Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 01, 2014 | Dec. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Nov-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ALOT | ' |
Entity Registrant Name | 'ASTRO MED INC /NEW/ | ' |
Entity Central Index Key | '0000008146 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 7,239,496 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 01, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and Cash Equivalents | $13,272 | $8,341 |
Securities Available for Sale | 17,631 | 18,766 |
Accounts Receivable, net | 13,766 | 11,366 |
Inventories | 16,424 | 15,178 |
Deferred Tax Assets | 1,701 | 1,673 |
Restricted Cash | ' | 1,800 |
Line of Credit Receivable | 180 | 240 |
Note Receivable | 250 | 250 |
Asset Held for Sale | 2,120 | 2,120 |
Prepaid Expenses and Other Current Assets | 3,666 | 1,383 |
Current Assets of Discontinued Operations | ' | 3,917 |
Total Current Assets | 69,010 | 65,034 |
PROPERTY, PLANT AND EQUIPMENT | 36,540 | 34,960 |
Less Accumulated Depreciation | -28,275 | -27,368 |
Property, Plant and Equipment, net | 8,265 | 7,592 |
OTHER ASSETS | ' | ' |
Note Receivable | 253 | 440 |
Deferred Tax Assets | 270 | 313 |
Intangible Assets | 2,873 | 3,400 |
Goodwill | 991 | 991 |
Other | 91 | 194 |
Total Other Assets | 4,478 | 5,338 |
TOTAL ASSETS | 81,753 | 77,964 |
CURRENT LIABILITIES | ' | ' |
Accounts Payable | 4,432 | 2,374 |
Accrued Compensation | 3,279 | 3,130 |
Other Liabilities and Accrued Expenses | 2,253 | 2,310 |
Deferred Revenue | 492 | 454 |
Income Taxes Payable | 113 | 788 |
Current Liabilities of Discontinued Operations | ' | 836 |
Total Current Liabilities | 10,569 | 9,892 |
Long Term Obligations | 42 | 250 |
Deferred Tax Liabilities | 39 | 77 |
Other Long Term Liabilities | 1,007 | 1,131 |
TOTAL LIABILITIES | 11,657 | 11,350 |
SHAREHOLDERS' EQUITY | ' | ' |
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,513,370 shares and 9,291,225 shares at November 1, 2014 and January 31, 2014, respectively | 476 | 465 |
Additional Paid-in Capital | 43,191 | 41,235 |
Retained Earnings | 39,700 | 37,201 |
Treasury Stock, at Cost, 1,776,121 shares and 1,730,042 shares at November 1, 2014 and January 31, 2014, respectively | -13,091 | -12,463 |
Accumulated Other Comprehensive Income (Loss) | -180 | 176 |
TOTAL SHAREHOLDERS' EQUITY | 70,096 | 66,614 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $81,753 | $77,964 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 01, 2014 | Jan. 31, 2014 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, Par Value | $0.05 | $0.05 |
Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
Common Stock, Shares Issued | 9,513,370 | 9,291,225 |
Treasury Stock, Shares | 1,776,121 | 1,730,042 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Sales | $23,137 | $18,179 | $66,277 | $50,858 |
Cost of Sales | 12,985 | 10,816 | 37,901 | 30,796 |
Product Replacement Related Costs | ' | ' | ' | 672 |
Gross Profit | 10,152 | 7,363 | 28,376 | 19,390 |
Operating Expenses: | ' | ' | ' | ' |
Selling and Marketing | 4,606 | 3,727 | 13,483 | 10,680 |
Research and Development | 1,564 | 1,230 | 4,414 | 3,617 |
General and Administrative | 1,407 | 1,223 | 4,041 | 3,745 |
Operating Expenses | 7,577 | 6,180 | 21,938 | 18,042 |
Operating Income, net | 2,575 | 1,183 | 6,438 | 1,348 |
Other Expense | -46 | -2 | -85 | -64 |
Income from Continuing Operations before Income Taxes | 2,529 | 1,181 | 6,353 | 1,284 |
Income Tax Provision for Continuing Operations | 974 | 436 | 2,235 | 446 |
Income from Continuing Operations | 1,555 | 745 | 4,118 | 838 |
Income from Discontinued Operations, net of tax benefit of $89 and tax expense of $333 for the three and nine months ended November 2, 2013, respectively | ' | 363 | ' | 517 |
Net Income | $1,555 | $1,108 | $4,118 | $1,355 |
Net Income per Common Share-Basic: | ' | ' | ' | ' |
From Continuing Operations | $0.20 | $0.10 | $0.54 | $0.11 |
From Discontinued Operations | ' | $0.05 | ' | $0.07 |
Net Income Per Common Share-Basic | $0.20 | $0.15 | $0.54 | $0.18 |
Net Income per Common Share-Diluted: | ' | ' | ' | ' |
From Continuing Operations | $0.20 | $0.10 | $0.52 | $0.11 |
From Discontinued Operations | ' | $0.04 | ' | $0.07 |
Net Income Per Common Share-Diluted | $0.20 | $0.14 | $0.52 | $0.18 |
Weighted Average Number of Common Shares Outstanding: | ' | ' | ' | ' |
Basic | 7,729,530 | 7,489,690 | 7,677,751 | 7,449,251 |
Diluted | 7,926,150 | 7,715,820 | 7,897,061 | 7,650,014 |
Dividends Declared Per Common Share | $0.07 | $0.07 | $0.21 | $0.21 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 |
Income Statement [Abstract] | ' | ' |
Income tax expense (benefit) of discontinued operations | ($89) | $333 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $1,555 | $1,108 | $4,118 | $1,355 |
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments: | ' | ' | ' | ' |
Foreign Currency Translation Adjustments | -307 | 137 | -348 | -56 |
Unrealized Holding Gain (Loss) on Securities Available for Sale | -6 | 14 | -8 | 18 |
Net Other Comprehensive Income (Loss) | -313 | 151 | -356 | -38 |
Comprehensive Income | $1,242 | $1,259 | $3,762 | $1,317 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net Income | $4,118 | $1,355 |
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: | ' | ' |
Depreciation and Amortization | 1,541 | 951 |
