Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | 30-May-14 | Sep. 27, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CROWN CRAFTS INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--03-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,049,558 | ' |
Entity Public Float | ' | ' | $52,300,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000025895 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $560 | $340 |
Accounts receivable (net of allowances of $718 at March 30, 2014 and $349 at March 31, 2013): | ' | ' |
Due from factor | 20,800 | 21,431 |
Other | 912 | 293 |
Inventories | 13,607 | 10,930 |
Prepaid expenses | 1,391 | 2,073 |
Deferred income taxes | 799 | 160 |
Total current assets | 38,069 | 35,227 |
Property, plant and equipment - at cost: | ' | ' |
Vehicles | 193 | 193 |
Leasehold improvements | 213 | 216 |
Machinery and equipment | 2,671 | 2,656 |
Furniture and fixtures | 738 | 743 |
Property, plant and equipment - gross | 3,815 | 3,808 |
Less accumulated depreciation | 3,229 | 3,070 |
Property, plant and equipment - net | 586 | 738 |
Finite-lived intangible assets - at cost: | ' | ' |
Customer relationships | 5,411 | 5,411 |
Other finite-lived intangible assets | 7,613 | 7,643 |
Finite-lived intangible assets - gross | 13,024 | 13,054 |
Less accumulated amortization | 7,776 | 7,064 |
Finite-lived intangible assets - net | 5,248 | 5,990 |
Goodwill | 1,126 | 1,126 |
Deferred income taxes | 1,109 | 1,005 |
Other | 77 | 77 |
Total Assets | 46,215 | 44,163 |
Current liabilities: | ' | ' |
Accounts payable | 5,066 | 7,376 |
Accrued wages and benefits | 2,426 | 1,375 |
Accrued royalties | 1,139 | 971 |
Dividends payable | 789 | 786 |
Income taxes currently payable | 787 | 710 |
Other accrued liabilities | 91 | 133 |
Total current liabilities | 10,298 | 11,351 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at March 30, 2014 and March 31, 2013; Issued 11,794,070 shares at March 30, 2014 and 11,696,022 shares at March 31, 2013 | 118 | 117 |
Additional paid-in capital | 47,162 | 46,219 |
Treasury stock - at cost - 1,932,744 shares at March 30, 2014 and 1,868,003 shares at March 31, 2013 | -8,147 | -7,690 |
Accumulated deficit | -3,216 | -5,834 |
Total shareholders' equity | 35,917 | 32,812 |
Total Liabilities and Shareholders' Equity | $46,215 | $44,163 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Due from factor, allowances (in Dollars) | $718 | $349 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares Issued | 11,794,070 | 11,696,022 |
Treasury stock, shares | 1,932,744 | 1,868,003 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Net sales | $81,294 | $78,416 |
Cost of products sold | 58,760 | 58,649 |
Gross profit | 22,534 | 19,767 |
Legal expense | 867 | 302 |
Other Marketing and administrative expenses | 12,289 | 11,372 |
Income from operations | 9,378 | 8,093 |
Other income (expense): | ' | ' |
Interest expense | -49 | -81 |
Interest income | 21 | 61 |
Gain (loss) on sale of property, plant and equipment | 2 | -84 |
Other - net | -6 | 29 |
Income before income tax expense | 9,346 | 8,018 |
Income tax expense | 3,575 | 2,907 |
Net income | $5,771 | $5,111 |
Weighted average shares outstanding: | ' | ' |
Basic (in Shares) | 9,848 | 9,786 |
Effect of dilutive securities (in Shares) | 10 | ' |
Diluted (in Shares) | 9,858 | 9,786 |
Earnings per share: | ' | ' |
Basic (in Dollars per share) | $0.59 | $0.52 |
Diluted (in Dollars per share) | $0.59 | $0.52 |
Cash dividends declared per share (in Dollars per share) | $0.32 | $0.74 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances - amount at Apr. 01, 2012 | $111,000 | ($5,391,000) | $43,664,000 | ($3,668,000) | $34,716,000 |
Balances - shares (in Shares) at Apr. 01, 2012 | 11,132,272 | -1,465,780 | ' | ' | ' |
Issuance of shares, amount | 6,000 | ' | 1,801,000 | ' | 1,807,000 |
Issuance of shares, shares (in Shares) | 563,750 | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 652,000 | ' | 652,000 |
Net tax effect of stock-based compensation | ' | ' | 102,000 | ' | 102,000 |
Acquisition of treasury stock, amount | ' | -2,299,000 | ' | ' | -2,299,000 |
Acquisition of treasury stock, shares (in Shares) | ' | -402,223 | ' | ' | -402,000 |
Net income | ' | ' | ' | 5,111,000 | 5,111,000 |
Dividends declared | ' | ' | ' | -7,277,000 | -7,277,000 |
Balances - amount at Mar. 31, 2013 | 117,000 | -7,690,000 | 46,219,000 | -5,834,000 | 32,812,000 |
Balances - shares (in Shares) at Mar. 31, 2013 | 11,696,022 | -1,868,003 | ' | ' | ' |
Issuance of shares, amount | 1,000 | ' | 306,000 | ' | 307,000 |
Issuance of shares, shares (in Shares) | 98,048 | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 604,000 | ' | 604,000 |
Net tax effect of stock-based compensation | ' | ' | 33,000 | ' | 33,000 |
Acquisition of treasury stock, amount | ' | -457,000 | ' | ' | -457,000 |
Acquisition of treasury stock, shares (in Shares) | ' | -64,741 | ' | ' | -65,000 |
Net income | ' | ' | ' | 5,771,000 | 5,771,000 |
Dividends declared | ' | ' | ' | -3,153,000 | -3,153,000 |
Balances - amount at Mar. 30, 2014 | $118,000 | ($8,147,000) | $47,162,000 | ($3,216,000) | $35,917,000 |
Balances - shares (in Shares) at Mar. 30, 2014 | 11,794,070 | -1,932,744 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Operating activities: | ' | ' |
Net income | $5,771,000 | $5,111,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation of property, plant and equipment | 299,000 | 232,000 |
Amortization of intangibles | 758,000 | 766,000 |
Deferred income taxes | -743,000 | 572,000 |
(Gain) loss on sale of property, plant and equipment | -2,000 | 84,000 |
Stock-based compensation | 604,000 | 652,000 |
Tax shortfall from stock-based compensation | -9,000 | -93,000 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 12,000 | -1,401,000 |
Inventories | -2,677,000 | 909,000 |
Prepaid expenses | 682,000 | 354,000 |
Other assets | ' | 30,000 |
Accounts payable | -2,310,000 | 1,284,000 |
Accrued liabilities | 1,254,000 | 623,000 |
Net cash provided by operating activities | 3,639,000 | 9,123,000 |
Investing activities: | ' | ' |
Capital expenditures for property, plant and equipment | -147,000 | -455,000 |
Proceeds from disposition of assets | 2,000 | 190,000 |
Capitalized costs of internally developed intangible assets | -16,000 | -785,000 |
Net cash used in investing activities | -161,000 | -1,050,000 |
Financing activities: | ' | ' |
Repayments under revolving line of credit | -10,322,000 | -28,624,000 |
Borrowings under revolving line of credit | 10,322,000 | 28,624,000 |
Purchase of treasury stock | -457,000 | -2,299,000 |
Issuance of common stock | 307,000 | 1,807,000 |
Excess tax benefit from stock-based compensation | 42,000 | 195,000 |
Dividends paid | -3,150,000 | -7,650,000 |
Net cash used in financing activities | -3,258,000 | -7,947,000 |
Net increase in cash and cash equivalents | 220,000 | 126,000 |
Cash and cash equivalents at beginning of period | 340,000 | 214,000 |
Cash and cash equivalents at end of period | 560,000 | 340,000 |
Supplemental cash flow information: | ' | ' |
Income taxes paid, net of refunds received | 4,218,000 | 1,564,000 |
Interest paid, net of interest received | 31,000 | 19,000 |
Noncash financing activity: | ' | ' |
Dividends declared but unpaid | ($789,000) | ($786,000) |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||
SCHEDULE II | |||||||||||||||||
CROWN CRAFTS, INC. AND SUBSIDIARIES | |||||||||||||||||
ANNUAL REPORT ON FORM 10-K | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||
Balance at Beginning | Charged to | Deductions | Balance at End of | ||||||||||||||
of Period | Expenses | Period | |||||||||||||||
(in thousands) | |||||||||||||||||
Accounts Receivable Valuation Accounts: | |||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Allowance for customer deductions | $ | 1,062 | $ | 3,832 | $ | 4,545 | $ | 349 | |||||||||
Year Ended March 30, 2014 | |||||||||||||||||
Allowance for doubtful accounts | $ | 0 | $ | 73 | $ | 0 | $ | 73 | |||||||||
Allowance for customer deductions | $ | 349 | $ | 3,584 | $ | 3,288 | $ | 645 | |||||||||
Note_1_Description_of_Business
Note 1 - Description of Business | 12 Months Ended |
Mar. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1 – Description of Business | |
Crown Crafts, Inc. (the “Company”) operates indirectly through its wholly-owned subsidiaries, Hamco, Inc. (“Hamco”) and Crown Crafts Infant Products, Inc. (“CCIP”), in the infant and toddler products segment within the consumer products industry. The infant and toddler products segment consists of infant and toddler bedding, bibs, soft bath products, disposable products and accessories. Sales of the Company’s products are generally made directly to retailers, which are primarily mass merchants, mid-tier retailers, juvenile specialty stores, value channel stores, grocery and drug stores, restaurants, internet accounts and wholesale clubs. The Company’s products are manufactured primarily in Asia and marketed under a variety of Company-owned trademarks, under trademarks licensed from others and as private label goods. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
Note 2 - Summary of Significant Accounting Policies | |||||||||
Basis of Presentation: The accompanying consolidated financial statements include the accounts of the Company and have been prepared pursuant to accounting principles generally accepted in the United States (“GAAP”) as promulgated by the Financial Accounting Standards Board (“FASB”), the Securities Act, the Exchange Act and the regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany balances and transactions have been eliminated in consolidation. References herein to GAAP are to topics within the FASB Accounting Standards Codification (the “FASB ASC”), which the FASB periodically revises through the issuance of an Accounting Standards Update (“ASU”) and which has been established by the FASB as the authoritative source for GAAP recognized by the FASB to be applied by nongovernmental entities. | |||||||||
Reclassifications: The Company has reclassified certain prior year information to conform to the amounts presented in the current year. None of the changes impact the Company’s previously reported financial position or results of operations. | |||||||||
Fiscal Year: The Company's fiscal year ends on the Sunday nearest to or on March 31. References herein to “fiscal year 2014” or “2014”, and “fiscal year 2013” or “2013” represent the 52-week periods ended March 30, 2014 and March 31, 2013, respectively. | |||||||||
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of revenues and expenses during the periods presented on the consolidated statements of income and cash flows. Significant estimates are made with respect to the allowances related to accounts receivable for customer deductions for returns, allowances and disputes. The Company also has a certain amount of discontinued finished goods which necessitates the establishment of inventory reserves that are highly subjective. Actual results could differ materially from those estimates. | |||||||||
Cash and Cash Equivalents: The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company’s credit facility consists of a revolving line of credit under a financing agreement with The CIT Group/Commercial Services, Inc. (“CIT”). The Company classifies a negative balance outstanding under this revolving line of credit as cash, as these amounts are legally owed to the Company and are available to be drawn upon by the Company daily. | |||||||||
Financial Instruments: For short-term instruments such as cash and cash equivalents, accounts receivable and accounts payable, the Company uses carrying value as a reasonable estimate of fair value. | |||||||||
Royalty Payments: The Company has entered into agreements that provide for royalty payments based on a percentage of sales with certain minimum guaranteed amounts. These royalties are accrued based upon historical sales rates adjusted for current sales trends by customers. Royalty expense is included in cost of products sold and amounted to $7.5 million and $6.8 million for fiscal years 2014 and 2013, respectively. | |||||||||
Advertising Costs: The Company’s advertising costs are primarily associated with cooperative advertising arrangements with certain of the Company’s customers and are recognized using the straight-line method based upon aggregate annual estimated amounts for these customers, with periodic adjustments to the actual amounts of authorized agreements. Advertising expense is included in other marketing and administrative expenses in the accompanying consolidated statements of income and amounted to $747,000 and $790,000 for fiscal years 2014 and 2013, respectively. | |||||||||
Depreciation and Amortization: The accompanying consolidated balance sheets reflect property, plant and equipment, and certain intangible assets at cost less accumulated depreciation or amortization. The Company capitalizes additions and improvements and expenses maintenance and repairs as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are three to eight years for property, plant and equipment, and one to twenty years for intangible assets other than goodwill. The Company amortizes improvements to its leased facilities over the term of the lease or the estimated useful life of the asset, whichever is shorter. | |||||||||
