Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 30, 2014 | 23-May-14 | Sep. 29, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HAWKINS INC | ' | ' |
Entity Central Index Key | '0000046250 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--03-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $358.30 |
Entity Common Stock, Shares Outstanding | ' | 10,612,640 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Interest Income (Expense), Net | ($29) | $84 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | 33,486 | 28,715 |
Investments available-for-sale | 13,843 | 15,625 |
Trade receivables - less allowance for doubtful accounts: $477 for 2014 and $469 for 2013 | 37,946 | 35,920 |
Inventories | 26,192 | 28,208 |
Prepaid expenses and other current assets | 3,160 | 2,613 |
Total current assets | 114,627 | 111,081 |
PROPERTY, PLANT, AND EQUIPMENT: | ' | ' |
Land | 8,038 | 8,038 |
Buildings and improvements | 68,801 | 68,268 |
Machinery and equipment | 53,089 | 50,389 |
Transportation equipment | 17,764 | 16,156 |
Office furniture and equipment including computer systems | 11,183 | 10,204 |
Property, plant and equipment, gross | 158,875 | 153,055 |
Less accumulated depreciation | 68,406 | 62,081 |
Net property, plant, and equipment | 90,469 | 90,974 |
OTHER ASSETS: | ' | ' |
Goodwill | 7,392 | 6,495 |
Intangible assets — less accumulated amortization: $3,069 for 2014 and $2,398 for 2013 | 8,509 | 7,678 |
Long-term investments | 15,852 | 5,597 |
Other | 344 | 323 |
Total other assets | 32,097 | 20,093 |
Total assets | 237,193 | 222,148 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable — trade | 18,306 | 18,516 |
Dividends payable | 3,823 | 3,592 |
Accrued payroll and employee benefits | 5,555 | 5,391 |
Deferred income taxes | 2,900 | 2,554 |
Income tax payable | 1,444 | 1,446 |
Other current liabilities | 3,801 | 3,626 |
Total current liabilities | 35,829 | 35,125 |
PENSION WITHDRAWAL LIABILITY | 6,887 | 7,136 |
OTHER LONG-TERM LIABILITIES | 1,878 | 1,653 |
DEFERRED INCOME TAXES | 10,186 | 8,062 |
Total liabilities | 54,780 | 51,976 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
SHAREHOLDERS’ EQUITY: | ' | ' |
Common stock; authorized: 30,000,000 shares of $0.05 par value; 10,562,400 and 10,495,427 shares issued and outstanding for 2014 and 2013, respectively | 528 | 525 |
Additional paid-in capital | 50,502 | 48,779 |
Retained earnings | 131,427 | 120,974 |
Accumulated other comprehensive loss | -44 | -106 |
Total shareholders’ equity | 182,413 | 170,172 |
Total liabilities and shareholders’ equity | $237,193 | $222,148 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $477 | $469 |
Intangible assets, accumulated amortization | $3,069 | $2,398 |
Common stock, shares authorized (shares) | 30,000,000 | 30,000,000 |
Common stock, par value (usd per share) | $0.05 | $0.05 |
Common stock, shares issued (shares) | 10,562,400 | 10,495,427 |
Common stock, shares outstanding (shares) | 10,562,400 | 10,495,427 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Sales | $348,263 | $350,387 | $343,834 |
Cost of sales | -286,663 | -286,241 | -277,966 |
Pension withdrawal | 0 | -7,210 | 0 |
Gross profit | 61,600 | 56,936 | 65,868 |
Selling, general and administrative expenses | -33,510 | -31,606 | -30,759 |
Operating income | 28,090 | 25,330 | 35,109 |
Interest Income (Expense), Net | -29 | 84 | 145 |
Income from continuing operations before income taxes | 28,061 | 25,414 | 35,254 |
Income tax provision | -9,967 | -8,306 | -13,626 |
Income from continuing operations | 18,094 | 17,108 | 21,628 |
Income from discontinued operations, net of tax | 0 | 18 | 1,057 |
Net income | $18,094 | $17,126 | $22,685 |
Weighted average number of shares outstanding-basic (shares) | 10,544,467 | 10,464,820 | 10,339,391 |
Weighted average number of shares outstanding-diluted (shares) | 10,599,755 | 10,541,142 | 10,408,573 |
Basic earnings per share: | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $1.72 | $1.64 | $2.09 |
Earnings per share from discontinued operations (usd per share) | $0 | $0 | $0.10 |
Basic earnings per share (usd per share) | $1.72 | $1.64 | $2.19 |
Diluted earnings per share | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $1.71 | $1.62 | $2.08 |
Earnings per share from discontinued operations (usd per share) | $0 | $0 | $0.10 |
Diluted earnings per share (usd per share) | $1.71 | $1.62 | $2.18 |
Cash dividends declared per common share (usd per share) | $0.72 | $0.68 | $0.64 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $18,094 | $17,126 | $22,685 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized gain (loss) on available-for-sale investments | -47 | 12 | -4 |
Unrealized gain on post-retirement liability | 109 | 5 | 26 |
Total other comprehensive income | 62 | 17 | 22 |
Other comprehensive income, net of tax | $18,156 | $17,143 | $22,707 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity and Comprehensive Income (Loss) Statement (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Stockholders' equity, beginning balance at Apr. 03, 2011 | $136,443 | $515 | $41,060 | $95,013 | ($145) |
Shares outstanding, beginning balance at Apr. 03, 2011 | ' | 10,307,177 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Cash dividends declared | -6,659 | ' | ' | -6,659 | ' |
Share-based compensation expense | 1,350 | ' | 1,350 | ' | ' |
Tax benefit on share-based compensation plans | 698 | ' | 698 | ' | ' |
Vesting of restricted stock (shares) | ' | 18,663 | ' | ' | ' |
Vesting of restricted stock | 0 | 1 | -1 | ' | ' |
Shares surrendered for payroll taxes (shares) | ' | -3,980 | ' | ' | ' |
Shares surrendered for payroll taxes | -150 | 0 | -150 | ' | ' |
Stock Options Exercised (shares) | ' | 85,332 | ' | ' | ' |
Stock Options Exercised | 1,466 | 5 | 1,461 | ' | ' |
ESPP Shares Issued (shares) | ' | 23,682 | ' | ' | ' |
ESPP Shares Issued | 752 | 1 | 751 | ' | ' |
Total other comprehensive income | 22 | ' | ' | ' | 22 |
Net income | 22,685 | ' | ' | 22,685 | ' |
Stockholders' equity, ending balance at Apr. 01, 2012 | 156,607 | 522 | 45,169 | 111,039 | -123 |
Shares outstanding, ending balance at Apr. 01, 2012 | ' | 10,430,874 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Cash dividends declared | -7,191 | ' | ' | -7,191 | ' |
Share-based compensation expense | 1,630 | ' | 1,630 | ' | ' |
Tax benefit on share-based compensation plans | 510 | ' | 510 | ' | ' |
Vesting of restricted stock (shares) | ' | 6,120 | ' | ' | ' |
Vesting of restricted stock | -1 | 0 | -1 | ' | ' |
Stock Options Exercised (shares) | ' | 27,999 | ' | ' | ' |
Stock Options Exercised | 515 | 1 | 514 | ' | ' |
ESPP Shares Issued (shares) | ' | 30,434 | ' | ' | ' |
ESPP Shares Issued | 959 | 2 | 957 | ' | ' |
Total other comprehensive income | 17 | ' | ' | ' | 17 |
Net income | 17,126 | ' | ' | 17,126 | ' |
Stockholders' equity, ending balance at Mar. 31, 2013 | 170,172 | 525 | 48,779 | 120,974 | -106 |
Shares outstanding, ending balance at Mar. 31, 2013 | ' | 10,495,427 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Cash dividends declared | -7,641 | ' | ' | ' | ' |
Share-based compensation expense | 1,322 | ' | 1,322 | ' | ' |
Tax benefit on share-based compensation plans | -214 | ' | -214 | ' | ' |
Vesting of restricted stock (shares) | ' | 41,906 | ' | ' | ' |
Vesting of restricted stock | 0 | 2 | -2 | ' | ' |
Shares surrendered for payroll taxes (shares) | ' | -12,480 | ' | ' | ' |
Shares surrendered for payroll taxes | -485 | -1 | -484 | ' | ' |
Stock Options Exercised (shares) | 9,333 | 9,333 | ' | ' | ' |
Stock Options Exercised | 186 | 1 | 185 | ' | ' |
ESPP Shares Issued (shares) | ' | 28,214 | ' | ' | ' |
ESPP Shares Issued | 917 | 1 | 916 | ' | ' |
Total other comprehensive income | 62 | ' | ' | ' | 62 |
Net income | 18,094 | ' | ' | 18,094 | ' |
Stockholders' equity, ending balance at Mar. 30, 2014 | $182,413 | $528 | $50,502 | $131,427 | ($44) |
Shares outstanding, ending balance at Mar. 30, 2014 | ' | 10,562,400 | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $18,094 | $17,126 | $22,685 |
Reconciliation to cash flows: | ' | ' | ' |
Depreciation and amortization | 12,605 | 10,248 | 8,458 |
Deferred income taxes | 2,150 | -2,985 | 3,082 |
Pension withdrawal | 0 | 7,210 | 0 |
Share-based compensation expense | 1,322 | 1,621 | 1,350 |
Loss from property disposals | 111 | 153 | 2 |
Changes in operating accounts (using) providing cash, net of effects of acquisition: | ' | ' | ' |
Trade receivables | -1,698 | 2,149 | -2,407 |
Inventories | 2,122 | -573 | 1,319 |
Accounts payable | 335 | -1,185 | -1,846 |
Accrued liabilities | 141 | -1,319 | 343 |
Income taxes | -2 | 3,893 | -251 |
Other | -568 | -864 | 947 |
Net cash provided by operating activities | 34,612 | 35,474 | 33,682 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to property, plant, and equipment | -12,261 | -26,660 | -20,057 |
Purchases of investments | -25,161 | -18,755 | -14,165 |
Sale and maturities of investments | 16,612 | 14,900 | 15,270 |
Proceeds from property disposals | 115 | 233 | 255 |
Acquisitions | -2,416 | -100 | -1,709 |
Net cash used in investing activities | -23,111 | -30,382 | -20,406 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Cash dividends paid | -7,410 | -6,936 | -6,417 |
Proceeds from Issuance of Common Stock | 917 | 968 | 752 |
Stock options exercised | 186 | 515 | 1,466 |
Excess tax benefit from share-based compensation | 62 | 510 | 699 |
Shares surrendered for payroll taxes | -485 | 0 | -150 |
Net cash used in financing activities | -6,730 | -4,943 | -3,650 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 4,771 | 149 | 9,626 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 28,715 | 28,566 | 18,940 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 33,486 | 28,715 | 28,566 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION- | ' | ' | ' |
Cash paid during the year for income taxes | 7,757 | 6,900 | 10,788 |
Capital expenditures in accounts payable | $699 | $1,401 | $279 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 12 Months Ended | |||||||||
Mar. 30, 2014 | ||||||||||
Accounting Policies [Abstract] | ' | |||||||||
Nature of Business and Significant Accounting Policies | ' | |||||||||
Nature of Business and Significant Accounting Policies | ||||||||||
Nature of Business - We have two reportable segments: Industrial and Water Treatment. The Industrial Group operates our Industrial segment and specializes in providing industrial chemicals, products and services to industries such as agriculture, energy, electronics, food, chemical processing, pharmaceutical, medical device and plating. The group also manufactures and sells certain food-grade products, including liquid phosphates, lactates and other blended products. The Water Treatment Group operates our Water Treatment segment and specializes in providing chemicals, equipment and solutions for potable water, municipal and industrial wastewater, industrial process water and non-residential swimming pool water. The group has the resources and flexibility to treat systems ranging in size from a single small well to a multi-million-gallon-per-day facility. | ||||||||||
Fiscal Year - Our fiscal year is a 52/53-week year ending on the Sunday closest to March 31. Our fiscal years ended March 30, 2014 (“fiscal 2014”), March 31, 2013 (“fiscal 2013”) and April 1, 2012 (“fiscal 2012”) were, and the fiscal year ending on March 29, 2015 (“fiscal 2015”) will be, 52 weeks. | ||||||||||
Principles of Consolidation - The consolidated financial statements include the accounts of Hawkins, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated. | ||||||||||
Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. | ||||||||||
Revenue Recognition - We recognize revenue when there is evidence that the customer has agreed to purchase the product, the price and terms of the sale are fixed, the product has shipped and title has passed to our customer, performance has occurred, and collection of the receivable is reasonably assured. | ||||||||||
Shipping and Handling - All shipping and handling amounts billed to customers are included in revenues. Costs incurred related to the shipping and the handling of products are included in cost of sales. | ||||||||||
