RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

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

The summary impacts of the restatement adjustments on the Company’s previously reported consolidated net income follows (in thousands):

	Year Ended
	September 30,
	2012
Net Income - Previously reported	$	7,760
Work-in-process inventory adjustments, net of tax		(1,066)
Net Income - Restated	$	6,694

Restatement To Prior Year Balance Sheet [Table Text Block]

The impact of the restatement on the previously issued Consolidated Balance Sheet as of September 30, 2012 and our Consolidated Statement of Income and Consolidated Statement of Cash Flows for the fiscal year then ended is as follows:

	Consolidated Balance Sheet
	September 30, 2012
	As reported		Adjustment		Restated
	(in thousands)
ASSETS
Current assets:
Cash	$	2,662	$	-	$	2,662
Accounts receivable, net of allowance		23,193		-		23,193
Inventories, net		19,348		(1,651)		17,697
Deferred income taxes		1,365		-		1,365
Other current assets		401		-		401
Total current assets		46,969		(1,651)		45,318
Fixed assets, net		17,120		-		17,120
Intangible assets, net		5,511		-		5,511
Goodwill		13,810		-		13,810
Deferred income taxes		5,433		585		6,018
Other assets		121		-		121
Total assets	$	88,964	$	(1,066)	$	87,898
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	6,533	$	-	$	6,533
Accounts payable		15,697		-		15,697
Accrued payroll and related expenses		2,676		-		2,676
Other accrued expenses		946		-		946
Customer deposits		146		-		146
Total current liabilities		25,998		-		25,998
Long-term debt		21,104		-		21,104
Total liabilities		47,102		-		47,102
STOCKHOLDERS' EQUITY
500,000 shares authorized; none issued or outstanding		-		-		-
Common stock, $0.01 par value:
Authorized: 50,000,000shares
Issued: 10,943,185 shares
Outstanding: 9,927,727 shares		109		-		109
Additional paid-in capital		43,075		-		43,075
Accumulated income (deficit)		113		(1,066)		(953)
Treasury stock, at cost: 1,015,458 shares		(1,435)		-		(1,435)
Total stockholders' equity		41,862		(1,066)		40,796
Total liabilities and stockholders' equity	$	88,964	$	(1,066)	$	87,898

Restatement to Prior Year Income [Table Text Block]

 

	Consolidated Income Statements
	Three months ended						Year ended
	September 30, 2012						September 30, 2012
	As reported		Adjustment		Restated		As reported		Adjustment		Restated
	(in thousands)
Net sales	$	37,062	$	-	$	37,062	$	144,963	$	-	$	144,963
Cost of sales		30,263		625		30,888		117,007		1,650		118,657
Gross profit		6,799		(625)		6,174		27,956		(1,650)		26,306
Selling and administrative expenses		3,579		-		3,579		15,765		-		15,765
Operating profit		3,220		(625)		2,595		12,191		(1,650)		10,541
Interest and financing expense		297		-		297		1,227		-		1,227
Other (income)/expense		1		-		1		(1,050)		-		(1,050)
Income before provision for income taxes		2,922		(625)		2,297		12,014		(1,650)		10,364
Provision for income taxes		921		(210)		711		4,254		(584)		3,670
Net income	$	2,001	$	(415)	$	1,586	$	7,760	$	(1,066)	$	6,694
Net income per common and common equivalent share:
Basic	$	0.21	$	(0.05)	$	0.16	$	0.80	$	(0.11)	$	0.69
Diluted		0.20		(0.04)		0.16		0.78		(0.11)		0.67
Weighted average number of common and common equivalent shares outstanding:
Basic		9,660,253				9,660,253		9,663,865				9,663,865
Diluted		9,982,368				9,982,368		9,969,071				9,969,071

Restatement To Prior Year Cash Flow [Table Text Block]

	Consolidated Statement of Cash Flow
	Year ended
	September 30, 2012
	As reported		Adjustment		Restated
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	7,760	$	(1,066)	$	6,694
Non-cash adjustments:
Stock-based compensation		595		-		595
Depreciation and amortization		4,297		-		4,297
Change in contingent consideration		1,096		-		1,096
Directors' fees paid in stock		37		-		37
Loss on sale of fixed assets		14		-		14
Reserve for doubtful accounts		101		-		101
Deferred tax expense		3,833		(585)		3,248
Changes in current assets and liabilities:						-
Accounts receivable		(3,871)		-		(3,871)
Inventories		(3,255)		1,651		(1,604)
Other current assets		(77)		-		(77)
Accounts payable		2,947		-		2,947
Accrued expenses		(321)		-		(321)
Customer deposits		(186)		-		(186)
Net cash flows from operating activities		12,970		-		12,970
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(3,080)		-		(3,080)
Proceeds from (net cost of) disposal of fixed assets		46		-		46
Net cash flows from investing activities		(3,034)		-		(3,034)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from revolving credit facility		62,563		-		62,563
Repayments of revolving credit facility		(63,173)		-		(63,173)
Repayments under loan agreements and notes		(6,862)		-		(6,862)
Proceeds from exercise of stock options		134		-		134
Proceeds from employee stock plan purchases		64		-		64
Net cash flows from financing activities		(7,274)		-		(7,274)
Net cash flows for the period		2,662		-		2,662
Cash and cash equivalents, beginning of period		-		-		-
Cash and cash equivalents, end of period	$	2,662	$	-	$	2,662
Supplemental cash flow information:
Interest paid	$	1,106	$	-	$	1,106
Income taxes paid		326		-		326