XML 32 R37.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 28, 2013
Color Resources, LLC [Member] |
Business Acquisition [Line Items] |
Schedule of Sources and Uses of Funds from Acquisition [Table Text Block] | A summary of sources and uses of proceeds for the acquisition of CRI and the CRI Facility is as follows:
Sources of funds: |
Proceeds from term loan | $ | 4,033,250 |
Proceeds from line of credit | 516,750 |
Total sources of funds | $ | 4,550,000 |
Uses of funds: |  |
Acquisition of CRI Facility | $ | 3,450,000 |
Acquisition of certain CRI assets, net of assumed liabilities | 1,100,000 |
Amount received by Company for pro-rated property taxes at close | $ | (22,000 | )
Total uses of funds | $ | 4,528,000 |
Schedule of fair value of the assets acquired and liabilities assumed | The preliminary allocation of the total consideration to the fair value of the assets acquired and liabilities assumed as of August 26, 2013 is as follows:
| As recorded by CRI |  | Purchased CRI Facility |  | Purchase accounting and fair value adjustments |  | As recorded by the Company
Accounts receivable, net | $ | 623,539 |  |  | $ | — |  |  | $ | — |  |  | $ | 623,539 |
Inventories, net | 232,771 |  |  | — |  |  | — |  |  | 232,771 |
Prepaid expenses | 11,695 |  |  | — |  |  | — |  |  | 11,695 |
Building and land | — |  |  | 3,450,000 |  |  | 650,000 |  |  | 4,100,000 |
Equipment, net | 614,998 |  |  | — |  |  | 1,028,072 |  |  | 1,643,070 |
Accounts payable | (365,898 | ) |  | — |  |  | — |  |  | (365,898 | )
Accrued liabilities | (17,105 | ) |  | — |  |  | — |  |  | (17,105 | )
Deferred tax liability | — |  |  | — |  |  | (600,750 | ) |  | (600,750 | )
| $ | 1,100,000 |  |  | $ | 3,450,000 |  |  | $ | 1,077,322 |  |  | $ | 5,627,322 |
Schedule of Bargain Purchase Gain Recognized [Table Text Block] | Due to the bargain purchase accounting rules, a one-time gain, net of taxes, was recognized during year ended December 28, 2013 as follows:
Fair value of net assets acquired | $ | 5,627,332 |
Total consideration paid | (4,550,000 | )
Bargain purchase gain | $ | 1,077,332 |
Unaudited pro forma financial information | The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed on the date indicated above.
Pro Forma (Unaudited)
| 2013 |  | 2012
Pro forma revenues | $ | 223,969,000 |  |  | $ | 204,850,000 |
Pro forma net income | 1,230,000 |  |  | 3,599,000 |
Earnings per share: |  |  |
Basic | $ | 0.18 |  |  | $ | 0.57 |
Diluted | $ | 0.18 |  |  | $ | 0.56 |
Palmer of Texas [Member] |
Business Acquisition [Line Items] |
Schedule of fair value of the assets acquired and liabilities assumed | The current allocation of the total consideration paid to the fair value of the assets acquired and liabilities assumed is as follows:
| As recorded by Palmer |  | Purchase accounting and fair value adjustments |  | As recorded by Synalloy
Cash and cash equivalents | $ | 1,389,054 |  |  | $ | — |  |  | $ | 1,389,054 |
Accounts receivable, net | 4,969,030 |  |  | — |  |  | 4,969,030 |
Inventories, net | 5,678,368 |  |  | — |  |  | 5,678,368 |
Prepaid expenses | 75,804 |  |  | 1,536,000 |  |  | 1,611,804 |
Net fixed assets | 4,799,692 |  |  | 2,691,370 |  |  | 7,491,062 |
Goodwill | — |  |  | 15,897,948 |  |  | 15,897,948 |
Intangible asset - customer base | — |  |  | 9,000,000 |  |  | 9,000,000 |
Contingent consideration | — |  |  | (8,152,031 | ) |  | (8,152,031 | )
Other liabilities assumed | (6,833,315 | ) |  | (3,156,711 | ) |  | (9,990,026 | )
| $ | 10,078,633 |  |  | $ | 17,816,576 |  |  | $ | 27,895,209 |
Unaudited pro forma financial information | The unaudited pro forma financial information is for information purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed on the date indicated above.
Pro Forma (Unaudited)
| 2012 |  | 2011
Pro forma revenues | $ | 220,955,000 |  |  | $ | 202,689,000 |
Pro forma net income | 5,537,000 |  |  | 6,478,000 |
Earnings per share: |  |  |  |  |
Basic | $ | 0.87 |  |  | $ | 1.03 |
Diluted | 0.87 |  |  | 1.02 |

X
- Definition Schedule of Bargain Purchase Gain Recognized [Table Text Block] + References No definition available. + Details
Name: | synl_ScheduleofBargainPurchaseGainRecognizedTableTextBlock
Namespace Prefix: | synl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Sources and Uses of Funds from Acquisition [Table Text Block] + References No definition available. + Details
Name: | synl_ScheduleofSourcesandUsesofFundsfromAcquisitionTableTextBlock
Namespace Prefix: | synl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessAcquisitionLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 52 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph F4 -Subparagraph e -Appendix F Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration