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Changes in Accounting Policies (Tables)

9 Months Ended

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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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

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-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=d3e22583-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

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