Quarterly Results Of Operations

12 Months Ended

Dec. 31, 2011

Quarterly Results Of Operations [Abstract]

Quarterly Results Of Operations

NOTE Q - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

     During the fourth quarter of 2011, the Company changed its method of accounting for domestic writing instrument inventories from determining cost using the last-in, first-out ("LIFO") method to determining cost using the first-in, first-out ("FIFO") method. All of the Company's inventories are now valued at the lower of cost, determined using the FIFO method, or market. The Company believes this change is preferable as it provides uniformity across the Company's operations with respect to the method for inventory accounting, better reflects the current value of inventories on the Consolidated Balance Sheet and improves comparability with the Company's peers.

     The change in accounting method from LIFO to FIFO for domestic writing instrument inventories has been applied retrospectively by adjusting the financial statement amounts for the prior periods presented to reflect the value of domestic writing instrument inventories on a FIFO basis. The following tabulation of the unaudited quarterly results of operations for the years ended December 31, 2011 and January 1, 2011 reflects the effects of these adjustments.

(THOUSANDS EXCEPT PER SHARE DATA)
2011		APRIL 2			JULY 2		OCTOBER 1		DECEMBER 31
Net Sales	$	39,782	$		47,768	$	43,809	$	43,278
Gross Profit Originally Reported		23,155			27,386		23,471		22,953
Effect of Restatement		10			11		38		-
Restated Gross Profit		23,165			27,397		23,509		22,953
Net Income Originally Reported		1,258			3,152		1,920		1,941
Effect of Restatement		7			7		25		-
Restated Net Income		1,265			3,159		1,945		1,941
Net Income Per Share: Basic Originally Reported	$	0.10		$	0.26	$	0.16	$	0.16
Effect of Restatement	$	0.00		$	0.00	$	0.00	$	0.00
Restated Basic	$	0.10		$	0.26	$	0.16	$	0.16
Diluted Originally Reported	$	0.10		$	0.24	$	0.15	$	0.15
Effect of Restatement	$	0.00		$	0.00	$	0.00	$	0.00
Restated Diluted	$	0.10		$	0.24	$	0.15	$	0.15
Weighted Average Shares Outstanding:
Denominator for Basic Net Income Per Share		12,113			12,191		12,244		12,229
Effect of Dilutive Securities:
Common stock equivalents		778			810		796		797
Denominator for Diluted Net Income Per Share		12,891			13,001		13,040		13,026

2010		APRIL 3				JULY 3			OCTOBER 2				JANUARY 1
Net Sales	$	34,373		$		41,748		$	38,156		$		44,035
Gross Profit Originally Reported		19,519				23,905			20,746				24,306
Effect of Restatement		(38	)			(38	)		(41	)			(137	)
Restated Gross Profit		19,481				23,867			20,705				24,169
Net Income Originally Reported		174				2,714			1,630				1,855
Effect of Restatement		(25	)			(25	)		(27	)			(88	)
Restated Net Income		149				2,689			1,603				1,767
Net Income Per Share: Basic Originally Reported	$	0.01			$	0.20		$	0.13			$	0.16
Effect of Restatement	$	0.00			$	0.00		$	0.00			($	0.01	)
Restated Basic	$	0.01			$	0.20		$	0.13			$	0.15
Diluted Originally Reported	$	0.01			$	0.20		$	0.13			$	0.15
Effect of Restatement	$	0.00			$	0.00		$	0.00			($	0.01	)
Restated Diluted	$	0.01			$	0.20		$	0.13			$	0.14
Weighted Average Shares Outstanding:
Denominator for Basic Net Income Per Share		13,269				13,339			12,124				11,957
Effect of Dilutive Securities:
Common stock equivalents		86				119			400				645
Denominator for Diluted Net Income Per Share		13,355				13,458			12,524				12,602