Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 03, 2016 | May. 10, 2016 | Sep. 25, 2015 | |
Entity Registrant Name | CROWN CRAFTS INC | ||
Entity Central Index Key | 25,895 | ||
Trading Symbol | crws | ||
Current Fiscal Year End Date | --04-03 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,990,848 | ||
Entity Public Float | $ 58.1 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 3, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 7,574 | $ 1,807 |
Accounts receivable (net of allowances of $745 at April 3, 2016 and $1,000 at March 29, 2015): | ||
Due from factor | 20,125 | 21,563 |
Other | 671 | 807 |
Inventories | 14,785 | 15,468 |
Prepaid expenses | 1,689 | 1,906 |
Deferred income taxes | 888 | 968 |
Total current assets | 45,732 | 42,519 |
Property, plant and equipment - at cost: | ||
Vehicles | 247 | 235 |
Leasehold improvements | 239 | 230 |
Machinery and equipment | 2,879 | 2,836 |
Furniture and fixtures | 808 | 755 |
Property, plant and equipment - gross | 4,173 | 4,056 |
Less accumulated depreciation | 3,740 | 3,528 |
Property, plant and equipment - net | 433 | 528 |
Finite-lived intangible assets - at cost: | ||
Customer relationships | 5,534 | 5,411 |
Other finite-lived intangible assets | 3,686 | 7,613 |
Finite-lived intangible assets gross | 9,220 | 13,024 |
Less accumulated amortization | 5,338 | 8,517 |
Finite-lived intangible assets - net | 3,882 | 4,507 |
Goodwill | 1,126 | 1,126 |
Deferred income taxes | 1,049 | 1,133 |
Other | 193 | 133 |
Total Assets | 52,415 | 49,946 |
Current liabilities: | ||
Accounts payable | 4,640 | 4,472 |
Accrued wages and benefits | 1,988 | 2,265 |
Accrued royalties | 1,172 | 1,581 |
Dividends payable | 3,303 | 805 |
Income taxes payable | 806 | 1,021 |
Other accrued liabilities | 276 | 230 |
Total current liabilities | 12,185 | $ 10,374 |
Non-current liabilities: | ||
Reserve for unrecognized tax benefits | 211 | |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at April 3, 2016 and March 29, 2015; Issued 12,251,834 shares at April 3, 2016 and 12,030,302 shares at March 29, 2015 | 123 | $ 120 |
Additional paid-in capital | 50,723 | 48,561 |
Treasury stock - at cost - 2,302,191 shares at April 3, 2016 and 1,964,886 shares at March 29, 2015 | (11,228) | (8,390) |
Retained Earnings (Accumulated deficit) | 401 | (719) |
Total shareholders' equity | 40,019 | 39,572 |
Total Liabilities and Shareholders' Equity | $ 52,415 | $ 49,946 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Allowance for doubtful accounts receivable | $ 745 | $ 1,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 12,251,834 | 12,030,302 |
Treasury stock, shares (in shares) | 2,302,191 | 1,964,886 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Net sales | $ 84,342 | $ 85,978 |
Cost of products sold | 60,529 | 62,428 |
Gross profit | 23,813 | 23,550 |
Legal expense | 107 | 1,368 |
Other marketing and administrative expenses | 12,918 | 12,962 |
Income from operations | 10,788 | 9,220 |
Other income (expense): | ||
Interest expense | (58) | (37) |
Interest income | 69 | 19 |
Foreign exchange loss | (62) | (49) |
Other - net | 7 | 7 |
Income before income tax expense | 10,744 | 9,160 |
Income tax expense | 3,915 | 3,442 |
Net income | $ 6,829 | $ 5,718 |
Weighted average shares outstanding: | ||
Basic (in shares) | 10,017 | 10,047 |
Effect of dilutive securities (in shares) | 21 | 33 |
Diluted (in shares) | 10,038 | 10,080 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.68 | $ 0.57 |
Diluted (in dollars per share) | 0.68 | 0.57 |
Dividends declared, per share (in dollars per share) | $ 0.57 | $ 0.32 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 30, 2014 | 11,794,070 | (1,932,744) | |||
Balance at Mar. 30, 2014 | $ 118 | $ (8,147) | $ 47,162 | $ (3,216) | $ 35,917 |
Issuance of shares (in shares) | 236,232 | ||||
Issuance of shares | $ 2 | 468 | 470 | ||
Stock-based compensation | 862 | 862 | |||
Net tax effect of stock-based compensation | 69 | $ 69 | |||
Acquisition of treasury stock (in shares) | (32,142) | (32,000) | |||
Acquisition of treasury stock | $ (243) | $ (243) | |||
Net income | 5,718 | 5,718 | |||
Dividends declared on common stock | (3,221) | (3,221) | |||
Balance (in shares) at Mar. 29, 2015 | 12,030,302 | (1,964,886) | |||
Balance at Mar. 29, 2015 | $ 120 | $ (8,390) | 48,561 | (719) | 39,572 |
Issuance of shares (in shares) | 221,532 | ||||
Issuance of shares | $ 3 | 983 | 986 | ||
Stock-based compensation | 906 | 906 | |||
Net tax effect of stock-based compensation | 273 | $ 273 | |||
Acquisition of treasury stock (in shares) | (337,305) | (337,000) | |||
Acquisition of treasury stock | $ (2,838) | $ (2,838) | |||
Net income | 6,829 | 6,829 | |||
Dividends declared on common stock | (5,709) | (5,709) | |||
Balance (in shares) at Apr. 03, 2016 | 12,251,834 | (2,302,191) | |||
Balance at Apr. 03, 2016 | $ 123 | $ (11,228) | $ 50,723 | $ 401 | $ 40,019 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Retained Earnings [Member] | ||
Dividends declared, per share (in dollars per share) | $ 0.57 | $ 0.32 |
Dividends declared, per share (in dollars per share) | $ 0.57 | $ 0.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Operating activities: | ||
Net income | $ 6,829 | $ 5,718 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 310 | 314 |
Amortization of intangibles | 748 | 741 |
Deferred income taxes | 165 | $ (193) |
Gain on sale of property, plant and equipment | (15) | |
Reserve for unrecognized tax benefits | 211 | |
Stock-based compensation | 906 | $ 862 |
Tax shortfall from stock-based compensation | (5) | |
Changes in assets and liabilities: | ||
Accounts receivable | 1,575 | $ (658) |
Inventories | 683 | (1,861) |
Prepaid expenses | 217 | (515) |
Other assets | (60) | (56) |
Accounts payable | 168 | (594) |
Accrued liabilities | (716) | 1,008 |
Net cash provided by operating activities | 11,016 | 4,766 |
Investing activities: | ||
Capital expenditures for property, plant and equipment | (232) | $ (256) |
Proceeds from sale of property, plant and equipment | 31 | |
Capital expenditures for purchased intangible assets | (123) | |
Net cash used in investing activities | $ (324) | $ (256) |
Financing activities: | ||
Repayments under revolving line of credit | (7,839) | |
Borrowings under revolving line of credit | 7,839 | |
Purchase of treasury stock | $ (2,838) | (243) |
Issuance of common stock | 846 | 116 |
Excess tax benefit from stock-based compensation | 278 | 69 |
Dividends paid | (3,211) | (3,205) |
Net cash used in financing activities | (4,925) | (3,263) |
Net increase in cash and cash equivalents | 5,767 | 1,247 |
Cash and cash equivalents at beginning of period | 1,807 | 560 |
Cash and cash equivalents at end of period | 7,574 | 1,807 |
Supplemental cash flow information: | ||
Income taxes paid | 4,107 | 3,386 |
Interest paid | 56 | 37 |
Noncash financing activities: | ||
Dividends declared but unpaid | (3,303) | (805) |
Compensation paid as common stock | $ 140 | $ 354 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II — Valuation and Qualifying Accounts Page 19 All other schedules not listed above have been omitted because they are not applicable or the required information is included in the financial statements or notes thereto. Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Balance at Beginning of Period Charged to Expenses Deductions Balance at End of Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended March 29, 2015 Allowance for doubtful accounts $ 73 $ 9 $ 82 $ 0 Allowance for customer deductions $ 645 $ 4,543 $ 4,188 $ 1,000 Year Ended April 3, 2016 Allowance for customer deductions $ 1,000 $ 3,495 $ 3,750 $ 745 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1 – Description of Business |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies Basis of Presentation: Reclassifications: Fiscal Year: Use of Estimates: Cash and Cash Equivalents: Financial Instruments Segments and Related Information: 2016 2015 Bedding, blankets and accessories $ 59,020 $ 64,038 Bibs, bath and disposable products 25,322 21,940 Total net sales $ 84,342 $ 85,978 Revenue Recognition: Allowances Against Accounts Receivable: 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 did not record a provision for doubtful accounts for fiscal year 2016, and the Company’s provision for doubtful accounts for fiscal year 2015 is included in other marketing and administrative expenses in the accompanying consolidated statements of income and amounted to $9,000. The Company’s accounts receivable at April 3, 2016 amounted to $20.8 million, net of allowances of $745,000. Of this amount, $20.1 million was due from CIT under the factoring agreements, $7.4 million was due from CIT as a negative balance outstanding under the revolving line of credit, and $147,000 was due from CIT as the United States Dollar equivalent of amounts that had been collected, but not yet remitted, under Canadian factoring agreements with CIT. The combined amount of $27.7 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. Depreciation and Amortization : Valuation of Long-Lived Assets and Identifiable Intangible A s sets : Patent Costs: Inventory Valuation: 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 products 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 products 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. Provision for Income Taxes: 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. The Company applies the provisions of FASB ASC Sub-topic 740-10-25, which requires a minimum recognition threshold that a tax benefit must meet before being recognized in the financial statements. 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. 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. No interest expense or penalties is accrued with respect to estimated unrecognized tax benefits that are associated with state income tax overpayments that remain receivable. 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 audit or other adjustment as of April 3, 2016 were the tax years ended March 31, 2013, March 30, 2014, March 29, 2015 and April 3, 2016, as well as the tax years ended April 1, 2012 and April 3, 2011 for several states. Royalty Payments: Advertising Costs: Earnings Per Share: Recently Issued Accounting Standards: Revenue from Contracts wit h Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On July 22, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory On November 20, 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ● Under current GAAP, upon the exercise of an option or the vesting of non-vested stock, the Company must recognize the tax effect of the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes in additional paid-in capital. The provisions of ASU No. 2016-09 will require recognition of the excess tax deficiency or benefit as income tax expense or benefit, respectively, in the Company’s income statement. If ASU No. 2016-09 had been in effect beginning on March 30, 2015, the Company’s income tax expense for fiscal year 2016 would have been $273,000 lower and its net income would have been $273,000 higher. ● Under current GAAP, excess tax benefits are classified as a financing activity in the Company’s statement of cash flows. The provisions of ASU No. 2016-09 will require that excess tax benefits be classified as an operating activity in the Company’s statement of cash flows. If ASU No. 2016-09 had been in effect beginning on March 30, 2015, the amount of the Company’s cash provided by operating activities during fiscal year 2016 would have been $278,000 higher and its cash used in financing activities would have been $278,000 higher. ● The provisions of ASU No. 2016-09 clarify that cash paid by the Company to taxing authorities on behalf of an employee to reflect the value of shares withheld from the exercise of options or the vesting of non-vested stock to satisfy the income tax withholding obligations arising from such exercise or vesting should be classified as a financing activity in the Company’s statement of cash flows. As this treatment is consistent with the Company’s long-standing practice, if ASU No. 2016-09 had been in effect beginning on March 30, 2015, there would have been no difference in the amount of the Company’s cash used in financing activities during 2016 as a result of this provision in the ASU. The ASU will become effective for the first interim period of the fiscal year beginning after December 15, 2016, and early adoption is permitted. The Company intends to early-adopt ASU No. 2016-09 effective as of April 4, 2016. The adoption of the ASU will not have a material impact on the Company’s financial position and related disclosures. The effect of the adoption of the ASU on the Company’s results of operations will depend on such factors as the timing and extent of the future exercise of stock options and the future vesting of non-vested stock, as well as the closing price per share of the Company’s common stock on the dates of such events. The inherent uncertainty surrounding the details of these factors dictates that the effect of the adoption of ASU No. 2016-09 on the Company’s results of operations cannot be reasonably estimated. The Company has determined that all other ASU’s issued which had become effective as of April 3, 2016, 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 |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 3 - Financing Arrangements Factoring Agreement s : 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 $556,000 and $673,000 during fiscal years 2016 and 2015, respectively. There were no advances on the factoring agreements at either April 3, 2016 or March 29, 2015. Credit Facility: The financing agreement as in effect prior to December 28, 2015 provided for a monthly fee, which was 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 $25,000 and $33,000 during 2016 and 2015, respectively. The financing agreement was amended on December 28, 2015 to eliminate the Commitment Fee. At April 3, 2016 and March 29, 2015, there was no balance owed on the revolving line of credit and there was no letter of credit outstanding. As of April 3, 2016 and March 29, 2015, $25.6 million and $26.0 million, respectively, was available under the revolving line of credit based on the Company’s 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 April 3, 2016. |
Note 4 - Retirement Plan
Note 4 - Retirement Plan | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 4 – 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 2015 and 2014, 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. For calendar year 2016, the Board has established that the employer matching contributions will be equal to 100% of the first 2% of employee contributions and 50% of the next 3% 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, then the unvested portion of the matching employer amount in their account is forfeited when the employee receives a distribution from their account. The Company utilizes such forfeitures as an offset to the aggregate matching contributions. The Company's matching contributions to the 401(k) Plan, net of the utilization of forfeitures, were $203,000 and $171,000 for fiscal years 2016 and 2015, respectively. |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 – Stoc k-based Compensation The Company has two incentive stock plans, the 2006 Omnibus Incentive Plan (the “2006 Plan”) and the 2014 Omnibus Equity Compensation Plan (the “2014 Plan”). As a result of the approval of the 2014 Plan by the Company’s stockholders at the Company’s 2014 annual meeting, grants may no longer be issued under the 2006 Plan. The Company believes that awards of long-term, equity-based incentive compensation will attract and retain directors, officers and employees of the Company and will encourage these individuals to contribute to the successful performance of the Company, which will lead to the achievement of the Company’s overall goal of increasing stockholder value. Awards granted under the 2014 Plan may be in the form of incentive stock options, non-qualified stock options, shares of restricted or unrestricted stock, stock units, stock appreciation rights, or other stock-based awards. Awards may be granted subject to the achievement of performance goals or other conditions, and certain awards may be payable in stock or cash, or a combination of the two. The 2014 Plan is administered by the Compensation Committee of the Board, which selects eligible employees, non-employee directors and other individuals to participate in the 2014 Plan and determines the type, amount, duration (such duration not to exceed a term of ten (10) years for grants of options) and other terms of individual awards. At April 3, 2016, 1.0 million shares of the Company’s common stock were available for future issuance under the 2014 Plan. Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation – Stock Compensation St ock Options: Fiscal Year Ended April 3, 2016 Fiscal Year Ended March 29, 2015 Weighted- Average Exercise Price Number of Options Outstanding Weighted- Average Exercise Price Number of Options Outstanding Outstanding at Beginning of Period $ 6.83 330,000 $ 5.76 185,000 Granted 8.38 110,000 7.90 165,000 Exercised 6.27 (135,000 ) 5.78 (20,000 ) Outstanding at End of Period 7.64 305,000 6.83 330,000 Exercisable at End of Period 6.72 112,500 5.59 115,000 The Company received no cash from the exercise of stock options during either fiscal year 2016 or 2015. 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 $118,000 and $17,000 to remit the required income tax withholding amounts from “cashless” option exercises during fiscal years 2016 and 2015, 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 the fair value of the non-qualified stock options which were awarded to certain employees during fiscal years 2016 and 2015, which options vest over a two-year period, assuming continued service. 2016 2015 Options issued 110,000 165,000 Grant date June 12, 2015 June 18, 2014 Dividend yield 3.82 % 4.05 % Expected volatility 20.00 % 30.00 % Risk free interest rate 1.12 % 0.95 % Contractual term (years) 10.00 10.00 Expected term (years) 3.00 3.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 8.38 $ 7.90 Fair value per option $ 0.77 $ 1.19 For the fiscal years ended April 3, 2016 and March 29, 2015, the Company recognized compensation expense associated with stock options as follows (in thousands): Fiscal Year Ended April 3, 2016 Options Granted in Fiscal Year Cost of Products Sold Other Marketing & Administrative Expenses Total Expense 2014 $ 7 $ 7 $ 14 2015 54 45 99 2016 17 14 31 Total stock option compensation $ 78 $ 66 $ 144 Fiscal Year Ended March 29, 2015 Options Granted in Fiscal Year Cost of Products Sold Other Marketing & Administrative Expenses Total Expense 2013 $ 12 $ 12 $ 24 2014 24 24 48 2015 39 32 71 Total stock option compensation $ 75 $ 68 $ 143 A summary of stock options outstanding and exercisable at April 3, 2016 is as follows: Exercise Price Number of Options Outstanding Weighted- Avg. Remaining Contractual Life in Years Weighted- Price of Options Outstanding Number of Options Exercisable Weighted- Avg. Exercise Price of Options Exercisable $ 4.81 10,000 5.19 $ 4.81 10,000 $ 4.81 $ 5.42 20,000 6.19 $ 5.42 20,000 $ 5.42 $ 6.14 30,000 7.20 $ 6.14 30,000 $ 6.14 $ 7.90 135,000 8.21 $ 7.90 52,500 $ 7.90 $ 8.38 110,000 9.19 $ 8.38 - - 305,000 8.23 $ 7.64 112,500 $ 6.72 As of April 3, 2016, total unrecognized stock-option compensation costs amounted to $79,000, which will be recognized as the underlying stock options vest over a weighted-average period of 5.8 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 : Number of Shares Fair Value per Share Grant Date 28,000 $ 8.20 August 12, 2015 28,000 7.97 August 11, 2014 28,000 6.67 August 14, 2013 42,000 5.62 August 15, 2012 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. In each of August 2015 and 2014, 28,000 shares that had been granted to the Company’s non-employee directors vested, having an aggregate value of $226,000 and $223,000, respectively. Non-vested Stock Granted to Employees: With the closing price conditions having been met for these awards, the Board at various times approved the acceleration of the vesting of 105,000 shares from these grants. The vesting of these awards was accelerated in order to maximize the deductibility of the compensation expense associated with the grants by the Company for income tax purposes. On July 29, 2015, the remaining 240,000 of these shares vested, with such shares having an aggregate value of $1.9 million. Each of the individuals holding shares that vested surrendered to the Company the number of shares necessary to satisfy the income tax withholding obligations that arose from the vesting of the shares, and the Company remitted $948,000 to the appropriate taxing authorities on behalf of such individuals. Performance Bonus Plan: In connection with the performance bonus plan, during fiscal year 2016, the Company, in respect of fiscal year 2015, granted to certain executive officers 58,532 shares of common stock at a fair value of $7.18 per share. In connection with these awards, the Company recognized compensation expense of $140,000 during each of fiscal years 2015 and 2016, and will recognize $140,000 in compensation expense during fiscal year 2017. On March 29, 2016, 29,267 of these shares vested, with such shares having an aggregate value of $275,000. Each of the individuals holding shares that vested surrendered to the Company the number of shares necessary to satisfy the income tax withholding obligations that arose from the share vesting, and the Company remitted $138,000 to the appropriate taxing authorities on behalf of such individuals. In connection with the performance bonus plan, during fiscal year 2015, the Company, in respect of fiscal year 2014, granted to certain executive officers 188,232 shares of common stock at a fair value of $5.65 per share. In connection with these awards, the Company recognized compensation expense of $354,000 during each of fiscal years 2014, 2015 and 2016. On each of March 30, 2015 and March 30, 2016, 94,116 of these shares vested, with such shares having an aggregate value of $735,000 and $883,000, respectively. Each of the individuals holding shares that vested surrendered to the Company the number of shares necessary to satisfy the income tax withholding obligations that arose from the share vesting, and the Company, in respect of the shares that vested on March 30, 2015 and March 30, 2016, remitted $429,000 and $360,000, respectively, to the appropriate taxing authorities on behalf of such individuals. For the fiscal years ended April 3, 2016 and March 29, 2015, 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 April 3, 2016 Stock Granted in Fiscal Year Employees Non-employee Directors Total Expense 2011 $ 49 $ - $ 49 2014 - 31 31 2015 354 112 466 2016 140 76 216 Total stock grant compensation $ 543 $ 219 $ 762 Fiscal Year Ended March 29, 2015 Stock Granted in Fiscal Year Employees Non-employee Directors Total Expense 2011 $ 170 $ - $ 170 2013 - 26 26 2014 - 94 94 2015 354 75 429 Total stock grant compensation $ 524 $ 195 $ 719 As of April 3, 2016, total unrecognized compensation expense related to the Company’s non-vested stock grants was $330,000, 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 7.2 months. 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 6 - Goodwill, Customer Rel
Note 6 - Goodwill, Customer Relationships and Other Intangible Assets | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 – Goodwill, Customer Relationships and Other Intangible Assets Goodwill: 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 March 30, 2015 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: Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Tradename and trademarks $ 1,987 $ 1,987 $ 933 $ 801 $ 132 $ 132 Licenses and designs - 3,571 - 3,571 - - Non-compete covenants 98 454 60 410 7 19 Patents 1,601 1,601 458 350 108 108 Customer relationships 5,534 5,411 3,887 3,385 501 482 Total other intangible assets $ 9,220 $ 13,024 $ 5,338 $ 8,517 $ 748 $ 741 Classification within the accompanying consolidated statements of income: Cost of products sold $ 7 $ 19 Other marketing and administrative expenses 741 722 Total amortization expense $ 748 $ 741 The Company estimates that its amortization expense will be $754,000, $597,000, $376,000, $376,000 and $311,000 in fiscal years 2017, 2018, 2019, 2020 and 2021, respectively. |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 7 – Inventories April 3, 2016 March 29, 2015 Raw Materials $ 35 $ 36 Finished Goods 14,750 15,432 Total inventory $ 14,785 $ 15,468 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 – Income Taxes The Company’s income tax provision for fiscal year 2016 is summarized below (in thousands): Fiscal year ended April 3, 2016 Current Deferred Total Federal $ 3,540 $ 133 $ 3,673 State 271 32 303 Other - net, including foreign (61 ) - (61 ) Income tax expense 3,750 165 3,915 Income tax reported in