Document And Entity Information
Document And Entity Information | 9 Months Ended |
Oct. 31, 2015shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | TRANS WORLD ENTERTAINMENT CORP |
Document Type | 10-Q |
Current Fiscal Year End Date | --01-31 |
Entity Common Stock, Shares Outstanding | 31,074,977 |
Amendment Flag | false |
Entity Central Index Key | 795,212 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Oct. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 74,854 | $ 118,537 | $ 79,366 |
Merchandise inventory | 149,524 | 126,377 | 158,017 |
Other current assets | 12,396 | 10,244 | 11,041 |
Total current assets | 236,774 | 255,158 | 248,424 |
NET FIXED ASSETS | 27,282 | 15,769 | 15,883 |
OTHER ASSETS | 9,081 | 9,082 | 9,270 |
TOTAL ASSETS | 273,137 | 280,009 | 273,577 |
CURRENT LIABILITIES: | |||
Accounts payable | 65,471 | 63,527 | 69,335 |
Accrued expenses and other current liabilities | 6,763 | 7,397 | 6,976 |
Deferred revenue | 8,430 | 9,852 | 8,996 |
Current portion of capital lease obligations | 143 | 938 | 1,075 |
Total current liabilities | 80,807 | 81,714 | 86,382 |
CAPITAL LEASE OBLIGATIONS, less current portion | 142 | ||
OTHER LONG-TERM LIABILITIES | 27,716 | 26,555 | 23,707 |
TOTAL LIABILITIES | $ 108,523 | $ 108,269 | $ 110,231 |
SHAREHOLDERS’ EQUITY | |||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | |||
Common stock ($0.01 par value; 200,000,000 shares authorized; 58,345,668, 58,337,668 and 58,325,668 shares issued, respectively) | $ 583 | $ 583 | $ 583 |
Additional paid-in capital | 315,956 | 315,486 | 315,343 |
Treasury stock at cost (27,270,691, 27,094,423 and 26,797,074 shares, respectively) | (227,060) | (226,412) | (225,423) |
Accumulated other comprehensive (loss) income | (1,950) | (2,181) | 315 |
Retained earnings | 77,085 | 84,264 | 72,528 |
TOTAL SHAREHOLDERS’ EQUITY | 164,614 | 171,740 | 163,346 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 273,137 | $ 280,009 | $ 273,577 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 58,345,668 | 58,337,668 | 58,325,668 |
Treasury stock, shares at cost | 27,270,691 | 27,094,423 | 26,797,074 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Net sales | $ 67,925 | $ 72,456 | $ 213,339 | $ 231,580 |
Cost of sales | 41,245 | 43,922 | 128,699 | 142,222 |
Gross profit | 26,680 | 28,534 | 84,640 | 89,358 |
Selling, general and administrative expenses | 30,475 | 32,520 | 90,318 | 97,772 |
Loss from operations | (3,795) | (3,986) | (5,678) | (8,414) |
Interest expense, net | 488 | 469 | 1,367 | 1,429 |
Loss before income tax expense | (4,283) | (4,455) | (7,045) | (9,843) |
Income tax expense | 45 | 21 | 134 | 115 |
Net loss | $ (4,328) | $ (4,476) | $ (7,179) | $ (9,958) |
BASIC AND DILUTED LOSS PER SHARE: | ||||
Basic and Diluted loss per share (in Dollars per share) | $ (0.14) | $ (0.14) | $ (0.23) | $ (0.31) |
Weighted average number of common shares outstanding – basic and diluted (in Shares) | 31,107 | 31,627 | 31,140 | 31,860 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Net loss | $ (4,328) | $ (4,476) | $ (7,179) | $ (9,958) |
Amortization of pension costs | 77 | 145 | 231 | 434 |
Comprehensive loss | $ (4,251) | $ (4,331) | $ (6,948) | $ (9,524) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Net cash used by operating activities | $ (26,165) | $ (24,995) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (15,293) | (7,390) |
Investments, short term | (800) | |
Net cash used by investing activities | (16,093) | (7,390) |
Cash flows from financing activities: | ||
Cash dividends paid | (16,036) | |
Payments of capital lease obligations | (795) | (787) |
Exercise of stock options | 19 | 47 |
Purchase of treasury stock | (649) | (2,475) |
Net cash used by financing activities | (1,425) | (19,251) |
Net decrease in cash and cash equivalents | (43,683) | (51,636) |
Cash and cash equivalents, beginning of period | 118,537 | 131,002 |
Cash and cash equivalents, end of period | $ 74,854 | $ 79,366 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1. Nature of Operations Trans World Entertainment Corporation and subsidiaries (“the Company”) is one of the largest specialty retailers of entertainment products, including video, music, electronics, trend, video games and related products in the United States. The Company operates a chain of retail entertainment stores, primarily under the names f.y.e. for your entertainment and Suncoast Motion Pictures, and e-commerce sites, www.fye.com and www.secondspin.com in a single industry segment. As of October 31, 2015, the Company operated 309 stores totaling approximately 1.8 million square feet in the United States, the District of Columbia and the Commonwealth of Puerto Rico. Liquidity and Cash Flows: The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, seasonal increase in merchandise inventory and other operating cash requirements and commitments. Management anticipates that any future cash requirements due to a shortfall in cash from operations would be funded by the Company’s cash and cash equivalents on hand and its revolving credit facility. Seasonality: The Company’s business is seasonal, with the fourth fiscal quarter constituting the Company’s peak selling period. In fiscal 2014, the fourth quarter accounted for approximately 35% of annual net sales and all of net income. In anticipation of increased sales activity in the fourth quarter, the Company purchases additional inventory and hires seasonal associates to supplement its core store sales and distribution center staffing. If, for any reason, the Company’s fourth quarter sales were below normal seasonal levels, the Company’s operating results could be adversely affected. Quarterly sales can also be affected by the timing of new product releases, new store openings, store closings and the performance of existing stores. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | Note 2: Basis of Presentation The accompanying unaudited condensed consolidated financial statements consist of Trans World Entertainment Corporation, its wholly-owned subsidiary, Record Town, Inc. (“Record Town”), and Record Town’s subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements. Selling, general and administrative expenses include miscellaneous income and expense items, other than interest. The Company recorded miscellaneous income items of $1.8 million for the thirteen weeks ended October 31, 2015 compared to income of $1.4 million for the thirteen weeks ended November 1, 2014. For the thirty-nine weeks ended October 31, 2015 and November 1, 2014, the Company recorded miscellaneous income items of $6.0 million and $4.0 million, respectively. The fiscal 2015 miscellaneous income items included a legal settlement reimbursement of $1.4 million related to previously incurred credit card fees. The information presented in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2015 has been derived from the Company’s January 31, 2015 audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements as of and for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015. The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 31, 2015. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2015 | |
Policy Text Block [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Note 3. Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, (“ASU 2014-08”). This amendment changes the requirements for reporting discontinued operations and includes enhanced disclosures about discontinued operations. Under the amendment, only those disposals of components of an entity that represent a strategic shift that has a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. ASU 2014-08 is effective prospectively for annual periods beginning on or after December 15, 2014, and interim reporting periods within those years. The Company adopted ASU 2014-08 as of the beginning of fiscal 2015 and it did not have a material impact on the Company’s consolidated financial position, cash flows, or results of operations. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 4. Stock Based Compensation As of October 31, 2015, there was approximately $0.9 million of unrecognized compensation cost related to stock awards that is expected to be recognized as expense over a weighted average period of 1.7 years. As of October 31, 2015, stock awards authorized for issuance under the Company’s current long term equity incentive plans, totaled 8.0 million. There are certain authorized stock plans for which the Company no longer grants awards. Of these awards authorized for issuance, 2.4 million were granted and are outstanding, 1.5 million of which were vested and exercisable. Awards available for future grants at October 31, 2015 were 2.1 million. The table below outlines the assumptions that the Company used to estimate the fair value of stock options granted during the thirty-nine weeks ended October 31, 2015: Dividend yield 0% Expected stock price volatility 47.0%-66.8% Risk-free interest rate 1.45%-2.18% Expected award life (in years) 4.92-5.71 Weighted average fair value per share of options granted during the period $1.93 The following table summarizes stock award activity during the thirty-nine weeks ended October 31, 2015: Employee and Director Stock Award Plans Number