Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 27, 2024 | May 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 27, 2024 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | AstroNova, Inc. | |
Entity Central Index Key | 0000008146 | |
Current Fiscal Year End Date | --01-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | ALOT | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | RI | |
Entity File Number | 0-13200 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Tax Identification Number | 05-0318215 | |
Entity Address, Address Line One | 600 East Greenwich Avenue | |
Entity Address, City or Town | West Warwick | |
Entity Address, Postal Zip Code | 02893 | |
Entity Address, State or Province | RI | |
City Area Code | 401 | |
Local Phone Number | 828-4000 | |
Entity Common Stock, Shares Outstanding | 7,513,564 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 27, 2024 | Jan. 31, 2024 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 3,990 | $ 4,527 |
Accounts Receivable, net | 17,863 | 23,056 |
Inventories, net | 45,177 | 46,371 |
Prepaid Expenses and Other Current Assets | 3,242 | 2,720 |
Total Current Assets | 70,272 | 76,674 |
Property, Plant and Equipment, net | 14,206 | 14,185 |
Identifiable Intangibles, net | 18,402 | 18,836 |
Goodwill | 14,536 | 14,633 |
Deferred Tax Assets, net | 6,880 | 6,882 |
Right of Use Asset | 894 | 603 |
Other Assets | 1,411 | 1,438 |
TOTAL ASSETS | 126,601 | 133,251 |
CURRENT LIABILITIES | ||
Accounts Payable | 7,012 | 8,068 |
Accrued Compensation | 2,934 | 2,923 |
Other Accrued Expenses | 2,787 | 2,706 |
Revolving Line of Credit | 3,400 | 8,900 |
Current Portion of Long-Term Debt | 2,844 | 2,842 |
Current Liability—Royalty Obligation | 1,700 | 1,700 |
Current Liability—Excess Royalty Payment Due | 572 | 935 |
Income Taxes Payable | 512 | 349 |
Deferred Revenue | 1,151 | 1,338 |
Total Current Liabilities | 22,912 | 29,761 |
NON-CURRENT LIABILITIES | ||
Long-Term Debt, net of current portion | 9,343 | 10,050 |
Royalty Obligation, net of current portion | 1,816 | 2,093 |
Lease Liabilities, net of current portion | 680 | 415 |
Income Taxes Payable | 551 | 551 |
Deferred Tax Liabilities | 92 | 99 |
TOTAL LIABILITIES | 35,394 | 42,969 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, $10 Par Value, Authorized 100,000 shares, None Issued | ||
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,895,269 and 10,812,137 shares at April 27, 2024 and January 31, 2024, respectively | 545 | 541 |
Additional Paid-in Capital | 63,053 | 62,684 |
Retained Earnings | 65,050 | 63,869 |
Treasury Stock, at Cost, 3,393,442 and 3,368,763 shares at April 27, 2024 and January 31, 2024, respectively | (35,025) | (34,593) |
Accumulated Other Comprehensive Loss, net of tax | (2,416) | (2,219) |
TOTAL SHAREHOLDERS' EQUITY | 91,207 | 90,282 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 126,601 | $ 133,251 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 27, 2024 | Jan. 31, 2024 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 10 | $ 10 |
Preferred Stock, Shares Authorized | 100,000 | 100,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value | $ 0.05 | $ 0.05 |
Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
Common Stock, Shares Issued | 10,895,269 | 10,812,137 |
Treasury Stock, Shares | 3,393,442 | 3,368,763 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 32,961,000 | $ 35,419,000 |
Cost of Revenue | 20,989,000 | 23,034,000 |
Gross Profit | 11,972,000 | 12,385,000 |
Operating Expenses: | ||
Selling and Marketing | 5,656,000 | 6,010,000 |
Research and Development | 1,603,000 | 1,788,000 |
General and Administrative | 3,367,000 | 3,126,000 |
Operating Expenses | 10,626,000 | 10,924,000 |
Operating Income | 1,346,000 | 1,461,000 |
Other Income (Expense), net: | ||
Interest Expense | (482,000) | (615,000) |
Gain (Loss) on Foreign Currency Transactions | (143,000) | 186,000 |
Other, net | 26,000 | (5,000) |
Total Other Income (Expense) | (599,000) | (434,000) |
Income Before Income Taxes | 747,000 | 1,027,000 |
Income Tax Provision (Benefit) | (434,000) | 179,000 |
Net Income | $ 1,181,000 | $ 848,000 |
Net Income per Common Share-Basic | $ 0.16 | $ 0.12 |
Net Income per Common Share-Diluted | $ 0.15 | $ 0.11 |
Weighted Average Number of Common Shares Outstanding—Basic | 7,459,394 | 7,369,930 |
Weighted Average Number of Common Shares Outstanding—Diluted | 7,628,025 | 7,450,052 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 1,181 | $ 848 |
Other Comprehensive Income (Loss), net of taxes: | ||
Foreign Currency Translation Adjustments | (197) | 210 |
Other Comprehensive Income (Loss) | (197) | 210 |
Comprehensive Income | $ 984 | $ 1,058 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Jan. 31, 2023 | $ 84,367 | $ 534 | $ 61,131 | $ 59,175 | $ (34,235) | $ (2,238) |
Beginning Balance, Shares at Jan. 31, 2023 | 10,676,851 | |||||
Share-Based Compensation | 356 | 356 | ||||
Employee Option Exercises | 43 | 43 | ||||
Employee Option Exercises, Shares | 4,094 | |||||
Restricted Stock Awards Vested | (350) | $ 4 | (4) | (350) | ||
Restricted Stock Awards Vested, Shares | 99,989 | |||||
Net Income | 848 | 848 | ||||
Foreign Currency Translation Adjustment | 210 | 210 | ||||
Ending Balance at Apr. 29, 2023 | 85,474 | $ 538 | 61,526 | 60,023 | (34,585) | (2,028) |
Ending Balance, Shares at Apr. 29, 2023 | 10,780,934 | |||||
Beginning Balance at Jan. 31, 2024 | 90,282 | $ 541 | 62,684 | 63,869 | (34,593) | (2,219) |
Beginning Balance, Shares at Jan. 31, 2024 | 10,812,137 | |||||
Share-Based Compensation | 325 | 325 | ||||
Employee Option Exercises | $ 48 | 48 | ||||
Employee Option Exercises, Shares | 10,900 | 5,055 | ||||
Restricted Stock Awards Vested | $ (432) | $ 4 | (4) | (432) | ||
Restricted Stock Awards Vested, Shares | 78,077 | |||||
Net Income | 1,181 | 1,181 | ||||
Foreign Currency Translation Adjustment | (197) | (197) | ||||
Ending Balance at Apr. 27, 2024 | $ 91,207 | $ 545 | $ 63,053 | $ 65,050 | $ (35,025) | $ (2,416) |
Ending Balance, Shares at Apr. 27, 2024 | 10,895,269 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 1,181 | $ 848 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 911 | 1,055 |
Amortization of Debt Issuance Costs | 6 | 6 |
Share-Based Compensation | 325 | 356 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 5,130 | 2,324 |
Inventories | 1,117 | (1,756) |
Income Taxes | (532) | 38 |
Accounts Payable and Accrued Expenses | (1,213) | 8 |
Deferred Revenue | (183) | 0 |
Other | 162 | (237) |
Net Cash Provided by Operating Activities | 6,904 | 2,642 |
Cash Flows from Investing Activities: | ||
Purchases of Property, Plant and Equipment | (492) | (48) |
Net Cash Used for Investing Activities | (492) | (48) |
Cash Flows from Financing Activities: | ||
Net Cash Proceeds from Employee Stock Option Plans | 18 | 18 |
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan | 30 | 25 |
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | (432) | (350) |
Repayment under Revolving Credit Facility | (5,500) | 0 |
Payment of Minimum Guarantee Royalty Obligation | (375) | (500) |
Principal Payments of Long-Term Debt | (710) | (375) |
Net Cash Used for Financing Activities | (6,969) | (1,182) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 20 | 55 |
Net Increase (Decrease) in Cash and Cash Equivalents | (537) | 1,467 |
Cash and Cash Equivalents, Beginning of Period | 4,527 | 3,946 |
Cash and Cash Equivalents, End of Period | 3,990 | 5,413 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash Paid During the Period for Interest | 409 | 538 |
Cash Paid During the Period for Income Taxes, net of refunds | 93 | 235 |
Non-Cash Transactions: | ||
Capital Lease Obtained in Exchange for Capital Lease Liabilities | $ 358 | $ 0 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Apr. 27, 2024 | |
Business and Basis Of Presentation [Abstract] | |