Share-Based Compensation | 381 | 406 |
Deferred Income Tax Provision (Benefit) | -23 | 192 |
Changes in Assets and Liabilities: | ' | ' |
Accounts Receivable | -2,400 | -3,368 |
Inventories | -1,245 | -1,039 |
Income Taxes | -1,349 | -4,940 |
Accounts Payable and Accrued Expenses | 1,984 | 1,087 |
Other | -1,223 | 362 |
Net Cash Provided (Used) by Operating Activities | 1,784 | -4,994 |
Cash Flows from Investing Activities: | ' | ' |
Proceeds from Sales/Maturities of Securities Available for Sale | 10,585 | 7,940 |
Purchases of Securities Available for Sale | -9,462 | -19,056 |
Release of Funds Held in Escrow From Sale of Grass | 1,800 | ' |
Proceeds Received on Disposition of Grass Inventory | 2,355 | ' |
Payments Received on Line of Credit and Note Receivable | 248 | ' |
Additions to Property, Plant and Equipment | -1,719 | -910 |
Net Cash Provided (Used) by Investing Activities | 3,807 | -12,026 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Common Shares Issued Under Employee Benefit Plans and Employee Stock Option Plans, Net of Payment of Minimum Tax Withholdings | 959 | 564 |
Dividends Paid | -1,619 | -1,569 |
Net Cash Used by Financing Activities | -660 | -1,005 |
Net Increase (Decrease) in Cash and Cash Equivalents | 4,931 | -18,025 |
Cash and Cash Equivalents, Beginning of Period | 8,341 | 30,999 |
Cash and Cash Equivalents, End of Period | 13,272 | 12,974 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Cash Paid During the Period for Income Taxes, Net of Refunds | $3,602 | $4,881 |
Overview
Overview | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Overview | ' |
(1) Overview | |
Headquartered in West Warwick, Rhode Island, Astro-Med Inc. designs, develops, manufactures and distributes a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily through our Company offices in Canada and Europe as well as with independent dealers and representatives. Astro-Med, Inc. products are sold under the brand names Astro-Med ® Test & Measurement and QuickLabel ®Systems and are employed around the world in a wide range of aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation applications. | |
Unless otherwise indicated, references to “Astro-Med,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to Astro-Med, Inc. and its consolidated subsidiaries. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
(2) Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by Astro-Med pursuant to the rules and regulations of the Securities and Exchange Commission, 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 footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014. | |
On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass). The Company has classified the results of operations of its Grass segment as discontinued operations for the three and nine months periods ended November 2, 2013. Refer to Note 15, “Discontinued Operations,” for further details. | |
On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation, a company of VT Systems (“Miltope”). Astro-Med’s ruggedized printer product line is part of the Ruggedized product group and is reported as part of the Test & Measurement (T&M) segment. The results of the Miltope’s ruggedized printer product line operations have been included in the condensed consolidated financial statements of the Company for the three and nine months periods ended November 1, 2014. Refer to Note 4, “Acquisition,” for further details. | |
Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. | |
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. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, impairment of long-lived assets and goodwill, income taxes, share-based compensation, accrued expenses and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, past 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. | |
Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
(3) Principles of Consolidation | |
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Acquisition
Acquisition | 9 Months Ended | ||||
Nov. 01, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition | ' | ||||
(4) Acquisition | |||||
On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope, which is engaged in the design, development, manufacture and testing of ruggedized computers and computer peripheral equipment for military, industry and commercial avionics applications. Astro-Med’s ruggedized printer product line is part of the Ruggedized product group and is reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included in the condensed consolidated financial statements for the three and nine months periods ended November 1, 2014 as presented. | |||||
The purchase price of the acquisition was $6,732,000 which was funded using existing cash on hand. Of the $6,732,000 purchase price, $500,000 is being held in escrow for twelve months following the acquisition date to provide an indemnity to the Company in the event of any breach in the representations, warranties and covenants of Miltope. The assets acquired consist of all of the assets of the Miltope ruggedized printer product line excluding plant and equipment and personnel. The acquisition was accounted for under the acquisition method in accordance with the guidance provided by FASB ASC 805, “Business Combinations.” | |||||