Valuation of Long-Lived Assets and Identifiable Intangible Assets: In addition to the depreciation and amortization procedures set forth above, the Company reviews for impairment long-lived assets and certain identifiable intangible assets whenever events or changes in circumstances indicate that the carrying amount of any asset may not be recoverable. In the event of impairment, the asset is written down to its fair market value. | |||||||||
Patent Costs: The Company incurs certain legal and related costs in connection with patent applications. The Company capitalizes such costs to be amortized over the expected life of the patent to the extent that an economic benefit is anticipated from the resulting patent or alternative future use is available to the Company. The Company also capitalizes legal costs incurred in the defense of the Company’s patents when it is believed that the future economic benefit of the patent will be maintained or increased and a successful defense is probable. Capitalized patent defense costs are amortized over the remaining expected life of the related patent. The Company’s assessment of future economic benefit or a successful defense of its patents involves considerable management judgment, and an unfavorable outcome of litigation could result in a material impairment charge up to the carrying value of these assets. | |||||||||
Segments and Related Information: The Company operates primarily in one principal segment, infant and toddler products. These products consist of infant and toddler bedding, bibs, soft bath products, disposable products and accessories. Net sales of bedding, blankets and accessories and net sales of bibs, bath and disposable products for 2014 and 2013 are as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Bedding, blankets and accessories | $ | 58,332 | $ | 55,677 | |||||
Bibs, bath and disposable products | 22,962 | 22,739 | |||||||
Total net sales | $ | 81,294 | $ | 78,416 | |||||
Inventory Valuation: The preparation of the Company's financial statements requires careful determination of the appropriate dollar amount of the Company's inventory balances. Such amount is presented as a current asset in the accompanying consolidated balance sheets and is a direct determinant of cost of products sold in the accompanying consolidated statements of income and, therefore, has a significant impact on the amount of net income in the reported accounting periods. The basis of accounting for inventories is cost, which includes the direct supplier acquisition cost, duties, taxes and freight, and the indirect costs to design, develop, source and store the product until it is sold. Once cost has been determined, the Company’s inventory is then stated at the lower of cost or market, with cost determined using the first-in, first-out ("FIFO") method, which assumes that inventory quantities are sold in the order in which they are acquired. | |||||||||
The determination of the indirect charges and their allocation to the Company's finished goods inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then differences would result in the valuation of the Company's inventories and in the amount and timing of the Company's cost of goods sold and the resulting net income for the reporting period. | |||||||||
On a periodic basis, management reviews its inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not reasonably be expected to be sold within the Company’s normal operating cycle. To the extent that any of these conditions is believed to exist or the market value of the inventory expected to be realized in the ordinary course of business is otherwise no longer as great as its carrying value, an allowance against the inventory value is established. To the extent that this allowance is established or increased during an accounting period, an expense is recorded in cost of goods sold in the Company's consolidated statements of income. Only when inventory for which an allowance has been established is later sold or is otherwise disposed is the allowance reduced accordingly. Significant management judgment is required in determining the amount and adequacy of this allowance. In the event that actual results differ from management's estimates or these estimates and judgments are revised in future periods, the Company may not fully realize the carrying value of its inventory or may need to establish additional allowances, either of which could materially impact the Company's financial position and results of operations. | |||||||||
Revenue Recognition: Sales are recorded when goods are shipped to customers and are reported net of allowances for estimated returns and allowances in the accompanying consolidated statements of income. Allowances for returns are estimated based on historical rates. Allowances for returns, cooperative advertising allowances, warehouse allowances, placement fees and volume rebates are recorded commensurate with sales activity or using the straight-line method, as appropriate, and the cost of such allowances is netted against sales in reporting the results of operations. Shipping and handling costs, net of amounts reimbursed by customers, are not material and are included in net sales. | |||||||||
Allowances Against Accounts Receivable: The Company’s allowances against accounts receivable are primarily contractually agreed-upon deductions for items such as cooperative advertising and warehouse allowances, placement fees and volume rebates. These deductions are recorded throughout the year commensurate with sales activity or using the straight-line method, as appropriate. Funding of the majority of the Company’s allowances occurs on a per-invoice basis. The allowances for customer deductions, which are netted against accounts receivable in the accompanying consolidated balance sheets, consist of agreed-upon cooperative advertising support, placement fees, markdowns and warehouse and other allowances. All such allowances are recorded as direct offsets to sales, and such costs are accrued commensurate with sales activities or as a straight-line amortization charge of an agreed-upon fixed amount, as appropriate to the circumstances for each arrangement. When a customer requests deductions, the allowances are reduced to reflect such payments or credits issued against the customer’s account balance. The Company analyzes the components of the allowances for customer deductions monthly and adjusts the allowances to the appropriate levels. The timing of the funding requests for advertising support can cause the net balance in the allowance account to fluctuate from period to period. The timing of such funding requests should have a minimal impact on the consolidated statements of income since such costs are accrued commensurate with sales activity or using the straight-line method, as appropriate. | |||||||||
To reduce its exposure to credit losses, the Company assigns the majority of its trade accounts receivable under factoring agreements with CIT. In the event a factored receivable becomes uncollectible due to creditworthiness, CIT bears the risk of loss. The Company’s management must make estimates of the uncollectiblity of its non-factored accounts receivable, which it accomplishes by specifically analyzing accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in its customers’ payment terms. The Company’s accounts receivable at March 30, 2014 amounted to $21.7 million, net of allowances of $718,000. Of this amount, $20.8 million was due from CIT under the factoring agreements, and an additional $337,000 was due from CIT as a negative balance outstanding under the revolving line of credit. The combined amount of $21.1 million represents the maximum loss that the Company could incur if CIT failed completely to perform its obligations under the factoring agreements and the revolving line of credit. | |||||||||
Provision for Income Taxes: The Company’s provision for income taxes includes all currently payable federal, state, local and foreign taxes that are based on the Company's taxable income and the change during the fiscal year in net deferred income tax assets and liabilities. The Company provides for deferred income taxes based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect when the differences are expected to reverse. The Company’s policy is to recognize the effect that a change in enacted tax rates would have on net deferred income tax assets and liabilities in the period that the tax rates are changed. | |||||||||
Management evaluates items of income, deductions and credits reported on the Company’s various federal and state income tax returns filed and recognizes the effect of positions taken on those income tax returns only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Based on its recent evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the accompanying consolidated financial statements. The Company’s policy is to accrue interest expense and penalties as appropriate on any estimated unrecognized tax benefits as a charge to interest expense in the Company’s consolidated statements of income. | |||||||||
The Company files income tax returns in the many jurisdictions in which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations varies by jurisdiction; tax years open to federal or state general examination or other adjustment as of March 30, 2014 were the tax years ended April 3, 2011, April 1, 2012, March 31, 2013 and March 30, 2014, as well as the tax year ended March 28, 2010 for several states. | |||||||||
Earnings Per Share: The Company calculates basic earnings per share by using a weighted average of the number of shares outstanding during the reporting periods. Diluted shares outstanding are calculated in accordance with the treasury stock method, which assumes that the proceeds from the exercise of all exercisable options would be used to repurchase shares at market value. The net number of shares issued after the exercise proceeds are exhausted represents the potentially dilutive effect of the exercisable options, which are added to basic shares to arrive at diluted shares. | |||||||||
Recently-Issued Accounting Standards: On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue guidance in GAAP when it becomes effective on the first day of the fiscal year beginning after December 15, 2016. Early adoption is not permitted. The Company has evaluated this ASU and has determined that its adoption on April 3, 2017 is not expected to have a material impact on the Company’s consolidated financial statements. The Company has also determined that all other ASUs issued which were in effect, or which will become effective at some future date, are not expected to have a material impact on the Company’s consolidated financial statements. |
Note_3_Financing_Arrangements
Note 3 - Financing Arrangements | 12 Months Ended |
Mar. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 3 - Financing Arrangements | |
Factoring Agreements: The Company assigns the majority of its trade accounts receivable to CIT pursuant to factoring agreements, which have expiration dates that are coterminous with that of the financing agreement described above. Under the terms of the factoring agreements, CIT remits customer payments to the Company as such payments are received by CIT. | |
CIT bears credit losses with respect to assigned accounts receivable from approved shipments, while the Company bears the responsibility for adjustments from customers related to returns, allowances, claims and discounts. CIT may at any time terminate or limit its approval of shipments to a particular customer. If such a termination or limitation were to occur, the Company would either assume the credit risk for shipments to the customer after the date of such termination or limitation or cease shipments to the customer. Factoring fees, which are included in marketing and administrative expenses in the accompanying consolidated statements of income, were $461,000 and $455,000 during fiscal years 2014 and 2013, respectively. There were no advances on the factoring agreements at either March 30, 2014 or March 31, 2013. | |
Credit Facility: The Company’s credit facility at March 30, 2014 consisted of a revolving line of credit under a financing agreement with CIT of up to $26.0 million, which includes a $1.5 million sub-limit for letters of credit, bearing interest at the rate of prime minus 0.50% or LIBOR plus 2.00%. The financing agreement matures on July 11, 2016 and is secured by a first lien on all assets of the Company. At March 30, 2014, the Company had elected to pay interest on balances owed under the revolving line of credit, if any, under the LIBOR option. The financing agreement also provides for the payment by CIT to the Company of interest at the rate of prime minus 2.00%, which was 1.25% at March 30, 2014, on daily negative balances held at CIT. | |
Under the financing agreement, a monthly fee is assessed based on 0.125% of the average unused portion of the $26.0 million revolving line of credit, less any outstanding letters of credit (the “Commitment Fee”). The Commitment Fee amounted to $41,000 and $64,000 during fiscal years 2014 and 2013, respectively. At March 30, 2014, there was no balance owed on the revolving line of credit, there was no letter of credit outstanding and the Company had $24.7 million available under the revolving line of credit based on its eligible accounts receivable and inventory balances. | |