Business and Basis of Presentation | Note 1 – Business and Basis of Presentation Overview Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation industries. Our business consists of two segments, Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the QuickLabel ® , TrojanLabel ® and GetLabels brand names. The T&M segment consists of our line of aerospace products, including flight deck printers, networking hardware, and related accessories as well as T&M data acquisition systems sold under the AstroNova ® brand name. PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding, and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers and light commercial label printers, direct-to-package printers, high-volume presses, and specialty original equipment manufacturer (“OEM”) printing systems, as well as a wide range of label, tag and other supplies, including ink and toner, allowing customers to mark, track, protect and enhance the appearance of their products. PI products sold under the Astro Machine brand also include a variety of label printers, envelope and packaging printing, and related processing and handling equipment. In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution flight deck and cabin printers for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed, analyzed, stored and presented in various visual output formats. Our PI products are sold by direct field salespersons, OEMs and independent dealers and representatives, while our T&M products are sold predominantly through direct sales and independent representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in PI products. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Singapore, and the United Kingdom staffed by our own employees and dedicated third party contractors. Additionally, we utilize over 100 independent dealers and representatives selling and marketing our products in over 60 countries. Unless otherwise indicated, references to “AstroNova,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to AstroNova, Inc. and its consolidated subsidiaries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended January 31, 2024. The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition, the allowances for doubtful accounts, inventory valuation, income taxes, valuation of long-lived assets, intangible assets and goodwill, share-based compensation, and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates. Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. Certain amounts in the prior year’s financial statements have been reclassified to conform to the current year’s presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Update | 3 Months Ended |
Apr. 27, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Update | Note 2 – Summary of Significant Accounting Policies Update The accounting policies used in preparing the condensed consolidated financial statements in this Form 10-Q are the same as those used in preparing our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Recent Accounting Pronouncements Not Yet Adopted On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports on Form 10-K including, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; material climate-related targets or goals and their financial impact; and qualitative and quantitative disclosures regarding greenhouse gas emissions. The final rules follow a phase-in timeline and would begin to apply prospectively to our fiscal year beginning February 1, 2027. In April 2024, the SEC voluntarily stayed the effectiveness of the rules pending completion of judicial review of the consolidated challenges to the final rules. We are currently monitoring the legal challenges and evaluating the potential impact of these rules on our consolidated financial statements and disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by ASU 2023-07 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025, and for interim periods beginning with our first quarter of fiscal 2026. We are currently evaluating the new disclosure requirements of ASU 2023-07 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures. No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 27, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems, and airborne printers and networking hardware used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets Three Months Ended (In thousands) April 27, 2024 April 29, 2023* United States $ 18,106 $ 20,696 Europe 10,429 9,864 Canada 1,759 1,879 Central and South America 1,198 1,200 Asia 1,185 1,471 Other 284 309 Total Revenue $ 32,961 $ 35,419 *Certain amounts have been reclassified to conform to the current year's presentation. Major product types Three Months Ended (In thousands) April 27, 2024 April 29, 2023 Hardware $ 8,875 $ 11,667 Supplies 18,633 19,070 Service and Other 5,453 4,682 Total Revenue $ 32,961 $ 35,419 In December 2022, we entered into an amended contract with one of our T&M customers that provided for a total payment of $ 3.25 million to us as a result of our claims allowable under French law relating to additional component costs we have incurred and will continue to incur in order to supply aerospace printers under the contract for the period beginning in April 2022 and continuing through fiscal 2025. Revenue from this arrangement will be recognized in proportion to the total estimated shipments through the end of the contract period. As of January 31, 2024, we recognized $ 2.4 million in revenue and the $ 0.8 million balance was recorded as deferred revenue. During the three months ended April 27, 2024, we recognized an additional $ 0.2 million which is included in revenue in the condensed consolidated statement of income for the respective period presented, and there is a balance of $ 0.6 million in deferred revenue at April 27, 2024. The remaining revenue to be recognized will be based on our shipments of the printers during the remainder of fiscal year 2025. Contract Assets and Liabilities We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $ 534,000 and $ 530,000 at April 27, 2024 and January 31, 2024, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The increase in the deferred revenue balance during the three months ended April 27, 2024 is due to cash payments received in advance of satisfying performance obligations partially offset by revenue recognized during the current period, including $ 136,000 of revenue recognized that was included in the deferred revenue balance at January 31, 2024. Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized over the remaining useful life of these contracts, which we currently estimate to be approximately 17 years as of April 27, 2024. The balance of these contract assets at January 31, 2024 was $ 1.3 million. During the three months ended April 27, 2024, we amortized contract costs of $ 19,000 . The balance of deferred incremental direct costs net of accumulated amortization at April 27, 2024 was $ 1.3 million, of which $ 0.1 million is reported in other current assets and $ 1.2 million is reported in other assets in the accompanying condensed consolidated balance sheet. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Apr. 27, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 4 – Net Income Per Common Share Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: Three Months Ended April 27, 2024 April 29, 2023 Weighted Average Common Shares Outstanding – Basic 7,459,394 7,369,930 Effect of Dilutive Options, Restricted Stock Awards and 168,631 80,122 Weighted Average Common Shares Outstanding – Diluted 7,628,025 7,450,052 For the three months ended April 27, 2024 and April 29, 2023, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 181,999 and 656,554 , respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Apr. 27, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 5 – Intangible Assets Intangible assets are as follows: April 27, 2024 January 31, 2024 (In thousands) Gross Accumulated Currency Net Gross Accumulated Currency Net RITEC: Customer Contract $ 2,830 $ ( 1,705 ) $ — $ 1,125 $ 2,830 $ ( 1,689 ) $ — $ 1,141 TrojanLabel: Distributor Relations 937 ( 705 ) 22 254 937 ( 686 ) 30 281 Honeywell: Customer Contract 27,773 ( 13,012 ) — 14,761 27,773 ( 12,795 ) — 14,978 Astro Machine: Customer Contract 3,060 ( 1,071 ) — 1,989 3,060 ( 918 ) — 2,142 Trademarks 420 ( 147 ) — 273 420 ( 126 ) — 294 Intangible Assets, net $ 35,020 $ ( 16,640 ) $ 22 $ 18,402 $ 35,020 $ ( 16,214 ) $ 30 $ 18,836 There were no impairments to intangible assets during the periods ended April 27, 2024 and April 29, 2023. With respect to the acquired intangibles included in the table above, amortization expense of $ 0.4 million and $ 0.6 million has been included in the condensed consolidated statements of income for the three months ended April 27, 2024, and April 29, 2023, respectively. Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2026 2027 2028 2029 Estimated amortization expense $ 1,291 $ 1,721 $ 1,721 $ 1,721 $ 1,281 |
Inventories
Inventories | 3 Months Ended |
Apr. 27, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 – Inventories Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows: (In thousands) April 27, 2024 January 31, 2024 Materials and Supplies $ 37,374 $ 39,078 Work-In-Process 1,580 1,054 Finished Goods 15,528 15,645 54,482 55,777 Inventory Reserve ( 9,305 ) ( 9,406 ) $ 45,177 $ 46,371 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Apr. 27, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 7 – Property, Plant and Equipment Property, plant and equipment consist of the following: (In thousands) April 27, 2024 January 31, 2024 Land and Land Improvements $ 2,304 $ 2,304 Buildings and Leasehold Improvements 14,427 14,381 Machinery and Equipment 26,391 26,123 Computer Equipment and Software 14,319 14,238 Gross Property, Plant and Equipment 57,441 57,046 Accumulated Depreciation ( 43,235 ) ( 42,861 ) Net Property Plant and Equipment $ 14,206 $ 14,185 Depreciation expense on property, plant and equipment was $ 0.5 million a nd $ 0.4 million f or the three months ended April 27, 2024 and April 29, 2023, respectively. |