As part of the acquisition, Miltope and Astro-Med entered into a manufacturing services agreement under which Miltope provided transition services and continued to manufacture printers for Astro-Med. This agreement concluded in the third quarter of the current year, as the Company has transitioned all the manufacturing to its West Warwick, Rhode Island facility. | |||||
The purchase price of the acquisition has been allocated on the basis of the estimated fair value as follows: | |||||
(In thousands) | |||||
Accounts Receivable | $ | 713 | |||
Inventories | 2,503 | ||||
Identifiable Intangible Assets | 3,400 | ||||
Goodwill | 196 | ||||
Warranty Reserve | (80 | ) | |||
Total Purchase Price | $ | 6,732 | |||
The following unaudited pro forma information assumes the acquisition of Miltope occurred on February 1, 2013. This information has been prepared for informational purposes only and does not purport to represent the results of operations that would have happened had the acquisition occurred as of the date indicated, nor of future results of operations. | |||||
Three Months Ended | Nine Months Ended | ||||
2-Nov-13 | 2-Nov-13 | ||||
(In thousands) | |||||
Net Sales | $20,179 | $56,858 | |||
The impact on net income and earnings per share would not have been material to the Company in fiscal 2014. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
(5) 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 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 | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted Average Common Shares Outstanding—Basic | 7,729,530 | 7,489,690 | 7,677,751 | 7,449,251 | |||||||||||||
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 196,620 | 226,130 | 219,310 | 200,763 | |||||||||||||
Weighted Average Common Shares Outstanding—Diluted | 7,926,150 | 7,715,820 | 7,897,061 | 7,650,014 | |||||||||||||
For the three and nine months ended November 1, 2014, the diluted per share amounts do not reflect common equivalent shares outstanding of 155,000. For the three and six months ended November 2, 2013, the diluted per share amounts do not reflect common equivalent shares outstanding of 131,600 and 172,100, respectively. These outstanding options were not included due to their anti-dilutive effect, as the exercise price was greater than the average market price of the underlying stock during the period presented. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
(6) Share-Based Compensation | |||||||||||||||||
Astro-Med has one equity incentive plan (the “Plan”) under which incentive stock options, non-qualified stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other equity based awards may be granted to directors, officers and certain employees. An aggregate of 1,000,000 shares were authorized for awards under the Plan. At November 1, 2014, 205,164 shares were available for grant under the Plan. Options granted to employees vest over four years. The exercise price of each stock option will be established at the discretion of the Compensation Committee; however, any incentive stock options granted must be at an exercise price of not less than fair market value at the date of grant. In fiscal year 2013, a portion of the Company’s executive’s long-term incentive compensation was awarded in the form of RSUs (“2013 RSUs”). The 2013 RSUs were earned based on the Company achieving specific thresholds of net sales and annual operating income as established under the fiscal 2013 Domestic Management Bonus Plan and vested fifty percent on the first anniversary of the grant date and fifty percent on the second anniversary of the grant date provided that the grantee was employed on each vesting date by Astro-Med or an affiliate company. All such 2013 RSUs were earned and vested as of March 2014. In April 2013, the Company granted options and RSUs to officers (“2014 RSUs”). Each 2014 RSU will be earned and vest as follows: twenty-five percent of the 2014 RSU vests on the third anniversary of the grant date, fifty percent of the 2014 RSU vests upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent of the total 2014 RSU vests upon the Company’s achieving a target average annual ORONA (operating income return on net assets as calculated under the Domestic Management Bonus Plan) for the Measurement Period. The grantee may not sell, transfer or otherwise dispose of more than fifty percent of the common stock issued upon vesting of the RSU until the first anniversary of the vesting date. | |||||||||||||||||
The Plan provides for an automatic annual grant of ten-year options to purchase 5,000 shares of stock to each non-employee director upon the adjournment of each shareholders’ meeting. Each such option is exercisable at the fair market value as of the grant date and vests immediately prior to the next succeeding shareholders’ meeting. In addition to the automatic option grant under Plan, the Company has a Non-Employee Director Annual Compensation Program (the “Program”) which provides that each non-employee director is entitled to an annual cash retainer of $7,000 (the “Annual Cash Retainer”), plus $500 for each Board and committee meeting attended. In addition, effective August 1, 2014, the Chairman of the Board also receives an annual retainer of $6,000 and the Chair of the Audit Committee and Compensation Committee each receive an annual retainer of $4,000 each (“Chair Retainer”). The non-employee director may elect for any fiscal year to receive all or a portion of the Annual Cash Retainer and/or Chair Retainer (collectively the “Cash Retainer”) in the form of common stock of the Company, which will be issued under the Plan. If a non-employee director elects to receive all or a portion of the Cash Retainer in the form of common stock, such shares shall be issued in four quarterly installments on the first day of each fiscal quarter, and the number of shares of common stock to be issued shall be based on the fair market value of such common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer will be fully vested. However, a non-employee director who receives common stock in lieu of all or a portion of the Cash Retainer may not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issuable. In the event of the death or disability of a nonemployee director, or a change in control of the Company, any shares of common stock issued in lieu of such Cash Retainer, shall no longer be subject to such restrictions on transfer. | |||||||||||||||||
In addition, under the Program, each non-employee director receives RSAs with a value equal to $20,000 (the “Equity Retainer”) upon adjournment of each annual shareholders meeting. If a non-employee director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders meeting, on the date of such appointment or election, the director shall receive a pro rata award of restricted common stock having a value based on the number of days remaining until the next annual meeting. The Equity Retainer will vest on the earlier of 12 months after the grant date or the date immediately prior to the next annual meeting of the shareholders following the meeting at which such RSAs were granted. However, a non-employee director may not sell, transfer, assign, pledge or otherwise encumber the vested common stock prior to the second anniversary of the vesting date. In the event of the death or disability of a non-employee director, or a change in control of the Company, the RSAs shall immediately vest and shall no longer be subject to such restrictions on transfer. | |||||||||||||||||
We account for compensation cost related to share-based payments based on fair value of the stock options, RSUs and RSAs when awarded to an employee or director. We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), the risk-free interest rate and the Company’s dividend yield. The stock price volatility assumption is based on the historical weekly price data of our common stock over a period equivalent to the weighted average expected life of our options. Management evaluated whether there were factors during that period which were unusual and would distort the volatility figure if used to estimate future volatility and concluded that there were no such factors. In determining the expected life of the option grants, the Company has observed the actual terms of prior grants with similar characteristics and the actual vesting schedule of the grant and has assessed the expected risk tolerance of different option groups. The risk-free interest rate is based on the actual U.S. Treasury zero coupon rates for bonds matching the expected term of the option as of the option grant date. The dividend assumption is based upon the prior year’s average dividend yield. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. Our accounting for share-based compensation for RSUs and RSAs is also based on the fair value method. The fair value of the RSUs and RSAs is based on the closing market price of the Company’s common stock on the grant date of the RSU or RSA. | |||||||||||||||||
Share-based compensation expense was recognized as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Stock Options | $ | 64 | $ | 46 | $ | 179 | $ | 140 | |||||||||
Restricted Stock Awards and Restricted Stock Units | 58 | 81 | 202 | 266 | |||||||||||||
Total | $ | 122 | $ | 127 | $ | 381 | $ | 406 | |||||||||
Stock Options | |||||||||||||||||
The fair value of stock options granted during the nine months ended November 1, 2014 and November 2, 2013 was estimated using the following assumptions: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
Risk Free Interest Rate | 1.6 | % | 0.8 | % | |||||||||||||
Expected Volatility | 26.8 | % | 38.3 | % | |||||||||||||
Expected Life (in years) | 5 | 5 | |||||||||||||||
Dividend Yield | 2 | % | 2.6 | % | |||||||||||||
The weighted average fair value per share for options granted was $2.43, $2.93 and $2.84, during the first, second and third quarters of fiscal 2015, respectively, compared to $2.79 during the first and second quarters of fiscal 2014. No options were granted during the third quarter of fiscal 2014. | |||||||||||||||||
Aggregated information regarding stock options granted under the Plan for the nine months ended November 1, 2014 is summarized below: | |||||||||||||||||
Number of Options | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual Life | |||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding at January 31, 2014 | 736,647 | $ | 8.63 | 4.7 | $ | 3,707,000 | |||||||||||
Granted | 155,600 | 13.98 | |||||||||||||||
Exercised | (188,393 | ) | 8.56 | ||||||||||||||
Expired or canceled | (10,787 | ) | 9.07 | ||||||||||||||
Outstanding at November 1, 2014 | 693,067 | $ | 9.84 | 5.9 | $ | 2,485,570 | |||||||||||