The financing agreement contains usual and customary covenants for agreements of that type, including limitations on other indebtedness, liens, transfers of assets, investments and acquisitions, merger or consolidation transactions, transactions with affiliates, and changes in or amendments to the organizational documents for the Company and its subsidiaries. The Company believes it was in compliance with these covenants as of March 30, 2014. |
Note_4_Goodwill_Customer_Relat
Note 4 - Goodwill, Customer Relationships and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 4 – Goodwill, Customer Relationships and Other Intangible Assets | |||||||||||||||||||||||||
Goodwill: Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired by the Company in business combinations. The Company considers its wholly-owned subsidiaries, CCIP and Hamco, to each be a reporting unit of the Company for the purpose of presenting and testing for the impairment of goodwill. The goodwill of the reporting units of the Company as of March 30, 2014 and March 31, 2013 amounted to $24.0 million and is reported in the accompanying consolidated balance sheets net of accumulated impairment charges of $22.9 million, for a net reported balance of $1.1 million. | |||||||||||||||||||||||||
The Company tests the fair value of the goodwill, if any, within its reporting units annually as of the first day of the Company’s fiscal year. An additional interim impairment test must be performed during the year whenever an event or change in circumstances occurs that suggest that the fair value of the goodwill of either of the reporting units of the Company has more likely than not (defined as having a likelihood of greater than 50%) fallen below its carrying value. The annual or interim impairment test is performed by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such qualitative factors so indicate, then the impairment test is continued in a two-step approach. The first step is the estimation of the fair value of each reporting unit. If step one indicates that the fair value of the reporting unit exceeds its carrying value, then a potential impairment exists, and the second step is then performed to measure the amount of an impairment charge, if any. In the second step, these estimated fair values are used as the hypothetical purchase price for the reporting units, and an allocation of such hypothetical purchase price is made to the identifiable tangible and intangible assets and assigned liabilities of the reporting units. The impairment charge is calculated as the amount, if any, by which the carrying value of the goodwill exceeds the implied amount of goodwill that results from this hypothetical purchase price allocation. The annual impairment test of the fair value of the goodwill of the reporting units of the Company was performed as of April 1, 2013 and the Company concluded that the fair value of the goodwill of the Company’s reporting units substantially exceeded their carrying values as of that date. | |||||||||||||||||||||||||
Other Intangible Assets: Other intangible assets as of March 30, 2014 consisted primarily of the capitalized costs of acquired businesses, other than tangible assets, goodwill and assumed liabilities. The carrying amount and accumulated amortization of the Company’s other intangible assets as of March 30, 2014 and March 31, 2013, the amortization expense for the fiscal years then ended and the classification of such amortization expense within the accompanying consolidated statements of income are as follows (in thousands): | |||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Amortization Expense | |||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
30-Mar-14 | 31-Mar-13 | 30-Mar-14 | 31-Mar-13 | 30-Mar-14 | 31-Mar-13 | ||||||||||||||||||||
Tradename and trademarks | $ | 1,987 | $ | 2,033 | $ | 669 | $ | 582 | $ | 133 | $ | 164 | |||||||||||||
Licenses and designs | 3,571 | 3,571 | 3,571 | 3,569 | 2 | 8 | |||||||||||||||||||
Non-compete covenants | 454 | 454 | 391 | 336 | 55 | 55 | |||||||||||||||||||
Patents | 1,601 | 1,585 | 242 | 157 | 85 | 56 | |||||||||||||||||||
Customer relationships | 5,411 | 5,411 | 2,903 | 2,420 | 483 | 483 | |||||||||||||||||||
Total other intangible assets | $ | 13,024 | $ | 13,054 | $ | 7,776 | $ | 7,064 | $ | 758 | $ | 766 | |||||||||||||
Classification within the accompanying consolidated statements of income: | |||||||||||||||||||||||||
Cost of products sold | $ | 57 | $ | 63 | |||||||||||||||||||||
Other marketing and administrative expenses | 701 | 703 | |||||||||||||||||||||||
Total amortization expense | $ | 758 | $ | 766 | |||||||||||||||||||||
The Company estimates that its amortization expense will be $741,000, $729,000, $729,000, $572,000 and $351,000 in fiscal years 2015, 2016, 2017, 2018 and 2019, respectively. |
Note_5_Churchill_Property
Note 5 - Churchill Property | 12 Months Ended | ||||
Mar. 30, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||
Note 5 – Churchill Property | |||||
During the fiscal year 2008, the operations of Churchill Weavers, Inc. (“Churchill”), at the time a wholly-owned subsidiary of the Company, ceased and all employees were terminated. The Company had actively marketed Churchill’s land and building since that time, and the property was sold in March 2013. The Company recorded impairment charges associated with the property during fiscal years 2009, 2010 and 2011 as the Company made successive determinations that the fair value of the property had fallen below its carrying value. Through April 1, 2012, the Company had recorded the Churchill property at fair value, less an estimate of the costs of sale, had classified the property as assets held for sale in the Company’s consolidated balance sheets and had classified the costs to maintain the property and the impairment charges as discontinued operations in the consolidated statements of income. Effective as of April 2, 2012, accounting guidelines required the Company to record the costs associated with the property within continuing operations in the accompanying consolidated statements of income for all periods presented. | |||||
The amounts recorded upon the sale of the Churchill property are set forth below (in thousands): | |||||
Gross proceeds of sale | $ | 200 | |||
Expenses associated with sale | 34 | ||||
Amount realized | 166 | ||||
Carrying value of property | 263 | ||||
Loss on sale of Churchill property | $ | (97 | ) | ||
Note_6_Retirement_Plan
Note 6 - Retirement Plan | 12 Months Ended |
Mar. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
Note 6 – Retirement Plan | |
The Company sponsors a defined contribution retirement savings plan with a cash or deferred arrangement (the “401(k) Plan”), as provided by Section 401(k) of the Internal Revenue Code (“Code”). The 401(k) Plan covers substantially all employees, who may elect to contribute a portion of their compensation to the 401(k) Plan, subject to maximum amounts and percentages as prescribed in the Code. Each calendar year, the Company’s Board of Directors (the “Board”) determines the portion, if any, of employee contributions that will be matched by the Company. For calendar years 2013 and 2012, the employer matching contributions represented an amount equal to 100% of the first 2% of employee contributions and 50% of the next 1% of employee contributions to the 401(k) Plan. If an employee separates from the Company prior to the full vesting of the funds in their account that represent the matching employer portion of their account, then the unvested portion of the matching employer portion of their account is forfeited when they take a distribution of their account. The Company utilizes such forfeitures as an offset to the aggregate matching contributions. The Company's matching contribution to the 401(k) Plan, net of the utilization of forfeitures, was $153,000 and $151,000 for fiscal years 2014 and 2013, respectively. |
Note_7_Inventories
Note 7 - Inventories | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 7 – Inventories | |||||||||
Major classes of inventory were as follows (in thousands): | |||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Raw Materials | $ | 47 | $ | 43 | |||||
Finished Goods | 13,560 | 10,887 | |||||||
Total inventory | $ | 13,607 | $ | 10,930 | |||||
Note_8_Income_Taxes
Note 8 - Income Taxes | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
Note 8 – Income Taxes | |||||||||||||
The Company’s income tax provision for fiscal years 2014 and 2013 is summarized below (in thousands): | |||||||||||||
Fiscal year ended March 30, 2014 | |||||||||||||
Current | Deferred | Total | |||||||||||
Federal | $ | 3,571 | $ | (628 | ) | $ | 2,943 | ||||||
State | 750 | (115 | ) | 635 | |||||||||
Other - net, including foreign | (3 | ) | - | (3 | ) | ||||||||
Income tax expense (benefit) | 4,318 | (743 | ) | 3,575 | |||||||||
Income tax reported in stockholders' equity related to stock-based compensation | (33 | ) | - | (33 | ) | ||||||||
Total | $ | 4,285 | $ | (743 | ) | $ | 3,542 | ||||||
Fiscal year ended March 31, 2013 | |||||||||||||
Current | Deferred | Total | |||||||||||
Federal | $ | 1,993 | $ | 482 | $ | 2,475 | |||||||
State | 327 | 90 | 417 | ||||||||||
Other - net, including foreign | 15 | - | 15 | ||||||||||
Income tax expense | 2,335 | 572 | 2,907 | ||||||||||
Income tax reported in stockholders' equity related to stock-based compensation | (102 | ) | - | (102 | ) | ||||||||
Total | $ | 2,233 | $ | 572 | $ | 2,805 | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of March 30, 2014 and March 31, 2013 are as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Employee wage and benefit accruals | $ | 849 | $ | 450 | |||||||||
Accounts receivable and inventory reserves | 356 | 178 | |||||||||||
Deferred rent | 6 | 41 | |||||||||||
Intangible assets | 890 | 823 | |||||||||||
State net operating loss carryforwards | 904 | 1,036 | |||||||||||
Stock-based compensation | 391 | 318 | |||||||||||
Total gross deferred tax assets | 3,396 | 2,846 | |||||||||||
Less valuation allowance | (904 | ) | (1,036 | ) | |||||||||
Deferred tax assets after valuation allowance | 2,492 | 1,810 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expenses | (412 | ) | (540 | ) | |||||||||
Property, plant and equipment | (172 | ) | (105 | ) | |||||||||
Total deferred tax liabilities | (584 | ) | (645 | ) | |||||||||
Net deferred income tax assets | $ | 1,908 | $ | 1,165 | |||||||||
In assessing the probability that the Company’s deferred tax assets will be realized, management of the Company has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of taxable income during the future periods in which the temporary differences giving rise to the deferred tax assets will become deductible. The Company has also considered the scheduled inclusion into taxable income in future periods of the temporary differences giving rise to the Company’s deferred tax liabilities. The valuation allowance as of March 30, 2014 and March 31, 2013 was related to state net operating loss carryforwards that the Company does not expect to be realized. Based upon the Company’s expectations of the generation of sufficient taxable income during future periods, the Company believes that it is more likely than not that the Company will realize its deferred tax assets, net of the valuation allowance and the deferred tax liabilities. | |||||||||||||
Management evaluates items of income, deductions and credits reported on the Company’s various federal and state income tax returns filed, and recognizes the effect of positions taken on those income tax returns only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Based on its recent evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements. The Company’s policy is to accrue interest expense and penalties as appropriate on any estimated unrecognized tax benefits as a charge to interest expense in the Company’s consolidated statements of income. | |||||||||||||
The Company's provision for income taxes on continuing operations is based upon effective tax rates of 38.3% and 36.3% in fiscal years 2014 and 2013, respectively. These effective tax rates are the sum of the top U.S. statutory federal income tax rate and a composite rate for state income taxes, net of federal tax benefit, in the various states in which the Company operates. | |||||||||||||
The following table reconciles income tax expense on income from continuing operations at the U.S. federal income tax statutory rate to the net income tax provision reported for fiscal years 2014 and 2013 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Tax expense at statutory rate (34%) | $ | 3,178 | $ | 2,726 | |||||||||
State income taxes, net of Federal income tax benefit | 419 | 275 | |||||||||||
Tax credits | (12 | ) | (13 | ) | |||||||||
Net tax effect of expenses deductible only for tax purposes | (7 | ) | (90 | ) | |||||||||
Other - net, including foreign | (3 | ) | 9 | ||||||||||
Income tax expense | $ | 3,575 | $ | 2,907 | |||||||||
