Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Apr. 02, 2016
Jan. 02, 2016
Current assets:    
Cash and cash equivalents $ 2,323 $ 1,969
Accounts receivable, net of allowance of $97 and $73, respectively 11,006 11,536
Inventories 15,277 16,733
Income taxes receivable 1,441 1,126
Other current assets 1,081 1,350
Deferred income tax assets 1,657 1,657
Total current assets 32,785 34,371
Property and equipment, net 10,817 10,985
Restricted Cash and Cash Equivalents 500 500
Other assets 585 596
Deferred income tax assets 327 327
Total assets 45,014 46,779
Current liabilities:    
Accounts payable 6,726 7,019
Accrued expenses 9,868 8,934
Line of credit 10,412 12,668
Current maturities of long-term obligations 2,732 1,251
Total current liabilities 29,738 29,872
Long-term obligations, less current maturities 3,463 4,506
Other Liabilities, Noncurrent 342 357
Total liabilities $ 33,543 $ 34,735
Commitments and contingencies
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,901 shares $ 21,504 $ 21,466
Accumulated deficit (10,028) (9,577)
Accumulated other comprehensive loss (546) (565)
Total shareholders’ equity 10,930 11,324
Noncontrolling interest 541 720
Total equity 11,471 12,044
Total liabilities and shareholders’ equity $ 45,014 $ 46,779