Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 20, 2018 | Jul. 01, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | HG Holdings, Inc. | ||
Entity Central Index Key | 797,465 | ||
Trading Symbol | stly | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,783,317 | ||
Entity Public Float | $ 13 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash | $ 975 | $ 4,212 |
Restricted cash | 631 | 663 |
Accounts receivable, less allowances of $203 and $272 | 3,146 | 3,492 |
Inventory, net | 23,231 | 22,951 |
Prepaid expenses and other current assets | 545 | 729 |
Total current assets | 28,528 | 32,047 |
Property, plant and equipment, net | 1,449 | 1,606 |
Other assets | 2,593 | 2,868 |
Total assets | 32,570 | 36,521 |
LIABILITIES | ||
Accounts payable | 9,252 | 5,674 |
Accrued salaries, wages and benefits | 1,781 | 1,371 |
Deferred revenue | 500 | 759 |
Other accrued expenses | 1,207 | 593 |
Total current liabilities | 12,740 | 8,397 |
Deferred compensation | 4,101 | 4,219 |
Supplemental retirement plan | 1,701 | 1,724 |
Other long-term liabilities | 1,793 | 2,199 |
Total liabilities | 20,335 | 16,539 |
Commitments and Contingencies (Footnote 9) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 25,000,000 shares authorized, 14,920,117 and 14,730,805 shares issued and outstanding at December 31, 2017 and 2016, respectively | 298 | 275 |
Capital in excess of par value | 17,104 | 16,840 |
Retained (deficit) earnings | (2,745) | 5,129 |
Accumulated other comprehensive loss | (2,422) | (2,262) |
Total stockholders’ equity | 12,235 | 19,982 |
Total liabilities and stockholders’ equity | $ 32,570 | $ 36,521 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowances | $ 203 | $ 272 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 14,920,117 | 14,730,805 |
Common stock, shares outstanding (in shares) | 14,920,117 | 14,730,805 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 45,178 | $ 44,574 |
Cost of sales | 40,342 | 36,160 |
Gross profit | 4,836 | 8,414 |
Selling, general and administrative expenses | 13,042 | 13,982 |
Operating loss | (8,206) | (5,568) |
Income from Continued Dumping and Subsidy Offset Act, net | 433 | 1,103 |
Other income, net | 32 | 26 |
Interest expense, net | 3 | 101 |
Loss before income taxes | (7,744) | (4,540) |
Income tax (benefit) expense | (35) | 718 |
Net loss | $ (7,709) | $ (5,258) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.54) | $ (0.37) |
Diluted (in dollars per share) | $ (0.54) | $ (0.37) |
Weighted average shares outstanding: | ||
Basic (in shares) | 14,236 | 14,139 |
Diluted (in shares) | 14,236 | 14,139 |
Dividend per share: | ||
Special dividend (in dollars per share) | $ 1.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net loss | $ (7,709) | $ (5,258) |
Other comprehensive (loss) income: | ||
Actuarial loss (gain) | 268 | 174 |
Amortization of actuarial loss | (108) | (87) |
Adjustments to net periodic postretirement loss (benefit) | 160 | 87 |
Comprehensive loss | $ (7,869) | $ (5,345) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 14,907 | ||||
Balance at Dec. 31, 2015 | $ 283 | $ 17,521 | $ 32,023 | $ (2,175) | $ 47,652 |
Net loss | (5,258) | (5,258) | |||
Other comprehensive loss | (87) | (87) | |||
Special dividends declared | (21,636) | (21,636) | |||
Restricted stock grants (in shares) | 231 | ||||
Stock purchase and retirement (in shares) | (400) | ||||
Stock purchase and retirement | $ (8) | (1,004) | (1,012) | ||
Stock purchase and retirement for tax withholdings on vesting of restricted awards (in shares) | (7) | ||||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (15) | (15) | |||
Stock-based compensation | 338 | 338 | |||
Balance (in shares) at Dec. 31, 2016 | 14,731 | ||||
Balance at Dec. 31, 2016 | $ 275 | 16,840 | 5,129 | (2,262) | 19,982 |
Net loss | (7,709) | (7,709) | |||
Other comprehensive loss | (160) | (160) | |||
Special dividends declared | (165) | (165) | |||
Restricted stock grants (in shares) | 458 | ||||
Stock purchase and retirement for tax withholdings on vesting of restricted awards (in shares) | (163) | ||||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (136) | (136) | |||
Stock-based compensation | 423 | 423 | |||
Restricted stock forfeited (in shares) | (106) | ||||
Other | $ 23 | (23) | |||
Balance (in shares) at Dec. 31, 2017 | 14,920 | ||||
Balance at Dec. 31, 2017 | $ 298 | $ 17,104 | $ (2,745) | $ (2,422) | $ 12,235 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 45,227,000 | $ 48,248,000 |
Cash paid to suppliers and employees | (48,328,000) | (51,243,000) |
Cash from Continued Dumping and Subsidy Offset Act, net | 433,000 | 1,103,000 |
Interest paid, net | (3,000) | (191,000) |
Income tax payments | 19,000 | (510,000) |
Net cash used in operating activities | (2,652,000) | (2,593,000) |
Cash flows from investing activities: | ||
Proceeds from surrender of corporate-owned life insurance policies | 28,139,000 | |
Decrease in restricted cash | 32,000 | |
Proceeds from sale of assets | 24,000 | |
Purchase of other assets | (22,000) | (14,000) |
Net cash provided by investing activities | 34,000 | 28,125,000 |
Cash flows from financing activities: | ||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (136,000) | (15,000) |
Payments on insurance policy loans | (5,495,000) | |
Payment of dividends | (483,000) | (21,282,000) |
Purchase and retirement of common stock | (1,012,000) | |
Net cash used in financing activities | (619,000) | (27,804,000) |
Cash flows from discontinued operations: | ||
Cash used in operating activities | (13,000) | |
Net cash used in discontinued operations | (13,000) | |
Net decrease in cash | (3,237,000) | (2,285,000) |
Cash at beginning of year | 4,212,000 | 6,497,000 |
Cash at end of year | 975,000 | 4,212,000 |
Net loss | (7,709,000) | (5,258,000) |
Depreciation | 171,000 | 181,000 |
Amortization | 290,000 | 289,000 |
Stock-based compensation | 423,000 | 338,000 |
Gain on sale of property, plant and equipment | (16,000) | |
Changes in assets and liabilities: | ||
Accounts receivable | 346,000 | 3,433,000 |
Inventories | (280,000) | (2,017,000) |
Prepaid expenses and other assets | 169,000 | (176,000) |
Accounts payable | 3,578,000 | 233,000 |
Accrued salaries, wages and benefits | 266,000 | (250,000) |
Other accrued expenses | 368,000 | 235,000 |
Other long-term liabilities | (258,000) | 399,000 |
Net cash used in operating activities | $ (2,652,000) | $ (2,593,000) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Organization and Basis of Presentation The consolidated financial statements include HG Holdings, Inc., formerly Stanley Furniture Company, Inc., and our wholly owned subsidiaries (the “Company”). All significant inter-company accounts and transactions have been eliminated. We were a leading design, marketing and sourcing resource in the middle-to-upscale segment of the wood furniture residential market. For financial reporting purposes, we operate in one On March 2, 2018, November 20, 2017, January 22, 2017 ( As consideration for the Asset Sale, Buyer paid a purchase price consisting of cash in the amount of approximately $10.8 $1.3 $7.4 5% As a result of the sale, on March 2, 2018, March 2, 2018. Cash We consider all highly liquid investments with a maturity of three Restricted Cash Restricted cash includes collateral deposits required under the Company ’s line of credit agreement, to guarantee the Company’s workers compensation insurance policy. The restricted cash balance is expected to mature over the next twelve Accounts Receivable Substantially all of our accounts receivable are due from retailers and dealers that sell residential home furnishings, which consist of a large number of entities with a broad geographic dispersion. We continually perform credit evaluations of our customers and generally do not Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies to attempt to collect amounts owed to us after all internal collection attempts have ended. Revenue Recognition Sales are recognized when title and risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases, however, title does not may Inventories Inventories are stated at the lower of cost ( first first Cost is determined based solely on those charges incurred in the acquisition and production of the related inventory (i.e. material, freight, labor and overhead). Management regularly examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain items. As a result, we provide inventory valuation write-downs based upon established percentages based on age of the inventory and planned discontinuance of certain items. As of December 31, 2017 2016, $23.2 $23.0 $2.5 $1.3 Property, Plant and Equipment Depreciation of property, plant and equipment is computed using the straight-line method based upon the estimated useful lives. Depreciation expense is charged to cost of sales or selling, general and administrative expenses based on the nature of the asset. Gains and losses related to dispositions and retirements are included in income. Maintenance and repairs are charged to income as incurred; renewals and betterments are capitalized. Assets are reviewed for possible impairment when events indicate that the carrying amount of an asset may not may December 31, 2017 not Capitalized Software Cost We amortize purchased computer software costs using the straight-line method over the estimated economic lives of the related products. Unamortized cost at December 31, 201 7 2016 $2.1 $2.4 Cash Surrender Value of Life Insurance Policies At December 31, 2015, e owned 27 7. $22.3 $5.5 first 2016, $28.1 $22.4 Actuarially valued benefit accruals and expenses We maintain three retirement plan and our postretirement health care benefits program. The liability for these programs and the majority of their annual expense are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and mortality projections, which are usually updated on an annual basis near the beginning of each year. We are required to consider current market conditions, including changes in interest rates in making these assumptions. Changes in projected liability and expense may 7 Income Taxes Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax expense represents the change in the deferred tax asset/liability balance. Income tax credits are reported as a reduction of income tax expense in the year in which the credits are generated. A valuation allowance is recorded when it is more likely than not not Fair Value of Financial Instruments Accounting for fair value measurements requires disclosure of the level within the fair value hierarchy in which fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1 2 3 and payables approximate the carrying amount because of the short maturity of these instruments. Earnings per Common Share Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share includes any dilutive effect of outstanding stock options and restricted stock calculated using the treasury stock method. Stock-Based Compensation We record share-based payment awards at fair value on the grant date of the awards, based on the estimated number of awards that are expected to vest , over the vesting period. The fair value of stock options was determined using the Black-Scholes option-pricing model. The fair value of the restricted stock awards was based on the closing price of the Company’s common stock on the date of the grant. For awards with Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Changes in such estimates may New Accounting Pronouncements In March 2017, 2017 07, Compensation – Retirement Benefits (Topic 715 not December 15, 2017. not not no $340,000 In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2019, December 15, 2018. not 2016 13 In February 2016, Leases 842 2016 02” 840, eases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840 840 December 31, 2017 first December 31, 2019. 2016 02 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09” 2016 09 first no In August 2016, 2016 15, Statement of Cash Flows 230 first December 31, 2018. November 2016, 2016 18, Statement of Cash Flows (Topic 230 : Restricted not 2016 15 2016 18 In May 2014, 2014 09, 606 five March, April, May December 2016, December 15, 2017, 606 605. January 1, 2018, no |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2 . Property, Plant and Equipment Depreciable lives (in thousands) (in years) 201 7 201 6 Machinery and equipment 5 to 12 $ 2,632 $ 2,675 Leasehold improvements 9 to 15 1,842 1,833 Property, plant and equipment, at cost 4,474 4,508 Less accumulated depreciation 3,025 2,902 Property, plant and equipment, net $ 1,449 $ 1,606 |
Note 3 - Debt
Note 3 - Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . Debt We have a secured $6.0 $2.0 $4.0 October 2018 three 3.5%. The credit f acility contains covenants that, among other things limit our ability to incur certain types of debt or liens, pay dividends, enter into mergers and consolidations or use proceeds of borrowing for other than permitted uses On November 20, 2017, December 7, 2017, ’s entry into the asset purchase agreement. Wells Fargo acknowledges in the Consent that the Company may three thirty The credit f acility also includes a covenant requiring us to maintain a minimum fixed charge ratio of not 1.1 1.0 twelve December 31, 2017. November 9, 2017 December 31, 2017 , not $250,000 December 31, 2017. December 31, 20 17, no On March 2, 2018, 11, October 25, 2016, October 25, 2016. |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4 . Income Taxes The provision for income tax (benefit) expense consists of (in thousands): 201 7 201 6 Current: Federal $ (10 ) $ 525 State (25 ) 193 Total current (35 ) 718 Deferred: Federal - - State - - Total deferred - - Income tax (benefit) expense $ (35 ) $ 718 A reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate follows: 201 7 201 6 Federal statutory rate 35.0 % 35.0 % State tax, net of federal benefit (12.3 ) (6.1 ) State tax credits and adjustments (1.7 ) 1.8 Change in federal tax rate (54.6 ) - Change in cash surrender value - (185.1 ) Valuation allowance increase 38.8 143.2 Other, net (4.7 ) (4.6 ) Effective income tax rate 0.5 % (15.8 )% On December 22, 2017, We have remeasured the below deferred tax assets at the lower corporate tax rate of 21% We have substantially completed our provisional analysis of the income tax effects of the Tax Act and recorded a reasonable estimate of such effects. However, the SEC staff issued guidance regarding application of Financial Accounting Standards Board income tax guidance in the reporting period that includes December 22, 2017 – the date on which the Tax Act was signed into law – to address situations when a company does not December 31, 2017, not may may may 2017 2018. The income tax effects of temporary differences that comprise deferred tax assets and liabilities at December 31 20 1 7 201 6 Noncurrent deferred tax assets (liabilities) : Accounts receivable $ 46 $ 99 Other accrued expenses 339 587 Property, plant and equipment (659 ) (1,190 ) Employee benefits 1,970 3,979 Contribution carryforward - 181 AMT credit 1,192 1,205 Net operating loss 6,733 7,727 Gross non-current deferred tax assets 9,621 12,588 Less valuation allowance (9,621 ) (12,588 ) Net noncurrent deferred tax assets $ - $ - We have U.S. federal net operating loss carryforwards of approximately $ 29.2 2033. $22.3 2027. During 201 7, $3.0 December 31, 2017 740, Income Taxes four no not The unrecognized tax benefits activity for the year ended December 31 s (in thousands): 201 7 201 6 Unrecognized tax benefits balance at January 1 $ 471 $ 307 Gross (decrease) increases in tax positions of prior years (17 ) 164 Unrecognized tax benefits balance at December 31 $ 454 $ 471 As of December 31, 201 7 2016, $80,000 $97,000 Total amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $358,000 December 31, 2017 $307,000 December 31, 2016. 2010 2016 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Stockholders’ Equity In addition to common stock, authorized capital includes 1,000,000 None two December 31, 2017. may may may Basic and diluted earnings per share are calculated using the following share data (in thousands): 201 7 2016 Weighted average shares outstanding for basic calculation 14,236 14,139 Dilutive effect of stock options - - Weighted average shares outstanding for diluted calculation 14,236 14,139 In 2017 2016, not We will repurchase common shares that are tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. During 2017 2016, 163,214 $135,000 6,862 $15,000, In July 2012, $5.0 These repurchases may No 2017. 