Crown Crafts (CRWS) 10-Q 11 Aug 21 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 27, 2021	Jul. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0000025895
Entity Registrant Name	CROWN CRAFTS INC
Amendment Flag	false
Current Fiscal Year End Date	--04-03
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2021
Document Transition Report	false
Entity File Number	1-7604
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-0678148
Entity Address, Address Line One	916 South Burnside Avenue
Entity Address, City or Town	Gonzales
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70737
City Area Code	225
Local Phone Number	647-9100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CRWS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,032,907

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 27, 2021	Mar. 28, 2021
Current assets:
Cash and cash equivalents	$ 4,702,000	$ 613,000
Accounts receivable (net of allowances of $974 at June 27, 2021 and $723 at March 28, 2021):
Due from factor	16,722,000	18,604,000
Other	748,000	734,000
Inventories	21,955,000	20,335,000
Prepaid expenses	957,000	1,184,000
Total current assets	45,084,000	41,470,000
Operating lease right of use assets	3,660,000	4,068,000
Property, plant and equipment - at cost:
Vehicles	171,000	171,000
Leasehold improvements	429,000	425,000
Machinery and equipment	3,255,000	3,152,000
Furniture and fixtures	345,000	345,000
Property, plant and equipment - gross	4,200,000	4,093,000
Less accumulated depreciation	2,787,000	2,635,000
Property, plant and equipment - net	1,413,000	1,458,000
Finite-lived intangible assets - at cost:
Customer relationships	7,374,000	7,374,000
Other finite-lived intangible assets	4,266,000	4,266,000
Finite-lived intangible assets - gross	11,640,000	11,640,000
Less accumulated amortization	8,606,000	8,477,000
Finite-lived intangible assets - net	3,034,000	3,163,000
Goodwill	7,125,000	7,125,000
Deferred income taxes	870,000	706,000
Other	91,000	92,000
Total Assets	61,277,000	58,082,000
Current liabilities:
Accounts payable	7,860,000	5,539,000
Accrued wages and benefits	2,664,000	2,216,000
Accrued royalties	1,131,000	410,000
Dividends payable	802,000	800,000
Operating lease liabilities, current	1,797,000	1,802,000
Other accrued liabilities	341,000	215,000
Current maturities of long-term debt	0	1,964,000
Total current liabilities	14,595,000	12,946,000
Non-current liabilities:
Operating lease liabilities, noncurrent	2,189,000	2,641,000
Reserve for unrecognized tax liabilities	667,000	630,000
Total non-current liabilities	2,856,000	3,271,000
Shareholders' equity:
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at June 27, 2021 and March 28, 2021; Issued 12,864,753 shares at June 27, 2021 and 12,809,753 shares at March 28, 2021	129,000	128,000
Additional paid-in capital	55,024,000	54,748,000
Treasury stock - at cost - 2,834,434 shares at June 27, 2021 and 2,811,446 shares at March 28, 2021	(15,381,000)	(15,202,000)
Retained Earnings	4,054,000	2,191,000
Total shareholders' equity	43,826,000	41,865,000
Total Liabilities and Shareholders' Equity	$ 61,277,000	$ 58,082,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Allowance for doubtful accounts receivable	$ 974	$ 723
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)	12,864,753	12,809,753
Treasury stock, shares (in shares)	2,834,434	2,811,446

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Net sales	$ 18,712	$ 16,205
Cost of products sold	14,056	11,182
Gross profit	4,656	5,023
Marketing and administrative expenses	3,366	3,380
Income from operations	1,290	1,643
Other (expense) income:
Interest expense - net of interest income	(13)	(4)
Gain on extinguishment of debt	1,985	0
Other - net	12	1
Income before income tax expense	3,274	1,640
Income tax expense	609	425
Net income	$ 2,665	$ 1,215
Weighted average shares outstanding:
Basic (in shares)	10,004	10,171
Effect of dilutive securities (in shares)	52	0
Diluted (in shares)	10,056	10,171
Earnings per share - basic and diluted (in dollars per share)	$ 0.27	$ 0.12

Unaudited Condensed Consolida_2

Unaudited Condensed 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
Balances (in shares) at Mar. 29, 2020	12,603,301	(2,436,494)
Balances at Mar. 29, 2020	$ 126	$ (12,408)	$ 53,610	$ 1,108	$ 42,436
Issuance of shares (in shares)	20,000	0
Issuance of shares	$ 0	$ 0	0	0	0
Stock-based compensation	0	0	86	0	86
Net income	$ 0	$ 0	0	1,215	1,215
Balances (in shares) at Jun. 28, 2020	12,623,301	(2,436,494)
Balances at Jun. 28, 2020	$ 126	$ (12,408)	53,696	2,323	43,737
Balances (in shares) at Mar. 28, 2021	12,809,753	(2,811,446)
Balances at Mar. 28, 2021	$ 128	$ (15,202)	54,748	2,191	41,865
Issuance of shares (in shares)	55,000	0
Issuance of shares	$ 1	$ 0	144	0	145
Stock-based compensation	0	0	132	0	132
Net income	$ 0	$ 0	0	2,665	2,665
Acquisition of treasury stock (in shares)	0	(22,988)
Acquisition of treasury stock	$ 0	$ (179)	0	0	(179)
Dividend declared on common stock	$ 0	$ 0	0	(802)	(802)
Balances (in shares) at Jun. 27, 2021	12,864,753	(2,834,434)
Balances at Jun. 27, 2021	$ 129	$ (15,381)	$ 55,024	$ 4,054	$ 43,826

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Changes In Shareholders' Equity (Parentheticals)	3 Months Ended
	Jun. 27, 2021$ / shares
Dividends declared, per share (in dollars per share)	$ 0.08

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Operating activities:
Net income	$ 2,665	$ 1,215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	152	187
Amortization of intangibles	129	209
Amortization of right of use assets	447	474
Deferred income taxes	(164)	(173)
Gain on extinguishment of debt	(1,985)	0
Reserve for unrecognized tax liabilities	37	30
Stock-based compensation	132	86
Changes in assets and liabilities:
Accounts receivable	1,868	2,731
Inventories	(1,620)	402
Prepaid expenses	227	183
Other assets	1	0
Lease liabilities	(497)	(408)
Accounts payable	2,289	1,582
Accrued liabilities	1,317	1,387
Net cash provided by operating activities	4,998	7,905
Cash used in investing activities:
Capital expenditures for property, plant and equipment	(75)	(50)
Financing activities:
Repayments under revolving line of credit	(5,809)	(4,598)
Borrowings under revolving line of credit	5,809	2,020
Proceeds from long-term debt	0	1,964
Purchase of treasury stock from related parties	(179)	0
Issuance of common stock	145	0
Dividends paid	(800)	(813)
Net cash used in financing activities	(834)	(1,427)
Net increase in cash and cash equivalents	4,089	6,428
Cash and cash equivalents at beginning of period	613	282
Cash and cash equivalents at end of period	4,702	6,710
Supplemental cash flow information:
Income taxes paid	610	2
Interest paid	5	14
Noncash financing activities:
Property, plant and equipment purchased but unpaid	(32)	(19)
Dividends declared but unpaid	$ (802)	$ 0

Note 1 - Interim Financial Stat

Note 1 - Interim Financial Statements	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1 Interim Financial Statements Basis of Presentation: not In the opinion of the Company’s management, the interim unaudited condensed consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of June 27, 2021 three June 27, 2021 not may April 3, 2022. 10 March 28, 2021. Fiscal Year: March 31. 2022” “2022” 53 April 3, 2022 2021” “2021” 52 March 28, 2021. Reclassifications: None Recently-Issued Accounting Standards: June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 not No. 2016 13 December 15, 2018. No. 2016 13 no December 15, 2019, November 15, 2019, No. 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 No. 2016 13 first December 15, 2022. No. 2016 13 April 3, 2023. not No. 2016 13, not In December 2019, No. 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes 740. 740 first December 15, 2020. No. 2019 12 March 29, 2021, not The Company has determined that all other ASUs issued which had become effective as of June 27, 2021, not

Note 2 - Advertising Costs

Note 2 - Advertising Costs	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Advertising Costs [Text Block]	Note 2 Advertising Costs The Company’s advertising costs are primarily associated with cooperative advertising arrangements with certain of the Company’s customers and are recognized using the straight-line method based upon aggregate annual estimated amounts for these customers, with periodic adjustments to the actual amounts of authorized agreements. Advertising expense is included in marketing and administrative expenses in the accompanying unaudited condensed consolidated statements of income and amounted to $221,000 and $345,000 for the three June 27, 2021 June 28, 2020,

Note 3 - Other Accrued Liabilit

Note 3 - Other Accrued Liabilities	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	Note 3 Other Accrued Liabilities Amounts of $341,000 and $215,000 were recorded as other accrued liabilities at June 27, 2021 March 28, 2021, June 27, 2021 March 28, 2021,

Note 4 - Segment and Related In

Note 4 - Segment and Related Information	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 4 Segment and Related Information The Company operates primarily in one three June 27, 2021 June 28, 2020 Three-Month Periods Ended June 27, 2021 June 28, 2020 Bedding, blankets and accessories $ 9,957 $ 10,017 Bibs, bath, developmental toy, feeding, baby care and disposable products 8,755 6,188 Total net sales $ 18,712 $ 16,205

Note 5 - Licensing Agreements

Note 5 - Licensing Agreements	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Licensing Agreements [Text Block]	Note 5 Licensing Agreements The Company has entered into licensing agreements that provide for royalty payments based on a percentage of sales with certain minimum guaranteed amounts. These royalty amounts are accrued based upon historical sales rates adjusted for current sales trends by customers. Royalty expense is included in cost of products sold in the accompanying unaudited condensed consolidated statements of income and amounted to $1.3 million and $1.2 million for the three June 27, 2021 June 28, 2020,

Note 6 - Income Taxes

Note 6 - Income Taxes	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 6 Income Taxes 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 at June 27, 2021 March 28, 2021, March 29, 2020, March 31, 2019, April 1, 2018 April 2, 2017. After considering all relevant information regarding the calculation of the state portion of its income tax provision, the Company believes that the technical merits of the tax position that the Company has taken with respect to state apportionment percentages would more likely than not three June 27, 2021 June 28, 2020, The Company’s policy is to accrue interest expense and penalties as appropriate on any estimated unrecognized tax liabilities as a charge to interest expense in the Company’s consolidated statements of income. The Company accrued interest and penalties associated with its reserve for unrecognized tax liabilities during the three June 27, 2021 June 28, 2020 In August 2020, March 31, 2019, April 1, 2018 April 2, 2017. February 2021, April 2, 2017. The Company recorded a discrete income tax benefit of $44,000 during the three June 27, 2021 three June 28, 2020.

Note 7 - Carousel Designs

Note 7 - Carousel Designs	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 7 Carousel Designs The accompanying unaudited condensed consolidated statements of income include income, expenses and losses recognized in respect of the operating activities of Carousel Designs, LLC (“Carousel”), a wholly-owned subsidiary that manufactured and marketed infant and toddler bedding directly to consumers online from a facility in Douglasville, Georgia. On May 5, 2021, 19 May 21, 2021. During the three June 27, 2021,

Note 8 - Financing Arrangements

Note 8 - Financing Arrangements	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 8 Financing Arrangements Factoring Agreements: not 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 may three June 27, 2021 June 28, 2020, Credit Facility: June 27, 2021 first May 13, 2021, The financing agreement was scheduled to mature on July 11, 2022, May 31, 2021 July 11, 2025 June 27, 2021, June 27, 2021. June 27, 2021, At June 27, 2021 March 28, 2021, 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 June 27, 2021. Credit Concentration: June 27, 2021 March 28, 2021 Paycheck Protection Program Loan: April 19, 2020, 2020. 1.0% As authorized by the provisions of the CARES Act, the Company applied to the Lender for forgiveness of all or a portion of the PPP Loan. The Note would have matured on April 20, 2022, May 20, 2021, April 20, 2020 May 20, 2021. three June 27, 2021,

Note 9 - Goodwill

Note 9 - Goodwill	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Goodwill Disclosure [Text Block]	Note 9 Goodwill Goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in business combinations. For the purpose of presenting and measuring for the impairment of goodwill, the Company has two one June 27, 2021 March 28, 2021 The Company measures for impairment the goodwill within its reporting units annually as of the first not 50% first not not On March 29, 2021, not

Note 10 - Other Intangible Asse

Note 10 - Other Intangible Assets	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	Note 10 Other Intangible Assets Other intangible assets as of June 27, 2021 March 28, 2021 June 27, 2021 March 28, 2021, three June 27, 2021 June 28, 2020, Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended June 27, March 28, June 27, March 28, June 27, June 28, 2021 2021 2021 2021 2021 2020 Tradename and trademarks $ 2,567 $ 2,567 $ 1,765 $ 1,722 $ 43 $ 61 Developed technology - - - - - 28 Non-compete covenants 98 98 94 93 1 20 Patents 1,601 1,601 963 950 13 22 Customer relationships 7,374 7,374 5,784 5,712 72 78 Total other intangible assets $ 11,640 $ 11,640 $ 8,606 $ 8,477 $ 129 $ 209 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 1 $ 2 Marketing and administrative expenses 128 207 Total amortization expense $ 129 $ 209

Note 11 - Inventories

Note 11 - Inventories	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 11 Inventories Major classes of inventory were as follows (in thousands): June 27, 2021 March 28, 2021 Raw Materials $ 35 $ 453 Work in Process - 19 Finished Goods 21,920 19,863 Total inventory $ 21,955 $ 20,335

Note 12 - Leases

Note 12 - Leases	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 12 Leases The Company made cash payments related to its recognized operating leases of $497,000 and $408,000 during the three June 27, 2021 June 28, 2020, June 27, 2021, During the three June 27, 2021 June 28, 2020, Three-Month Periods Ended June 27, 2021 June 28, 2020 Cost of products sold $ 400 $ 423 Marketing and administrative expenses 47 51 Total operating lease costs $ 447 $ 474 The maturities of the Company’s operating lease liabilities as of June 27, 2021 Fiscal Year 2022 $ 1,437 2023 1,896 2024 491 2025 187 2026 158 Total undiscounted operating lease payments 4,169 Less imputed interest 183 Operating lease liabilities - net $ 3,986

Note 13 - Stock-based Compensat

Note 13 - Stock-based Compensation	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 13 Stock-based Compensation The Company has two 2006 “2006 2014 “2014 2014 2014 may no 2006 June 27, 2021, 2014 may three June 27, 2021 June 28, 2020, No June 27, 2021. Stock Options: three June 27, 2021 June 28, 2020: Three-Month Periods Ended June 27, 2021 June 28, 2020 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 6.84 567,500 $ 6.86 517,500 Granted 7.98 158,000 4.92 110,000 Exercised 4.84 (30,000 ) - - Outstanding at End of Period 7.18 695,500 6.52 627,500 Exercisable at End of Period 7.19 407,500 7.15 455,000 As of June 27, 2021, three June 27, 2021 not three June 27, 2021. may three June 27, 2021. no three June 28, 2020. Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation Stock Compensation three June 27, 2021 June 28, 2020, two Three-Month Periods Ended June 27, 2021 June 28, 2020 Number of options issued 158,000 110,000 Grant date June 9, 2021 June 10, 2020 Dividend yield 4.00 % 6.50 % Expected volatility 35.00 % 30.00 % Risk free interest rate 0.530 % 0.275 % Contractual term (years) 10.00 10.00 Expected term (years) 4.00 4.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 7.98 $ 4.92 Fair value per option $ 1.61 $ 0.56 During the three June 27, 2021 June 28, 2020, Three-Month Period Ended June 27, 2021 Three-Month Period Ended June 28, 2020 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2019 $ - $ - $ - $ 3 $ 3 $ 6 2020 3 4 7 3 5 8 2021 4 16 20 - 1 1 2022 2 4 6 - - - Total stock option compensation $ 9 $ 24 $ 33 $ 6 $ 9 $ 15 As of June 27, 2021, Non-vested Stock Granted to Non-employee Directors: Number of Shares Fair Value per Share Grant Date 41,452 $ 5.79 August 12, 2020 46,512 5.16 August 14, 2019 28,000 5.43 August 8, 2018 These shares vest over a two Non-vested Stock Granted to Employees: Number of Shares Fair Value per Share Grant Date Vesting Date 25,000 $ 5.86 January 18, 2019 January 18, 2021 20,000 4.92 June 10, 2020 June 10, 2022 10,000 7.60 February 22, 2021 February 22, 2023 25,000 7.98 June 9, 2021 June 9, 2022 During the three June 27, 2021 June 28, 2020, Three-Month Period Ended June 27, 2021 Three-Month Period Ended June 28, 2020 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2019 $ - $ - $ - $ 18 $ 19 $ 37 2020 - 30 30 - 30 30 2021 22 30 52 4 - 4 2022 17 - 17 - - - Total stock grant compensation $ 39 $ 60 $ 99 $ 22 $ 49 $ 71 As of June 27, 2021,

Note 14 - Subsequent Events

Note 14 - Subsequent Events	3 Months Ended
	Jun. 27, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	Note 14 Subsequent Events The Company has evaluated all events which have occurred between June 27, 2021 no

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 27, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation: not In the opinion of the Company’s management, the interim unaudited condensed consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of June 27, 2021 three June 27, 2021 not may April 3, 2022. 10 March 28, 2021.
Fiscal Period, Policy [Policy Text Block]	Fiscal Year: March 31. 2022” “2022” 53 April 3, 2022 2021” “2021” 52 March 28, 2021.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications: None
New Accounting Pronouncements, Policy [Policy Text Block]	Recently-Issued Accounting Standards: June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 not No. 2016 13 December 15, 2018. No. 2016 13 no December 15, 2019, November 15, 2019, No. 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 No. 2016 13 first December 15, 2022. No. 2016 13 April 3, 2023. not No. 2016 13, not In December 2019, No. 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes 740. 740 first December 15, 2020. No. 2019 12 March 29, 2021, not The Company has determined that all other ASUs issued which had become effective as of June 27, 2021, not

Note 4 - Segment and Related _2

Note 4 - Segment and Related Information (Tables)	3 Months Ended
	Jun. 27, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three-Month Periods Ended June 27, 2021 June 28, 2020 Bedding, blankets and accessories $ 9,957 $ 10,017 Bibs, bath, developmental toy, feeding, baby care and disposable products 8,755 6,188 Total net sales $ 18,712 $ 16,205

Note 10 - Other Intangible As_2

Note 10 - Other Intangible Assets (Tables)	3 Months Ended
	Jun. 27, 2021
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended June 27, March 28, June 27, March 28, June 27, June 28, 2021 2021 2021 2021 2021 2020 Tradename and trademarks $ 2,567 $ 2,567 $ 1,765 $ 1,722 $ 43 $ 61 Developed technology - - - - - 28 Non-compete covenants 98 98 94 93 1 20 Patents 1,601 1,601 963 950 13 22 Customer relationships 7,374 7,374 5,784 5,712 72 78 Total other intangible assets $ 11,640 $ 11,640 $ 8,606 $ 8,477 $ 129 $ 209 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 1 $ 2 Marketing and administrative expenses 128 207 Total amortization expense $ 129 $ 209

Note 11 - Inventories (Tables)

Note 11 - Inventories (Tables)	3 Months Ended
	Jun. 27, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 27, 2021 March 28, 2021 Raw Materials $ 35 $ 453 Work in Process - 19 Finished Goods 21,920 19,863 Total inventory $ 21,955 $ 20,335

Note 12 - Leases (Tables)

Note 12 - Leases (Tables)	3 Months Ended
	Jun. 27, 2021
Notes Tables
Lease, Cost [Table Text Block]	Three-Month Periods Ended June 27, 2021 June 28, 2020 Cost of products sold $ 400 $ 423 Marketing and administrative expenses 47 51 Total operating lease costs $ 447 $ 474
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Fiscal Year 2022 $ 1,437 2023 1,896 2024 491 2025 187 2026 158 Total undiscounted operating lease payments 4,169 Less imputed interest 183 Operating lease liabilities - net $ 3,986

Note 13 - Stock-based Compens_2

Note 13 - Stock-based Compensation (Tables)	3 Months Ended
	Jun. 27, 2021
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Three-Month Periods Ended June 27, 2021 June 28, 2020 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 6.84 567,500 $ 6.86 517,500 Granted 7.98 158,000 4.92 110,000 Exercised 4.84 (30,000 ) - - Outstanding at End of Period 7.18 695,500 6.52 627,500 Exercisable at End of Period 7.19 407,500 7.15 455,000
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three-Month Periods Ended June 27, 2021 June 28, 2020 Number of options issued 158,000 110,000 Grant date June 9, 2021 June 10, 2020 Dividend yield 4.00 % 6.50 % Expected volatility 35.00 % 30.00 % Risk free interest rate 0.530 % 0.275 % Contractual term (years) 10.00 10.00 Expected term (years) 4.00 4.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 7.98 $ 4.92 Fair value per option $ 1.61 $ 0.56
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three-Month Period Ended June 27, 2021 Three-Month Period Ended June 28, 2020 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2019 $ - $ - $ - $ 3 $ 3 $ 6 2020 3 4 7 3 5 8 2021 4 16 20 - 1 1 2022 2 4 6 - - - Total stock option compensation $ 9 $ 24 $ 33 $ 6 $ 9 $ 15 Three-Month Period Ended June 27, 2021 Three-Month Period Ended June 28, 2020 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2019 $ - $ - $ - $ 18 $ 19 $ 37 2020 - 30 30 - 30 30 2021 22 30 52 4 - 4 2022 17 - 17 - - - Total stock grant compensation $ 39 $ 60 $ 99 $ 22 $ 49 $ 71
Schedule of Nonvested Share Activity [Table Text Block]	Number of Shares Fair Value per Share Grant Date 41,452 $ 5.79 August 12, 2020 46,512 5.16 August 14, 2019 28,000 5.43 August 8, 2018 Number of Shares Fair Value per Share Grant Date Vesting Date 25,000 $ 5.86 January 18, 2019 January 18, 2021 20,000 4.92 June 10, 2020 June 10, 2022 10,000 7.60 February 22, 2021 February 22, 2023 25,000 7.98 June 9, 2021 June 9, 2022

Note 2 - Advertising Costs (Det

Note 2 - Advertising Costs (Details Textual) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Advertising Expense	$ 221,000	$ 345,000

Note 3 - Other Accrued Liabil_2

Note 3 - Other Accrued Liabilities (Details Textual) - USD ($)	Jun. 27, 2021	Mar. 28, 2021
Other Accrued Liabilities, Current	$ 341,000	$ 215,000
Contract with Customer, Liability, Current	$ 24,000	$ 85,000

Note 4 - Segment and Related _3

Note 4 - Segment and Related Information (Details Textual)	3 Months Ended
	Jun. 27, 2021
Number of Operating Segments	1

Note 4 - Segment and Related _4

Note 4 - Segment and Related Information - Segment and Related Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Net sales	$ 18,712	$ 16,205
Bedding, Blankets, And Accessories [Member]
Net sales	9,957	10,017
Bibs, Bath, And Disposable Products [Member]
Net sales	$ 8,755	$ 6,188

Note 5 - Licensing Agreements (

Note 5 - Licensing Agreements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 29, 2020	Jun. 28, 2020
Cost of Goods and Services Sold, Total	$ 14,056		$ 11,182
Royalty [Member]
Cost of Goods and Services Sold, Total	$ 1,300	$ 1,200

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	$ 23,000	$ 13,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	14,000	17,000
Effective Income Tax Rate Reconciliation, Aggregate Effect of Certain Tax Credits, Amount	$ 44,000	$ 0

Note 7 - Carousel Designs (Deta

Note 7 - Carousel Designs (Details Textual) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Gross Profit, Total	$ 4,656,000	$ 5,023,000
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Sale of Inventory Below Cost [Member]
Gross Profit, Total	(647,000)
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Settlement With Supplier [Member]
Gross Profit, Total	(344,000)
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Liquidation of Inventory [Member]
Gross Profit, Total	$ (265,000)

Note 8 - Financing Arrangemen_2

Note 8 - Financing Arrangements (Details Textual) - USD ($)	May 31, 2021	May 20, 2021	Apr. 19, 2020	Jun. 27, 2021	Jun. 28, 2020	Mar. 28, 2021
Selling, General and Administrative Expense, Total				$ 3,366,000	$ 3,380,000
Long-term Line of Credit, Total				0		$ 0
Letters of Credit Outstanding, Amount				0		0
Line of Credit Facility, Remaining Borrowing Capacity				26,000,000		26,000,000
Accounts Receivable, after Allowance for Credit Loss, Current, Total				17,500,000		19,300,000
Accounts Receivable, Allowance for Credit Loss, Current				974,000		723,000
Proceeds from (Repayments of) Notes Payable, Total				0	1,964,000
Gain (Loss) on Extinguishment of Debt, Total				1,985,000	0
Paycheck Protection Program CARES Act [Member]
Proceeds from (Repayments of) Notes Payable, Total			$ 1,963,800
Debt Instrument, Decrease, Forgiveness		$ 1,963,800
Interest Payable		$ 21,000
Gain (Loss) on Extinguishment of Debt, Total				1,985,000
Receivable Due from Factor [Member]
Accounts Receivable, after Allowance for Credit Loss, Current, Total				16,700,000		18,600,000
Negative Balance Outstanding Under Revolving Line of Credit [Member]
Accounts Receivable, after Allowance for Credit Loss, Current, Total				4,700,000		602,000
Receivable from Factor, and Negative Balance on Revolving Line of Credit [Member]
Accounts Receivable, after Allowance for Credit Loss, Current, Total				21,400,000		$ 19,200,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 26,000,000
Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument Basis Spread Below Variable Rate	1.00%
Debt Instrument, Basis Spread on Variable Rate						2.00%
Debt Instrument, Interest Rate, Effective Percentage				1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Debt Instrument, Interest Rate, Effective Percentage				1.59%
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,500,000
Factoring Fees [Member]
Selling, General and Administrative Expense, Total				$ 64,000	$ 45,000

Note 9 - Goodwill (Details Text

Note 9 - Goodwill (Details Textual) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 29, 2021	Mar. 28, 2021
Goodwill, Gross	$ 30,000		$ 30,000
Goodwill, Impaired, Accumulated Impairment Loss	22,900	$ 0
Goodwill, Ending Balance	$ 7,125		$ 7,125

Note 10 - Other Intangible As_3

Note 10 - Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Mar. 28, 2021
Finite-lived intangible assets, gross amount	$ 11,640		$ 11,640
Finite-lived intangible assets, accumulated amortization	8,606		8,477
Amortization expense	129	$ 209
Cost of Sales [Member]
Amortization expense	1	2
Selling, General and Administrative Expenses [Member]
Amortization expense	128	207
Trademarks and Trade Names [Member]
Finite-lived intangible assets, gross amount	2,567		2,567
Finite-lived intangible assets, accumulated amortization	1,765		1,722
Amortization expense	43	61
Developed Technology [Member]
Finite-lived intangible assets, gross amount	0		0
Finite-lived intangible assets, accumulated amortization	0		0
Amortization expense	0	28
Noncompete Agreements [Member]
Finite-lived intangible assets, gross amount	98		98
Finite-lived intangible assets, accumulated amortization	94		93
Amortization expense	1	20
Patents [Member]
Finite-lived intangible assets, gross amount	1,601		1,601
Finite-lived intangible assets, accumulated amortization	963		950
Amortization expense	13	22
Customer Relationships [Member]
Finite-lived intangible assets, gross amount	7,374		7,374
Finite-lived intangible assets, accumulated amortization	5,784		$ 5,712
Amortization expense	$ 72	$ 78

Note 11 - Inventories - Compone

Note 11 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Raw Materials	$ 35	$ 453
Work in Process	0	19
Finished Goods	21,920	19,863
Total inventory	$ 21,955	$ 20,335

Note 12 - Leases (Details Textu

Note 12 - Leases (Details Textual) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Operating Lease, Payments	$ 497,000	$ 408,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	3.60%

Note 12 - Leases - Classificati

Note 12 - Leases - Classification of Operating Lease Costs in Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Operating Lease Costs	$ 447	$ 474
Cost of Sales [Member]
Operating Lease Costs	400	423
Selling, General and Administrative Expenses [Member]
Operating Lease Costs	$ 47	$ 51

Note 12 - Leases - Maturities o

Note 12 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 27, 2021USD ($)
2022	$ 1,437
2023	1,896
2024	491
2025	187
2026	158
Total undiscounted operating lease payments	4,169
Less imputed interest	183
Operating lease liabilities - net	$ 3,986

Note 13 - Stock-based Compens_3

Note 13 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	49
Share-based Payment Arrangement, Expense	$ 132,000	$ 86,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	527,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	358,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	89,000
Proceeds from Stock Options Exercised	0	0
Payment, Tax Withholding, Share-based Payment Arrangement	$ 34,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month)	7 months 21 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 431,000
Non Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	2 years
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense	$ 33,000	$ 15,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	2 years
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 352,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month)	14 months 27 days

Note 13 - Stock-based Compens_4

Note 13 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share)	$ 6.84	$ 6.86
Outstanding, Shares, beginning balance (in shares)	567,500	517,500
Granted, Weighted-average exercise price (in dollars per share)	$ 7.98	$ 4.92
Number of options issued (in shares)	158,000	110,000
Exercised, Weighted-average exercise price (in dollars per share)	$ 4.84	$ 0
Exercised, Shares (in shares)	(30,000)	0
Outstanding, Weighted-average exercise price, ending balance (in dollars per share)	$ 7.18	$ 6.52
Outstanding, Shares, ending balance (in shares)	695,500	627,500
Exercisable, Weighted-average exercise price (in dollars per share)	$ 7.19	$ 7.15
Exercisable, Shares (in shares)	407,500	455,000

Note 13 - Stock-based Compens_5

Note 13 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Number of options issued (in shares)	158,000	110,000
June 10, 2020 [Member]
Number of options issued (in shares)	158,000
Grant date	Jun. 9, 2021
Dividend yield	4.00%
Expected volatility	35.00%
Risk free interest rate	0.53%
Contractual term (years) (Year)	10 years
Expected term (years) (Year)	4 years
Forfeiture rate	5.00%
Exercise price (grant-date closing price) per option (in dollars per share)	$ 7.98
Fair value per option (in dollars per share)	$ 1.61
January 4, 2021 [Member]
Number of options issued (in shares)		110,000
Grant date		Jun. 10, 2020
Dividend yield		6.50%
Expected volatility		30.00%
Risk free interest rate		0.275%
Contractual term (years) (Year)		10 years
Expected term (years) (Year)		4 years
Forfeiture rate		5.00%
Exercise price (grant-date closing price) per option (in dollars per share)		$ 4.92
Fair value per option (in dollars per share)		$ 0.56