Credit Agreement and Long-Term
Credit Agreement and Long-Term Debt | 3 Months Ended |
Apr. 27, 2024 | |
Debt Disclosure [Abstract] | |
Credit Agreement and Long-Term Debt | Note 8 – Credit Agreement and Long-Term Debt On August 4, 2022, we entered into a Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”) with Bank of America, N.A., as lender (the “Lender”). The Second Amendment amended the Amended and Restated Credit Agreement dated as of July 30, 2020, as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of March 24, 2021, and the LIBOR Transition Amendment, dated as of December 24, 2021 (the “Existing Credit Agreement,” and the Existing Credit Agreement as amended by the Second Amendment, the “Amended Credit Agreement”), between us and the Lender. The Amended Credit Agreement provides for (i) a new term loan in the principal amount of $ 6.0 million, which term loan was in addition to the existing term loan outstanding under the Existing Credit Agreement in the principal amount of $ 9.0 million as of the effective date of the Second Amendment, and (ii) an increase in the aggregate principal amount of the revolving credit facility available thereunder from $ 22.5 million to $ 25.0 million. At the closing of the Second Amendment, we borrowed the entire $ 6.0 million term loan and $ 12.4 million under the revolving credit facility, and the proceeds of such borrowings were used in part to pay the purchase price payable under the Purchase Agreement and certain related transaction costs. The revolving credit facility may otherwise be used for corporate purposes. The Amended Credit Agreement requires that the term loan be paid in quarterly installments on the last day of each of our fiscal quarters over the term of the Amended Credit Agreement on the following repayment schedule: the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2022 through July 31, 2023 is $ 375,000 ; and the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2023 through April 30, 2027 is $ 675,000 . The entire remaining principal balance of the term loan is required to be paid on August 4, 2027. We may voluntarily prepay the term loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than August 4, 2027, and any outstanding revolving loans thereunder will be due and payable in full, and the revolving credit facility will terminate, on such date. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty. The interest rates under the Amended Credit Agreement are as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the BSBY Rate as defined in the Amended Credit Agreement (or, in the case of revolving credit loans denominated in a currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60 % to 2.50 % based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50 %, (ii) Bank of America’s publicly announced prime rate, (iii) the BSBY Rate plus 1.00 %, or (iv) 0.50 %, plus a margin that varies within a range of 0.60 % to 1.50 % based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15 % and 0.35 % based on our consolidated leverage ratio. During the three months ended April 27, 2024, the weighted average interest rate on our variable rate debt was 7.46 %. The loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from (a) net cash proceeds from certain dispositions of property, (b) net cash proceeds from certain issuances of equity, (c) net cash proceeds from certain issuances of additional debt and (d) net cash proceeds from certain extraordinary receipts. Amounts repaid under the revolving credit facility may be reborrowed, subject to our continued compliance with the Amended Credit Agreement. No amount of the term loan that is repaid may be reborrowed. We must comply with various customary financial and non-financial covenants under the Amended Credit Agreement. The financial covenants under the Amended Credit Agreement consist of a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio and a minimum consolidated asset coverage ratio. The primary non-financial covenants limit our and our subsidiaries’ ability to incur future indebtedness, to place liens on assets, to pay dividends or distributions on our or our subsidiaries’ capital stock, to repurchase or acquire our or our subsidiaries’ capital stock, to conduct mergers or acquisitions, to sell assets, to alter our or our subsidiaries’ capital structure, to make investments and loans, to change the nature of our or our subsidiaries’ business, and to prepay subordinated indebtedness, in each case subject to certain exceptions and thresholds as set forth in the Amended Credit Agreement, certain of which provisions were modified by the Second Amendment. As of April 27, 2024, we believe we are in compliance with all of the covenants in the Credit Agreement. The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control. Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests we hold in ANI Scandinavia ApS, AstroNova GmbH and AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island, and are guaranteed by, and secured by substantially all of the personal property assets of Astro Machine. On May 6, 2024, we entered into a Third Amendment to the Amended and Restated Credit Agreement, which further amended the Amended Credit Agreement. See Note 15, “Subsequent Event” for further information regarding the Third Amendment to the Amended and Restated Credit Agreement. Equipment Financing In January 2024, we entered into a secured equipment loan facility agreement with Banc of America Leasing & Capital, LLC and borrowed a principal amount of $ 0.8 million thereunder for the purpose of financing our purchase of production equipment. This loan matures on January 23, 2029 , and bears interest at a fixed rate of 7.06 %. Under this loan agreement, equal monthly payments including principal and interest of $ 16,296 commenced on February 23, 2024 , and will continue through the maturity of the equipment loan facility on January 23, 2029 . Summary of Outstanding Debt Revolving Credit Facility At April 27, 2024, we had an outstanding balance of $ 3.4 million on our revolving credit facility. The balance outstanding under the revolving credit facility bore interest at a weighted average annual rate of 7.53 % and 6.93 % and we incurred $ 132,000 and $ 292,000 for interest on this obligation during the three months ended April 27, 2024 and April 29, 2023, respectively. Additionally, during the three months ended April 27, 2024 and April 29, 2023, we incurred $ 11,000 and $ 8,000 , respectively, of commitment fees on the undrawn portion of our revolving credit facility. Both the interest expense and commitment fees are included as interest expense in the accompanying condensed consolidated statements of income for all periods presented. At April 27, 2024, there was $ 21.6 million remaining available for borrowing under our revolving credit facility. Long-Term Debt Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) April 27, January 31, USD Term Loan ( 7.44 % as of April 27, 2024 and 7.56 % as August 4, 2027 $ 11,475 $ 12,150 Equipment Loan ( 7.06 % Fixed Rate); maturity date of January 23, 2029 787 822 Total Debt 12,262 12,972 Less: Debt Issuance Costs, net of accumulated amortization 75 80 Current Portion of Debt 2,844 2,842 Long-Term Debt $ 9,343 $ 10,050 During the three months ended April 27, 2024 and April 29, 2023, we recognized interest expense on debt of $ 233,000 and $ 248,000 , respectively, which is recognized in the accompanying condensed consolidated statements of income for all periods presented. The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of April 27, 2024 is as follows: (In thousands) Fiscal 2025, remainder $ 2,132 Fiscal 2026 2,852 Fiscal 2027 2,864 Fiscal 2028 4,226 Fiscal 2029 188 $ 12,262 |
Royalty Obligation
Royalty Obligation | 3 Months Ended |
Apr. 27, 2024 | |
Royalty Obligation Disclosure [Abstract] | |
