☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Rhode Island | 05-0318215 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
600 East Greenwich Avenue, West Warwick, Rhode Island | 02893 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock, $.05 Par Value | ALOT | NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page No. | ||||||||
Part I. | ||||||||
Item 1. | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
Item 2. | 25-37 | |||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. | ||||||||
Item 1. | ||||||||
Item 1A. | 37-38 | |||||||
Item 2. | ||||||||
Item 6. | ||||||||
Item 1. | Financial Statements |
July 31, 2021 | January 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 11,389 | $ | 11,439 | ||||
Accounts Receivable, net | 15,603 | 17,415 | ||||||
Inventories, net | 29,090 | 30,060 | ||||||
Prepaid Expenses and Other Current Assets | 5,317 | 1,807 | ||||||
Total Current Assets | 61,399 | 60,721 | ||||||
Property, Plant and Equipment, net | 12,307 | 12,011 | ||||||
Intangible Assets, net | 20,074 | 21,502 | ||||||
Goodwill | 12,623 | 12,806 | ||||||
Deferred Tax Assets | 5,942 | 5,941 | ||||||
Right of Use Assets | 1,209 | 1,389 | ||||||
Other Assets | 1,680 | 1,103 | ||||||
TOTAL ASSETS | $ | 115,234 | $ | 115,473 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts Payable | $ | 6,131 | $ | 5,734 | ||||
Accrued Compensation | 3,917 | 2,852 | ||||||
Other Liabilities and Accrued Expenses | 3,666 | 3,939 | ||||||
Current Liability – Royalty Obligation | 2,000 | 2,000 | ||||||
Current Portion of Long-Term Debt | 875 | 5,326 | ||||||
Current Liability – Excess Royalty Payment Due | 24 | 177 | ||||||
Deferred Revenue | 324 | 285 | ||||||
Income Taxes Payable | — | 655 | ||||||
Total Current Liabilities | 16,937 | 20,968 | ||||||
Long-Term Debt, net of current portion | 8,641 | 7,109 | ||||||
Royalty Obligation, net of current portion | 5,261 | 6,161 | ||||||
Long-Term Debt – PPP Loan | — | 4,422 | ||||||
Lease Liabilities, net of current portion | 907 | 1,065 | ||||||
Other Long-Term Liabilities | 557 | 681 | ||||||
Deferred Tax Liabilities | 354 | 384 | ||||||
TOTAL LIABILITIES | 32,657 | 40,790 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,554,475 shares and 10,425,094 shares at July 31, 2021 and January 31, 2021, respectively | 526 | 521 | ||||||
Additional Paid-in Capital | 59,078 | 58,049 | ||||||
Retained Earnings | 57,697 | 50,085 | ||||||
Treasury Stock, at Cost, 3,321,955 and 3,297,058 shares at July 31, 2021 and January 31, 2021, respectively | (33,942 | ) | (33,588 | ) | ||||
Accumulated Other Comprehensive Loss, net of tax | (782 | ) | (384 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 82,577 | 74,683 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 115,234 | $ | 115,473 | ||||
October 30, 2021 | January 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 8,727 | $ | 11,439 | ||||
Accounts Receivable, net | 16,351 | 17,415 | ||||||
Inventories, net | 31,661 | 30,060 | ||||||
Prepaid Expenses and Other Current Assets | 6,451 | 1,807 | ||||||
Total Current Assets | 63,190 | 60,721 | ||||||
Property, Plant and Equipment, net | 11,674 | 12,011 | ||||||
Intangible Assets, net | 19,637 | 21,502 | ||||||
Goodwill | 12,415 | 12,806 | ||||||
Deferred Tax Assets | 5,942 | 5,941 | ||||||
Right of Use Assets | 1,106 | 1,389 | ||||||
Other Assets | 1,658 | 1,103 | ||||||
TOTAL ASSETS | $ | 115,622 | $ | 115,473 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts Payable | $ | 6,866 | $ | 5,734 | ||||
Accrued Compensation | 4,370 | 2,852 | ||||||
Other Liabilities and Accrued Expenses | 3,835 | 3,939 | ||||||
Current Liability – Royalty Obligation | 2,000 | 2,000 | ||||||
Current Portion of Long-Term Debt | 938 | 5,326 | ||||||
Current Liability – Excess Royalty Payment Due | 220 | 177 | ||||||
Deferred Revenue | 284 | 285 | ||||||
Income Taxes Payable | — | 655 | ||||||
Total Current Liabilities | 18,513 | 20,968 | ||||||
Long-Term Debt, net of current portion | 8,397 | 7,109 | ||||||
Royalty Obligation, net of current portion | 4,811 | 6,161 | ||||||
Long-Term Debt – PPP Loan | — | 4,422 | ||||||
Lease Liabilities, net of current portion | 826 | 1,065 | ||||||
Other Long-Term Liabilities | 557 | 681 | ||||||
Deferred Tax Liabilities | 336 | 384 | ||||||
TOTAL LIABILITIES | 33,440 | 40,790 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,556,891 shares and 10,425,094 shares at October 30, 2021 and January 31, 2021, respectively | 528 | 521 | ||||||
Additional Paid-in Capital | 59,502 | 58,049 | ||||||
Retained Earnings | 57,272 | 50,085 | ||||||
Treasury Stock, at Cost, 3,322,115 and 3,297,058 shares at October 30, 2021 and January 31, 2021, respectively | (33,944 | ) | (33,588 | ) | ||||
Accumulated Other Comprehensive Loss, net of tax | (1,176 | ) | (384 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 82,182 | 74,683 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 115,622 | $ | 115,473 | ||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||||
Revenue | $ | 29,845 | $ | 27,658 | $ | 58,923 | $ | 58,578 | $ | 28,857 | $ | 28,017 | $ | 87,780 | $ | 86,595 | ||||||||||||||||
Cost of Revenue | 17,129 | 17,871 | 35,320 | 37,935 | 18,472 | 18,282 | 53,792 | 56,218 | ||||||||||||||||||||||||
Gross Profit | 12,716 | 9,787 | 23,603 | 20,643 | 10,385 | 9,735 | 33,988 | 30,377 | ||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||
Selling and Marketing | 5,061 | 5,555 | 11,154 | 11,481 | 5,777 | 5,553 | 16,931 | 17,033 | ||||||||||||||||||||||||
Research and Development | 1,539 | 1,493 | 3,255 | 3,433 | 1,948 | 1,412 | 5,203 | 4,845 | ||||||||||||||||||||||||
General and Administrative | 2,664 | 2,535 | 5,008 | 4,861 | 2,364 | 2,353 | 7,372 | 7,214 | ||||||||||||||||||||||||
Operating Expenses | 9,264 | 9,583 | 19,417 | 19,775 | 10,089 | 9,318 | 29,506 | 29,092 | ||||||||||||||||||||||||
Operating Income | 3,452 | 204 | 4,186 | 868 | 296 | 417 | 4,482 | 1,285 | ||||||||||||||||||||||||
Other Income (Expense), net: | ||||||||||||||||||||||||||||||||
4,466 | — | 4,466 | — | 0 | — | 4,466 | — | |||||||||||||||||||||||||
Loss on Disposal of Assets | (696 | ) | 0 | (696 | ) | 0 | ||||||||||||||||||||||||||
(171 | ) | (259 | ) | (392 | ) | (490 | ) | (135 | ) | (286 | ) | (526 | ) | (776 | ) | |||||||||||||||||
50 | 553 | (114 | ) | 399 | (117 | ) | (85 | ) | (231 | ) | 314 | |||||||||||||||||||||
(79 | ) | 34 | (63 | ) | 68 | 53 | (66 | ) | (11 | ) | 3 | |||||||||||||||||||||
4,266 | 328 | 3,897 | (23 | ) | (895 | ) | (437 | ) | 3,002 | (459 | ) | |||||||||||||||||||||
Income Before Income Taxes | 7,718 | 532 | 8,083 | 845 | ||||||||||||||||||||||||||||
Income Tax Provision | 699 | 529 | 471 | 411 | ||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | (599 | ) | (20 | ) | 7,484 | 826 | ||||||||||||||||||||||||||
Income Tax Provision (Benefit) | (174 | ) | (32 | ) | 297 | 379 | ||||||||||||||||||||||||||
Net Income | $ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||||||||||||||||||
Net Income (Loss) | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | |||||||||||||||||||||||
Net Income per Common Share—Basic : | $ | 0.97 | $ | 0.00 | $ | 1.06 | $ | 0.06 | ||||||||||||||||||||||||
Net Income (Loss) per Common Share—Basic: | $ | (0.06 | ) | $ | 0.00 | $ | 1.00 | $ | 0.06 | |||||||||||||||||||||||
Net Income per Common Share—Diluted : | $ | 0.96 | $ | 0.00 | $ | 1.04 | $ | 0.06 | ||||||||||||||||||||||||
Net Income (Loss) per Common Share—Diluted: | $ | (0.06 | ) | $ | 0.00 | $ | 0.98 | $ | 0.06 | |||||||||||||||||||||||
Weighted Average Number of Common Shares Outstanding: | ||||||||||||||||||||||||||||||||
Basic | 7,209 | 7,105 | 7,177 | 7,089 | 7,234 | 7,120 | 7,196 | 7,100 | ||||||||||||||||||||||||
Diluted | 7,329 | 7,123 | 7,297 | 7,114 | 7,234 | 7,185 | 7,325 | 7,137 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||||
Net Income | $ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||||||||||||||||||
Net Income (Loss) | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | |||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Taxes: | ||||||||||||||||||||||||||||||||
Foreign Currency Translation Adjustments | (348 | ) | 351 | (429 | ) | 210 | (410 | ) | (157 | ) | (839 | ) | 53 | |||||||||||||||||||
Change in Value of Derivatives Designated as Cash Flow Hedge | — | (229 | ) | — | (270 | ) | — | 15 | — | (255 | ) | |||||||||||||||||||||
Loss from Cash Flow Hedges Reclassified to Income Statement | 15 | 232 | 31 | 193 | 16 | 0 | 47 | 193 | ||||||||||||||||||||||||
Cross-Currency Interest Rate Swap Termination | — | 45 | — | 45 | — | 0 | — | 45 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | (333 | ) | 399 | (398 | ) | 178 | (394 | ) | (142 | ) | (792 | ) | 36 | |||||||||||||||||||
Comprehensive Income | $ | 6,686 | $ | 402 | $ | 7,214 | $ | 612 | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | (819 | ) | $ | (130 | ) | $ | 6,395 | $ | 483 | ||||||||||||||||||||||
Common Stock | Additional Paid-in | Retained | Treasury | Accumulated Other Comprehensive | Total Shareholders’ | |||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Stock | Income (Loss) | Equity | ||||||||||||||||||||||
Balance January 31, 2021 | 10,425,094 | $ | 521 | $ | 58,049 | $ | 50,085 | $ | (33,588 | ) | $ | (384 | ) | $ | 74,683 | |||||||||||||
Share-Based Compensation | — | — | 478 | — | — | — | 478 | |||||||||||||||||||||
Employee Option Exercises | 5,746 | — | 52 | — | — | — | 52 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 48,299 | 3 | (3 | ) | — | (208 | ) | — | (208 | ) | ||||||||||||||||||
Net Income | — | — | — | 593 | — | — | 593 | |||||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | — | (65 | ) | (65 | ) | |||||||||||||||||||
Balance May 1, 2021 | 10,479,139 | $ | 524 | $ | 58,576 | $ | 50,678 | $ | (33,796 | ) | $ | (449 | ) | $ | 75,533 | |||||||||||||
Share-Based Compensation | — | — | 469 | — | — | — | 469 | |||||||||||||||||||||
Employee Option Exercises | 3,211 | — | 35 | — | — | — | 35 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 72,125 | 2 | (2 | ) | — | (146 | ) | — | (146 | ) | ||||||||||||||||||
Net Income | — | — | — | 7,019 | — | — | 7,019 | |||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | (333 | ) | (333 | ) | |||||||||||||||||||
Balance July 31, 2021 | 10,554,475 | $ | 526 | $ | 59,078 | $ | 57,697 | $ | (33,942 | ) | $ | (782 | ) | $ | 82,577 | |||||||||||||
Common Stock | Additional Paid-in | Retained | Treasury | Accumulated Other Comprehensive | Total Shareholders’ | |||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Stock | Income (Loss) | Equity | ||||||||||||||||||||||
Balance January 31, 2021 | 10,425,094 | $ | 521 | $ | 58,049 | $ | 50,085 | $ | (33,588 | ) | $ | (384 | ) | $ | 74,683 | |||||||||||||
Share-Based Compensation | — | — | 478 | — | — | — | 478 | |||||||||||||||||||||
Employee Option Exercises | 5,746 | — | 52 | — | — | — | 52 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 48,299 | 3 | (3 | ) | — | (208 | ) | — | (208 | ) | ||||||||||||||||||
Net Income | — | — | — | 593 | — | — | 593 | |||||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | — | (65 | ) | (65 | ) | |||||||||||||||||||
Balance May 1, 2021 | 10,479,139 | $ | 524 | $ | 58,576 | $ | 50,678 | $ | (33,796 | ) | $ | (449 | ) | $ | 75,533 | |||||||||||||
Share-Based Compensation | — | — | 469 | — | — | — | 469 | |||||||||||||||||||||
Employee Option Exercises | 3,211 | — | 35 | — | — | — | 35 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 72,125 | 4 | (4 | ) | — | (146 | ) | — | (146 | ) | ||||||||||||||||||
Net Income | — | — | — | 7,019 | — | — | 7,019 | |||||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | — | (333 | ) | (333 | ) | |||||||||||||||||||
Balance July 31, 2021 | 10,554,475 | $ | 528 | $ | 59,076 | $ | 57,697 | $ | (33,942 | ) | $ | (782 | ) | $ | 82,577 | |||||||||||||
Share-Based Compensation | — | — | 399 | — | — | — | 399 | |||||||||||||||||||||
Employee Option Exercises | 1,983 | — | 27 | — | — | — | 27 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 433 | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||
Net Loss | — | — | — | (425 | ) | — | — | (425 | ) | |||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | — | (394 | ) | (394 | ) | |||||||||||||||||||
Balance October 30, 2021 | 10,556,891 | $ | 528 | $ | 59,502 | $ | 57,272 | $ | (33,944 | ) | $ | (1,176 | ) | $ | 82,182 | |||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||
Balance January 31, 2020 | 10,343,610 | $ | 517 | $ | 56,130 | $ | 49,298 | $ | (33,477 | ) | $ | (1,093 | ) | $ | 71,375 | |||||||||||||
Share-Based Compensation | — | — | 495 | — | — | — | 495 | |||||||||||||||||||||
Employee Option Exercises | 4,456 | — | 32 | — | — | — | 32 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 23,638 | 1 | (1 | ) | — | (54 | ) | — | (54 | ) | ||||||||||||||||||
Common Stock – Cash Dividend - $0.07 per share | — | — | — | (497 | ) | — | — | (497 | ) | |||||||||||||||||||
Net Income | — | — | — | 432 | — | — | 432 | |||||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | — | (221 | ) | (221 | ) | |||||||||||||||||||
Balance May 2, 2020 | 10,371,704 | $ | 518 | $ | 56,656 | $ | 49,233 | $ | (33,531 | ) | $ | (1,314 | ) | $ | 71,562 | |||||||||||||
Share-Based Compensation | — | — | 601 | — | — | — | 601 | |||||||||||||||||||||
Employee Option Exercises | 4,874 | — | 29 | — | — | — | 29 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 35,676 | 2 | (2 | ) | — | (37 | ) | — | (37 | ) | ||||||||||||||||||
Net Income | — | — | — | 3 | — | — | 3 | |||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | 399 | 399 | |||||||||||||||||||||
Balance August 1, 2020 | 10,412,254 | $ | 520 | $ | 57,284 | $ | 49,236 | $ | (33,568 | ) | $ | (915 | ) | $ | 72,557 | |||||||||||||
Common Stock | Additional Paid-in | Retained | Treasury | Accumulated Other Comprehensive | Total Shareholders’ | |||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Stock | Income (Loss) | Equity | ||||||||||||||||||||||
Balance January 31, 2020 | 10,343,610 | $ | 517 | $ | 56,130 | $ | 49,298 | $ | (33,477 | ) | $ | (1,093 | ) | $ | 71,375 | |||||||||||||
Share-Based Compensation | — | — | 495 | — | — | — | 495 | |||||||||||||||||||||
Employee Option Exercises | 4,456 | — | 32 | — | — | — | 32 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 23,638 | 1 | (1 | ) | — | (54 | ) | — | (54 | ) | ||||||||||||||||||
Common Stock – Cash Dividend - $0.07 per share | — | — | — | (497 | ) | — | — | (497 | ) | |||||||||||||||||||
Net Income | — | — | — | 432 | — | — | 432 | |||||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | — | (221 | ) | (221 | ) | |||||||||||||||||||
Balance May 2, 2020 | 10,371,704 | $ | 518 | $ | 56,656 | $ | 49,233 | $ | (33,531 | ) | $ | (1,314 | ) | $ | 71,562 | |||||||||||||
Share-Based Compensation | — | — | 601 | — | — | — | 601 | |||||||||||||||||||||
Employee Option Exercises | 4,874 | — | 29 | — | — | — | 29 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 35,676 | 2 | (2 | ) | — | (37 | ) | — | (37 | ) | ||||||||||||||||||
Net Income | — | — | — | 3 | — | — | 3 | |||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | 399 | 399 | |||||||||||||||||||||
Balance August 1, 2020 | 10,412,254 | $ | 520 | $ | 57,284 | $ | 49,236 | $ | (33,568 | ) | $ | (915 | ) | $ | 72,557 | |||||||||||||
