Note 11. BUSINESS ACQUISTIONS

6 Months Ended

Jun. 27, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Note 11. BUSINESS ACQUISITIONS

On February 19, 2014, the Company acquired all of the equity interests of FTW, the parent company of Ft. Wayne Plastics, Inc. (“FWP”), a leading manufacturer of medium- to large- sized molded plastic components, specializing in low pressure, multi-nozzle structural plastic and gas assist solutions, for $11.5 million in cash, subject to certain pre-closing and post-closing purchase price adjustments. The acquisition of FWP’s premiere manufacturing capabilities and dedication to customer service are highly complementary with the Company.

The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of February 19, 2014 are set forth below:

Current assets	$	3,076
Long-term assets		4,349
Intangible assets		4,066
Goodwill		2,788
Total Assets Acquried		14,279
Deferred tax liabilities		(2,440	)
Other liabilities		(833	)
Total liabilities assumed		(3,273	)
Net assets acquired	$	11,006

The accompanying consolidated statements of income for the three and six months ended June 27, 2014 and June 28, 2013 do not include any revenues or expenses related to the acquisition prior to the respective closing date. The following unaudited pro forma consolidated financial information is presented as if the acquisition had occurred at the beginning of the periods presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if these acquisitions had actually occurred during those periods, or the results that may be obtained in the future as a result of these acquisitions.

Pro Forma (unaudited)	Three months ended				Six months ended
	June 27,				June 27,
	2014		2013		2014		2013
Net Sales	$	25,625	$	25,170	$	47,063	$	47,597
Gross profit		3,979		4,296		7,182		7,493
Income (loss) from continuing operations		411		758		1,707		(264	)
Average common shares outstanding - Basic		7,951		7,951		7,951		7,951
Dilutive effect of stock options		-		-		-		-
Dilutive effect of convertible preferred stock		18,859		18,859		18,859		-
Average common shares outstanding - Diluted		26,810		26,810		26,810		7,951
Basic earnings per share	$	0.05	$	0.10	$	0.21	$	(0.03	)
Diluted earnings per share	$	0.02	$	0.03	$	0.06	$	(0.03	)