stockholders' equity related to stock-based compensation (273 ) - (273 ) Total $ 3,477 $ 165 $ 3,642 The Company’s income tax provision for fiscal year 2015 is summarized below (in thousands): Fiscal year ended March 29, 2015 Current Deferred Total Federal $ 3,255 $ (280 ) $ 2,975 State 574 (48 ) 526 Other - net, including foreign (194 ) 135 (59 ) Income tax expense (benefit) 3,635 (193 ) 3,442 Income tax reported in stockholders' equity related to stock-based compensation (69 ) - (69 ) Total $ 3,566 $ (193 ) $ 3,373 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of April 3, 2016 and March 29, 2015 are as follows (in thousands): April 3, 2016 March 29, 2015 Deferred tax assets: Employee wage and benefit accruals $ 740 $ 787 Accounts receivable and inventory reserves 319 485 Deferred rent 67 48 Intangible assets 647 704 State net operating loss carryforwards 775 824 Stock-based compensation 478 556 Total gross deferred tax assets 3,026 3,404 Less valuation allowance (775 ) (824 ) Deferred tax assets after valuation allowance 2,251 2,580 Deferred tax liabilities: Prepaid expenses (234 ) (352 ) Property, plant and equipment (80 ) (127 ) Total deferred tax liabilities (314 ) (479 ) Net deferred income tax assets $ 1,937 $ 2,101 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 April 3, 2016 and March 29, 2015 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. The following table sets forth the reconciliation of the beginning and ending amounts of unrecognized tax benefits for fiscal years 2016 and 2015 (in thousands): 2016 2015 Balance at beginning of period $ - $ - Additions related to current year positions 195 - Additions related to prior year positions 16 - Reductions for tax positions of prior years - - Reductions due to the lapse of the statute of limitations - - Payments pursuant to judgements and settlements - - Balance at end of period $ 211 $ - 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. The Company applies the provisions of FASB ASC Sub-topic 740-10-25, which requires a minimum recognition threshold that a tax benefit must meet before being recognized in the financial statements. 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. During fiscal year 2015, an evaluation was made of the Company’s process regarding the calculation of the state portion of its income tax provision. This evaluation resulted in a tax position which reflects opportunities for the application of more favorable state apportionment percentages for the past few years. After considering all relevant information, the Company believes that the technical merits of this tax position would more likely than not be sustained. However, the Company also believes that the ultimate resolution of the tax position will result in a tax benefit that is less than the full amount being sought. Therefore, the Company’s measurement regarding the tax impact of the revised state apportionment percentages resulted in the Company recording during fiscal year 2016 a gross reserve for unrecognized tax benefits of $773,000, less an offset of $573,000 to reflect state income tax overpayments net of the federal income tax impact, for a net reserve for unrecognized tax benefits of $200,000 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. As of April 3, 2016, the Company had accrued $11,000 for accrued interest expense and penalties on the portion of the unrecognized tax benefit that has been refunded to the Company but for which the relevant statute of limitations remained unexpired. No interest expense or penalties is accrued with respect to estimated unrecognized tax benefits that are associated with state income tax overpayments that remain receivable. The Company's provision for income taxes is based upon effective tax rates of 36.4% and 37.6% in fiscal years 2016 and 2015, 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 2016 and 2015 (in thousands): 2016 2015 Tax expense at statutory rate (34%) $ 3,653 $ 3,114 State income taxes, net of Federal income tax benefit 200 347 Tax credits (13 ) (24 ) Net tax effect of expenses deductible only for tax purposes 132 (6 ) Other - net, including foreign (57 ) 11 Income tax expense $ 3,915 $ 3,442 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 9 – Stockholders’ Equity Dividends: Stock Repurchases: |
Note 10 - Major Customers
Note 10 - Major Customers | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure of Major Customers [Text Block] | Note 10 - Major Customers The table below sets forth those customers that represented more than 10% of the Company’s gross sales during fiscal years ended April 3, 2016 and March 29, 2015. 2016 2015 Wal-Mart Stores, Inc. 42% 36% Toys R Us 23% 25% |
Note 11 - Legal Settlement
Note 11 - Legal Settlement | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | N ote 11 – Legal Settlement 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, which alleged that CCIP’s mesh crib liner infringed upon BreathableBaby’s patent rights relating to its air permeable infant bedding technology. On December 5, 2014, the Company reached a final settlement with BreathableBaby to resolve this matter under the terms of which the Company will be permitted to manufacture and sell a redesigned mesh crib liner product. In connection with the settlement, the Company made a one-time payment of $850,000 to BreathableBaby on December 11, 2014, which has been classified as legal expense in the consolidated statements of income for fiscal year 2015. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | N ote 12 – Commitments and Contingencies Total rent expense was $1.5 million and $1.4 million during fiscal years ended April 3, 2016 and March 29, 2015, respectively. The Company’s commitment for minimum guaranteed rental payments under its lease agreements as of April 3, 2016 is $5.4 million, consisting of $1.2 million due in fiscal year 2017, $1.3 million in each of fiscal years 2018 and 2019, $1.2 million in fiscal year 2020, and $342,000 in fiscal year 2021. Total royalty expense was $9.0 million and $8.7 million for fiscal years 2016 and 2015, respectively. The Company’s commitment for minimum guaranteed royalty payments under its license agreements as of April 3, 2016 is $10.2 million, consisting of $5.2 million, $4.6 million and $427,000 due in fiscal years 2017, 2018 and 2019, respectively. 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 |
Apr. 03, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13 – Subsequent Events The Company has evaluated events that have occurred between April 3, 2016 and the date that the accompanying financial statements were issued, and has determined that there are no material subsequent events that require disclosure. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 03, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation: |
Reclassification, Policy [Policy Text Block] | Reclassifications: |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year: |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments |
Segment Reporting, Policy [Policy Text Block] | Segments and Related Information: 2016 2015 Bedding, blankets and accessories $ 59,020 $ 64,038 Bibs, bath and disposable products 25,322 21,940 Total net sales $ 84,342 $ 85,978 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: |
Receivables, Policy [Policy Text Block] | Allowances Against Accounts Receivable: 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 did not record a provision for doubtful accounts for fiscal year 2016, and the Company’s provision for doubtful accounts for fiscal year 2015 is included in other marketing and administrative expenses in the accompanying consolidated statements of income and amounted to $9,000. The Company’s accounts receivable at April 3, 2016 amounted to $20.8 million, net of allowances of $745,000. Of this amount, $20.1 million was due from CIT under the factoring agreements, $7.4 million was due from CIT as a negative balance outstanding under the revolving line of credit, and $147,000 was due from CIT as the United States Dollar equivalent of amounts that had been collected, but not yet remitted, under Canadian factoring agreements with CIT. The combined amount of $27.7 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. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization : |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Long-Lived Assets and Identifiable Intangible A s sets : |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patent Costs: |