Share-Based Compensation | — | — | 591 | — | — | — | 591 | |||||||||||||||||||||
Employee Option Exercises | 4,037 | 1 | 19 | — | — | — | 20 | |||||||||||||||||||||
Restricted Stock Awards Vested, net | 433 | — | — | — | — | — | — | |||||||||||||||||||||
Net Income | — | — | — | 12 | — | — | 12 | |||||||||||||||||||||
Other Comprehensive (Loss) | — | — | — | — | — | (142 | ) | (142 | ) | |||||||||||||||||||
Balance October 31, 2020 | 10,416,724 | $ | 521 | $ | 57,894 | $ | 49,248 | $ | (33,568 | ) | $ | (1,057 | ) | $ | 73,038 | |||||||||||||
Six Months Ended | Nine Months Ended | |||||||||||||||
July 31, 2021 | August 1, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net Income | $ | 7,612 | $ | 434 | $ | 7,187 | $ | 447 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||||
Depreciation and Amortization | 2,274 | 3,133 | 3,070 | 4,571 | ||||||||||||
Amortization of Debt Issuance Costs | 31 | 24 | 38 | 48 | ||||||||||||
Share-Based Compensation | 947 | 1,096 | 1,345 | 1,687 | ||||||||||||
Loss on Disposal of Assets | 696 | — | ||||||||||||||
Gain on Extinguishment of Debt | (4,466 | ) | — | (4,466 | ) | — | ||||||||||
Changes in Assets and Liabilities: | ||||||||||||||||
Accounts Receivable | 1,777 | 5,069 | 969 | 4,248 | ||||||||||||
Other Receivable – Employee Retention Credit Receivable | (3,135 | ) | — | (3,135 | ) | — | ||||||||||
Inventories | 895 | 1,767 | (1,804 | ) | 3,252 | |||||||||||
Income Taxes | (1,241 | ) | 143 | (1,965 | ) | 115 | ||||||||||
Accounts Payable and Accrued Expenses | 1,282 | (1,244 | ) | 2,914 | (1,488 | ) | ||||||||||
Other | (483 | ) | (1,258 | ) | (1,001 | ) | (1,213 | ) | ||||||||
Net Cash Provided by Operating Activities | 5,493 | 9,164 | 3,848 | 11,667 | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Additions to Property, Plant and Equipment | (1,162 | ) | (1,201 | ) | (1,507 | ) | (2,102 | ) | ||||||||
Net Cash Used for Investing Activities | (1,162 | ) | (1,201 | ) | (1,507 | ) | (2,102 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Net Cash Proceeds from Employee Stock Option Plans | 43 | 6 | 47 | 6 | ||||||||||||
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan | 44 | 55 | 67 | 75 | ||||||||||||
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | (354 | ) | (91 | ) | (356 | ) | (91 | ) | ||||||||
Borrowings under Revolving Credit Facility | — | 5,000 | — | 5,000 | ||||||||||||
Repayment under Revolving Credit Facility | — | (9,500 | ) | — | (11,500 | ) | ||||||||||
Payment of Minimum Guarantee Royalty Obligation | (1,000 | ) | (1,000 | ) | (1,500 | ) | (1,500 | ) | ||||||||
Proceeds from Long-Term Debt – PPP Loan | — | 4,422 | — | 4,422 | ||||||||||||
Proceeds from Long-Term Debt Borrowings | 10,000 | 15,232 | 10,000 | 15,232 | ||||||||||||
Payoff of Long-Term Debt | (12,576 | ) | (11,732 | ) | (12,576 | ) | (11,732 | ) | ||||||||
Principal Payments of Long-Term Debt | (375 | ) | (2,104 | ) | (563 | ) | (2,906 | ) | ||||||||
Payment of Debt Issuance Costs | — | (89 | ) | — | (89 | ) | ||||||||||
Dividends Paid | — | (497 | ) | — | (497 | ) | ||||||||||
Net Cash Used for Financing Activities | (4,218 | ) | (298 | ) | (4,881 | ) | (3,580 | ) | ||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (163 | ) | (679 | ) | (172 | ) | (631 | ) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (50 | ) | 6,986 | (2,712 | ) | 5,354 | ||||||||||
Cash and Cash Equivalents, Beginning of Period | 11,439 | 4,249 | 11,439 | 4,249 | ||||||||||||
Cash and Cash Equivalents, End of Period | $ | 11,389 | $ | 11,235 | $ | 8,727 | $ | 9,603 | ||||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||||||
Cash Paid During the Period for Interest | $ | 209 | $ | 309 | $ | 268 | $ | 517 | ||||||||
Cash Paid During the Period for Income Taxes, Net of Refunds | $ | 1,689 | $ | 251 | $ | 2,243 | $ | 250 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(In thousands) | July 31, 2021 | August 1 ,20 20 | July 31, 2021 | August 1, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||
United States | $ | 17,181 | $ | 17,866 | $ | 33,874 | $ | 37,655 | $ | 17,280 | $ | 16,788 | $ | 51,154 | $ | 54,442 | ||||||||||||||||
Europe | 7,826 | 6,314 | 16,425 | 13,764 | 7,163 | 7,081 | 23,588 | 20,845 | ||||||||||||||||||||||||
Canada | 1,491 | 1,452 | 3,037 | 2,880 | 1,724 | 1,273 | 4,761 | 4,154 | ||||||||||||||||||||||||
Asia | 1,964 | 831 | 3,049 | 1,841 | 1,473 | 1,209 | 4,523 | 3,050 | ||||||||||||||||||||||||
Central and South America | 995 | 914 | 1,756 | 1,868 | 814 | 1,233 | 2,569 | 3,101 | ||||||||||||||||||||||||
Other | 388 | 281 | 782 | 570 | 403 | 433 | 1,185 | 1,003 | ||||||||||||||||||||||||
Total Revenue | $ | 29,845 | $ | 27,658 | $ | 58,923 | $ | 58,578 | $ | 28,857 | $ | 28,017 | $ | 87,780 | $ | 86,595 | ||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(In thousands) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||
Hardware | $ | 7,878 | $ | 8,439 | $ | 15,525 | $ | 17,354 | $ | 7,622 | $ | 7,667 | $ | 23,147 | $ | 25,021 | ||||||||||||||||
Supplies | 18,678 | 17,140 | 36,888 | 36,258 | 18,055 | 17,996 | 54,944 | 54,254 | ||||||||||||||||||||||||
