Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 01, 2023 | Feb. 03, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 01, 2023 | |
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 $0.01 per share | |
Trading Symbol | CRWS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,117,572 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,076 | $ 1,598 |
Accounts receivable (net of allowances of $1,540 at January 1, 2023 and $945 at April 3, 2022): | ||
Due from factor | 17,190 | 21,093 |
Other | 1,684 | 2,133 |
Inventories | 25,782 | 20,653 |
Prepaid expenses | 1,501 | 1,031 |
Total current assets | 49,233 | 46,508 |
Operating lease right of use assets | 1,320 | 2,423 |
Property, plant and equipment - at cost: | ||
Vehicles | 182 | 182 |
Leasehold improvements | 425 | 425 |
Machinery and equipment | 4,024 | 3,581 |
Furniture and fixtures | 378 | 367 |
Property, plant and equipment - gross | 5,009 | 4,555 |
Less accumulated depreciation | 3,697 | 3,198 |
Property, plant and equipment - net | 1,312 | 1,357 |
Finite-lived intangible assets - at cost: | ||
Customer relationships | 7,374 | 7,374 |
Other finite-lived intangible assets | 4,266 | 4,266 |
Finite-lived intangible assets - gross | 11,640 | 11,640 |
Less accumulated amortization | 9,347 | 8,986 |
Finite-lived intangible assets - net | 2,293 | 2,654 |
Goodwill | 7,125 | 7,125 |
Other | 86 | 88 |
Total Assets | 61,369 | 60,155 |
Current liabilities: | ||
Accounts payable | 6,391 | 6,375 |
Accrued wages and benefits | 776 | 2,196 |
Accrued royalties | 853 | 462 |
Dividends payable | 813 | 827 |
Operating lease liabilities, current | 963 | 1,832 |
Other accrued liabilities | 126 | 94 |
Total current liabilities | 9,922 | 11,786 |
Non-current liabilities: | ||
Deferred income taxes | 1,215 | 1,020 |
Operating lease liabilities, noncurrent | 443 | 809 |
Reserve for unrecognized tax liabilities | 837 | 739 |
Total non-current liabilities | 2,495 | 2,568 |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at January 1, 2023 and April 3, 2022; Issued 13,011,814 shares at January 1, 2023 and 12,944,918 shares at April 3, 2022 | 130 | 129 |
Additional paid-in capital | 56,866 | 55,925 |
Treasury stock - at cost - 2,894,242 shares at January 1, 2023 and 2,864,698 shares at April 3, 2022 | (15,803) | (15,614) |
Retained Earnings | 7,759 | 5,361 |
Total shareholders' equity | 48,952 | 45,801 |
Total Liabilities and Shareholders' Equity | $ 61,369 | $ 60,155 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Allowance for doubtful accounts receivable | $ 1,540 | $ 945 |
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) | 13,011,814 | 12,944,918 |
Treasury stock, shares (in shares) | 2,894,242 | 2,864,698 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Net sales | $ 19,004 | $ 22,742 | $ 53,440 | $ 61,674 |
Cost of products sold | 14,498 | 16,572 | 38,335 | 44,780 |
Gross profit | 4,506 | 6,170 | 15,105 | 16,894 |
Marketing and administrative expenses | 2,742 | 3,094 | 8,891 | 9,624 |
Income from operations | 1,764 | 3,076 | 6,214 | 7,270 |
Other (expense) income: | ||||
Interest income - net of interest expense | 5 | (14) | 6 | (30) |
Gain on extinguishment of debt | 0 | 0 | 0 | 1,985 |
Gain on insurance proceeds received for damage to equipment | 0 | 0 | 34 | 0 |
Gain (loss) on sale of property, plant and equipment | 0 | 0 | 2 | (3) |
Other - net | (1) | (25) | 123 | 67 |
Income before income tax expense | 1,768 | 3,037 | 6,379 | 9,289 |
Income tax expense | 420 | 605 | 1,557 | 1,806 |
Net income | $ 1,348 | $ 2,432 | $ 4,822 | $ 7,483 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 10,118 | 10,078 | 10,096 | 10,045 |
Effect of dilutive securities (in shares) | 15 | 29 | 20 | 30 |
Diluted (in shares) | 10,133 | 10,107 | 10,116 | 10,075 |
Earnings per share -- basic and diluted (in dollars per share) | $ 0.13 | $ 0.24 | $ 0.48 | $ 0.74 |
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. 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) | 135,165 | ||||
Issuance of shares | $ 1 | 343 | 344 | ||
Stock-based compensation | 564 | 564 | |||
Acquisition of treasury stock (in shares) | 0 | (53,252) | |||
Acquisition of treasury stock | $ 0 | $ (412) | 0 | 0 | (412) |
Net income | 0 | 0 | 7,483 | 7,483 | |
Dividend declared on common stock | $ 0 | $ 0 | 0 | (5,942) | (5,942) |
Balances (in shares) at Dec. 26, 2021 | 12,944,918 | (2,864,698) | |||
Balances at Dec. 26, 2021 | $ 129 | $ (15,614) | 55,655 | 3,732 | 43,902 |
Balances (in shares) at Sep. 26, 2021 | 12,924,918 | (2,849,846) | |||
Balances at Sep. 26, 2021 | $ 129 | $ (15,498) | 55,335 | 5,634 | 45,600 |
Issuance of shares (in shares) | 20,000 | ||||
Issuance of shares | $ 0 | 96 | 96 | ||
Stock-based compensation | 224 | 224 | |||
Acquisition of treasury stock (in shares) | 0 | (14,852) | |||
Acquisition of treasury stock | $ 0 | $ (116) | 0 | 0 | (116) |
Net income | $ 0 | 0 | 2,432 | 2,432 | |
Dividend declared on common stock | (4,334) | (4,334) | |||
Balances (in shares) at Dec. 26, 2021 | 12,944,918 | (2,864,698) | |||
Balances at Dec. 26, 2021 | $ 129 | $ (15,614) | 55,655 | 3,732 | 43,902 |
Balances (in shares) at Apr. 03, 2022 | 12,944,918 | (2,864,698) | |||
Balances at Apr. 03, 2022 | $ 129 | $ (15,614) | 55,925 | 5,361 | 45,801 |
Issuance of shares (in shares) | 66,896 | ||||
Issuance of shares | $ 1 | 97 | 98 | ||
Stock-based compensation | 844 | 844 | |||
Acquisition of treasury stock (in shares) | (29,544) | ||||
Acquisition of treasury stock | $ (189) | (189) | |||
Net income | 4,822 | 4,822 | |||
Dividend declared on common stock | $ 0 | $ 0 | 0 | (2,424) | (2,424) |
Balances (in shares) at Jan. 01, 2023 | 13,011,814 | (2,894,242) | |||
Balances at Jan. 01, 2023 | $ 130 | $ (15,803) | 56,866 | 7,759 | 48,952 |
Balances (in shares) at Oct. 02, 2022 | 13,011,814 | (2,894,242) | |||
Balances at Oct. 02, 2022 | $ 130 | $ (15,803) | 56,613 | 7,220 | 48,160 |
Stock-based compensation | 253 | 253 | |||
Net income | 1,348 | 1,348 | |||
Dividend declared on common stock | $ 0 | $ 0 | 0 | (809) | (809) |
Balances (in shares) at Jan. 01, 2023 | 13,011,814 | (2,894,242) | |||
Balances at Jan. 01, 2023 | $ 130 | $ (15,803) | $ 56,866 | $ 7,759 | $ 48,952 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Changes In Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Dividends declared, per share (in dollars per share) | $ 0.08 | $ 0.43 | $ 0.24 | $ 0.59 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 01, 2023 | Dec. 26, 2021 | |
Operating activities: | ||
Net income | $ 4,822 | $ 7,483 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 499 | 475 |
Amortization of intangibles | 361 | 389 |
Amortization of right of use assets | 1,330 | 1,320 |
Deferred income taxes | 195 | 320 |
Gain on extinguishment of debt | 0 | (1,985) |
Gain on insurance proceeds received for damage to equipment | (34) | 0 |
(Gain) loss on sale of property, plant and equipment | (2) | 3 |
Reserve for unrecognized tax liabilities | 98 | 104 |
Stock-based compensation | 844 | 564 |
Changes in assets and liabilities: | ||
Accounts receivable | 4,352 | (1,664) |
Inventories | (5,129) | (4,132) |
Prepaid expenses | (470) | (210) |
Other assets | 2 | 3 |
Lease liabilities | (1,461) | (1,443) |
Accounts payable | (39) | 2,217 |
Accrued liabilities | (998) | 822 |
Net cash provided by operating activities | 4,370 | 4,266 |
Cash used in investing activities: | ||
Capital expenditures for property, plant and equipment | (399) | (375) |
Insurance proceeds received for damage to equipment | 34 | 0 |
Proceeds from sale of property, plant and equipment | 2 | 20 |
Net cash used in investing activities | (363) | (355) |
Financing activities: | ||
Repayments under revolving line of credit | 0 | (5,809) |
Borrowings under revolving line of credit | 0 | 5,809 |
Purchase of treasury stock from related parties | (189) | (412) |
Issuance of common stock | 98 | 344 |
Dividends paid | (2,438) | (2,404) |
Net cash used in financing activities | (2,529) | (2,472) |
Net increase in cash and cash equivalents | 1,478 | 1,439 |
Cash and cash equivalents at beginning of period | 1,598 | 613 |
Cash and cash equivalents at end of period | 3,076 | 2,052 |
Supplemental cash flow information: | ||
Income taxes paid | 130 | 934 |
Interest paid | 7 | 9 |
Noncash activities: | ||
Property, plant and equipment purchased but unpaid | (55) | (17) |
Dividends declared but unpaid | $ (813) | $ (4,338) |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 9 Months Ended |
Jan. 01, 2023 | |
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 January 1, 2023 January 1, 2023 not may April 2, 2023. 10 April 3, 2022. Fiscal Year: March 31. 2023” “2023” 52 April 2, 2023 2022” “2022” 53 April 3, 2022. 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 The Company has determined that all other ASUs issued which had become effective as of January 1, 2023, not |
Note 2 - Advertising Costs
Note 2 - Advertising Costs | 9 Months Ended |
Jan. 01, 2023 | |
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 $123,000 and $105,000 for the three January 1, 2023 December 26, 2021, nine January 1, 2023 December 26, 2021, |
Note 3 - Segment and Related In