Note_9_Stockbased_Compensation
Note 9 - Stock-based Compensation | 12 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||
Note 9 – Stock-based Compensation | ||||||||||||||||||||||||
The stockholders of the Company approved the 2006 Omnibus Incentive Plan (the “Plan”), which is an incentive stock plan that is intended to attract and retain directors, officers and employees of the Company and to motivate those individuals to achieve the overall goal of increasing stockholder value. The Plan was adopted to create a mechanism for long-term, equity-based incentive compensation for its non-employee directors and certain employees. Awards granted under the Plan may be in the form of qualified or non-qualified stock options, restricted stock, stock appreciation rights, long-term incentive compensation units consisting of a combination of cash and shares of the Company’s common stock, or any combination thereof within the limitations set forth in the Plan. The Plan is administered by the Compensation Committee of the Board, which selects eligible employees and non-employee directors to participate in the Plan and determines the type, amount, duration and other terms of such awards. At March 30, 2014, 385,702 shares of the Company’s common stock were available for future issuance under the Plan. | ||||||||||||||||||||||||
Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation – Stock Compensation, which requires stock-based compensation to be accounted for using a fair-value-based measurement. The Company recorded $604,000 and $652,000 of stock-based compensation during fiscal years 2014 and 2013, respectively. The Company records the compensation expense associated with stock-based awards granted to individuals in the same expense classifications as the cash compensation paid to those same individuals. No stock-based compensation costs were capitalized as part of the cost of an asset as of March 30, 2014. | ||||||||||||||||||||||||
Stock Options: The following table represents stock option activity for fiscal years 2014 and 2013: | ||||||||||||||||||||||||
Fiscal Year Ended March 30, 2014 | Fiscal Year Ended March 31, 2013 | |||||||||||||||||||||||
Weighted-Average | Number of Options | Weighted-Average | Number of Options | |||||||||||||||||||||
Exercise Price | Outstanding | Exercise Price | Outstanding | |||||||||||||||||||||
Outstanding at Beginning of Period | $ | 5.23 | 145,000 | $ | 3.57 | 573,000 | ||||||||||||||||||
Granted | 6.14 | 100,000 | 5.42 | 110,000 | ||||||||||||||||||||
Exercised | 5.12 | (60,000 | ) | 3.46 | (521,750 | ) | ||||||||||||||||||
Expired | - | - | 0.71 | (1,250 | ) | |||||||||||||||||||
Forfeited | - | - | 5.22 | (15,000 | ) | |||||||||||||||||||
Outstanding at End of Period | 5.76 | 185,000 | 5.23 | 145,000 | ||||||||||||||||||||
Exercisable at End of Period | 5.16 | 35,000 | - | - | ||||||||||||||||||||
The total intrinsic value of the stock options exercised during fiscal years 2014 and 2013 was $126,000 and $1.2 million, respectively. As of March 30, 2014, the intrinsic value of the outstanding and exercisable stock options was $383,000 and $94,000, respectively. | ||||||||||||||||||||||||
The Company received no cash from the exercise of stock options during fiscal year 2014 and received cash in the amount of $98,000 from the exercise of stock options during fiscal year 2013. Upon the exercise of stock options, participants may choose to surrender to the Company those shares from the option exercise necessary to satisfy the exercise amount and their income tax withholding obligations that arise from the option exercise. The effect on the cash flow of the Company from these “cashless” option exercises is that the Company remits cash on behalf of the participant to satisfy his or her income tax withholding obligations. The Company used cash of $49,000 and $437,000 to remit the required income tax withholding amounts from “cashless” option exercises during fiscal years 2014 and 2013, respectively. Thus, the Company’s net outflow of cash upon the exercise of stock options was $49,000 and $339,000 during fiscal years 2014 and 2013, respectively. | ||||||||||||||||||||||||
To determine the estimated fair value of stock options granted, the Company uses the Black-Scholes-Merton valuation formula, which is a closed-form model that uses an equation to estimate fair value. The following table sets forth the assumptions used to determine that fair value, and the resulting grant-date fair value per option, of the non-qualified stock options which were awarded to certain employees during fiscal years 2014 and 2013, which options vest over a two-year period, assuming continued service. | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Options issued | 100,000 | 110,000 | ||||||||||||||||||||||
Grant Date | 14-Jun-13 | 13-Jun-12 | ||||||||||||||||||||||
Dividend yield | 5.21 | % | 5.9 | % | ||||||||||||||||||||
Expected volatility | 35 | % | 65 | % | ||||||||||||||||||||
Risk free interest rate | 0.49 | % | 0.55 | % | ||||||||||||||||||||
Contractual term (years) | 10 | 10 | ||||||||||||||||||||||
Expected term (years) | 3 | 4 | ||||||||||||||||||||||
Forfeiture rate | 5 | % | 5 | % | ||||||||||||||||||||
Exercise price (grant-date closing price) | $ | 6.14 | $ | 5.42 | ||||||||||||||||||||
Fair value | $ | 0.98 | $ | 1.84 | ||||||||||||||||||||
For the fiscal years ended March 30, 2014 and March 31, 2013, the Company recognized compensation expense associated with stock options as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 30, 2014 | ||||||||||||||||||||||||
Options Granted in Fiscal Year | Cost of | Other Marketing | Total | |||||||||||||||||||||
Products | & Administrative | Expense | ||||||||||||||||||||||
Sold | Expenses | |||||||||||||||||||||||
2012 | $ | 13 | $ | 11 | $ | 24 | ||||||||||||||||||
2013 | 46 | 46 | 92 | |||||||||||||||||||||
2014 | 18 | 18 | 36 | |||||||||||||||||||||
Total stock option compensation | $ | 77 | $ | 75 | $ | 152 | ||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Options Granted in Fiscal Year | Cost of | Other Marketing | Total | |||||||||||||||||||||
Products | & Administrative | Expense | ||||||||||||||||||||||
Sold | Expenses | |||||||||||||||||||||||
2011 | $ | 13 | $ | 13 | $ | 26 | ||||||||||||||||||
2012 | 54 | 46 | 100 | |||||||||||||||||||||
2013 | 34 | 34 | 68 | |||||||||||||||||||||
Total stock option compensation | $ | 101 | $ | 93 | $ | 194 | ||||||||||||||||||
A summary of stock options outstanding and exercisable at March 30, 2014 is as follows: | ||||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||
Price | of Options | Avg. Remaining | Avg. Exercise | of Options | Avg. Exercise | |||||||||||||||||||
Outstanding | Contractual | Price of | Exercisable | Price of | ||||||||||||||||||||
Life in Years | Options | Options | ||||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||
$ | 4.81 | 15,000 | 7.2 | $ | 4.81 | 15,000 | $ | 4.81 | ||||||||||||||||
$ | 5.42 | 70,000 | 8.21 | $ | 5.42 | 20,000 | $ | 5.42 | ||||||||||||||||
$ | 6.14 | 100,000 | 9.21 | $ | 6.14 | - | $ | - | ||||||||||||||||
185,000 | 8.67 | $ | 5.76 | 35,000 | $ | 5.16 | ||||||||||||||||||
As of March 30, 2014, total unrecognized stock-option compensation costs amounted to $86,000, which will be recognized as the underlying stock options vest over a weighted-average period of 6.5 months. The amount of future stock-option compensation expense could be affected by any future stock option grants and by the separation from the Company of any employee or director who has stock options that are unvested as of such individual’s separation date. | ||||||||||||||||||||||||
Non-vested Stock Granted to Non-Employee Directors: The Board granted the following shares of non-vested stock to the Company’s non-employee directors: | ||||||||||||||||||||||||
Number | Weighted-Average | Three-Month | ||||||||||||||||||||||
Of Shares | Fair Value per Share | Period Ended | ||||||||||||||||||||||
28,000 | $ | 6.67 | 29-Sep-13 | |||||||||||||||||||||
42,000 | 5.62 | 30-Sep-12 | ||||||||||||||||||||||
30,000 | 4.44 | 2-Oct-11 | ||||||||||||||||||||||
30,000 | 4.36 | 26-Sep-10 | ||||||||||||||||||||||
These shares vest over a two-year period, assuming continued service. The fair value of non-vested stock granted to the Company’s non-employee directors was based on the closing price of the Company’s common stock on the date of each grant. | ||||||||||||||||||||||||
Non-vested Stock Granted to Employees: During the three-month period ended June 27, 2010, the Board awarded 345,000 shares of non-vested stock to certain employees in a series of grants, each of which will vest only if (i) the closing price of the Company’s common stock is at or above certain target levels for any ten trading days out of any period of 30 consecutive trading days and (ii) the respective employees remain employed through July 29, 2015. The Company, with the assistance of an independent third party, determined that the aggregate grant date fair value of the awards amounted to $1.2 million. | ||||||||||||||||||||||||
On November 5, 2013 and November 30, 2012, the Board approved amendments to the grant subject to the $5.00 per share closing price condition that had been awarded to E. Randall Chestnut, Chairman, Chief Executive Officer and President. With the closing price condition having been met for this award, the original grant of 75,000 shares was amended to provide for the immediate vesting of 13,000 shares on November 5, 2013 and 62,000 shares on November 30, 2012. The vesting of these awards was accelerated in order to preserve the deductibility of the associated compensation expense by the Company for income tax purposes. As a result of the acceleration of the vesting, the Company recognized the remaining compensation expense associated with the 13,000 and 62,000 shares vested of $14,000 and $99,000, respectively, during the three-month periods ended December 29, 2013 and December 30, 2012, respectively. These amounts would otherwise have been recognized by the Company ratably through July 29, 2015. To satisfy the income tax withholding obligations that arose from the vesting of the shares, Mr. Chestnut surrendered to the Company 6,234 shares on November 5, 2013 and 26,319 shares on November 30, 2012, and the Company paid $47,000 and $153,000, respectively, to the appropriate taxing authorities on his behalf at such times. | ||||||||||||||||||||||||
Performance Bonus Plan: In July 2012, the Company implemented a performance bonus plan for certain executive officers that provided for awards of cash or shares of common stock, or a combination thereof, in the discretion of the Compensation Committee of the Board, in the event that the aggregate average market value of the common stock during the relevant fiscal year, plus the amount of cash dividends paid in respect of the common stock during such period, increases. In September 2013, the performance bonus plan was amended to eliminate the Compensation Committee’s discretion to award cash, unless and to the extent that insufficient shares of common stock were available for issuance from the Company’s 2006 Omnibus Incentive Plan. | ||||||||||||||||||||||||
In connection with this performance bonus plan, during fiscal year 2014, the Company, in respect of fiscal year 2013, granted to certain executive officers 17,048 shares of common stock with a value of $93,000 and a cash award of $258,000. Of the total compensation expense of $351,000, $196,000 and $155,000 were recognized during fiscal years 2014 and 2013, respectively. Although there are restrictions as to the subsequent transfer of the shares of stock awarded, ownership in the stock was vested upon issuance. To satisfy the income tax withholding obligations that arose from the issuance of the shares, the employees surrendered 8,549 shares to the Company and the Company paid $54,000 to the appropriate taxing authorities on their behalf. | ||||||||||||||||||||||||
The performance bonus plan, as amended in September 2013, provides that any shares of common stock that may be awarded in the future will vest over a two-year service period. This revision to the performance bonus plan, along with the requirement that awards now be made solely in shares of common stock, will provide that the compensation expense associated with performance bonus plan awards will be recognized ratably over a three-year period – the fiscal year in which the award is earned, plus the two-year vesting period. The Company recognized compensation expense in the amount of $354,000 during fiscal year 2014 in respect of awards earned pursuant to the performance bonus plan for fiscal year 2014. | ||||||||||||||||||||||||
For the fiscal year ended March 30, 2014, the Company recognized compensation expense associated with non-vested stock grants, which is included in other marketing and administrative expenses in the accompanying consolidated statements of income, as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 30, 2014 | ||||||||||||||||||||||||
Stock Granted in Fiscal Year | Employees | Non-employee | Total | |||||||||||||||||||||
Directors | Expense | |||||||||||||||||||||||
2011 | $ | 182 | $ | - | $ | 182 | ||||||||||||||||||
2012 | - | 22 | 22 | |||||||||||||||||||||