Service and Other | 3,289 | 2,079 | 6,510 | 4,966 | 3,180 | 2,354 | 9,689 | 7,320 | ||||||||||||||||||||||||
Total Revenue | $ | 29,845 | $ | 27,658 | $ | 58,923 | $ | 58,578 | $ | 28,857 | $ | 28,017 | $ | 87,780 | $ | 86,595 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
Weighted Average Common Shares Outstanding – Basic | 7,208,834 | 7,105,241 | 7,176,940 | 7,089,169 | ||||||||||||
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 119,724 | 17,354 | 120,178 | 24,359 | ||||||||||||
Weighted Average Common Shares Outstanding – Diluted | 7,328,558 | 7,122,595 | 7,297,118 | 7,113,528 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||
Weighted Average Common Shares Outstanding – Basic | 7,234,045 | 7,120,286 | 7,196,066 | 7,099,505 | ||||||||||||
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 0 | 65,199 | 128,437 | 37,973 | ||||||||||||
Weighted Average Common Shares Outstanding – Diluted | 7,234,045 | 7,185,485 | 7,324,503 | 7,137,478 | ||||||||||||
July 31, 2021 | January 31, 2021 | |||||||||||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Currency Translation Adjustment | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Currency Translation Adjustment | Net Carrying Amount | ||||||||||||||||||||||||
Miltope: | ||||||||||||||||||||||||||||||||
Customer Contract Relationships | $ | 3,100 | $ | (2,399 | ) | $ | — | $ | 701 | $ | 3,100 | $ | (2,284 | ) | $ | — | $ | 816 | ||||||||||||||
RITEC: | ||||||||||||||||||||||||||||||||
Customer Contract Relationships | 2,830 | (1,523 | ) | — | 1,307 | 2,830 | (1,423 | ) | — | 1,407 | ||||||||||||||||||||||
TrojanLabel: | ||||||||||||||||||||||||||||||||
Existing Technology | 2,327 | (1,590 | ) | 174 | 911 | 2,327 | (1,405 | ) | 196 | 1,118 | ||||||||||||||||||||||
Distributor Relations | 937 | (448 | ) | 76 | 565 | 937 | (396 | ) | 89 | 630 | ||||||||||||||||||||||
Honeywell: | ||||||||||||||||||||||||||||||||
Customer Contract Relationships | 27,243 | (10,653 | ) | — | 16,590 | 27,243 | (9,712 | ) | — | 17,531 | ||||||||||||||||||||||
Intangible Assets, net | $ | 36,437 | $ | (16,613 | ) | $ | 250 | $ | 20,074 | $ | 36,437 | $ | (15,220 | ) | $ | 285 | $ | 21,502 | ||||||||||||||
October 30, 2021 | January 31, 2021 | |||||||||||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Currency Translation Adjustment | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Currency Translation Adjustment | Net Carrying Amount | ||||||||||||||||||||||||
Miltope: | ||||||||||||||||||||||||||||||||
Customer Contract Relationships | $ | 3,100 | $ | (2,457 | ) | $ | — | $ | 643 | $ | 3,100 | $ | (2,284 | ) | $ | — | $ | 816 | ||||||||||||||
RITEC: | ||||||||||||||||||||||||||||||||
Customer Contract Relationships | 2,830 | (1,540 | ) | — | 1,290 | 2,830 | (1,423 | ) | — | 1,407 | ||||||||||||||||||||||
TrojanLabel: | ||||||||||||||||||||||||||||||||
Existing Technology | 2,327 | (1,680 | ) | 151 | 798 | 2,327 | (1,405 | ) | 196 | 1,118 | ||||||||||||||||||||||
Distributor Relations | 937 | (473 | ) | 62 | 526 | 937 | (396 | ) | 89 | 630 | ||||||||||||||||||||||
Honeywell: | ||||||||||||||||||||||||||||||||
Customer Contract Relationships | 27,243 | (10,863 | ) | — | 16,380 | 27,243 | (9,712 | ) | — | 17,531 | ||||||||||||||||||||||
Intangible Assets, net | $ | 36,437 | $ | (17,013 | ) | $ | 213 | $ | 19,637 | $ | 36,437 | $ | (15,220 | ) | $ | 285 | $ | 21,502 | ||||||||||||||
(In thousands) | Remaining 2022 | 2023 | 2024 | 2025 | 2026 | Remaining 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||||||||||
Estimated amortization expense | $ | 805 | $ | 1,641 | $ | 1,702 | $ | 1,010 | $ | 1,010 | $ | 401 | $ | 1,637 | $ | 1,699 | $ | 1,009 | $ | 1,009 |
(In thousands) | July 31, 2021 | January 31, 2021 | ||||||
Materials and Supplies | $ | 19,609 | $ | 20,265 | ||||
Work-In-Process | 2,205 | 2,076 | ||||||
Finished Goods | 15,871 | 16,371 | ||||||
37,685 | 38,712 | |||||||
Inventory Reserve | (8,595 | ) | (8,652 | ) | ||||
$ | 29,090 | $ | 30,060 | |||||
(In thousands) | October 30, 2021 | January 31, 2021 | ||||||
Materials and Supplies | $ | 21,526 | $ | 20,265 | ||||
Work-In-Process | 2,061 | 2,076 | ||||||
Finished Goods | 16,928 | 16,371 | ||||||
40,515 | 38,712 | |||||||
Inventory Reserve | (8,854 | ) | (8,652 | ) | ||||
$ | 31,661 | $ | 30,060 | |||||
October 30, | January 31, | |||||||
2021 | 2021 | |||||||
(In thousands) | ||||||||
Land and Land Improvement | $ | 1,004 | $ | 1,004 | ||||
Buildings and Leasehold Improvements | 12,635 | 12,642 | ||||||
Machinery and Equipment | 23,305 | 23,346 | ||||||
Computer Equipment and Software | 13,680 | 13,847 | ||||||
Gross Property, Plant and Equipment | 50,624 | 50,839 | ||||||
Accumulated Depreciation | (38,950 | ) | (38,828 | ) | ||||
Net Property Plant and Equipment | $ | 11,674 | $ | 12,011 | ||||
(In thousands) | July 31, 2021 | January 31, 2021 | ||||||
USD Term Loan (2.60% as of July 31, 2021); maturity date of September 30, 2025 | $ | 9,625 | $ | — | ||||
USD Term Loan (4.65% as of January 31, 2021) | — | 12,576 | ||||||
$ | 9,625 | $ | 12,576 | |||||
Debt Issuance Costs, net of accumulated amortization | (109 | ) | (141 | ) | ||||