2016, 400,000 $1.0 December 31, 2017, $3.0 During 2016, two $1.50 The first $1.25 August 19, 2016 second $.25 November 18, 2016. $36,000 December 31, 2017. In the fourth 2016, Company’s substantial net operating loss carryforwards. Under the Rights Agreement, company stockholders of record as of December 15, 2016 one 4.9% 4.9% 1% No. 1, January 30, 2017, January 30, 2017 December 5, 2016 1 If the rights become exercisable, all holders of rights, other than the person or group triggering the rights, will be entitled to purchase Company common stock at a 50% not The rights have a de minimis fair value. The rights trade with the Company ’s common stock. The Rights Agreement and the rights will expire on December 5, 2019 ( may The Rights Agreement includes a procedure for the Board to consider requests to exempt a particular transaction from triggering the exercisability of the rights under the Rights Agreement if the transaction (i) does not x ’s NOLs being impaired or (y) constitute a default under the change-in-control covenant included in the Company’s credit facility or (ii) is otherwise in the best interests of the Company. |
Note 6 - Stock based Compensati
Note 6 - Stock based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6 . Stock Based Compensation The Stanley Furniture Company, Inc. 2012 provides for the granting of performance grants, performance shares, stock options, restricted stock, restricted stock units, and stock appreciation rights to employees and certain service providers. Under this plan, the aggregate number of common shares that may 1.6 2008 December 2017, 1.4 Stock Options The options are issued at market value on the date of grant and have a term of 10 four five one The application of this valuation model involves assumptions that are judgmental and sensitive in the determination of compensation expense. No 2017 2016. Stock option activity for the two December 31, 2017, Number of shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 201 5 1,166,192 $ 5.93 4.7 Expired (36,610 ) 23.88 Outstanding at December 31, 201 6 1,129,582 $ 5.35 3.8 Cancelled/Forfeited (258,706 ) 4.10 Expired (44,294 ) 12.51 Outstanding at December 31, 2017 826,582 $ 5.35 2.8 $ - Exercisable at December 31, 201 7 826,582 $ 5.35 2.8 $ - There were no 201 7 2016. Restricted Stock The restricted stock awards are accounted for as “non-vested equity shares” until the awards vest or are forfeited. In general, restricted stock awards for employees are time vested or performance vested and for non-employee directors vest at the end of their current term on the Board. The fair value of each share of restricted stock is the market price of our stock on the grant date. The fair value of each time vested award is amortized into compensation expense on a straight-line basis between the award date and the vesting date. Performance based awards are amortized into compensation expense based on the probability of meeting the performance criteria. In 2017 2016, 569,263 221,745 2017 491,607 The following table summarizes information about restricted stock awards for the two December 31, 2017: Number of shares Weighted- Average Grant Date Fair Value Outstanding at December 31, 20 15 534,933 $ 3.53 Vested (221,745 ) 4.01 Granted 230,836 2.52 Outstanding at December 31, 201 6 544,024 $ 2.89 Vested (569,263 ) 2.20 Granted 458,081 1.26 Cancelled/Forfeited (105,559 ) 2.83 Outstanding at December 31, 201 7 327,283 $ 1.82 As of December 31, 201 7, $22,000 1.3 |
Note 7 - Employee Benefits Plan
Note 7 - Employee Benefits Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 7 . Employee Benefits Plans Defined Contribution Plan We maintain a defined contribution plan covering substantially all of our employees and make discretionary matching and profit sharing contributions. The total plan cost, including employer contributions, was $40,000 2017 $16,000 2016. 2015. Deferred Compensation Plan Effective January 1986, 15 1991 no 715, Pension Plans Corporate -owned life insurance policies were purchased as a potential funding source for this Plan. The Company had the ability to borrow against these policies or cash them in at any time. The balance sheet a cash surrender value asset of $22.3 $5.5 December 31, 2015. 13.13%, 12.63% 0.50%. 4%. first 2016, $28.1 $22.4 The growth in the cash surrender value of these policies, net of re lated premiums and plan administrative costs, is included in operating income. Interest charges for policy loans are included in interest expenses below operating income. The growth in cash surrender value of these policies is not 2016 $24.0 The impact of the deferred compensation plan and corporate owned life insur ance policies impact on net income is as follows (in thousands): 201 7 201 6 Growth in cash surrender value of corporate-owned life insurance policies $ - $ 301 Deferred compensation plan expenses 232 352 Operating loss impact (232 ) (51 ) Interest expense on loans against corporate-owned life insurance polices - 109 Net loss impact $ (232 ) $ (160 ) The financial status of the deferred compensation plan based on actuarially valued benefits at December 31 201 7 201 6 Change in benefit obligation: Beginning benefit obligation $ 4,669 $ 4,749 Interest cost 148 160 Actuarial loss (gain) 138 210 Benefits paid (450 ) (450 ) Ending benefit obligation $ 4,505 $ 4,669 Change in plan assets: Beginning fair value of plan assets - - Employer contributions 450 450 Benefits paid (450 ) (450 ) Ending fair value of plan assets - - Funded status $ (4,505 ) $ (4,669 ) Amount recognized in the consolidated balance sheet (in thousands): 201 7 201 6 Current liabilities $ (404 ) $ (450 ) Noncurrent liabilities (4,101 ) (4,219 ) Total $ (4,505 ) $ (4,669 ) Amount recognized in accumulated other comprehensive loss (in thousands): 201 7 201 6 Net loss $ 1,806 $ 1,752 Components of net periodic benefit cost and other amounts recognized in other comprehensive loss (in thousands): 201 7 201 6 Net periodic benefit cost: Interest cost $ 148 $ 160 Amortization of net loss 84 72 Net periodic benefit cost $ 232 $ 232 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net loss $ 138 $ 210 Amortization of net loss (84 ) (72 ) Total recognized in other comprehensive loss 54 138 Total recognized in net periodic benefit cost and other comprehensive loss $ 286 $ 370 Approximately $ 95,000 2018. The assumptions used to determine the plan ’s financial status and postretirement benefit cost: 201 7 201 6 Discount rate for funded status 3.15 % 3.50 % Discount rate for benefit cost 3.50 % 3.55 % Estimated future benefit payments are as follows (in thousands): 201 8 $ 404 201 9 395 20 20 384 202 1 368 202 2 355 2023 - 2027 1,514 Estimated contributions for 201 8 $ 404 Supplemental retirement plan and other postretirement benefits Benefits under the supplemental retirement ceased to accrue after 1995. Our postretirement health care benefits were terminated for current employees effective January 1, 2010. 