Inventory, Policy [Policy Text Block] | Inventory Valuation: 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 products 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 products 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. |
Income Tax, Policy [Policy Text Block] | Provision for Income Taxes: 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. The Company applies the provisions of FASB ASC Sub-topic 740-10-25, which requires a minimum recognition threshold that a tax benefit must meet before being recognized in the financial statements. 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. 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. No interest expense or penalties is accrued with respect to estimated unrecognized tax benefits that are associated with state income tax overpayments that remain receivable. 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 audit or other adjustment as of April 3, 2016 were the tax years ended March 31, 2013, March 30, 2014, March 29, 2015 and April 3, 2016, as well as the tax years ended April 1, 2012 and April 3, 2011 for several states. |
Revenue Recognition, Services, Royalty Fees [Policy Text Block] | Royalty Payments: |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs: |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share: |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards: Revenue from Contracts wit h Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On July 22, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory On November 20, 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes On February 25, 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ? Under current GAAP, upon the exercise of an option or the vesting of non-vested stock, the Company must recognize the tax effect of the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes in additional paid-in capital. The provisions of ASU No. 2016-09 will require recognition of the excess tax deficiency or benefit as income tax expense or benefit, respectively, in the Company’s income statement. If ASU No. 2016-09 had been in effect beginning on March 30, 2015, the Company’s income tax expense for fiscal year 2016 would have been $273,000 lower and its net income would have been $273,000 higher. ? Under current GAAP, excess tax benefits are classified as a financing activity in the Company’s statement of cash flows. The provisions of ASU No. 2016-09 will require that excess tax benefits be classified as an operating activity in the Company’s statement of cash flows. If ASU No. 2016-09 had been in effect beginning on March 30, 2015, the amount of the Company’s cash provided by operating activities during fiscal year 2016 would have been $278,000 higher and its cash used in financing activities would have been $278,000 higher. ? The provisions of ASU No. 2016-09 clarify that cash paid by the Company to taxing authorities on behalf of an employee to reflect the value of shares withheld from the exercise of options or the vesting of non-vested stock to satisfy the income tax withholding obligations arising from such exercise or vesting should be classified as a financing activity in the Company’s statement of cash flows. As this treatment is consistent with the Company’s long-standing practice, if ASU No. 2016-09 had been in effect beginning on March 30, 2015, there would have been no difference in the amount of the Company’s cash used in financing activities during 2016 as a result of this provision in the ASU. The ASU will become effective for the first interim period of the fiscal year beginning after December 15, 2016, and early adoption is permitted. The Company intends to early-adopt ASU No. 2016-09 effective as of April 4, 2016. The adoption of the ASU will not have a material impact on the Company’s financial position and related disclosures. The effect of the adoption of the ASU on the Company’s results of operations will depend on such factors as the timing and extent of the future exercise of stock options and the future vesting of non-vested stock, as well as the closing price per share of the Company’s common stock on the dates of such events. The inherent uncertainty surrounding the details of these factors dictates that the effect of the adoption of ASU No. 2016-09 on the Company’s results of operations cannot be reasonably estimated. The Company has determined that all other ASU’s issued which had become effective as of April 3, 2016, 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 Q23
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Balance at Beginning of Period Charged to Expenses Deductions Balance at End of Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended March 29, 2015 Allowance for doubtful accounts $ 73 $ 9 $ 82 $ 0 Allowance for customer deductions $ 645 $ 4,543 $ 4,188 $ 1,000 Year Ended April 3, 2016 Allowance for customer deductions $ 1,000 $ 3,495 $ 3,750 $ 745 |
Note 2 - Summary of Significa24
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2016 2015 Bedding, blankets and accessories $ 59,020 $ 64,038 Bibs, bath and disposable products 25,322 21,940 Total net sales $ 84,342 $ 85,978 |
Note 5 - Stock-based Compensa25
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Fiscal Year Ended April 3, 2016 Fiscal Year Ended March 29, 2015 Weighted- Average Exercise Price Number of Options Outstanding Weighted- Average Exercise Price Number of Options Outstanding Outstanding at Beginning of Period $ 6.83 330,000 $ 5.76 185,000 Granted 8.38 110,000 7.90 165,000 Exercised 6.27 (135,000 ) 5.78 (20,000 ) Outstanding at End of Period 7.64 305,000 6.83 330,000 Exercisable at End of Period 6.72 112,500 5.59 115,000 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 Options issued 110,000 165,000 Grant date June 12, 2015 June 18, 2014 Dividend yield 3.82 % 4.05 % Expected volatility 20.00 % 30.00 % Risk free interest rate 1.12 % 0.95 % Contractual term (years) 10.00 10.00 Expected term (years) 3.00 3.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 8.38 $ 7.90 Fair value per option $ 0.77 $ 1.19 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Fiscal Year Ended April 3, 2016 Options Granted in Fiscal Year Cost of Products Sold Other Marketing & Administrative Expenses Total Expense 2014 $ 7 $ 7 $ 14 2015 54 45 99 2016 17 14 31 Total stock option compensation $ 78 $ 66 $ 144 Fiscal Year Ended March 29, 2015 Options Granted in Fiscal Year Cost of Products Sold Other Marketing & Administrative Expenses Total Expense 2013 $ 12 $ 12 $ 24 2014 24 24 48 2015 39 32 71 Total stock option compensation $ 75 $ 68 $ 143 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Exercise Price Number of Options Outstanding Weighted- Avg. Remaining Contractual Life in Years Weighted- Price of Options Outstanding Number of Options Exercisable Weighted- Avg. Exercise Price of Options Exercisable $ 4.81 10,000 5.19 $ 4.81 10,000 $ 4.81 $ 5.42 20,000 6.19 $ 5.42 20,000 $ 5.42 $ 6.14 30,000 7.20 $ 6.14 30,000 $ 6.14 $ 7.90 135,000 8.21 $ 7.90 52,500 $ 7.90 $ 8.38 110,000 9.19 $ 8.38 - - 305,000 8.23 $ 7.64 112,500 $ 6.72 |
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date 28,000 $ 8.20 August 12, 2015 28,000 7.97 August 11, 2014 28,000 6.67 August 14, 2013 42,000 5.62 August 15, 2012 |
Schedule of Nonvested Share Activity [Table Text Block] | Fiscal Year Ended April 3, 2016 Stock Granted in Fiscal Year Employees Non-employee Directors Total Expense 2011 $ 49 $ - $ 49 2014 - 31 31 2015 354 112 466 2016 140 76 216 Total stock grant compensation $ 543 $ 219 $ 762 Fiscal Year Ended March 29, 2015 Stock Granted in Fiscal Year Employees Non-employee Directors Total Expense 2011 $ 170 $ - $ 170 2013 - 26 26 2014 - 94 94 2015 354 75 429 Total stock grant compensation $ 524 $ 195 $ 719 |
Note 6 - Goodwill, Customer R26