Current Portion of Term Loans | (875 | ) | (5,326 | ) | ||||
Long-Term Debt | $ | 8,641 | $ | 7,109 | ||||
(In thousands) | October 30, 2021 | January 31, 2021 | ||||||
USD Term Loan (2.35% as of October 30, 2021); maturity date of September 30, 2025 | $ | 9,438 | $ | — | ||||
USD Term Loan (4.65% as of January 31, 2021) | — | 12,576 | ||||||
$ | 9,438 | $ | 12,576 | |||||
Debt Issuance Costs, net of accumulated amortization | (103 | ) | (141 | ) | ||||
Current Portion of Term Loans | (938 | ) | (5,326 | ) | ||||
Long-Term Debt | $ | 8,397 | $ | 7,109 | ||||
(In thousands) | ||||||||
Fiscal 2022, remainder | $ | 375 | $ | 188 | ||||
Fiscal 2023 | 1,000 | 1,000 | ||||||
Fiscal 2024 | 1,000 | 1,000 | ||||||
Fiscal 2025 | 1,250 | 1,250 | ||||||
Fiscal 2026 | 6,000 | 6,000 | ||||||
$ 9,625 | $ | 9,438 | ||||||
Three Months Ended | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | ||||||||||||||||||
Cash Flow Hedge (In thousands) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||||||||||
Swap contracts | $ | — | $ | (290 | ) | Other Income (Expense | ) | $ | (20 | ) | $ | (297 | ) | |||||||
Three Months Ended | ||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | ||||||||||||||||
Cash Flow Hedge (In thousands) | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||
Swap contracts | $ | — | $ | 0 | Other Income (Expense) | $ | (20 | ) | $ | (20 | ) | |||||||
Six Months Ended | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | ||||||||||||||||||
Cash Flow Hedge (In thousands) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||||||||||
Swap contracts | $ | — | $ | (340) | Other Income (Expense) | $ | (40) | $ | (248) | |||||||||||
Nine Months Ended | ||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | ||||||||||||||||
Cash Flow Hedge (In thousands) | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||
Swap contracts | $ | — | $ | (340 | ) | Other Income (Expense) | $ | (60 | ) | $ | (268 | ) | ||||||
Operating Leases (In thousands) | Balance Sheet Classification | July 31, 2021 | January 31, 2021 | |||||||||
Lease Assets | Right of Use Assets | $ | 1,209 | $ | 1,389 | |||||||
Lease Liabilities – Current | Other Liabilities and Accrued Expenses | 351 | 372 | |||||||||
Lease Liabilities – Long Term | Lease Liabilities | 907 | 1,065 |
Operating Leases (In thousands) | Balance Sheet Classification | October 30, 2021 | January 31, 2021 | |||||||
Lease Assets | Right of Use Assets | $ | 1,106 | $ | 1,389 | |||||
Lease Liabilities – Current | Other Liabilities and Accrued Expenses | 329 | 372 | |||||||
Lease Liabilities – Long Term | Lease Liabilities | 826 | 1,065 |
Three Months Ended | Nine | |||||||||
Operating Leases (In thousands) | Statement of Income Classification | October 30, 2021 | October 30, 2021 | |||||||
Operating Lease Costs | General and Administrative Expense | $ | 125 | $ | 386 |
Three Months Ended | Six Months Ended | |||||||||
Operating Leases (In thousands) | Statement of Income Classification | July 31, 2021 | July 31, 2021 | |||||||
Operating Lease Costs | General and Administrative Expense | $ | 124 | $ | 260 |
Three Months Ended | Six Months Ended | |||||||||
Operating Leases (In thousands) | Statement of Income Classification | August 1, 2020 | August 1, 2020 | |||||||
Operating Lease Costs | General and Administrative Expense | $ | 122 | $ | 242 |
Three Months Ended | Nine Months Ended | |||||||||
Operating Leases (In thousands) | Statement of Income Classification | October 31, 2020 | October 31, 2020 | |||||||
Operating Lease Costs | General and Administrative Expense | $ | 120 | $ | 362 |
(In thousands) | July 31, 2021 | October 31, 2021 | ||||||
2022, remaining | $ | 185 | $ | 92 | ||||
2023 | 314 | 309 | ||||||
2024 | 287 | 282 | ||||||
2025 | 180 | 176 | ||||||
2026 | 159 | 156 | ||||||
Thereafter | 265 | 257 | ||||||
Total Lease Payments | 1,390 | 1,272 | ||||||
Less: Imputed Interest | (132 | ) | (117 | ) | ||||
Total Lease Liabilities | $ | 1,258 | $ | 1,155 | ||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||
(In thousands) | July 31, 2021 | July 31, 2021 | October 30, 2021 | October 30, 2021 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||
Operating cash flows for operating leases | $ | 93 | $ | 185 | $ | 85 | $ | 285 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||
(In thousands) | August 1, 2020 | August 1, 2020 | October 31, 2020 | October 31, 2020 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||
Operating cash flows for operating leases | $ | 125 | $ | 231 | $ | 102 | $ | 333 |
(In thousands) | Foreign Currency Translation Adjustments | Cash Flow Hedges | Total | Foreign Currency Translation Adjustments | Cash Flow Hedges | Total | ||||||||||||||||||
Balance at January 31, 2021 | $ | (275 | ) | $ | (109 | ) | $ | (384 | ) | $ | (275 | ) | $ | (109 | ) | $ | (384 | ) | ||||||
Other Comprehensive Loss before reclassification | (429 | ) | — | (429 | ) | (839 | ) | — | (839 | ) | ||||||||||||||
Amounts reclassified from AOCL to Earnings | — | 31 | 31 | — | 47 | 47 | ||||||||||||||||||
Other Comprehensive Income (Loss) | (429 | ) | 31 | (398 | ) | (839 | ) | 47 | (792 | ) | ||||||||||||||
