Reconciliation of Previously Reported Amonts to Amounts as Restated (Tables)

6 Months Ended

Jun. 27, 2015

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The impacts of these changes within our consolidated condensed financial statements are summarized below:

Consolidated Condensed Balance Sheets
(In thousands)
	December 31, 2014									December 31, 2013
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Assets
Current assets:
Cash and cash equivalents	$	79,642		$	—		$	79,642		$	72,785		$	24		$	72,809
Accounts receivable, net	37,514			(87		)	37,427			40,500			(281		)	40,219
Inventories:
Raw materials	15,017			(794		)	14,223			15,223			269			15,492
Work in process	20,498			(685		)	19,813			19,962			18			19,980
Finished goods	18,798			8			18,806			19,788			228			20,016
Inventories, net	54,313			(1,471		)	52,842			54,973			515			55,488
Deferred income taxes	5,003			633			5,636			4,784			(450		)	4,334
Prepaid expenses and other current assets	10,566			(205		)	10,361			10,500			199			10,699
Total current assets	187,038			(1,130		)	185,908			183,542			7			183,549
Property and equipment, at cost:
Land	1,893			—			1,893			1,993			—			1,993
Buildings and improvements	50,266			(357		)	49,909			47,793			1,333			49,126
Machinery and equipment	79,109			(609		)	78,500			75,644			1,000			76,644
Software	6,837			—			6,837			6,333			—			6,333
Construction in progress	3,786			(858		)	2,928			1,252			(2		)	1,250
Accumulated depreciation	(89,909		)	535			(89,374		)	(83,692		)	(324		)	(84,016		)
Property and equipment, net	51,982			(1,289		)	50,693			49,323			2,007			51,330
Goodwill	12,788			—			12,788			18,880			36			18,916
Intangible assets, net	17,489			(108		)	17,381			22,458			(116		)	22,342
Other assets	20,590			(197		)	20,393			17,901			664			18,565
Total assets	$	289,887		$	(2,724	)	$	287,163		$	292,104		$	2,598		$	294,702

Consolidated Condensed Balance Sheets
(In thousands)
	December 31, 2014									December 31, 2013
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Liabilities and equity
Current liabilities:
Trade accounts payable	$	10,371		$	188		$	10,559		$	10,258		$	51		$	10,309
Payroll and related expenses	14,252			(36		)	14,216			15,016			(501		)	14,515
Other accrued expenses	16,590			312			16,902			15,814			768			16,582
Income taxes	2,197			(64		)	2,133			615			—			615
Current portion of long-term debt	5,120			—			5,120			4,137			—			4,137
Total current liabilities	48,530			400			48,930			45,840			318			46,158
Long-term debt, less current portion	17,713			—			17,713			22,936			—			22,936
Deferred income taxes	1,756			(1,118		)	638			1,259			(148		)	1,111
Other liabilities	7,658			(14		)	7,644			7,738			554			8,292
Accrued pension and other postretirement costs	13,072			(719		)	12,353			10,780			(754		)	10,026
Total liabilities	88,729			(1,451		)	87,278			88,553			(30		)	88,523
Commitments and contingencies
Equity:
Common stock	1,273			—			1,273			1,271			—			1,271
Class B convertible common stock	103			—			103			103			—			103
Treasury stock	(32		)	—			(32		)	—			—			—
Capital in excess of par value	189,532			—			189,532			188,424			—			188,424
Retained earnings	36,500			(1,165		)	35,335			32,647			(392		)	32,255
Accumulated other comprehensive loss	(26,452		)	(108		)	(26,560		)	(19,027		)	3,020			(16,007		)
Total Vishay Precision Group, Inc. stockholders' equity	200,924			(1,273		)	199,651			203,418			2,628			206,046
Noncontrolling interests	234			—			234			133			—			133
Total equity	201,158			(1,273		)	199,885			203,551			2,628			206,179
Total liabilities and equity	$	289,887		$	(2,724	)	$	287,163		$	292,104		$	2,598		$	294,702

Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share amounts)
	Fiscal quarter ended
	March 28, 2015
	As previously reported			Correction of prior period misstatements			As restated
Net revenues	$	56,608		$	—		$	56,608
Costs of products sold	35,829			(200		)	35,629
Gross profit	20,779			200			20,979
Selling, general, and administrative expenses	18,733			15			18,748
Restructuring costs	78			—			78
Operating income	1,968			185			2,153
Other income (expense):
Interest expense	(184		)	(3		)	(187		)
Other	(958		)	29			(929		)
Other income (expense) - net	(1,142		)	26			(1,116		)
Income before taxes	826			211			1,037
Income tax expense	143			47			190
Net earnings	683			164			847
Less: net loss attributable to noncontrolling interests	(13		)	—			(13		)
Net earnings attributable to VPG stockholders	$	696		$	164		$	860
Basic earnings per share attributable to VPG stockholders	$	0.05		$	0.01		$	0.06
Diluted earnings per share attributable to VPG stockholders	$	0.05		$	0.01		$	0.06
Weighted average shares outstanding - basic	13,746			—			13,746
Weighted average shares outstanding - diluted	13,960			—			13,960

Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share amounts)
	Fiscal quarter ended									Fiscal year ended
	December 31, 2014									December 31, 2014
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Net revenues	$	61,218		$	(994	)	$	60,224		$	250,823		$	(795	)	$	250,028
Costs of products sold	39,615			124			39,739			158,699			555			159,254
Gross profit	21,603			(1,118		)	20,485			92,124			(1,350		)	90,774
Selling, general, and administrative expenses	19,062			(735		)	18,327			77,348			(314		)	77,034
Impairment of goodwill and indefinite-lived intangibles	5,446			133			5,579			5,446			133			5,579
Restructuring costs	193			—			193			668			—			668
Operating (loss) income	(3,098		)	(516		)	(3,614		)	8,662			(1,169		)	7,493
Other income (expense):
Interest expense	(208		)	(3		)	(211		)	(868		)	(14		)	(882		)
Other	(81		)	(99		)	(180		)	(851		)	111			(740		)
Other income (expense) - net	(289		)	(102		)	(391		)	(1,719		)	97			(1,622		)
(Loss) income before taxes	(3,387		)	(618		)	(4,005		)	6,943			(1,072		)	5,871
Income tax expense	957			(144		)	813			2,912			(299		)	2,613
Net (loss) earnings	(4,344		)	(474		)	(4,818		)	4,031			(773		)	3,258
Less: net earnings attributable to noncontrolling interests	89			—			89			178			—			178
Net (loss) earnings attributable to VPG stockholders	$	(4,433	)	$	(474	)	$	(4,907	)	$	3,853		$	(773	)	$	3,080
Basic (loss) earnings per share attributable to VPG stockholders	$	(0.32	)	$	(0.04	)	$	(0.36	)	$	0.28		$	(0.06	)	$	0.22
Diluted (loss) earnings per share attributable to VPG stockholders	$	(0.32	)	$	(0.04	)	$	(0.36	)	$	0.28		(0.06		)	$	0.22
Weighted average shares outstanding - basic	13,755			—			13,755			13,755			—			13,755
Weighted average shares outstanding - diluted	13,755			—			13,755			13,977			—			13,977

Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share amounts)
	Fiscal quarter ended									Nine fiscal months ended
	September 27, 2014									September 27, 2014
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Net revenues	$	63,402		$	—		$	63,402		$	189,605		$	199		$	189,804
Costs of products sold	39,625			107			39,732			119,084			431			119,515
Gross profit	23,777			(107		)	23,670			70,521			(232		)	70,289
Selling, general, and administrative expenses	19,668			(21		)	19,647			58,286			421			58,707
Restructuring costs	144			—			144			475			—			475
Operating income	3,965			(86		)	3,879			11,760			(653		)	11,107
Other income (expense):
Interest expense	(212		)	(3		)	(215		)	(660		)	(11		)	(671		)
Other	(81		)	204			123			(770		)	210			(560		)
Other income (expense) - net	(293		)	201			(92		)	(1,430		)	199			(1,231		)
Income before taxes	3,672			115			3,787			10,330			(454		)	9,876
Income tax expense	523			—			523			1,955			(155		)	1,800
Net earnings	3,149			115			3,264			8,375			(299		)	8,076
Less: net earnings attributable to noncontrolling interests	30			—			30			89			—			89
Net earnings attributable to VPG stockholders	$	3,119		$	115		$	3,234		$	8,286		$	(299	)	$	7,987
Basic earnings per share attributable to VPG stockholders	$	0.23		$	0.01		$	0.24		$	0.60		$	(0.02	)	$	0.58
Diluted earnings per share attributable to VPG stockholders	$	0.22		$	0.01		$	0.23		$	0.59		(0.02		)	$	0.57
Weighted average shares outstanding - basic	13,757			—			13,757			13,755			—			13,755
Weighted average shares outstanding - diluted	13,977			—			13,977			13,968			—			13,968

Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share amounts)
	Fiscal quarter ended									Six fiscal months ended
	June 28, 2014									June 28, 2014
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Net revenues	$	65,162		$	—		$	65,162		$	126,203		$	199		$	126,402
Costs of products sold	40,465			(212		)	40,253			79,459			324			79,783
Gross profit	24,697			212			24,909			46,744			(125		)	46,619
Selling, general, and administrative expenses	19,918			(21		)	19,897			38,618			442			39,060
Restructuring costs	7			—			7			331			—			331
Operating income	4,772			233			5,005			7,795			(567		)	7,228
Other income (expense):
Interest expense	(236		)	(4		)	(240		)	(448		)	(8		)	(456		)
Other	(147		)	(100		)	(247		)	(689		)	6			(683		)
Other income (expense) - net	(383		)	(104		)	(487		)	(1,137		)	(2		)	(1,139		)
Income before taxes	4,389			129			4,518			6,658			(569		)	6,089
Income tax expense	936			12			948			1,432			(155		)	1,277
Net earnings	3,453			117			3,570			5,226			(414		)	4,812
Less: net (loss) earnings attributable to noncontrolling interests	(8		)	—			(8		)	59			—			59
Net earnings attributable to VPG stockholders	$	3,461		$	117		$	3,578		$	5,167		$	(414	)	$	4,753
Basic earnings per share attributable to VPG stockholders	$	0.25		$	0.01		$	0.26		$	0.38		$	(0.03	)	$	0.35
Diluted earnings per share attributable to VPG stockholders	$	0.25		$	0.01		$	0.26		$	0.37		(0.03		)	$	0.34
Weighted average shares outstanding - basic	13,756			—			13,756			13,754			—			13,754
Weighted average shares outstanding - diluted	13,968			—			13,968			13,963			—			13,963

Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share amounts)
	Fiscal quarter ended
	March 29, 2014
	As previously reported			Correction of prior period misstatements			As restated
Net revenues	$	61,041		$	199		$	61,240
Costs of products sold	38,994			536			39,530
Gross profit	22,047			(337		)	21,710
Selling, general, and administrative expenses	18,700			463			19,163
Restructuring costs	324			—			324
Operating income	3,023			(800		)	2,223
Other income (expense):
Interest expense	(212		)	(4		)	(216		)
Other	(542		)	106			(436		)
Other income (expense) - net	(754		)	102			(652		)
Income before taxes	2,269			(698		)	1,571
Income tax expense	496			(167		)	329
Net earnings	1,773			(531		)	1,242
Less: net earnings attributable to noncontrolling interests	67			—			67
Net earnings attributable to VPG stockholders	$	1,706		$	(531	)	$	1,175
Basic earnings per share attributable to VPG stockholders	$	0.12		$	(0.03	)	$	0.09
Diluted earnings per share attributable to VPG stockholders	$	0.12		(0.04		)	$	0.08
Weighted average shares outstanding - basic	13,752			—			13,752
Weighted average shares outstanding - diluted	13,958			—			13,958

Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share amounts)
	Fiscal year ended									Fiscal year ended
	December 31, 2013									December 31, 2012
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Net revenues	$	240,275		$	(1,686	)	$	238,589		$	217,616		$	—		$	217,616
Costs of products sold	156,420			(1,286		)	155,134			142,584			(17		)	142,567
Gross profit	83,855			(400		)	83,455			75,032			17			75,049
Selling, general, and administrative expenses	74,521			(462		)	74,059			63,666			26			63,692
Acquisition costs	794			—			794			275			—			275
Restructuring costs	538			—			538			—			—			—
Operating income	8,002			62			8,064			11,091			(9		)	11,082
Other income (expense):
Interest expense	(1,022		)	55			(967		)	(266		)	—			(266		)
Other	(1,579		)	225			(1,354		)	(301		)	632			331
Other income (expense) - net	(2,601		)	280			(2,321		)	(567		)	632			65
Income before taxes	5,401			342			5,743			10,524			623			11,147
Income tax expense (benefit)	1,054			197			1,251			(1,240		)	96			(1,144		)
Net earnings	4,347			145			4,492			11,764			527			12,291
Less: net earnings attributable to noncontrolling interests	56			—			56			73			—			73
Net earnings attributable to VPG stockholders	$	4,291		$	145		$	4,436		$	11,691		$	527		$	12,218
Basic earnings per share attributable to VPG stockholders	$	0.32		$	0.01		$	0.33		$	0.87		$	0.04		$	0.91
Diluted earnings per share attributable to VPG stockholders	$	0.31		$	0.01		$	0.32		$	0.84		0.04			$	0.88
Weighted average shares outstanding - basic	13,563			—			13,563			13,367			—			13,367
Weighted average shares outstanding - diluted	13,944			—			13,944			13,889			—			13,889

Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited - In thousands)
	Fiscal quarter ended
	March 28, 2015
	As previously reported			Correction of prior period misstatements		As restated
Net earnings	$	683		$	164	$	847
Other comprehensive loss:
Foreign currency translation adjustment	(4,287		)	6		(4,281		)
Pension and other postretirement actuarial items, net of tax	229			—		229
Other comprehensive loss	(4,058		)	6		(4,052		)
Total comprehensive loss	(3,375		)	170		(3,205		)
Less: comprehensive loss attributable to noncontrolling interests	(13		)	—		(13		)
Comprehensive loss attributable to VPG stockholders	$	(3,362	)	$	170	$	(3,192	)

Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited - In thousands)
	Fiscal quarter ended									Fiscal year ended
	December 31, 2014									December 31, 2014
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Net (loss) earnings	$	(4,344	)	$	(474	)	$	(4,818	)	$	4,031		$	(773	)	$	3,258
Other comprehensive loss:
Foreign currency translation adjustment	(2,085		)	(2,697		)	(4,782		)	(4,887		)	(3,128		)	(8,015		)
Pension and other postretirement actuarial items, net of tax	(2,617		)	—			(2,617		)	(2,538		)	—			(2,538		)
Other comprehensive loss	(4,702		)	(2,697		)	(7,399		)	(7,425		)	(3,128		)	(10,553		)
Total comprehensive loss	(9,046		)	(3,171		)	(12,217		)	(3,394		)	(3,901		)	(7,295		)
Less: comprehensive income attributable to noncontrolling interests	89			—			89			178			—			178
Comprehensive loss attributable to VPG stockholders	$	(9,135	)	$	(3,171	)	$	(12,306	)	$	(3,572	)	$	(3,901	)	$	(7,473	)

Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited - In thousands)
	Fiscal quarter ended									Nine fiscal months ended
	September 27, 2014									September 27, 2014
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Net earnings	$	3,149		$	115		$	3,264		$	8,375		$	(299	)	$	8,076
Other comprehensive loss:
Foreign currency translation adjustment	(4,020		)	(6		)	(4,026		)	(2,802		)	(431		)	(3,233		)
Pension and other postretirement actuarial items, net of tax	85			—			85			79			—			79
Other comprehensive loss	(3,935		)	(6		)	(3,941		)	(2,723		)	(431		)	(3,154		)
Total comprehensive (loss) income	(786		)	109			(677		)	5,652			(730		)	4,922
Less: comprehensive income attributable to noncontrolling interests	30			—			30			89			—			89
Comprehensive (loss) income attributable to VPG stockholders	$	(816	)	$	109		$	(707	)	$	5,563		$	(730	)	$	4,833

Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited - In thousands)
	Fiscal quarter ended								Six fiscal months ended
	June 28, 2014								June 28, 2014
	As previously reported			Correction of prior period misstatements		As restated			As previously reported			Correction of prior period misstatements			As restated
Net earnings	$	3,453		$	117	$	3,570		$	5,226		$	(414	)	$	4,812
Other comprehensive income:
Foreign currency translation adjustment	1,442			16		1,458			1,218			(425		)	793
Pension and other postretirement actuarial items, net of tax	(11		)	—		(11		)	(6		)	—			(6		)
Other comprehensive income	1,431			16		1,447			1,212			(425		)	787
Total comprehensive income	4,884			133		5,017			6,438			(839		)	5,599
Less: comprehensive (loss) income attributable to noncontrolling interests	(8		)	—		(8		)	59			—			59
Comprehensive income attributable to VPG stockholders	$	4,892		$	133	$	5,025		$	6,379		$	(839	)	$	5,540

Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited - In thousands)
	Fiscal quarter ended
	March 29, 2014
	As previously reported			Correction of prior period misstatements			As restated
Net earnings	$	1,773		$	(531	)	$	1,242
Other comprehensive loss:
Foreign currency translation adjustment	(224		)	(441		)	(665		)
Pension and other postretirement actuarial items, net of tax	5			—			5
Other comprehensive loss	(219		)	(441		)	(660		)
Total comprehensive income	1,554			(972		)	582
Less: comprehensive income attributable to noncontrolling interests	67			—			67
Comprehensive income attributable to VPG stockholders	$	1,487		$	(972	)	$	515

Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited - In thousands)
	Fiscal year ended								Fiscal year ended
	December 31, 2013								December 31, 2012
	As previously reported			Correction of prior period misstatements		As restated			As previously reported			Correction of prior period misstatements			As restated
Net earnings	$	4,347		$	145	$	4,492		$	11,764		$	527		$	12,291
Other comprehensive (loss) income:
Foreign currency translation adjustment	(5,718		)	1,253		(4,465		)	(1		)	(63		)	(64		)
Pension and other postretirement actuarial items, net of tax	1,674			—		1,674			(1,009		)	—			(1,009		)
Other comprehensive loss	(4,044		)	1,253		(2,791		)	(1,010		)	(63		)	(1,073		)
Total comprehensive income	303			1,398		1,701			10,754			464			11,218
Less: comprehensive income attributable to noncontrolling interests	56			—		56			73			—			73
Comprehensive income attributable to VPG stockholders	$	247		$	1,398	$	1,645		$	10,681		$	464		$	11,145

Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
	Three fiscal months ended
	March 28, 2015
	As previously reported			Correction of prior period misstatements			As restated
Operating activities
Net earnings	$	683		$	164		$	847
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	2,756			31			2,787
Loss on disposal of property and equipment	2			—			2
Share-based compensation expense	267			—			267
Inventory write-offs for obsolescence	480			—			480
Other	(291		)	1,258			967
Net changes in operating assets and liabilities:
Accounts receivable, net	(459		)	(87		)	(546		)
Inventories, net	(2,684		)	(834		)	(3,518		)
Prepaid expenses and other current assets	(706		)	(69		)	(775		)
Trade accounts payable	121			(163		)	(42		)
Other current liabilities	(3,566		)	748			(2,818		)
Net cash (used in) provided by operating activities	(3,397		)	1,048			(2,349		)
Investing activities
Capital expenditures	(1,782		)	(1,018		)	(2,800		)
Net cash used in investing activities	(1,782		)	(1,018		)	(2,800		)
Financing activities
Principal payments on long-term debt and capital leases	(1,280		)	—			(1,280		)
Purchase of treasury stock	(1,231		)	—			(1,231		)
Distributions to noncontrolling interests	(16		)	—			(16		)
Net cash used in financing activities	(2,527		)	—			(2,527		)
Effect of exchange rate changes on cash and cash equivalents	(1,724		)	(30		)	(1,754		)
Decrease in cash and cash equivalents	(9,430		)	—			(9,430		)
Cash and cash equivalents at beginning of period	79,642			—			79,642
Cash and cash equivalents at end of period	$	70,212		$	—		$	70,212

Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
	Fiscal year ended									Nine fiscal months ended
	December 31, 2014									September 27, 2014
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Operating activities
Net earnings	$	4,031		$	(773	)	$	3,258		$	8,375		$	(299	)	$	8,076
Adjustments to reconcile net earnings to net cash provided by operating activities:
Impairment of goodwill and indefinite-lived intangibles	5,446			133			5,579			—			—			—
Depreciation and amortization	11,677			59			11,736			8,734			(8		)	8,726
Loss on disposal of property and equipment	63			—			63			61			—			61
Share-based compensation expense	1,008			—			1,008			780			—			780
Inventory write-offs for obsolescence	1,290			—			1,290			972			—			972
Deferred income taxes	(3,392		)	(170		)	(3,562		)	—			—			—
Other	3,210			(2,488		)	722			(625		)	(211		)	(836		)
Net changes in operating assets and liabilities:
Accounts receivable, net	513			(195		)	318			(3,627		)	(249		)	(3,876		)
Inventories, net	(1,229		)	880			(349		)	(482		)	404			(78		)
Prepaid expenses and other current assets	(158		)	424			266			(750		)	(98		)	(848		)
Trade accounts payable	526			92			618			228			(47		)	181
Other current liabilities	1,009			1,298			2,307			(1,126		)	440			(686		)
Net cash provided by operating activities	23,994			(740		)	23,254			12,540			(68		)	12,472
Investing activities
Capital expenditures	(9,759		)	668			(9,091		)	(5,626		)	51			(5,575		)
Proceeds from sale of property and equipment	83			(1		)	82			74			—			74
Net cash used in investing activities	(9,676		)	667			(9,009		)	(5,552		)	51			(5,501		)
Financing activities
Principal payments on long-term debt and capital leases	(4,137		)	—			(4,137		)	(3,105		)	—			(3,105		)
Purchase of treasury stock	(32		)	—			(32		)	—			—			—
Distributions to noncontrolling interests	(77		)	—			(77		)	(58		)	—			(58		)
Excess tax benefit from share-based compensation plan	5			—			5			—			—			—
Net cash used in financing activities	(4,241		)	—			(4,241		)	(3,163		)	—			(3,163		)
Effect of exchange rate changes on cash and cash equivalents	(3,220		)	49			(3,171		)	(1,186		)	(7		)	(1,193		)
Increase in cash and cash equivalents	6,857			(24		)	6,833			2,639			(24		)	2,615
Cash and cash equivalents at beginning of period	72,785			24			72,809			72,785			24			72,809
Cash and cash equivalents at end of period	$	79,642		$	—		$	79,642		$	75,424		$	—		$	75,424

Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
	Six fiscal months ended									Three fiscal months ended
	June 28, 2014									March 29, 2014
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Operating activities
Net earnings	$	5,226		$	(414	)	$	4,812		$	1,773		$	(531	)	$	1,242
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	5,795			(12		)	5,783			2,849			(3		)	2,846
Loss (gain) on disposal of property and equipment	9			—			9			(3		)	—			(3		)
Share-based compensation expense	485			—			485			222			—			222
Inventory write-offs for obsolescence	562			—			562			438			—			438
Other	(309		)	255			(54		)	486			41			527
Net changes in operating assets and liabilities:
Accounts receivable, net	(4,608		)	(249		)	(4,857		)	(1,506		)	(249		)	(1,755		)
Inventories, net	42			304			346			(286		)	510			224
Prepaid expenses and other current assets	(487		)	(99		)	(586		)	(316		)	(112		)	(428		)
Trade accounts payable	(244		)	(37		)	(281		)	237			(36		)	201
Other current liabilities	(1,587		)	249			(1,338		)	(1,855		)	513			(1,342		)
Net cash provided by operating activities	4,884			(3		)	4,881			2,039			133			2,172
Investing activities
Capital expenditures	(3,444		)	9			(3,435		)	(1,878		)	(131		)	(2,009		)
Proceeds from sale of property and equipment	63			—			63			3			—			3
Net cash used in investing activities	(3,381		)	9			(3,372		)	(1,875		)	(131		)	(2,006		)
Financing activities
Principal payments on long-term debt and capital leases	(2,070		)	—			(2,070		)	(1,035		)	—			(1,035		)
Distributions to noncontrolling interests	(43		)	—			(43		)	(18		)	—			(18		)
Net cash used in financing activities	(2,113		)	—			(2,113		)	(1,053		)	—			(1,053		)
Effect of exchange rate changes on cash and cash equivalents	280			(30		)	250			145			(26		)	119
Decrease in cash and cash equivalents	(330		)	(24		)	(354		)	(744		)	(24		)	(768		)
Cash and cash equivalents at beginning of period	72,785			24			72,809			72,785			24			72,809
Cash and cash equivalents at end of period	$	72,455		$	—		$	72,455		$	72,041		$	—		$	72,041

Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
	Fiscal year ended									Fiscal year ended
	December 31, 2013									December 31, 2012
	As previously reported			Correction of prior period misstatements			As restated			As previously reported			Correction of prior period misstatements			As restated
Operating activities
Net earnings	$	4,347		$	145		$	4,492		$	11,764		$	527		$	12,291
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	11,990			74			12,064			11,661			56			11,717
Loss on disposal of property and equipment	41			—			41			158			—			158
Share-based compensation expense	743			—			743			1,170			—			1,170
Inventory write-offs for obsolescence	951			—			951			1,444			—			1,444
Deferred income taxes	(2,324		)	103			(2,221		)	(4,871		)	(81		)	(4,952		)
Other	112			284			396			(45		)	208			163
Net changes in operating assets and liabilities:
Accounts receivable, net	(6,773		)	446			(6,327		)	5,313			(165		)	5,148
Inventories, net	4,738			312			5,050			(1,643		)	(13		)	(1,656		)
Prepaid expenses and other current assets	349			(456		)	(107		)	(611		)	582			(29		)
Trade accounts payable	252			207			459			(2,235		)	(217		)	(2,452		)
Other current liabilities	171			(1,144		)	(973		)	(1,011		)	(829		)	(1,840		)
Net cash provided by operating activities	14,597			(29		)	14,568			21,094			68			21,162
Investing activities
Capital expenditures	(6,748		)	6			(6,742		)	(8,322		)	(42		)	(8,364		)
Proceeds from sale of property and equipment	81			—			81			360			—			360
Purchase of business	(48,919		)	—			(48,919		)	—			—			—
Net cash used in investing activities	(55,586		)	6			(55,580		)	(7,962		)	(42		)	(8,004		)
Financing activities
Proceeds from long-term debt	25,000			—			25,000			—			—			—
Principal payments on long-term debt and capital leases	(3,148		)	—			(3,148		)	(181		)	—			(181		)
Debt issuance costs	(384		)	—			(384		)	—			—			—
Distributions to noncontrolling interests	(82		)	—			(82		)	(67		)	—			(67		)
Net cash provided by (used in) financing activities	21,386			—			21,386			(248		)	—			(248		)
Effect of exchange rate changes on cash and cash equivalents	(1,493		)	89			(1,404		)	169			(68		)	101
(Decrease) increase in cash and cash equivalents	(21,096		)	66			(21,030		)	13,053			(42		)	13,011
Cash and cash equivalents at beginning of period	93,881			(42		)	93,839			80,828			—			80,828
Cash and cash equivalents at end of period	$	72,785		$	24		$	72,809		$	93,881		$	(42	)	$	93,839

Consolidated Condensed Statements of Equity
(Unaudited - In thousands, except share amounts)
	Retained Earnings							Accumulated Other Comprehensive Income (Loss)
	As previously reported		Correction of prior period misstatements			As restated		As previously reported			Correction of prior period misstatements			As restated
Balance at December 31, 2012	$	28,356	$	(537	)	$	27,819	$	(14,983	)	$	1,767		$	(13,216	)
Net earnings	4,291		145			4,436		—			—			—
Other comprehensive loss	—		—			—		(4,044		)	1,253			(2,791		)
Balance at December 31, 2013	$	32,647	$	(392	)	$	32,255	$	(19,027	)	$	3,020		$	(16,007	)
Net earnings	3,853		(773		)	3,080		—			—			—
Other comprehensive loss	—		—			—		(7,425		)	(3,128		)	(10,553		)
Balance at December 31, 2014	$	36,500	$	(1,165	)	$	35,335	$	(26,452	)	$	(108	)	$	(26,560	)