Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands
Jul. 02, 2011
Jan. 01, 2011
Current assets:    
Cash and cash equivalents $ 4,477 $ 3,065
Accounts receivable, net of allowance of $28 and $44, respectively 9,435 5,030
Inventories, net of reserves of $94 and $286, respectively 16,353 16,593
Other current assets 1,232 519
Deferred tax assets 641  
Total current assets 32,138 25,207
Property and equipment, net 12,470 11,747
Restricted cash   701
Goodwill 1,120 1,120
Other assets 1,564 1,060
Deferred income taxes 306 29
Total assets 47,598 [1] 39,864 [1]
Current liabilities:    
Accounts payable 5,794 4,468
Checks issued in excess of bank balance   42
Accrued expenses 5,267 4,771
Line of credit 10,760 10,139
Current maturities of long-term obligations 1,089 4,396
Income taxes payable 828 60
Total current liabilities 23,738 23,876
Long-term obligations, less current maturities 7,470 2,501
Deferred gain, net of current portion 1,096 1,340
Total liabilities 32,304 [1] 27,717 [1]
Commitments and contingencies    
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,493 shares at both periods 19,989 19,740
Accumulated deficit (6,556) (9,258)
Accumulated other comprehensive loss (189) (274)
Total shareholders' equity 13,244 10,208
Noncontrolling interest 2,050 1,939
Total equity 15,294 12,147
Total liabilities and shareholders' equity $ 47,598 $ 39,864
[1] Assets of the consolidated VIE that can only be used to settle obligations of the consolidated VIE were $11,386 and $10,207 and liabilities of the consolidated VIE for which creditors do not have recourse to the general credit of the Company were $1,903 and $3,774 as of July 2, 2011 and January 1, 2011, respectively.