55 65 55 The financial status of the plans at December 31 Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Change in benefit obligation: Beginning benefit obligation $ 1,879 $ 1,952 $ 710 $ 827 Interest cost 64 68 23 23 Plan participants ’ contributions - - 51 46 Actuarial (gain) loss 68 14 61 (51 ) Benefits paid (156 ) (155 ) (152 ) (135 ) Ending benefit obligation $ 1,855 $ 1,879 $ 693 $ 710 Change in plan assets: Beginning fair value of plan assets - - - - Employer contributions 155 155 101 89 Plan participants ’ contributions - - 51 46 Benefits paid (155 ) (155 ) (152 ) (135 ) Ending fair value of plan assets - - - - Funded status $ (1,855 ) $ (1,879 ) $ (693 ) $ (710 ) Amount recognized in the consolidated balance sheet (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Current liabilities $ (154 ) $ (155 ) $ (88 ) $ (88 ) Noncurrent liabilities (1,701 ) (1,724 ) (605 ) (622 ) Total $ (1,855 ) $ (1,879 ) $ (693 ) $ (710 ) Amount recognized in accumulated other comprehensive loss (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Net loss (gain) $ 721 $ 686 $ (111 ) $ (182 ) Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss) income (in thousands): Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Net periodic benefit cost : Interest cost $ 64 $ 68 $ 22 $ 23 Amortization of net loss (gain) 33 32 (10 ) (17 ) Net periodic benefit cost $ 97 $ 100 $ 12 $ 6 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ 68 $ 14 $ 61 $ (51 ) Amortization of net (loss) gain (33 ) (32 ) 10 17 Total recognized in other comprehensive (loss) income $ 35 $ (18 ) $ 71 $ (34 ) Total recognized in net periodic benefit cost and other comprehensive (loss) income $ 132 $ 82 $ 83 $ (28 ) The amounts in accumulated other comprehensive (loss) income that are expected to be recognized as components of net periodic benefit cost during 2018 Supplemental Retirement Plan Other Postretirement Benefits Net loss (gain) $ 38 $ (7 ) The assumptions used to determine the plan ’s financial status and postretirement benefit cost: Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Discount rate for funded status 3.20 % 3.55 % 2.95 % 3.20 % Discount rate for benefit cost 3.55 % 3.65 % 3.20 % 3.20 % Health care cost assumed trend rate for next year 6.00 % Rate that the cost trend rate gradually declines to 5.50 % Year that the rate reaches the rate it is assumed to remain at 2018 An increase or decrease in the assumed health care cost trend rate of one have no December 31, 2017 Estimated future benefit payments are as follows (in thousands): Supplemental Retirement Plan Other Postretirement Benefits Estimated net future benefit payments: 2018 $ 154 $ 88 2019 151 84 2020 147 79 2021 144 73 2022 140 67 2023 - 2027 631 246 Estimated contributions for 2018 $ 154 $ 88 The accrued liabilities relating to th ese plans are included in accrued salaries, wages and benefits and in long-term liabilities. |
Note 8 - Income for Continued D
Note 8 - Income for Continued Dumping and Subsidy Offset Act (CDSOA) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income for Continued Dumping and Subsidy Offset Act [Text Block] | 8 . Income for Continued Dumping and Subsidy Offset Act (CDSOA) The CDSOA provides for distribution of monies collected by U.S. Customs and Border Protection (Customs) for imports covered by antidumping duty orders entering the United States through September 30, 2007 2017 2016, $0.4 $1.1 September 2007. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9 . Commitments and Contingencies Our leased facilities include warehouse and distribution space, showroom and office space and certain technology equipment. These leases have varying terms up to ten $2.4 $3.0 2017 2016, At December 31, 201 7, Total 201 8 $ 1,370 201 9 1,273 20 20 1,302 202 1 1,332 20 22 1,232 Thereafter 299 Total minimum lease payments $ 6,808 We currently have letters of credit to cover estimated exposures, most notably with workman’s compensation claims. This agreement requires us to maintain a compensating balance with the issuer for the amounts outstanding. We currently have letters of credit outstanding in the amount of $631,000. In the normal course of business, we are involved in claims and lawsuits, none ’s opinion, will have a material adverse effect on our Consolidated Financial Statements. |
Note 10 - Quarterly Results of
Note 10 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 0. Quarterly Results of Operations (Unaudited) (in thousands, except per share data) 201 7 Quarters: First Second Third Fourth Net Sales $ 11,190 $ 11,615 $ 10,427 $ 11,946 Gross profit 2,237 2,732 2,333 (2,466 ) Net ( loss ) income $ (416 ) $ 14 $ (305 ) $ (7,002 ) (1) Net loss per share (2) : Basic $ (.03 ) $ - $ (.02 ) $ (.49 ) Diluted $ (.03 ) $ - $ (.02 ) $ (.49 ) 2016 Quarters: First Second Third Fourth Net Sales $ 11,683 $ 12,053 $ 11,036 $ 9,802 Gross profit 2,541 2,062 1,835 1,976 Net loss $ (1,485 ) $ (1,392 ) $ (2,080 ) $ (301 ) (1) Net loss per share (2: Basic $ (.10 ) $ (.10 ) $ (.15 ) $ (.02 ) Diluted $ (.10 ) $ (.10 ) $ (.15 ) $ (.02 ) ( 1 Includes proceeds received from the Continued Dumping and Subsidy Offset Act, net of taxes, of $0.4 fourth 2017 $1.1 fourth 2016. ( 2 The sum of individual quarterly net loss per share may not |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events On March 2, 2018, Asset Sale”) to Churchill Downs LLC (“Buyer”), pursuant to the terms of the Asset Purchase Agreement, dated as of November 20, 2017, January 22, 2017 ( $10.8 $1.3 $7.4 5% assumed substantially all of our liabilities. On March 2, 2018, ’s Board of Directors approved an amendment to the Company’s Restated Certificate of Incorporation to change the name of the Company to HG Holdings, Inc. The amendment became effective upon the filing of a Certificate of Amendment with the Secretary of State of the State of Delaware on March 2, 2018. On March 2, 2018, we terminated our credit agreement, dated as of October 25, 2016, On February 5, 2018, 1934, ’ and experts’ fees and certain other damages. While we believed the claims were without merit, we determined to provide additional disclosure in a supplement to the proxy statement in order to alleviate the costs, risks and uncertainties inherent with litigation. We reached an agreement with the plaintiff regarding our additional disclosures and the lawsuit was dismissed on March 12, 2018. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | HG HOLDINGS, INC. (FORMERLY STANLEY FURNITURE COMPANY, INC. ) SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For each of the Two Years in the Period Ended December 31, 2017 (in thousands) Column A Column B Column C Column D Column E Charged Balance at (Credited) Balance at Beginning to Costs & End Descriptions of Period Expenses Deductions of Period 201 7 Doubtful receivables $ 117 $ 71 $ 92 (a) $ 96 Discounts, returns, and allowances 155 (48) (b) - 107 $ 272 $ 23 $ 92 $ 203 Valuation allowance for deferred tax assets $ 12,588 $ - $ 2,857 $ 9,731 2016 Doubtful receivables $ 267 $ 91 $ 241 (a) $ 117 Discounts, returns, and allowances 137 18 (b) - 155 $ 404 $ 109 $ 241 $ 272 Valuation allowance for deferred tax assets $ 19,194 $ - $ 6,606 $ 12,588 __________________________________________ (a) Uncollectible receivables written-off, net of recoveries. (b) Represents net increase (decrease) in the reserve. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Organization and Basis of Presentation The consolidated financial statements include HG Holdings, Inc., formerly Stanley Furniture Company, Inc., and our wholly owned subsidiaries (the “Company”). All significant inter-company accounts and transactions have been eliminated. We were a leading design, marketing and sourcing resource in the middle-to-upscale segment of the wood furniture residential market. For financial reporting purposes, we operate in one On March 2, 2018, November 20, 2017, January 22, 2017 ( As consideration for the Asset Sale, Buyer paid a purchase price consisting of cash in the amount of approximately $10.8 $1.3 $7.4 5% As a result of the sale, on March 2, 2018, March 2, 2018. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash We consider all highly liquid investments with a maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash includes collateral deposits required under the Company ’s line of credit agreement, to guarantee the Company’s workers compensation insurance policy. The restricted cash balance is expected to mature over the next twelve |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Substantially all of our accounts receivable are due from retailers and dealers that sell residential home furnishings, which consist of a large number of entities with a broad geographic dispersion. We continually perform credit evaluations of our customers and generally do not Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies to attempt to collect amounts owed to us after all internal collection attempts have ended. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Sales are recognized when title and risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases, however, title does not may |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first Cost is determined based solely on those charges incurred in the acquisition and production of the related inventory (i.e. material, freight, labor and overhead). Management regularly examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain items. As a result, we provide inventory valuation write-downs based upon established percentages based on age of the inventory and planned discontinuance of certain items. As of December 31, 2017 2016, $23.2 $23.0 $2.5 $1.3 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Depreciation of property, plant and equipment is computed using the straight-line method based upon the estimated useful lives. Depreciation expense is charged to cost of sales or selling, general and administrative expenses based on the nature of the asset. Gains and losses related to dispositions and retirements are included in income. Maintenance and repairs are charged to income as incurred; renewals and betterments are capitalized. Assets are reviewed for possible impairment when events indicate that the carrying amount of an asset may not may December 31, 2017 not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Capitalized Software Cost We amortize purchased computer software costs using the straight-line method over the estimated economic lives of the related products. Unamortized cost at December 31, 201 7 2016 $2.1 $2.4 |
Cash Surrender Value of Life Insurance Policy [Policy Text Block] | Cash Surrender Value of Life Insurance Policies At December 31, 2015, e owned 27 7. $22.3 $5.5 first 2016, $28.1 $22.4 |
Actuarially Valued Benefit Accruals and Expenses Policy [Policy Text Block] | Actuarially valued benefit accruals and expenses We maintain three retirement plan and our postretirement health care benefits program. The liability for these programs and the majority of their annual expense are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and mortality projections, which are usually updated on an annual basis near the beginning of each year. We are required to consider current market conditions, including changes in interest rates in making these assumptions. Changes in projected liability and expense may 7 |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax expense represents the change in the deferred tax asset/liability balance. Income tax credits are reported as a reduction of income tax expense in the year in which the credits are generated. A valuation allowance is recorded when it is more likely than not not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Accounting for fair value measurements requires disclosure of the level within the fair value hierarchy in which fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1 2 3 and payables approximate the carrying amount because of the short maturity of these instruments. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share includes any dilutive effect of outstanding stock options and restricted stock calculated using the treasury stock method. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We record share-based payment awards at fair value on the grant date of the awards, based on the estimated number of awards that are expected to vest , over the vesting period. The fair value of stock options was determined using the Black-Scholes option-pricing model. The fair value of the restricted stock awards was based on the closing price of the Company’s common stock on the date of the grant. For awards with |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Changes in such estimates may |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In March 2017, 2017 07, Compensation – Retirement Benefits (Topic 715 not December 15, 2017. not not no $340,000 In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2019, December 15, 2018. not 2016 13 In February 2016, Leases 842 2016 02” 840, eases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840 840 December 31, 2017 first December 31, 2019. 2016 02 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09” 2016 09 first no In August 2016, 2016 15, Statement of Cash Flows 230 first December 31, 2018. November 2016, 2016 18, Statement of Cash Flows (Topic 230 : Restricted not 2016 15 2016 18 In May 2014, 2014 09, 606 five March, April, May December 2016, December 15, 2017, 606 605. January 1, 2018, no |
Note 2 - Property, Plant and 21
Note 2 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Depreciable lives (in thousands) (in years) 201 7 201 6 Machinery and equipment 5 to 12 $ 2,632 $ 2,675 Leasehold improvements 9 to 15 1,842 1,833 Property, plant and equipment, at cost 4,474 4,508 Less accumulated depreciation 3,025 2,902 Property, plant and equipment, net $ 1,449 $ 1,606 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 7 201 6 Current: Federal $ (10 ) $ 525 State (25 ) 193 Total current (35 ) 718 Deferred: Federal - - State - - Total deferred - - Income tax (benefit) expense $ (35 ) $ 718 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 7 201 6 Federal statutory rate 35.0 % 35.0 % State tax, net of federal benefit (12.3 ) (6.1 ) State tax credits and adjustments (1.7 ) 1.8 Change in federal tax rate (54.6 ) - Change in cash surrender value - (185.1 ) Valuation allowance increase 38.8 143.2 Other, net (4.7 ) (4.6 ) Effective income tax rate 0.5 % (15.8 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 20 1 7 201 6 Noncurrent deferred tax assets (liabilities) : Accounts receivable $ 46 $ 99 Other accrued expenses 339 587 Property, plant and equipment (659 ) (1,190 ) Employee benefits 1,970 3,979 Contribution carryforward - 181 AMT credit 1,192 1,205 Net operating loss 6,733 7,727 Gross non-current deferred tax assets 9,621 12,588 Less valuation allowance (9,621 ) (12,588 ) Net noncurrent deferred tax assets $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 201 7 201 6 Unrecognized tax benefits balance at January 1 $ 471 $ 307 Gross (decrease) increases in tax positions of prior years (17 ) 164 Unrecognized tax benefits balance at December 31 $ 454 $ 471 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 201 7 2016 Weighted average shares outstanding for basic calculation 14,236 14,139 Dilutive effect of stock options - - Weighted average shares outstanding for diluted calculation 14,236 14,139 |
Note 6 - Stock based Compensa24
Note 6 - Stock based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 201 5 1,166,192 $ 5.93 4.7 Expired (36,610 ) 23.88 Outstanding at December 31, 201 6 1,129,582 $ 5.35 3.8 Cancelled/Forfeited (258,706 ) 4.10 Expired (44,294 ) 12.51 Outstanding at December 31, 2017 826,582 $ 5.35 2.8 $ - Exercisable at December 31, 201 7 826,582 $ 5.35 2.8 $ - |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of shares Weighted- Average Grant Date Fair Value Outstanding at December 31, 20 15 534,933 $ 3.53 Vested (221,745 ) 4.01 Granted 230,836 2.52 Outstanding at December 31, 201 6 544,024 $ 2.89 Vested (569,263 ) 2.20 Granted 458,081 1.26 Cancelled/Forfeited (105,559 ) 2.83 Outstanding at December 31, 201 7 327,283 $ 1.82 |
Note 7 - Employee Benefits Pl25