Note 3 - Segment and Related Information | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3 Segment and Related Information The Company operates primarily in one principal segment, infant, toddler and juvenile products. These products consist of infant and toddler bedding, blankets, accessories, bibs, toys and disposable products. Net sales of bedding, blankets and accessories and net sales of bibs, toys and disposable products for the three nine January 1, 2023 December 26, 2021 Three-Month Periods Ended Nine-Month Periods Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Bedding, blankets and accessories $ 9,005 $ 11,780 $ 26,006 $ 32,838 Bibs, toys and disposables products 9,999 10,962 27,434 28,836 Total net sales $ 19,004 $ 22,742 $ 53,440 $ 61,674 |
Note 4 - Licensing Agreements
Note 4 - Licensing Agreements | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Licensing Agreements [Text Block] | Note 4 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 $1.2 million and $1.5 million for the three January 1, 2023 December 26, 2021, nine January 1, 2023 December 26, 2021, |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 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 examination or other adjustment as of January 1, 2023 April 3, 2022, March 28, 2021, March 29, 2020, March 31, 2019, April 1, 2018 April 2, 2017. In August 2020, March 31, 2019, April 1, 2018 April 2, 2017. February 2021, April 2, 2017. The Company recorded discrete income tax charges of $6,000 during the nine January 1, 2023, three nine December 26, 2021, |
Note 6 - Carousel Designs
Note 6 - Carousel Designs | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 6 Carousel Designs The accompanying unaudited condensed consolidated statements of income for the three nine December 26, 2021 May 5, 2021, 19 May 21, 2021. During the three nine December 26, 2021, three June 27, 2021 nine December 26, 2021, |
Note 7 - Financing Arrangements
Note 7 - Financing Arrangements | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7 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 January 1, 2023 December 26, 2021, nine January 1, 2023 December 26, 2021, Credit Facility: January 1, 2023 July 11, 2025, first January 1, 2023, January 1, 2023, As of January 1, 2023 April 3, 2022, January 1, 2023. Credit Concentration: January 1, 2023 January 1, 2023 April 3, 2022 April 3, 2022 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 8 - Goodwill
Note 8 - Goodwill | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 8 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 January 1, 2023 April 3, 2022 The Company measures for impairment the goodwill within its reporting units annually as of the first not 50% first not not On April 4, 2022, not not |
Note 9 - Other Intangible Asset
Note 9 - Other Intangible Assets | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 9 Other Intangible Assets Other intangible assets as of January 1, 2023 April 3, 2022 January 1, 2023 April 3, 2022, three nine January 1, 2023 December 26, 2021, Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended Nine-Month Periods Ended January 1, April 3, January 1, April 3, January 1, December 26, January 1, December 26, 2023 2022 2023 2022 2023 2021 2023 2021 Tradename and trademarks $ 2,567 $ 2,567 $ 1,990 $ 1,885 $ 35 $ 43 $ 105 $ 128 Non-compete covenants 98 98 98 98 - 2 - 5 Patents 1,601 1,601 1,042 1,003 13 13 39 40 Customer relationships 7,374 7,374 6,217 6,000 72 72 217 216 Total other intangible assets $ 11,640 $ 11,640 $ 9,347 $ 8,986 $ 120 $ 130 $ 361 $ 389 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ - $ 2 $ - $ 5 Marketing and administrative expenses 120 128 361 384 Total amortization expense $ 120 $ 130 $ 361 $ 389 |
Note 10 - Inventories
Note 10 - Inventories | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 10 Inventories Major classes of inventory were as follows (in thousands): January 1, 2023 April 3, 2022 Raw Materials $ - $ 28 Finished Goods 25,782 20,625 Total inventory $ 25,782 $ 20,653 |
Note 11 - Leases
Note 11 - Leases | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 11 Leases The Company made cash payments related to its recognized operating leases of $492,000 and $460,000 during the three January 1, 2023 December 26, 2021, nine January 1, 2023 December 26, 2021, January 1, 2023, During the three nine January 1, 2023 December 26, 2021, Three-Month Periods Ended Nine-Month Periods Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Cost of products sold $ 403 $ 395 $ 1,205 $ 1,197 Marketing and administrative expenses 43 32 125 123 Total operating lease costs $ 446 $ 427 $ 1,330 $ 1,320 The maturities of the Company’s operating lease liabilities as of January 1, 2023 Fiscal Year 2023 $ 493 2024 563 2025 223 2026 171 Total undiscounted operating lease payments 1,450 Less imputed interest 44 Operating lease liabilities - net $ 1,406 On February 3, 2023, May 31, 2023; sixty June 1, 2023. 