Fair Value Measurements - The financial assets and liabilities that are re-measured and reported at fair value for each reporting period include marketable securities and contingent consideration payable related to the ACS Acquisition. There are no fair value measurements with respect to nonfinancial assets or liabilities that are recognized or disclosed at fair value in our consolidated financial statements on a recurring basis. | ||||||||||
Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: | ||||||||||
Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||
Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||
Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. | ||||||||||
In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||||||||
Cash Equivalents - Cash equivalents include all liquid debt instruments (primarily cash funds and money market accounts) purchased with an original maturity of three months or less. The balances maintained at financial institutions may, at times, exceed federally insured limits. | ||||||||||
Investments - Available-for-sale securities consist of certificates of deposit (“CD’s”) and municipal bonds and are valued at current market value, with the resulting unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value is recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. | ||||||||||
Trade Receivables and Concentrations of Credit Risk - Financial instruments, which potentially subject us to a concentration of credit risk, principally consist of trade receivables. We sell our principal products to a large number of customers in many different industries. There are no concentrations of credit risk with a single customer from a particular service or geographic area that would significantly impact us in the near term. To reduce credit risk, we routinely assess the financial strength of our customers. We record an allowance for doubtful accounts to reduce our receivables to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic evaluations of our customers’ financial condition. We invest our excess cash balances at times in CD’s, municipal bonds and a money market account at two separate financial institutions where the cash balances may exceed federally insured limits. The institutions are two of the largest commercial banking institutions in the country and both have maintained a AA credit rating. | ||||||||||
Inventories - Inventories, consisting primarily of finished goods, are primarily valued at the lower of cost or net realizable value, with cost for the vast majority of our inventory determined using the last-in, first-out (“LIFO”) method. The amount of inventory valued using the first-in, first-out (“FIFO”) method represents approximately 9% of the total FIFO inventory balance at March 30, 2014. | ||||||||||
Property, Plant and Equipment - Property is stated at cost and depreciated or amortized over the lives of the assets, using the straight-line method. Estimated lives are: 10 to 40 years for buildings and improvements; 3 to 20 years for machinery and equipment; 3 to 10 years for transportation equipment; and 3 to 10 years for office furniture and equipment including computer systems. Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining lease term. | ||||||||||
Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any related gains or losses are included in income. | ||||||||||
We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset group may not be recoverable, such as prolonged industry downturn or significant reductions in projected future cash flows. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss would be measured by the amount the carrying value exceeds the fair value of the long-lived asset group. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. No material long-lived assets were determined to be impaired during fiscal years 2014, 2013 or 2012. | ||||||||||
Goodwill and Identifiable Intangible Assets - Goodwill represents the excess of the cost of acquired businesses over the fair value of identifiable tangible net assets and identifiable intangible assets purchased. Goodwill is tested at least annually for impairment, and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. As of January 1, 2014, the company performed an analysis of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a two-step goodwill impairment test for either reporting unit. | ||||||||||
Our primary identifiable intangible assets include customer lists, trade secrets, non-compete agreements, trademarks, and trade names acquired in previous business acquisitions. Identifiable intangibles with finite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. The values assigned to the intangible assets with finite lives are being amortized on average over approximately 13 years. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. The impairment test consists of a qualitative assessment to determine whether it is more likely than not that the asset is impaired. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative impairment test for fiscal 2014. | ||||||||||
Impairment tests were also completed in the fourth quarters of fiscal 2013 and 2012, which resulted in no impairment charges for either of these fiscal years. | ||||||||||
Income Taxes - In the preparation of our consolidated financial statements, the calculation of income taxes by management is based upon the estimated effective rate applicable to operating results for the full fiscal year. This includes estimating the current tax liability as well as assessing differences resulting from different treatment of items for tax and book accounting purposes. Differences that are temporary in nature result in deferred tax assets and liabilities, which are recorded on the balance sheet, while the differences that are permanent in nature impact the income tax expense recorded on the income statement and impact the effective tax rate for the fiscal year. The deferred tax assets and liabilities are analyzed regularly and management assesses the likelihood that deferred tax assets will be recovered from future taxable income. We record any interest and penalties related to income taxes as income tax expense in the statements of income. | ||||||||||
The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Changes in recognition or measurement are made as facts and circumstances change. | ||||||||||
Stock-Based Compensation - We account for stock-based compensation on a fair value basis. The estimated grant date fair value of each stock-based award is recognized in expense over the requisite service period (generally the vesting period). Non-vested share awards are recorded as compensation expense over the requisite service periods based on the market value on the date of grant. | ||||||||||
Earnings Per Share - Basic earnings per share (“EPS”) are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted EPS are computed by dividing net income by the weighted-average number of common shares outstanding including the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following: | ||||||||||
30-Mar-14 | 31-Mar-13 | April 1, 2012 | ||||||||
Weighted average common shares outstanding — basic | 10,544,467 | 10,464,820 | 10,339,391 | |||||||
Dilutive impact of stock performance units, restricted stock, and stock options | 55,288 | 76,322 | 69,182 | |||||||
Weighted average common shares outstanding — diluted | 10,599,755 | 10,541,142 | 10,408,573 | |||||||
There were no shares or stock options excluded from the calculation of weighted average common shares for diluted EPS for fiscal 2014, 2013 or 2012. | ||||||||||
Derivative Instruments and Hedging Activities - We do not have any freestanding or embedded derivatives and it is our practice to not enter into contracts that contain them. |
Business_Combinations
Business Combinations | 12 Months Ended |
Mar. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combinations | ' |
Business Combinations | |
Acquisition of Advance Chemical Solutions, Inc.: On October 1, 2013, we acquired substantially all of the assets of Advance Chemical Solutions, Inc. (“ACS”), under the terms of an asset purchase agreement with ACS and its shareholders. We paid $2.4 million in cash, and may be obligated to pay an aggregate of $0.5 million in additional consideration to ACS over the next three years. The amount of such additional payments will be based on the achievement of certain financial performance targets for each of the next three years. Costs associated with this transaction were not material to our company and were expensed as incurred. | |
The acquisition has been accounted for under the acquisition method of accounting, under which the total estimated purchase price is allocated to the net tangible and intangible assets of ACS acquired in connection with the acquisition, based on their estimated fair values. | |
In connection with this acquisition, we estimated the fair value of the future contingent consideration payable and recorded $0.4 million for such consideration on our balance sheet. We have determined that this liability is a Level 3 fair value measurement within the FASB’s fair value hierarchy, and such liability is adjusted to fair value at each reporting date, with the adjustment reflected in selling, general and administrative expenses. The fair value adjustments recorded during the twelve months ended March 30, 2014 were immaterial. | |
We estimated the fair value of the assets acquired and liabilities assumed to be $2.8 million using a discounted cash flow analysis (income approach). Fair values of acquired assets and liabilities include: $0.4 million of net working capital and fixed assets; $1.5 million to intangible assets; and $0.9 million to goodwill. The goodwill recognized as a result of the ACS acquisition is primarily attributable to expected synergies. Such goodwill is deductible for tax purposes. | |
ACS had revenues of approximately $4 million for the 12 months ended September 30, 2013. The results of its operations since the acquisition date, and the assets including the goodwill associated with this acquisition, are included in our Water Treatment segment. |
Cash_and_Cash_Equivalents_and_
Cash and Cash Equivalents and Investments | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||||||||||||||||||||
Cash and Cash Equivalents and Investments | ' | ||||||||||||||||||||||||
Cash and Cash Equivalents and Investments | |||||||||||||||||||||||||
The following table presents information about our financial assets that are measured at fair value on a recurring basis as of March 30, 2014 and March 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||
Description | 30-Mar-14 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash | $ | 33,486 | $ | 33,486 | $ | — | $ | — | |||||||||||||||||
Certificates of deposit | 24,437 | — | 24,437 | — | |||||||||||||||||||||
Municipal Bonds | 5,258 | — | 5,258 | — | |||||||||||||||||||||
Description | 31-Mar-13 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash | $ | 28,715 | $ | 28,715 | $ | — | $ | — | |||||||||||||||||
Certificates of deposit | 21,222 | — | 21,222 | — | |||||||||||||||||||||
Our financial assets that are measured at fair value on a recurring basis are CD’s and municipal bonds, with maturities ranging from three months to three years which fall within valuation technique Level 2. The CD’s and municipal bonds are classified as investments in current assets and noncurrent assets on the condensed consolidated balance sheets. As of March 30, 2014, the CD’s and municipal bonds had a fair value of $13.8 million in current assets and $15.9 million in noncurrent assets. | |||||||||||||||||||||||||
The carrying value of cash and cash equivalents accounts approximates fair value, as maturities are three months or less. | |||||||||||||||||||||||||
The contractual maturities of available-for-sale securities at March 30, 2014 and March 31, 2013 are shown in the table below: | |||||||||||||||||||||||||
March 30, 2014 | 31-Mar-13 | ||||||||||||||||||||||||
(In thousands) | Amortized | Fair Value | Unrealized | Amortized | Fair Value | Unrealized | |||||||||||||||||||
Cost | Gain/(loss) | Cost | Gain/(loss) | ||||||||||||||||||||||
Within one year | $ | 13,864 | $ | 13,843 | $ | (21 | ) | $ | 15,615 | $ | 15,625 | $ | 10 | ||||||||||||
Between one and three years | 15,890 | 15,852 | (38 | ) | 5,590 | 5,597 | 7 | ||||||||||||||||||
Total available-for-sale securities | $ | 29,754 | $ | 29,695 | $ | (59 | ) | $ | 21,205 | $ | 21,222 | $ | 17 | ||||||||||||
Realized gains and losses were not material for fiscal 2014, 2013 and 2012. |
