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Changes in Accounting Policies (Tables) | 9 Months Ended
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Sep. 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] |
| September 30, 2018
| As Reported |  | Adjustments |  | Without adoption of Topic 606
Assets: |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |
Accounts receivable, net | 38,666,000 |  |  | — |  |  | 38,666,000 |
Inventory, net | 22,648,000 |  |  | — |  |  | 22,648,000 |
Prepaid expenses and other current assets | 8,123,000 |  |  | (402,000 | ) |  | 7,721,000 |
Total current assets | 69,437,000 |  |  | (402,000 | ) |  | 69,035,000 |
Property, plant and equipment, net | 80,822,000 |  |  | — |  |  | 80,822,000 |
Goodwill | 22,957,000 |  |  | — |  |  | 22,957,000 |
Intangibles, net | 16,666,000 |  |  | — |  |  | 16,666,000 |
Other non-current assets | 2,184,000 |  |  | — |  |  | 2,184,000 |
Total Assets | $ | 192,066,000 |  |  | $ | (402,000 | ) |  | $ | 191,664,000 |
Liabilities and Stockholders’ Equity: |  |  |  |  |
Current liabilities: |  |  |  |  |
Revolving line of credit | $ | — |  |  | $ | — |  |  | $ | — |
Current portion of long-term debt | 3,230,000 |  |  | — |  |  | 3,230,000 |
Accounts payable | 29,066,000 |  |  | — |  |  | 29,066,000 |
Compensation and related benefits | 5,071,000 |  |  | — |  |  | 5,071,000 |
Accrued other liabilities | 4,940,000 |  |  | — |  |  | 4,940,000 |
Total current liabilities | 42,307,000 |  |  | — |  |  | 42,307,000 |
Long-term debt | 38,591,000 |  |  | — |  |  | 38,591,000 |
Deferred tax liability | 395,000 |  |  | — |  |  | 395,000 |
Post retirement benefits liability | 7,924,000 |  |  | — |  |  | 7,924,000 |
Total Liabilities | $ | 89,217,000 |  |  | $ | — |  |  | $ | 89,217,000 |
Commitments and Contingencies | — |  |  |  |  | — |
Stockholders’ Equity: |  |  |  |  |
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at September 30, 2018 and December 31, 2017 | — |  |  | — |  |  | — |
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 7,771,415 at September 30, 2018 and 7,711,277 December 31, 2017 | 78,000 |  |  | — |  |  | 78,000 |
Paid-in capital | 32,693,000 |  |  | — |  |  | 32,693,000 |
Accumulated other comprehensive income, net of income taxes | 2,609,000 |  |  | — |  |  | 2,609,000 |
Treasury stock - at cost, 3,790,308 at September 30, 2018 and 3,773,128 at December 31, 2017 | (28,403,000 | ) |  | — |  |  | (28,403,000 | )
Retained earnings | 95,872,000 |  |  | (402,000 | ) |  | 95,470,000 |
Total Stockholders’ Equity | 102,849,000 |  |  | (402,000 | ) |  | 102,447,000 |
Total Liabilities and Stockholders’ Equity | $ | 192,066,000 |  |  | $ | (402,000 | ) |  | $ | 191,664,000 |
The following tables summarize the effects of adopting Topic 606 on our unaudited consolidated financial statements for the three and nine months ended September 30, 2018. Consolidated Statements of Income (Unaudited)
| Three Months Ended
| September 30, 2018
| As Reported |  | Adjustments |  | Without adoption of Topic 606
Net sales: |  |  |  |  |
Products | $ | 62,305,000 |  |  | $ | — |  |  | $ | 62,305,000 |
Tooling | 2,371,000 |  |  | 1,488,000 |  |  | 3,859,000 |
Total net sales | 64,676,000 |  |  | 1,488,000 |  |  | 66,164,000 |
Total cost of sales | 59,814,000 |  |  | 1,245,000 |  |  | 61,059,000 |
Gross margin | 4,862,000 |  |  | 243,000 |  |  | 5,105,000 |
Total selling, general and administrative expense | 6,349,000 |  |  | — |  |  | 6,349,000 |
Operating Income (Loss) | (1,487,000 | ) |  | 243,000 |  |  | (1,244,000 | )
Other income and expense |  |  |  |  |
Interest expense | 632,000 |  |  | — |  |  | 632,000 |
Net periodic post-retirement benefit cost | (12,000 | ) |  | — |  |  | (12,000 | )
Total other income and expense | 620,000 |  |  | — |  |  | 620,000 |
Income (loss) before taxes | (2,107,000 | ) |  | 243,000 |  |  | (1,864,000 | )
