Crown Crafts (CRWS) 10-Q 10 Aug 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 02, 2017	Aug. 04, 2017
Document Information [Line Items]
Entity Registrant Name	CROWN CRAFTS INC
Entity Central Index Key	25,895
Trading Symbol	crws
Current Fiscal Year End Date	--04-02
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		10,057,764
Document Type	10-Q
Document Period End Date	Jul. 2, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 02, 2017	Apr. 02, 2017
Current assets:
Cash and cash equivalents	$ 11,903	$ 7,892
Accounts receivable (net of allowances of $631 at July 2, 2017 and $775 at April 2, 2017):
Due from factor	10,625	14,921
Other	2,461	693
Inventories	15,558	15,821
Prepaid expenses	1,802	1,783
Total current assets	42,349	41,110
Property, plant and equipment - at cost:
Vehicles	247	247
Leasehold improvements	248	248
Machinery and equipment	2,452	2,396
Furniture and fixtures	789	789
Property, plant and equipment - gross	3,736	3,680
Less accumulated depreciation	3,275	3,239
Property, plant and equipment - net	461	441
Finite-lived intangible assets - at cost:
Customer relationships	5,534	5,534
Other finite-lived intangible assets	3,686	3,686
Finite-lived intangible assets gross	9,220	9,220
Less accumulated amortization	6,281	6,092
Finite-lived intangible assets - net	2,939	3,128
Goodwill	1,126	1,126
Deferred income taxes	1,200	1,240
Other	140	139
Total Assets	48,215	47,184
Current liabilities:
Accounts payable	5,415	5,149
Accrued wages and benefits	882	799
Accrued royalties	985	353
Dividends payable	805	803
Income taxes payable	368	224
Other accrued liabilities	203	245
Total current liabilities	8,658	7,573
Non-current liabilities:
Reserve for unrecognized tax benefits	718	688
Shareholders' equity:
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at July 2, 2017 and April 2, 2017; Issued 12,465,789 shares at July 2, 2017 and 12,423,539 shares at April 2, 2017	125	124
Additional paid-in capital	52,478	52,220
Treasury stock - at cost - 2,408,025 shares at July 2, 2017 and 2,401,066 shares at April 2, 2017	(12,231)	(12,175)
Accumulated Deficit	(1,533)	(1,246)
Total shareholders' equity	38,839	38,923
Total Liabilities and Shareholders' Equity	$ 48,215	$ 47,184

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jul. 02, 2017	Apr. 02, 2017
Allowance for doubtful accounts receivable	$ 631	$ 775
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)	12,465,789	12,423,539
Treasury stock, shares (in shares)	2,408,025	2,401,066

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Net sales	$ 13,647	$ 15,599
Cost of products sold	10,045	11,312
Gross profit	3,602	4,287
Marketing and administrative expenses	2,901	2,839
Income from operations	701	1,448
Other income (expense):
Interest expense	(20)	(19)
Interest income	41	29
Foreign exchange (loss) gain	(2)	31
Other - net	1	1
Income before income tax expense	721	1,490
Income tax expense	203	387
Net income	$ 518	$ 1,103
Weighted average shares outstanding:
Basic (in shares)	10,044	9,979
Effect of dilutive securities (in shares)	11	46
Diluted (in shares)	10,055	10,025
Earnings per share:
Basic (in dollars per share)	$ 0.05	$ 0.11
Diluted (in dollars per share)	0.05	0.11
Cash dividends declared per share (in dollars per share)	$ 0.08	$ 0.08

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Operating activities:
Net income	$ 518	$ 1,103
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	36	48
Amortization of intangibles	189	189
Deferred income taxes	40	239
Reserve for unrecognized tax benefits	30	40
Stock-based compensation	142	161
Changes in assets and liabilities:
Accounts receivable	2,528	7,099
Inventories	263	(1,998)
Prepaid expenses	(19)	283
Other assets	(1)	5
Accounts payable	266	986
Accrued liabilities	934	143
Net cash provided by operating activities	4,926	8,298
Investing activities:
Capital expenditures for property, plant and equipment	(56)	(101)
Net cash used in investing activities	(56)	(101)
Financing activities:
Purchase of treasury stock	(56)	(211)
Issuance of common stock		191
Dividends paid	(803)	(3,303)
Net cash used in financing activities	(859)	(3,323)
Net increase in cash and cash equivalents	4,011	4,874
Cash and cash equivalents at beginning of period	7,892	7,574
Cash and cash equivalents at end of period	11,903	12,448
Supplemental cash flow information:
Income taxes paid	3	825
Interest paid		2
Noncash financing activities:
Dividends declared but unpaid	(805)	(799)
Compensation paid as common stock	$ 116	$ 108