Inventories
Inventories | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories at March 30, 2014 and March 31, 2013 consisted of the following: | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Inventory (FIFO basis) | $ | 31,344 | $ | 35,281 | |||||
LIFO reserve | (5,152 | ) | (7,073 | ) | |||||
Net inventory | $ | 26,192 | $ | 28,208 | |||||
The FIFO value of inventories accounted for under the LIFO method was $28.5 million at March 30, 2014 and $30.3 million at March 31, 2013. The remainder of the inventory was valued and accounted for under the FIFO method. | |||||||||
We decreased the LIFO reserve by $1.9 million in fiscal 2014 and $0.4 million in fiscal 2013 due primarily to lower levels of inventory at the end of the year. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Identifiable Intangible Assets | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill were as follows: | |||||||||||||||||||||||||
(In thousands) | Amount | ||||||||||||||||||||||||
Balance as of April 1, 2012 | $ | 6,495 | |||||||||||||||||||||||
Fiscal 2013 activity | — | ||||||||||||||||||||||||
Balance as of March 31, 2013 | 6,495 | ||||||||||||||||||||||||
Fiscal 2014 activity (ACS Acquisition) | 897 | ||||||||||||||||||||||||
Balance as of March 30, 2014 | $ | 7,392 | |||||||||||||||||||||||
Through fiscal 2013, all of our goodwill was related to our Industrial operating segment. The increase in goodwill during fiscal 2014 relates to the acquisition of ACS, and is recorded as part of our Water Treatment segment. | |||||||||||||||||||||||||
The following is a summary of our intangible assets as of March 30, 2014 and March 31, 2013: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Amount | Accumulated | Net | Gross Amount | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Finite-life intangible assets: | |||||||||||||||||||||||||
Customer relationships | $ | 6,913 | $ | (1,292 | ) | $ | 5,621 | $ | 5,508 | $ | (981 | ) | $ | 4,527 | |||||||||||
Trademark | 1,335 | (421 | ) | 914 | 1,240 | (274 | ) | 966 | |||||||||||||||||
Trade secrets | 962 | (768 | ) | 194 | 962 | (640 | ) | 322 | |||||||||||||||||
Carrier relationships | 800 | (257 | ) | 543 | 800 | (177 | ) | 623 | |||||||||||||||||
Other finite-life intangible assets | 341 | (331 | ) | 10 | 339 | (326 | ) | 13 | |||||||||||||||||
Total finite-life intangible assets | 10,351 | (3,069 | ) | 7,282 | 8,849 | (2,398 | ) | 6,451 | |||||||||||||||||
Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | |||||||||||||||||||
Total intangible assets, net | $ | 11,578 | $ | (3,069 | ) | $ | 8,509 | $ | 10,076 | $ | (2,398 | ) | $ | 7,678 | |||||||||||
Intangible asset amortization expense was $0.7 million during fiscal 2014, $0.6 million during fiscal 2013, and $0.6 million during fiscal 2012. | |||||||||||||||||||||||||
The estimated future amortization expense for identifiable intangible assets during the next five years is as follows: | |||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Estimated amortization expense | $ | 730 | $ | 616 | $ | 570 | $ | 558 | $ | 550 | |||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Components of accumulated other comprehensive income (loss) on our balance sheet, net of tax, were as follows: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Unrealized gain (loss) on: | |||||||||
Available-for-sale investments | $ | (36 | ) | $ | 11 | ||||
Post-retirement plan liability adjustments | (8 | ) | (117 | ) | |||||
Accumulated other comprehensive loss | $ | (44 | ) | $ | (106 | ) |
Share_Based_Compensation
Share Based Compensation | 12 Months Ended | ||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||
Performance-Based Restricted Stock Units. Our Board of Directors has approved a performance-based equity compensation arrangement for our executive officers. This performance-based arrangement provides for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on our pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer will be determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 39,833 shares in the aggregate for fiscal 2014. The restricted shares issued will fully vest two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and then-converted restricted stock over the life of the awards. | |||||||||||||||||||||||
The following table represents the restricted stock activity for fiscal 2014: | |||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||
Average Grant | |||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||
Outstanding at beginning of year | 63,244 | $ | 34.26 | ||||||||||||||||||||
Granted | 28,648 | 40.25 | |||||||||||||||||||||
Vested | (36,182 | ) | 35.2 | ||||||||||||||||||||
Forfeited or expired | (3,606 | ) | 33.01 | ||||||||||||||||||||
Outstanding at end of year | 52,104 | $ | 36.99 | ||||||||||||||||||||
The weighted average grant date fair value of restricted shares issued in fiscal 2014, 2013 and 2012 was $40.25, $33.01, and $35.39, respectively. We recorded compensation expense on performance-based restricted stock of approximately $0.8 million for fiscal 2014, $1.1 million for fiscal 2013 and $0.8 million for fiscal 2012, substantially all of which was recorded in selling, general and administrative (“SG&A”) expense in the Consolidated Statements of Income. The total fair value of performance-based restricted stock units vested in fiscal 2014 was $1.3 million compared to zero in fiscal 2013 and $0.3 million in fiscal 2012. | |||||||||||||||||||||||
Until the performance-based restricted stock units result in the issuance of restricted stock, the amount of expense recorded each period is dependent upon our estimate of the number of shares that will ultimately be issued and our then current common stock price. Upon issuance of restricted stock, we record compensation expense over the remaining vesting period using the award date closing price. Unrecognized compensation expense related to non-vested restricted stock and non-vested restricted share units as of March 30, 2014 was $1.0 million and is expected to be recognized over a weighted average period of 1.0 years. | |||||||||||||||||||||||
The benefits of tax deductions in excess of recognized compensation costs from share-based compensation are recorded as a change in additional paid-in capital rather than a deduction of taxes paid. The amount of excess tax benefit (expense) recognized and recorded in additional paid-in capital resulting from share-based compensation cost was $(0.2) million in fiscal 2014, $0.5 million in fiscal 2013 and $0.7 million in 2012. | |||||||||||||||||||||||
Restricted Stock Awards. As part of their retainer, the Board of Directors receives restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which begins on the date of issuance and ends on the date of the next Annual Meeting of Shareholders, based on the market value on the date of grant. The following table represents the Board’s restricted stock activity for fiscal 2014: | |||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||
Average Grant | |||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||
Outstanding at beginning of period | 5,724 | $ | 36.65 | ||||||||||||||||||||
Granted | 6,055 | 40.42 | |||||||||||||||||||||
Vested | (5,724 | ) | 36.65 | ||||||||||||||||||||
Forfeited or expired | — | — | |||||||||||||||||||||
Outstanding at end of period | 6,055 | $ | 40.42 | ||||||||||||||||||||
Annual expense related to the value of restricted stock was $0.2 million for each of fiscal 2014, 2013 and 2012, all of which was recorded in SG&A expense in the Consolidated Statements of Income. Unrecognized compensation expense related to non-vested restricted stock awards as of March 30, 2014 was $0.1 million and is expected to be recognized over a weighted average period of 0.3 years. | |||||||||||||||||||||||
Stock Option Awards. Our Board of Directors (the “Board”) previously approved a long-term incentive equity compensation arrangement for our executive officers that provided for the grant of non-qualified stock options that vested at the end of a three-year period, although no stock options have been granted under this arrangement since the fiscal year ended March 28, 2010. As of March 30, 2014 we had 9,333 stock options outstanding and exercisable at a weighted average exercise price of $19.90. No expense was recorded in fiscal 2014 or 2013 related to the value of stock options. Expense related to the value of stock options was $0.1 million for fiscal year 2012, substantially all of which was recorded in SG&A expense in the Consolidated Statements of Income. The weighted average remaining life of all outstanding and exercisable options as of March 30, 2014 is 5.2 years years. | |||||||||||||||||||||||
The following table represents the stock option activity for fiscal 2014: | |||||||||||||||||||||||
Total Outstanding | Exercisable | ||||||||||||||||||||||
(In thousands, except share data) | Shares | Weighted- | Aggregate | Shares | Weighted- | Aggregate | |||||||||||||||||
Average | Intrinsic | Average | Intrinsic | ||||||||||||||||||||
Exercise | Value | Exercise | Value | ||||||||||||||||||||
Price | Price | ||||||||||||||||||||||
Outstanding at beginning of year | 18,666 | $ | 19.9 | $ | 665 | 18,666 | $ | 19.9 | $ | 665 | |||||||||||||
Granted | — | — | — | — | |||||||||||||||||||
Vested | — | — | — | — | |||||||||||||||||||
Exercised | (9,333 | ) | 19.9 | (9,333 | ) | 19.9 | |||||||||||||||||
Forfeited or expired | — | — | — | — | |||||||||||||||||||
Outstanding at end of year | 9,333 | $ | 19.9 | $ | 297 | 9,333 | $ | 19.9 | $ | 297 | |||||||||||||
Profit_Sharing_Employee_Stock_
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans | 12 Months Ended | ||||||||||||
Mar. 31, 2013 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans | ' | ||||||||||||
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans | |||||||||||||
Company sponsored plans. Substantially all of our non-bargaining unit employees are eligible to participate in a company sponsored profit sharing plan. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code. Beginning in fiscal 2013, the profit sharing plan contribution level for each employee will depend upon date of hire, with those employees hired after April 1, 2012 eligible to receive a contribution that is 50% of the contribution made for employees hired on or before April 1, 2012. Our contribution to the profit sharing plan for fiscal 2014 and fiscal 2013 was 5% of each employee’s eligible compensation for employees hired on or before April 1, 2012. In addition to the changes in the profit sharing plan for fiscal 2013, we introduced a 401(k) plan that will allow employees to contribute pre-tax earnings up to the maximum amount allowed under the Internal Revenue Code, with an employer match of up to 5% of the employee’s eligible compensation. Our contribution to the profit sharing plan was 15% of each employee’s eligible compensation in fiscal year 2012. | |||||||||||||
We have an employee stock ownership plan (“ESOP”) covering substantially all of our non-bargaining unit employees. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code. Beginning in fiscal 2013, the ESOP contribution level for each employee will depend upon date of hire, with those employees hired after April 1, 2012 eligible to receive a contribution that is 50% of the contribution made for employees hired on or before April 1, 2012. Our contribution to the ESOP for fiscal 2014 and fiscal 2013 was 5% of each employee’s eligible compensation for employees hired on or before April 1, 2012. Our contribution to the ESOP was 5% of each employee’s eligible compensation for fiscal year 2012. | |||||||||||||
We have an employee stock purchase plan (“ESPP”) covering substantially all of our employees. The ESPP allows employees to purchase newly-issued shares of the Company’s common stock at a discount from market. | |||||||||||||
In fiscal 2012, Vertex employees participated in a 401(k) plan that included an employer match of up to 3% of the employee’s eligible compensation and a discretionary Company contribution. The total company contribution to this plan was $0.2 million. Beginning in fiscal 2013, Vertex employees are included within the Company’s retirement plans outlined above. | |||||||||||||
In March 2013, concurrent with our withdrawal from a multiemployer pension plan described below, we established a retirement plan and ESOP for our collective bargaining unit employees. Each of these plans is subject to a maximum amount allowed under the Internal Revenue Code. The retirement plan provides for a contribution of 5% of each employee’s eligible wages annually for employees who were eligible to enter the plan on March 1, 2013 and a contribution of 2.5% of each employee’s eligible wages annually for employees who entered the plan subsequent to March 1, 2013. Additionally, the retirement plan includes a 401(k) plan that will allow employees to contribute pre-tax earnings up to the maximum amount allowed under the Internal Revenue Code, with an employer match of up to 5% of the employee’s eligible compensation. The ESOP provides for contributions of 5% of each employee’s eligible wages annually for employees who were eligible to enter the plan on March 1, 2013 and a contribution of 2.5% of each employee’s eligible wages annually for employees who enter the plan subsequent to March 1, 2013. | |||||||||||||
The following represents the contribution expense for the company sponsored profit sharing, ESOP, ESPP and 401(k) plans for fiscal 2014, 2013 and 2012: | |||||||||||||
Benefit Plan | 2014 | 2013 | 2012 | ||||||||||
(In thousands) | |||||||||||||
Non-bargaining unit employee plans: | |||||||||||||
Profit sharing | $ | 1,231 | $ | 1,204 | $ | 2,616 | |||||||
401(K) matching contributions | 980 | 1,206 | — | ||||||||||
ESOP | 1,231 | 1,203 | 802 | ||||||||||
Vertex plan | — | — | 175 | ||||||||||
Bargaining unit employee plans | 500 | — | — | ||||||||||
ESPP - all employees | 257 | 289 | 262 | ||||||||||
Total contribution expense | $ | 4,199 | $ | 3,902 | $ | 3,855 | |||||||
Multiemployer pension plan. In fiscal 2013, we concluded negotiations with two collective bargaining units to discontinue our participation in the Central States, Southeast and Southwest Areas Pension Fund (“CSS” or “the plan”), a collectively bargained multiemployer pension plan, and as a result we recorded a pre-tax charge of $7.2 million (approximately $4.5 million after tax, or $0.43 per share, fully diluted). This charge represents the discounted value of our estimated withdrawal payment obligation and has been recorded as a charge to cost of sales in our Industrial segment. | |||||||||||||
Payment of our share of the unfunded vested benefit liability will be made over 20 years and is subject to a cap. At the end of the 20-year period we will have no further liability, even if our share of the unfunded vested benefit liability had not yet been paid in full. The aggregate cash payments to be made total approximately $9.3 million, or $467,000 per year. Our payments began in the third quarter of fiscal 2014. | |||||||||||||
We made contributions to CSS of approximately $0.4 million in each of fiscal 2013 and 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
Leases — We have various operating leases for primarily buildings and land on which some of our operations are located. Future minimum lease payments due under operating leases with an initial term of one year or more at March 30, 2014 are as follows: | |||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
Minimum lease payment | $ | 1,478 | $ | 1,254 | $ | 1,111 | $ | 1,054 | $ | 1,061 | $ | 4,061 | |||||||||||||
Total rental expense for the fiscal years 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Minimum rentals | $ | 1,223 | $ | 818 | $ | 617 | |||||||||||||||||||
Contingent rentals | 110 | 110 | 102 | ||||||||||||||||||||||
Total rental expense | $ | 1,333 | $ | 928 | $ | 719 | |||||||||||||||||||
Litigation - As of March 30, 2014 there were no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries are a party or of which any of our property is the subject. Legal fees associated with such matters are expensed as incurred. | |||||||||||||||||||||||||
In the first quarter of fiscal 2013, we entered into a settlement agreement with a chemical supplier to us, pursuant to which we mutually resolved the previously disclosed litigation and all disputes among us. The settlement agreement provided for a cash payment by us to the supplier and provided that both parties enter into new contracts for the supply by the supplier of certain chemicals to us. Our obligations under the settlement agreement resulted in a $3.2 million charge to pre-tax income recorded in cost of sales (approximately $2.0 million or $0.19 per share, fully diluted, after tax) in the first quarter of fiscal 2013. | |||||||||||||||||||||||||
Asset Retirement Obligations - We have three leases of land which contain terms that state that at the end of the lease term (currently 2023 for one lease and 2018 for the other two leases if the leases are not renewed), we have a specified amount of time to remove the property and buildings. At that time, anything that remains on the land becomes the property of the lessor, and the lessor has the option to either maintain the property or remove the property at our expense. We have not been able to reasonably estimate the fair value of the asset retirement obligations, primarily due to the combination of the following factors: The leases do not expire in the near future; we have a history of extending the leases with the lessors and currently intend to do so at expiration of the lease periods; the lessors do not have a history of terminating leases with their tenants; and because it is more likely than not that the buildings will have value at the end of the lease life and therefore, may not be removed by either the lessee or the lessor. Therefore, in accordance with accounting guidance related to asset retirement and environmental obligations, we have not recorded an asset retirement obligation as of March 30, 2014. We will continue to monitor the factors surrounding the requirement to record an asset retirement obligation and will recognize the fair value of a liability in the period in which it is incurred and a reasonable estimate can be made. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The provisions for income taxes for fiscal 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Federal — current | $ | 7,612 | $ | 8,967 | $ | 8,632 | |||||||
State — current | 1,255 | 2,417 | 2,546 | ||||||||||
Total current | 8,867 | 11,384 | 11,178 | ||||||||||
Federal — deferred | 676 | (2,466 | ) | 2,796 | |||||||||
State — deferred | 424 | (600 | ) | 316 | |||||||||
Total deferred | 1,100 | (3,066 | ) | 3,112 | |||||||||
Total provision | $ | 9,967 | $ | 8,318 | $ | 14,290 | |||||||
Our effective tax rate for fiscal 2014 was reduced by a non-recurring state tax benefit of $0.4 million. During fiscal 2013, we amended previously filed U.S. Federal tax returns resulting in an increase of $0.8 million in the benefits related to the domestic manufacturing deduction and investment tax credits, which reduced our tax rate for that year. Reconciliations of the provisions for income taxes, based on income from continuing operations, to the applicable federal statutory income tax rate of 35% are listed below. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal deduction | 3.2 | % | 4.9 | % | 5 | % | |||||||
ESOP dividend deduction on allocated shares | (0.8 | )% | (1.0 | )% | (0.7 | )% | |||||||
Domestic production deduction | (2.1 | )% | (2.7 | )% | (0.9 | )% | |||||||
Impact of amended tax returns | — | % | (3.3 | )% | — | % | |||||||
Other — net | 0.2 | % | (0.2 | )% | 0.2 | % | |||||||
Total | 35.5 | % | 32.7 | % | 38.6 | % | |||||||
The tax effects of items comprising our net deferred tax asset (liability) as of March 30, 2014 and March 31, 2013 are as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Trade receivables | $ | 191 | $ | 188 | |||||||||
Stock compensation accruals | 1,031 | 776 | |||||||||||
Pension withdrawal liability | 2,872 | 2,902 | |||||||||||
Other | 842 | 1,100 | |||||||||||
Total deferred tax assets | $ | 4,936 | $ | 4,966 | |||||||||
Deferred tax liabilities: | |||||||||||||
Inventories | $ | (3,618 | ) | $ | (3,319 | ) | |||||||
Prepaid | (727 | ) | (525 | ) | |||||||||
Excess of tax over book depreciation | (13,221 | ) | (11,385 | ) | |||||||||
Amortization of intangibles | (456 | ) | (354 | ) | |||||||||
Total deferred tax liabilities | $ | (18,022 | ) | $ | (15,583 | ) | |||||||
Net deferred tax liabilities | $ | (13,086 | ) | $ | (10,617 | ) | |||||||
As of March 30, 2014, the Company has determined that it is more likely than not that the deferred tax assets at March 30, 2014 will be realized either through future taxable income or reversals of taxable temporary differences. As of March 30, 2014 and March 31, 2013, there were no unrecognized tax benefits. Accordingly, a tabular reconciliation from beginning to ending periods is not provided. | |||||||||||||
We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended March 29, 2009 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Mar. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
Discontinued Operations | |
During the fiscal year ended March 29, 2009, we agreed to sell our inventory and entered into a marketing agreement regarding the business of our Pharmaceutical segment, which provided pharmaceutical chemicals to retail pharmacies and small-scale pharmaceutical manufacturers. We have no remaining obligations to fulfill under the agreement. The results of the Pharmaceutical segment have been reported as discontinued operations for all periods presented. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
We have two reportable segments: Industrial and Water Treatment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Product costs and expenses for each segment are based on actual costs incurred along with cost allocation of shared and centralized functions. We evaluate performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. Reportable segments are defined primarily by product and type of customer. Segments are responsible for the sales, marketing and development of their products and services. The segments do not have separate accounting, administration, customer service or purchasing functions. There are no intersegment sales and no operating segments have been aggregated. Given our nature, it is not practical to disclose revenues from external customers for each product or each group of similar products. No single customer’s revenues amounted to 10% or more of our total revenue. Sales are primarily within the United States and all assets are located within the United States. | |||||||||||||
Reportable Segments | Industrial | Water | Total | ||||||||||
Treatment | |||||||||||||
(In thousands) | |||||||||||||
Fiscal Year Ended March 30, 2014: | |||||||||||||
Sales | $ | 244,888 | $ | 103,375 | $ | 348,263 | |||||||
Gross profit | 32,041 | 29,559 | 61,600 | ||||||||||
Selling, general, and administrative expenses | 19,781 | 13,729 | 33,510 | ||||||||||
Operating income | 12,260 | 15,830 | 28,090 | ||||||||||
Identifiable assets* | $ | 141,506 | $ | 29,001 | $ | 170,507 | |||||||
Fiscal Year Ended March 31, 2013: | |||||||||||||
Sales | $ | 248,556 | $ | 101,831 | $ | 350,387 | |||||||
Gross profit | 28,878 | 28,058 | 56,936 | ||||||||||
Selling, general, and administrative expenses | 19,923 | 11,683 | 31,606 | ||||||||||
Operating income | 8,955 | 16,375 | 25,330 | ||||||||||
Identifiable assets* | $ | 143,827 | $ | 25,448 | $ | 169,275 | |||||||
Fiscal Year Ended April 1, 2012: | |||||||||||||
Sales | $ | 251,451 | $ | 92,383 | $ | 343,834 | |||||||
Gross profit | 40,357 | 25,511 | 65,868 | ||||||||||
Selling, general, and administrative expenses | 19,805 | 10,954 | 30,759 | ||||||||||
Operating income | 20,552 | 14,557 | 35,109 | ||||||||||
Identifiable assets* | $ | 129,782 | $ | 23,543 | $ | 153,325 | |||||||
* Unallocated assets consisting primarily of cash and cash equivalents, investments and prepaid expenses were $66.7 million at March 30, 2014, $52.9 million at March 31, 2013 and $48.0 million at April 1, 2012. Additionally, assets associated with the discontinued operations of the Pharmaceutical segment were zero at March 30, 2014 and March 31, 2013, and $1.2 million at April 1, 2012. | |||||||||||||
In fiscal 2013, gross profit for our Industrial segment was negatively impacted by a $7.2 million (pre-tax) charge related to our withdrawal from a multiemployer pension plan (see Note 8 for further discussion) as well as a $3.2 million (pre-tax) charge related to a legal settlement (see Note 9 for further discussion). The cumulative impact of these pre-tax charges to the industrial gross profit for fiscal 2013 was $10.4 million. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||
(In thousands, except per share data) | Fiscal 2014 | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Sales | $ | 94,744 | $ | 86,599 | $ | 81,697 | $ | 85,223 | |||||||||
Gross profit | 17,231 | 16,570 | 13,550 | 14,249 | |||||||||||||
Selling, general, and administrative expenses | 8,970 | 8,293 | 8,167 | 8,080 | |||||||||||||
Operating income | 8,261 | 8,277 | 5,383 | 6,169 | |||||||||||||
Income from continuing operations, net of tax | 5,112 | 5,207 | 3,480 | 4,295 | |||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | |||||||||||||
Net income | $ | 5,112 | $ | 5,207 | $ | 3,480 | $ | 4,295 | |||||||||
Basic net income per share | $ | 0.49 | $ | 0.49 | $ | 0.33 | $ | 0.41 | |||||||||
Diluted net income per share | $ | 0.48 | $ | 0.49 | $ | 0.33 | $ | 0.4 | |||||||||
Fiscal 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Sales | $ | 90,099 | $ | 87,160 | $ | 85,527 | $ | 87,601 | |||||||||
Gross profit | 15,307 | 19,196 | 8,126 | 14,307 | |||||||||||||
Selling, general, and administrative expenses | 8,227 | 7,455 | 7,617 | 8,307 | |||||||||||||
Operating income | 7,080 | 11,741 | 509 | 6,000 | |||||||||||||
Income from continuing operations, net of tax | 4,365 | 7,230 | 1,348 | 4,165 | |||||||||||||
Income from discontinued operations, net of tax | 18 | — | — | — | |||||||||||||
Net income | $ | 4,383 | $ | 7,230 | $ | 1,348 | $ | 4,165 | |||||||||
Basic net income per share | $ | 0.42 | $ | 0.69 | $ | 0.13 | $ | 0.4 | |||||||||
Diluted net income per share | $ | 0.42 | $ | 0.69 | $ | 0.13 | $ | 0.39 | |||||||||
In the first quarter of fiscal 2013, we recorded a $3.2 million (pre-tax) charge related to a legal settlement (see Note 9 for further discussion). In the third quarter of fiscal 2013, we recorded a $7.2 million (pre-tax) charge related to our withdrawal from a multiemployer pension plan (see Note 8 for further discussion). Both items negatively impacted gross profit. |
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Fiscal Year | ' |
Our fiscal year is a 52/53-week year ending on the Sunday closest to March 31. Our fiscal years ended March 30, 2014 (“fiscal 2014”), March 31, 2013 (“fiscal 2013”) and April 1, 2012 (“fiscal 2012”) were, and the fiscal year ending on March 29, 2015 (“fiscal 2015”) will be, 52 weeks. | |
Principles of Consolidation | ' |
The consolidated financial statements include the accounts of Hawkins, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated. | |
Estimates | ' |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
We recognize revenue when there is evidence that the customer has agreed to purchase the product, the price and terms of the sale are fixed, the product has shipped and title has passed to our customer, performance has occurred, and collection of the receivable is reasonably assured. | |
Shipping and Handling | ' |
All shipping and handling amounts billed to customers are included in revenues. Costs incurred related to the shipping and the handling of products are included in cost of sales. | |
Fair Value Measurements | ' |
The financial assets and liabilities that are re-measured and reported at fair value for each reporting period include marketable securities and contingent consideration payable related to the ACS Acquisition. There are no fair value measurements with respect to nonfinancial assets or liabilities that are recognized or disclosed at fair value in our consolidated financial statements on a recurring basis. | |
Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: | |
Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. | |
In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | |
Cash Equivalents | ' |
Cash equivalents include all liquid debt instruments (primarily cash funds and money market accounts) purchased with an original maturity of three months or less. The balances maintained at financial institutions may, at times, exceed federally insured limits. | |
Investments | ' |
Available-for-sale securities consist of certificates of deposit (“CD’s”) and municipal bonds and are valued at current market value, with the resulting unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value is recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. | |
Trade Receivables | ' |
Financial instruments, which potentially subject us to a concentration of credit risk, principally consist of trade receivables. We sell our principal products to a large number of customers in many different industries. There are no concentrations of credit risk with a single customer from a particular service or geographic area that would significantly impact us in the near term. To reduce credit risk, we routinely assess the financial strength of our customers. We record an allowance for doubtful accounts to reduce our receivables to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic evaluations of our customers’ financial condition. We invest our excess cash balances at times in CD’s, municipal bonds and a money market account at two separate financial institutions where the cash balances may exceed federally insured limits. The institutions are two of the largest commercial banking institutions in the country and both have maintained a AA credit rating. | |
Inventories | ' |
Inventories, consisting primarily of finished goods, are primarily valued at the lower of cost or net realizable value, with cost for the vast majority of our inventory determined using the last-in, first-out (“LIFO”) method. The amount of inventory valued using the first-in, first-out (“FIFO”) method represents approximately 9% of the total FIFO inventory balance at March 30, 2014. | |
Property, Plant and Equipment | ' |
Property is stated at cost and depreciated or amortized over the lives of the assets, using the straight-line method. Estimated lives are: 10 to 40 years for buildings and improvements; 3 to 20 years for machinery and equipment; 3 to 10 years for transportation equipment; and 3 to 10 years for office furniture and equipment including computer systems. Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining lease term. | |
Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any related gains or losses are included in income. | |
We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset group may not be recoverable, such as prolonged industry downturn or significant reductions in projected future cash flows. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss would be measured by the amount the carrying value exceeds the fair value of the long-lived asset group. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. No material long-lived assets were determined to be impaired during fiscal years 2014, 2013 or 2012. | |
Goodwill and Identifiable Intangible Assets | ' |
Goodwill represents the excess of the cost of acquired businesses over the fair value of identifiable tangible net assets and identifiable intangible assets purchased. Goodwill is tested at least annually for impairment, and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. As of January 1, 2014, the company performed an analysis of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a two-step goodwill impairment test for either reporting unit. | |
Our primary identifiable intangible assets include customer lists, trade secrets, non-compete agreements, trademarks, and trade names acquired in previous business acquisitions. Identifiable intangibles with finite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. The values assigned to the intangible assets with finite lives are being amortized on average over approximately 13 years. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. The impairment test consists of a qualitative assessment to determine whether it is more likely than not that the asset is impaired. Based on management’s analysis of qualitative factors, we determined that it was not necessary to perform a quantitative impairment test for fiscal 2014. | |
Impairment tests were also completed in the fourth quarters of fiscal 2013 and 2012, which resulted in no impairment charges for either of these fiscal years. | |
Income Taxes | ' |
In the preparation of our consolidated financial statements, the calculation of income taxes by management is based upon the estimated effective rate applicable to operating results for the full fiscal year. This includes estimating the current tax liability as well as assessing differences resulting from different treatment of items for tax and book accounting purposes. Differences that are temporary in nature result in deferred tax assets and liabilities, which are recorded on the balance sheet, while the differences that are permanent in nature impact the income tax expense recorded on the income statement and impact the effective tax rate for the fiscal year. The deferred tax assets and liabilities are analyzed regularly and management assesses the likelihood that deferred tax assets will be recovered from future taxable income. We record any interest and penalties related to income taxes as income tax expense in the statements of income. | |
The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Changes in recognition or measurement are made as facts and circumstances change. | |
Stock-Based Compensation | ' |
We account for stock-based compensation on a fair value basis. The estimated grant date fair value of each stock-based award is recognized in expense over the requisite service period (generally the vesting period). Non-vested share awards are recorded as compensation expense over the requisite service periods based on the market value on the date of grant. | |
Earnings Per Share | ' |
Basic earnings per share (“EPS”) are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted EPS are computed by dividing net income by the weighted-average number of common shares outstanding including the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. | |
Derivatives Instruments and Hedging Activities | ' |
We do not have any freestanding or embedded derivatives and it is our practice to not enter into contracts that contain them. |
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Mar. 30, 2014 | ||||||||||
Accounting Policies [Abstract] | ' | |||||||||
Schedule of earnings per share, basic and diluted | ' | |||||||||
Basic and diluted EPS were calculated using the following: | ||||||||||
30-Mar-14 | 31-Mar-13 | April 1, 2012 | ||||||||
Weighted average common shares outstanding — basic | 10,544,467 | 10,464,820 | 10,339,391 | |||||||
Dilutive impact of stock performance units, restricted stock, and stock options | 55,288 | 76,322 | 69,182 | |||||||
Weighted average common shares outstanding — diluted | 10,599,755 | 10,541,142 | 10,408,573 | |||||||
Cash_and_Cash_Equivalents_and_1
Cash and Cash Equivalents and Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||||||||||||||||||||
Summary of financial assets and liabilities measured at fair value | ' | ||||||||||||||||||||||||
The following table presents information about our financial assets that are measured at fair value on a recurring basis as of March 30, 2014 and March 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||
Description | 30-Mar-14 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash | $ | 33,486 | $ | 33,486 | $ | — | $ | — | |||||||||||||||||
Certificates of deposit | 24,437 | — | 24,437 | — | |||||||||||||||||||||
Municipal Bonds | 5,258 | — | 5,258 | — | |||||||||||||||||||||
Description | 31-Mar-13 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash | $ | 28,715 | $ | 28,715 | $ | — | $ | — | |||||||||||||||||
Certificates of deposit | 21,222 | — | 21,222 | — | |||||||||||||||||||||
Available-for-sale securities | ' | ||||||||||||||||||||||||
The contractual maturities of available-for-sale securities at March 30, 2014 and March 31, 2013 are shown in the table below: | |||||||||||||||||||||||||
March 30, 2014 | 31-Mar-13 | ||||||||||||||||||||||||
(In thousands) | Amortized | Fair Value | Unrealized | Amortized | Fair Value | Unrealized | |||||||||||||||||||
Cost | Gain/(loss) | Cost | Gain/(loss) | ||||||||||||||||||||||
Within one year | $ | 13,864 | $ | 13,843 | $ | (21 | ) | $ | 15,615 | $ | 15,625 | $ | 10 | ||||||||||||
Between one and three years | 15,890 | 15,852 | (38 | ) | 5,590 | 5,597 | 7 | ||||||||||||||||||
