RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Dec. 28, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Schedule Of Net Income Previously Reported And Restated Reconciliation [Table Text Block]

The summary impact of the restatement adjustments on the Company’s previously reported unaudited consolidated net income for three months ended December 28, 2012 and December 30, 2011 follows:

	Three months ended
	December 28,			December 30,
	2012			2011
	(in thousands)
Net Income - Previously reported	$	239			948
Work-in-process inventory adjustments, net of tax		(340	)		(182	)
Net Income - Restated	$	(101	)		766

Restatement To Prior Year Balance Sheet [Table Text Block]

The impact of the restatement on the previously issued Consolidated Balance Sheets and our Consolidated Statements of Income and Cash Flows for the three months then ended follows:

	Consolidated Balance Sheets
	December 28, 2012									September 30, 2012
	As reported			Adjustment			Restated			As reported			Adjustment			Restated
	(unaudited)
ASSETS	(in thousands, except share and per share data)
Current assets:
Cash	$	2,778		$	-		$	2,778		$	2,662		$	-		$	2,662
Accounts receivable, net of allowance		20,279			-			20,279			23,193			-			23,193
Inventories, net		21,898			(2,190	)		19,708			19,348			(1,651	)		17,697
Deferred income taxes		1,366			-			1,366			1,365			-			1,365
Other current assets		753			-			753			401			-			401
Total current assets		47,074			(2,190	)		44,884			46,969			(1,651	)		45,318
Fixed assets, net		17,318			-			17,318			17,120			-			17,120
Intangible assets, net		5,398			-			5,398			5,511			-			5,511
Goodwill		13,810			-			13,810			13,810			-			13,810
Deferred income taxes		5,392			784			6,176			5,433			585			6,018
Other assets		107			-			107			121			-			121
Total assets	$	89,099		$	(1,406	)	$	87,693		$	88,964		$	(1,066	)	$	87,898
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	3,380		$	-		$	3,380		$	6,533		$	-		$	6,533
Accounts payable		12,360			-			12,360			15,697			-			15,697
Accrued payroll and related expenses		1,991			-			1,991			2,676			-			2,676
Other accrued expenses		755			-			755			946			-			946
Customer deposits		90			-			90			146			-			146
Total current liabilities		18,576			-			18,576			25,998			-			25,998
Long-term debt		28,227			-			28,227			21,104			-			21,104
Total liabilities		46,803			-			46,803			47,102			-			47,102
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value: 500,000 shares authorized; none issued or outstanding		-			-			-			-			-			-
Common stock, $0.01 par value: Authorized: 50,000,000 shares Issued: 11,026,733 and 10,943,185 shares, respectively Outstanding: 10,011,275 and 9,927,727 shares, respectively		110			-			110			109			-			109
Additional paid-in capital		43,269			-			43,269			43,075			-			43,075
Retained earnings/(accumulated deficit)		352			(1,406	)		(1,054	)		113			(1,066	)		(953	)
Treasury stock, at cost: 1,015,458 shares		(1,435	)		-			(1,435	)		(1,435	)		-			(1,435	)
Total stockholders' equity		42,296			(1,406	)		40,890			41,862			(1,066	)		40,796
Total liabilities and stockholders' equity	$	89,099		$	(1,406	)	$	87,693		$	88,964		$	(1,066	)	$	87,898

Restatement to Prior Year Income [Table Text Block]

	Consolidated Income Statements
	Three months ended
	December 28, 2012								December 30, 2011
	As reported		Adjustment			Restated			As reported			Adjustment			Restated
	(unaudited; in thousands, except share and per share data)
Net sales	$	32,989	$	-		$	32,989		$	33,859		$	-		$	33,859
Cost of sales		28,285		539			28,824			28,372			288			28,660
Gross profit		4,704		(539	)		4,165			5,487			(288	)		5,199
Selling and administrative expenses		4,046		-			4,046			4,533			-			4,533
Operating profit		658		(539	)		119			954			(288	)		666
Interest and financing expense		279		-			279			353			-			353
Other income		-		-			-			(902	)		-			(902	)
Income/(loss) before provision for income taxes		379		(539	)		(160	)		1,503			(288	)		1,215
Provision for/(benefit from) income taxes		140		(199	)		(59	)		555			(106	)		449
Net income/(loss)	$	239	$	(340	)	$	(101	)	$	948		$	(182	)	$	766
Net income/(loss) per common and common equivalent share:
Basic	$	0.02	$	(0.03	)	$	(0.01	)	$	0.10		$	(0.02	)	$	0.08
Diluted		0.02		(0.03	)		(0.01	)		0.09			(0.01	)		0.08
Weighted average number of common and common equivalent shares outstanding:
Basic		9,647,210					9,647,210			9,645,942						9,645,942
Diluted		9,968,147					9,968,147			10,004,359						10,004,359

Restatement To Prior Year Cash Flow [Table Text Block]

	Consolidated Statements of Cash Flow
	Three months ended
	December 28, 2012									December 30, 2011
	As reported			Adjustment			Restated			As reported			Adjustment			Restated
	(unaudited; in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$	239		$	(340	)	$	(101	)	$	948		$	(182	)	$	766
Non-cash adjustments:
Stock-based compensation		157			-			157			135			-			135
Depreciation and amortization		1,140			-			1,140			1,015			-			1,015
Change in contingent consideration		-			-			-			(907	)		-			(907	)
Directors' fees paid in stock		5			-			5			11			-			11
Loss on sale of fixed assets		-			-			-			5			-			5
Reserve for doubtful accounts		36			-			36			107			-			107
Deferred tax expense		40			(199	)		(159	)		501			(106	)		395
Changes in current assets and liabilities:					-
Accounts receivable		2,878			-			2,878			(123	)		-			(123	)
Inventories		(2,550	)		539			(2,011	)		(1,018	)		288			(730	)
Other current assets		(352	)		-			(352	)		(183	)		-			(183	)
Accounts payable		(3,337	)		-			(3,337	)		2,262			-			2,262
Accrued expenses		(876	)		-			(876	)		(178	)		-			(178	)
Customer deposits		(56	)		-			(56	)		(12	)		-			(12	)
Net cash flows from operating activities		(2,676	)		-			(2,676	)		2,563			-			2,563
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(1,211	)		-			(1,211	)		(1,242	)		-			(1,242	)
Proceeds from disposal of fixed assets		-			-			-			17			-			17
Net cash flows from investing activities		(1,211	)		-			(1,211	)		(1,225	)		-			(1,225	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from revolving credit facility		20,284			-			20,284			17,017			-			17,017
Repayments of revolving credit facility		(14,617	)		-			(14,617	)		(16,582	)		-			(16,582	)
Repayments under loan agreements and notes		(1,697	)		-			(1,697	)		(1,783	)		-			(1,783	)
Proceeds from exercise of stock options		8			-			8			-			-			-
Proceeds from employee stock plan purchases		54			-			54			10			-			10
Shares withheld for payment of taxes upon vesting of restricted stock		(29	)		-                     -			(29	)		-			-			-
Net cash flows from financing activities		4,003			-			4,003			(1,338	)		-			(1,338	)
Net cash flows for the period		116			-			116			-			-			-
Cash and cash equivalents, beginning of period		2,662			-			2,662			-			-			-
Cash and cash equivalents, end of period	$	2,778		$	-		$	2,778		$	-		$	-		$	-
Supplemental cash flow information:
Interest paid	$	241		$	-		$	241		$	333		$	-		$	333
Income taxes paid		99			-			99			54			-			54