of Weighted Weighted Other Share Awards (1) Weighted Balance January 31, 2015 2,465,110 $ 6.80 3.8 237,400 $ 3.75 Granted 345,000 3.72 9.6 23,774 3.59 Exercised (8,000 ) 2.33 — — — Canceled (690,035 ) 13.68 — — — Balance October 31, 2015 2,112,075 $ 4.07 5.1 261,174 $ 3.73 Exercisable October 31, 2015 1,351,325 $ 4.21 3.1 51,774 $ 4.68 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. As of October 31, 2015, the intrinsic value of stock awards outstanding was approximately $842,000 and exercisable was $625,000. |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 5. Defined Benefit Plans The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the thirty-nine weeks ended October 31, 2015, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $182,000 in benefits relating to the SERP during fiscal 2015. The measurement date for the SERP Plan is the Company’s fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities. The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods: Thirteen weeks ended Thirty-nine weeks ended October 31, November 1, October 31, November 1, (in thousands) (in thousands) Service cost $ 17 $ 14 $ 51 $ 42 Interest cost 145 172 435 517 Amortization of pension costs 86 180 258 540 Amortization of net gain (1) (9 ) (35 ) (27 ) (106 ) Net periodic pension cost $ 239 $ 331 $ 717 $ 993 (1) The amortization of net gain is related to a Director Retirement Plan previously provided by the Company. |
Line of Credit
Line of Credit | 9 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6. Line of Credit In May 2012, the Company entered into a $75 million credit facility (“Credit Facility”) which amended the previous credit facility. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company. The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the number of store closings. The Company is compliant with all covenants. Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments. The availability under the Credit Facility is subject to limitations based on inventory levels. During the third quarter of fiscal 2015 and 2014, the Company did not have any borrowings under the Credit Facility. The Company did not have any borrowings under its Credit Facility during fiscal 2012, fiscal 2013, and fiscal 2014. As of October 31, 2015 and November 1, 2014, the Company had no outstanding letter of credit obligations under the Credit Facility. The Company had $65 million available for borrowing as of both October 31, 2015 and November 1, 2014. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/Loss | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 7. Accumulated Other Comprehensive (Loss) Income Accumulated other comprehensive (loss) income that the Company reports in the condensed consolidated balance sheets represents the difference between the accrued pension liability and accrued benefit cost, net of taxes, associated with the Company’s defined benefit plans. Comprehensive (loss) income consists of net income and the reclassification of pension costs previously reported in comprehensive (loss) income for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014. |
Depreciation and Amortization o
Depreciation and Amortization of Fixed Assets | 9 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8. Depreciation and Amortization of Fixed Assets Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 31, November 1, October 31, November 1, (in thousands) (in thousands) Cost of sales $ 124 $ 129 $ 370 $ 380 Selling, general and administrative expenses 1,227 953 3,238 2,593 Total $ 1,351 $ 1,082 $ 3,608 $ 2,973 |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 9. Basic and Diluted Loss Per Share Basic loss per share is calculated by dividing net loss by the weighted average common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net loss by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans. For the thirteen and thirty-nine week periods ended October 31, 2015 and November 1, 2014, the impact of all outstanding stock awards was not considered because the Company reported a net loss and such impact would be anti-dilutive. Accordingly, basic and diluted loss per share is the same. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10. Shareholders’ Equity During the third quarter, the Company repurchased 61,410 shares of common stock at an average price of $3.83 per share. Since the inception of the program, the Company has repurchased 1,750,086 shares of common stock at an average price of $3.84 per share. The Company has approximately $15.3 million available for future purchases under its repurchase program. The Company classifies the repurchased shares as treasury stock on the Company’s condensed consolidated balance sheets. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Oct. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 11. Subsequent Event On December 4, 2015, the Company amended and restated the lease, a copy of which is attached hereto as Exhibit 10.1, for its’ corporate office space in Albany, NY with Robert J. Higgins, its Chairman and largest shareholder. The amended and restated lease commences January 1, 2016 and expires December 31, 2020. Upon commencement of the amended and restated lease, annual payments will be reduced by approximately $1.0 million. The reduction in payments will be reflected in the Condensed Consolidated Statements of Income as a reduction of interest expense partially offset by an increase in Cost of Sales and SG&A expenses. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The table below outlines the assumptions that the Company used to estimate the fair value of stock options granted during the thirty-nine weeks ended October 31, 2015: Dividend yield 0% Expected stock price volatility 47.0%-66.8% Risk-free interest rate 1.45%-2.18% Expected award life (in years) 4.92-5.71 Weighted average fair value per share of options granted during the period $1.93 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | The following table summarizes stock award activity during the thirty-nine weeks ended October 31, 2015: Employee and Director Stock Award Plans Number of Weighted Weighted Other Share Awards (1) Weighted Balance January 31, 2015 2,465,110 $ 6.80 3.8 237,400 $ 3.75 Granted 345,000 3.72 9.6 23,774 3.59 Exercised (8,000 ) 2.33 — — — Canceled (690,035 ) 13.68 — — — Balance October 31, 2015 2,112,075 $ 4.07 5.1 261,174 $ 3.73 Exercisable October 31, 2015 1,351,325 $ 4.21 3.1 51,774 $ 4.68 (1) Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods: Thirteen weeks ended Thirty-nine weeks ended October 31, November 1, October 31, November 1, (in thousands) (in thousands) Service cost $ 17 $ 14 $ 51 $ 42 Interest cost 145 172 435 517 Amortization of pension costs 86 180 258 540 Amortization of net gain (1) (9 ) (35 ) (27 ) (106 ) Net periodic pension cost $ 239 $ 331 $ 717 $ 993 (1) The amortization of net gain is related to a Director Retirement Plan previously provided by the Company. |
Depreciation and Amortization20
Depreciation and Amortization of Fixed Assets (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] | Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 31, November 1, October 31, November 1, (in thousands) (in thousands) Cost of sales $ 124 $ 129 $ 370 $ 380 Selling, general and administrative expenses 1,227 953 3,238 2,593 Total $ 1,351 $ 1,082 $ 3,608 $ 2,973 |
Nature of Operations (Details)
Nature of Operations (Details) ft² in Millions | 3 Months Ended | |
Jan. 31, 2015 | Oct. 31, 2015ft² | |
Disclosure Text Block [Abstract] | ||
Number of Stores | 309 | |
Area of Stores (in Square Feet) | 1.8 | |
Percentage of Annual Net Sales Recorded in the Fourth Quarter | 35.00% |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Disclosure Text Block [Abstract] | ||||
Other Income | $ 1.8 | $ 1.4 | $ 6 | $ 4 |
Proceeds from Legal Settlements | $ 1.4 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) shares in Millions | 9 Months Ended |
Oct. 31, 2015USD ($)shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ | $ 900,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number | 2.4 |
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number | 1.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2.1 |
Intrinsic Value of Stock Awards Outstanding (in Dollars) | $ | $ 842,000 |
Intrinsic Value of Stock Awards Exercisable (in Dollars) | $ | $ 625,000 |
Stock Based Compensation (Det24
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted | 9 Months Ended |
Oct. 31, 2015$ / shares | |
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |
Dividend yield | 0.00% |
Weighted average fair value per share of options granted during the period (in Dollars per share) | $ 1.93 |
Minimum [Member] | |
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |
Expected stock price volatility | 47.00% |
Risk-free interest rate | 1.45% |
Expected award life (in years) | 4 years 335 days |
Maximum [Member] | |
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] | |
Expected stock price volatility | 66.80% |
Risk-free interest rate | 2.18% |
Expected award life (in years) | 5 years 259 days |
Stock Based Compensation (Det25
Stock Based Compensation (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | 9 Months Ended | |
Oct. 31, 2015$ / sharesshares | ||