Total available-for-sale securities | $ | 29,754 | $ | 29,695 | $ | (59 | ) | $ | 21,205 | $ | 21,222 | $ | 17 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories at March 30, 2014 and March 31, 2013 consisted of the following: | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Inventory (FIFO basis) | $ | 31,344 | $ | 35,281 | |||||
LIFO reserve | (5,152 | ) | (7,073 | ) | |||||
Net inventory | $ | 26,192 | $ | 28,208 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of goodwill | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill were as follows: | |||||||||||||||||||||||||
(In thousands) | Amount | ||||||||||||||||||||||||
Balance as of April 1, 2012 | $ | 6,495 | |||||||||||||||||||||||
Fiscal 2013 activity | — | ||||||||||||||||||||||||
Balance as of March 31, 2013 | 6,495 | ||||||||||||||||||||||||
Fiscal 2014 activity (ACS Acquisition) | 897 | ||||||||||||||||||||||||
Balance as of March 30, 2014 | $ | 7,392 | |||||||||||||||||||||||
Summary of intangible assets | ' | ||||||||||||||||||||||||
The following is a summary of our intangible assets as of March 30, 2014 and March 31, 2013: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Amount | Accumulated | Net | Gross Amount | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Finite-life intangible assets: | |||||||||||||||||||||||||
Customer relationships | $ | 6,913 | $ | (1,292 | ) | $ | 5,621 | $ | 5,508 | $ | (981 | ) | $ | 4,527 | |||||||||||
Trademark | 1,335 | (421 | ) | 914 | 1,240 | (274 | ) | 966 | |||||||||||||||||
Trade secrets | 962 | (768 | ) | 194 | 962 | (640 | ) | 322 | |||||||||||||||||
Carrier relationships | 800 | (257 | ) | 543 | 800 | (177 | ) | 623 | |||||||||||||||||
Other finite-life intangible assets | 341 | (331 | ) | 10 | 339 | (326 | ) | 13 | |||||||||||||||||
Total finite-life intangible assets | 10,351 | (3,069 | ) | 7,282 | 8,849 | (2,398 | ) | 6,451 | |||||||||||||||||
Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | |||||||||||||||||||
Total intangible assets, net | $ | 11,578 | $ | (3,069 | ) | $ | 8,509 | $ | 10,076 | $ | (2,398 | ) | $ | 7,678 | |||||||||||
Schedule of future amortization expense | ' | ||||||||||||||||||||||||
The estimated future amortization expense for identifiable intangible assets during the next five years is as follows: | |||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Estimated amortization expense | $ | 730 | $ | 616 | $ | 570 | $ | 558 | $ | 550 | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of Accumulated other comprehensive loss | ' | ||||||||
Components of accumulated other comprehensive income (loss) on our balance sheet, net of tax, were as follows: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Unrealized gain (loss) on: | |||||||||
Available-for-sale investments | $ | (36 | ) | $ | 11 | ||||
Post-retirement plan liability adjustments | (8 | ) | (117 | ) | |||||
Accumulated other comprehensive loss | $ | (44 | ) | $ | (106 | ) |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||
Stock Option [Member] | ' | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||
Summary of stock option | ' | ||||||||||||||||||||||
The following table represents the stock option activity for fiscal 2014: | |||||||||||||||||||||||
Total Outstanding | Exercisable | ||||||||||||||||||||||
(In thousands, except share data) | Shares | Weighted- | Aggregate | Shares | Weighted- | Aggregate | |||||||||||||||||
Average | Intrinsic | Average | Intrinsic | ||||||||||||||||||||
Exercise | Value | Exercise | Value | ||||||||||||||||||||
Price | Price | ||||||||||||||||||||||
Outstanding at beginning of year | 18,666 | $ | 19.9 | $ | 665 | 18,666 | $ | 19.9 | $ | 665 | |||||||||||||
Granted | — | — | — | — | |||||||||||||||||||
Vested | — | — | — | — | |||||||||||||||||||
Exercised | (9,333 | ) | 19.9 | (9,333 | ) | 19.9 | |||||||||||||||||
Forfeited or expired | — | — | — | — | |||||||||||||||||||
Outstanding at end of year | 9,333 | $ | 19.9 | $ | 297 | 9,333 | $ | 19.9 | $ | 297 | |||||||||||||
Performance-Based Restricted Stock [Member] | ' | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||
Summary of performance-based restricted stock units | ' | ||||||||||||||||||||||
The following table represents the restricted stock activity for fiscal 2014: | |||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||
Average Grant | |||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||
Outstanding at beginning of year | 63,244 | $ | 34.26 | ||||||||||||||||||||
Granted | 28,648 | 40.25 | |||||||||||||||||||||
Vested | (36,182 | ) | 35.2 | ||||||||||||||||||||
Forfeited or expired | (3,606 | ) | 33.01 | ||||||||||||||||||||
Outstanding at end of year | 52,104 | $ | 36.99 | ||||||||||||||||||||
Restricted Stock Awards [Member] | ' | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||
Summary of restricted stock awards | ' | ||||||||||||||||||||||
The following table represents the Board’s restricted stock activity for fiscal 2014: | |||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||
Average Grant | |||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||
Outstanding at beginning of period | 5,724 | $ | 36.65 | ||||||||||||||||||||
Granted | 6,055 | 40.42 | |||||||||||||||||||||
Vested | (5,724 | ) | 36.65 | ||||||||||||||||||||
Forfeited or expired | — | — | |||||||||||||||||||||
Outstanding at end of period | 6,055 | $ | 40.42 | ||||||||||||||||||||
Profit_Sharing_Employee_Stock_1
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Schedule of contribution expenses | ' | ||||||||||||
The following represents the contribution expense for the company sponsored profit sharing, ESOP, ESPP and 401(k) plans for fiscal 2014, 2013 and 2012: | |||||||||||||
Benefit Plan | 2014 | 2013 | 2012 | ||||||||||
(In thousands) | |||||||||||||
Non-bargaining unit employee plans: | |||||||||||||
Profit sharing | $ | 1,231 | $ | 1,204 | $ | 2,616 | |||||||
401(K) matching contributions | 980 | 1,206 | — | ||||||||||
ESOP | 1,231 | 1,203 | 802 | ||||||||||
Vertex plan | — | — | 175 | ||||||||||
Bargaining unit employee plans | 500 | — | — | ||||||||||
ESPP - all employees | 257 | 289 | 262 | ||||||||||
Total contribution expense | $ | 4,199 | $ | 3,902 | $ | 3,855 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of future minimum rental payments for operating leases | ' | ||||||||||||||||||||||||
Future minimum lease payments due under operating leases with an initial term of one year or more at March 30, 2014 are as follows: | |||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
Minimum lease payment | $ | 1,478 | $ | 1,254 | $ | 1,111 | $ | 1,054 | $ | 1,061 | $ | 4,061 | |||||||||||||
Schedule of rent expense | ' | ||||||||||||||||||||||||
Total rental expense for the fiscal years 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Minimum rentals | $ | 1,223 | $ | 818 | $ | 617 | |||||||||||||||||||
Contingent rentals | 110 | 110 | 102 | ||||||||||||||||||||||
Total rental expense | $ | 1,333 | $ | 928 | $ | 719 | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of provisions for income taxes | ' | ||||||||||||
The provisions for income taxes for fiscal 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Federal — current | $ | 7,612 | $ | 8,967 | $ | 8,632 | |||||||
State — current | 1,255 | 2,417 | 2,546 | ||||||||||
Total current | 8,867 | 11,384 | 11,178 | ||||||||||
Federal — deferred | 676 | (2,466 | ) | 2,796 | |||||||||
State — deferred | 424 | (600 | ) | 316 | |||||||||
Total deferred | 1,100 | (3,066 | ) | 3,112 | |||||||||
Total provision | $ | 9,967 | $ | 8,318 | $ | 14,290 | |||||||
Schedule of effective income tax rate reconciliation | ' | ||||||||||||
Reconciliations of the provisions for income taxes, based on income from continuing operations, to the applicable federal statutory income tax rate of 35% are listed below. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal deduction | 3.2 | % | 4.9 | % | 5 | % | |||||||
ESOP dividend deduction on allocated shares | (0.8 | )% | (1.0 | )% | (0.7 | )% | |||||||
Domestic production deduction | (2.1 | )% | (2.7 | )% | (0.9 | )% | |||||||
Impact of amended tax returns | — | % | (3.3 | )% | — | % | |||||||
Other — net | 0.2 | % | (0.2 | )% | 0.2 | % | |||||||
Total | 35.5 | % | 32.7 | % | 38.6 | % | |||||||
Schedule of deferred tax assets and liabilities | ' | ||||||||||||
The tax effects of items comprising our net deferred tax asset (liability) as of March 30, 2014 and March 31, 2013 are as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Trade receivables | $ | 191 | $ | 188 | |||||||||
Stock compensation accruals | 1,031 | 776 | |||||||||||
Pension withdrawal liability | 2,872 | 2,902 | |||||||||||
Other | 842 | 1,100 | |||||||||||
Total deferred tax assets | $ | 4,936 | $ | 4,966 | |||||||||
Deferred tax liabilities: | |||||||||||||
Inventories | $ | (3,618 | ) | $ | (3,319 | ) | |||||||
Prepaid | (727 | ) | (525 | ) | |||||||||
Excess of tax over book depreciation | (13,221 | ) | (11,385 | ) | |||||||||
Amortization of intangibles | (456 | ) | (354 | ) | |||||||||
Total deferred tax liabilities | $ | (18,022 | ) | $ | (15,583 | ) | |||||||
Net deferred tax liabilities | $ | (13,086 | ) | $ | (10,617 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of Segment Information | ' | ||||||||||||
Sales are primarily within the United States and all assets are located within the United States. | |||||||||||||
Reportable Segments | Industrial | Water | Total | ||||||||||
Treatment | |||||||||||||
(In thousands) | |||||||||||||
Fiscal Year Ended March 30, 2014: | |||||||||||||
Sales | $ | 244,888 | $ | 103,375 | $ | 348,263 | |||||||
Gross profit | 32,041 | 29,559 | 61,600 | ||||||||||
Selling, general, and administrative expenses | 19,781 | 13,729 | 33,510 | ||||||||||
Operating income | 12,260 | 15,830 | 28,090 | ||||||||||
Identifiable assets* | $ | 141,506 | $ | 29,001 | $ | 170,507 | |||||||
Fiscal Year Ended March 31, 2013: | |||||||||||||
Sales | $ | 248,556 | $ | 101,831 | $ | 350,387 | |||||||
Gross profit | 28,878 | 28,058 | 56,936 | ||||||||||
Selling, general, and administrative expenses | 19,923 | 11,683 | 31,606 | ||||||||||
Operating income | 8,955 | 16,375 | 25,330 | ||||||||||
Identifiable assets* | $ | 143,827 | $ | 25,448 | $ | 169,275 | |||||||
Fiscal Year Ended April 1, 2012: | |||||||||||||
Sales | $ | 251,451 | $ | 92,383 | $ | 343,834 | |||||||
Gross profit | 40,357 | 25,511 | 65,868 | ||||||||||
Selling, general, and administrative expenses | 19,805 | 10,954 | 30,759 | ||||||||||
Operating income | 20,552 | 14,557 | 35,109 | ||||||||||
Identifiable assets* | $ | 129,782 | $ | 23,543 | $ | 153,325 | |||||||
* Unallocated assets consisting primarily of cash and cash equivalents, investments and prepaid expenses were $66.7 million at March 30, 2014, $52.9 million at March 31, 2013 and $48.0 million at April 1, 2012. Additionally, assets associated with the discontinued operations of the Pharmaceutical segment were zero at March 30, 2014 and March 31, 2013, and $1.2 million at April 1, 2012. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial information (Unaudited) | ' | ||||||||||||||||
(In thousands, except per share data) | Fiscal 2014 | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Sales | $ | 94,744 | $ | 86,599 | $ | 81,697 | $ | 85,223 | |||||||||
Gross profit | 17,231 | 16,570 | 13,550 | 14,249 | |||||||||||||
Selling, general, and administrative expenses | 8,970 | 8,293 | 8,167 | 8,080 | |||||||||||||
Operating income | 8,261 | 8,277 | 5,383 | 6,169 | |||||||||||||
Income from continuing operations, net of tax | 5,112 | 5,207 | 3,480 | 4,295 | |||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | |||||||||||||
Net income | $ | 5,112 | $ | 5,207 | $ | 3,480 | $ | 4,295 | |||||||||
Basic net income per share | $ | 0.49 | $ | 0.49 | $ | 0.33 | $ | 0.41 | |||||||||
Diluted net income per share | $ | 0.48 | $ | 0.49 | $ | 0.33 | $ | 0.4 | |||||||||
Fiscal 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Sales | $ | 90,099 | $ | 87,160 | $ | 85,527 | $ | 87,601 | |||||||||
Gross profit | 15,307 | 19,196 | 8,126 | 14,307 | |||||||||||||
Selling, general, and administrative expenses | 8,227 | 7,455 | 7,617 | 8,307 | |||||||||||||
Operating income | 7,080 | 11,741 | 509 | 6,000 | |||||||||||||
Income from continuing operations, net of tax | 4,365 | 7,230 | 1,348 | 4,165 | |||||||||||||
Income from discontinued operations, net of tax | 18 | — | — | — | |||||||||||||
