JanOne Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Significant Accounting Policies

Schedule of inventories, consisting principally of appliances, are stated at the lower of cost, determined on a specific identification basis, or market

		June 30, 2012			December 31, 2011
Appliances held for resale		$	20,657		$	18,291
Processed metals from recycled appliances held for resale		538			250
Less provision for inventory obsolescence		(83		)	(85		)
		$	21,112		$	18,456

Schedule of property and equipment

		June 30, 2012			December 31, 2011
Land		$	1,140		$	1,140
Buildings and improvements		3,393			3,303
Equipment (including computer software)		19,951			19,472
Projects under construction		96			35
		24,580			23,950
Less accumulated depreciation and amortization		(11,966		)	(11,415		)
		$	12,614		$	12,535

Schedule of warranty accrual

		Three Months Ended						Six Months Ended
		June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
Beginning Balance		$	66		$	37		$	71		$	36
Standard accrual based on units sold		12			36			24			51
Actual costs incurred		(4		)	(4		)	(8		)	(8		)
Periodic accrual adjustments		(13		)	(10		)	(26		)	(20		)
Ending Balance		$	61		$	59		$	61		$	59

Schedule of reconciliation of the denominator in the basic and diluted income or loss per share

		Three Months Ended						Six Months Ended
		June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
Numerator:
Net income (loss) attributable to controlling interest		$	(641	)	$	2,028		$	(707	)	$	2,702

Denominator:
Weighted average shares outstanding — basic		5,555			5,493			5,546			5,493
Employee stock options		—			117			—			101
Stock warrants		—			210			—			207
Weighted average shares outstanding - diluted		5,555			5,820			5,546			5,801

Income (loss) per share:
Basic		$	(0.12	)	$	0.37		$	(0.13	)	$	0.49
Diluted		$	(0.12	)	$	0.35		$	(0.13	)	$	0.47