XML 73 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes | 12 Months Ended
--- | ---
Dec. 28, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets are as follows at the respective year ends:
(Amounts in thousands) | 2013 |  | 2012
Deferred tax assets: |  |  |
Inventory valuation reserves | $ | 794 |  |  | $ | 853 |
Allowance for doubtful accounts | 100 |  |  | 162 |
Inventory capitalization | 3,089 |  |  | 2,239 |
Environmental reserves | 224 |  |  | 229 |
Interest rate swap | 128 |  |  | 116 |
Back charge accrual | 203 |  |  | 72 |
Deferred compensation | 97 |  |  | 120 |
State net operating loss carryforwards | 142 |  |  | 66 |
Other | 253 |  |  | 278 |
Total deferred tax assets | 5,030 |  |  | 4,135 |
Deferred tax liabilities: |  |  |  |  |
Tax over book depreciation and amortization | 8,021 |  |  | 8,046 |
Prepaid expenses | 749 |  |  | 663 |
Other | 57 |  |  | 90 |
Total deferred tax liabilities | 8,827 |  |  | 8,799 |
Net deferred tax liabilities | $ | (3,797 | ) |  | $ | (4,664 | )
Significant components of the provision for income taxes are as follows:
(Amounts in thousands) | 2013 |  | 2012 |  | 2011
Current: |  |  |  |  |
Federal | $ | 1,689 |  |  | $ | 1,771 |  |  | $ | 2,670 |
State | 176 |  |  | 281 |  |  | 162 |
Total current | 1,865 |  |  | 2,052 |  |  | 2,832 |
Deferred: |  |  |  |  |  |  |  |
Federal | (1,321 | ) |  | 114 |  |  | 108 |
State | (146 | ) |  | (60 | ) |  | 13 |
Total deferred | (1,467 | ) |  | 54 |  |  | 121 |
Total | $ | 398 |  |  | $ | 2,106 |  |  | $ | 2,953 |
The reconciliation of income tax computed at the U. S. federal statutory tax rates to income tax expense is:
| 2013 |  | 2012 |  | 2011
(Amounts in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Tax at U.S. statutory rates | $ | 734 |  |  | 34.0 | % |  | $ | 2,156 |  |  | 34.0 | % |  | $ | 2,975 |  |  | 34.0 | %
State income taxes, net of federal tax benefit | (23 | ) |  | (1.1 | )% |  | 118 |  |  | 1.9 | % |  | 133 |  |  | 1.5 | %
Bargain gain on CRI acquisition | (366 | ) |  | (17.0 | )% |  | — |  |  | — | % |  | — |  |  | — | %
Manufacturing exemption | (138 | ) |  | (6.4 | )% |  | (180 | ) |  | (2.8 | )% |  | (162 | ) |  | (1.9 | )%
Stock issuance costs | 101 |  |  | 4.7 | % |  | — |  |  | — | % |  | — |  |  | — | %
Stock option compensation | 85 |  |  | 3.9 | % |  | 38 |  |  | 0.6 | % |  | 38 |  |  | 0.4 | %
Other, net | 5 |  |  | 0.3 | % |  | (26 | ) |  | (0.5 | )% |  | (31 | ) |  | (0.3 | )%
Total | $ | 398 |  |  | 18.4 | % |  | $ | 2,106 |  |  | 33.2 | % |  | $ | 2,953 |  |  | 33.7 | %
Income tax payments of approximately $2,393,000, $2,112,000 and $3,143,000 were made in 2013, 2012 and 2011, respectively. The Company had state net operating loss carryforwards of approximately $45,503,000 at December 28, 2013, which will expire between the years 2017 to 2032, and $43,143,000 at December 29, 2012. Since the likelihood of recognizing the tax effect of these carryforwards is remote, they have not been recognized in the consolidated financial statements. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal or state income tax examinations for years before 2009. The Company's federal income tax return for 2007 was examined by the Internal Revenue Service in 2009 and federal income tax and interest liabilities resulting from this examination were not material. The Company's continuing practice is to recognize interest and/or penalties related to income tax matters in the provision for income taxes. The Company had no accruals for uncertain tax positions including interest and penalties at the end of 2013 or 2012.

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

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -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 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -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_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration