Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 31, 2024 | Sep. 29, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000025895 | ||
Entity Registrant Name | CROWN CRAFTS INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2024 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
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 S. Burnside Ave. | ||
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, $0.01 par value | ||
Trading Symbol | CRWS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 44,600,000 | ||
Entity Common Stock, Shares Outstanding | 10,310,719 | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Baton Rouge, Louisiana |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Apr. 02, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 829 | $ 1,742 |
Due from factor | 18,584 | 20,740 |
Other | 3,819 | 2,068 |
Inventory, Net | 29,709 | 34,211 |
Prepaid expenses | 1,883 | 1,614 |
Total current assets | 54,824 | 60,375 |
Operating lease right of use assets | 14,949 | 17,305 |
Property, plant and equipment - at cost: | ||
Vehicles | 0 | 182 |
Leasehold improvements | 493 | 473 |
Machinery and equipment | 5,062 | 4,333 |
Furniture and fixtures | 477 | 408 |
Property, plant and equipment - gross | 6,032 | 5,396 |
Less accumulated depreciation | 4,376 | 3,677 |
Property, plant and equipment - net | 1,656 | 1,719 |
Finite-lived intangible assets - at cost: | ||
Customer relationships | 8,174 | 8,174 |
Other finite-lived intangible assets | 4,766 | 4,766 |
Finite-lived intangible assets - gross | 12,940 | 12,940 |
Less accumulated amortization | 10,068 | 9,467 |
Finite-lived intangible assets - net | 2,872 | 3,473 |
Goodwill | 7,926 | 7,912 |
Deferred income taxes | 277 | 0 |
Other | 202 | 188 |
Total Assets | 82,706 | 90,972 |
Current liabilities: | ||
Accounts payable | 4,502 | 7,548 |
Accrued wages and benefits | 813 | 1,087 |
Accrued royalties | 290 | 614 |
Dividends payable | 843 | 815 |
Operating lease liabilities, current | 3,587 | 2,427 |
Other accrued liabilities | 426 | 566 |
Total current liabilities | 10,461 | 13,057 |
Non-current liabilities: | ||
Long-term debt | 8,112 | 12,674 |
Deferred income taxes | 0 | 815 |
Operating lease liabilities, noncurrent | 12,138 | 14,889 |
Reserve for unrecognized tax liabilities | 394 | 323 |
Total non-current liabilities | 20,644 | 28,701 |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at March 31, 2024 and April 2, 2023; Issued 13,208,226 shares at March 31, 2024 and 13,051,814 shares at April 2, 2023 | 132 | 131 |
Additional paid-in capital | 57,888 | 57,126 |
Treasury stock - at cost - 2,897,507 shares at March 31, 2024 and April 2, 2023 | (15,821) | (15,821) |
Retained Earnings | 9,402 | 7,778 |
Total shareholders' equity | 51,601 | 49,214 |
Total Liabilities and Shareholders' Equity | $ 82,706 | $ 90,972 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Apr. 02, 2023 |
Allowance for doubtful accounts receivable | $ 1,486 | $ 1,474 |
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) | 13,208,226 | 13,051,814 |
Treasury stock, shares (in shares) | 2,897,507 | 2,897,507 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Net sales | $ 87,632 | $ 75,053 |
Cost of products sold | 64,632 | 55,225 |
Gross profit | 23,000 | 19,828 |
Marketing and administrative expenses | 16,105 | 12,655 |
Income from operations | 6,895 | 7,173 |
Other (expense) income: | ||
Interest (expense) income - net of interest income | (734) | 81 |
Gain on insurance proceeds received for damage to equipment | 0 | 34 |
Gain on sale of property, plant and equipment | 58 | 2 |
Other income - net | 9 | 136 |
Income before income tax expense | 6,228 | 7,426 |
Income tax expense | 1,334 | 1,776 |
Net income | $ 4,894 | $ 5,650 |
Weighted average shares outstanding: | ||
Basic (in shares) | 10,210 | 10,102 |
Effect of dilutive securities (in shares) | 4 | 18 |
Diluted (in shares) | 10,214 | 10,120 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.48 | $ 0.56 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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) | 106,896 | 0 | |||
Issuance of shares | $ 2 | $ 0 | 96 | 0 | 98 |
Stock-based compensation | 0 | 0 | 1,105 | 0 | 1,105 |
Acquisition of treasury stock | 0 | $ (207) | 0 | 0 | $ (207) |
Acquisition of treasury stock (in shares) | (32,809) | (33,000) | |||
Net income | 0 | $ 0 | 0 | 5,650 | $ 5,650 |
Dividend declared on common stock - $0.32 per share | $ 0 | $ 0 | 0 | (3,233) | (3,233) |
Balances (in shares) at Apr. 02, 2023 | 13,051,814 | (2,897,507) | |||
Balances at Apr. 02, 2023 | $ 131 | $ (15,821) | 57,126 | 7,778 | 49,214 |
Issuance of shares (in shares) | 156,412 | 0 | |||
Issuance of shares | $ 1 | $ 0 | (1) | 0 | 0 |
Stock-based compensation | 0 | 0 | 763 | 0 | $ 763 |
Acquisition of treasury stock (in shares) | 0 | ||||
Net income | 0 | 0 | 0 | 4,894 | $ 4,894 |
Dividend declared on common stock - $0.32 per share | $ 0 | $ 0 | 0 | (3,270) | (3,270) |
Balances (in shares) at Mar. 31, 2024 | 13,208,226 | (2,897,507) | |||
Balances at Mar. 31, 2024 | $ 132 | $ (15,821) | $ 57,888 | $ 9,402 | $ 51,601 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Dividends declared, per share (in dollars per share) | $ 0.32 | $ 0.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Operating activities: | ||
Net income | $ 4,894 | $ 5,650 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 835 | 688 |
Amortization of intangibles | 601 | 481 |
Amortization of right of use assets | 4,344 | 2,121 |
Deferred income taxes | (1,092) | (205) |
Gain on insurance proceeds received for damage to equipment | 0 | (34) |
Gain on sale of property, plant and equipment | (58) | (2) |
Reserve for unrecognized tax liabilities | 71 | (416) |
Stock-based compensation | 763 | 1,105 |
Changes in assets and liabilities: | ||
Accounts receivable | 453 | 3,530 |
Inventories | 4,016 | (593) |
Prepaid expenses | (269) | (233) |
Other assets | (14) | (9) |
Lease liabilities | (3,580) | (2,265) |
Accounts payable | (3,142) | (854) |
Accrued liabilities | (738) | (1,226) |
Net cash provided by operating activities | 7,084 | 7,738 |
Cash used in investing activities: | ||
Capital expenditures for property, plant and equipment | (786) | (813) |
Insurance proceeds received for damage to equipment | 0 | 34 |
Proceeds from sale of property, plant and equipment | 105 | 2 |
Payment to acquire Manhattan and MTE, net of cash acquired | 0 | (16,136) |
Aggregate adjustment from the Manhattan and MTE acquisition | 488 | 0 |
Net cash used in investing activities | (193) | (16,913) |
Financing activities: | ||
Repayments under revolving line of credit | (75,274) | (1,746) |
Borrowings under revolving line of credit | 70,712 | 14,420 |
Purchase of treasury stock from related parties | 0 | (207) |
Issuance of common stock | 0 | 98 |
Dividends paid | (3,242) | (3,246) |
Net cash (used in) provided by financing activities | (7,804) | 9,319 |
Net (decrease) increase in cash and cash equivalents | (913) | 144 |
Cash and cash equivalents at beginning of period | 1,742 | 1,598 |
Cash and cash equivalents at end of period | 829 | 1,742 |
Supplemental cash flow information: | ||
Income taxes paid | 2,747 | 1,142 |
Interest paid | 818 | 45 |
Noncash activities: | ||
Property, plant and equipment purchased but unpaid | (32) | (43) |
Dividends declared but unpaid | $ (843) | $ (815) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information During the quarter ended March 31, 2024, none 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II CROWN CRAFTS, INC. AND SUBSIDIARIES ANNUAL REPORT ON FORM 10 Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Balance at Balance at Beginning Charged to End of of Period Expenses Deductions Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended April 2, 2023 Allowance for customer deductions $ 945 $ 5,746 $ 5,217 $ 1,474 Year Ended March 31, 2024 Allowance for customer deductions $ 1,474 $ 6,139 $ 6,443 $ 1,170 Allowance for expected credit losses $ 0 $ 316 $ 0 $ 316 |
Note 1- Description of Business
Note 1- Description of Business | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Notes to Consolidated Financial Statements Note 1 Description of Business Crown Crafts, Inc. (the “Company”) was originally formed as a Georgia corporation in 1957 2003. four www.manhattantoy.com The Company's fiscal year ends on the Sunday nearest to or on March 31. 2024” “2024” 52 March 31, 2024, 2023” “2023” 52 April 2, 2023. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Basis of Presentation: Use of Estimates: ● Allowances related to accounts receivable for expected credit losses and for customer deductions for returns, allowances and disputes, ● Inventory reserves for discontinued finished goods, and ● A reserve for unrecognized tax liabilities in respect of the tax impact of state apportionment percentages. Actual results could differ materially from these estimates. Cash and Cash Equivalents: no Financial Instruments Segments and Related Information: one March 31, 2024 April 2, 2023 2024 2023 Bedding, blankets and accessories $ 32,036 $ 36,747 Bibs, toys and disposable products 55,596 38,306 Total net sales $ 87,632 $ 75,053 Revenue Recognition: Revenue from sales made directly to consumers is recorded when the shipped products have been received by customers, and excludes sales taxes collected on behalf of governmental entities. Revenue from sales made to retailers is recorded when legal title has been passed to the customer based upon the terms of the customer’s purchase order, the Company’s sales invoice, or other associated relevant documents. Such terms usually stipulate that legal title will pass when the shipped products are no 60 Allowances Against Accounts Receivable: The allowance for anticipated returns and claims is estimated based upon the Company’s historical experience with actual returns and claims, combined with the consideration of events that could result in a change from historical rates on a per-customer basis. The allowance for anticipated returns and claims is recorded as a reduction of net sales in the reporting period within which the related sales are recorded. To reduce the Company’s exposure to expected credit losses, and to enhance the predictability of its cash flows, the Company assigns substantially all of its receivables under factoring agreements with CIT. In the event that a factored receivable becomes uncollectible due to creditworthiness, CIT bears the risk of loss. With respect to the receivables that are not The allowance for chargebacks related to negotiated customer terms and discounts, cooperative advertising, warehouse allowances, placement fees, volume rebates, coupons, discounts and other allowances is recorded commensurate with sales activity or using the straight-line method, as appropriate. The majority of the Company’s allowances for such chargebacks occurs on a per-invoice basis. When a customer requests to have an agreed-upon deduction applied against the customer’s outstanding balance due to the Company, the allowances are correspondingly reduced to reflect such payments or credits issued against the customer’s account balance. The Company analyzes the components of the allowances for customer chargebacks monthly and adjusts the allowances to appropriate levels. Since allowances associated with cooperative advertising are accrued commensurate with sales activity or using the straight-line method, as appropriate, the timing of funding requests for cooperative advertising may not The Company’s actual experience associated with its allowances against accounts receivable in a future period may may Credit Concentration: March 31, 2024 April 2, 2023 Inventory Valuation: first first The determination of the indirect charges and their allocation to the Company’s finished goods inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then differences would result in the valuation of the Company’s inventories and in the amount and timing of the Company’s cost of products sold and the resulting net income for the reporting period. On a periodic basis, management reviews its inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not no may not may Leases: 12 may not Depreciation and Amortization: three eight five twenty Patent Costs: Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not Royalty Payments: March 31, 2024 April 2, 2023, Provision for Income Taxes: March 31, 2024 March 31, 2024, April 2, 2023, April 3, 2022, March 28, 2021, March 29, 2020 March 31, 2019. Management evaluates items of income, deductions and credits reported on the Company’s various federal and state income tax returns filed and recognizes the effect of positions taken on those income tax returns only if those positions are more likely than not 50% 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 March 31, 2024 April 2, 2023 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. During the fiscal years ended March 31, 2024 April 2, 2023, In August 2020, April 2, 2017, April 1, 2018 March 31, 2019. May 30, 2023, May 31, 2023. April 2, 2023, April 2, 2023, April 2, 2023 April 2, 2023. April 2, 2023, In February 2021, April 2, 2017. March 15, 2023, April 2, 2017, April 2, 2023. Although management believes that the calculations and positions taken on its filed income tax returns are reasonable and justifiable, the outcome of an examination could result in an adjustment to the position that the Company took on such income tax returns. Such adjustment could also lead to adjustments to one not Advertising Costs: March 31, 2024 April 2, 2023, Business Combinations: 805, Business Combinations may third Earnings Per Share: 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 In October 2023, No. 2023 06, Disclosure Improvements Codification Amendments in Response to the SEC s Disclosure Update and Simplification Initiative August 2018, No. 2023 06 14 27 not not no not No. 2023 06 In November 2023, No. 2023 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures No. 2023 07 December 15, 2023 December 15, 2024, No. 2023 07 No. 2023 07 April 1, 2024 In December 2023, No. 2023 09, Income Taxes (Topic 740 Improvements to Income Tax Disclosures December 15, 2024 No. 2023 09 The Company has determined that all other ASU’s issued which had become effective as of March 31, 2024, not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 Inventories As of March 31, 2024 April 2, 2023, |
Note 4 - Acquisition
Note 4 - Acquisition | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4 Acquisition On the March 17, 2023 ( September 29, 2023, The Manhattan Acquisition was accounted for in accordance with FASB ASC Topic 805, Business Combinations. third The acquisition cost paid on the Closing Date amounted to $17.4 million, which included an estimate for cash as of the Closing Date and an estimate for the net working capital acquired. The settlement of the Aggregate Adjustment resulted in a decrease of the acquisition cost to $16.9 million. The following table represents the Company’s allocation of this acquisition cost (in thousands) to the identifiable assets acquired and the liabilities assumed based on their respective estimated fair values as of the acquisition date. The excess of the acquisition cost over the estimated fair value of the identifiable net assets acquired is reflected as goodwill. Tangible assets: Cash and cash equivalents $ 1,270 Accounts receivable 3,160 Inventories 12,479 Prepaid expenses 350 Other assets 91 Operating lease right of use assets 1,009 Property, plant and equipment 194 Total tangible assets 18,553 Amortizable intangible assets: Tradename 300 Licensing relationships 200 Customer relationships 800 Total amortizable intangible assets 1,300 Goodwill 801 Total acquired assets 20,654 Liabilities assumed: Accounts payable 2,048 Accrued wages and benefits 370 Operating lease liabilities, current 226 Other accrued liabilities 308 Operating lease liabilities, noncurrent 783 Total liabilities assumed 3,735 Net acquisition cost $ 16,919 Based upon the allocation of the acquisition cost, the Company recognized $787,000 of goodwill as of the Closing Date, the entirety of which was assigned to the reporting unit of the Company that produces and markets infant and toddler bibs, developmental toys, feeding, bath care and disposable products, and the entirety of which is expected to be deductible for income tax purposes. In accordance with FASB ASC Topic 805, April 2, 2023 not March 31, 2024. March 31, 2024, March 31, 2024 March 31, 2024. Amount of goodwill recognized based upon the preliminary allocation of the acquisition cost $ 787,000 Adjustments made during the fiscal year ended March 31, 2024: Settlement of the Aggregate Adjustment (488,000 ) Increases to pre-acquisition accounts receivable (48,000 ) Reductions to inventory as of the Closing Date 486,000 Increases to pre-acquisition accounts payable 64,000 Net adjustments made during the fiscal year ended March 31, 2024 14,000 Amount of goodwill recognized as of March 31, 2024 $ 801,000 The Manhattan Acquisition resulted in net sales of $18.5 million and $773,000 of developmental toy, feeding and baby care products during the fiscal years ended March 31, 2024 April 2, 2023, March 31, 2024, The Company determined, on a pro forma basis, that the combined net sales of the Company and Manhattan, giving effect to the Manhattan Acquisition as if it had been completed on March 29, 2021, April 2, 2023, April 2, 2023 April 2, 2023 December 31, 2022. not may may |
Note 5 - Financing Arrangements
Note 5 - Financing Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 Financing Arrangements Factoring Agreements: 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 March 31, 2024 April 2, 2023, March 31, 2024 April 2, 2023. Credit Facility: March 31, 2024 July 11, 2028, first March 31, 2024, As of March 31, 2024, April 2, 2023, 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 material compliance with these covenants as of March 31, 2024. |
Note 6 - Retirement Plan
Note 6 - Retirement Plan | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 6 Retirement Plan The Company sponsors a defined contribution retirement savings plan with a cash or deferred arrangement (the “401 401 401 may 401 For calendar years 2024, 2023 2022, first 401 401 March 31, 2024 April 2, 2023, |
Note 7 - Goodwill, Customer Rel
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 Goodwill, Customer Relationships and Other Intangible Assets Goodwill: two one March 31, 2024 April 2, 2023 The Company measures for impairment the goodwill within its reporting units annually as of the first not 50% first not not On April 3, 2023, not not Other Intangible Assets: March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023, March 31, 2024 April 2, 2023, Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended March 31, April 2, March 31, April 2, March 31, April 2, 2024 2023 2024 2023 2024 2023 Tradename and trademarks $ 2,867 $ 2,867 $ 2,185 $ 2,025 $ 160 $ 140 Non-compete covenants 98 98 98 98 - - Patents 1,601 1,601 1,107 1,055 52 52 Customer relationships 8,174 8,174 6,658 6,289 369 289 Licensing relationships 200 200 20 - 20 - Total other intangible assets $ 12,940 $ 12,940 $ 10,068 $ 9,467 $ 601 $ 481 The Company estimates that its amortization expense will be $537,000, $422,000, $395,000, $349,000 and $211,000 in fiscal years 2025, 2026, 2027, 2028 2029, |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8 Leases During the fiscal years ended March 31, 2024 April 2, 2023, March 31, 2024 April 2, 2023, March 31, 2024 April 2, 2023, March 31, 2024 April 2, 2023, During the fiscal years ended March 31, 2024 April 2, 2023, 2024 2023 Cost of products sold $ 3,956 $ 1,938 Marketing and administrative expenses 388 183 Total operating lease costs $ 4,344 $ 2,121 The maturities of the Company’s operating lease liabilities as of March 31, 2024 Fiscal Year 2025 $ 4,428 2026 4,510 2027 4,189 2028 3,952 2029 663 Total undiscounted operating lease payments 17,742 Less imputed interest 2,017 Operating lease liabilities - net $ 15,725 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 Stock-based Compensation The Company has three 2006 “2006 2014 “2014 2021 “2021 2014 2014 2021 2021 may no 2006 2014 The Company believes that awards of long-term, equity-based incentive compensation will attract and retain directors, officers and employees of the Company and will encourage these individuals to contribute to the successful performance of the Company, which will lead to the achievement of the Company’s overall goal of increasing stockholder value. Awards granted under the 2021 may may may 2021 2021 not ten March 31, 2024, 2021 may Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation Stock Compensation 2024 2023, March 31, 2024. Stock Options: 2024 2023: 2024 2023 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.32 735,500 $ 7.39 635,500 Granted 5.20 170,000 6.54 120,000 Exercised - - 4.92 (20,000 ) Expired 6.14 (10,000 ) - - Outstanding at End of Period 6.93 895,500 7.32 735,500 Exercisable at End of Period 7.41 665,500 7.42 499,000 At March 31, 2024, March 31, 2024. April 2, 2023 not April 2, 2023. may 2023. April 2, 2023, Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation Stock Compensation 2024 2023, two Fiscal Year Ended March 31, 2024 April 2, 2023 Number of options issued 40,000 10,000 120,000 120,000 Grant date March 26, 2024 November 14, 2023 June 21, 2023 June 7, 2022 Dividend yield 6.07 % 7.60 % 6.08 % 4.89 % Expected volatility 20.00 % 20.00 % 25.00 % 30.00 % Risk free interest rate 4.38 % 4.56 % 4.29 % 2.95 % Contractual term (years) 10.00 10.00 10.00 10.00 Expected term (years) 3.00 3.00 3.00 4.00 Forfeiture rate 5.00 % 5.00 % 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 5.27 $ 4.21 $ 5.26 $ 6.54 Fair value per option $ 0.32 $ 0.20 $ 0.46 $ 0.90 For the fiscal years ended March 31, 2024 April 2, 2023, Fiscal Year Ended March 31, 2024 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2022 $ 10 $ 21 $ 31 2023 22 32 54 2024 9 11 20 Total stock option compensation $ 41 $ 64 $ 105 Fiscal Year Ended April 2, 2023 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2021 $ 4 $ 41 $ 45 2022 40 86 126 2023 17 24 41 Total stock option compensation $ 61 $ 151 $ 212 A summary of stock options outstanding and exercisable as of March 31, 2024 Weighted- Weighted- Weighted- Avg. Exercise Avg. Exercise Number Avg. Remaining Price of Number Price of Exercise of Options Contractual Options of Options Options Price Outstanding Life in Years Outstanding Exercisable Exercisable $4.00 - 4.99 105,000 6.09 $ 4.78 95,000 $ 4.84 $5.00 - 5.99 180,000 8.84 $ 5.33 20,000 $ 5.90 $6.00 - 6.99 120,000 8.19 $ 6.54 60,000 $ 6.54 $7.00 - 7.99 365,500 5.22 $ 7.74 365,500 $ 7.74 $8.00 - 8.99 55,000 1.20 $ 8.38 55,000 $ 8.38 $9.00 - 9.99 70,000 2.19 $ 9.60 70,000 $ 9.60 895,500 5.96 $ 6.93 665,500 $ 7.41 As of March 31, 2024, Non-vested Stock Granted to Directors: Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 60,412 $4.85 August 15, 2023 One 46,896 6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 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 May 1, 2022, The non-vested stock granted on August 16, 2022 2001. February 21, 2023, In August 2023 August 2022, Non-vested Stock Granted to Employees: Number of Shares Fair Value per Share Grant Date Vesting Date 70,000 $5.27 March 26, 2024 March 26, 2027 26,000 4.77 August 14, 2023 August 14, 2024 40,000 5.85 March 21, 2023 March 21, 2025 25,000 7.98 June 9, 2021 June 9, 2022 10,000 7.60 February 22, 2021 February 22, 2023 20,000 4.92 June 10, 2020 June 10, 2022 These shares vest on the dates indicated, assuming continued service. In June 2022 February 2023, 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 For the fiscal years ended March 31, 2024 April 2, 2023, Stock Granted in Fiscal Year 2024 2023 2021 $ - $ 48 2022 185 576 2023 195 269 2024 278 - Total stock grant compensation $ 658 $ 893 As of March 31, 2024, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes The Company’s income tax provision for fiscal years 2024 2023 Fiscal year ended March 31, 2024 Current Deferred Total Income tax expense (benefit) on current year income: Federal $ 2,065 $ (883 ) $ 1,182 State 346 (209 ) 137 Foreign 14 - 14 Total income tax expense (benefit) on current year income 2,425 (1,092 ) 1,333 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits 43 - 43 Adjustment to prior year provision (68 ) - (68 ) Tax shortfall related to stock-based compensation 26 - 26 Income tax expense - discrete items 1 - 1 Total income tax expense (benefit) $ 2,426 $ (1,092 ) $ 1,334 Fiscal year ended April 2, 2023 Current Deferred Total Income tax expense (benefit) on current year income: Federal $ 1,540 $ (169 ) $ 1,371 State 381 (36 ) 345 Foreign 10 - 10 Total income tax expense (benefit) on current year income 1,931 (205 ) 1,726 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits (7 ) - (7 ) Adjustment to prior year provision 51 - 51 Tax shortfall related to stock-based compensation 6 - 6 Income tax expense - discrete items 50 - 50 Total income tax expense (benefit) $ 1,981 $ (205 ) $ 1,776 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Deferred income tax assets: Employee wage and benefit accruals $ 148 $ 186 Accounts receivable and inventory reserves 585 557 Operating lease liabilities 3,892 4,286 Intangible assets 243 224 State net operating loss carryforwards 704 706 Accrued interest and penalty on unrecognized tax liabilities 18 54 Stock-based compensation 469 378 Total gross deferred income tax assets 6,059 6,391 Less valuation allowance (704 ) (706 ) Deferred income tax assets after valuation allowance 5,355 5,685 Deferred income tax liabilities: Prepaid expenses (552 ) (610 ) Operating lease right of use assets (3,700 ) (4,283 ) Intangible assets (666 ) (1,390 ) Property, plant and equipment (160 ) (217 ) Total deferred income tax liabilities (5,078 ) (6,500 ) Net deferred income tax assets (liabilities) $ 277 $ (815 ) In assessing the probability that the Company’s deferred tax assets will be realized, management of the Company has considered whether it is more likely than not not March 31, 2024 April 2, 2023 not not The following table sets forth the reconciliation of the beginning and ending amounts of unrecognized tax liabilities for fiscal years ended March 31, 2024 April 2, 2023 ( 2024 2023 Balance at beginning of period $ 323 $ 739 Additions related to current year positions 43 73 Additions related to prior year positions 28 45 Revaluations due to change in enacted tax rates - - Reductions for tax positions of prior years - - Reductions due to lapses of the statute of limitations - - Reductions pursuant to judgements and settlements - (534 ) Balance at end of period $ 394 $ 323 In August 2020, April 2, 2017, April 1, 2018 March 31, 2019. May 30, 2023, May 31, 2023. April 2, 2023, April 2, 2023, April 2, 2023 April 2, 2023. 