Note 7 - Employee Benefits Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Impact of Deferred Compensation Plans and Corporate Owned Life Insurance Policies [Table Text Block] | 201 7 201 6 Growth in cash surrender value of corporate-owned life insurance policies $ - $ 301 Deferred compensation plan expenses 232 352 Operating loss impact (232 ) (51 ) Interest expense on loans against corporate-owned life insurance polices - 109 Net loss impact $ (232 ) $ (160 ) |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 201 7 201 6 Change in benefit obligation: Beginning benefit obligation $ 4,669 $ 4,749 Interest cost 148 160 Actuarial loss (gain) 138 210 Benefits paid (450 ) (450 ) Ending benefit obligation $ 4,505 $ 4,669 Change in plan assets: Beginning fair value of plan assets - - Employer contributions 450 450 Benefits paid (450 ) (450 ) Ending fair value of plan assets - - Funded status $ (4,505 ) $ (4,669 ) Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Change in benefit obligation: Beginning benefit obligation $ 1,879 $ 1,952 $ 710 $ 827 Interest cost 64 68 23 23 Plan participants ’ contributions - - 51 46 Actuarial (gain) loss 68 14 61 (51 ) Benefits paid (156 ) (155 ) (152 ) (135 ) Ending benefit obligation $ 1,855 $ 1,879 $ 693 $ 710 Change in plan assets: Beginning fair value of plan assets - - - - Employer contributions 155 155 101 89 Plan participants ’ contributions - - 51 46 Benefits paid (155 ) (155 ) (152 ) (135 ) Ending fair value of plan assets - - - - Funded status $ (1,855 ) $ (1,879 ) $ (693 ) $ (710 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | 201 7 201 6 Current liabilities $ (404 ) $ (450 ) Noncurrent liabilities (4,101 ) (4,219 ) Total $ (4,505 ) $ (4,669 ) Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Current liabilities $ (154 ) $ (155 ) $ (88 ) $ (88 ) Noncurrent liabilities (1,701 ) (1,724 ) (605 ) (622 ) Total $ (1,855 ) $ (1,879 ) $ (693 ) $ (710 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 201 7 201 6 Net loss $ 1,806 $ 1,752 Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Net loss (gain) $ 721 $ 686 $ (111 ) $ (182 ) Supplemental Retirement Plan Other Postretirement Benefits Net loss (gain) $ 38 $ (7 ) |
Schedule of Net Benefit Costs [Table Text Block] | 201 7 201 6 Net periodic benefit cost: Interest cost $ 148 $ 160 Amortization of net loss 84 72 Net periodic benefit cost $ 232 $ 232 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net loss $ 138 $ 210 Amortization of net loss (84 ) (72 ) Total recognized in other comprehensive loss 54 138 Total recognized in net periodic benefit cost and other comprehensive loss $ 286 $ 370 Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Net periodic benefit cost : Interest cost $ 64 $ 68 $ 22 $ 23 Amortization of net loss (gain) 33 32 (10 ) (17 ) Net periodic benefit cost $ 97 $ 100 $ 12 $ 6 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ 68 $ 14 $ 61 $ (51 ) Amortization of net (loss) gain (33 ) (32 ) 10 17 Total recognized in other comprehensive (loss) income $ 35 $ (18 ) $ 71 $ (34 ) Total recognized in net periodic benefit cost and other comprehensive (loss) income $ 132 $ 82 $ 83 $ (28 ) |
Schedule of Assumptions Used [Table Text Block] | 201 7 201 6 Discount rate for funded status 3.15 % 3.50 % Discount rate for benefit cost 3.50 % 3.55 % Supplemental Retirement Plan Other Postretirement Benefits 201 7 201 6 201 7 201 6 Discount rate for funded status 3.20 % 3.55 % 2.95 % 3.20 % Discount rate for benefit cost 3.55 % 3.65 % 3.20 % 3.20 % Health care cost assumed trend rate for next year 6.00 % Rate that the cost trend rate gradually declines to 5.50 % Year that the rate reaches the rate it is assumed to remain at 2018 |
Schedule of Expected Benefit Payments [Table Text Block] | 201 8 $ 404 201 9 395 20 20 384 202 1 368 202 2 355 2023 - 2027 1,514 Estimated contributions for 201 8 $ 404 Supplemental Retirement Plan Other Postretirement Benefits Estimated net future benefit payments: 2018 $ 154 $ 88 2019 151 84 2020 147 79 2021 144 73 2022 140 67 2023 - 2027 631 246 Estimated contributions for 2018 $ 154 $ 88 |
Note 9 - Commitments and Cont26
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Total 201 8 $ 1,370 201 9 1,273 20 20 1,302 202 1 1,332 20 22 1,232 Thereafter 299 Total minimum lease payments $ 6,808 |
Note 10 - Quarterly Results o27
Note 10 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (in thousands, except per share data) 201 7 Quarters: First Second Third Fourth Net Sales $ 11,190 $ 11,615 $ 10,427 $ 11,946 Gross profit 2,237 2,732 2,333 (2,466 ) Net ( loss ) income $ (416 ) $ 14 $ (305 ) $ (7,002 ) (1) Net loss per share (2) : Basic $ (.03 ) $ - $ (.02 ) $ (.49 ) Diluted $ (.03 ) $ - $ (.02 ) $ (.49 ) 2016 Quarters: First Second Third Fourth Net Sales $ 11,683 $ 12,053 $ 11,036 $ 9,802 Gross profit 2,541 2,062 1,835 1,976 Net loss $ (1,485 ) $ (1,392 ) $ (2,080 ) $ (301 ) (1) Net loss per share (2: Basic $ (.10 ) $ (.10 ) $ (.15 ) $ (.02 ) Diluted $ (.10 ) $ (.10 ) $ (.15 ) $ (.02 ) |
Schedule II - Valuation and Q28
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Column A Column B Column C Column D Column E Charged Balance at (Credited) Balance at Beginning to Costs & End Descriptions of Period Expenses Deductions of Period 201 7 Doubtful receivables $ 117 $ 71 $ 92 (a) $ 96 Discounts, returns, and allowances 155 (48) (b) - 107 $ 272 $ 23 $ 92 $ 203 Valuation allowance for deferred tax assets $ 12,588 $ - $ 2,857 $ 9,731 2016 Doubtful receivables $ 267 $ 91 $ 241 (a) $ 117 Discounts, returns, and allowances 137 18 (b) - 155 $ 404 $ 109 $ 241 $ 272 Valuation allowance for deferred tax assets $ 19,194 $ - $ 6,606 $ 12,588 |
Note 1 - Summary of Significa29
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Mar. 02, 2018USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Number of Reportable Segments | 1 | ||||
Inventory, Gross | $ 23,200,000 | $ 23,000,000 | |||
Inventory Valuation Reserves | 2,500,000 | 1,300,000 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | ||||
Capitalized Computer Software, Net | 2,100,000 | 2,400,000 | |||
Life Insurance Policy, Number Held | 27 | ||||
Cash Surrender Value of Life Insurance | $ 22,300,000 | ||||
Proceeds from Life Insurance Policy | $ 28,100,000 | 28,139,000 | |||
Payments for (Proceeds from) Life Insurance Policies | $ (22,400,000) | ||||
Accounting Standards Update 2017-07 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 340,000 | ||||
Borrowings Against Cash [Member] | |||||
Secured Debt | $ 5,500,000 | ||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Wells Fargo [Member] | |||||
Repayments of Lines of Credit | $ 1,300,000 | ||||
Asset Sale [Member] | Churchill Downs LLC [Member] | Subsequent Event [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | 10,800,000 | ||||
Disposal Group, Including Discontinued Operation, Note Receivable, Amount | $ 7,400,000 | ||||
Disposal Group, Including Discontinued Operation, Equity Interest in Buyer | 5.00% |
Note 2 - Property, Plant and 30
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment, gross | $ 4,474 | $ 4,508 |
Less accumulated depreciation | 3,025 | 2,902 |
Property, plant and equipment, net | 1,449 | 1,606 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 2,632 | 2,675 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, gross (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, gross (Year) | 12 years | |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 1,842 | $ 1,833 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, plant and equipment, gross (Year) | 9 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, plant and equipment, gross (Year) | 15 years |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - Revolving Credit Facility [Member] - Wells Fargo [Member] | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000,000 |
Line of Credit Facility, Excess Availability Requirement | 2,000,000 |
Line of Credit Facility, Current Borrowing Capacity | $ 4,000,000 |
Line of Credit Facility, Covenant, Minimum Fixed Charge Ratio | 1.1 |
Line of Credit Facility, Covenant Term | 1 year |
Long-term Line of Credit | $ 0 |
Line of Credit Facility, Covenant Compliance, Maximum Outstanding Amount | $ 250,000 |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3,000,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 80,000 | $ 97,000 |
Liability for Uncertainty in Income Taxes, Current | 358,000 | $ 307,000 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 29,200,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 22,300,000 |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | ||
Federal | $ (10) | $ 525 |
State | (25) | 193 |
Total current | (35) | 718 |
Deferred: | ||
Federal | ||
State | ||
Total deferred | ||
Income tax (benefit) expense | $ (35) | $ 718 |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal statutory rate | 35.00% | 35.00% |
State tax, net of federal benefit | (12.30%) | (6.10%) |
State tax credits and adjustments | (1.70%) | 1.80% |
Change in federal tax rate | (54.60%) | |
Change in cash surrender value of life insurance policies | (185.10%) | |