Royalty Obligation | Note 9 – Royalty Obligation In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $ 15.0 million, to be paid over ten years , based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, and product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue. The guaranteed minimum ro yalty payment obligation was recorded at the present value of the minimum annual royalty payments. As of April 27, 2024, we had paid an aggregate of $ 11.5 million of the guaranteed minimum royalty obligation. At April 27, 2024, the current portion of the outstanding guaranteed minimum royalty obligation of $ 1.5 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $ 1.4 million is reported as a long-term liability on our condensed consolidated balance sheet. For the three months ended April 27, 2024 and April 29, 2023, we incurred $ 0.5 million and $ 0.4 million, respectively, in excess royalty expense which is included in cost of revenue in our consolidated statements of income for all periods presented. A total of $ 0.9 million in excess royalties was paid in the first quarter of the current fiscal year, and there are $ 0.5 million in excess royalty payables due as a result of this agreement for the quarter ended April 27, 2024. In fiscal 2023, we entered into an Asset Purchase and License Agreement with Honeywell International Inc. (“New HW Agreement”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s flight deck printers for the Boeing 787 aircraft. The New HW Agreement provides for royalty payments to Honeywell based on gross revenues from the sales of the printers, paper and repair services of the licensed products in perpetuity. The royalty rates vary based on the year in which they are paid or earned and as products are sold or as services are provided and range from single-digit to mid-double-digit percentages of gross revenue. The New HW Agreement includes a provision for guaranteed minimum royalty payments to be paid in the event that the royalties earned by Honeywell do not meet the minimum for the preceding calendar year as follows: $ 100,000 in 2024, $ 200,000 in 2025, $ 233,000 in 2026 and 2027, and $ 234,000 in 2028. As of January 31, 2024, the total outstanding royalty obligation under the New HW Agreement was $ 0.6 million, including $ 0.2 million recorded as a current liability in the accompanying balance sheet. During the first quarter of fiscal 2025, we incurred $ 0.1 million in excess royalty expense, which was paid in the first quarter of the current fiscal year. As of April 27, 2024, the total outstanding royalty obligation on the New HW Agreement is $ 0.7 million, including $ 0.3 million recorded as a current liability in the accompanying balance sheet. |
Leases
Leases | 3 Months Ended |
Apr. 27, 2024 | |
Leases [Abstract] | |
Leases | Note 10 – Leases We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to nine years, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options. Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification April 27, January 31, Lease Assets Right of Use Assets $ 894 $ 603 Lease Liabilities – Current Other Accrued Expenses $ 239 $ 233 Lease Liabilities – Long Term Lease Liabilities $ 680 $ 415 Lease cost information is as follows: Three Months Operating Leases (In thousands) Statement of Income Classification April 27, April 29, Operating Lease Costs General and Administrative Expense $ 98 $ 133 Maturities of operating lease liabilities are as follows: (In thousands) April 27, Fiscal 2025, remaining $ 213 Fiscal 2026 248 Fiscal 2027 200 Fiscal 2028 144 Fiscal 2029 54 Thereafter 230 Total Lease Payments 1,089 Less: Imputed Interest ( 170 ) Total Lease Liabilities $ 919 As of April 27, 2024, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 5.3 years and 5.56 %, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Supplemental cash flow information related to leases is as follows: Three Months (In thousands) April 27, April 29, Cash paid for operating lease liabilities $ 85 $ 93 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 27, 2024 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 11 – Share-Based Compensation We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options, non-qualified stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (“RSAs”). At the June 6, 2023 annual meeting of shareholders, the 2018 Plan was amended to increase the number of shares of the Company’s common stock available for issuance by 600,000 , bringing the total number of shares available for issuance under the 2018 Plan from 950,000 to 1,550,000 . Under the 2018 Plan, we may also issue an additional number of shares equal to the number of shares subject to outstanding awards under our prior 2015 Equity Incentive Plan that are forfeited, canceled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten year s. Under the 2018 Plan, there were 80,780 unvested RSUs; 164,234 unvested PSUs; and options to purchase an aggregate of 135,500 shares outstanding as of April 27, 2024. In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of April 27, 2024, options to purchase an aggregate of 241,649 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 127,600 shares were outstanding under the 2015 Plan. We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25 % of the number calculated by dividing the director’s annual compensation amount, which is currently $ 70,000 , by the fair market value of the Company’s stock on such day. All RSA’s granted under this Program vest immediately . Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) April 27, April 29, Stock Options $ — $ — Restricted Stock Awards and Restricted Stock Units 319 352 Employee Stock Purchase Plan 6 4 Total $ 325 $ 356 Stock Options Aggregated information regarding stock option activity for the three months ended April 27, 2024 is summarized below: Number of Weighted Average Outstanding at January 31, 2024 523,349 $ 15.26 Granted — — Exercised ( 10,900 ) 14.18 Forfeited ( 7,700 ) 14.20 Canceled — — Outstanding at April 27, 2024 504,749 $ 15.30 Set forth below is a summary of options outstanding at April 27, 2024: Outstanding Exercisable Range of Number Weighted- Weighted- Number Weighted- Weighted $ 10.01 - 15.00 293,274 $ 13.75 1.9 293,274 $ 13.75 1.9 $ 15.01 - 20.00 211,475 $ 17.44 3.6 211,475 $ 17.44 3.6 504,749 $ 15.30 2.6 504,749 $ 15.30 2.6 There were no stock options granted in fiscal 2024, or during the first three months of fiscal 2025, and as of April 27, 2024, there was no unrecognized compensation expense related to stock options. Restricted Stock Units (RSUs), Performance-Based Stock Units (PSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU, PSU and RSA activity for the three months ended April 27, 2024 is summarized below: RSUs, PSUs & RSAs Weighted Average Outstanding at January 31, 2024 300,705 $ 12.90 Granted 26,387 17.85 Vested ( 78,077 ) 13.62 Forfeited ( 4,001 ) 12.81 Outstanding at April 27, 2024 245,014 $ 13.20 As of April 27, 2024, there was approximately $ 2.1 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 1.2 years. Employee Stock Purchase Plan (ESPP) Our ESPP allows eligible employees to purchase shares of common stock at a 15 % discount from fair value on the first or last day of an offering period, whichever is less. A total of 40,000 shares were initially reserved for issuance under the ESPP. During the three months ended April 27, 2024, there were 2,246 shares purchased under the ESPP and there are 22,812 shares remaining available for purchase under the ESPP as of April 27, 2024. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 27, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income Taxes Our effective tax rates are as follows: Three Months Fiscal 2025 ( 58.1 )% Fiscal 2024 17.4 % We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which they occur. During the three months ended April 27, 2024, we recognized an income tax benefit of $ 434,000 . The effective tax rate in this period was directly impacted by a $ 572,000 tax benefit related to a previously unrecorded reduction in our future income taxes payable balance that should have been discretely recognized in the fourth quarter of fiscal year 2024 when we completed our domestic return to accrual process. Additional impacts on the effective tax rate included a $ 75,000 tax benefit arising from windfall tax benefits related to our stock. During the three months ended April 29, 2023, we recognized an income tax expense of approximately $ 179,000 . The effective tax rate in this period was directly impacted by a $ 77,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $ 29,000 tax benefit arising from windfall tax benefits related to our stock. |
Segment Information
Segment Information | 3 Months Ended |
Apr. 27, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Note 13 – Segment Information We report two segments: PI and T&M. We evaluate segment performance based on the segment profit before corporate expenses. Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) April 27, April 29, April 27, April 29, PI $ 23,185 $ 25,095 $ 2,991 $ 2,515 T&M 9,776 10,324 1,722 2,072 Total $ 32,961 $ 35,419 4,713 4,587 Corporate Expenses 3,367 3,126 Operating Income 1,346 1,461 Other Expense, net 599 434 Income Before Income Taxes 747 1,027 Income Tax Provision (Benefit) ( 434 ) 179 Net Income $ 1,181 $ 848 |