2013 | - | 92 | 92 | |||||||||||||||||||||
2014 | 93 | 63 | 156 | |||||||||||||||||||||
Total stock grant compensation | $ | 275 | $ | 177 | $ | 452 | ||||||||||||||||||
For the fiscal year ended March 31, 2013, the Company recognized compensation expense associated with non-vested stock grants, which is included in other marketing and administrative expenses in the accompanying consolidated statements of income, as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Stock Granted in Fiscal Year | Employees | Non-employee | Total | |||||||||||||||||||||
Directors | Expense | |||||||||||||||||||||||
2011 | $ | 295 | $ | 18 | $ | 313 | ||||||||||||||||||
2012 | - | 66 | 66 | |||||||||||||||||||||
2013 | - | 79 | 79 | |||||||||||||||||||||
Total stock grant compensation | $ | 295 | $ | 163 | $ | 458 | ||||||||||||||||||
As of March 30, 2014, total unrecognized compensation expense related to the Company’s non-vested stock grants was $369,000, which will be recognized over the remaining portion of the respective vesting periods associated with each block of grants, such grants having a weighted average vesting term of 1.26 years. The amount of future compensation expense related to non-vested stock grants could be affected by any future non-vested stock grants and by the separation from the Company of any individual who has unvested grants as of such individual’s separation date. |
Note_10_Stockholders_Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Mar. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 10 – Stockholders’ Equity | |
Dividends: The holders of the Company’s common stock are entitled to receive dividends when and as declared by the Board. Aggregate cash dividends of $0.32 and $0.74 per share, amounting to $3.2 million and $7.3 million, were declared during fiscal years 2014 and 2013, respectively. Cash dividends declared during 2013 included a special cash dividend paid during the three-month period ended December 30, 2012 of $0.50 per share. The Company’s financing agreement with CIT permits the payment by the Company of cash dividends on its common stock without limitation, provided there is no default before or as a result of the payment of such dividends. | |
Stock Repurchases: The Company acquired treasury shares by way of the surrender to the Company from several employees shares of common stock to satisfy the exercise price and income tax withholding obligations relating to the exercise of stock options and the vesting of stock. In this manner, the Company acquired 65,000 treasury shares during the fiscal year ended March 30, 2014 at a weighted-average market value of $7.07 per share and acquired 402,000 treasury shares during the fiscal year ended March 31, 2013 at a weighted-average market value of $5.71 per share. |
Note_11_Major_Customers
Note 11 - Major Customers | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||
Segment Reporting, Disclosure of Major Customers | ' | ||||||||
Note 11 - Major Customers | |||||||||
The table below sets forth those customers that represented more than 10% of the Company’s gross sales during fiscal years ended March 30, 2014 and March 31, 2013. | |||||||||
2014 | 2013 | ||||||||
Wal-Mart Stores, Inc. | 41 | % | 38 | % | |||||
Toys R Us | 19 | % | 17 | % | |||||
Target Corporation | * | 10 | % | ||||||
* | Amount represented less than 10% of the Company's gross sales for this fiscal year. | ||||||||
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 12 Months Ended |
Mar. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 12 – Commitments and Contingencies | |
Total rent expense was $1.4 million and $1.6 million during fiscal years 2014 and 2013, respectively. The Company’s commitment for minimum guaranteed rental payments under its lease agreements as of March 30, 2014 is $6.4 million, consisting of $1.2 million due in fiscal year 2015, $1.0 million due in each of fiscal years 2016, 2017, 2018, 2019 and 2020, and $173,000 due in fiscal year 2021. | |
Total royalty expense was $7.5 million and $6.8 million for fiscal years 2014 and 2013, respectively. The Company’s commitment for minimum guaranteed royalty payments under its license agreements as of March 30, 2014 is $6.2 million, consisting of $3.2 million, $2.9 million and $38,000 due in fiscal years 2015, 2016 and 2017, respectively. | |
BreathableBaby, LLC (“BreathableBaby”) filed a complaint against the Company and CCIP on January 11, 2012 in the United States District Court for the District of Minnesota, alleging that CCIP’s mesh crib liner infringes BreathableBaby’s patent rights relating to its air permeable infant bedding technology. The Company believes that it has meritorious defenses to the claims asserted in the complaint, and the Company intends to defend itself vigorously against all such claims. The Company and CCIP filed a motion for summary judgment of non-infringement on May 14, 2012. On July 25, 2012, the Court entered an order denying that motion without prejudice to refiling it at the close of discovery. In doing so, the Court did not rule on the merits of the Company’s motion, but instead determined that further discovery was required before a motion for summary judgment could be decided. Discovery accordingly resumed; however, on August 6, 2013, upon becoming concerned that the costs of discovery and litigation were quickly surpassing the amount in controversy, the Court ordered a temporary stay of all discovery. | |
CCIP was granted a patent in September 2013 related to its mesh crib liner by the United States Patent and Trademark Office and has capitalized $58,000 of costs associated with applying for this patent. In addition, the Company’s policy is to capitalize legal and other costs incurred in the defense of the Company’s patents when it is believed that the future economic benefit of the patent will be maintained or increased and a successful defense is probable. In this regard, as of March 30, 2014, CCIP has capitalized legal and other costs in the amount of $990,000 associated with its defense of the BreathableBaby complaint into the intangible asset related to the patent for its own mesh crib liner. The Company’s is amortizing the patent application costs and the litigation costs associated with CCIP’s mesh crib liner over the expected life of the patent. An unfavorable outcome of the Breathablebaby litigation could result in an impairment charge of up to the $1.0 million carrying value of CCIP’s mesh crib liner. | |
In addition to the foregoing civil complaints, the Company is, from time to time, involved in various legal proceedings relating to claims arising in the ordinary course of its business. Neither the Company nor any of its subsidiaries is a party to any such legal proceeding the outcome of which, individually or in the aggregate, is expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Note_13_Subsequent_Events
Note 13 - Subsequent Events | 12 Months Ended |
Mar. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 13 – Subsequent Events | |
The Company has evaluated events that have occurred between March 30, 2014 and the date that the accompanying financial statements were issued, and has determined that there are no material subsequent events that require disclosure. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||
Basis of Presentation: The accompanying consolidated financial statements include the accounts of the Company and have been prepared pursuant to accounting principles generally accepted in the United States (“GAAP”) as promulgated by the Financial Accounting Standards Board (“FASB”), the Securities Act, the Exchange Act and the regulations of the Securities and Exchange Commission (“SEC”). All significant intercompany balances and transactions have been eliminated in consolidation. References herein to GAAP are to topics within the FASB Accounting Standards Codification (the “FASB ASC”), which the FASB periodically revises through the issuance of an Accounting Standards Update (“ASU”) and which has been established by the FASB as the authoritative source for GAAP recognized by the FASB to be applied by nongovernmental entities. | |||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||
Reclassifications: The Company has reclassified certain prior year information to conform to the amounts presented in the current year. None of the changes impact the Company’s previously reported financial position or results of operations. | |||||||||
Fiscal Period, Policy [Policy Text Block] | ' | ||||||||
Fiscal Year: The Company's fiscal year ends on the Sunday nearest to or on March 31. References herein to “fiscal year 2014” or “2014”, and “fiscal year 2013” or “2013” represent the 52-week periods ended March 30, 2014 and March 31, 2013, respectively. | |||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of revenues and expenses during the periods presented on the consolidated statements of income and cash flows. Significant estimates are made with respect to the allowances related to accounts receivable for customer deductions for returns, allowances and disputes. The Company also has a certain amount of discontinued finished goods which necessitates the establishment of inventory reserves that are highly subjective. Actual results could differ materially from those estimates. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash and Cash Equivalents: The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company’s credit facility consists of a revolving line of credit under a financing agreement with The CIT Group/Commercial Services, Inc. (“CIT”). The Company classifies a negative balance outstanding under this revolving line of credit as cash, as these amounts are legally owed to the Company and are available to be drawn upon by the Company daily. | |||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||
Financial Instruments: For short-term instruments such as cash and cash equivalents, accounts receivable and accounts payable, the Company uses carrying value as a reasonable estimate of fair value. | |||||||||
Revenue Recognition, Services, Royalty Fees [Policy Text Block] | ' | ||||||||
Royalty Payments: The Company has entered into agreements that provide for royalty payments based on a percentage of sales with certain minimum guaranteed amounts. These royalties are accrued based upon historical sales rates adjusted for current sales trends by customers. Royalty expense is included in cost of products sold and amounted to $7.5 million and $6.8 million for fiscal years 2014 and 2013, respectively. | |||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||
Advertising Costs: The Company’s advertising costs are primarily associated with cooperative advertising arrangements with certain of the Company’s customers and are recognized using the straight-line method based upon aggregate annual estimated amounts for these customers, with periodic adjustments to the actual amounts of authorized agreements. Advertising expense is included in other marketing and administrative expenses in the accompanying consolidated statements of income and amounted to $747,000 and $790,000 for fiscal years 2014 and 2013, respectively. | |||||||||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | ||||||||
Depreciation and Amortization: The accompanying consolidated balance sheets reflect property, plant and equipment, and certain intangible assets at cost less accumulated depreciation or amortization. The Company capitalizes additions and improvements and expenses maintenance and repairs as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are three to eight years for property, plant and equipment, and one to twenty years for intangible assets other than goodwill. The Company amortizes improvements to its leased facilities over the term of the lease or the estimated useful life of the asset, whichever is shorter. | |||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||
Valuation of Long-Lived Assets and Identifiable Intangible Assets: In addition to the depreciation and amortization procedures set forth above, the Company reviews for impairment long-lived assets and certain identifiable intangible assets whenever events or changes in circumstances indicate that the carrying amount of any asset may not be recoverable. In the event of impairment, the asset is written down to its fair market value. | |||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | ||||||||
Patent Costs: The Company incurs certain legal and related costs in connection with patent applications. The Company capitalizes such costs to be amortized over the expected life of the patent to the extent that an economic benefit is anticipated from the resulting patent or alternative future use is available to the Company. The Company also capitalizes legal costs incurred in the defense of the Company’s patents when it is believed that the future economic benefit of the patent will be maintained or increased and a successful defense is probable. Capitalized patent defense costs are amortized over the remaining expected life of the related patent. The Company’s assessment of future economic benefit or a successful defense of its patents involves considerable management judgment, and an unfavorable outcome of litigation could result in a material impairment charge up to the carrying value of these assets. | |||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||