Valuation allowance increase | 38.80% | 143.20% |
Other, net | (4.70%) | (4.60%) |
Effective income tax rate | 0.50% | (15.80%) |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Tax Effects of Temporary Differences That Comprise Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Noncurrent deferred tax assets (liabilities): | ||
Accounts receivable | $ 46 | $ 99 |
Other accrued expenses | 339 | 587 |
Property, plant and equipment | (659) | (1,190) |
Employee benefits | 1,970 | 3,979 |
Contribution carryforward | 181 | |
AMT credit | 1,192 | 1,205 |
Net operating loss | 6,733 | 7,727 |
Gross non-current deferred tax assets | 9,621 | 12,588 |
Less valuation allowance | (9,621) | (12,588) |
Net noncurrent deferred tax assets |
Note 4 - Income Taxes - Unrecog
Note 4 - Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized tax benefits balance at January 1 | $ 471 | $ 307 |
Gross (decrease) increases in tax positions of prior years | (17) | |
Gross (decrease) increases in tax positions of prior years | 164 | |
Unrecognized tax benefits balance at December 31 | $ 454 | $ 471 |
Note 5 - Stockholders' Equity37
Note 5 - Stockholders' Equity (Details Textual) - USD ($) | Nov. 18, 2016 | Aug. 19, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2012 |
Preferred Stock, Shares Outstanding | 0 | ||||
Stock Repurchased During Period, Value | $ 136,000 | $ 15,000 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 1.25 | $ 1.50 | ||
Dividends Payable | $ 36,000 | ||||
Minimum [Member] | |||||
Equity Method Investment, Ownership Percentage | 4.90% | ||||
Restricted Stock [Member] | |||||
Stock Repurchased During Period, Shares | 163,214 | 6,862 | |||
Stock Repurchased During Period, Value | $ 135,000 | $ 15,000 | |||
Preferred Stock [Member] | |||||
Excess Stock, Shares Authorized | 1,000,000 | ||||
Common Stock [Member] | |||||
Stock Repurchased During Period, Shares | (163,000) | (7,000) | |||
Stock Repurchased During Period, Value | |||||
Common Stock [Member] | Privately Negotiated Transaction [Member] | |||||
Stock Repurchased During Period, Shares | 0 | 400,000 | |||
Stock Repurchased During Period, Value | $ 1,000,000 | ||||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 3,000,000 |
Note 5 - Stockholders' Equity -
Note 5 - Stockholders' Equity - Basic and Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average shares outstanding for basic calculation (in shares) | 14,236 | 14,139 |
Dilutive effect of stock options (in shares) | ||
Weighted average shares outstanding for diluted calculation (in shares) | 14,236 | 14,139 |
Note 6 - Stock based Compensa39
Note 6 - Stock based Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |
Employee Stock Option [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Employee Stock Option [Member] | Minimum [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Employee Stock Option [Member] | Maximum [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 569,263 | 221,745 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 22,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 109 days | |
Restricted Stock [Member] | Former Chief Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 491,607 | |
A 2012 Incentive Compensation Plan [Member] | Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,400,000 |
Note 6 - Stock Based Compensa40
Note 6 - Stock Based Compensation - Summary of Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding (in shares) | 1,129,582 | 1,166,192 | |
Outstanding (in dollars per share) | $ 5.35 | $ 5.93 | |
Outstanding (Year) | 2 years 292 days | 3 years 292 days | 4 years 255 days |
Outstanding | |||
Expired (in shares) | (44,294) | (36,610) | |
Expired (in dollars per share) | $ 12.51 | $ 23.88 | |
Cancelled/Forfeited (in shares) | (258,706) | ||
Cancelled/Forfeited (in dollars per share) | $ 4.10 | ||
Outstanding (in shares) | 826,582 | 1,129,582 | 1,166,192 |
Outstanding (in dollars per share) | $ 5.35 | $ 5.35 | $ 5.93 |
Exercisable at December 31, 2017 (in shares) | 826,582 | ||
Exercisable at December 31, 2017 (in dollars per share) | $ 5.35 | ||
Exercisable at December 31, 2017 (Year) | 2 years 292 days | ||
Exercisable at December 31, 2017 |
Note 6 - Stock Based Compensa41
Note 6 - Stock Based Compensation - Summary of Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding at December 31, 2015 (in shares) | 544,024 | 534,933 |
Outstanding at December 31, 2015 (in dollars per share) | $ 2.89 | $ 3.53 |
Vested (in shares) | (569,263) | (221,745) |
Vested (in dollars per share) | $ 2.20 | $ 4.01 |
Granted (in shares) | 230,836 | |
Granted (in dollars per share) | $ 1.26 | $ 2.52 |
Granted (in shares) | 458,081 | |
Cancelled/Forfeited (in shares) | (105,559) | |
Cancelled/Forfeited (in dollars per share) | $ 2.83 | |
Outstanding at December 31, 2016 (in shares) | 327,283 | 544,024 |
Outstanding at December 31, 2016 (in dollars per share) | $ 1.82 | $ 2.89 |
Note 7 - Employee Benefits Pl42
Note 7 - Employee Benefits Plans (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Contribution Plan, Cost | $ 40,000 | $ 16,000 | ||
Cash Surrender Value of Life Insurance | $ 22,300,000 | |||
Policy Loans and Accrued Interest | $ 5,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 13.13% | |||
Cash Surrender Value Borrowed Portion Fixed Rate of Return, Percentage | 12.63% | |||
Net Borrowing Cost, Percentage | 0.50% | |||
Cash Surrender Value Non Borrowed Portion, Fixed Rate of Return Percentage | 4.00% | |||
Proceeds from Life Insurance Policy | $ 28,100,000 | 28,139,000 | ||
Payments for (Proceeds from) Life Insurance Policies | (22,400,000) | |||
Other Comprehensive Income (Loss), Tax | 95,000 | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 0 | |||
Other Postretirement Benefits Cost (Reversal of Cost) | $ 0 | |||
Minimum [Member] | ||||
Health Care Benefits Age of Eligible Retired Employees | 55 | |||
Maximum [Member] | ||||
Health Care Benefits Age of Eligible Retired Employees | 65 | |||
Operating Income (Loss) [Member] | ||||
Operating Loss Carryforwards | $ 24,000,000 |
Note 7 - Employee Benefits Pl43
Note 7 - Employee Benefits Plans - Impact of Deferred Compensation Plan and Corporate Owned Life Insurance Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Growth in cash surrender value of corporate-owned life insurance policies | $ 301 | |
Deferred compensation plan expenses | 232 | 352 |
Operating loss impact | (232) | (51) |
Interest expense on loans against corporate-owned life insurance polices | 109 | |
Net loss impact | $ (232) | $ (160) |
Note 7 - Employee Benefits Pl44
Note 7 - Employee Benefits Plans - Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Actuarial loss (gain) | $ (268) | $ (174) |
Beginning fair value of plan assets | ||
Ending fair value of plan assets | ||
Deferred Compensation Plan [Member] | ||
Beginning benefit obligation | 4,669 | 4,749 |
Interest cost | 148 | 160 |
Actuarial loss (gain) | 138 | 210 |
Benefits paid | (450) | (450) |
Ending benefit obligation | 4,505 | 4,669 |
Beginning fair value of plan assets | ||
Employer contributions | 450 | 450 |
Benefits paid | (450) | (450) |
Ending fair value of plan assets | ||
Funded status | (4,505) | (4,669) |
Supplemental Employee Retirement Plan [Member] | ||
Beginning benefit obligation | 1,879 | 1,952 |
Interest cost | 64 | 68 |
Plan participants’ contributions | ||
Actuarial loss (gain) | 68 | 14 |
Benefits paid | (156) | (155) |
Ending benefit obligation | 1,855 | 1,879 |
Beginning fair value of plan assets | ||
Employer contributions | 155 | 155 |
Benefits paid | (155) | (155) |
Plan participants’ contributions | ||
Ending fair value of plan assets | ||
Funded status | (1,855) | (1,879) |
Other Postretirement Benefits Plan [Member] | ||
Beginning benefit obligation | 710 | 827 |
Interest cost | 23 | 23 |
Plan participants’ contributions | 51 | 46 |
Actuarial loss (gain) | 61 | (51) |
Benefits paid | (152) | (135) |
Ending benefit obligation | 693 | 710 |
Beginning fair value of plan assets | ||
Employer contributions | 101 | 89 |
Benefits paid | (152) | (135) |
Plan participants’ contributions | 51 | 46 |
Ending fair value of plan assets | ||
Funded status | $ (693) | $ (710) |