2024, 2025, 2026, 2027, 2028 2029, February 3, 2023, not |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 12 Stock-based Compensation The Company has three 2006 “2006 2014 “2014 2021 “2021 may no 2006 2014 January 1, 2023, 2021 may three January 1, 2023 December 26, 2021, nine January 1, 2023 December 26, 2021, No January 1, 2023. Stock Options: nine January 1, 2023 December 26, 2021: Nine-Month Periods Ended January 1, 2023 December 26, 2021 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.39 635,500 $ 6.84 567,500 Granted 6.54 120,000 7.98 158,000 Exercised 4.92 (20,000 ) 7.72 (70,000 ) Forfeited - - 4.84 (20,000 ) Outstanding at End of Period 7.32 735,500 7.39 635,500 Exercisable at End of Period 7.42 499,000 7.54 352,500 As of January 1, 2023, three January 1, 2023. nine January 1, 2023 not nine January 1, 2023 December 26, 2021. may three December 26, 2021, nine January 1, 2023 December 26, 2021, Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation Stock Compensation nine January 1, 2023 December 26, 2021, two Nine-Month Periods Ended January 1, 2023 December 26, 2021 Number of options issued 120,000 158,000 Grant date June 7, 2022 June 9, 2021 Dividend yield 4.89 % 4.00 % Expected volatility 30.00 % 35.00 % Risk free interest rate 2.95 % 0.53 % 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 $ 6.54 $ 7.98 Fair value per option $ 0.90 $ 1.61 During the three January 1, 2023 December 26, 2021, Three-Month Period Ended January 1, 2023 Three-Month Period Ended December 26, 2021 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2021 $ - $ 11 $ 11 $ 4 $ 14 $ 18 2022 9 20 29 9 20 29 2023 6 7 13 - - - Total stock option compensation $ 15 $ 38 $ 53 $ 13 $ 34 $ 47 During the nine January 1, 2023 December 26, 2021, Nine-Month Period Ended January 1, 2023 Nine-Month Period Ended December 26, 2021 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2020 $ - $ - $ - $ 3 $ 4 $ 7 2021 3 37 40 11 37 48 2022 31 66 97 20 52 72 2023 12 17 29 - - - Total stock option compensation $ 46 $ 120 $ 166 $ 34 $ 93 $ 127 As of January 1, 2023, Non-vested Stock Granted to Directors: Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 46,896 $ 6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two 46,512 5.16 August 14, 2019 Two The fair value of the non-vested stock granted to the Company’s directors was based on the closing price of the Company’s common stock on the date of each grant. The non-vested stock granted on August 11, 2021 8,033 May 1, 2022, August 2022 August 2021, Non-vested Stock Granted to Employees: Number of Shares Fair Value per Share Grant Date Vesting Date 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 These shares vest on the dates indicated, assuming continued service. In June 2022, Performance Award Shares: March 1, 2022, ten twenty March 1, 2027; ten twenty March 1, 2027. one third March 1, 2023; ( one third first one third second third During the three nine January 1, 2023 December 26, 2021, Three-Month Periods Ended Nine-Month Periods Ended Stock Granted in Fiscal Year January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 2020 $ - $ - $ - $ 40 2021 9 52 76 156 2022 113 125 472 241 2023 78 - 130 - Total stock grant compensation $ 200 $ 177 $ 678 $ 437 As of January 1, 2023, |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Jan. 01, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13 Subsequent Events On February 3, 2023, January 1, 2023 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 01, 2023 | |
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 January 1, 2023 January 1, 2023 not may April 2, 2023. 10 April 3, 2022. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year: March 31. 2023” “2023” 52 April 2, 2023 2022” “2022” 53 April 3, 2022. |
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 The Company has determined that all other ASUs issued which had become effective as of January 1, 2023, not |
Note 3 - Segment and Related _2
Note 3 - Segment and Related Information (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three-Month Periods Ended Nine-Month Periods Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Bedding, blankets and accessories $ 9,005 $ 11,780 $ 26,006 $ 32,838 Bibs, toys and disposables products 9,999 10,962 27,434 28,836 Total net sales $ 19,004 $ 22,742 $ 53,440 $ 61,674 |
Note 9 - Other Intangible Ass_2
Note 9 - Other Intangible Assets (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended Nine-Month Periods Ended January 1, April 3, January 1, April 3, January 1, December 26, January 1, December 26, 2023 2022 2023 2022 2023 2021 2023 2021 Tradename and trademarks $ 2,567 $ 2,567 $ 1,990 $ 1,885 $ 35 $ 43 $ 105 $ 128 Non-compete covenants 98 98 98 98 - 2 - 5 Patents 1,601 1,601 1,042 1,003 13 13 39 40 Customer relationships 7,374 7,374 6,217 6,000 72 72 217 216 Total other intangible assets $ 11,640 $ 11,640 $ 9,347 $ 8,986 $ 120 $ 130 $ 361 $ 389 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ - $ 2 $ - $ 5 Marketing and administrative expenses 120 128 361 384 Total amortization expense $ 120 $ 130 $ 361 $ 389 |
Note 10 - Inventories (Tables)
Note 10 - Inventories (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | January 1, 2023 April 3, 2022 Raw Materials $ - $ 28 Finished Goods 25,782 20,625 Total inventory $ 25,782 $ 20,653 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three-Month Periods Ended Nine-Month Periods Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Cost of products sold $ 403 $ 395 $ 1,205 $ 1,197 Marketing and administrative expenses 43 32 125 123 Total operating lease costs $ 446 $ 427 $ 1,330 $ 1,320 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year 2023 $ 493 2024 563 2025 223 2026 171 Total undiscounted operating lease payments 1,450 Less imputed interest 44 Operating lease liabilities - net $ 1,406 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Nine-Month Periods Ended January 1, 2023 December 26, 2021 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.39 635,500 $ 6.84 567,500 Granted 6.54 120,000 7.98 158,000 Exercised 4.92 (20,000 ) 7.72 (70,000 ) Forfeited - - 4.84 (20,000 ) Outstanding at End of Period 7.32 735,500 7.39 635,500 Exercisable at End of Period 7.42 499,000 7.54 352,500 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine-Month Periods Ended January 1, 2023 December 26, 2021 Number of options issued 120,000 158,000 Grant date June 7, 2022 June 9, 2021 Dividend yield 4.89 % 4.00 % Expected volatility 30.00 % 35.00 % Risk free interest rate 2.95 % 0.53 % 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 $ 6.54 $ 7.98 Fair value per option $ 0.90 $ 1.61 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three-Month Period Ended January 1, 2023 Three-Month Period Ended December 26, 2021 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2021 $ - $ 11 $ 11 $ 4 $ 14 $ 18 2022 9 20 29 9 20 29 2023 6 7 13 - - - Total stock option compensation $ 15 $ 38 $ 53 $ 13 $ 34 $ 47 Nine-Month Period Ended January 1, 2023 Nine-Month Period Ended December 26, 2021 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2020 $ - $ - $ - $ 3 $ 4 $ 7 2021 3 37 40 11 37 48 2022 31 66 97 20 52 72 2023 12 17 29 - - - Total stock option compensation $ 46 $ 120 $ 166 $ 34 $ 93 $ 127 Three-Month Periods Ended Nine-Month Periods Ended Stock Granted in Fiscal Year January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 2020 $ - $ - $ - $ 40 2021 9 52 76 156 2022 113 125 472 241 2023 78 - 130 - Total stock grant compensation $ 200 $ 177 $ 678 $ 437 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 46,896 $ 6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two 46,512 5.16 August 14, 2019 Two Number of Shares Fair Value per Share Grant Date Vesting Date 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 | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Advertising Expense | $ 123,000 | $ 105,000 | $ 370,000 | $ 455,000 |
Note 3 - Segment and Related _3
Note 3 - Segment and Related Information (Details Textual) | 9 Months Ended |
Jan. 01, 2023 | |
Number of Operating Segments | 1 |
Note 3 - Segment and Related _4
Note 3 - Segment and Related Information - Segment and Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Net sales | $ 19,004 | $ 22,742 | $ 53,440 | $ 61,674 |
Bedding, Blankets, And Accessories [Member] | ||||
Net sales | 9,005 | 11,780 | 26,006 | 32,838 |
Bibs, Toys and Disposables Products [Member] | ||||
Net sales | $ 9,999 | $ 10,962 | $ 27,434 | $ 28,836 |
Note 4 - Licensing Agreements (
Note 4 - Licensing Agreements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Cost of Goods and Services Sold, Total | $ 14,498 | $ 16,572 | $ 38,335 | $ 44,780 |
Royalty [Member] | ||||
Cost of Goods and Services Sold, Total | $ 1,200 | $ 1,500 | $ 3,500 | $ 4,200 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Discrete Income Tax Charge, Shortfall from Vesting of Non-vested Stock | $ 11,000 | $ 6,000 | $ 83,000 |
Note 6 - Carousel Designs (Deta
Note 6 - Carousel Designs (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2023 | Dec. 26, 2021 | Jun. 27, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Gross Profit, Total | $ 4,506,000 | $ 6,170,000 | $ 15,105,000 | $ 16,894,000 | |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Sale of Inventory Below Cost [Member] | |||||
Gross Profit, Total | $ (1,000) | (689,000) | |||
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Settlement With Supplier [Member] | |||||
Gross Profit, Total | $ (334,000) | ||||
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Liquidation of Inventory [Member] | |||||
Gross Profit, Total | $ (265,000) |
Note 7 - Financing Arrangemen_2
Note 7 - Financing Arrangements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Jan. 01, 2023 | Jul. 03, 2022 | May 20, 2021 | Apr. 19, 2020 | Jan. 01, 2023 | Dec. 26, 2021 | Jun. 27, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | Apr. 03, 2022 | Apr. 20, 2021 | |
Selling, General and Administrative Expense, Total | $ 2,742,000 | $ 3,094,000 | $ 8,891,000 | $ 9,624,000 | |||||||
Long-term Line of Credit, Total | $ 0 | 0 | 0 | ||||||||
Letters of Credit Outstanding, Amount | $ 0 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 26,000,000 | 26,000,000 | 26,000,000 | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 18,900,000 | 18,900,000 | 18,900,000 | 23,200,000 | |||||||
Accounts Receivable, Allowance for Credit Loss, Current | 1,500,000 | 1,500,000 | 1,500,000 | 945,000 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | 0 | 0 | 1,985,000 | |||||||
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 | 21,100,000 | ||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 17,200,000 | 17,200,000 | 17,200,000 | ||||||||
Negative Balance Outstanding Under Revolving Line of Credit [Member] | |||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 1,500,000 | ||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 1,700,000 | 1,700,000 | 1,700,000 | ||||||||
Receivable from Factor, and Negative Balance on Revolving Line of Credit [Member] | |||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 22,600,000 | ||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 18,900,000 | 18,900,000 | 18,900,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000,000 | 26,000,000 | 26,000,000 | ||||||||
Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||
Debt Instrument Basis Spread Below Variable Rate | 1% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | 2% | |||||||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||||||||||
Letter of Credit [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | 1,500,000 | 1,500,000 | ||||||||
Factoring Fees [Member] | |||||||||||
Selling, General and Administrative Expense, Total | $ 77,000 | $ 99,000 | $ 224,000 | $ 248,000 |
Note 8 - Goodwill (Details Text
Note 8 - Goodwill (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Goodwill, Gross | $ 30,000 | $ 30,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 22,900 | 22,900 |
Goodwill, Ending Balance | $ 7,125 | $ 7,125 |
Note 9 - Other Intangible Ass_3
Note 9 - Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | Apr. 03, 2022 | |
Finite-lived intangible assets, gross amount | $ 11,640 | $ 11,640 | $ 11,640 | ||
Finite-lived intangible assets, accumulated amortization | 9,347 | 9,347 | 8,986 | ||
Amortization expense | 120 | $ 130 | 361 | $ 389 | |
Cost of Sales [Member] | |||||
Amortization expense | 0 | 2 | 0 | 5 | |
Selling, General and Administrative Expenses [Member] | |||||
Amortization expense | 120 | 128 | 361 | 384 | |
Trademarks and Trade Names [Member] | |||||
Finite-lived intangible assets, gross amount | 2,567 | 2,567 | 2,567 | ||
Finite-lived intangible assets, accumulated amortization | 1,990 | 1,990 | 1,885 | ||
Amortization expense | 35 | 43 | 105 | 128 | |
Noncompete Agreements [Member] | |||||
Finite-lived intangible assets, gross amount | 98 | 98 | 98 | ||
Finite-lived intangible assets, accumulated amortization | 98 | 98 | 98 | ||
Amortization expense | 0 | 2 | 0 | 5 | |
Patents [Member] | |||||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 | 1,601 | ||
Finite-lived intangible assets, accumulated amortization | 1,042 | 1,042 | 1,003 | ||
Amortization expense | 13 | 13 | 39 | 40 | |
Customer Relationships [Member] | |||||
Finite-lived intangible assets, gross amount | 7,374 | 7,374 | 7,374 | ||
Finite-lived intangible assets, accumulated amortization | 6,217 | 6,217 | $ 6,000 | ||
Amortization expense | $ 72 | $ 72 | $ 217 | $ 216 |
Note 10 - Inventories - Compone
Note 10 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Raw Materials | $ 0 | $ 28 |
Finished Goods | 25,782 | 20,625 |
Total inventory | $ 25,782 | $ 20,653 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2023 USD ($) | Dec. 26, 2021 USD ($) | Jan. 01, 2023 USD ($) | Dec. 26, 2021 USD ($) | Feb. 03, 2023 USD ($) ft² | |
Operating Lease, Payments | $ 492,000 | $ 460,000 | $ 1,500,000 | $ 1,400,000 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 7 months 6 days | 1 year 7 months 6 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.60% | 3.60% | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 493,000 | $ 493,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 563,000 | 563,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 223,000 | 223,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | $ 171,000 | $ 171,000 | |||