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Jul. 02, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1 Basis of Presentation: not In the opinion of management, the interim unaudited consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of July 2, 2017 three July 2, 2017 not may April 1, 2018. 10 April 2, 2017. Fiscal Year: March 31. 2018” “2018” 52 April 1, 2018 2017” “2017” 52 April 2, 2017. Use of Estimates: Cash and Cash Equivalents: three The Company’s credit facility consists of a revolving line of credit under a financing agreement with The CIT Group/Commercial Services, Inc. (“CIT”), a subsidiary of CIT Group, Inc. The Company classifies a negative balance outstanding under this revolving line of credit as cash, as these amounts are legally owed to the Company and are immediately available to be drawn upon by the Company. There are no Financial Instruments : Advertising Cost s : $219,000 $255,000 three July 2, 2017 July 3, 2016, Segment and Related Information: one three July 2, 2017 July 3, 2016 Three-Month Periods Ended July 2, 2017 July 3, 2016 Bedding, blankets and accessories $ 8,424 $ 10,312 Bibs, bath and disposable products 5,223 5,287 Total net sales $ 13,647 $ 15,599 Revenue Recognition: not Allowances Against Accounts Receivable no To reduce the exposure to credit losses and to enhance the predictability of its cash flows, 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 uncollectibility of its non-factored accounts receivable to evaluate the adequacy of the Company’s allowance for doubtful accounts, which is accomplished by specifically analyzing accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in its customers’ payment terms. The Company’s accounts receivable as of July 2, 2017 $13.1 $631,000. $10.6 $11.7 $22.3 Royalty Payments: $1.3 $1.7 three July 2, 2017 July 3, 2016, Depreciation and Amortization: three eight five twenty Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not Patent Costs: Inventory Valuation: first first The indirect costs allocated to inventory are done so as a percentage of projected annual supplier purchases and can impact the Company’s results of operations as purchase volumes fluctuate from quarter to quarter and year to year. The difference between indirect costs incurred and the indirect costs allocated to inventory creates a burden variance, which is generally favorable when actual inventory purchases exceed planned inventory purchases, and is generally unfavorable when actual inventory purchases are lower than planned inventory purchases. The determination of the indirect charges and their allocation to the Company's finished products 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, the amount and timing of the Company's cost of products sold and the resulting net income for any accounting period. On a periodic basis, management reviews the Company’s inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not no may not may 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 740 10 25, 50% not The Company files income tax returns in the many jurisdictions within which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations for the Company’s filed income tax returns varies by jurisdiction; tax years open to federal or state examination or other adjustment as of July 2, 2017 April 2, 2017, April 3, 2016, March 29, 2015, March 30, 2014, March 31, 2013, April 1, 2012 April 3, 2011. Earnings Per Share: Recently-Issued Accounting Standards : 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 December 15, 2016, August 12, 2015 No. 2015 14, Revenue from Contrac ts with Customers (Topic 606 Deferral of the Effective Date one No. 2014 09. not No. 2014 09, No. 2015 14 first December 15, 2016. 2018. not No. 2014 09 In July 2015, No. 2015 11, Inventory (Topic 330 first December 15, 2016, No. 2015 11 April 3, 2017, not On February 25, 2016, No. 2016 02, Leases (Topic 842 No. 2016 02, first December 15, 2018. not On June 16, 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 not No. 2016 13 first December 15, 2019. may first December 15, 2018. Although the Company has not No. 2016 13 not No. 2016 13 The Company has determined that all other ASUs which had become effective as of July 2, 2017, not

Note 2 - Goodwill, Customer Rel

Note 2 - Goodwill, Customer Relationships and Other Intangible Assets	3 Months Ended
	Jul. 02, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 2 – Goodwill , Customer Relationships and Other Intangible Assets Goodwill: July 2, 2017 July 3, 2016 $24.0 $22.9 $1.1 The Company tests the fair value of the goodwill, if any, within its reporting units annually as of the first 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 in a two first one second second The annual impairment test of the fair value of the goodwill of the reporting units of the Company was performed as of April 3, 2017, Other Intangible Assets: July 2, 2017 July 3, 2016 consisted primarily of the fair value of identifiable assets acquired in business combinations other than tangible assets and goodwill. The gross amount and accumulated amortization of the Company’s other intangible assets as of July 2, 2017 July 3, 2016 , the amortization expense for the three July 2, 2017 July 3, 2016 Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended July 2, April 2, July 2, April 2, July 2, July 3, 2017 2017 2017 2017 2017 2016 Tradename and trademarks $ 1,987 $ 1,987 $ 1,100 $ 1,066 $ 34 $ 34 Non-compete covenants 98 98 69 67 2 2 Patents 1,601 1,601 592 565 27 27 Customer relationships 5,534 5,534 4,520 4,394 126 126 Total other intangible assets $ 9,220 $ 9,220 $ 6,281 $ 6,092 $ 189 $ 189 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 2 $ 2 Marketing and administrative expenses 187 187 Total amortization expense $ 189 $ 189

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Jul. 02, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3 Major classes of inventory were as follows (in thousands): July 2, 2017 April 2, 2017 Raw Materials $ 42 $ 42 Finished Goods 15,516 15,779 Total inventory $ 15,558 $ 15,821

Note 4 - Financing Arrangements

Note 4 - Financing Arrangements	3 Months Ended
	Jul. 02, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4 – Financing Arrangements Master Stand-by Claims Purchase Agreement: May 16, 2017, September 20, 2018 1.65% $1.8 July 2, 2017, $1.7 three July 2, 2017, $64,000 Factoring Agreement s: CIT bears credit losses with respect to assigned accounts receivable from approved customers that are within approved credit limits, while the Company bears the responsibility for adjustments from customers related to returns, allowances, claims and discounts. CIT may may $65,000 $94,000 three July 2, 2017 July 3, 2016, no July 2, 2017 July 3, 2016. Credit Facility: July 2, 2017 $26.0 $1.5 0.50% 2.00%. July 11, 2019 first July 2, 2017, 2.00%, 2.25% July 2, 2017, At July 2, 2017 July 3, 2016, no no July 2, 2017 April 2, 2017, $17.3 $21.4 The financing agreement for the revolving line of credit 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 was in compliance with these covenants as of July 2, 2017.

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	3 Months Ended
	Jul. 02, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	N ote 5 – Stock-based Compensation The Company has two 2006 “2006 2014 “2014 2014 2014 may no 2006 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 may may may 2014 2014 2014 677,000 2014 July 2, 2017. Stock-based compensation expense is calculated according to FASB ASC Topic 718, Compensation – Stock Compensation $142,000 $161,000 three July 2, 2017 July 3, 2016, No July 2, 2017. Stock Options: the three July 2, 2017 July 3, 2016 : Three-Month Period Ended Three-Month Period Ended July 2, 2017 July 3, 2016 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 8.35 322,500 $ 7.64 305,000 Granted 7.75 110,000 9.60 120,000 Exercised - - 7.64 (25,000 ) Forfeited 9.19 (15,000 ) - - Outstanding at End of Period 8.17 417,500 8.22 400,000 Exercisable at End of Period 8.03 252,500 7.45 225,000 As of July 2, 2017, $58,000 no three July 2, 2017. three July 3, 2016 $45,000. no three July 3, 2016. may $20,000 three July 3, 2016. 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 the three July 2, 2017 July 3, 2016, two Three-Month Periods Ended July 2, 2017 July 3, 2016 Options issued 110,000 120,000 Grant date June 8, 2017 June 8, 2016 Dividend yield 4.13 % 3.33 % Expected volatility 25.00 % 20.00 % Risk free interest rate 1.47 % 0.93 % 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 $ 7.75 $ 9.60 Fair value per option $ 0.85 $ 0.94 For the three July 2, 2017 July 3, 2016, Three-Month Period Ended July 2, 2017 Three-Month Period Ended July 3, 2016 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2015 $ - $ - $ - $ 14 $ 12 $ 26 2016 6 1 7 7 6 13 2017 10 2 12 2 1 3 2018 2 1 3 - - - Total stock option compensation $ 18 $ 4 $ 22 $ 23 $ 19 $ 42 As of July 2, 2017, $139,000, 13.3 Non-vested Stock Granted to Non-Employee Directors: Number of Shares Fair Value per Share Grant Date 28,000 $10.08 August 10, 2016 28,000 $8.20 August 12, 2015 28,000 $7.97 August 11, 2014 These shares vest over a two Performance Bonus Plan: These individuals may provides that shares of common stock that may two three two In connection with the performance bonus plan, the Company granted shares of common stock and recognized or will recognize compensation expense as set forth below: Fair Fiscal Fiscal Value Year Shares Year Per Compensation expense recognized during fiscal year Earned Granted Granted Share 2015 2016 2017 2018 2019 2015 58,532 2016 $ 7.180 $ 140,000 $ 140,000 $ 140,000 $ - $ - 2016 41,205 2017 7.865 - 108,000 108,000 108,000 - 2017 42,250 2018 8.271 - - 116,000 116,000 116,000 The table below sets forth the vesting of shares issued in connection with the grants of shares set forth in the above table. 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. The table below also sets forth the taxes remitted to the appropriate taxing authorities on behalf of such individuals. Vesting of shares during the three-month periods ended Fiscal July 2, 2017 July 3, 2016 Year Shares Shares Aggregate Taxes Shares Aggregate Taxes Granted Granted Vested Value Remitted Vested Value Remitted 2017 41,205 20,604 $ 167,000 $ 56,000 - $ - $ - For the three July 2, 2017 July 3, 2016, Three-Month Period Ended July 2, 2017 Three-Month Period Ended July 3, 2016 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2015 $ - $ - $ - $ - $ 28 $ 28 2016 - 29 29 35 29 64 2017 27 35 62 27 - 27 2018 29 - 29 - - - Total stock grant compensation $ 56 $ 64 $ 120 $ 62 $ 57 $ 119 As of July 2, 2017, $447,000, 9.9

Note 6 - Subsequent Events

Note 6 - Subsequent Events	3 Months Ended
	Jul. 02, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	N ote 6 – Subsequent Event s On August 4, 2017, $8.8 The Company has evaluated events which have occurred between July 2, 2017 no

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 02, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation: not In the opinion of management, the interim unaudited consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of July 2, 2017 three July 2, 2017 not may April 1, 2018. 10 April 2, 2017.
Fiscal Period, Policy [Policy Text Block]	Fiscal Year: March 31. 2018” “2018” 52 April 1, 2018 2017” “2017” 52 April 2, 2017.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates:
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents: three The Company’s credit facility consists of a revolving line of credit under a financing agreement with The CIT Group/Commercial Services, Inc. (“CIT”), a subsidiary of CIT Group, Inc. The Company classifies a negative balance outstanding under this revolving line of credit as cash, as these amounts are legally owed to the Company and are immediately available to be drawn upon by the Company. There are no
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments :
Advertising Costs, Policy [Policy Text Block]	Advertising Cost s : $219,000 $255,000 three July 2, 2017 July 3, 2016,
Segment Reporting, Policy [Policy Text Block]	Segment and Related Information: one three July 2, 2017 July 3, 2016 Three-Month Periods Ended July 2, 2017 July 3, 2016 Bedding, blankets and accessories $ 8,424 $ 10,312 Bibs, bath and disposable products 5,223 5,287 Total net sales $ 13,647 $ 15,599
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition: not
Receivables, Policy [Policy Text Block]	Allowances Against Accounts Receivable no To reduce the exposure to credit losses and to enhance the predictability of its cash flows, 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 uncollectibility of its non-factored accounts receivable to evaluate the adequacy of the Company’s allowance for doubtful accounts, which is accomplished by specifically analyzing accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in its customers’ payment terms. The Company’s accounts receivable as of July 2, 2017 $13.1 $631,000. $10.6 $11.7 $22.3
Revenue Recognition, Services, Royalty Fees [Policy Text Block]	Royalty Payments: $1.3 $1.7 three July 2, 2017 July 3, 2016,
Depreciation, Depletion, and Amortization [Policy Text Block]	Depreciation and Amortization: three eight five twenty
Goodwill and Intangible Assets, Policy [Policy Text Block]	Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Patent Costs:
Inventory, Policy [Policy Text Block]	Inventory Valuation: first first The indirect costs allocated to inventory are done so as a percentage of projected annual supplier purchases and can impact the Company’s results of operations as purchase volumes fluctuate from quarter to quarter and year to year. The difference between indirect costs incurred and the indirect costs allocated to inventory creates a burden variance, which is generally favorable when actual inventory purchases exceed planned inventory purchases, and is generally unfavorable when actual inventory purchases are lower than planned inventory purchases. The determination of the indirect charges and their allocation to the Company's finished products 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, the amount and timing of the Company's cost of products sold and the resulting net income for any accounting period. On a periodic basis, management reviews the Company’s inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not no may not may
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 740 10 25, 50% not The Company files income tax returns in the many jurisdictions within which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations for the Company’s filed income tax returns varies by jurisdiction; tax years open to federal or state examination or other adjustment as of July 2, 2017 April 2, 2017, April 3, 2016, March 29, 2015, March 30, 2014, March 31, 2013, April 1, 2012 April 3, 2011.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share:
New Accounting Pronouncements, Policy [Policy Text Block]	Recently-Issued Accounting Standards : 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 December 15, 2016, August 12, 2015 No. 2015 14, Revenue from Contrac ts with Customers (Topic 606 Deferral of the Effective Date one No. 2014 09. not No. 2014 09, No. 2015 14 first December 15, 2016. 2018. not No. 2014 09 In July 2015, No. 2015 11, Inventory (Topic 330 first December 15, 2016, No. 2015 11 April 3, 2017, not On February 25, 2016, No. 2016 02, Leases (Topic 842 No. 2016 02, first December 15, 2018. not On June 16, 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 not No. 2016 13 first December 15, 2019. may first December 15, 2018. Although the Company has not No. 2016 13 not No. 2016 13 The Company has determined that all other ASUs which had become effective as of July 2, 2017, not

Note 1 - Summary of Significa13

Note 1 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 02, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three-Month Periods Ended July 2, 2017 July 3, 2016 Bedding, blankets and accessories $ 8,424 $ 10,312 Bibs, bath and disposable products 5,223 5,287 Total net sales $ 13,647 $ 15,599

Note 2 - Goodwill, Customer R14

Note 2 - Goodwill, Customer Relationships and Other Intangible Assets (Tables)	3 Months Ended
	Jul. 02, 2017
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended July 2, April 2, July 2, April 2, July 2, July 3, 2017 2017 2017 2017 2017 2016 Tradename and trademarks $ 1,987 $ 1,987 $ 1,100 $ 1,066 $ 34 $ 34 Non-compete covenants 98 98 69 67 2 2 Patents 1,601 1,601 592 565 27 27 Customer relationships 5,534 5,534 4,520 4,394 126 126 Total other intangible assets $ 9,220 $ 9,220 $ 6,281 $ 6,092 $ 189 $ 189 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 2 $ 2 Marketing and administrative expenses 187 187 Total amortization expense $ 189 $ 189

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Jul. 02, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	July 2, 2017 April 2, 2017 Raw Materials $ 42 $ 42 Finished Goods 15,516 15,779 Total inventory $ 15,558 $ 15,821

Note 5 - Stock-based Compensa16

Note 5 - Stock-based Compensation (Tables)	3 Months Ended
	Jul. 02, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Three-Month Period Ended Three-Month Period Ended July 2, 2017 July 3, 2016 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 8.35 322,500 $ 7.64 305,000 Granted 7.75 110,000 9.60 120,000 Exercised - - 7.64 (25,000 ) Forfeited 9.19 (15,000 ) - - Outstanding at End of Period 8.17 417,500 8.22 400,000 Exercisable at End of Period 8.03 252,500 7.45 225,000
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three-Month Periods Ended July 2, 2017 July 3, 2016 Options issued 110,000 120,000 Grant date June 8, 2017 June 8, 2016 Dividend yield 4.13 % 3.33 % Expected volatility 25.00 % 20.00 % Risk free interest rate 1.47 % 0.93 % 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 $ 7.75 $ 9.60 Fair value per option $ 0.85 $ 0.94
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three-Month Period Ended July 2, 2017 Three-Month Period Ended July 3, 2016 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2015 $ - $ - $ - $ 14 $ 12 $ 26 2016 6 1 7 7 6 13 2017 10 2 12 2 1 3 2018 2 1 3 - - - Total stock option compensation $ 18 $ 4 $ 22 $ 23 $ 19 $ 42
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 $10.08 August 10, 2016 28,000 $8.20 August 12, 2015 28,000 $7.97 August 11, 2014
Schedule of Nonvested Share Activity [Table Text Block]	Three-Month Period Ended July 2, 2017 Three-Month Period Ended July 3, 2016 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2015 $ - $ - $ - $ - $ 28 $ 28 2016 - 29 29 35 29 64 2017 27 35 62 27 - 27 2018 29 - 29 - - - Total stock grant compensation $ 56 $ 64 $ 120 $ 62 $ 57 $ 119
Performance Shares [Member]
Notes Tables
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Fair Fiscal Fiscal Value Year Shares Year Per Compensation expense recognized during fiscal year Earned Granted Granted Share 2015 2016 2017 2018 2019 2015 58,532 2016 $ 7.180 $ 140,000 $ 140,000 $ 140,000 $ - $ - 2016 41,205 2017 7.865 - 108,000 108,000 108,000 - 2017 42,250 2018 8.271 - - 116,000 116,000 116,000 Vesting of shares during the three-month periods ended Fiscal July 2, 2017 July 3, 2016 Year Shares Shares Aggregate Taxes Shares Aggregate Taxes Granted Granted Vested Value Remitted Vested Value Remitted 2017 41,205 20,604 $ 167,000 $ 56,000 - $ - $ -

Note 1 - Summary of Significa17

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Jul. 02, 2017USD ($)	Jul. 03, 2016USD ($)	Apr. 02, 2017USD ($)
Advertising Expense	$ 219,000	$ 255,000
Number of Operating Segments	1
Accounts Receivable, Net, Current	$ 13,100,000
Allowance for Doubtful Accounts Receivable, Current	631,000
Due From Factor	10,625,000		$ 14,921,000
Line of Credit Facility, Negative Balance Outstanding	$ 11,700,000
Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Finite-Lived Intangible Asset, Useful Life	5 years
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	$ 1,300,000	$ 1,700,000
Collectibility of Receivables [Member]
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure	$ 22,300,000

Note 1 - Summary of Significa18

Note 1 - Summary of Significant Accounting Policies - Segment and Related Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Net sales	$ 13,647	$ 15,599
Bedding, Blankets, And Accessories [Member]
Net sales	8,424	10,312
Bibs, Bath, And Disposable Products [Member]
Net sales	$ 5,223	$ 5,287

Note 2 - Goodwill, Customer R19

Note 2 - Goodwill, Customer Relationships and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Jul. 02, 2017	Apr. 02, 2017	Jul. 03, 2016
Goodwill, Gross	$ 24,000		$ 24,000
Goodwill, Impaired, Accumulated Impairment Loss	22,900		22,900
Goodwill	$ 1,126	$ 1,126	$ 1,100

Note 2 - Goodwill, Customer R20

Note 2 - Goodwill, Customer Relationships and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016	Apr. 02, 2017
Finite-lived intangible assets, gross amount	$ 9,220		$ 9,220
Finite-lived intangible assets, accumulated amortization	6,281		6,092
Amortization expense	189	$ 189
Cost of Sales [Member]
Amortization expense	2	2
Selling, General and Administrative Expenses [Member]
Amortization expense	187	187
Trademarks and Trade Names [Member]
Finite-lived intangible assets, gross amount	1,987		1,987
Finite-lived intangible assets, accumulated amortization	1,100		1,066
Amortization expense	34	34
Noncompete Agreements [Member]
Finite-lived intangible assets, gross amount	98		98
Finite-lived intangible assets, accumulated amortization	69		67
Amortization expense	2	2
Patents [Member]
Finite-lived intangible assets, gross amount	1,601		1,601
Finite-lived intangible assets, accumulated amortization	592		565
Amortization expense	27	27
Customer Relationships [Member]
Finite-lived intangible assets, gross amount	5,534		5,534
Finite-lived intangible assets, accumulated amortization	4,520		$ 4,394
Amortization expense	$ 126	$ 126

Note 3 - Inventories - Componen

Note 3 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Jul. 02, 2017	Apr. 02, 2017
Raw Materials	$ 42	$ 42
Finished Goods	15,516	15,779
Total inventory	$ 15,558	$ 15,821

