported				Adjustments				Without adoption of Topic 606
Net sales:
Products	$	124,937,000			$	—			$	124,937,000
Tooling	6,710,000				2,362,000				9,072,000
Total net sales	131,647,000				2,362,000				134,009,000
Total cost of sales	115,864,000				1,760,000				117,624,000
Gross margin	15,783,000				602,000				16,385,000
Total selling, general and administrative expense	13,239,000				—				13,239,000
Operating Income	2,544,000				602,000				3,146,000
Other income and expense
Interest expense	1,073,000				—				1,073,000
Net periodic post-retirement benefit cost	(24,000		)		—				(24,000		)
Total other income and expense	1,049,000				—				1,049,000
Income before taxes	1,495,000				602,000				2,097,000
Income tax expense	532,000				126,000				658,000
Net income	$	963,000			$	476,000			$	1,439,000
Net income per common share:
Basic	$	0.12			$	—			$	0.19
Diluted	$	0.12			$	—			$	0.18

	Six Months Ended
	June 30, 2018
	As Reported				Adjustments				Without adoption of Topic 606
Cash flows from operating activities:
Net income	$	963,000			$	476,000			$	1,439,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,701,000				—				4,701,000
Share-based compensation	969,000				—				969,000
Loss on foreign currency translation	(5,000		)		—				(5,000		)
Change in operating assets and liabilities:
Accounts receivable	(12,463,000		)		—				(12,463,000		)
Inventories	700,000				—				700,000
Prepaid and other assets	(1,644,000		)		(476,000		)		(2,120,000		)
Accounts payable	8,878,000				—				8,878,000
Accrued and other liabilities	1,664,000				—				1,664,000
Post retirement benefits liability	(205,000		)		—				(205,000		)
Net cash used in operating activities	3,558,000				—				3,558,000
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,428,000		)		—				(3,428,000		)
Purchase of assets of Horizon Plastics	(62,457,000		)		—				(62,457,000		)
Net cash used in investing activities	(65,885,000		)		—				(65,885,000		)
Cash flows from financing activities:
Gross repayments on revolving line of credit	(46,514,000		)		—				(46,514,000		)
Gross borrowings on revolving line of credit	47,298,000				—				47,298,000
Proceeds from Horizon Plastics term loan	45,000,000				—				45,000,000
Payment of principal on term loans	(8,438,000		)		—				(8,438,000		)
Payment of deferred loan costs	(757,000		)		—				(757,000		)
Cash dividends paid	(792,000		)		—				(792,000		)
Payments related to the purchase of treasury stock	(250,000		)		—				(250,000		)
Net cash provided by financing activities	35,547,000				—				35,547,000
Net change in cash and cash equivalents	(26,780,000		)		—				(26,780,000		)
Cash and cash equivalents at beginning of period	26,780,000				—				26,780,000
Cash and cash equivalents at end of period	$	—			$	—			$	—
Cash paid for:
Interest (net of amounts capitalized)	$	1,022,000			$	—			$	1,022,000
Income taxes	$	520,000			$	—			$	520,000
Non Cash:
Fixed asset purchases in accounts payable	$	574,000			$	—			$	574,000

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Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

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-Name Accounting Standards Codification
-Topic 270
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-Subparagraph (SX 210.10-01.(b)(6))
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-Publisher FASB
-Name Accounting Standards Codification
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