Note 7 - Employee Benefits Pl45
Note 7 - Employee Benefits Plans - Amount Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Compensation Plan [Member] | ||
Current liabilities | $ (404) | $ (450) |
Noncurrent liabilities | (4,101) | (4,219) |
Total | (4,505) | (4,669) |
Supplemental Employee Retirement Plan [Member] | ||
Current liabilities | (154) | (155) |
Noncurrent liabilities | (1,701) | (1,724) |
Total | (1,855) | (1,879) |
Other Postretirement Benefits Plan [Member] | ||
Current liabilities | (88) | (88) |
Noncurrent liabilities | (605) | (622) |
Total | $ (693) | $ (710) |
Note 7 - Employee Benefits Pl46
Note 7 - Employee Benefits Plans - Amount Recognized in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Compensation Plan [Member] | ||
Net loss | $ 1,806 | $ 1,752 |
Supplemental Employee Retirement Plan [Member] | ||
Net loss | 721 | 686 |
Net loss (gain) | 38 | |
Other Postretirement Benefits Plan [Member] | ||
Net loss | $ (111) | (182) |
Net loss (gain) | $ (7) |
Note 7 - Employee Benefits Pl47
Note 7 - Employee Benefits Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Plan [Member] | ||
Interest cost | $ 148 | $ 160 |
Amortization of net loss | 84 | 72 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 232 | 232 |
Net loss | 138 | 210 |
Amortization of net loss | (84) | (72) |
Total recognized in other comprehensive loss | 54 | 138 |
Total recognized in net periodic benefit cost and other comprehensive loss | 286 | 370 |
Amortization of net loss (gain) | 84 | 72 |
Net periodic benefit cost | 232 | 232 |
Supplemental Employee Retirement Plan [Member] | ||
Interest cost | 64 | 68 |
Amortization of net loss | 33 | 32 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 97 | 100 |
Net loss | 68 | 14 |
Amortization of net loss | (33) | (32) |
Total recognized in other comprehensive loss | 35 | (18) |
Total recognized in net periodic benefit cost and other comprehensive loss | 132 | 82 |
Amortization of net loss (gain) | 33 | 32 |
Net periodic benefit cost | 97 | 100 |
Other Postretirement Benefits Plan [Member] | ||
Interest cost | 23 | 23 |
Amortization of net loss | (10) | (17) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 12 | 6 |
Net loss | 61 | (51) |
Amortization of net loss | 10 | 17 |
Total recognized in other comprehensive loss | 71 | (34) |
Total recognized in net periodic benefit cost and other comprehensive loss | 83 | (28) |
Amortization of net loss (gain) | (10) | (17) |
Net periodic benefit cost | $ 12 | $ 6 |
Note 7 - Employee Benefits Pl48
Note 7 - Employee Benefits Plans - Assumptions Used to Determine the Plan's Financial Status and Postretirement Benefit Cost (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Plan [Member] | ||
Discount rate for funded status | 3.15% | 3.50% |
Discount rate for benefit cost | 3.50% | 3.55% |
Supplemental Employee Retirement Plan [Member] | ||
Discount rate for funded status | 3.20% | 3.55% |
Discount rate for benefit cost | 3.55% | 3.65% |
Health care cost assumed trend rate for next year | ||
Rate that the cost trend rate gradually declines to | ||
Year that the rate reaches the rate it is assumed to remain at | ||
Other Postretirement Benefits Plan [Member] | ||
Discount rate for funded status | 2.95% | 3.20% |
Discount rate for benefit cost | 3.20% | 3.20% |
Health care cost assumed trend rate for next year | 6.00% | |
Rate that the cost trend rate gradually declines to | 5.50% | |
Year that the rate reaches the rate it is assumed to remain at | 2,018 |
Note 7 - Employee Benefits Pl49
Note 7 - Employee Benefits Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Deferred Compensation Plan [Member] | |
2,018 | $ 404 |
2,019 | 395 |
2,020 | 384 |
2,021 | 368 |
2,022 | 355 |
2023 - 2027 | 1,514 |
Estimated contributions for 2018 | 404 |
Supplemental Employee Retirement Plan [Member] | |
2,018 | 154 |
2,019 | 151 |
2,020 | 147 |
2,021 | 144 |
2,022 | 140 |
2023 - 2027 | 631 |
Estimated contributions for 2018 | 154 |
Other Postretirement Benefits Plan [Member] | |
2,018 | 88 |
2,019 | 84 |
2,020 | 79 |
2,021 | 73 |
2,022 | 67 |
2023 - 2027 | 246 |
Estimated contributions for 2018 | $ 88 |
Note 8 - Income for Continued50
Note 8 - Income for Continued Dumping and Subsidy Offset Act (CDSOA) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income from Continued Dumping and Subsidy Offset Act, Net | $ 433 | $ 1,103 |
Note 9 - Commitments and Cont51
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Leases Terms of Expiration | 10 years | |
Operating Leases, Rent Expense | $ 2,400,000 | $ 3,000,000 |
Letter of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 631,000 |
Note 9 - Commitments and Cont52
Note 9 - Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 1,370 |
2,019 | 1,273 |
2,020 | 1,302 |
2,021 | 1,332 |
2,022 | 1,232 |
Thereafter | 299 |
Total minimum lease payments | $ 6,808 |
Note 10 - Quarterly Results o53
Note 10 - Quarterly Results of Operations (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Proceeds from Continued Dumping and Subsidy Offset Act | $ 400 | $ 1,100 | $ 433 | $ 1,103 |
Note 10 - Quarterly Results o54
Note 10 - Quarterly Results of Operations (Unaudited) - Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Net sales | $ 11,946 | $ 10,427 | $ 11,615 | $ 11,190 | $ 9,802 | $ 11,036 | $ 12,053 | $ 11,683 | $ 45,178 | $ 44,574 | ||||||||
Gross profit | (2,466) | 2,333 | 2,732 | 2,237 | 1,976 | 1,835 | 2,062 | 2,541 | 4,836 | 8,414 | ||||||||
Net (loss) income | $ (7,002) | [1] | $ (305) | $ 14 | $ (416) | $ (301) | [1] | $ (2,080) | $ (1,392) | $ (1,485) | $ (7,709) | $ (5,258) | ||||||
Basic (in dollars per share) | $ (0.49) | [2] | $ (0.02) | [2] | [2] | $ (0.03) | [2] | $ (0.02) | [2] | $ (0.15) | [2] | $ (0.10) | [2] | $ (0.10) | [2] | $ (0.54) | $ (0.37) | |
Diluted (in dollars per share) | $ (0.49) | [2] | $ (0.02) | [2] | [2] | $ (0.03) | [2] | $ (0.02) | [2] | $ (0.15) | [2] | $ (0.10) | [2] | $ (0.10) | [2] | $ (0.54) | $ (0.37) | |
[1] | Includes proceeds received from the Continued Dumping and Subsidy Offset Act, net of taxes, of $0.4 million in the fourth quarter of 2017 and $1.1 million in fourth quarter of 2016. | |||||||||||||||||
[2] | The sum of individual quarterly net loss per share may not agree to the total for the year due to each period's computation being based on the weighted average number of common shares outstanding during each period. |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Mar. 02, 2018USD ($) |
Revolving Credit Facility [Member] | Wells Fargo [Member] | |
Repayments of Lines of Credit | $ 1,300,000 |
Asset Sale [Member] | Churchill Downs LLC [Member] | |
Disposal Group, Including Discontinued Operation, Consideration | 10,800,000 |
Disposal Group, Including Discontinued Operation, Note Receivable, Amount | $ 7,400,000 |
Disposal Group, Including Discontinued Operation, Equity Interest in Buyer | 5.00% |
Disposal Group, Including Discontinued Operation, Expenses, Estimated Amount | $ 1,934,000,000 |
Schedule II - Valuation and Q56
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Doubtful Receivables [Member] | |||
Balance at beginning of period | $ 117,000 | $ 267,000 | |
Charged (credited) to costs & expenses | 71,000 | 91,000 | |
Deductions | [1] | 92,000 | 241,000 |
Balance at end of period | 96,000 | 117,000 | |
Discount Returns and Allowance [Member] | |||
Balance at beginning of period | 155,000 | 137,000 | |
Charged (credited) to costs & expenses | [2] | (48,000) | 18,000 |
Deductions | |||
Balance at end of period | 107,000 | 155,000 | |
Doubtful Receivables & Discounts Returns and Allowances [Member] | |||
Balance at beginning of period | 272 | 404 | |
Charged (credited) to costs & expenses | 23 | 109 | |
Deductions | 92 | 241 | |
Balance at end of period | 203 | 272 | |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Balance at beginning of period | 12,588,000 | 19,194,000 | |
Charged (credited) to costs & expenses | |||
Deductions | 2,857,000 | 6,606,000 | |
Balance at end of period | $ 9,731,000 | $ 12,588,000 | |
[1] | Uncollectible receivables written-off, net of recoveries. | ||
[2] | Represents net increase (decrease) in the reserve. |