Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v2.4.0.6
Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 29, 2012
Accounting Policies [Abstract]  
Schedule of inventories, consisting principally of appliances, are stated at the lower of cost, determined on a specific identification basis, or market
Inventories:  Inventories, consisting principally of appliances, are stated at the lower of cost, determined on a specific identification basis, or market and consist of:
 
 
 
September 29,
2012
 
December 31,
2011
Appliances held for resale
 
$
20,432

 
$
18,291

Processed metals from recycled appliances held for resale
 
246

 
250

Less provision for inventory obsolescence
 
(162
)
 
(85
)
 
 
$
20,516

 
$
18,456

Schedule of property and equipment
We provide estimated provisions for the obsolescence of our appliance inventories, including adjustments to market, based on various factors, including the age of such inventory and our management’s assessment of the need for such provisions.  We look at historical inventory agings and margin analysis in determining our provision estimate.  A revised cost basis is used once a provision for obsolescence is recorded.
Property and equipment:  Property and equipment consists of the following:
 
 
 
September 29,
2012
 
December 31,
2011
Land
 
$
1,140

 
$
1,140

Buildings and improvements
 
3,425

 
3,303

Equipment (including computer software)
 
20,047

 
19,472

Projects under construction
 
113

 
35

 
 
24,725

 
23,950

Less accumulated depreciation and amortization
 
(12,256
)
 
(11,415
)
 
 
$
12,469

 
$
12,535

Schedule of warranty accrual
Changes in our warranty accrual are as follows:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 29, 2012
 
October 1, 2011
 
September 29, 2012
 
October 1, 2011
Beginning Balance
 
$
61

 
$
59

 
$
71

 
$
36

Standard accrual based on units sold
 
10

 
35

 
34

 
86

Actual costs incurred
 
(4
)
 
(4
)
 
(12
)
 
(12
)
Periodic accrual adjustments
 
(12
)
 
(12
)
 
(38
)
 
(32
)
Ending Balance
 
$
55

 
$
78

 
$
55

 
$
78

Schedule of reconciliation of the denominator in the basic and diluted income or loss per share
A reconciliation of the denominator in the basic and diluted income or loss per share is as follows:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 29, 2012
 
October 1, 2011
 
September 29, 2012
 
October 1, 2011
Numerator:
 
 

 
 

 
 

 
 

Net income (loss) attributable to controlling interest
 
$
(1,082
)
 
$
1,756

 
$
(1,789
)
 
$
4,458

 
 
 
 
 
 
 
 
 
Denominator:
 
 

 
 

 
 

 
 

Weighted average shares outstanding — basic
 
5,556

 
5,493

 
5,549

 
5,493

Employee stock options
 
—

 
118

 
—

 
108

Stock warrants
 
—

 
210

 
—

 
208

Weighted average shares outstanding - diluted
 
5,556

 
5,821

 
5,549

 
5,809

 
 
 
 
 
 
 
 
 
Income (loss) per share:
 
 

 
 

 
 

 
 

Basic
 
$
(0.19
)
 
$
0.32

 
$
(0.32
)
 
$
0.81

Diluted
 
$
(0.19
)
 
$
0.30

 
$
(0.32
)
 
$
0.77