2023, In February 2021, April 2, 2017. March 15, 2023, April 2, 2017, April 2, 2023. During fiscal years 2024 2023, The Company’s provision for income taxes is based upon effective tax rates of 21.4% and 23.9% in the fiscal years ended March 31, 2024 April 2, 2023, The following table reconciles income tax expense on income from continuing operations at the U.S. federal income tax statutory rate to the net income tax provision reported for fiscal years 2024 2023 Fiscal year ended March 31, 2024 Fiscal year ended April 2, 2023 Amount Percentage Amount Percentage Income before income tax expense $ 6,228 100.0 % $ 7,426 100.0 % Tax expense at federal statutory rate $ 1,308 21.0 % $ 1,560 21.0 % State income taxes, net of Federal income tax benefit 108 1.7 % 272 3.6 % Tax credits (115 ) -1.8 % (135 ) -1.8 % Discrete items 1 0.0 % 50 0.7 % Other - net, including foreign 32 0.5 % 29 0.4 % Income tax expense $ 1,334 21.4 % $ 1,776 23.9 % State and foreign income taxes consist primarily of amounts paid to the State of California and the People’s Republic of China, respectively. |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 11 Shareholders Equity Dividends: 2024 2023, no Stock Repurchases: April 2, 2023 March 31, 2024. |
Note 12 - Major Customers
Note 12 - Major Customers | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 12 Major Customers The table below sets forth those customers that represented more than 10% March 31, 2024 April 2, 2023. 2024 2023 Walmart Inc. 42% 51% Amazon.com, Inc. 19% 20% |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13 Commitments and Contingencies Royalty expense amounted to $5.3 million and $5.2 million during fiscal years 2024 2023, five March 31, 2024 2025, 2026, 2027, 2028 2029, The Company is, from time to time, involved in various legal proceedings relating to claims arising in the ordinary course of its business. Neither the Company nor any of its subsidiaries is a party to any such legal proceeding the outcome of which, individually or in the aggregate, is expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14 Subsequent Events The Company has evaluated events that have occurred between March 31, 2024 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation: |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: ● Allowances related to accounts receivable for expected credit losses and for customer deductions for returns, allowances and disputes, ● Inventory reserves for discontinued finished goods, and ● A reserve for unrecognized tax liabilities in respect of the tax impact of state apportionment percentages. Actual results could differ materially from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: no |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments |
Segment Reporting, Policy [Policy Text Block] | Segments and Related Information: one March 31, 2024 April 2, 2023 2024 2023 Bedding, blankets and accessories $ 32,036 $ 36,747 Bibs, toys and disposable products 55,596 38,306 Total net sales $ 87,632 $ 75,053 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: Revenue from sales made directly to consumers is recorded when the shipped products have been received by customers, and excludes sales taxes collected on behalf of governmental entities. Revenue from sales made to retailers is recorded when legal title has been passed to the customer based upon the terms of the customer’s purchase order, the Company’s sales invoice, or other associated relevant documents. Such terms usually stipulate that legal title will pass when the shipped products are no 60 |
Receivable [Policy Text Block] | Allowances Against Accounts Receivable: The allowance for anticipated returns and claims is estimated based upon the Company’s historical experience with actual returns and claims, combined with the consideration of events that could result in a change from historical rates on a per-customer basis. The allowance for anticipated returns and claims is recorded as a reduction of net sales in the reporting period within which the related sales are recorded. To reduce the Company’s exposure to expected credit losses, and to enhance the predictability of its cash flows, the Company assigns substantially all of its receivables under factoring agreements with CIT. In the event that a factored receivable becomes uncollectible due to creditworthiness, CIT bears the risk of loss. With respect to the receivables that are not The allowance for chargebacks related to negotiated customer terms and discounts, cooperative advertising, warehouse allowances, placement fees, volume rebates, coupons, discounts and other allowances is recorded commensurate with sales activity or using the straight-line method, as appropriate. The majority of the Company’s allowances for such chargebacks occurs on a per-invoice basis. When a customer requests to have an agreed-upon deduction applied against the customer’s outstanding balance due to the Company, the allowances are correspondingly reduced to reflect such payments or credits issued against the customer’s account balance. The Company analyzes the components of the allowances for customer chargebacks monthly and adjusts the allowances to appropriate levels. Since allowances associated with cooperative advertising are accrued commensurate with sales activity or using the straight-line method, as appropriate, the timing of funding requests for cooperative advertising may not The Company’s actual experience associated with its allowances against accounts receivable in a future period may may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Concentration: March 31, 2024 April 2, 2023 |
Inventory, Policy [Policy Text Block] | Inventory Valuation: first first The determination of the indirect charges and their allocation to the Company’s finished goods inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then differences would result in the valuation of the Company’s inventories and in the amount and timing of the Company’s cost of products sold and the resulting net income for the reporting period. On a periodic basis, management reviews its inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not no may not may |
Lessee, Leases [Policy Text Block] | Leases: 12 may not |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization: three eight five twenty |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patent Costs: |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not |
Royalty Payments [Policy Text Block] | Royalty Payments: March 31, 2024 April 2, 2023, |
Income Tax, Policy [Policy Text Block] | Provision for Income Taxes: March 31, 2024 March 31, 2024, April 2, 2023, April 3, 2022, March 28, 2021, March 29, 2020 March 31, 2019. Management evaluates items of income, deductions and credits reported on the Company’s various federal and state income tax returns filed and recognizes the effect of positions taken on those income tax returns only if those positions are more likely than not 50% 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 March 31, 2024 April 2, 2023 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. During the fiscal years ended March 31, 2024 April 2, 2023, In August 2020, April 2, 2017, April 1, 2018 March 31, 2019. May 30, 2023, May 31, 2023. April 2, 2023, April 2, 2023, April 2, 2023 April 2, 2023. April 2, 2023, In February 2021, April 2, 2017. March 15, 2023, April 2, 2017, April 2, 2023. Although management believes that the calculations and positions taken on its filed income tax returns are reasonable and justifiable, the outcome of an examination could result in an adjustment to the position that the Company took on such income tax returns. Such adjustment could also lead to adjustments to one not |
Advertising Cost [Policy Text Block] | Advertising Costs: March 31, 2024 April 2, 2023, |
Business Combinations Policy [Policy Text Block] | Business Combinations: 805, Business Combinations may third |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share: |
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 In October 2023, No. 2023 06, Disclosure Improvements Codification Amendments in Response to the SEC s Disclosure Update and Simplification Initiative August 2018, No. 2023 06 14 27 not not no not No. 2023 06 In November 2023, No. 2023 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures No. 2023 07 December 15, 2023 December 15, 2024, No. 2023 07 No. 2023 07 April 1, 2024 In December 2023, No. 2023 09, Income Taxes (Topic 740 Improvements to Income Tax Disclosures December 15, 2024 No. 2023 09 The Company has determined that all other ASU’s issued which had become effective as of March 31, 2024, not |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Balance at Balance at Beginning Charged to End of of Period Expenses Deductions Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended April 2, 2023 Allowance for customer deductions $ 945 $ 5,746 $ 5,217 $ 1,474 Year Ended March 31, 2024 Allowance for customer deductions $ 1,474 $ 6,139 $ 6,443 $ 1,170 Allowance for expected credit losses $ 0 $ 316 $ 0 $ 316 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2024 2023 Bedding, blankets and accessories $ 32,036 $ 36,747 Bibs, toys and disposable products 55,596 38,306 Total net sales $ 87,632 $ 75,053 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Tangible assets: Cash and cash equivalents $ 1,270 Accounts receivable 3,160 Inventories 12,479 Prepaid expenses 350 Other assets 91 Operating lease right of use assets 1,009 Property, plant and equipment 194 Total tangible assets 18,553 Amortizable intangible assets: Tradename 300 Licensing relationships 200 Customer relationships 800 Total amortizable intangible assets 1,300 Goodwill 801 Total acquired assets 20,654 Liabilities assumed: Accounts payable 2,048 Accrued wages and benefits 370 Operating lease liabilities, current 226 Other accrued liabilities 308 Operating lease liabilities, noncurrent 783 Total liabilities assumed 3,735 Net acquisition cost $ 16,919 |
Business Combination, Segment Allocation [Table Text Block] | Amount of goodwill recognized based upon the preliminary allocation of the acquisition cost $ 787,000 Adjustments made during the fiscal year ended March 31, 2024: Settlement of the Aggregate Adjustment (488,000 ) Increases to pre-acquisition accounts receivable (48,000 ) Reductions to inventory as of the Closing Date 486,000 Increases to pre-acquisition accounts payable 64,000 Net adjustments made during the fiscal year ended March 31, 2024 14,000 Amount of goodwill recognized as of March 31, 2024 $ 801,000 |
Note 7 - Goodwill, Customer R_2
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended March 31, April 2, March 31, April 2, March 31, April 2, 2024 2023 2024 2023 2024 2023 Tradename and trademarks $ 2,867 $ 2,867 $ 2,185 $ 2,025 $ 160 $ 140 Non-compete covenants 98 98 98 98 - - Patents 1,601 1,601 1,107 1,055 52 52 Customer relationships 8,174 8,174 6,658 6,289 369 289 Licensing relationships 200 200 20 - 20 - Total other intangible assets $ 12,940 $ 12,940 $ 10,068 $ 9,467 $ 601 $ 481 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2024 2023 Cost of products sold $ 3,956 $ 1,938 Marketing and administrative expenses 388 183 Total operating lease costs $ 4,344 $ 2,121 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Year 2025 $ 4,428 2026 4,510 2027 4,189 2028 3,952 2029 663 Total undiscounted operating lease payments 17,742 Less imputed interest 2,017 Operating lease liabilities - net $ 15,725 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2024 2023 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.32 735,500 $ 7.39 635,500 Granted 5.20 170,000 6.54 120,000 Exercised - - 4.92 (20,000 ) Expired 6.14 (10,000 ) - - Outstanding at End of Period 6.93 895,500 7.32 735,500 Exercisable at End of Period 7.41 665,500 7.42 499,000 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year Ended March 31, 2024 April 2, 2023 Number of options issued 40,000 10,000 120,000 120,000 Grant date March 26, 2024 November 14, 2023 June 21, 2023 June 7, 2022 Dividend yield 6.07 % 7.60 % 6.08 % 4.89 % Expected volatility 20.00 % 20.00 % 25.00 % 30.00 % Risk free interest rate 4.38 % 4.56 % 4.29 % 2.95 % Contractual term (years) 10.00 10.00 10.00 10.00 Expected term (years) 3.00 3.00 3.00 4.00 Forfeiture rate 5.00 % 5.00 % 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 5.27 $ 4.21 $ 5.26 $ 6.54 Fair value per option $ 0.32 $ 0.20 $ 0.46 $ 0.90 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal Year Ended March 31, 2024 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2022 $ 10 $ 21 $ 31 2023 22 32 54 2024 9 11 20 Total stock option compensation $ 41 $ 64 $ 105 Fiscal Year Ended April 2, 2023 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2021 $ 4 $ 41 $ 45 2022 40 86 126 2023 17 24 41 Total stock option compensation $ 61 $ 151 $ 212 Stock Granted in Fiscal Year 2024 2023 2021 $ - $ 48 2022 185 576 2023 195 269 2024 278 - Total stock grant compensation $ 658 $ 893 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Weighted- Weighted- Weighted- Avg. Exercise Avg. Exercise Number Avg. Remaining Price of Number Price of Exercise of Options Contractual Options of Options Options Price Outstanding Life in Years Outstanding Exercisable Exercisable $4.00 - 4.99 105,000 6.09 $ 4.78 95,000 $ 4.84 $5.00 - 5.99 180,000 8.84 $ 5.33 20,000 $ 5.90 $6.00 - 6.99 120,000 8.19 $ 6.54 60,000 $ 6.54 $7.00 - 7.99 365,500 5.22 $ 7.74 365,500 $ 7.74 $8.00 - 8.99 55,000 1.20 $ 8.38 55,000 $ 8.38 $9.00 - 9.99 70,000 2.19 $ 9.60 70,000 $ 9.60 895,500 5.96 $ 6.93 665,500 $ 7.41 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 60,412 $4.85 August 15, 2023 One 46,896 6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two Number of Shares Fair Value per Share Grant Date Vesting Date 70,000 $5.27 March 26, 2024 March 26, 2027 26,000 4.77 August 14, 2023 August 14, 2024 40,000 5.85 March 21, 2023 March 21, 2025 25,000 7.98 June 9, 2021 June 9, 2022 10,000 7.60 February 22, 2021 February 22, 2023 20,000 4.92 June 10, 2020 June 10, 2022 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended March 31, 2024 Current Deferred Total Income tax expense (benefit) on current year income: Federal $ 2,065 $ (883 ) $ 1,182 State 346 (209 ) 137 Foreign 14 - 14 Total income tax expense (benefit) on current year income 2,425 (1,092 ) 1,333 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits 43 - 43 Adjustment to prior year provision (68 ) - (68 ) Tax shortfall related to stock-based compensation 26 - 26 Income tax expense - discrete items 1 - 1 Total income tax expense (benefit) $ 2,426 $ (1,092 ) $ 1,334 Fiscal year ended April 2, 2023 Current Deferred Total Income tax expense (benefit) on current year income: Federal $ 1,540 $ (169 ) $ 1,371 State 381 (36 ) 345 Foreign 10 - 10 Total income tax expense (benefit) on current year income 1,931 (205 ) 1,726 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits (7 ) - (7 ) Adjustment to prior year provision 51 - 51 Tax shortfall related to stock-based compensation 6 - 6 Income tax expense - discrete items 50 - 50 Total income tax expense (benefit) $ 1,981 $ (205 ) $ 1,776 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2024 April 2, 2023 Deferred income tax assets: Employee wage and benefit accruals $ 148 $ 186 Accounts receivable and inventory reserves 585 557 Operating lease liabilities 3,892 4,286 Intangible assets 243 224 State net operating loss carryforwards 704 706 Accrued interest and penalty on unrecognized tax liabilities 18 54 Stock-based compensation 469 378 Total gross deferred income tax assets 6,059 6,391 Less valuation allowance (704 ) (706 ) Deferred income tax assets after valuation allowance 5,355 5,685 Deferred income tax liabilities: Prepaid expenses (552 ) (610 ) Operating lease right of use assets (3,700 ) (4,283 ) Intangible assets (666 ) (1,390 ) Property, plant and equipment (160 ) (217 ) Total deferred income tax liabilities (5,078 ) (6,500 ) Net deferred income tax assets (liabilities) $ 277 $ (815 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2024 2023 Balance at beginning of period $ 323 $ 739 Additions related to current year positions 43 73 Additions related to prior year positions 28 45 Revaluations due to change in enacted tax rates - - Reductions for tax positions of prior years - - Reductions due to lapses of the statute of limitations - - Reductions pursuant to judgements and settlements - (534 ) Balance at end of period $ 394 $ 323 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal year ended March 31, 2024 Fiscal year ended April 2, 2023 Amount Percentage Amount Percentage Income before income tax expense $ 6,228 100.0 % $ 7,426 100.0 % Tax expense at federal statutory rate $ 1,308 21.0 % $ 1,560 21.0 % State income taxes, net of Federal income tax benefit 108 1.7 % 272 3.6 % Tax credits (115 ) -1.8 % (135 ) -1.8 % Discrete items 1 0.0 % 50 0.7 % Other - net, including foreign 32 0.5 % 29 0.4 % Income tax expense $ 1,334 21.4 % $ 1,776 23.9 % |
Note 12 - Major Customers (Tabl
Note 12 - Major Customers (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2024 2023 Walmart Inc. 42% 51% Amazon.com, Inc. 19% 20% |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Allowance for Customer Deductions [Member] | ||
Balance | $ 1,474 | $ 945 |