Segments and Related Information: The Company operates primarily in one principal segment, infant and toddler products. These products consist of infant and toddler bedding, bibs, soft bath products, disposable products and accessories. Net sales of bedding, blankets and accessories and net sales of bibs, bath and disposable products for 2014 and 2013 are as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Bedding, blankets and accessories | $ | 58,332 | $ | 55,677 | |||||
Bibs, bath and disposable products | 22,962 | 22,739 | |||||||
Total net sales | $ | 81,294 | $ | 78,416 | |||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventory Valuation: The preparation of the Company's financial statements requires careful determination of the appropriate dollar amount of the Company's inventory balances. Such amount is presented as a current asset in the accompanying consolidated balance sheets and is a direct determinant of cost of products sold in the accompanying consolidated statements of income and, therefore, has a significant impact on the amount of net income in the reported accounting periods. The basis of accounting for inventories is cost, which includes the direct supplier acquisition cost, duties, taxes and freight, and the indirect costs to design, develop, source and store the product until it is sold. Once cost has been determined, the Company’s inventory is then stated at the lower of cost or market, with cost determined using the first-in, first-out ("FIFO") method, which assumes that inventory quantities are sold in the order in which they are acquired. | |||||||||
The determination of the indirect charges and their allocation to the Company's finished goods inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then differences would result in the valuation of the Company's inventories and in the amount and timing of the Company's cost of goods sold and the resulting net income for the reporting period. | |||||||||
On a periodic basis, management reviews its inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not reasonably be expected to be sold within the Company’s normal operating cycle. To the extent that any of these conditions is believed to exist or the market value of the inventory expected to be realized in the ordinary course of business is otherwise no longer as great as its carrying value, an allowance against the inventory value is established. To the extent that this allowance is established or increased during an accounting period, an expense is recorded in cost of goods sold in the Company's consolidated statements of income. Only when inventory for which an allowance has been established is later sold or is otherwise disposed is the allowance reduced accordingly. Significant management judgment is required in determining the amount and adequacy of this allowance. In the event that actual results differ from management's estimates or these estimates and judgments are revised in future periods, the Company may not fully realize the carrying value of its inventory or may need to establish additional allowances, either of which could materially impact the Company's financial position and results of operations. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition: Sales are recorded when goods are shipped to customers and are reported net of allowances for estimated returns and allowances in the accompanying consolidated statements of income. Allowances for returns are estimated based on historical rates. Allowances for returns, cooperative advertising allowances, warehouse allowances, placement fees and volume rebates are recorded commensurate with sales activity or using the straight-line method, as appropriate, and the cost of such allowances is netted against sales in reporting the results of operations. Shipping and handling costs, net of amounts reimbursed by customers, are not material and are included in net sales. | |||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||
Allowances Against Accounts Receivable: The Company’s allowances against accounts receivable are primarily contractually agreed-upon deductions for items such as cooperative advertising and warehouse allowances, placement fees and volume rebates. These deductions are recorded throughout the year commensurate with sales activity or using the straight-line method, as appropriate. Funding of the majority of the Company’s allowances occurs on a per-invoice basis. The allowances for customer deductions, which are netted against accounts receivable in the accompanying consolidated balance sheets, consist of agreed-upon cooperative advertising support, placement fees, markdowns and warehouse and other allowances. All such allowances are recorded as direct offsets to sales, and such costs are accrued commensurate with sales activities or as a straight-line amortization charge of an agreed-upon fixed amount, as appropriate to the circumstances for each arrangement. When a customer requests deductions, the allowances are reduced to reflect such payments or credits issued against the customer’s account balance. The Company analyzes the components of the allowances for customer deductions monthly and adjusts the allowances to the appropriate levels. The timing of the funding requests for advertising support can cause the net balance in the allowance account to fluctuate from period to period. The timing of such funding requests should have a minimal impact on the consolidated statements of income since such costs are accrued commensurate with sales activity or using the straight-line method, as appropriate. | |||||||||
To reduce its exposure to credit losses, the Company assigns the majority of its trade accounts receivable under factoring agreements with CIT. In the event a factored receivable becomes uncollectible due to creditworthiness, CIT bears the risk of loss. The Company’s management must make estimates of the uncollectiblity of its non-factored accounts receivable, which it accomplishes by specifically analyzing accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in its customers’ payment terms. The Company’s accounts receivable at March 30, 2014 amounted to $21.7 million, net of allowances of $718,000. Of this amount, $20.8 million was due from CIT under the factoring agreements, and an additional $337,000 was due from CIT as a negative balance outstanding under the revolving line of credit. The combined amount of $21.1 million represents the maximum loss that the Company could incur if CIT failed completely to perform its obligations under the factoring agreements and the revolving line of credit. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Provision for Income Taxes: The Company’s provision for income taxes includes all currently payable federal, state, local and foreign taxes that are based on the Company's taxable income and the change during the fiscal year in net deferred income tax assets and liabilities. The Company provides for deferred income taxes based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect when the differences are expected to reverse. The Company’s policy is to recognize the effect that a change in enacted tax rates would have on net deferred income tax assets and liabilities in the period that the tax rates are changed. | |||||||||
Management evaluates items of income, deductions and credits reported on the Company’s various federal and state income tax returns filed and recognizes the effect of positions taken on those income tax returns only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Based on its recent evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the accompanying consolidated financial statements. The Company’s policy is to accrue interest expense and penalties as appropriate on any estimated unrecognized tax benefits as a charge to interest expense in the Company’s consolidated statements of income. | |||||||||
The Company files income tax returns in the many jurisdictions in which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations varies by jurisdiction; tax years open to federal or state general examination or other adjustment as of March 30, 2014 were the tax years ended April 3, 2011, April 1, 2012, March 31, 2013 and March 30, 2014, as well as the tax year ended March 28, 2010 for several states. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Earnings Per Share: The Company calculates basic earnings per share by using a weighted average of the number of shares outstanding during the reporting periods. Diluted shares outstanding are calculated in accordance with the treasury stock method, which assumes that the proceeds from the exercise of all exercisable options would be used to repurchase shares at market value. The net number of shares issued after the exercise proceeds are exhausted represents the potentially dilutive effect of the exercisable options, which are added to basic shares to arrive at diluted shares. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Recently-Issued Accounting Standards: On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue guidance in GAAP when it becomes effective on the first day of the fiscal year beginning after December 15, 2016. Early adoption is not permitted. The Company has evaluated this ASU and has determined that its adoption on April 3, 2017 is not expected to have a material impact on the Company’s consolidated financial statements. The Company has also determined that all other ASUs issued which were in effect, or which will become effective at some future date, are not expected to have a material impact on the Company’s consolidated financial statements. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation Allowances and Reserves [Table Text Block] | ' | ||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||
Balance at Beginning | Charged to | Deductions | Balance at End of | ||||||||||||||
of Period | Expenses | Period | |||||||||||||||
(in thousands) | |||||||||||||||||
Accounts Receivable Valuation Accounts: | |||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Allowance for customer deductions | $ | 1,062 | $ | 3,832 | $ | 4,545 | $ | 349 | |||||||||
Year Ended March 30, 2014 | |||||||||||||||||
Allowance for doubtful accounts | $ | 0 | $ | 73 | $ | 0 | $ | 73 | |||||||||
Allowance for customer deductions | $ | 349 | $ | 3,584 | $ | 3,288 | $ | 645 |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Bedding, blankets and accessories | $ | 58,332 | $ | 55,677 | |||||
Bibs, bath and disposable products | 22,962 | 22,739 | |||||||
Total net sales | $ | 81,294 | $ | 78,416 |
Note_4_Goodwill_Customer_Relat1
Note 4 - Goodwill, Customer Relationships and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Amortization Expense | |||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||
30-Mar-14 | 31-Mar-13 | 30-Mar-14 | 31-Mar-13 | 30-Mar-14 | 31-Mar-13 | ||||||||||||||||||||
Tradename and trademarks | $ | 1,987 | $ | 2,033 | $ | 669 | $ | 582 | $ | 133 | $ | 164 | |||||||||||||
Licenses and designs | 3,571 | 3,571 | 3,571 | 3,569 | 2 | 8 | |||||||||||||||||||
Non-compete covenants | 454 | 454 | 391 | 336 | 55 | 55 | |||||||||||||||||||
Patents | 1,601 | 1,585 | 242 | 157 | 85 | 56 | |||||||||||||||||||
Customer relationships | 5,411 | 5,411 | 2,903 | 2,420 | 483 | 483 | |||||||||||||||||||
Total other intangible assets | $ | 13,024 | $ | 13,054 | $ | 7,776 | $ | 7,064 | $ | 758 | $ | 766 | |||||||||||||
Classification within the accompanying consolidated statements of income: | |||||||||||||||||||||||||
Cost of products sold | $ | 57 | $ | 63 | |||||||||||||||||||||
Other marketing and administrative expenses | 701 | 703 | |||||||||||||||||||||||
Total amortization expense | $ | 758 | $ | 766 |
Note_5_Churchill_Property_Tabl
Note 5 - Churchill Property (Tables) | 12 Months Ended | ||||
Mar. 30, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||
Gross proceeds of sale | $ | 200 | |||
Expenses associated with sale | 34 | ||||
Amount realized | 166 | ||||
Carrying value of property | 263 | ||||
Loss on sale of Churchill property | $ | (97 | ) |
Note_7_Inventories_Tables
Note 7 - Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Raw Materials | $ | 47 | $ | 43 | |||||
Finished Goods | 13,560 | 10,887 | |||||||
Total inventory | $ | 13,607 | $ | 10,930 |
Note_8_Income_Taxes_Tables
Note 8 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Fiscal year ended March 30, 2014 | |||||||||||||
Current | Deferred | Total | |||||||||||
Federal | $ | 3,571 | $ | (628 | ) | $ | 2,943 | ||||||
State | 750 | (115 | ) | 635 | |||||||||
Other - net, including foreign | (3 | ) | - | (3 | ) | ||||||||
Income tax expense (benefit) | 4,318 | (743 | ) | 3,575 | |||||||||
Income tax reported in stockholders' equity related to stock-based compensation | (33 | ) | - | (33 | ) | ||||||||
Total | $ | 4,285 | $ | (743 | ) | $ | 3,542 | ||||||
Fiscal year ended March 31, 2013 | |||||||||||||
Current | Deferred | Total | |||||||||||
Federal | $ | 1,993 | $ | 482 | $ | 2,475 | |||||||
State | 327 | 90 | 417 | ||||||||||
Other - net, including foreign | 15 | - | 15 | ||||||||||
Income tax expense | 2,335 | 572 | 2,907 | ||||||||||