Fair Value
Fair Value | 3 Months Ended |
Apr. 27, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 14 – Fair Value Assets and Liabilities Not Recorded at Fair Value Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below: April 27, 2024 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 12,309 $ 12,309 $ 12,262 January 31, 2024 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 13,026 $ 13,026 $ 12,972 The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 27, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 15 – Subsequent Event On May 4, 2024 , AstroNova, along with its wholly-owned Portugal Subsidiary, AstroNova Portugal, Unipessoal, Lda (the “Purchaser”) entered into a Share Purchase Agreement (the “Purchase Agreement”) with Effort Premier Solutions Lda., a private limited company incorporated under the laws of Portugal (the “Seller”) and Elói Serafim Alves Ferreira, as the “Second Guarantor”. In accordance with the terms and subject to the conditions set forth in the Purchase Agreement, the Purchaser acquired 100 % of the issued and outstanding share capital of MTEX New Solution, S.A., a joint stock company with limited liability incorporated under the laws of Portugal (“MTEX”), from the Seller. The closing date for the acquisition was May 6, 2024 . The purchase price for this acquisition consists of EUR 17,268,345 (approximately $ 18.6 million) paid by the Purchaser to the Seller on the closing date by wire transfer, and up to an additional EUR 731,655 (approximately $ 0.8 million) retained by the Purchaser to secure certain indemnification obligations of the Seller to be released by the Purchaser subject to resolution of such obligations. Additionally, the Seller will be entitled to receive contingent consideration in an amount of up to EUR 4,000,000 (approximately $ 4.3 million) if MTEX meets certain revenue objectives as set forth in the Purchase Agreement for the three calendar year periods ending after the closing date. This transaction is a business combination and will be accounted for using the acquisition method as prescribed by Accounting Standard Codification, “Business Combinations.” The purchase price of MTEX will be allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair value at the acquisition date. Any excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed will be recorded as goodwill. Transaction costs related to the transaction will be expensed as incurred. We are currently preparing the valuations and other procedures necessary to determine the purchase price allocation and will record our initial fair value estimates and the results of operations of MTEX since the closing date in our condensed consolidated financial statement for the second quarter of fiscal 2025. Also on May 4, 2024, the Purchaser, the Seller, the Second Guarantor and MTEX entered into a Transitional Management Agreement (the “Transitional Management Agreement”) pursuant to which the Second Guarantor will serve as the MTEX’s Chief Executive Officer for a term of three years following the closing date. Under the terms of the Transitional Management Agreement, the Second Guarantor will receive a salary and grant of restricted stock units and will be entitled to participate in the Company’s incentive compensation programs on the same terms as the Company’s executive officers. The Transitional Management Agreement includes customary non-competition and confidentiality provisions. In connection with the purchase of MTEX, on May 6, 2024, we entered a Third Amendment to Amended and Restated Credit Agreement (the “Third Amendment”) with the Lender. The Amendment further amended the Amended Credit Agreement (as so amended, the “Further Amended Credit Agreement”). The Further Amended Credit Agreement provides for (i) a new term loan to the Company in the principal amount of EUR 14,000,000 (the “Term A-2 Loan”), in addition to the existing term loan outstanding under the Amended Credit Agreement in the principal amount of approximately $ 12.3 million as of the effective date of the Third Amendment, and (ii) an increase in the aggregate principal amount of the revolving credit facility available from $ 25.0 million to $ 30.0 million until January 31, 2025, upon and after which the aggregate principal amount of the revolving credit facility will reduce to $ 25,000,000 . At the closing of the Third Amendment, we borrowed the entire EUR 14,000,000 Term A-2 Loan and EUR 3,000,000 and a US dollar amount which was converted to Euros under the revolving credit facility to satisfy the entire purchase price of the MTEX acquisition payable on the closing date pursuant to the Purchase Agreement. The revolving credit facility may otherwise be used for general corporate purposes. The Further Amended Credit Agreement requires that the EUR 14,000,000 term loan and the existing term loan be paid in quarterly installments on the last day of each fiscal quarter of the Company through April 30, 2027, and the entire then-remaining principal balance on each term loan is required to be paid on August 4, 2027 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Update (Policies) | 3 Months Ended |
Apr. 27, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports on Form 10-K including, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; material climate-related targets or goals and their financial impact; and qualitative and quantitative disclosures regarding greenhouse gas emissions. The final rules follow a phase-in timeline and would begin to apply prospectively to our fiscal year beginning February 1, 2027. In April 2024, the SEC voluntarily stayed the effectiveness of the rules pending completion of judicial review of the consolidated challenges to the final rules. We are currently monitoring the legal challenges and evaluating the potential impact of these rules on our consolidated financial statements and disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by ASU 2023-07 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025, and for interim periods beginning with our first quarter of fiscal 2026. We are currently evaluating the new disclosure requirements of ASU 2023-07 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures. No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type | Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets Three Months Ended (In thousands) April 27, 2024 April 29, 2023* United States $ 18,106 $ 20,696 Europe 10,429 9,864 Canada 1,759 1,879 Central and South America 1,198 1,200 Asia 1,185 1,471 Other 284 309 Total Revenue $ 32,961 $ 35,419 *Certain amounts have been reclassified to conform to the current year's presentation. Major product types Three Months Ended (In thousands) April 27, 2024 April 29, 2023 Hardware $ 8,875 $ 11,667 Supplies 18,633 19,070 Service and Other 5,453 4,682 Total Revenue $ 32,961 $ 35,419 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Income Per Share | A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: Three Months Ended April 27, 2024 April 29, 2023 Weighted Average Common Shares Outstanding – Basic 7,459,394 7,369,930 Effect of Dilutive Options, Restricted Stock Awards and 168,631 80,122 Weighted Average Common Shares Outstanding – Diluted 7,628,025 7,450,052 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: April 27, 2024 January 31, 2024 (In thousands) Gross Accumulated Currency Net Gross Accumulated Currency Net RITEC: Customer Contract $ 2,830 $ ( 1,705 ) $ — $ 1,125 $ 2,830 $ ( 1,689 ) $ — $ 1,141 TrojanLabel: Distributor Relations 937 ( 705 ) 22 254 937 ( 686 ) 30 281 Honeywell: Customer Contract 27,773 ( 13,012 ) — 14,761 27,773 ( 12,795 ) — 14,978 Astro Machine: Customer Contract 3,060 ( 1,071 ) — 1,989 3,060 ( 918 ) — 2,142 Trademarks 420 ( 147 ) — 273 420 ( 126 ) — 294 Intangible Assets, net $ 35,020 $ ( 16,640 ) $ 22 $ 18,402 $ 35,020 $ ( 16,214 ) $ 30 $ 18,836 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2026 2027 2028 2029 Estimated amortization expense $ 1,291 $ 1,721 $ 1,721 $ 1,721 $ 1,281 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: (In thousands) April 27, 2024 January 31, 2024 Materials and Supplies $ 37,374 $ 39,078 Work-In-Process 1,580 1,054 Finished Goods 15,528 15,645 54,482 55,777 Inventory Reserve ( 9,305 ) ( 9,406 ) $ 45,177 $ 46,371 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: (In thousands) April 27, 2024 January 31, 2024 Land and Land Improvements $ 2,304 $ 2,304 Buildings and Leasehold Improvements 14,427 14,381 Machinery and Equipment 26,391 26,123 Computer Equipment and Software 14,319 14,238 Gross Property, Plant and Equipment 57,441 57,046 Accumulated Depreciation ( 43,235 ) ( 42,861 ) Net Property Plant and Equipment $ 14,206 $ 14,185 |
Credit Agreement and Long-Ter_2