Note 6 - Goodwill, Customer Relationships and Other Intangible Assets (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 April 3, 2016 March 29, 2015 Tradename and trademarks $ 1,987 $ 1,987 $ 933 $ 801 $ 132 $ 132 Licenses and designs - 3,571 - 3,571 - - Non-compete covenants 98 454 60 410 7 19 Patents 1,601 1,601 458 350 108 108 Customer relationships 5,534 5,411 3,887 3,385 501 482 Total other intangible assets $ 9,220 $ 13,024 $ 5,338 $ 8,517 $ 748 $ 741 Classification within the accompanying consolidated statements of income: Cost of products sold $ 7 $ 19 Other marketing and administrative expenses 741 722 Total amortization expense $ 748 $ 741 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 3, 2016 March 29, 2015 Raw Materials $ 35 $ 36 Finished Goods 14,750 15,432 Total inventory $ 14,785 $ 15,468 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended April 3, 2016 Current Deferred Total Federal $ 3,540 $ 133 $ 3,673 State 271 32 303 Other - net, including foreign (61 ) - (61 ) Income tax expense 3,750 165 3,915 Income tax reported in stockholders' equity related to stock-based compensation (273 ) - (273 ) Total $ 3,477 $ 165 $ 3,642 Fiscal year ended March 29, 2015 Current Deferred Total Federal $ 3,255 $ (280 ) $ 2,975 State 574 (48 ) 526 Other - net, including foreign (194 ) 135 (59 ) Income tax expense (benefit) 3,635 (193 ) 3,442 Income tax reported in stockholders' equity related to stock-based compensation (69 ) - (69 ) Total $ 3,566 $ (193 ) $ 3,373 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | April 3, 2016 March 29, 2015 Deferred tax assets: Employee wage and benefit accruals $ 740 $ 787 Accounts receivable and inventory reserves 319 485 Deferred rent 67 48 Intangible assets 647 704 State net operating loss carryforwards 775 824 Stock-based compensation 478 556 Total gross deferred tax assets 3,026 3,404 Less valuation allowance (775 ) (824 ) Deferred tax assets after valuation allowance 2,251 2,580 Deferred tax liabilities: Prepaid expenses (234 ) (352 ) Property, plant and equipment (80 ) (127 ) Total deferred tax liabilities (314 ) (479 ) Net deferred income tax assets $ 1,937 $ 2,101 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2016 2015 Balance at beginning of period $ - $ - Additions related to current year positions 195 - Additions related to prior year positions 16 - Reductions for tax positions of prior years - - Reductions due to the lapse of the statute of limitations - - Payments pursuant to judgements and settlements - - Balance at end of period $ 211 $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Tax expense at statutory rate (34%) $ 3,653 $ 3,114 State income taxes, net of Federal income tax benefit 200 347 Tax credits (13 ) (24 ) Net tax effect of expenses deductible only for tax purposes 132 (6 ) Other - net, including foreign (57 ) 11 Income tax expense $ 3,915 $ 3,442 |
Note 10 - Major Customers (Tabl
Note 10 - Major Customers (Tables) | 12 Months Ended |
Apr. 03, 2016 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2016 2015 Wal-Mart Stores, Inc. 42% 36% Toys R Us 23% 25% |
Schedule II - Valuation And Q30
Schedule II - Valuation And Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Allowance for Doubtful Accounts [Member] | ||
Balance at Beginning of Period | $ 0 | $ 73,000 |
Charged to Expenses | 9,000 | |
Deductions | 82,000 | |
Balance at End of Period | 0 | |
Reserve for Customer Deductions [Member] | ||
Balance at Beginning of Period | 1,000,000 | 645,000 |
Charged to Expenses | 3,495,000 | 4,543,000 |
Deductions | 3,750,000 | 4,188,000 |
Balance at End of Period | $ 745,000 | $ 1,000,000 |
Note 2 - Summary of Significa31
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Apr. 03, 2016USD ($) | Mar. 29, 2015USD ($) | |
Collectibility of Receivables [Member] | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 27,700,000 | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Cost of Sales [Member] | ||
Direct Operating Cost, Royalty Expense | $ 9,000,000 | $ 8,700,000 |
Reclassification from Current Deferred Income Tax Assets to Noncurrent Deferred Income Tax Assets [Member] | Pro Forma [Member] | ||
Current Period Reclassification Adjustment | 888,000 | |
Deferred Tax Assets, Net, Noncurrent | 1,900,000 | |
Pro Forma [Member] | Accounting Standard Update No. 2016-09 [Member] | ||
Change in Income Tax Expense | (273,000) | |
Change in Net Income (Loss) Attributable to Parent | 273,000 | |
Change in Net Cash Provided by (Used in) Operating Activities | (278,000) | |
Change in Net Cash Provided by (Used in) Financing Activities | 278,000 | |
Provision for Doubtful Accounts | $ 0 | 9,000 |
Number of Operating Segments | 1 | |
Accounts Receivable, Net, Current | $ 20,800,000 | |
Allowance for Doubtful Accounts Receivable, Current | 745,000 | |
Due From Factor | 20,125,000 | 21,563,000 |
Line of Credit Facility, Negative Balance Outstanding | 7,400,000 | |
Due to Colletected Amount Not Yet Remmited | 147,000 | |
Advertising Expense | $ 931,000 | $ 1,100,000 |
Note 2 - Segment and Related In
Note 2 - Segment and Related Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Bedding, Blankets, And Accessories [Member] | ||
Net sales | $ 59,020 | $ 64,038 |
Bibs, Bath, And Disposable Products [Member] | ||
Net sales | 25,322 | 21,940 |
Net sales | $ 84,342 | $ 85,978 |
Note 3 - Financing Arrangemen33
Note 3 - Financing Arrangements (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Revolving Credit Facility [Member] | Prime Rate [Member] | ||
Debt Instrument Basis Spread Below Variable Rate | 0.50% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Revolving Credit Facility [Member] | ||
Long-term Line of Credit | $ 0 | $ 0 |
Letters of Credit Outstanding, Amount | 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 26,000,000 | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000 | |
Factoring Fees [Member] | ||
Selling, General and Administrative Expense | 556,000 | 673,000 |
Advances On Factoring Agreements | $ 0 | 0 |
Daily Cash Balance, Interest Rate, Stated Percentage | 1.50% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | |
Line of Credit Facility, Commitment Fee Amount | $ 25,000 | 33,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 25,600,000 | $ 26,000,000 |
Note 4 - Retirement Plan (Detai
Note 4 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | |
First 2% Employee Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | 100.00% | 100.00% |
Defined Contribution Plan Employee Contribution Percent | 2.00% | 2.00% | 2.00% |
Next 1% Employee Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | 50.00% | |
Defined Contribution Plan Employee Contribution Percent | 1.00% | 1.00% | |
Next 3% Employee Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||
Defined Contribution Plan Employee Contribution Percent | 3.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 203,000 | $ 171,000 |
Note 5 - Stock-based Compensa35
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | Mar. 30, 2016 | Mar. 29, 2016 | Jul. 29, 2015 | Mar. 30, 2015 | Aug. 31, 2015 | Aug. 31, 2014 | Jun. 29, 2014 | Jun. 27, 2010 | Mar. 26, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | Mar. 30, 2014 | Apr. 03, 2016 | Jul. 28, 2015 |
Director [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 28,000 | 28,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 226,000 | $ 223,000 | ||||||||||||
Officer [Member] | Performance Shares [Member] | Awards Granted During 3 Month Period Ended June 28, 2015 [Member] | Scenario, Forecast [Member] | ||||||||||||||
Allocated Share-based Compensation Expense | $ 140,000 | |||||||||||||
Officer [Member] | Performance Shares [Member] | Awards Granted During 3 Month Period Ended June 28, 2015 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 29,267 | |||||||||||||
Allocated Share-based Compensation Expense | $ 140,000 | $ 140,000 | ||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 138,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 275,000 | |||||||||||||
Officer [Member] | Performance Shares [Member] | Awards Granted During 3 Month Period Ended June 29, 2014 [Member] | ||||||||||||||
Allocated Share-based Compensation Expense | $ 354,000 | 354,000 | $ 354,000 | |||||||||||
Officer [Member] | Performance Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 94,116 | 94,116 | ||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | 360,000 | 429,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 883,000 | 735,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 188,232 | 58,532 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.65 | $ 7.18 | ||||||||||||
Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 240,000 | |||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 948,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 216 days | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 1,900,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 345,000 | |||||||||||||