Balance at July 31, 2021 | $ | (704 | ) | $ | (78 | ) | $ | (782 | ) | |||||||||||||||
Balance at October 30, 2021 | $ | (1,114 | ) | $ | (62 | ) | $ | (1,176 | ) | |||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(In thousands) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||
Stock Options | $ | 57 | $ | 131 | $ | 162 | $ | 264 | $ | 25 | $ | 126 | $ | 187 | $ | 390 | ||||||||||||||||
Restricted Stock Awards and Restricted Stock Units | 408 | 465 | 778 | 822 | 369 | 462 | 1,147 | 1,284 | ||||||||||||||||||||||||
Employee Stock Purchase Plan | 4 | 5 | 7 | 10 | 4 | 3 | 11 | 13 | ||||||||||||||||||||||||
Total | $ | 469 | $ | 601 | $ | 947 | $ | 1,096 | $ | 398 | $ | 591 | $ | 1,345 | $ | 1,687 | ||||||||||||||||
Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||||||||||
Outstanding at January 31, 2021 | 622,083 | $ | 14.63 | 622,083 | $ | 14.63 | ||||||||||
Granted | 0 | 0 | 0 | 0 | ||||||||||||
Exercised | (4,425 | ) | 9.57 | (4,925 | ) | 9.42 | ||||||||||
Forfeited | (14,015 | ) | 14.96 | (14,190 | ) | 15.00 | ||||||||||
Canceled | 0 | 0 | 0 | 0 | ||||||||||||
Outstanding at July 31, 2021 | 603,643 | $ | 14.66 | |||||||||||||
Outstanding at October 30, 2021 | 602,968 | $ | 14.66 | |||||||||||||
Outstanding | Outstanding | Exercisable | Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||||||||||
Range of Exercise prices | Number of Option s | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life | Number of Option s | Weighted- Average Exercise Price | Weighted Average Remaining Contractual Life | Number of Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life | Number of Options | Weighted- Average Exercise Price | Weighted Average Remaining Contractual Life | ||||||||||||||||||||||||||||||||||||
$5.00-10.00 | 37,244 | $ | 7.97 | 1.0 | 37,244 | $ | 7.97 | 1.0 | 36,711 | $ | 7.97 | 1.0 | 36,744 | $ | 7.97 | 1.0 | ||||||||||||||||||||||||||||||||
$10.01-15.00 | 348,649 | $ | 13.62 | 4.4 | 336,649 | $ | 13.61 | 4.3 | 348,649 | $ | 13.62 | 4.1 | 336,649 | $ | 13.61 | 4.0 | ||||||||||||||||||||||||||||||||
$15.01-20.00 | 217,750 | $ | 17.47 | 6.3 | 210,875 | $ | 17.44 | 6.3 | 217,575 | $ | 17.47 | 6.0 | 210,875 | $ | 17.44 | 6.1 | ||||||||||||||||||||||||||||||||
603,643 | $ | 14.66 | 4.9 | 584,768 | $ | 14.63 | 4.8 | 602,968 | $ | 14.66 | 4.6 | 584,268 | $ | 14.63 | 4.6 | |||||||||||||||||||||||||||||||||
RSAs & RSUs | Weighted Average Grant Date Fair Value | |||||||
Outstanding at January 31, 2021 | 197,413 | $ | 9.96 | |||||
Granted | 147,006 | 14.43 | ||||||
Vested | (121,256 | ) | 10.30 | |||||
Outstanding at July 31, 2021 | 223,163 | $ | 12.72 | |||||
RSAs & RSUs | Weighted Average Grant Date Fair Value | |||||||
Outstanding at January 31, 2021 | 197,413 | $ | 9.96 | |||||
Granted | 147,006 | 14.43 | ||||||
Vested | (121,689 | ) | 10.30 | |||||
Forfeited | (900 | ) | 14.26 | |||||
Outstanding at October 30, 2021 | 221,830 | $ | 12.73 | |||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||
Fiscal 2022 | 9.1 | % | 5.8 | % | 29.0 | % | 4.0 | % | ||||||||
Fiscal 2021 | 99.4 | % | 48.6 | % | 160.0 | % | 45.9 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Revenue | Segment Operating Profit (Loss) | Revenue | Segment Operating Profit (Loss) | |||||||||||||||||||||||||||||
(In thousands) | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||
Product Identification | $ | 21,928 | $ | 22,898 | $ | 1,818 | $ | 3,521 | $ | 68,519 | $ | 66,907 | $ | 8,952 | $ | 9,813 | ||||||||||||||||
T&M | 6,929 | 5,119 | 842 | (751 | ) | 19,261 | 19,688 | 2,902 | (1,314 | ) | ||||||||||||||||||||||
Total | $ | 28,857 | $ | 28,017 | 2,660 | 2,770 | $ | 87,780 | $ | 86,595 | 11,854 | 8,499 | ||||||||||||||||||||
Corporate Expenses | 2,364 | 2,353 | 7,372 | 7,214 | ||||||||||||||||||||||||||||
Operating Income | 296 | 417 | 4,482 | 1,285 | ||||||||||||||||||||||||||||
Other Income (Expense), Net | (895 | ) | (437 | ) | 3,002 | (459 | ) | |||||||||||||||||||||||||
Income (Loss) Before Income Taxes | (599 | ) | (20 | ) | 7,484 | 826 | ||||||||||||||||||||||||||
Income Tax Provision (Benefit) | (174 | ) | (32 | ) | 297 | 379 | ||||||||||||||||||||||||||
Net Income (Loss) | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Revenue | Segment Operating Profit (Loss) | Revenue | Segment Operating Profit (Loss) | |||||||||||||||||||||||||||||
(In thousands) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||||||||||||||||||
Product Identification | $ | 23,492 | $ | 21,629 | $ | 4,406 | $ | 3,146 | $ | 46,590 | $ | 44,009 | $ | 7,134 | $ | 6,292 | ||||||||||||||||
T&M | 6,353 | 6,029 | 1,710 | (407 | ) | 12,333 | 14,569 | 2,060 | (563 | ) | ||||||||||||||||||||||
Total | $ | 29,845 | $ | 27,658 | 6,116 | 2,739 | $ | 58,923 | $ | 58,578 | 9,194 | 5,729 | ||||||||||||||||||||
Corporate Expenses | 2,664 | 2,535 | 5,008 | 4,861 | ||||||||||||||||||||||||||||
Operating Income | 3,452 | 204 | 4,186 | 868 | ||||||||||||||||||||||||||||
Other Income (Expense), Net | 4,266 | 328 | 3,897 | (23 | ) | |||||||||||||||||||||||||||
Income Before Income Taxes | 7,718 | 532 | 8,083 | 845 | ||||||||||||||||||||||||||||