Charged to Expenses | 6,139 | 5,746 |
Deductions | 6,443 | 5,217 |
Balance | 1,170 | 1,474 |
SEC Schedule, 12-09, Allowance, Loss on Finance Receivable [Member] | ||
Balance | 0 | |
Charged to Expenses | 316 | |
Deductions | 0 | |
Balance | $ 316 | $ 0 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||||
Mar. 15, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | May 30, 2023 | Aug. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 22,400,000 | $ 22,800,000 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 1,500,000 | 1,500,000 | |||
Cost of Goods and Services Sold | 64,632,000 | 55,225,000 | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 43,000 | 73,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 28,000 | 45,000 | |||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ (442,000) | $ (442,000) | |||
Income Tax Examination, Discrete Income Tax Benefit, Net of Federal Income Tax | 81,000 | ||||
Income Tax Examination, Increase (Decrease) in Interest Expense | (86,000) | ||||
Income Tax Examination, Refund Claim, Disallowed | $ 81,000 | 81,000 | |||
Advertising Expense | 572,000 | 422,000 | |||
Royalty [Member] | |||||
Cost of Goods and Services Sold | $ 5,300,000 | 5,200,000 | |||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 8 years | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||
Receivable Due from Factor [Member] | |||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 18,600,000 | $ 20,700,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Segment and Related Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Net sales | $ 87,632 | $ 75,053 |
Bedding, Blankets, And Accessories [Member] | ||
Net sales | 32,036 | 36,747 |
Bibs, Toys and Disposable Products [Member] | ||
Net sales | $ 55,596 | $ 38,306 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Apr. 02, 2023 |
Inventory, Net | $ 29,709 | $ 34,211 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 17, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Sep. 29, 2023 | |
Goodwill | $ 7,926,000 | $ 7,912,000 | ||
Amortization of Intangible Assets | 601,000 | 481,000 | ||
Manhattan Acquisition [Member] | ||||
Business Combination, Consideration Transferred | $ 17,000,000 | |||
Business Combination, Net Working Capital Adjustments | 13,750,000 | |||
Business Combination, Aggregate Adjustment of Purchase Price, Amount Received | $ 509,000 | |||
Business Combination, Aggregate Adjustment of Purchase Price, Amount Received, Interest Income | 21,000 | |||
Business Combination, Consideration Transferred, Including Net Working Capital Adjustment | 17,400,000 | |||
Business Combination, Aggregate Adjustment of Purchase Price, Acquisition Cost | $ 16,900,000 | |||
Goodwill | $ 801,000 | 801,000 | 787,000 | |
Amortization of Intangible Assets | 120,000 | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 11 years | |||
Business Acquisition, Pro Forma Revenue | 100,800,000 | |||
Business Acquisition, Pro Forma Net Income (Loss) | 2,800,000 | |||
Manhattan Acquisition [Member] | Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | |||
Manhattan Acquisition [Member] | Customer and Licensing Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | |||
Manhattan Acquisition [Member] | Developmental Toy, Feeding and Baby Care Products [Member] | ||||
Goodwill | $ 787,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 18,500,000 | $ 773,000 |
Note 4 - Acquisition - Estimate
Note 4 - Acquisition - Estimated Fair Value of Identifiable Net Assets (Details) - USD ($) | Mar. 31, 2024 | Apr. 02, 2023 | Mar. 17, 2023 |
Goodwill | $ 7,926,000 | $ 7,912,000 | |
Manhattan Acquisition [Member] | |||
Cash and cash equivalents | $ 1,270,000 | ||
Accounts receivable | 3,160,000 | ||
Inventories | 12,479,000 | ||
Prepaid expenses | 350,000 | ||
Other assets | 91,000 | ||
Operating lease right of use assets | 1,009,000 | ||
Property, plant and equipment | 194,000 | ||
Total tangible assets | 18,553,000 | ||
Amortizable intangible assets | 1,300,000 | ||
Goodwill | $ 801,000 | $ 787,000 | 801,000 |
Total acquired assets | 20,654,000 | ||
Accounts payable | 2,048,000 | ||
Accrued wages and benefits | 370,000 | ||
Operating lease liabilities, current | 226,000 | ||
Other accrued liabilities | 308,000 | ||
Operating lease liabilities, noncurrent | 783,000 | ||
Total liabilities assumed | 3,735,000 | ||
Net acquisition cost | 16,919,000 | ||
Manhattan Acquisition [Member] | Trade Names [Member] | |||
Amortizable intangible assets | 300,000 | ||
Manhattan Acquisition [Member] | Licensing Agreements [Member] | |||
Amortizable intangible assets | 200,000 | ||
Manhattan Acquisition [Member] | Customer Relationships [Member] | |||
Amortizable intangible assets | $ 800,000 |
Note 4 - Acquisition - Goodwill
Note 4 - Acquisition - Goodwill Adjustments (Details) | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Amount of goodwill recognized based upon the preliminary allocation of the acquisition cost | $ 7,912,000 |
Amount of goodwill recognized as of March 31, 2024 | 7,926,000 |
Manhattan Acquisition [Member] | |
Amount of goodwill recognized based upon the preliminary allocation of the acquisition cost | 787,000 |
Settlement of the Aggregate Adjustment | (488,000) |
Increases to pre-acquisition accounts receivable | (48,000) |
Reductions to inventory as of the Closing Date | 486,000 |
Increases to pre-acquisition accounts payable | 64,000 |
Net adjustments made during the fiscal year ended March 31, 2024 | 14,000 |
Amount of goodwill recognized as of March 31, 2024 | $ 801,000 |
Note 5 - Financing Arrangemen_2
Note 5 - Financing Arrangements (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Dec. 31, 2023 | |
Selling, General and Administrative Expense | $ 16,105,000 | $ 12,655,000 | |
Long-Term Line of Credit | 8,100,000 | 12,700,000 | |
Letters of Credit Outstanding, Amount | 0 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 19,200,000 | 20,000,000 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||
Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Debt Instrument Basis Spread Below Variable Rate | 0.50% | ||
Debt Instrument, Interest Received on Daily Negative Balances, Basis Spread Below Variable Rate | 2% | ||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.90% | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||
Factoring Agreements [Member] | |||
Selling, General and Administrative Expense | 353,000 | 287,000 | |
Long-Term Debt | $ 0 | $ 0 |
Note 6 - Retirement Plan (Detai
Note 6 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 320,000 | $ 293,000 |
First 2% Employee Contributions [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100% | |
Defined Contribution Plan Employee Contribution Percent | 2% | |
Next 3% Employee Contributions [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50% | |
Defined Contribution Plan Employee Contribution Percent | 3% |
Note 7 - Goodwill, Customer R_3
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets (Details Textual) | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Apr. 02, 2023 USD ($) | |
Number of Reporting Units | 2 | |
Goodwill, Gross | $ 30,800,000 | $ 30,800,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 22,900,000 | 22,900,000 |
Goodwill | 7,926,000 | $ 7,912,000 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 537,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 422,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 395,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 349,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 211,000 |
Note 7 - Goodwill, Customer R_4
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Finite-lived intangible assets, gross amount | $ 12,940 | $ 12,940 |
Finite-lived intangible assets, accumulated amortization | 10,068 | 9,467 |
Amortization expense | 601 | 481 |
Trademarks and Trade Names [Member] | ||
Finite-lived intangible assets, gross amount | 2,867 | 2,867 |
Finite-lived intangible assets, accumulated amortization | 2,185 | 2,025 |
Amortization expense | 160 | 140 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross amount | 98 | 98 |
Finite-lived intangible assets, accumulated amortization | 98 | 98 |
Amortization expense | 0 | 0 |
Patents [Member] | ||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 |
Finite-lived intangible assets, accumulated amortization | 1,107 | 1,055 |
Amortization expense | 52 | 52 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross amount | 8,174 | 8,174 |
Finite-lived intangible assets, accumulated amortization | 6,658 | 6,289 |
Amortization expense | 369 | 289 |
Licensing Agreements [Member] | ||
Finite-lived intangible assets, gross amount | 200 | 200 |
Finite-lived intangible assets, accumulated amortization | 20 | 0 |
Amortization expense | $ 20 | $ 0 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Capitalized Operating Lease Obligations as Right of Use Assets | $ 993,000 | $ 17,300,000 |