Credit Agreement and Long-Term Debt (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets | Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) April 27, January 31, USD Term Loan ( 7.44 % as of April 27, 2024 and 7.56 % as August 4, 2027 $ 11,475 $ 12,150 Equipment Loan ( 7.06 % Fixed Rate); maturity date of January 23, 2029 787 822 Total Debt 12,262 12,972 Less: Debt Issuance Costs, net of accumulated amortization 75 80 Current Portion of Debt 2,844 2,842 Long-Term Debt $ 9,343 $ 10,050 |
Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding | The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of April 27, 2024 is as follows: (In thousands) Fiscal 2025, remainder $ 2,132 Fiscal 2026 2,852 Fiscal 2027 2,864 Fiscal 2028 4,226 Fiscal 2029 188 $ 12,262 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Leases [Abstract] | |
Schedule Of Balance Sheet And Other Information Related To Operating Leases | Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification April 27, January 31, Lease Assets Right of Use Assets $ 894 $ 603 Lease Liabilities – Current Other Accrued Expenses $ 239 $ 233 Lease Liabilities – Long Term Lease Liabilities $ 680 $ 415 |
Schedule Lease Cost Information | Lease cost information is as follows: Three Months Operating Leases (In thousands) Statement of Income Classification April 27, April 29, Operating Lease Costs General and Administrative Expense $ 98 $ 133 |
Schedule of Maturities Of Lease Liabilities | Maturities of operating lease liabilities are as follows: (In thousands) April 27, Fiscal 2025, remaining $ 213 Fiscal 2026 248 Fiscal 2027 200 Fiscal 2028 144 Fiscal 2029 54 Thereafter 230 Total Lease Payments 1,089 Less: Imputed Interest ( 170 ) Total Lease Liabilities $ 919 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows: Three Months (In thousands) April 27, April 29, Cash paid for operating lease liabilities $ 85 $ 93 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Expense | Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) April 27, April 29, Stock Options $ — $ — Restricted Stock Awards and Restricted Stock Units 319 352 Employee Stock Purchase Plan 6 4 Total $ 325 $ 356 |
Aggregated Information Regarding Stock Option Activity | Aggregated information regarding stock option activity for the three months ended April 27, 2024 is summarized below: Number of Weighted Average Outstanding at January 31, 2024 523,349 $ 15.26 Granted — — Exercised ( 10,900 ) 14.18 Forfeited ( 7,700 ) 14.20 Canceled — — Outstanding at April 27, 2024 504,749 $ 15.30 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at April 27, 2024: Outstanding Exercisable Range of Number Weighted- Weighted- Number Weighted- Weighted $ 10.01 - 15.00 293,274 $ 13.75 1.9 293,274 $ 13.75 1.9 $ 15.01 - 20.00 211,475 $ 17.44 3.6 211,475 $ 17.44 3.6 504,749 $ 15.30 2.6 504,749 $ 15.30 2.6 |
Aggregated Information Regarding RSU, PSU and RSA Activity | Aggregated information regarding RSU, PSU and RSA activity for the three months ended April 27, 2024 is summarized below: RSUs, PSUs & RSAs Weighted Average Outstanding at January 31, 2024 300,705 $ 12.90 Granted 26,387 17.85 Vested ( 78,077 ) 13.62 Forfeited ( 4,001 ) 12.81 Outstanding at April 27, 2024 245,014 $ 13.20 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Income Tax Disclosure [Abstract] | |
Projected Effective Tax Rates | Our effective tax rates are as follows: Three Months Fiscal 2025 ( 58.1 )% Fiscal 2024 17.4 % |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Segment Reporting [Abstract] | |
Net Sales and Segment Operating Profit for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) April 27, April 29, April 27, April 29, PI $ 23,185 $ 25,095 $ 2,991 $ 2,515 T&M 9,776 10,324 1,722 2,072 Total $ 32,961 $ 35,419 4,713 4,587 Corporate Expenses 3,367 3,126 Operating Income 1,346 1,461 Other Expense, net 599 434 Income Before Income Taxes 747 1,027 Income Tax Provision (Benefit) ( 434 ) 179 Net Income $ 1,181 $ 848 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Apr. 27, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Fair value of Level 3 Financial Liability | Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below: April 27, 2024 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 12,309 $ 12,309 $ 12,262 January 31, 2024 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 13,026 $ 13,026 $ 12,972 |
Business and Basis of Present_2
Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Apr. 27, 2024 Segment | |
Number of Operating Segments | 2 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 32,961 | $ 35,419 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 18,106 | 20,696 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 10,429 | 9,864 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,759 | 1,879 |
Central and South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,198 | 1,200 |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,185 | 1,471 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 284 | $ 309 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 32,961 | $ 35,419 |
Hardware [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 8,875 | 11,667 |
Supplies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 18,633 | 19,070 |
Service and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 5,453 | $ 4,682 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 27, 2024 | Jan. 31, 2024 | Dec. 31, 2022 | |
Contract liabilities and extended warranties | $ 534,000 | $ 530,000 | |
Revenue recognized | 136,000 | ||
Contract assets balance | 1,300,000 | ||
Deferred incremental direct costs net of accumulated amortization balance | 1,300,000 | ||
Amortization of incremental direct costs | 19,000 | ||
Deferred incremental direct contract costs reported in other current assets | $ 100,000 | ||
Capitalized contract costs amounts incurred amortization period | 17 years | ||
Aerospace Customer [Member] | |||
Deferred Revenue | $ 600,000 | 800,000 | |
Contract with customer liability | $ 3,250,000 | ||
Revenue recognized | 200,000 | $ 2,400,000 | |
Deferred incremental direct contract costs reported in other assets | $ 1,200,000 |
Net Income Per Common Share - R
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Common Shares Outstanding – Basic | 7,459,394 | 7,369,930 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 168,631 | 80,122 |
Weighted Average Number of Common Shares Outstanding—Diluted | 7,628,025 | 7,450,052 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Earnings Per Share [Abstract] | ||
Number of common equivalent shares | 181,999 | 656,554 |
Intangible Assets - Fair Value
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | Apr. 27, 2024 | Jan. 31, 2024 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 35,020 | $ 35,020 |
Accumulated Amortization | (16,640) | (16,214) |
Currency Translation Adjustment | 22 | 30 |
Net Carrying Amount | 18,402 | 18,836 |
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,773 | 27,773 |
Accumulated Amortization | (13,012) | (12,795) |
Net Carrying Amount | 14,761 | 14,978 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | 2,830 |
Accumulated Amortization | (1,705) | (1,689) |
Net Carrying Amount | 1,125 | 1,141 |
Customer Contract Relationships [Member] | Agreement With Astro Machine For Asset Acquisitions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,060 | 3,060 |
Accumulated Amortization | (1,071) | (918) |
Net Carrying Amount | 1,989 | 2,142 |
Distributor Relations [Member] | TrojanLabel [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 937 | 937 |
Accumulated Amortization | (705) | (686) |
Currency Translation Adjustment | 22 | 30 |
Net Carrying Amount | 254 | 281 |
Trademarks [Member] | Agreement With Astro Machine For Asset Acquisitions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 420 | 420 |
Accumulated Amortization | (147) | (126) |
Net Carrying Amount | $ 273 | $ 294 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||
Impairments of intangible assets | $ 0 | $ 0 |
Amortization expense | $ 400,000 | $ 600,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | Apr. 27, 2024 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2025 | $ 1,291 |
2026 | 1,721 |
2027 | 1,721 |
2028 | 1,721 |
2029 | $ 1,281 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Apr. 27, 2024 | Jan. 31, 2024 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 37,374 | $ 39,078 |
Work-In-Progress | 1,580 | 1,054 |
Finished Goods | 15,528 | 15,645 |
Inventory, Gross | 54,482 | 55,777 |
Inventory Reserve | (9,305) | (9,406) |
Inventories | $ 45,177 | $ 46,371 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Apr. 27, 2024 | Jan. 31, 2024 |
Property, Plant and Equipment [Abstract] | ||
Land and Land Improvements | $ 2,304 | $ 2,304 |
Buildings and Leasehold Improvements | 14,427 | 14,381 |
Machinery and Equipment | 26,391 | 26,123 |