Exercisable at November 1, 2014 | 449,493 | $ | 8.62 | 4.2 | $ | 2,088,870 | |||||||||||
As of November 1, 2014, there was $518,000 of unrecognized compensation expense related to unvested options, which will be recognized through August 2018. | |||||||||||||||||
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) | |||||||||||||||||
Aggregated information regarding RSUs and RSAs granted under the Plan for the nine months ended November 1, 2014 is summarized below: | |||||||||||||||||
RSAs & RSUs | Weighted Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested at January 31, 2014 | 106,496 | $ | 9.12 | ||||||||||||||
Granted | 7,245 | 13.8 | |||||||||||||||
Vested | (35,662 | ) | 8.75 | ||||||||||||||
Forfeited | (5,834 | ) | 10.07 | ||||||||||||||
Unvested at November 1, 2014 | 72,245 | $ | 9.7 | ||||||||||||||
As of November 1, 2014, there was $286,000 of unrecognized compensation expense related to unvested RSUs and RSAs which will be recognized through April 2016. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Astro-Med has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarters ended November 1, 2014 and November 2, 2013, there were 872 and 886 shares respectively, purchased under this plan. During the nine months ended November 1, 2014 and November 2, 2013, there were 2,464 and 3,152 shares respectively, purchased under this plan. As of November 1, 2014, 57,778 shares remain available. |
Inventories
Inventories | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
(7) Inventories | |||||||||
Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories are as follows: | |||||||||
November 1, 2014 | January 31, 2014 | ||||||||
(In thousands) | |||||||||
Materials and Supplies | $ | 10,671 | $ | 10,722 | |||||
Work-In-Process | 1,493 | 852 | |||||||
Finished Goods | 7,859 | 6,798 | |||||||
20,023 | 18,372 | ||||||||
Inventory Reserve | (3,599 | ) | (3,194 | ) | |||||
$ | 16,424 | $ | 15,178 | ||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
(8) Income Taxes | |||||||||
The Company’s effective tax rates for income from continuing operations based on the projected effective tax rate for the full year, are as follows: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Fiscal 2015 | 38.5 | % | 35.2 | % | |||||
Fiscal 2014 | 36.9 | % | 34.7 | % | |||||
During the three months ended November 1, 2014, the Company recognized an income tax expense of approximately $974,000. The effective tax rate in this quarter was directly impacted by an $80,000 tax expense related to the under accrual of the prior year’s state taxes and offset by a tax benefit of $41,000 related to the favorable resolution of a previously uncertain tax position. During the three months ended November 2, 2013, the Company recognized income tax expense on income from continuing operations of $436,000 which includes a benefit of approximately $18,000 recorded as the result of a favorable adjustment in the filing of a prior year’s tax return. | |||||||||
During the nine months ended November 1, 2014, the Company recognized an income tax expense of approximately $2,235,000. The effective tax rate in this quarter was directly impacted by an $80,000 tax expense related to the under accrual of the prior year’s state taxes and offset by a tax benefit of $141,000 related to the favorable resolution of a previously uncertain tax position. During the nine months ended November 2, 2013, the Company recognized an income tax expense of approximately $446,000 which included an expense of $464,000 on nine month pretax income from continuing operations and a benefit of $18,000 related to the favorable adjustment in the filing of the prior year’s tax returns. | |||||||||
As of November 1, 2014, the Company’s cumulative unrecognized tax benefits totaled $650,000 compared to $715,000 as of January 31, 2014. There were no developments affecting unrecognized tax benefits during the quarter ended November 1, 2014. |
Note_Receivable_and_Line_of_Cr
Note Receivable and Line of Credit Issued | 9 Months Ended |
Nov. 01, 2014 | |
Receivables [Abstract] | ' |
Note Receivable and Line of Credit Issued | ' |
(9) Note Receivable and Line of Credit Issued | |
On January 30, 2012, the Company completed the sale of its label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sale price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. The note bears interest at 3.75% is payable in sixteen quarterly installments of principal and interest which commenced on January 30, 2013. The note receivable is disclosed at its present value on the accompanying condensed consolidated balance sheets. As of November 1, 2014, $503,000 remains outstanding on this note. | |
The terms of the Asheboro sale also included an agreement for Astro-Med to provide Label Line Ltd. with additional financing in the form of a revolving line of credit in the amount of $600,000. This line of credit is fully secured by a first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets, and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent on the outstanding credit balance. Although the initial term was for a period of one-year from the date of the sale, the agreement has been extended through January 31, 2015. As of November 1, 2014, $180,000 remains outstanding on this revolving line of credit. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