Facility in Compton, California [Member] | Subsequent Event [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 157,400 | ||||
Lessee, Operating Lease, Term of Contract (Month) | 60 months | ||||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 2,800,000 | ||||
Lessee, Operating Lease, Liability, to be Paid, Year One | 3,500,000 | ||||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 3,700,000 | ||||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 3,800,000 | ||||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 4,000,000 | ||||
Lessee, Operating Lease, Liability, to be Paid, Year Five | $ 663,000 |
Note 11 - Leases - Classificati
Note 11 - Leases - Classification of Operating Lease Costs in Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Operating Lease Costs | $ 446 | $ 427 | $ 1,330 | $ 1,320 |
Cost of Sales [Member] | ||||
Operating Lease Costs | 403 | 395 | 1,205 | 1,197 |
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease Costs | $ 43 | $ 32 | $ 125 | $ 123 |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Jan. 01, 2023 USD ($) |
2023 | $ 493 |
2024 | 563 |
2025 | 223 |
2026 | 171 |
Total undiscounted operating lease payments | 1,450 |
Less imputed interest | 44 |
Operating lease liabilities - net | $ 1,406 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
May 01, 2022 | Mar. 01, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | Aug. 31, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 805,439 | 805,439 | |||||||
Share-Based Payment Arrangement, Expense | $ 253,000 | $ 224,000 | $ 844,000 | $ 564,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | 47,000 | 47,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 0 | 28,000 | |||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | 19,000 | $ 10,000 | 67,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 11 months 21 days | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 542,000 | $ 542,000 | |||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-Based Payment Arrangement, Expense | 53,000 | $ 47,000 | $ 166,000 | $ 127,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | 2 years | |||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 143,000 | $ 143,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 7 months 12 days | ||||||||
Non-vested Stock Grants [Member] | Non Employee Directors [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 8,033 | 52,856 | 43,984 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 50,000 | $ 331,000 | $ 327,000 | ||||||
Non-vested Stock Grants [Member] | Employee [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 45,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 293,000 | ||||||||
Performance Shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instrument Other Than Options Grants In Period Total Grant Date Fair Value | $ 732,000 | ||||||||
Performance Shares [Member] | Executive Officer [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 187,500 | ||||||||
Performance Shares [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 75,000 | ||||||||
Share Based Compensation, Grant Conditions, Minimum Per-Share Price (in dollars per share) | $ 8 | ||||||||
Share Based Compensation, Grant Conditions, Trading Period (Day) | 10 days | ||||||||
Performance Shares [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 112,500 | ||||||||
Share Based Compensation, Grant Conditions, Minimum Per-Share Price (in dollars per share) | $ 9 | ||||||||
Share Based Compensation, Grant Conditions, Trading Period (Day) | 10 days |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 9 Months Ended | |
Jan. 01, 2023 | Dec. 26, 2021 | |
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share) | $ 7.39 | $ 6.84 |
Outstanding, Shares, beginning balance (in shares) | 635,500 | 567,500 |
Granted, Weighted-average exercise price (in dollars per share) | $ 6.54 | $ 7.98 |
Number of options issued (in shares) | 120,000 | 158,000 |
Exercised, Weighted-average exercise price (in dollars per share) | $ 4.92 | $ 7.72 |
Exercised, Shares (in shares) | (20,000) | (70,000) |
Forfeited, Weighted-average exercise price (in dollars per share) | $ 0 | $ 4.84 |
Forfeited, Shares (in shares) | 0 | (20,000) |
Outstanding, Weighted-average exercise price, ending balance (in dollars per share) | $ 7.32 | $ 7.39 |
Outstanding, Shares, ending balance (in shares) | 735,500 | 635,500 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 7.42 | $ 7.54 |