Net income | $ | 4,383 | $ | 7,230 | $ | 1,348 | $ | 4,165 | |||||||||
Basic net income per share | $ | 0.42 | $ | 0.69 | $ | 0.13 | $ | 0.4 | |||||||||
Diluted net income per share | $ | 0.42 | $ | 0.69 | $ | 0.13 | $ | 0.39 | |||||||||
Nature_of_Business_and_Signifi3
Nature of Business and Significant Accounting Policies (Details) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Segment | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of reportable segments (segment) | 2 | ' | ' |
Number of weeks in fiscal year | 'P52W | 'P52W | 'P52W |
Number of weeks in next fiscal year | 'P52W | ' | ' |
Percentage of FIFO inventory (percent) | 9.00% | ' | ' |
Weighted-average common shares outstanding-basic (shares) | 10,544,467 | 10,464,820 | 10,339,391 |
Dilutive impact of stock options, performance units, and restricted stock (shares) | 55,288 | 76,322 | 69,182 |
Weighted average common shares outstanding b diluted (shares) | 10,599,755 | 10,541,142 | 10,408,573 |
Weighted average number diluted shares outstanding adjustment | 0 | 0 | 0 |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of weeks in fiscal year | 'P53W | ' | ' |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of weeks in fiscal year | 'P52W | ' | ' |
Average [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Finite-lived intangible asset, useful life | '13 years | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '40 years | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '10 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '20 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '3 years | ' | ' |
Transportation Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '10 years | ' | ' |
Transportation Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '3 years | ' | ' |
Office Furniture, Office Equipment and Computer Systems [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '10 years | ' | ' |
Office Furniture, Office Equipment and Computer Systems [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '3 years | ' | ' |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Oct. 01, 2013 | Sep. 29, 2013 | |
Advance Chemical Solutions, Inc. [Member] | Advance Chemical Solutions, Inc. [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash paid | $2,416,000 | $100,000 | $1,709,000 | $2,400,000 | ' |
Potential cash payment | ' | ' | ' | 500,000 | ' |
Contingent consideration measurement period | ' | ' | ' | '3 years | ' |
Contingent consideration, at fair value | ' | ' | ' | 400,000 | ' |
Assets acquired net of liabilities assumed | ' | ' | ' | 2,800,000 | ' |
Working capital and fixed assets | ' | ' | ' | 400,000 | ' |
Amortizable intangible assets | ' | ' | ' | 1,500,000 | ' |
Goodwill amount | ' | ' | ' | 900,000 | ' |
Revenue reported by acquired entity for last annual period | ' | ' | ' | ' | $4,000,000 |
Cash_and_Cash_Equivalents_and_2
Cash and Cash Equivalents and Investments (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | $33,486 | $28,715 |
Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 24,437 | 21,222 |
Municipal Bonds [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 5,258 | ' |
Level 1 [Member] | Cash [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 33,486 | 28,715 |
Level 1 [Member] | Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 1 [Member] | Money market securities [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | ' |
Level 2 [Member] | Cash [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 2 [Member] | Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 24,437 | 21,222 |
Level 2 [Member] | Municipal Bonds [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 5,258 | ' |
Level 3 [Member] | Cash [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 3 [Member] | Certificates of deposit [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | 0 | 0 |
Level 3 [Member] | Money market securities [Member] | ' | ' |
Assets: | ' | ' |
Cash/Certificates of deposit/Money market securities | $0 | ' |
Cash_and_Cash_Equivalents_and_3
Cash and Cash Equivalents and Investments-Textual (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | Certificates of Deposit and Municipal Bonds [Member] | Level 2 [Member] | ||
Certificates of deposit [Member] | ||||
Cash and Cash Equivalents and Investments (Additional Textual) [Abstract] | ' | ' | ' | ' |
Maturities period of certificates of deposit minimum | ' | ' | ' | '3 months |
Maturities period of certificates of deposit maximum | ' | ' | ' | '3 years |
Current asset fair value | $13,843 | $15,625 | $13,800 | ' |
Noncurrent asset fair value | $15,852 | $5,597 | $15,900 | ' |
Cash_and_Cash_Equivalents_and_4
Cash and Cash Equivalents and Investments-Available for sale securities (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' |
Within one year | $13,864 | $15,615 |
Between one and three years | 15,890 | 5,590 |
Total available-for-sale securities | 29,754 | 21,205 |
Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Within one year | 13,843 | 15,625 |
Between one and three years | 15,852 | 5,597 |
Total available-for-sale securities | 29,695 | 21,222 |
Unrealized Gain (loss) [Abstract] | ' | ' |
Within one year | -21 | 10 |
Between one and three years | -38 | 7 |
Total available-for-sale securities | ($59) | $17 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Inventories | ' | ' |
Inventory (FIFO basis) | $31,344 | $35,281 |
LIFO reserve | -5,152 | -7,073 |
Net inventory | $26,192 | $28,208 |
InventoriesTextual_Details
Inventories-Textual (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Inventories (Textual) [Abstract] | ' | ' |
Finished goods (LIFO basis) | $28.50 | $30.30 |
Increase (Decrease) LIFO reserve | ($1.90) | ($0.40) |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets-Goodwill Rollforward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | $6,495 | $6,495 |
Period increase (decrease) | 897 | 0 |
Goodwill, end of period | $7,392 | $6,495 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets-Intangible Assets (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-life intangible assets | ' | ' |
Gross Amount | $10,351 | $8,849 |
Accumulated Amortization | -3,069 | -2,398 |
Net | 7,282 | 6,451 |
Indefinite-life intangible assets | 1,227 | 1,227 |
Intangible assets, Gross Carrying Amount | 11,578 | 10,076 |
Intangible assets, Accumulated Amortization | -3,069 | -2,398 |
Total intangible assets, net | 8,509 | 7,678 |
Customer relationships [Member] | ' | ' |
Finite-life intangible assets | ' | ' |
Gross Amount | 6,913 | 5,508 |
Accumulated Amortization | -1,292 | -981 |
Net | 5,621 | 4,527 |
Trademarks [Member] | ' | ' |
Finite-life intangible assets | ' | ' |
Gross Amount | 1,335 | 1,240 |
Accumulated Amortization | -421 | -274 |
Net | 914 | 966 |
Trade secrets [Member] | ' | ' |
Finite-life intangible assets | ' | ' |
Gross Amount | 962 | 962 |
Accumulated Amortization | -768 | -640 |
Net | 194 | 322 |
Carrier relationships [Member] | ' | ' |
Finite-life intangible assets | ' | ' |
Gross Amount | 800 | 800 |
Accumulated Amortization | -257 | -177 |
Net | 543 | 623 |
Other finite-life intangible assets [Member] | ' | ' |
Finite-life intangible assets | ' | ' |
Gross Amount | 341 | 339 |
Accumulated Amortization | -331 | -326 |
Net | $10 | $13 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Intangible assets amortization expense | $0.70 | $0.60 | $0.60 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets-Future Amortization (Details) (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Estimated amortization expense [Abstract] | ' |
2015 | $730 |
2016 | 616 |
2017 | 570 |
2018 | 558 |
2019 | $550 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Unrealized gain (loss) on: | ' | ' |
Available-for-sale investments | ($36) | $11 |
Post-retirement plan liability adjustments | -8 | -117 |
Accumulated other comprehensive loss | ($44) | ($106) |
Share_Based_CompensationRestri
Share Based Compensation-Restricted and Performance Shares Rollforward (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Forfeited or expired, Weighted average grant date fair value (usd per share) | $0 | ' | ' |
Performance-Based Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning Balance, Shares | 63,244 | ' | ' |
Granted, Shares | 28,648 | ' | ' |
Vested, Shares | -36,182 | ' | ' |
Forfeited or expired, Shares | -3,606 | ' | ' |
Ending Balance, Shares | 52,104 | 63,244 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Beginning Balance, Weighted average grant date fair value (usd per share) | $34.26 | ' | ' |
Granted, Weighted average grant date fair value (usd per share) | $40.25 | $33.01 | $35.39 |
Vested, Weighted average grant date fair value (usd per share) | $35.20 | ' | ' |
Forfeited or expired, Weighted average grant date fair value (usd per share) | $33.01 | ' | ' |
Ending Balance, Weighted average grant date fair value (usd per share) | $36.99 | $34.26 | ' |
Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning Balance, Shares | 5,724 | ' | ' |
Granted, Shares | 6,055 | ' | ' |
Vested, Shares | -5,724 | ' | ' |
Forfeited or expired, Shares | 0 | ' | ' |
Ending Balance, Shares | 6,055 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Beginning Balance, Weighted average grant date fair value (usd per share) | $36.65 | ' | ' |
Granted, Weighted average grant date fair value (usd per share) | $40.42 | ' | ' |
Vested, Weighted average grant date fair value (usd per share) | $36.65 | ' | ' |
Forfeited or expired, Weighted average grant date fair value (usd per share) | $0 | ' | ' |
Ending Balance, Weighted average grant date fair value (usd per share) | $40.42 | ' | ' |
Share_Based_CompensationTextua
Share Based Compensation-Textual (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Tax benefit on share-based compensation plans | ($214,000) | $510,000 | $698,000 |
Exercisable shares | 9,333 | 18,666 | ' |
Weighted average exercise price (usd per share) | $19.90 | ' | ' |
Outstanding and exercisable options, weighted average remaining life | '5 years 2 months 12 days | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Compensation expense | ' | ' | 100,000 |
Exercisable shares | 9,333 | ' | ' |
Weighted average exercise price (usd per share) | $19.90 | ' | ' |
Performance-Based Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Range of restricted stock to be issued minimum | 0 | ' | ' |
Range of restricted stock to be issued maximum | 39,833 | ' | ' |
Vesting period | '2 years | ' | ' |
Weighted average grant date fair value (usd per share) | $40.25 | $33.01 | $35.39 |
Compensation expense | 800,000 | 1,100,000 | 800,000 |
Equity instruments other than options, vested in period, total fair value | 1,300,000 | 0 | 300,000 |
Cost not yet recognized | 1,000,000 | ' | ' |
Tax benefit on share-based compensation plans | -200,000 | 500,000 | 700,000 |
Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant date fair value (usd per share) | $40.42 | ' | ' |
Compensation expense | 200,000 | 200,000 | 200,000 |
Cost not yet recognized | $100,000 | ' | ' |
Weighted Average [Member] | Performance-Based Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Cost not yet recognized, period for recognition | '1 year | ' | ' |
Weighted Average [Member] | Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Cost not yet recognized, period for recognition | '3 months 18 days | ' | ' |
Share_Based_CompensationStock_
Share Based Compensation-Stock Option Rollforward (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 |
Shares | ' |
Outstanding Shares at beginning of period | 18,666 |
Outstanding Shares, Granted | 0 |
Outstanding Shares, Vested | 0 |
Outstanding Shares, Exercised | -9,333 |
Outstanding Shares, Forfeited or expired | 0 |
Outstanding Shares at end of period | 9,333 |
Exercisable Shares at beginning of period | 18,666 |
Exercisable Shares, Granted | 0 |
Exercisable Shares, Vested | 0 |
Exercisable Shares, Exercised | -9,333 |
Exercisable Shares at end of period | 9,333 |
Weighted-Average Exercise Price | ' |
Outstanding Weighted Average Exercise Price, Outstanding at beginning of period (usd per share) | $19.90 |
Outstanding Weighted-Average Exercise Price, Granted (usd per share) | $0 |
Outstanding Weighted-Average Exercise Price, Vested (usd per share) | $0 |
Outstanding Weighted-Average Exercise Price, Exercised (usd per share) | $19.90 |
Outstanding Weighted-Average Exercise Price, Forfeited or expired (usd per share) | $0 |