(10) Segment Information | |||||||||||||||||||||||||||||||||
Astro-Med reports two segments: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) in order to focus on its existing core businesses. The Company has classified the results of operations of Grass as discontinued operations for the three and nine months ended November 2, 2013. Refer to Note 15, “Discontinued Operations” for a further discussion. | |||||||||||||||||||||||||||||||||
On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope. Astro-Med’s ruggedized printer product line is part of the Ruggedized product group and is reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included below for the three and nine months periods ended November 1, 2014. Assuming the acquisition of Miltope occurred on February 1, 2013 the Company’s net sales (on a pro forma basis) for the three and nine months periods ended November 2, 2013 would have been $20,179,000 and $56,858,000, respectively. Refer to Note 4, “Acquisition,” for further details. | |||||||||||||||||||||||||||||||||
The Company evaluates segment performance based on the segment profit before corporate expenses. | |||||||||||||||||||||||||||||||||
Summarized below are the Net Sales and Segment Operating Profit for each reporting segment: | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
Net Sales | Segment Operating Profit | Net Sales | Segment Operating Profit | ||||||||||||||||||||||||||||||
(In thousands) | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
QuickLabel | $ | 15,252 | $ | 12,509 | $ | 1,959 | $ | 1,494 | $ | 44,931 | $ | 36,102 | $ | 6,405 | $ | 3,962 | |||||||||||||||||
T&M | 7,885 | 5,670 | 2,023 | 912 | 21,346 | 14,756 | 4,074 | 1,803 | |||||||||||||||||||||||||
Total | $ | 23,137 | $ | 18,179 | 3,982 | 2,406 | $ | 66,277 | $ | 50,858 | 10,479 | 5,765 | |||||||||||||||||||||
Product Replacement Related Costs | — | — | — | 672 | |||||||||||||||||||||||||||||
Corporate Expenses | 1,407 | 1,223 | 4,041 | 3,745 | |||||||||||||||||||||||||||||
Operating Income | 2,575 | 1,183 | 6,438 | 1,348 | |||||||||||||||||||||||||||||
Other Expense—Net | (46 | ) | (2 | ) | (85 | ) | (64 | ) | |||||||||||||||||||||||||
Income From Continuing Operations Before Income Taxes | 2,529 | 1,181 | 6,353 | 1,284 | |||||||||||||||||||||||||||||
Income Tax Provision | 974 | 436 | 2,235 | 446 | |||||||||||||||||||||||||||||
Income From Continuing Operations | 1,555 | 745 | 4,118 | 838 | |||||||||||||||||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | — | 363 | — | 517 | |||||||||||||||||||||||||||||
Net Income | $ | 1,555 | $ | 1,108 | $ | 4,118 | $ | 1,355 | |||||||||||||||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
(11) Recent Accounting Pronouncements | |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements. | |
Discontinued Operations | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, this ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We are currently evaluating the impact of the adoption of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations. | |
Income Taxes | |
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability. This ASU is effective for annual and interim periods beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial position or results of operations. | |
No other new accounting pronouncements, issued or effective during the first nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Securities_Available_for_Sale
Securities Available for Sale | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Securities Available for Sale | ' | ||||||||||||||||
(12) Securities Available for Sale | |||||||||||||||||
Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 43 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment securities have original maturities greater than 90 days. | |||||||||||||||||
The fair value, amortized cost and gross unrealized gains and losses of securities available for sale are as follows: | |||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
November 1, 2014 | |||||||||||||||||
State and Municipal Obligations | $ | 17,605 | $ | 28 | $ | (2 | ) | $ | 17,631 | ||||||||
January 31, 2014 | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
State and Municipal Obligations | $ | 18,729 | $ | 37 | $ | — | $ | 18,766 | |||||||||
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
(13) Fair Value | |||||||||||||||||
We measure our financial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. | |||||||||||||||||
The fair value hierarchy is summarized as follows: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
Cash and cash equivalents (including short term investment money market funds with original maturity of less than 90 days), accounts receivables, accounts payable, accrued compensation and other expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments. | |||||||||||||||||
Assets measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
November 1, 2014 | |||||||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) | $ | 5,954 | $ | — | $ | — | $ | 5,954 | |||||||||
State and Municipal Obligations (included in Securities Available for Sale) | — | 17,631 | — | 17,631 | |||||||||||||
Total | $ | 5,954 | $ | 17,631 | $ | — | $ | 23,585 | |||||||||
