Step Acquisition

3 Months Ended

Mar. 29, 2014

Step Acquisition

Step Acquisition

Note 10 - Step Acquisition

During first quarter 2014, the Company gained operating control of its two 50% owned Spanish companieswhen Company employee representatives assumed all positions on their boards of directors.This was considered a step acquisition, whereby the Company remeasured the previously held investment to fair value.  As a result, the Company’s first quarter 2014 net earnings include a net loss of $529, including an income tax provision of $2,350 relating to deferred income taxes. In addition, the accompanying consolidated financial statements for first quarter 2014 include the Spanish companies’ results for this period, including net sales of $2,615, net loss from operations of $449, and a credit for the net loss attributable to the 50% noncontrolling interests of $224.