Outstanding Weighted Average Exercise Price, Outstanding at end of period (usd per share) | $19.90 |
Exercisable Weighted Average Exercise Price, Granted (usd per share) | $0 |
Exercisable Weighted Average Exercise Price, Vested (usd per share) | $0 |
Exercisable Weighted Average Exercise Price, Exercised (usd per share) | $19.90 |
Exercisable Weighted Average Exercise Price, Outstanding at end of period (usd per share) | $19.90 |
Aggregate Intrinsic Value | ' |
Outstanding, Aggregate Intrinsic Value, Outstanding at beginning of year | $665 |
Outstanding, Aggregate Intrinsic Value, Outstanding at end of year | 297 |
Exercisable, Aggregate Intrinsic Value, Outstanding at beginning of year | 665 |
Exercisable, Aggregate Intrinsic Value, Outstanding at end of year | $297 |
Profit_Sharing_Employee_Stock_2
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Maximum annual profit sharing per employee (percent) | ' | ' | 15.00% |
Subsequent employees hired maximm annual profit sharing percentage compared to employees hired before benchmark date (percent) | 50.00% | ' | ' |
ESOP compensation expense, maximum percent of eligible compensation (percent) | 5.00% | 5.00% | 5.00% |
Profit sharing contribution expense | $1,231,000 | $1,204,000 | $2,616,000 |
ESOP contribution expense | 1,231,000 | 1,203,000 | 802,000 |
Plan contribution expense | 980,000 | 1,206,000 | 0 |
Total contribution expense | 4,199,000 | 3,902,000 | 3,855,000 |
Maximum [Member] | Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer matching contribution (percent) | 5.00% | 5.00% | ' |
Vertex [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Plan contribution expense | 0 | 0 | 175,000 |
Vertex [Member] | Maximum [Member] | Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer matching contribution (percent) | ' | ' | 3.00% |
Contributions by employer | ' | ' | 200,000 |
Deferred Profit Sharing [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Contribution percentage of contribution for employees hired before April 1, 2012 (percent) | 50.00% | ' | ' |
Maximum annual profit sharing per employee (percent) | 5.00% | ' | ' |
Employee Stock Ownership Plan [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Minimum annual profit sharing per employee (percent) | 2.50% | ' | ' |
ESOP compensation expense, maximum percent of eligible compensation (percent) | 5.00% | ' | ' |
Bargaining Unit Employee Plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 500,000 | 0 | 0 |
Bargaining Unit Employee Plans [Member] | Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Maximum annual contribution per employee (percent) | 5.00% | ' | ' |
Bargaining Unit Employee Plans [Member] | Deferred Profit Sharing [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Minimum annual profit sharing per employee (percent) | 2.50% | ' | ' |
Employee Stock Purchase Plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
ESPP compensation expense | $257,000 | $289,000 | $262,000 |
Profit_Sharing_Employee_Stock_3
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans-Multiemployer Pension Plans (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2013 | Apr. 01, 2012 | Mar. 30, 2014 | |
collective_barganing_units | |||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Number of collective bargaining agreements | ' | ' | 2 |
Multiemployer pension plan withdrawal pre-tax charge | $7,200,000 | ' | ' |
Multiemployer pension plan withdrawal post tax charge | 4,500,000 | ' | ' |
Multiemployer pension plan withdrawal post tax charge per share (usd per share) | $0.43 | ' | ' |
Withdrawal liability payment term | '20 years | ' | ' |
Multiemployer pension plan withdrawal aggregate cash payment | 9,300,000 | ' | ' |
Multiemployer pension plan withdrawal aggregate cash payment per year | 467,000 | ' | ' |
Multiemployer plan, period contributions | $400,000 | $400,000 | ' |
Commitments_and_ContingenciesF
Commitments and Contingencies-Future minimum operating lease payments (Details) (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2015 | $1,478 |
2016 | 1,254 |
2017 | 1,111 |
2018 | 1,054 |
2019 | 1,061 |
Thereafter | $4,061 |
Commitments_and_ContingenciesR
Commitments and Contingencies-Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Minimum rentals | $1,223 | $818 | $617 |
Contingent rentals | 110 | 110 | 102 |
Total rental expense | $1,333 | $928 | $719 |
Commitments_and_ContingenciesT
Commitments and Contingencies-Textual (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jul. 01, 2012 | Mar. 30, 2014 |
ICL Performance Products LP (ICL) [Member] | Land [Member] | |
lease | ||
Loss Contingencies [Line Items] | ' | ' |
Settlement loss charged to pretax income | $3.20 | ' |
Settlement loss net of tax | $2 | ' |
Settelment loss, net of tax, per diluted share (usd per share) | $0.19 | ' |
Number of leases | ' | 3 |
Income_TaxesProvision_of_Incom
Income Taxes-Provision of Income Tax (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Income Tax Examination [Line Items] | ' | ' | ' |
Federal b current | $7,612,000 | $8,967,000 | $8,632,000 |
State b current | 1,255,000 | 2,417,000 | 2,546,000 |
Total current | 8,867,000 | 11,384,000 | 11,178,000 |
Federal b deferred | 676,000 | -2,466,000 | 2,796,000 |
State b deferred | 424,000 | -600,000 | 316,000 |
Total deferred | 1,100,000 | -3,066,000 | 3,112,000 |
Total provision | 9,967,000 | 8,318,000 | 14,290,000 |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Decrease resulting from current period tax positions | 400,000 | ' | ' |
U.S. Federal tax return [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Amended Federal tax return, increase in benefits | ' | $800,000 | ' |
Income_TaxesEffective_Income_T
Income Taxes-Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory federal income tax (percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal deduction (percent) | 3.20% | 4.90% | 5.00% |
ESOP dividend deduction on allocated shares (percent) | -0.80% | -1.00% | -0.70% |
Domestic production deduction (percent) | -2.10% | -2.70% | -0.90% |
Impact of amended tax returns (percent) | 0.00% | -3.30% | 0.00% |
Other b net (percent) | 0.20% | -0.20% | 0.20% |
Total (percent) | 35.50% | 32.70% | 38.60% |
Income_Taxes_Income_TaxesDefer
Income Taxes Income Taxes-Deferred Tax Assets (Details) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Trade receivables | $191 | $188 |
Stock compensation accruals | 1,031 | 776 |
Pension withdrawal liability | 2,872 | 2,902 |
Other | 842 | 1,100 |
Total deferred tax assets | 4,936 | 4,966 |
Deferred tax liabilities: | ' | ' |
Inventories | -3,618 | -3,319 |
Prepaid | -727 | -525 |
Excess of tax over book depreciation | -13,221 | -11,385 |
Amortization of intangibles | -456 | -354 |
Total deferred tax liabilities | -18,022 | -15,583 |
Net deferred tax liabilities | ($13,086) | ($10,617) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | ||||
Summary of Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | $85,223,000 | $81,697,000 | $86,599,000 | $94,744,000 | $87,601,000 | $85,527,000 | $87,160,000 | $90,099,000 | $348,263,000 | $350,387,000 | $343,834,000 | |||
Gross profit | 14,249,000 | 13,550,000 | 16,570,000 | 17,231,000 | 14,307,000 | 8,126,000 | 19,196,000 | 15,307,000 | 61,600,000 | 56,936,000 | 65,868,000 | |||
Selling, general, and administrative expenses | 8,080,000 | 8,167,000 | 8,293,000 | 8,970,000 | 8,307,000 | 7,617,000 | 7,455,000 | 8,227,000 | 33,510,000 | 31,606,000 | 30,759,000 | |||
Operating income | 6,169,000 | 5,383,000 | 8,277,000 | 8,261,000 | 6,000,000 | 509,000 | 11,741,000 | 7,080,000 | 28,090,000 | 25,330,000 | 35,109,000 | |||
Identifiable assets | 170,507,000 | ' | ' | ' | 169,275,000 | [1] | ' | ' | ' | 170,507,000 | 169,275,000 | [1] | 153,325,000 | [1] |
Unallocated Amount to Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Summary of Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Identifiable assets | 66,700,000 | ' | ' | ' | 52,900,000 | ' | ' | ' | 66,700,000 | 52,900,000 | 48,000,000 | |||
Industrial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Summary of Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 244,888,000 | 248,556,000 | 251,451,000 | |||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 32,041,000 | 28,878,000 | 40,357,000 | |||
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 19,781,000 | 19,923,000 | 19,805,000 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 12,260,000 | 8,955,000 | 20,552,000 | |||
Identifiable assets | 141,506,000 | ' | ' | ' | 143,827,000 | [1] | ' | ' | ' | 141,506,000 | 143,827,000 | [1] | 129,782,000 | [1] |
Water Treatment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Summary of Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 103,375,000 | 101,831,000 | 92,383,000 | |||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 29,559,000 | 28,058,000 | 25,511,000 | |||
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13,729,000 | 11,683,000 | 10,954,000 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 15,830,000 | 16,375,000 | 14,557,000 | |||
Identifiable assets | 29,001,000 | ' | ' | ' | 25,448,000 | [1] | ' | ' | ' | 29,001,000 | 25,448,000 | [1] | 23,543,000 | [1] |
Pharmaceutical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Summary of Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Assets associated with the discontinued operations | $0 | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $1,200,000 | |||
[1] | Unallocated assets consisting primarily of cash and cash equivalents, investments and prepaid expenses were $66.7 million at MarchB 30, 2014, $52.9 million at MarchB 31, 2013 and $48.0 million at AprilB 1, 2012. Additionally, assets associated with the discontinued operations of the Pharmaceutical segment were zero at MarchB 30, 2014 and MarchB 31, 2013, and $1.2 million at April 1, 2012. |
Segment_InformationTextual_Det
Segment Information-Textual (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Customer | |||
Segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments (segment) | 2 | ' | ' |
Multiemployer pension plan withdrawal charge | $0 | $7,210,000 | $0 |
Number of customers representing 10% or more of revenue (customers) | 0 | ' | ' |
Industrial [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Multiemployer pension plan withdrawal charge | ' | 7,200,000 | ' |
Legal settlement | ' | 3,200,000 | ' |
Pre-tax charges to gross profit | ' | $10,400,000 | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $85,223,000 | $81,697,000 | $86,599,000 | $94,744,000 | $87,601,000 | $85,527,000 | $87,160,000 | $90,099,000 | $348,263,000 | $350,387,000 | $343,834,000 |
Gross profit | 14,249,000 | 13,550,000 | 16,570,000 | 17,231,000 | 14,307,000 | 8,126,000 | 19,196,000 | 15,307,000 | 61,600,000 | 56,936,000 | 65,868,000 |
Selling, general, and administrative expenses | 8,080,000 | 8,167,000 | 8,293,000 | 8,970,000 | 8,307,000 | 7,617,000 | 7,455,000 | 8,227,000 | 33,510,000 | 31,606,000 | 30,759,000 |
Operating income | 6,169,000 | 5,383,000 | 8,277,000 | 8,261,000 | 6,000,000 | 509,000 | 11,741,000 | 7,080,000 | 28,090,000 | 25,330,000 | 35,109,000 |
Income from continuing operations, net of tax | 4,295,000 | 3,480,000 | 5,207,000 | 5,112,000 | 4,165,000 | 1,348,000 | 7,230,000 | 4,365,000 | 18,094,000 | 17,108,000 | 21,628,000 |
Income from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18,000 | 0 | 18,000 | 1,057,000 |
Net income | 4,295,000 | 3,480,000 | 5,207,000 | 5,112,000 | 4,165,000 | 1,348,000 | 7,230,000 | 4,383,000 | 18,094,000 | 17,126,000 | 22,685,000 |
Basic earnings per share (usd per share) | $0.41 | $0.33 | $0.49 | $0.49 | $0.40 | $0.13 | $0.69 | $0.42 | $1.72 | $1.64 | $2.19 |
Diluted earnings per share (usd per share) | $0.40 | $0.33 | $0.49 | $0.48 | $0.39 | $0.13 | $0.69 | $0.42 | $1.71 | $1.62 | $2.18 |
Multiemployer pension plan withdrawal charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,210,000 | 0 |
Industrial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 244,888,000 | 248,556,000 | 251,451,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 32,041,000 | 28,878,000 | 40,357,000 |
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 19,781,000 | 19,923,000 | 19,805,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 12,260,000 | 8,955,000 | 20,552,000 |
Legal settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' |
Multiemployer pension plan withdrawal charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,200,000 | ' |