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | ||
Number of Shares Subject To option, Balance | shares | 2,465,110 | |
Weighted Average Exercise Price | $ / shares | $ 6.80 | |
Weighted Average Remaining Contractual Term | 3.8 | |
Other Share Awards, Balance | shares | 237,400 | [1] |
Weighted Average Grant Date Value, Balance | $ / shares | $ 3.75 | |
Exercisable October 31, 2015 | shares | 1,351,325 | |
Exercisable October 31, 2015 | $ / shares | $ 4.21 | |
Exercisable October 31, 2015 | 3.1 | |
Exercisable October 31, 2015 | shares | 51,774 | [1] |
Exercisable October 31, 2015 | $ / shares | $ 4.68 | |
Granted | shares | 23,774 | [1] |
Granted | $ / shares | $ 3.59 | |
Granted | shares | 345,000 | |
Granted | $ / shares | $ 3.72 | |
Granted | 9.6 | |
Exercised | shares | (8,000) | |
Exercised | $ / shares | $ 2.33 | |
Canceled | shares | (690,035) | |
Canceled | $ / shares | $ 13.68 | |
Number of Shares Subject To option, Balance | shares | 2,112,075 | |
Weighted Average Exercise Price | $ / shares | $ 4.07 | |
Weighted Average Remaining Contractual Term | 5.1 | |
Other Share Awards, Balance | shares | 261,174 | [1] |
Weighted Average Grant Date Value, Balance | $ / shares | $ 3.73 | |
[1] | Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers. |
Defined Benefit Plans (Details)
Defined Benefit Plans (Details) | Oct. 31, 2015USD ($) |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plans (Details) [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 182,000 |
Defined Benefit Plans (Detail27
Defined Benefit Plans (Details) - Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | ||
Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract] | |||||
Service cost | $ 17 | $ 14 | $ 51 | $ 42 | |
Interest cost | 145 | 172 | 435 | 517 | |
Amortization of pension costs | 86 | 180 | 258 | 540 | |
Amortization of net gain(1) | [1] | (9) | (35) | (27) | (106) |
Net periodic pension cost | $ 239 | $ 331 | $ 717 | $ 993 | |
[1] | The amortization of net gain is related to a Director Retirement Plan previously provided by the Company. |
Line of Credit (Details)
Line of Credit (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | May. 02, 2012 | |
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $ 75 | ||
Line of Credit Facility, Current Borrowing Capacity (in Dollars) | $ 65 | $ 65 | |
Minimum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||
Minimum [Member] | Credit Facility [Member] | LIBOR Rate [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Minimum [Member] | Credit Facility [Member] | Base Rate [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Maximum [Member] | Credit Facility [Member] | |||
Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||
Maximum [Member] | Credit Facility [Member] | LIBOR Rate [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
Maximum [Member] | Credit Facility [Member] | Base Rate [Member] | |||
Line of Credit (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Depreciation and Amortization29
Depreciation and Amortization of Fixed Assets (Details) - Schedule of Depreciation and Amortization of Fixed Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Schedule of Depreciation and Amortization of Fixed Assets [Abstract] | ||||
Cost of sales | $ 124 | $ 129 | $ 370 | $ 380 |
Selling, general and administrative expenses | 1,227 | 953 | 3,238 | 2,593 |
Total | $ 1,351 | $ 1,082 | $ 3,608 | $ 2,973 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 23 Months Ended |
Oct. 31, 2015 | Aug. 01, 2015 | |
Shareholders' Equity (Details) [Line Items] | ||
Stock Repurchased During Period, Shares | 61,410 | 1,750,086 |
Treasury Stock Acquired, Average Cost Per Share | $ 3.83 | $ 3.84 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 15.3 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | 9 Months Ended |
Oct. 31, 2015USD ($) | |
Subsequent Events [Abstract] | |
Subsequent Event, Description | On December 4, 2015, the Company amended and restated the lease, a copy of which is attached hereto as Exhibit 10.1, for its’ corporate office space in Albany, NY with Robert J. Higgins, its Chairman and largest shareholder. The amended and restated lease commences January 1, 2016 and expires December 31, 2020. Upon commencement of the amended and restated lease, annual payments will be reduced by approximately $1.0 million. The reduction in payments will be reflected in the Condensed Consolidated Statements of Income as a reduction of interest expense partially offset by an increase in Cost of Sales and SG&A expenses |
Subsequent Event, Date | Dec. 4, 2015 |
Restated Lease Annual Payment Reduction | $ 1 |