Note 13 - Stock-based Compens_6

Note 13 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Allocated Share Based Compensation Expense	$ 132,000	$ 86,000
Share-based Payment Arrangement, Option [Member]
Allocated Share Based Compensation Expense	33,000	15,000
Share-based Payment Arrangement, Option [Member] | Cost of Sales [Member]
Allocated Share Based Compensation Expense	9,000	6,000
Share-based Payment Arrangement, Option [Member] | Marketing and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	24,000	9,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2019 [Member]
Allocated Share Based Compensation Expense	0	6,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2019 [Member] | Cost of Sales [Member]
Allocated Share Based Compensation Expense	0	3,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2019 [Member] | Marketing and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	0	3,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2020 [Member]
Allocated Share Based Compensation Expense	7,000	8,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2020 [Member] | Cost of Sales [Member]
Allocated Share Based Compensation Expense	3,000	3,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2020 [Member] | Marketing and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	4,000	5,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2021 [Member]
Allocated Share Based Compensation Expense	20,000	1,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2021 [Member] | Cost of Sales [Member]
Allocated Share Based Compensation Expense	4,000	0
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2021 [Member] | Marketing and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	16,000	1,000
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2022 [Member]
Allocated Share Based Compensation Expense	6,000	0
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2022 [Member] | Cost of Sales [Member]
Allocated Share Based Compensation Expense	2,000	0
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2022 [Member] | Marketing and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	4,000	0
Non-vested Stock Grants [Member] | Selling, General and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	99,000	71,000
Non-vested Stock Grants [Member] | Selling, General and Administrative Expenses [Member] | Employee [Member]
Allocated Share Based Compensation Expense	39,000	22,000
Non-vested Stock Grants [Member] | Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member]
Allocated Share Based Compensation Expense	60,000	49,000
Non-vested Stock Grants [Member] | Fiscal Year 2019 [Member] | Selling, General and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	0	37,000
Non-vested Stock Grants [Member] | Fiscal Year 2019 [Member] | Selling, General and Administrative Expenses [Member] | Employee [Member]
Allocated Share Based Compensation Expense	0	18,000
Non-vested Stock Grants [Member] | Fiscal Year 2019 [Member] | Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member]
Allocated Share Based Compensation Expense	0	19,000
Non-vested Stock Grants [Member] | Fiscal Year 2020 [Member] | Selling, General and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	30,000	30,000
Non-vested Stock Grants [Member] | Fiscal Year 2020 [Member] | Selling, General and Administrative Expenses [Member] | Employee [Member]
Allocated Share Based Compensation Expense	0	0
Non-vested Stock Grants [Member] | Fiscal Year 2020 [Member] | Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member]
Allocated Share Based Compensation Expense	30,000	30,000
Non-vested Stock Grants [Member] | Fiscal Year 2021 [Member] | Selling, General and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	52,000	4,000
Non-vested Stock Grants [Member] | Fiscal Year 2021 [Member] | Selling, General and Administrative Expenses [Member] | Employee [Member]
Allocated Share Based Compensation Expense	22,000	4,000
Non-vested Stock Grants [Member] | Fiscal Year 2021 [Member] | Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member]
Allocated Share Based Compensation Expense	30,000	0
Non-vested Stock Grants [Member] | Fiscal Year 2022 [Member] | Selling, General and Administrative Expenses [Member]
Allocated Share Based Compensation Expense	17,000	0
Non-vested Stock Grants [Member] | Fiscal Year 2022 [Member] | Selling, General and Administrative Expenses [Member] | Employee [Member]
Allocated Share Based Compensation Expense	17,000	0
Non-vested Stock Grants [Member] | Fiscal Year 2022 [Member] | Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member]
Allocated Share Based Compensation Expense	$ 0	$ 0

Note 13 - Stock-based Compens_7

Note 13 - Stock-based Compensation - Non-vested Stock to Directors and Employees (Details) - Non-vested Stock Grants [Member]	3 Months Ended
	Jun. 27, 2021$ / sharesshares
January 18, 2019 [Member] | Share-based Payment Arrangement, Employee [Member]
Number of Shares (in shares) | shares	25,000
Fair Value Per Share (in dollars per share) | $ / shares	$ 5.86
June 10, 2020 [Member] | Share-based Payment Arrangement, Employee [Member]
Number of Shares (in shares) | shares	20,000
Fair Value Per Share (in dollars per share) | $ / shares	$ 4.92
February 22, 2021 [Member] | Share-based Payment Arrangement, Employee [Member]
Number of Shares (in shares) | shares	10,000
Fair Value Per Share (in dollars per share) | $ / shares	$ 7.60
June 9, 2021 [Member] | Share-based Payment Arrangement, Employee [Member]
Number of Shares (in shares) | shares	25,000
Fair Value Per Share (in dollars per share) | $ / shares	$ 7.98
Non Employee Directors [Member] | August 12, 2020 [Member]
Number of Shares (in shares) | shares	41,452
Fair Value Per Share (in dollars per share) | $ / shares	$ 5.79
Non Employee Directors [Member] | August 14, 2019 [Member]
Number of Shares (in shares) | shares	46,512
Fair Value Per Share (in dollars per share) | $ / shares	$ 5.16
Non Employee Directors [Member] | August 8, 2018 [Member]
Number of Shares (in shares) | shares	28,000
Fair Value Per Share (in dollars per share) | $ / shares	$ 5.43