Income tax reported in stockholders' equity related to stock-based compensation | (102 | ) | - | (102 | ) | ||||||||
Total | $ | 2,233 | $ | 572 | $ | 2,805 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Employee wage and benefit accruals | $ | 849 | $ | 450 | |||||||||
Accounts receivable and inventory reserves | 356 | 178 | |||||||||||
Deferred rent | 6 | 41 | |||||||||||
Intangible assets | 890 | 823 | |||||||||||
State net operating loss carryforwards | 904 | 1,036 | |||||||||||
Stock-based compensation | 391 | 318 | |||||||||||
Total gross deferred tax assets | 3,396 | 2,846 | |||||||||||
Less valuation allowance | (904 | ) | (1,036 | ) | |||||||||
Deferred tax assets after valuation allowance | 2,492 | 1,810 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expenses | (412 | ) | (540 | ) | |||||||||
Property, plant and equipment | (172 | ) | (105 | ) | |||||||||
Total deferred tax liabilities | (584 | ) | (645 | ) | |||||||||
Net deferred income tax assets | $ | 1,908 | $ | 1,165 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2014 | 2013 | ||||||||||||
Tax expense at statutory rate (34%) | $ | 3,178 | $ | 2,726 | |||||||||
State income taxes, net of Federal income tax benefit | 419 | 275 | |||||||||||
Tax credits | (12 | ) | (13 | ) | |||||||||
Net tax effect of expenses deductible only for tax purposes | (7 | ) | (90 | ) | |||||||||
Other - net, including foreign | (3 | ) | 9 | ||||||||||
Income tax expense | $ | 3,575 | $ | 2,907 |
Note_9_Stockbased_Compensation1
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||
Fiscal Year Ended March 30, 2014 | Fiscal Year Ended March 31, 2013 | |||||||||||||||||||||||
Weighted-Average | Number of Options | Weighted-Average | Number of Options | |||||||||||||||||||||
Exercise Price | Outstanding | Exercise Price | Outstanding | |||||||||||||||||||||
Outstanding at Beginning of Period | $ | 5.23 | 145,000 | $ | 3.57 | 573,000 | ||||||||||||||||||
Granted | 6.14 | 100,000 | 5.42 | 110,000 | ||||||||||||||||||||
Exercised | 5.12 | (60,000 | ) | 3.46 | (521,750 | ) | ||||||||||||||||||
Expired | - | - | 0.71 | (1,250 | ) | |||||||||||||||||||
Forfeited | - | - | 5.22 | (15,000 | ) | |||||||||||||||||||
Outstanding at End of Period | 5.76 | 185,000 | 5.23 | 145,000 | ||||||||||||||||||||
Exercisable at End of Period | 5.16 | 35,000 | - | - | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Options issued | 100,000 | 110,000 | ||||||||||||||||||||||
Grant Date | 14-Jun-13 | 13-Jun-12 | ||||||||||||||||||||||
Dividend yield | 5.21 | % | 5.9 | % | ||||||||||||||||||||
Expected volatility | 35 | % | 65 | % | ||||||||||||||||||||
Risk free interest rate | 0.49 | % | 0.55 | % | ||||||||||||||||||||
Contractual term (years) | 10 | 10 | ||||||||||||||||||||||
Expected term (years) | 3 | 4 | ||||||||||||||||||||||
Forfeiture rate | 5 | % | 5 | % | ||||||||||||||||||||
Exercise price (grant-date closing price) | $ | 6.14 | $ | 5.42 | ||||||||||||||||||||
Fair value | $ | 0.98 | $ | 1.84 | ||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||||||||
Fiscal Year Ended March 30, 2014 | ||||||||||||||||||||||||
Options Granted in Fiscal Year | Cost of | Other Marketing | Total | |||||||||||||||||||||
Products | & Administrative | Expense | ||||||||||||||||||||||
Sold | Expenses | |||||||||||||||||||||||
2012 | $ | 13 | $ | 11 | $ | 24 | ||||||||||||||||||
2013 | 46 | 46 | 92 | |||||||||||||||||||||
2014 | 18 | 18 | 36 | |||||||||||||||||||||
Total stock option compensation | $ | 77 | $ | 75 | $ | 152 | ||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Options Granted in Fiscal Year | Cost of | Other Marketing | Total | |||||||||||||||||||||
Products | & Administrative | Expense | ||||||||||||||||||||||
Sold | Expenses | |||||||||||||||||||||||
2011 | $ | 13 | $ | 13 | $ | 26 | ||||||||||||||||||
2012 | 54 | 46 | 100 | |||||||||||||||||||||
2013 | 34 | 34 | 68 | |||||||||||||||||||||
Total stock option compensation | $ | 101 | $ | 93 | $ | 194 | ||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||
Price | of Options | Avg. Remaining | Avg. Exercise | of Options | Avg. Exercise | |||||||||||||||||||
Outstanding | Contractual | Price of | Exercisable | Price of | ||||||||||||||||||||
Life in Years | Options | Options | ||||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||
$ | 4.81 | 15,000 | 7.2 | $ | 4.81 | 15,000 | $ | 4.81 | ||||||||||||||||
$ | 5.42 | 70,000 | 8.21 | $ | 5.42 | 20,000 | $ | 5.42 | ||||||||||||||||
$ | 6.14 | 100,000 | 9.21 | $ | 6.14 | - | $ | - | ||||||||||||||||
185,000 | 8.67 | $ | 5.76 | 35,000 | $ | 5.16 | ||||||||||||||||||
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block] | ' | |||||||||||||||||||||||
Number | Weighted-Average | Three-Month | ||||||||||||||||||||||
Of Shares | Fair Value per Share | Period Ended | ||||||||||||||||||||||
28,000 | $ | 6.67 | 29-Sep-13 | |||||||||||||||||||||
42,000 | 5.62 | 30-Sep-12 | ||||||||||||||||||||||
30,000 | 4.44 | 2-Oct-11 | ||||||||||||||||||||||
30,000 | 4.36 | 26-Sep-10 | ||||||||||||||||||||||
Schedule of Other Share-based Compensation, Activity [Table Text Block] | ' | |||||||||||||||||||||||
Fiscal Year Ended March 30, 2014 | ||||||||||||||||||||||||
Stock Granted in Fiscal Year | Employees | Non-employee | Total | |||||||||||||||||||||
Directors | Expense | |||||||||||||||||||||||
2011 | $ | 182 | $ | - | $ | 182 | ||||||||||||||||||
2012 | - | 22 | 22 | |||||||||||||||||||||
2013 | - | 92 | 92 | |||||||||||||||||||||
2014 | 93 | 63 | 156 | |||||||||||||||||||||
Total stock grant compensation | $ | 275 | $ | 177 | $ | 452 | ||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Stock Granted in Fiscal Year | Employees | Non-employee | Total | |||||||||||||||||||||
Directors | Expense | |||||||||||||||||||||||
2011 | $ | 295 | $ | 18 | $ | 313 | ||||||||||||||||||
2012 | - | 66 | 66 | |||||||||||||||||||||
2013 | - | 79 | 79 | |||||||||||||||||||||
Total stock grant compensation | $ | 295 | $ | 163 | $ | 458 |
Note_11_Major_Customers_Tables
Note 11 - Major Customers (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2013 | |||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Wal-Mart Stores, Inc. | 41 | % | 38 | % | |||||
Toys R Us | 19 | % | 17 | % | |||||
Target Corporation | * | 10 | % |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation And Qualifying Accounts (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Allowance for Doubtful Accounts [Member] | ' | ' |
Accounts Receivable Valuation Accounts: | ' | ' |
Beginning balance | $0 | $0 |
Charged to expenses | 73 | 0 |
Deductions | 0 | 0 |
Ending balance | 73 | 0 |
Reserve for Customer Deductions [Member] | ' | ' |
Accounts Receivable Valuation Accounts: | ' | ' |
Beginning balance | 349 | 1,062 |
Charged to expenses | 3,584 | 3,832 |
Deductions | 3,288 | 4,545 |
Ending balance | $645 | $349 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Royalty Expense | $7,500,000 | $6,800,000 | ' |
Advertising Expense | 747,000 | 790,000 | ' |
Number of Operating Segments | 1 | ' | ' |
Accounts Receivable, Net | 21,700,000 | ' | ' |
Allowance for Doubtful Accounts Receivable | 718,000 | ' | ' |
Due From Factor | 20,800,000 | 21,431,000 | ' |
Cash and Cash Equivalents, at Carrying Value | 560,000 | 340,000 | 214,000 |
Accounts Receivable [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | 21,100,000 | ' | ' |
Cash Held at CIT [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $337,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '8 years | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Segment and Related Information (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales by segment | $81,294 | $78,416 |
Bedding, Blankets and Accessories [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales by segment | 58,332 | 55,677 |
Bibs Bath And Disposable Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales by segment | $22,962 | $22,739 |
Note_3_Financing_Arrangements_
Note 3 - Financing Arrangements (Details) (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Note 3 - Financing Arrangements (Details) [Line Items] | ' | ' |
Selling, General and Administrative Expense | $12,289,000 | $11,372,000 |
Advances On Factoring Agreements | 0 | 0 |
Line of Credit Facility, Interest Rate at Period End | 1.25% | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.13% | ' |
Line of Credit Facility, Commitment Fee Amount | 41,000 | 64,000 |
Line of Credit Facility, Amount Outstanding | 0 | ' |
Letters of Credit Outstanding, Amount | 0 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 24,700,000 | ' |
Factoring Fees [Member] | ' | ' |
Note 3 - Financing Arrangements (Details) [Line Items] | ' | ' |
Selling, General and Administrative Expense | 461,000 | 455,000 |
Prime Rate [Member] | Revolving Credit Facility [Member] | ' | ' |
Note 3 - Financing Arrangements (Details) [Line Items] | ' | ' |
Debt Instrument Basis Spread Below Variable Rate | 0.50% | ' |
Prime Rate [Member] | ' | ' |
Note 3 - Financing Arrangements (Details) [Line Items] | ' | ' |
Debt Instrument Basis Spread Below Variable Rate | 2.00% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ' | ' |
Note 3 - Financing Arrangements (Details) [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ' |
Revolving Credit Facility [Member] | ' | ' |
Note 3 - Financing Arrangements (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 26,000,000 | ' |
Debt Instrument, Maturity Date | 11-Jul-16 | ' |
Letter of Credit [Member] | ' | ' |
Note 3 - Financing Arrangements (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $1,500,000 | ' |
Note_4_Goodwill_Customer_Relat2
Note 4 - Goodwill, Customer Relationships and Other Intangible Assets (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill, Gross | $24,000,000 | $24,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 22,900,000 | 22,900,000 |
Goodwill | 1,126,000 | 1,126,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 741,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 729,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 729,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 572,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $351,000 | ' |
Note_4_Goodwill_Customer_Relat3
Note 4 - Goodwill, Customer Relationships and Other Intangible Assets (Details) - Other Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | $13,024 | $13,054 |
Weighted Average Estimated useful life (Years) | 7,776 | 7,064 |
Accumulated amortization | 758 | 766 |
Cost of Sales [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated amortization | 57 | 63 |
Operating Expense [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated amortization | 701 | 703 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 1,987 | 2,033 |
Weighted Average Estimated useful life (Years) | 669 | 582 |
Accumulated amortization | 133 | 164 |
Design [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 3,571 | 3,571 |
Weighted Average Estimated useful life (Years) | 3,571 | 3,569 |
Accumulated amortization | 2 | 8 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 454 | 454 |
Weighted Average Estimated useful life (Years) | 391 | 336 |
Accumulated amortization | 55 | 55 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 1,601 | 1,585 |
Weighted Average Estimated useful life (Years) | 242 | 157 |
Accumulated amortization | 85 | 56 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 5,411 | 5,411 |
Weighted Average Estimated useful life (Years) | 2,903 | 2,420 |
Accumulated amortization | $483 | $483 |
Note_5_Churchill_Property_Deta
Note 5 - Churchill Property (Details) - Sale of Churchill Property (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Gross proceeds of sale | $2 | $190 |
Carrying value of property | 586 | 738 |
Loss on sale of Churchill property | 2 | -84 |
Churchill Property [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Gross proceeds of sale | ' | 200 |
Expenses associated with sale | ' | 34 |
Amount realized | ' | 166 |
Carrying value of property | ' | 263 |
Loss on sale of Churchill property | ' | ($97) |
Note_6_Retirement_Plan_Details
Note 6 - Retirement Plan (Details) (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Note 6 - Retirement Plan (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | $153,000 | $151,000 |
First 2% Employee Contributions [Member] | ' | ' |
Note 6 - Retirement Plan (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ' |
Defined Contribution Plan, Employee Contribution Percent | 2.00% | ' |
Next 1% Employee Contributions [Member] | ' | ' |
Note 6 - Retirement Plan (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ' |
Defined Contribution Plan, Employee Contribution Percent | 1.00% | ' |
Note_7_Inventories_Details_Com
Note 7 - Inventories (Details) - Components of Inventories (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories [Abstract] | ' | ' |
Raw Materials | $47 | $43 |
Finished Goods | 13,560 | 10,887 |
Total inventory | $13,607 | $10,930 |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 38.30% | 36.30% |
Note_8_Income_Taxes_Details_Co
Note 8 - Income Taxes (Details) - Component of Income Taxes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Component of Income Taxes [Abstract] | ' | ' |
Federal - current | $3,571 | $1,993 |
Federal - deferred | -628 | 482 |