Computer Equipment and Software | 14,319 | 14,238 |
Gross Property, Plant and Equipment | 57,441 | 57,046 |
Accumulated Depreciation | (43,235) | (42,861) |
Net Property Plant and Equipment | $ 14,206 | $ 14,185 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense on property, plant and equipment | $ 0.5 | $ 0.4 |
Credit Agreement and Long- Term
Credit Agreement and Long- Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 42 Months Ended | |||
Aug. 04, 2022 | Jan. 31, 2024 | Apr. 27, 2024 | Apr. 29, 2023 | Jul. 31, 2023 | Apr. 30, 2027 | Aug. 03, 2022 | |
Debt Instrument [Line Items] | |||||||
Revolving loan outstanding | $ 3,400,000 | ||||||
Interest Expense, Debt | $ 233,000 | $ 248,000 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate of debt outstanding | 7.46% | ||||||
Variable interest rate | 0.50 | ||||||
Banc of America Leasing & Capital, LLC [Member] | Equipment Loan Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt | $ 800,000 | ||||||
Debt instrument, maturity date | Jan. 23, 2029 | ||||||
Interest rate | 7.06% | ||||||
Periodic payment of debt | $ 16,296 | ||||||
Date of first required payment | Feb. 23, 2024 | ||||||
LIBOR [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1% | ||||||
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.50% | ||||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee rate | 0.15% | ||||||
Percentage added to variable rate | 0.60% | ||||||
Minimum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1.60% | ||||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee rate | 0.35% | ||||||
Percentage added to variable rate | 1.50% | ||||||
Maximum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.50% | ||||||
Bank of America, N.A. [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, principal Periodic payment | $ 375,000 | $ 675,000 | |||||
Bank of America, N.A. [Member] | Term Loan [Member] | Second Amendment Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from long term line of credit | $ 6,000,000 | ||||||
Bank of America, N.A. [Member] | Term Loan [Member] | Additional Term Loan Availed [Member] | Second Amendment Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt | 6,000,000 | ||||||
Bank of America, N.A. [Member] | Term Loan [Member] | Before Amendment To The Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt | 9,000,000 | ||||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 21,600,000 | ||||||
Long term debt weighted average interest rate over a period of time | 7.53% | 6.93% | |||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Second Amendment Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 25,000,000 | ||||||
Proceeds from long term line of credit | $ 12,400,000 | ||||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Before Amendment To The Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 22,500,000 | ||||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Other Expense [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Expense, Debt | $ 132,000 | $ 292,000 | |||||
Line of Credit Facility, Commitment Fee Amount | $ 11,000 | $ 8,000 |
Credit Agreement and Long- Te_2
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 27, 2024 | Jan. 31, 2024 |
Debt Instrument [Line Items] | ||
Total Debt | $ 12,262 | $ 12,972 |
Less: Debt Issuance Costs, net of accumulated amortization | 75 | 80 |
Current Portion of Debt | 2,844 | 2,842 |
Long-Term Debt | 9,343 | 10,050 |
Term Loan Due August 4, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 11,475 | 12,150 |
Equipment Loan Due January 23, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 787 | $ 822 |
Credit Agreement and Long- Te_3
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Apr. 27, 2024 | Jan. 31, 2024 | |
Term Loan Due August 4, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | USD Term Loan (7.44% as of April 27, 2024 and 7.56% as of January 31, 2024); maturity date of August 4, 2027 | |
Interest rate | 7.44% | 7.56% |
Debt instrument, maturity date | Aug. 04, 2027 | Aug. 04, 2027 |
Equipment Loan Due January 23, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.06% | |
Debt instrument, maturity date | Jan. 23, 2029 |
Credit Agreement and Long- Te_4
Credit Agreement and Long- Term Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands | Apr. 27, 2024 USD ($) |
Debt Instrument [Line Items] | |
Fiscal 2025, remainder | $ 2,132 |
Fiscal 2026 | 2,852 |
Fiscal 2027 | 2,864 |
Fiscal 2028 | 4,226 |
Fiscal 2029 | 188 |
Long-term Debt | $ 12,262 |
Royalty Obligation - Additional
Royalty Obligation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Apr. 27, 2024 | Apr. 29, 2023 | Jan. 31, 2024 | |
Guaranteed Minimum Royalty Payments | $ 11,500,000 | |||
Royalty Obligation, Current | 1,700,000 | $ 1,700,000 | ||
Royalty Obligation Non Current | 1,816,000 | 2,093,000 | ||
Accrued Royalties, Current, Excess Royalty Payment Due | 572,000 | 935,000 | ||
Honeywell Asset Purchase and License Agreement [Member] | ||||
Payment Term Period | 10 years | |||
Minimum Royalty Payment Obligation | $ 15,000,000 | |||
Royalty Obligation, Current | 1,500,000 | |||
Royalty Obligation Non Current | 1,400,000 | |||
Excess Royalty Payments | 500,000 | $ 400,000 | ||
Accrued Royalties, Current, Excess Royalty Payment Due | 900,000 | |||
Accrued Royalties Current Excess Royalty Payments Due | 500,000 | |||
Royalty guarantee commitment amount due current | 700,000 | 600,000 | ||
Royalty expense | 300,000 | $ 200,000 | ||
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Remainder of Fiscal Year [Member] | ||||
Royalty guarantee commitement amount | 100,000 | |||
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due In Next Twelve Months [Member] | ||||
Royalty guarantee commitement amount | 200,000 | |||
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Year Two [Member] | ||||
Royalty guarantee commitement amount | 233,000 | |||
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Year Three [Member] | ||||
Royalty guarantee commitement amount | 233,000 | |||
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Year Four [Member] | ||||
Royalty guarantee commitement amount | 234,000 | |||
New Honeywell Asset Purchase and License Agreement [Member] | ||||
Excess Royalty Payments | $ 100,000 |
Leases - Schedule Of Balance Sh
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | Apr. 27, 2024 | Jan. 31, 2024 |
Operating Leases [Abstract] | ||
Lease Assets | $ 894 | $ 603 |
Lease Liabilities - Current | 239 | 233 |
Lease Liabilities - Long Term | $ 680 | $ 415 |
Leases - Lease Cost Information
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
General and Administrative Expense [Member] | ||
Operating Lease Costs | $ 98 | $ 133 |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Detail) $ in Thousands | Apr. 27, 2024 USD ($) |
Leases [Abstract] | |
Fiscal 2025, remaining | $ 213 |
Fiscal 2026 | 248 |
Fiscal 2027 | 200 |
Fiscal 2028 | 144 |
Fiscal 2029 | 54 |
Thereafter | 230 |
Total Lease Payments | 1,089 |
Less: Imputed Interest | (170) |
Total Lease Liabilities | $ 919 |
Leases - Additional Information
Leases - Additional Information (Detail) | Apr. 27, 2024 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.56% |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Cash paid for operating lease liabilities | $ 85 | $ 93 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Apr. 27, 2024 | Apr. 27, 2024 | Apr. 29, 2023 | Jan. 31, 2024 | Jun. 06, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares outstanding | 504,749 | 504,749 | 523,349 | ||
Number of options granted | 0 | 0 | |||
Fair market value of restricted stock award | $ (432,000) | $ (350,000) | |||
Reservation of shares under Stock Purchase Plan | 40,000 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Stock Purchase Plan discount rate | 15% | ||||
2007 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares outstanding | 241,649 | 241,649 | |||
2018 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares outstanding | 135,500 | 135,500 | |||
Shares available for grant under the Plan | 600,000 | ||||
2018 Equity Incentive Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under the Plan | 950,000 | ||||
2018 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under the Plan | 1,550,000 | ||||
2022 Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under the Plan | 22,812 | 22,812 | |||
Prior Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares purchase under Employee Stock Purchase Plan | 2,246 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to options | $ 0 | $ 0 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense to be recognized, Weighted average period | 1 year 2 months 12 days | ||||
Unrecognized compensation expense related to RSUs and RSAs | $ 2,100,000 | $ 2,100,000 | |||