Operating Lease, Right-of-Use Asset, Periodic Reduction | 4,344,000 | 2,121,000 |
Operating Lease, Offices, Warehouses, Office Equipment [Member] | ||
Operating Lease, Payments | 3,600,000 | 2,300,000 |
Operating Lease, Right-of-Use Asset, Periodic Reduction | $ 1,000,000 | $ 224,000 |
Operating Lease, Weighted Average Discount Rate, Percent | 6% | 5.90% |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 10 months 24 days | 5 years |
Note 8 - Leases - Classificatio
Note 8 - Leases - Classification of Operating Lease Costs in Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Operating Lease Costs | $ 4,344 | $ 2,121 |
Cost of Sales [Member] | ||
Operating Lease Costs | 3,956 | 1,938 |
Selling, General and Administrative Expenses [Member] | ||
Operating Lease Costs | $ 388 | $ 183 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 4,428 |
2026 | 4,510 |
2027 | 4,189 |
2028 | 3,952 |
2029 | 663 |
Total undiscounted operating lease payments | 17,742 |
Less imputed interest | 2,017 |
Operating lease liabilities - net | $ 15,725 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 21, 2023 | Aug. 16, 2022 | May 01, 2022 | Mar. 01, 2022 | Aug. 11, 2021 | Aug. 31, 2023 | Feb. 28, 2023 | Aug. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Apr. 02, 2023 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 439,000 | ||||||||||
Share-Based Payment Arrangement, Expense | $ 763,000 | $ 1,100,000 | |||||||||
Share-Based Payment Arrangement, Amount Capitalized | 0 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | 33,000 | 87,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 24,000 | 87,000 | |||||||||
Proceeds from Stock Options Exercised | 0 | 0 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 127,000 | ||||||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | 10,000 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||
Share-Based Payment Arrangement, Expense | $ 105,000 | $ 212,000 | |||||||||
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 | $ 63,000 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 8 months 24 days | ||||||||||
Non-vested Stock Grants [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 10 months 9 days | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 689,000 | ||||||||||
Non-vested Stock Grants [Member] | Former Chairman, President and Chief Executive Officer [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,033 | ||||||||||
Non-vested Stock Grants [Member] | Non Employee Directors [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) | 8,033 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 50,000 | $ 168,000 | $ 331,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 35,172 | 52,856 | |||||||||
Non-vested Stock Grants [Member] | Director [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,724 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) | 11,724 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 67,000 | ||||||||||
Non-vested Stock Grants [Member] | Employee [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 57,000 | $ 293,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 10,000 | 45,000 | |||||||||
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 | ||||||||||
Maximum [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share) | $ 7.32 | $ 7.39 |
Outstanding, Shares, beginning balance (in shares) | 735,500 | 635,500 |
Granted, Weighted-average exercise price (in dollars per share) | $ 5.2 | $ 6.54 |
Number of options issued (in shares) | 170,000 | 120,000 |
Exercised, Weighted-average exercise price (in dollars per share) | $ 0 | $ 4.92 |
Exercised, Shares (in shares) | 0 | (20,000) |
Expired, Weighted-average exercise price (in dollars per share) | $ 6.14 | $ 0 |
Expired, Shares (in shares) | (10,000) | 0 |
Outstanding, Weighted-average exercise price, ending balance (in dollars per share) | $ 6.93 | $ 7.32 |
Outstanding, Shares, ending balance (in shares) | 895,500 | 735,500 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 7.41 | $ 7.42 |
Exercisable, Shares (in shares) | 665,500 | 499,000 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Number of options issued (in shares) | 170,000 | 120,000 |
March 26, 2024 [Member] | ||
Number of options issued (in shares) | 40,000 | |
Grant date | Mar. 26, 2024 | |
Dividend yield | 6.07% | |
Expected volatility | 20% | |
Risk free interest rate | 4.38% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 3 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 5.27 | |
Fair value per option (in dollars per share) | $ 0.32 | |
November 14, 2023 [Member] | ||
Number of options issued (in shares) | 10,000 | |
Grant date | Nov. 14, 2023 | |
Dividend yield | 7.60% | |
Expected volatility | 20% | |
Risk free interest rate | 4.56% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 3 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 4.21 | |
Fair value per option (in dollars per share) | $ 0.2 | |
June 21, 2023 [Member] | ||
Number of options issued (in shares) | 120,000 | |
Grant date | Jun. 21, 2023 | |
Dividend yield | 6.08% | |
Expected volatility | 25% | |
Risk free interest rate | 4.29% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 3 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 5.26 | |
Fair value per option (in dollars per share) | $ 0.46 | |
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) | $ 0.9 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Allocated Share Based Compensation Expense | $ 763,000 | $ 1,100,000 |
Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 105,000 | 212,000 |
Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 31,000 | 126,000 |
Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 45,000 | |
Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 54,000 | 41,000 |
Fiscal Year 2024 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 20,000 | |
Cost of Sales [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 41,000 | 61,000 |
Cost of Sales [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 10,000 | 40,000 |
Cost of Sales [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 4,000 | |
Cost of Sales [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 22,000 | 17,000 |
Cost of Sales [Member] | Fiscal Year 2024 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 9,000 | |
Marketing and Administrative Expenses [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 64,000 | 151,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 21,000 | 86,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 41,000 | |
Marketing and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 32,000 | 24,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2024 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 11,000 | |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 658,000 | 893,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 185,000 | 576,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 0 | 48,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 195,000 | 269,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2024 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | $ 278,000 | $ 0 |
Note 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation - Stock Options by Exercise Prices Range (Details) | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Options Outstanding (in shares) | shares | 895,500 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 5 years 11 months 15 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 6.93 |
Number of Options Exercisable (in shares) | shares | 665,500 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 7.41 |
Price Range 1 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 4 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 4.99 |
Number of Options Outstanding (in shares) | shares | 105,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 6 years 1 month 2 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 4.78 |
Number of Options Exercisable (in shares) | shares | 95,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 4.84 |
Price Range 2 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 5 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 5.99 |
Number of Options Outstanding (in shares) | shares | 180,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 8 years 10 months 2 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 5.33 |
Number of Options Exercisable (in shares) | shares | 20,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 5.9 |
Price Range 3 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 6 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 6.99 |
Number of Options Outstanding (in shares) | shares | 120,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 8 years 2 months 8 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 6.54 |