Income tax expense (benefit) | (304,000 | ) |  | 51,000 |  |  | (253,000 | )
Net income (loss) | $ | (1,803,000 | ) |  | $ | 192,000 |  |  | $ | (1,611,000 | )
Net income (loss) per common share: |  |  |  |  |
Basic | $ | (0.23 | ) |  | $ | — |  |  | $ | (0.21 | )
Diluted | $ | (0.23 | ) |  | $ | — |  |  | $ | (0.21 | )
Consolidated Statements of Income (Unaudited)
| Nine Months Ended
| September 30, 2018
| As Reported |  | Adjustments |  | Without adoption of Topic 606
Net sales: |  |  |  |  |
Products | $ | 187,243,000 |  |  | $ | — |  |  | $ | 187,243,000 |
Tooling | 9,081,000 |  |  | 3,850,000 |  |  | 12,931,000 |
Total net sales | 196,324,000 |  |  | 3,850,000 |  |  | 200,174,000 |
Total cost of sales | 175,679,000 |  |  | 3,006,000 |  |  | 178,685,000 |
Gross margin | 20,645,000 |  |  | 844,000 |  |  | 21,489,000 |
Total selling, general and administrative expense | 19,587,000 |  |  | — |  |  | 19,587,000 |
Operating Income | 1,058,000 |  |  | 844,000 |  |  | 1,902,000 |
Other income and expense |  |  |  |  |
Interest expense | 1,705,000 |  |  | — |  |  | 1,705,000 |
Net periodic post-retirement benefit cost | (36,000 | ) |  | — |  |  | (36,000 | )
Total other income and expense | 1,669,000 |  |  | — |  |  | 1,669,000 |
Income (loss) before taxes | (611,000 | ) |  | 844,000 |  |  | 233,000 |
Income tax expense | 228,000 |  |  | 177,000 |  |  | 405,000 |
Net income (loss) | $ | (839,000 | ) |  | $ | 667,000 |  |  | $ | (172,000 | )
Net income (loss) per common share: |  |  |  |  |
Basic | $ | (0.11 | ) |  | $ | — |  |  | $ | (0.02 | )
Diluted | $ | (0.11 | ) |  | $ | — |  |  | $ | (0.02 | )
| Nine Months Ended
| September 30, 2018
| As Reported |  | Adjustments |  | Without adoption of Topic 606
Cash flows from operating activities: |  |  |  |  |
Net income (loss) | $ | (839,000 | ) |  | $ | 667,000 |  |  | $ | (172,000 | )
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 7,105,000 |  |  | — |  |  | 7,105,000 |
Loss on disposal of assets | 6,000 |  |  | — |  |  | 6,000 |
Share-based compensation | 1,228,000 |  |  | — |  |  | 1,228,000 |
Loss on foreign currency translation | 14,000 |  |  | — |  |  | 14,000 |
Change in operating assets and liabilities: |  |  |  |  |
Accounts receivable | (12,528,000 | ) |  | — |  |  | (12,528,000 | )
Inventories | (2,265,000 | ) |  | — |  |  | (2,265,000 | )
Prepaid and other assets | 3,060,000 |  |  | (667,000 | ) |  | 2,393,000 |
Accounts payable | 13,272,000 |  |  | — |  |  | 13,272,000 |
Accrued and other liabilities | (2,255,000 | ) |  | — |  |  | (2,255,000 | )
Post retirement benefits liability | (274,000 | ) |  | — |  |  | (274,000 | )
Net cash used in operating activities | 6,524,000 |  |  | — |  |  | 6,524,000 |
Cash flows from investing activities: |  |  |  |  |
Purchase of property, plant and equipment | (4,761,000 | ) |  | — |  |  | (4,761,000 | )
Purchase of assets of Horizon Plastics | (62,457,000 | ) |  | — |  |  | (62,457,000 | )
Net cash used in investing activities | (67,218,000 | ) |  | — |  |  | (67,218,000 | )
Cash flows from financing activities: |  |  |  |  |
Gross repayments on revolving line of credit | (67,594,000 | ) |  | — |  |  | (67,594,000 | )
Gross borrowings on revolving line of credit | 67,594,000 |  |  | — |  |  | 67,594,000 |
Proceeds from Horizon Plastics term loan | 45,000,000 |  |  | — |  |  | 45,000,000 |
Payment of principal on term loans | (9,281,000 | ) |  | — |  |  | (9,281,000 | )
Payment of deferred loan costs | (763,000 | ) |  | — |  |  | (763,000 | )
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 | 33,914,000 |  |  | — |  |  | 33,914,000 |
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) | $ | 1,612,000 |  |  | $ | — |  |  | $ | 1,612,000 |
Income taxes | $ | 848,000 |  |  | $ | — |  |  | $ | 848,000 |
Non Cash: |  |  |  |  |
Fixed asset purchases in accounts payable | $ | 344,000 |  |  | $ | — |  |  | $ | 344,000 |

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