Note 4 - Financing Arrangemen22

Note 4 - Financing Arrangements (Details Textual) - USD ($)	May 16, 2017	Jul. 02, 2017	Jul. 03, 2016	Apr. 02, 2017
Selling, General and Administrative Expense		$ 2,901,000	$ 2,839,000
Line of Credit Facility, Remaining Borrowing Capacity		17,300,000		$ 21,400,000
Advances On Factoring Agreements		$ 0	0
Daily Cash Balance, Interest Rate, Stated Percentage		2.25%
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
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%
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,500,000
Factoring Fees [Member]
Selling, General and Administrative Expense		65,000	$ 94,000
Chase Bank N.A. [Member] | Master Stand-by Claims Purchase Agreement [Member]
Purchase Agreement, Monthly Fee, Percentage of Accounts Receivable	1.65%
Purchase Agreement, Limit of Accounts Receivable Used in Determination of Monthly Fee	$ 1,800,000
Accounts Receivable, Net		1,700,000
Selling, General and Administrative Expense		$ 64,000

Note 5 - Stock-based Compensa23

Note 5 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		15 Months Ended
	Jul. 02, 2017	Jul. 03, 2016	Jul. 02, 2017
Common Stock, Capital Shares Reserved for Future Issuance	677,000		677,000
Allocated Share-based Compensation Expense	$ 142,000	$ 161,000
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	58,000		$ 58,000
Proceeds from Stock Options Exercised	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		45,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	447,000		$ 447,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			297 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	58,000		$ 58,000
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 22,000	42,000
Payments Related to Tax Withholding for Share-based Compensation		$ 20,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 39 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years	2 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 139,000		$ 139,000
Restricted Stock [Member] | Non Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
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

Note 5 - Stock-based Compensa24

Note 5 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share)	$ 8.35	$ 7.64
Outstanding, Shares, beginning balance (in shares)	322,500	305,000
Granted, Weighted-average exercise price (in dollars per share)	$ 7.75	$ 9.60
Options issued (in shares)	110,000	120,000
Exercised, Weighted-average exercise price (in dollars per share)		$ 7.64
Exercised, Shares (in shares)		(25,000)
Forfeited, Weighted-average exercise price (in dollars per share)	$ 9.19
Forfeited, Shares (in shares)	(15,000)
Outstanding, Weighted-average exercise price, ending balance (in dollars per share)	$ 8.17	$ 8.22
Outstanding, Shares, ending balance (in shares)	417,500	400,000
Exercisable, Weighted-average exercise price (in dollars per share)	$ 8.03	$ 7.45
Exercisable, Shares (in shares)	252,500	225,000

Note 5 - Stock-based Compensa25

Note 5 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Options issued (in shares)	110,000	120,000
Grant date	Jun. 8, 2017	Jun. 8, 2016
Dividend yield	4.13%	3.33%
Expected volatility	25.00%	20.00%
Risk free interest rate	1.47%	0.93%
Contractual term (years) (Year)	10 years	10 years
Expected term (years) (Year)	3 years	3 years
Forfeiture rate	5.00%	5.00%
Exercise price (grant-date closing price) per option (in dollars per share)	$ 7.75	$ 9.60
Fair value per option (in dollars per share)	$ 0.85	$ 0.94

Note 5 - Stock-based Compensa26

Note 5 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($)	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Allocated share-based compensation	$ 142,000	$ 161,000
Employee Stock Option [Member]
Allocated share-based compensation	22,000	42,000
Employee Stock Option [Member] | Cost of Sales [Member]
Allocated share-based compensation	18,000	23,000
Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member]
Allocated share-based compensation	4,000	19,000
Fiscal Year 2015 [Member] | Employee Stock Option [Member]
Allocated share-based compensation		26,000
Fiscal Year 2015 [Member] | Employee Stock Option [Member] | Cost of Sales [Member]
Allocated share-based compensation		14,000
Fiscal Year 2015 [Member] | Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member]
Allocated share-based compensation		12,000
Fiscal Year 2016 [Member] | Employee Stock Option [Member]
Allocated share-based compensation	7,000	13,000
Fiscal Year 2016 [Member] | Employee Stock Option [Member] | Cost of Sales [Member]
Allocated share-based compensation	6,000	7,000
Fiscal Year 2016 [Member] | Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member]
Allocated share-based compensation	1,000	6,000
Fiscal Year 2017 [Member] | Employee Stock Option [Member]
Allocated share-based compensation	12,000	3,000
Fiscal Year 2017 [Member] | Employee Stock Option [Member] | Cost of Sales [Member]
Allocated share-based compensation	10,000	2,000
Fiscal Year 2017 [Member] | Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member]
Allocated share-based compensation	2,000	1,000
Fiscal Year 2018 [Member] | Employee Stock Option [Member]
Allocated share-based compensation	3,000
Fiscal Year 2018 [Member] | Employee Stock Option [Member] | Cost of Sales [Member]
Allocated share-based compensation	2,000
Fiscal Year 2018 [Member] | Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member]
Allocated share-based compensation	$ 1,000