Restricted Stock Units (RSUs) [Member] | 2018 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of unvested shares | 80,780 | 80,780 | |||
RSA [Member] | 2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares outstanding | 127,600 | 127,600 | |||
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of unvested shares | 164,234 | 164,234 | |||
Restricted Stock Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of number of shares granted | 25% | ||||
Fair market value of restricted stock award | $ 70,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Share-based Compensation [Abstract] | ||
Stock Options | $ 0 | $ 0 |
Restricted Stock Awards and Restricted Stock Units | 319 | 352 |
Employee Stock Purchase Plan | 6 | 4 |
Total | $ 325 | $ 356 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Option Activity (Detail) - $ / shares | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Share-based Compensation [Abstract] | ||
Beginning balance, Number of Options | 523,349 | |
Granted, Number of Options | 0 | 0 |
Exercised, Number of Options | (10,900) | |
Forfeited, Number of Options | (7,700) | |
Canceled, Number of Options | 0 | |
Ending balance, Number of Options | 504,749 | |
Beginning balance, Weighted-Average Exercise Price | $ 15.26 | |
Granted, Weighted-Average Exercise Price | 0 | |
Exercised, Weighted-Average Exercise Price | 14.18 | |
Forfeited, Weighted-Average Exercise Price | 14.2 | |
Cancelled, Weighted-Average Exercise Price | 0 | |
Ending balance, Weighted-Average Exercise Price | $ 15.3 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 3 Months Ended | |
Apr. 27, 2024 | Jan. 31, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding, total | 504,749 | 523,349 |
Outstanding, Weighted Average Exercise Price | $ 15.3 | |
Outstanding Remaining Contractual Life | 2 years 7 months 6 days | |
Number of shares exercisable, total | 504,749 | |
Exercisable, Weighted Average Exercise Price | $ 15.3 | |
Exercisable Remaining Contractual Life | 2 years 7 months 6 days | |
$10.01 - $15.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $ 10.01 | |
Outstanding Range of Exercise prices, Upper Limit | $ 15 | |
Outstanding, Number of shares | 293,274 | |
Outstanding, Weighted Average Exercise Price | $ 13.75 | |
Outstanding Remaining Contractual Life | 1 year 10 months 24 days | |
Exercisable, Number of shares | 293,274 | |
Exercisable, Weighted Average Exercise Price | $ 13.75 | |
Exercisable Remaining Contractual Life | 1 year 10 months 24 days | |
$15.01 - $20.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $ 15.01 | |
Outstanding Range of Exercise prices, Upper Limit | $ 20 | |
Outstanding, Number of shares | 211,475 | |
Outstanding, Weighted Average Exercise Price | $ 17.44 | |
Outstanding Remaining Contractual Life | 3 years 7 months 6 days | |
Exercisable, Number of shares | 211,475 | |
Exercisable, Weighted Average Exercise Price | $ 17.44 | |
Exercisable Remaining Contractual Life | 3 years 7 months 6 days |
Share-Based Compensation - Ag_2
Share-Based Compensation - Aggregated Information Regarding RSU, PSU and RSA Activity (Detail) - Restricted Stock Award Preferred Stock Unit And Restricted Stock Unit [Member] | 3 Months Ended |
Apr. 27, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 300,705 |
Granted, Restricted Stock Units and Restricted Stock Awards | shares | 26,387 |
Vested, Restricted Stock Units and Restricted Stock Awards | shares | (78,077) |
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares | (4,001) |
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 245,014 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 12.9 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 17.85 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 13.62 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 12.81 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 13.2 |
Income Taxes - Projected Effect
Income Taxes - Projected Effective Tax Rates (Detail) | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates for income from continuing operations | (58.10%) | 17.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ (434,000) | $ 179,000 |
Tax expenses benefits resulting from provisional adjustments | (75,000) | (29,000) |
Effective income tax reconciliation tax benefit related to expiration of statute of limitations on previously uncertain tax positions | $ (77,000) | |
Effective income tax reconciliation benefit related to a previously unrecorded reduction in our future income tax payable balance | $ (572,000) |
Segment Information - Net Sales
Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($) | 3 Months Ended | |
Apr. 27, 2024 | Apr. 29, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 32,961,000 | $ 35,419,000 |
Corporate Expenses | 3,367,000 | 3,126,000 |
Operating Income | 1,346,000 | 1,461,000 |
Other Expense, net | 599,000 | 434,000 |
Income Before Income Taxes | 747,000 | 1,027,000 |
Income Tax Provision (Benefit) | (434,000) | 179,000 |
Net Income | 1,181,000 | 848,000 |
PI [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 23,185,000 | 25,095,000 |
T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 9,776,000 | 10,324,000 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 4,713,000 | 4,587,000 |
Operating Segments [Member] | PI [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 2,991,000 | 2,515,000 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 1,722,000 | 2,072,000 |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate Expenses | $ 3,367,000 | $ 3,126,000 |
Fair Value - Schedule of Compan
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($) $ in Thousands | Apr. 27, 2024 | Jan. 31, 2024 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 12,309 | $ 13,026 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | 12,309 | 13,026 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 12,262 | $ 12,972 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) | May 06, 2024 EUR (€) | May 04, 2024 USD ($) | May 04, 2024 EUR (€) | Feb. 01, 2025 USD ($) | Jan. 31, 2025 USD ($) | May 06, 2024 USD ($) | May 06, 2024 EUR (€) | May 04, 2024 EUR (€) | Aug. 04, 2022 USD ($) | Aug. 03, 2022 USD ($) |
Term Loan [Member] | Before Amendment To The Credit Agreement [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Principal amount of debt | $ 9,000,000 | |||||||||
Revolving Credit Facility [Member] | Before Amendment To The Credit Agreement [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum borrowing capacity | $ 22,500,000 | |||||||||
Revolving Credit Facility [Member] | Third Amendment Credit Agreement [Member] | Bank of America, N.A. [Member] | Scenario Forecast [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum borrowing capacity | $ 25,000,000 | $ 30,000,000 | ||||||||
Subsequent Event [Member] | MTEX New Solutions, S.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Date of acquisition agreement | May 04, 2024 | May 04, 2024 | ||||||||
Percentage of issued and outstanding share capital acquired | 100% | 100% | ||||||||
Purchase price of acquisition | $ 18,600,000 | € 17,268,345 | ||||||||
Closing date of acquisition | May 06, 2024 | May 06, 2024 | ||||||||
Subsequent Event [Member] | Third Amendment Credit Agreement [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from long term line of credit | € | € 3,000,000 | |||||||||
Subsequent Event [Member] | Term Loan [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, maturity date | Aug. 04, 2027 | |||||||||
Subsequent Event [Member] | Term Loan [Member] | Before Amendment To The Credit Agreement [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Principal amount of debt | € | € 14,000,000 | |||||||||
Subsequent Event [Member] | Term A-2 Loan [Member] | Before Amendment To The Credit Agreement [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Principal amount of debt | $ 12,300,000 | |||||||||
Subsequent Event [Member] | Term A-2 Loan [Member] | Third Amendment Credit Agreement [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from long term line of credit | € | € 14,000,000 | |||||||||
Subsequent Event [Member] | Term A-2 Loan [Member] | Third Amendment Credit Agreement [Member] | Additional Term Loan Availed [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Principal amount of debt | € | € 14,000,000 | |||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Before Amendment To The Credit Agreement [Member] | Bank of America, N.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum borrowing capacity | $ 25,000,000 | |||||||||
Subsequent Event [Member] | Maximum [Member] | MTEX New Solutions, S.A. [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Additional amount retained to secure indemnification obligations | $ 800,000 | € 731,655 | ||||||||
Contingent consideration amount entitled to receive | $ 4,300,000 | € 4,000,000 |