Share Base Compensation Arrangement by Share Based Payment Award Equity Instrument Other Than Options Grants in Period Total Grant Date Fair Value | $ 1,200,000 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 330,000 | 330,000 | ||||||||||||
Performance Shares [Member] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Employee Stock Option [Member] | The 2014 Omnibus Equity Compensation Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||
Employee Stock Option [Member] | ||||||||||||||
Allocated Share-based Compensation Expense | $ 144,000 | 143,000 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 79,000 | $ 79,000 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 174 days | |||||||||||||
The 2014 Omnibus Equity Compensation Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | 1,000,000 | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | |||||||||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||||||||
Allocated Share-based Compensation Expense | 906,000 | 862,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 300,000 | 42,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 532,000 | $ 532,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 300,000 | $ 300,000 | ||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 118,000 | $ 17,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 105,000 |
Note 5 - Stock Option Activity
Note 5 - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Outstanding at Beginning of Period (in dollars per share) | $ 6.83 | $ 5.76 |
Outstanding at Beginning of Period (in shares) | 330,000 | 185,000 |
Granted (in dollars per share) | $ 8.38 | $ 7.90 |
Granted (in shares) | 110,000 | 165,000 |
Exercised (in dollars per share) | $ 6.27 | $ 5.78 |
Exercised (in shares) | (135,000) | (20,000) |
Outstanding at End of Period (in dollars per share) | $ 7.64 | $ 6.83 |
Outstanding at End of Period (in shares) | 305,000 | 330,000 |
Exercisable at End of Period (in dollars per share) | $ 6.72 | $ 5.59 |
Exercisable at End of Period (in shares) | 112,500 | 115,000 |
Note 5 - Estimated Fair Value o
Note 5 - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Options issued (in shares) | 110,000 | 165,000 |
Grant date | Jun. 12, 2015 | Jun. 18, 2014 |
Dividend yield | 3.82% | 4.05% |
Expected volatility | 20.00% | 30.00% |
Risk free interest rate | 1.12% | 0.95% |
Contractual term (years) | 10 years | 10 years |
Expected term (years) | 3 years | 3 years |
Forfeiture rate | 5.00% | 5.00% |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 8.38 | $ 7.90 |
Fair value per option (in dollars per share) | $ 0.77 | $ 1.19 |
Note 5 - Stock Option Compensat
Note 5 - Stock Option Compensation (Details) - USD ($) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Cost of Sales [Member] | Employee Stock Option [Member] | Fiscal Year 2014 [Member] | ||
Allocated Share Based Compensation Expense | $ 7,000 | $ 24,000 |
Cost of Sales [Member] | Employee Stock Option [Member] | Fiscal Year 2013 [Member] | ||
Allocated Share Based Compensation Expense | 12,000 | |
Cost of Sales [Member] | Employee Stock Option [Member] | Fiscal Year 2015 [Member] | ||
Allocated Share Based Compensation Expense | 54,000 | 39,000 |
Cost of Sales [Member] | Employee Stock Option [Member] | Fiscal Year 2016 [Member] | ||
Allocated Share Based Compensation Expense | 17,000 | |
Cost of Sales [Member] | Employee Stock Option [Member] | ||
Allocated Share Based Compensation Expense | 78,000 | 75,000 |
Other Marketing and Administrative Expenses [Member] | Employee Stock Option [Member] | Fiscal Year 2014 [Member] | ||
Allocated Share Based Compensation Expense | 7,000 | 24,000 |
Other Marketing and Administrative Expenses [Member] | Employee Stock Option [Member] | Fiscal Year 2013 [Member] | ||
Allocated Share Based Compensation Expense | 12,000 | |
Other Marketing and Administrative Expenses [Member] | Employee Stock Option [Member] | Fiscal Year 2015 [Member] | ||
Allocated Share Based Compensation Expense | 45,000 | 32,000 |
Other Marketing and Administrative Expenses [Member] | Employee Stock Option [Member] | Fiscal Year 2016 [Member] | ||
Allocated Share Based Compensation Expense | 14,000 | |
Other Marketing and Administrative Expenses [Member] | Employee Stock Option [Member] | ||
Allocated Share Based Compensation Expense | 66,000 | 68,000 |
Employee Stock Option [Member] | Fiscal Year 2014 [Member] | ||
Allocated Share Based Compensation Expense | 14,000 | 48,000 |
Employee Stock Option [Member] | Fiscal Year 2013 [Member] | ||
Allocated Share Based Compensation Expense | 24,000 | |
Employee Stock Option [Member] | Fiscal Year 2015 [Member] | ||
Allocated Share Based Compensation Expense | 99,000 | 71,000 |
Employee Stock Option [Member] | Fiscal Year 2016 [Member] | ||
Allocated Share Based Compensation Expense | 31,000 | |
Employee Stock Option [Member] | ||
Allocated Share Based Compensation Expense | 144,000 | 143,000 |
Allocated Share Based Compensation Expense | $ 906,000 | $ 862,000 |
Note 5 - Stock Options by Exerc
Note 5 - Stock Options by Exercise Prices Range (Details) | 12 Months Ended |
Apr. 03, 2016$ / sharesshares | |
Price Range 1 [Member] | |
Number of Options Outstanding (in shares) | shares | 10,000 |
Weighted- Avg. Remaining Contractual Life in Years | 5 years 69 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ / shares | $ 4.81 |
Number of Options Exercisable (in shares) | shares | 10,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ / shares | $ 4.81 |
Price Range 2 [Member] | |
Number of Options Outstanding (in shares) | shares | 20,000 |
Weighted- Avg. Remaining Contractual Life in Years | 6 years 69 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ / shares | $ 5.42 |
Number of Options Exercisable (in shares) | shares | 20,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ / shares | $ 5.42 |
Price Range 3 [Member] | |
Number of Options Outstanding (in shares) | shares | 30,000 |
Weighted- Avg. Remaining Contractual Life in Years | 7 years 73 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ / shares | $ 6.14 |
Number of Options Exercisable (in shares) | shares | 30,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ / shares | $ 6.14 |
Price Range 4 [Member] | |
Number of Options Outstanding (in shares) | shares | 135,000 |
Weighted- Avg. Remaining Contractual Life in Years | 8 years 76 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ / shares | $ 7.90 |
Number of Options Exercisable (in shares) | shares | 52,500 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ / shares | $ 7.90 |
Price Range 5 [Member] | |
Number of Options Outstanding (in shares) | shares | 110,000 |
Weighted- Avg. Remaining Contractual Life in Years | 9 years 69 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ / shares | $ 8.38 |
Number of Options Exercisable (in shares) | shares | |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ / shares | |
Number of Options Outstanding (in shares) | shares | 305,000 |
Weighted- Avg. Remaining Contractual Life in Years | 8 years 83 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ / shares | $ 7.64 |
Number of Options Exercisable (in shares) | shares | 112,500 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ / shares | $ 6.72 |
Note 5 - Non-vested Stock to Di
Note 5 - Non-vested Stock to Directors (Details) - Non Employee Directors [Member] | 12 Months Ended |
Apr. 03, 2016$ / sharesshares | |
August 12, 2015 [Member] | |
Number of Shares (in shares) | shares | 28,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 8.20 |
August 11, 2014 [Member] | |
Number of Shares (in shares) | shares | 28,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.97 |
August 14, 2013 [Member] | |
Number of Shares (in shares) | shares | 28,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 6.67 |
August 12, 2012 [Member] | |
Number of Shares (in shares) | shares | 42,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.62 |
Note 5 - Compensaiton Expense A
Note 5 - Compensaiton Expense Associated with Non-vested Stock Grants (Details) - USD ($) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Employee [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2011 [Member] | ||