Federal | 2,943 | 2,475 |
State - current | 750 | 327 |
State - deferred | -115 | 90 |
State | 635 | 417 |
Other, including foreign - current | -3 | 15 |
Other, including foreign | -3 | 15 |
Income tax expense - current | 4,318 | 2,335 |
Income tax expense - deferred | -743 | 572 |
Income tax expense | 3,575 | 2,907 |
Income tax reported in stockholders' equity related to stock-based compensation - - current | -33 | -102 |
Income tax reported in stockholders' equity related to stock-based compensation | -33 | -102 |
Total income tax provision - current | 4,285 | 2,233 |
Total income tax provision - deferred | -743 | 572 |
Total income tax provision | $3,542 | $2,805 |
Note_8_Income_Taxes_Details_De
Note 8 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Employee wage and benefit accruals | $849 | $450 |
Accounts receivable and inventory reserves | 356 | 178 |
Deferred rent | 6 | 41 |
Intangible assets | 890 | 823 |
State net operating loss carryforwards | 904 | 1,036 |
Stock-based compensation | 391 | 318 |
Total gross deferred tax assets | 3,396 | 2,846 |
Less valuation allowance | -904 | -1,036 |
Deferred tax assets after valuation allowance | 2,492 | 1,810 |
Deferred tax liabilities: | ' | ' |
Prepaid expenses | -412 | -540 |
Property, plant and equipment | -172 | -105 |
Total deferred tax liabilities | -584 | -645 |
Net deferred income tax assets | $1,908 | $1,165 |
Note_8_Income_Taxes_Details_Re
Note 8 - Income Taxes (Details) - Reconciliation of Federal Statutory Provision to the Provision for Financial Reporting Purpose (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Reconciliation of Federal Statutory Provision to the Provision for Financial Reporting Purpose [Abstract] | ' | ' |
Tax expense at statutory rate (34%) | $3,178 | $2,726 |
State income taxes, net of Federal income tax benefit | 419 | 275 |
Tax credits | -12 | -13 |
Net tax effect of expenses deductible only for tax purposes | -7 | -90 |
Other - net, including foreign | -3 | 9 |
Income tax expense | $3,575 | $2,907 |
Note_9_Stockbased_Compensation2
Note 9 - Stock-based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 29, 2013 | Sep. 30, 2012 | Oct. 02, 2011 | Sep. 26, 2010 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Jun. 27, 2010 | Nov. 05, 2013 | Nov. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Nov. 05, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Nov. 05, 2013 | Nov. 30, 2012 | |
Fiscal Year 2013 [Member] | Fiscal Year 2013 [Member] | Fiscal Year 2013 [Member] | Fiscal Year 2014 [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | The 2006 Omnibus Incentive Plan [Member] | Per Share Closing Price Vesting Condition [Member] | Per Share Closing Price Vesting Condition [Member] | |||||||
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Certain Employees [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | |||||||||||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 385,702 | ' | ' |
Share-based Compensation | ' | ' | ' | ' | $604,000 | $652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | ' | ' | 126,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | ' | 383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | ' | ' | 94,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | ' | ' | 0 | 98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | ' | ' | ' | ' | 49,000 | 437,000 | ' | ' | ' | ' | ' | ' | 47,000 | 153,000 | ' | ' | ' | ' | 54,000 | ' | ' | ' |
Net Cash Outflow upon Exercise of Stock Options | ' | ' | ' | ' | 49,000 | 339,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | ' | ' | 86,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months 15 days | ' | ' | ' | ' | ' | ' | '1 year 94 days | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 28,000 | 42,000 | 30,000 | 30,000 | ' | ' | ' | ' | ' | ' | ' | 345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Threshold Trading Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Threshold Consecutive Trading Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement, By Share-based Payment Award, Equity Instruments Other than Options, Grants In Period, Total Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | $5 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | 62,000 | ' | ' | 75,000 | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | 152,000 | 194,000 | 196,000 | 155,000 | 351,000 | 354,000 | ' | ' | ' | ' | 14,000 | 99,000 | ' | ' | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,234 | 26,319 | ' | ' | ' | ' | 8,549 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,048 | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | 307,000 | 1,807,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,000 | ' | ' | ' |
Cash Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $369,000 | ' | ' | ' | ' |
Note_9_Stockbased_Compensation3
Note 9 - Stock-based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Stock Option Activity [Abstract] | ' | ' |
Outstanding at Beginning of Period | $5.23 | $3.57 |
Outstanding at Beginning of Period | 145,000 | 573,000 |
Granted | $6.14 | $5.42 |
Granted | 100,000 | 110,000 |
Exercised | $5.12 | $3.46 |
Exercised | -60,000 | -521,750 |
Expired | ' | $0.71 |
Expired | ' | -1,250 |
Forfeited | ' | $5.22 |
Forfeited | ' | -15,000 |
Outstanding at End of Period | $5.76 | $5.23 |
Outstanding at End of Period | 185,000 | 145,000 |
Exercisable at End of Period | $5.16 | ' |
Exercisable at End of Period | 35,000 | ' |
Note_9_Stockbased_Compensation4
Note 9 - Stock-based Compensation (Details) - Estimated Fair Value of Stock Options Assumptions (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Estimated Fair Value of Stock Options Assumptions [Abstract] | ' | ' |
Options issued (in Shares) | 100,000 | 110,000 |
Grant Date | 14-Jun-13 | 13-Jun-12 |
Dividend yield | 5.21% | 5.90% |
Expected volatility | 35.00% | 65.00% |
Risk free interest rate | 0.49% | 0.55% |
Contractual term (years) | '10 years | '10 years |
Expected term (years) | '3 years | '4 years |
Forfeiture rate | 5.00% | 5.00% |
Exercise price (grant-date closing price) (in Dollars per share) | $6.14 | $5.42 |
Fair value (in Dollars per share) | $0.98 | $1.84 |
Note_9_Stockbased_Compensation5
Note 9 - Stock-based Compensation (Details) - Stock Option Compensation (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | $152,000 | $194,000 |
Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 77,000 | 101,000 |
Cost of Sales [Member] | Fiscal Year 2012 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 13,000 | 54,000 |
Cost of Sales [Member] | Fiscal Year 2013 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 46,000 | 34,000 |
Cost of Sales [Member] | Fiscal Year 2014 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 18,000 | ' |
Cost of Sales [Member] | Fiscal Year 2011 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | ' | 13,000 |
Operating Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 75,000 | 93,000 |
Operating Expense [Member] | Fiscal Year 2012 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 11,000 | 46,000 |
Operating Expense [Member] | Fiscal Year 2013 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 46,000 | 34,000 |
Operating Expense [Member] | Fiscal Year 2014 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 18,000 | ' |
Operating Expense [Member] | Fiscal Year 2011 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | ' | 13,000 |
Fiscal Year 2012 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 24,000 | 100,000 |
Fiscal Year 2013 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 92,000 | 68,000 |
Fiscal Year 2014 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | 36,000 | ' |
Fiscal Year 2011 [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock option compensation | ' | $26,000 |
Note_9_Stockbased_Compensation6
Note 9 - Stock-based Compensation (Details) - Stock Options by Exercise Prices Range (USD $) | 12 Months Ended |
Mar. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Options (in Shares) | 185,000 |
Weighted Avg. Remaining Contractual Life in Years | '8 years 244 days |
Weighted Avg. Exercise Price of Options Outstanding | $5.76 |
Number of Options Exercisable (in Shares) | 35,000 |
Weighted Avg. Exercise Price of Options Exercisable | $5.16 |
Exercise Price of $4.81 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price | $4.81 |
Number of Options (in Shares) | 15,000 |
Weighted Avg. Remaining Contractual Life in Years | '7 years 73 days |
Weighted Avg. Exercise Price of Options Outstanding | $4.81 |
Number of Options Exercisable (in Shares) | 15,000 |
Weighted Avg. Exercise Price of Options Exercisable | $4.81 |
Exercise Price of $5.42 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price | $5.42 |
Number of Options (in Shares) | 70,000 |
Weighted Avg. Remaining Contractual Life in Years | '8 years 76 days |
Weighted Avg. Exercise Price of Options Outstanding | $5.42 |
Number of Options Exercisable (in Shares) | 20,000 |
Weighted Avg. Exercise Price of Options Exercisable | $5.42 |
Exercise Price of $6.14 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price | $6.14 |
Number of Options (in Shares) | 100,000 |
Weighted Avg. Remaining Contractual Life in Years | '9 years 76 days |
Weighted Avg. Exercise Price of Options Outstanding | $6.14 |
Note_9_Stockbased_Compensation7
Note 9 - Stock-based Compensation (Details) - Non-vested Stock to Directors (USD $) | 3 Months Ended | |||
Sep. 29, 2013 | Sep. 30, 2012 | Oct. 02, 2011 | Sep. 26, 2010 | |
Non-vested Stock to Directors [Abstract] | ' | ' | ' | ' |
Number of shares | 28,000 | 42,000 | 30,000 | 30,000 |
Weighted-average fair value per share | $6.67 | $5.62 | $4.44 | $4.36 |
Note_9_Stockbased_Compensation8
Note 9 - Stock-based Compensation (Details) - Stock Grant Compensation (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Note 9 - Stock-based Compensation (Details) - Stock Grant Compensation [Line Items] | ' | ' |
Stock grant compensation - employees | $275 | $295 |
Stock grant compensation - non-employee directors | 177 | 163 |
Stock grant compensation - total | 452 | 458 |
Fiscal Year 2011 [Member] | ' | ' |
Note 9 - Stock-based Compensation (Details) - Stock Grant Compensation [Line Items] | ' | ' |
Stock grant compensation - employees | 182 | 295 |
Stock grant compensation - non-employee directors | ' | 18 |
Stock grant compensation - total | 182 | 313 |
Fiscal Year 2012 [Member] | ' | ' |
Note 9 - Stock-based Compensation (Details) - Stock Grant Compensation [Line Items] | ' | ' |
Stock grant compensation - non-employee directors | 22 | 66 |
Stock grant compensation - total | 22 | 66 |
Fiscal Year 2013 [Member] | ' | ' |
Note 9 - Stock-based Compensation (Details) - Stock Grant Compensation [Line Items] | ' | ' |
Stock grant compensation - non-employee directors | 92 | 79 |
Stock grant compensation - total | 92 | 79 |
Fiscal Year 2014 [Member] | ' | ' |
Note 9 - Stock-based Compensation (Details) - Stock Grant Compensation [Line Items] | ' | ' |
Stock grant compensation - employees | 93 | ' |
Stock grant compensation - non-employee directors | 63 | ' |
Stock grant compensation - total | $156 | ' |
Note_10_Stockholders_Equity_De
Note 10 - Stockholders' Equity (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 30, 2012 |
Special Cash Dividend [Member] | |||
Note 10 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.32 | $0.74 | $0.50 |
Dividends, Common Stock (in Dollars) | $3,153 | $7,277 | ' |
Treasury Stock, Shares, Acquired (in Shares) | 65,000 | 402,000 | ' |
Treasury Stock Acquired, Average Cost Per Share | $7.07 | $5.71 | ' |
Note_11_Major_Customers_Detail
Note 11 - Major Customers (Details) - Major Customers (Customer Concentration Risk [Member], Sales [Member]) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | ||
Wal-Mart Stores, Inc. [Member] | ' | ' | |
Revenue, Major Customer [Line Items] | ' | ' | |
Major Customer | 41.00% | 38.00% | |
Toys R Us [Member] | ' | ' | |
Revenue, Major Customer [Line Items] | ' | ' | |
Major Customer | 19.00% | 17.00% | |
Target Corporation [Member] | ' | ' | |
Revenue, Major Customer [Line Items] | ' | ' | |
Major Customer | ' | [1] | 10.00% |
[1] | Amount represented less than 10% of the Company's gross sales for this fiscal year. |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense | $1,400,000 | $1,600,000 |
Operating Leases, Future Minimum Payments Due | 6,400,000 | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,200,000 | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,000,000 | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,000,000 | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,000,000 | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,000,000 | ' |
Royalty Expense | 7,500,000 | 6,800,000 |
Royalty Expense Due | 6,200,000 | ' |
Royalty Expense Due in Next Twelve Months | 3,200,000 | ' |
Royalty Expense Due in Two Years | 2,900,000 | ' |
Royalty Expense Due in Three Years | 38,000 | ' |
Capitalized Patent Application Costs | 58,000 | ' |
Capitalized Legal and Other Costs | 990,000 | ' |
Loss Contingency, Range of Possible Loss, Maximum | 1,000,000 | ' |
Due In 2020 [Member] | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 1,000,000 | ' |
Due In 2021 [Member] | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | $173,000 | ' |