Note 5 - Stock-based Compensa27

Note 5 - Stock-based Compensation - Non-vested Stock to Directors (Details) - Non Employee Directors [Member]	3 Months Ended
	Jul. 02, 2017$ / sharesshares
August 10, 2016 [Member]
Number of Shares (in shares) | shares	28,000
Fair Value Per Share (in dollars per share) | $ / shares	$ 10.08
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

Note 5 - Stock-based Compensa28

Note 5 - Stock-based Compensation - Grants and Compensation Expense in Connection with the Performance Bonus Plan (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jul. 02, 2017	Jul. 03, 2016	Mar. 31, 2019	Apr. 01, 2018	Apr. 02, 2017	Apr. 03, 2016	Mar. 29, 2015
Allocated share-based compensation	$ 142,000	$ 161,000
Performance Shares [Member] | Earned in Fiscal Year 2015, Granted in Fiscal Year 2016 [Member]
Fair Value Per Share (in dollars per share)						$ 7.18
Allocated share-based compensation					$ 140,000	$ 140,000	$ 140,000
Number of Shares (in shares)						58,532
Performance Shares [Member] | Earned in Fiscal Year 2016, Granted in Fiscal Year 2017 [Member]
Shares Vested, Taxes Remitted	$ 56,000
Fair Value Per Share (in dollars per share)					$ 7.865
Allocated share-based compensation					$ 108,000	$ 108,000
Number of Shares (in shares)					41,205	41,205
Shares Vested (in shares)	20,604
Shares Vested, Aggregate Value	$ 167,000
Performance Shares [Member] | Earned in Fiscal Year 2016, Granted in Fiscal Year 2017 [Member] | Scenario, Forecast [Member]
Allocated share-based compensation				$ 108,000
Performance Shares [Member] | Earned in Fiscal Year 2017, Granted in Fiscal Year 2018 [Member]
Fair Value Per Share (in dollars per share)				$ 8.271
Allocated share-based compensation					$ 116,000
Number of Shares (in shares)				42,250
Performance Shares [Member] | Earned in Fiscal Year 2017, Granted in Fiscal Year 2018 [Member] | Scenario, Forecast [Member]
Allocated share-based compensation			$ 116,000	$ 116,000

Note 5 - Stock-based Compensa29

Note 5 - Stock-based Compensation - Compensation Expense Associated with Non-vested Stock Grants (Details) - USD ($)	3 Months Ended
	Jul. 02, 2017	Jul. 03, 2016
Allocated share-based compensation	$ 142,000	$ 161,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member]
Allocated share-based compensation	120,000	119,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Employee [Member]
Allocated share-based compensation	56,000	62,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Non Employee Directors [Member]
Allocated share-based compensation	64,000	57,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member]
Allocated share-based compensation		28,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | Employee [Member]
Allocated share-based compensation
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | Non Employee Directors [Member]
Allocated share-based compensation		28,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member]
Allocated share-based compensation	29,000	64,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | Employee [Member]
Allocated share-based compensation		35,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | Non Employee Directors [Member]
Allocated share-based compensation	29,000	29,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member]
Allocated share-based compensation	62,000	27,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | Employee [Member]
Allocated share-based compensation	27,000	27,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | Non Employee Directors [Member]
Allocated share-based compensation	35,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member]
Allocated share-based compensation	29,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | Employee [Member]
Allocated share-based compensation	29,000
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | Non Employee Directors [Member]
Allocated share-based compensation

Note 6 - Subsequent Events (Det

Note 6 - Subsequent Events (Details Textual) $ in Millions	Aug. 04, 2017USD ($)
Carousel Acquisition, LLC. [Member] | Carousel Designs, LLC. Acquisition [Member] | Subsequent Event [Member]
Business Combination, Consideration Transferred	$ 8.8