Allocated share-based compensation | $ 49,000 | $ 170,000 |
Employee [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2014 [Member] | ||
Allocated share-based compensation | ||
Employee [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | ||
Allocated share-based compensation | $ 354,000 | $ 354,000 |
Employee [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | ||
Allocated share-based compensation | 140,000 | |
Employee [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||
Allocated share-based compensation | $ 543,000 | $ 524,000 |
Non Employee Directors [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2011 [Member] | ||
Allocated share-based compensation | ||
Non Employee Directors [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2014 [Member] | ||
Allocated share-based compensation | $ 31,000 | $ 94,000 |
Non Employee Directors [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2013 [Member] | ||
Allocated share-based compensation | 26,000 | |
Non Employee Directors [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | ||
Allocated share-based compensation | 112,000 | 75,000 |
Non Employee Directors [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | ||
Allocated share-based compensation | 76,000 | |
Non Employee Directors [Member] | Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||
Allocated share-based compensation | 219,000 | 195,000 |
Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2011 [Member] | ||
Allocated share-based compensation | 49,000 | 170,000 |
Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2014 [Member] | ||
Allocated share-based compensation | 31,000 | 94,000 |
Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2013 [Member] | ||
Allocated share-based compensation | 26,000 | |
Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | ||
Allocated share-based compensation | 466,000 | 429,000 |
Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | ||
Allocated share-based compensation | 216,000 | |
Other Marketing and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||
Allocated share-based compensation | 762,000 | 719,000 |
Allocated share-based compensation | $ 906,000 | $ 862,000 |
Note 6 - Goodwill, Customer R42
Note 6 - Goodwill, Customer Relationships and Other Intangible Assets (Details Textual) - USD ($) | Apr. 03, 2016 | Mar. 29, 2015 |
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 | 754,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 597,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 376,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 376,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 311,000 |
Note 6 - Other Intangible Asset
Note 6 - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Trademarks and Trade Names [Member] | ||
Finite-lived intangible assets, gross amount | $ 1,987 | $ 1,987 |
Finite-lived intangible assets, accumulated amortization | 933 | 801 |
Amortization expense | $ 132 | 132 |
Licenses and Designs [Member] | ||
Finite-lived intangible assets, gross amount | 3,571 | |
Finite-lived intangible assets, accumulated amortization | 3,571 | |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross amount | $ 98 | 454 |
Finite-lived intangible assets, accumulated amortization | 60 | 410 |
Amortization expense | 7 | 19 |
Patents [Member] | ||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 |
Finite-lived intangible assets, accumulated amortization | 458 | 350 |
Amortization expense | 108 | 108 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross amount | 5,534 | 5,411 |
Finite-lived intangible assets, accumulated amortization | 3,887 | 3,385 |
Amortization expense | 501 | 482 |
Cost of Sales [Member] | ||
Amortization expense | 7 | 19 |
Other Marketing and Administrative Expenses [Member] | ||
Amortization expense | 741 | 722 |
Finite-lived intangible assets, gross amount | 9,220 | 13,024 |
Finite-lived intangible assets, accumulated amortization | 5,338 | 8,517 |
Amortization expense | $ 748 | $ 741 |
Note 7 - Components of Inventor
Note 7 - Components of Inventories (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Raw Materials | $ 35 | $ 36 |
Finished Goods | 14,750 | 15,432 |
Total inventory | $ 14,785 | $ 15,468 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 11,000 | |
Unrecognized Tax Benefits, Gross | 773,000 | |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 573,000 | |
Unrecognized Tax Benefits | 211,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 11,000 | |
Effective Income Tax Rate Reconciliation, Percent | 36.40% | 37.60% |
Note 8 - Components of Income T
Note 8 - Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Federal | $ 3,540 | $ 3,255 |
Federal | 133 | (280) |
Federal | 3,673 | 2,975 |
State | 271 | 574 |
State | 32 | (48) |
State | 303 | 526 |
Other - net, including foreign | (61) | (194) |
Other - net, including foreign | (61) | (59) |
Income tax expense | 3,750 | 3,635 |
Deferred income taxes | 165 | (193) |
Income tax expense | 3,915 | 3,442 |
Income tax reported in stockholders' equity related to stock-based compensation | (273) | (69) |
Total | 3,477 | 3,566 |
Total | $ 3,642 | 3,373 |
Other - net, including foreign | $ 135 |
Note 8 - Deferred Tax Assets an
Note 8 - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Mar. 29, 2015 |
Employee wage and benefit accruals | $ 740 | $ 787 |
Accounts receivable and inventory reserves | 319 | 485 |
Deferred rent | 67 | 48 |
Intangible assets | 647 | 704 |
State net operating loss carryforwards | 775 | 824 |
Stock-based compensation | 478 | 556 |
Total gross deferred tax assets | 3,026 | 3,404 |
Less valuation allowance | (775) | (824) |
Deferred tax assets after valuation allowance | 2,251 | 2,580 |
Prepaid expenses | (234) | (352) |
Property, plant and equipment | (80) | (127) |
Total deferred tax liabilities | (314) | (479) |
Net deferred income tax assets | $ 1,937 | $ 2,101 |
Note 8 - Reconciliation of Unre
Note 8 - Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Apr. 03, 2016USD ($) | |
Balance at beginning of period | |
Additions related to current year positions | $ 195 |
Additions related to prior year positions | $ 16 |
Reductions for tax positions of prior years | |
Reductions due to the lapse of the statute of limitations | |
Payments pursuant to judgements and settlements | |
Balance at end of period | $ 211 |
Note 8 - Reconciliation of Fede
Note 8 - Reconciliation of Federal Statutory Provision to the Provision for Financial Reporting Purpose (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Tax expense at statutory rate (34%) | $ 3,653 | $ 3,114 |
State income taxes, net of Federal income tax benefit | 200 | 347 |
Tax credits | (13) | (24) |
Net tax effect of expenses deductible only for tax purposes | 132 | (6) |
Other - net, including foreign | (57) | 11 |
Income tax expense | $ 3,915 | $ 3,442 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Special Cash Dividend [Member] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |
Common Stock, Dividends, Per Share, Declared | $ 0.57 | $ 0.32 |
Dividends, Common Stock | $ 5,709 | $ 3,221 |
Treasury Stock, Shares, Acquired | 337,000 | 32,000 |
Treasury Stock Acquired, Average Cost Per Share | $ 8.41 | $ 7.57 |
Note 10 - Major Customers (Deta
Note 10 - Major Customers (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Wal-Mart Stores, Inc. [Member] | ||
Sales, percent | 42.00% | 36.00% |
Toys R Us [Member] | ||
Sales, percent | 23.00% | 25.00% |
Note 11 - Legal Settlement (Det
Note 11 - Legal Settlement (Details Textual) | Dec. 11, 2014USD ($) |
Payments for Legal Settlements | $ 850,000 |
Note 12 - Commitments and Con53
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Operating Leases, Future Minimum Payments, Due in Three Years | $ 1,300,000 | |
Operating Leases, Rent Expense | 1,500,000 | $ 1,400,000 |
Operating Leases, Future Minimum Payments Due | 5,400,000 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,200,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,300,000 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,200,000 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 342,000 | |
Royalty Expense | 9,000,000 | $ 8,700,000 |
Royalty Expense Due | 10,200,000 | |
Royalty Expense Due in Next Twelve Months | 5,200,000 | |
Royalty Expense Due in Two Years | 4,600,000 | |
Royalty Expense Due in Three Years | $ 427,000 |