Income Tax Provision | 699 | 529 | 471 | 411 | ||||||||||||||||||||||||||||
Net Income | $ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||||||||||||||||||
July 31, 2021 | October 30, 2021 | |||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement | |||||||||||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | Carrying Value | Level 1 | Level 2 | Level 3 | Total | Carrying Value | ||||||||||||||||||||||||||||||
Long-Term debt and related current maturities | $ | — | $ | — | $ | 9,633 | $ | 9,633 | $ | 9,625 | $ | — | $ | — | $ | 9,443 | $ | 9,443 | $ | 9,438 |
January 31, 2021 | ||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||||||||||||
Long-Term debt and related current maturities | $ | — | $ | — | $ | 12,586 | $ | 12,586 | $ | 12,576 |
January 31, 2021 | ||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||||||||||||
Long-Term debt and related current maturities | $ | — | $ | — | $ | 12,586 | $ | 12,586 | $ | 12,576 |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
(Dollars in thousands) | July 31, 2021 | As a % of Revenue | August 1, 2020 | As a % of Revenue | % Change Compared to Prior Year | October 30, 2021 | As a % of Revenue | October 31, 2020 | As a % of Revenue | % Change Compared to Prior Year | ||||||||||||||||||||||||||||||
Product Identification | $ | 23,492 | 78.7 | % | $ | 21,629 | 78.2 | % | 8.6 | % | $ | 21,928 | 76.0 | % | $ | 22,898 | 81.7 | % | (4.2 | )% | ||||||||||||||||||||
T&M | 6,353 | 21.3 | % | 6,029 | 21.8 | % | 5.4 | % | 6,929 | 24.0 | % | 5,119 | 18.3 | % | 35.4 | % | ||||||||||||||||||||||||
Total | $ | 29,845 | 100.0 | % | $ | 27,658 | 100.0 | % | 7.9 | % | $ | 28,857 | 100.0 | % | $ | 28,017 | 100.0 | % | 3.0 | % | ||||||||||||||||||||
(Dollars in thousands) | July 31, 2021 | As a % of Revenue | August 1, 2020 | As a % of Revenue | % Change Compared to Prior Year | October 30, 2021 | As a % of Revenue | October 31, 2020 | As a % of Revenue | % Change Compared to Prior Year | ||||||||||||||||||||||||||||||
Product Identification | $ | 46,590 | 79.1 | % | $ | 44,009 | 75.1 | % | 5.9 | % | $ | 68,519 | 78.1 | % | $ | 66,907 | 77.3 | % | 2.4 | % | ||||||||||||||||||||
T&M | 12,333 | 20.9 | % | 14,569 | 24.9 | % | (15.3 | )% | 19,261 | 21.9 | % | 19,688 | 22.7 | % | (2.2 | )% | ||||||||||||||||||||||||
Total | $ | 58,923 | 100.0 | % | $ | 58,578 | 100.0 | % | 0.6 | % | $ | 87,780 | 100.0 | % | $ | 86,595 | 100.0 | % | 1.4 | % | ||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Segment Operating Profit (Loss) | Revenue | Segment Operating Profit (Loss) | Revenue | Segment Operating Profit (Loss) | Revenue | Segment Operating Profit (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Product Identification | $ | 23,492 | $ | 21,629 | $ | 4,406 | $ | 3,146 | $ | 46,590 | $ | 44,009 | $ | 7,134 | $ | 6,292 | $ | 21,928 | $ | 22,898 | $ | 1,818 | $ | 3,521 | $ | 68,519 | $ | 66,907 | $ | 8,952 | $ | 9,813 | ||||||||||||||||||||||||||||||||
T&M | 6,353 | 6,029 | 1,710 | (407 | ) | 12,333 | 14,569 | 2,060 | (563 | ) | 6,929 | 5,119 | 842 | (751 | ) | 19,261 | 19,688 | 2,902 | (1,314 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 29,845 | $ | 27,658 | 6,116 | 2,739 | $ | 58,923 | $ | 58,578 | 9,194 | 5,729 | $ | 28,857 | $ | 28,017 | 2,660 | 2,770 | $ | 87,780 | $ | 86,595 | 11,854 | 8,499 | ||||||||||||||||||||||||||||||||||||||||
Corporate Expenses | 2,664 | 2,535 | 5,008 | 4,861 | 2,364 | 2,353 | 7,372 | 7,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income | 3,452 | 204 | 4,186 | 868 | 296 | 417 | 4,482 | 1,285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense), Net | 4,266 | 328 | 3,897 | (23 | ) | (895 | ) | (437 | ) | 3,002 | (459 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 7,718 | 532 | 8,083 | 845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Provision | 699 | 529 | 471 | 411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | (599 | ) | (20 | ) | 7,484 | 826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Provision (Benefit) | (174 | ) | (32 | ) | 297 | 379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares Repurchased | Average Price paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Be Purchased Under The Plans or Programs | |||||||||||||
May 1—May 31 | — | $ | — | — | — | |||||||||||
June 1—June 30 | 9,268 | (a) | $ | 15.71 | (a) | — | — | |||||||||
July 1—July 31 | — | $ | — | — | — |
Total Number of Shares Repurchased | Average Price paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Be Purchased Under The Plans or Programs | |||||||||||||
August 1—August 31 | — | $ | — | — | — | |||||||||||
September 1—September 30 | 160 | (a) | $ | 16.25 | (a) | — | — | |||||||||
October 1—October 31 | — | $ | — | — | — |
(a) |
Item 6. | Exhibits |
* | Filed herewith. |
ASTRONOVA, INC. | ||||||
(Registrant) | ||||||
Date: | By | /s/ Gregory A. Woods | ||||
Gregory A. Woods, | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
By | /s/ David S. Smith | |||||
David S. Smith, | ||||||
Vice President, Chief Financial Officer and Treasurer (Principal Accounting Officer and Principal Financial Officer) |