Number of Options Exercisable (in shares) | shares | 60,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 6.54 |
Price Range 4 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 7 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 7.99 |
Number of Options Outstanding (in shares) | shares | 365,500 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 5 years 2 months 19 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 7.74 |
Number of Options Exercisable (in shares) | shares | 365,500 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 7.74 |
Price Range 5 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 8 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 8.99 |
Number of Options Outstanding (in shares) | shares | 55,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 1 year 2 months 12 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 8.38 |
Number of Options Exercisable (in shares) | shares | 55,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 8.38 |
Price Range 6 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 9 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 9.99 |
Number of Options Outstanding (in shares) | shares | 70,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 2 years 2 months 8 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 9.6 |
Number of Options Exercisable (in shares) | shares | 70,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 9.6 |
Note 9 - Stock-based Compensa_8
Note 9 - Stock-based Compensation - Non-vested Stock to Directors and Employees (Details) - Non-vested Stock Grants [Member] | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
March 26, 2024 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.27 |
Number of Shares (in shares) | shares | 70,000 |
August 14, 2023 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.77 |
Number of Shares (in shares) | shares | 26,000 |
March 21, 2023 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.85 |
Number of Shares (in shares) | shares | 40,000 |
June 9, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.98 |
Number of Shares (in shares) | shares | 25,000 |
February 22, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.6 |
Number of Shares (in shares) | shares | 10,000 |
June 10, 2020 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.92 |
Number of Shares (in shares) | shares | 20,000 |
Non Employee Directors [Member] | August 15, 2023 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.85 |
Number of Shares (in shares) | shares | 60,412 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 16, 2022 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 6.65 |
Number of Shares (in shares) | shares | 46,896 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 11, 2021 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.47 |
Number of Shares (in shares) | shares | 40,165 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 12, 2020 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.79 |
Number of Shares (in shares) | shares | 41,452 |
Vesting Period (Year) | 2 years |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||||
Mar. 15, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | May 30, 2023 | Aug. 31, 2020 | |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ (442,000) | $ (442,000) | |||
Income Tax Examination, Discrete Income Tax Benefit, Net of Federal Income Tax | $ 81,000 | ||||
Income Tax Examination, Increase (Decrease) in Interest Expense | (86,000) | ||||
Income Tax Examination, Refund Claim, Disallowed | $ 81,000 | 81,000 | |||
Discrete Income Tax Charge, Shortfall from Vesting of Non-vested Stock | $ 26,000 | $ 6,000 | |||
Effective Income Tax Rate Reconciliation, Percent | 21.40% | 23.90% |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Income tax expense on current year income, Federal, Current | $ 2,065 | $ 1,540 |
Income tax expense on current year income, Federal, Deferred | (883) | (169) |
Income tax expense on current year income, Federal, Total | 1,182 | 1,371 |
Income tax expense on current year income, State, Current | 346 | 381 |
Income tax expense on current year income, State, Deferred | (209) | (36) |
Income tax expense on current year income, State, Total | 137 | 345 |
Income tax expense on current year income, Foreign, Current | 14 | 10 |
Income tax expense on current year income, Foreign, Deferred | 0 | 0 |
Income tax expense on current year income, Foreign, Total | 14 | 10 |
Total income tax expense on current year income, Current | 2,425 | 1,931 |
Total income tax expense on current year income, Deferred | (1,092) | (205) |
Total income tax expense (benefit) on current year income | 1,333 | 1,726 |
Reserve for unrecognized tax benefits, Current | 43 | (7) |
Reserve for unrecognized tax benefits, Deferred | 0 | 0 |
Reserve for unrecognized tax benefits, Total | 43 | (7) |
Adjustment to prior year provision, Current | (68) | 51 |
Adjustment to prior year provision, Deferred | 0 | 0 |
Adjustment to prior year provision, Total | (68) | 51 |
Tax shortfall related to stock-based compensation, Current | 26 | 6 |
Tax shortfall related to stock-based compensation, Deferred | 0 | 0 |
Tax shortfall related to stock-based compensation, Total | 26 | 6 |
Income tax expense - discrete items, Current | 1 | 50 |
Income tax expense - discrete items, Deferred | 0 | 0 |
Discrete items | 1 | 50 |
Total income tax expense, Current | 2,426 | 1,981 |
Deferred income taxes | (1,092) | (205) |
Total income tax expense (benefit) | $ 1,334 | $ 1,776 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Apr. 02, 2023 |
Employee wage and benefit accruals | $ 148 | $ 186 |
Accounts receivable and inventory reserves | 585 | 557 |
Operating lease liabilities | 3,892 | 4,286 |
Intangible assets | 243 | 224 |
State net operating loss carryforwards | 704 | 706 |
Accrued interest and penalty on unrecognized tax liabilities | 18 | 54 |
Stock-based compensation | 469 | 378 |
Total gross deferred income tax assets | 6,059 | 6,391 |
Less valuation allowance | (704) | (706) |
Deferred income tax assets after valuation allowance | 5,355 | 5,685 |
Prepaid expenses | (552) | (610) |
Operating lease right of use assets | (3,700) | (4,283) |
Intangible assets | (666) | (1,390) |
Property, plant and equipment | (160) | (217) |
Total deferred income tax liabilities | (5,078) | (6,500) |
Net deferred income tax assets | 277 | 0 |
Net deferred income tax assets (liabilities) | $ 0 | $ (815) |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Balance at beginning of period | $ 323,000 | $ 739,000 |
Additions related to current year positions | 43,000 | 73,000 |
Additions related to prior year positions | 28,000 | 45,000 |
Revaluations due to change in enacted tax rates | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 |
Reductions due to lapses of the statute of limitations | 0 | 0 |
Reductions pursuant to judgements and settlements | 0 | (534,000) |
Balance at end of period | $ 394,000 | $ 323,000 |
Note 10 - Income Taxes - Reco_2
Note 10 - Income Taxes - Reconciliation of Federal Statutory Provision to the Provision for Financial Reporting Purposes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Income before income tax expense | $ 6,228 | $ 7,426 |
Income before income tax expense, percent | 100% | 100% |
Tax expense at federal statutory rate | $ 1,308 | $ 1,560 |
Tax expense at federal statutory rate, percent | 21% | 21% |
State income taxes, net of Federal income tax benefit | $ 108 | $ 272 |
State income taxes, net of Federal income tax benefit, percent | 1.70% | 3.60% |
Tax credits | $ (115) | $ (135) |
Tax credits, percent | (1.80%) | (1.80%) |
Discrete items | $ 1 | $ 50 |
Discrete items, percent | 0% | 0.70% |
Other - net, including foreign | $ 32 | $ 29 |
Other - net, including foreign, percent | 0.50% | 0.40% |
Income tax expense | $ 1,334 | $ 1,776 |
Income tax expense, percent | 21.40% | 23.90% |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.32 | $ 0.32 |
Dividends, Common Stock | $ 3,270 | $ 3,233 |
Treasury Stock, Shares, Acquired (in shares) | 0 | 33,000 |
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 6.31 |
Note 12 - Major Customers - Sum
Note 12 - Major Customers - Summary of Major Customers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Wal-Mart Stores, Inc. [Member] | ||
Sales, percent | 42% | 51% |
Amazon.com, Inc. [Member] | ||
Sales, percent | 19% | 20% |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Royalty Expense | $ 5,300,000 | $ 5,200,000 |
Licensing Agreements [Member] | Guaranteed Royalty Payments [Member] | ||
Other Commitment | 3,000,000 | |
Other Commitment, to be Paid, Year One | 2,500,000 | |
Other Commitment, to be Paid, Year Two | 351,000 | |
Other Commitment, to be Paid, Year Three | 90,000 | |
Other Commitment, to be Paid, Year Four | 48,000 | |
Other Commitment, to be Paid, Year Five | $ 48,000 |