Exercisable, Shares (in shares) | 499,000 | 352,500 |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 9 Months Ended | |
Jan. 01, 2023 | Dec. 26, 2021 | |
Number of options issued (in shares) | 120,000 | 158,000 |
June 7, 2022 [Member] | ||
Number of options issued (in shares) | 120,000 | |
Grant date | Jun. 07, 2022 | |
Dividend yield | 4.89% | |
Expected volatility | 30% | |
Risk free interest rate | 2.95% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 4 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 6.54 | |
Fair value per option (in dollars per share) | $ 0.90 | |
June 9, 2021 [Member] | ||
Number of options issued (in shares) | 158,000 | |
Grant date | Jun. 09, 2021 | |
Dividend yield | 4% | |
Expected volatility | 35% | |
Risk free interest rate | 0.53% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 4 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 7.98 | |
Fair value per option (in dollars per share) | $ 1.61 |
Note 12 - Stock-based Compens_6
Note 12 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Allocated Share Based Compensation Expense | $ 253,000 | $ 224,000 | $ 844,000 | $ 564,000 |
Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 53,000 | 47,000 | 166,000 | 127,000 |
Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 11,000 | 18,000 | 40,000 | 48,000 |
Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 7,000 | ||
Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 29,000 | 29,000 | 97,000 | 72,000 |
Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 13,000 | 0 | 29,000 | 0 |
Cost of Sales [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 15,000 | 13,000 | 46,000 | 34,000 |
Cost of Sales [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 4,000 | 3,000 | 11,000 |
Cost of Sales [Member] | Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 3,000 | ||
Cost of Sales [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 9,000 | 9,000 | 31,000 | 20,000 |
Cost of Sales [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 6,000 | 0 | 12,000 | 0 |
Marketing and Administrative Expenses [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 38,000 | 34,000 | 120,000 | 93,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 11,000 | 14,000 | 37,000 | 37,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 4,000 | ||
Marketing and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 20,000 | 20,000 | 66,000 | 52,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 7,000 | 0 | 17,000 | 0 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 200,000 | 177,000 | 678,000 | 437,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 9,000 | 52,000 | 76,000 | 156,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2020 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 0 | 0 | 40,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 113,000 | 125,000 | 472,000 | 241,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | $ 78,000 | $ 0 | $ 130,000 | $ 0 |
Note 12 - Stock-based Compens_7
Note 12 - Stock-based Compensation - Non-vested Stock to Directors and Employees (Details) | 9 Months Ended |
Jan. 01, 2023 $ / shares shares | |
Number of Shares (in shares) | shares | 46,896 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 6.65 |
Non-vested Stock Grants [Member] | August 11, 2021 [Member] | Non Employee Directors [Member] | |
Number of Shares (in shares) | shares | 40,165 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.47 |
Non-vested Stock Grants [Member] | August 12, 2020 [Member] | Non Employee Directors [Member] | |
Number of Shares (in shares) | shares | 41,452 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.79 |
Non-vested Stock Grants [Member] | August 14, 2019 [Member] | Non Employee Directors [Member] | |
Number of Shares (in shares) | shares | 46,512 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.16 |
Non-vested Stock Grants [Member] | Share-Based Payment Arrangement, Employee [Member] | June 10, 2020 [Member] | |
Number of Shares (in shares) | shares | 20,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.92 |
Non-vested Stock Grants [Member] | Share-Based Payment Arrangement, Employee [Member] | February 22, 2021 [Member] | |
Number of Shares (in shares) | shares | 10,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.60 |
Non-vested Stock Grants [Member] | Share-Based Payment Arrangement, Employee [Member] | June 9, 2021 [Member] | |
Number of Shares (in shares) | shares | 25,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.98 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) | Feb. 03, 2023 ft² |
Facility in Compton, California [Member] | Subsequent Event [Member] | |
Area of Real Estate Property (Square Foot) | 157,400 |