January 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) | $ | 4,734 | $ | — | $ | — | $ | 4,734 | |||||||||
State and Municipal Obligations (included in Securities Available for Sale) | — | 18,766 | — | 18,766 | |||||||||||||
Total | $ | 4,734 | $ | 18,766 | $ | — | $ | 23,500 | |||||||||
For our money market funds and state and municipal obligations, we utilize the market approach to measure fair value. The market approach is based on using quoted prices for identical or similar assets. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
(14) Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The changes in the balance of accumulated other comprehensive income (loss) by component are as follows: | |||||||||||||
(In thousands) | Foreign Currency | Unrealized Holding Gain | Total | ||||||||||
Translation | on Available for Sale | ||||||||||||
Adjustments | Securities | ||||||||||||
Balance at January 31, 2014 | $ | 152 | $ | 24 | $ | 176 | |||||||
Other Comprehensive Income (Loss) | (348 | ) | (8 | ) | (356 | ) | |||||||
Amounts reclassified to Net Income | — | — | — | ||||||||||
Net Other Comprehensive Income (Loss) | (348 | ) | (8 | ) | (356 | ) | |||||||
Balance at November 1, 2014 | $ | (196 | ) | $ | 16 | $ | (180 | ) | |||||
The amounts presented above in other comprehensive income (loss) are net of taxes. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
(15) Discontinued Operations | |||||||||
On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) which manufactured polysomnography and electroencephalography systems and related accessories and propriety electrodes for use in both research and clinical settings for $18.6 million in cash, of which $1.8 million was held in escrow and received in the first quarter of the current year. The assets sold consisted primarily of working capital (exclusive of inventory and accounts payable related to manufacturing), the engineering, sales and support workforce, intellectual property and certain other related assets. | |||||||||
As part of this transaction, Astro-Med entered into a Transition Service Agreement (TSA) with the purchaser pursuant to which the Company agreed to provide transition services and continue to manufacture Grass products for the purchaser for a period not to exceed twelve months following the sale closing date. The Company determined that cash flows from this activity were not significant and therefore Grass has been disclosed as a discontinued operation for the fiscal 2014 periods presented. The TSA expired on January 31, 2014 and the Company is no longer reporting discontinued operations in fiscal 2015. | |||||||||
In accordance with the terms of the TSA agreement, the purchaser was obligated to acquire the remaining Grass inventory upon expiration of the TSA on January 31, 2014. In connection with the disposition of the inventory previously included in discontinued operations, the Company received $2,355,000 in the first quarter of fiscal 2015 from the purchaser of Grass related to the disposition of this inventory. Any future services related to Grass post fiscal 2014 have not been, and are not expected to be material. | |||||||||
Results for discontinued operations are as follows: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
November 2, | November 2, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Net Sales | $ | 2,485 | $ | 6,201 | |||||
Gross Profit | $ | 290 | $ | 668 | |||||
Income from Discontinued Operations | $ | 363 | $ | 517 | |||||
As a result of the sale of the Grass assets, the Company is in the process of selling its facility located in Rockland, Massachusetts, which was the former location of Grass production. This property is being actively marketed with sale considered probable within the next twelve months and accordingly, the property is classified in current assets as an Asset Held for Sale in the accompanying condensed consolidated balance sheets. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(16) Commitments and Contingencies | |
Product Replacement Program | |
In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming part in power supplies for certain models of Astro-Med’s Test & Measurement printers. No malfunctions have been reported by customers as a result of the non-conforming material. | |
Upon identifying this issue, Astro-Med immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. Astro-Med is continuing to work with its customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $672,000, which was based upon the number of printers shipped during the period the non-conforming material was used. Those estimated costs were recognized and recorded as a reserve in the first quarter of fiscal 2014 and are included in the cost of sales in the accompanying condensed consolidated statement of income for the nine months ended November 2, 2013. As of November 1, 2014, the Company had expended $271,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $402,000 is included in Other Accrued Expenses in the accompanying condensed consolidated balance sheet dated November 1, 2014. | |
Astro-Med is currently receiving power supplies with compliant parts and has resumed printer production and shipments to customers. | |
Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, in January 2014, Astro-Med received a non-refundable $450,000 settlement from the supplier for recovery of the costs and expense associated with this issue. This settlement was recorded in cost of sales during the fourth quarter of the fiscal year ended January 31, 2014. In addition to this cash settlement, the Company will receive lower product prices from the supplier through fiscal 2017. |
Line_of_Credit
Line of Credit | 9 Months Ended |
Nov. 01, 2014 | |
Text Block [Abstract] | ' |
Line of Credit | ' |
(17) Line of Credit | |
On September 5, 2014, Astro-Med entered into a new unsecured revolving line of credit agreement with Wells Fargo Bank to replace the previous agreement which expired on May 30, 2014. The terms of the new agreement are for a three-year, $10 million revolving line of credit to be available to the Company to be used for ongoing working capital requirements, business acquisitions or general corporate purposes as needed. Any borrowings made under the new line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company’s funded debt to EBITDA ratio as defined in the agreement. In addition, the new agreement provided for two financial covenant requirements, namely, Total Funded Debt to Adjusted EBITDA (as defined) of not greater than 3 to 1 and a Fixed Charge Coverage Ratio (as defined) of not less than 1.25 to 1, both measured at the end of each quarter on a rolling four quarter basis. As of the November 1, 2014, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Nov. 01, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
(18) Subsequent Event | |
On December 5, 2014, the Company repurchased 500,000 shares of the Company’s common stock from the Estate of Albert W. Ondis for an aggregate purchase price of $6,250,000. Prior to entering into the Stock Purchase Agreement, the Company obtained an opinion from an independent investment banking firm as to the fairness, from a financial point of view, to the public shareholders of the Company other than the selling shareholders, of the consideration paid by the Company in the transaction. The purchase was funded using existing cash on hand. In regards to this transaction, the Company has filed a current report on Form 8-K dated December 5, 2014, which included, the Stock Repurchase Agreement dated December 4, 2014 as Exhibit 10. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements. | |
Discontinued Operations | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, this ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We are currently evaluating the impact of the adoption of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations. | |
Income Taxes | |
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability. This ASU is effective for annual and interim periods beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial position or results of operations. | |
No other new accounting pronouncements, issued or effective during the first nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Nov. 01, 2014 | |||||
Unaudited Pro-Forma Information | ' | ||||
The following unaudited pro forma information assumes the acquisition of Miltope occurred on February 1, 2013. This information has been prepared for informational purposes only and does not purport to represent the results of operations that would have happened had the acquisition occurred as of the date indicated, nor of future results of operations. | |||||
Three Months Ended | Nine Months Ended | ||||
2-Nov-13 | 2-Nov-13 | ||||
(In thousands) | |||||
Net Sales | $20,179 | $56,858 | |||
Miltope's Ruggedized Printer Product Line Operation [Member] | ' | ||||
Purchase Price of Acquisition Allocated on Basis of Estimated Fair Value | ' | ||||
The purchase price of the acquisition has been allocated on the basis of the estimated fair value as follows: | |||||
(In thousands) | |||||
Accounts Receivable | $ | 713 | |||
Inventories | 2,503 | ||||
Identifiable Intangible Assets | 3,400 | ||||
Goodwill | 196 | ||||
Warranty Reserve | (80 | ) | |||
Total Purchase Price | $ | 6,732 | |||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Shares Used in Calculating Basic and Diluted | ' | ||||||||||||||||
A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted Average Common Shares Outstanding—Basic | 7,729,530 | 7,489,690 | 7,677,751 | 7,449,251 | |||||||||||||
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 196,620 | 226,130 | 219,310 | 200,763 | |||||||||||||
Weighted Average Common Shares Outstanding—Diluted | 7,926,150 | 7,715,820 | 7,897,061 | 7,650,014 | |||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation Expense | ' | ||||||||||||||||
Share-based compensation expense was recognized as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Stock Options | $ | 64 | $ | 46 | $ | 179 | $ | 140 | |||||||||
Restricted Stock Awards and Restricted Stock Units | 58 | 81 | 202 | 266 | |||||||||||||
Total | $ | 122 | $ | 127 | $ | 381 | $ | 406 | |||||||||
Fair Value of Stock Options Granted | ' | ||||||||||||||||
The fair value of stock options granted during the nine months ended November 1, 2014 and November 2, 2013 was estimated using the following assumptions: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
Risk Free Interest Rate | 1.6 | % | 0.8 | % | |||||||||||||
Expected Volatility | 26.8 | % | 38.3 | % | |||||||||||||
Expected Life (in years) | 5 | 5 | |||||||||||||||
Dividend Yield | 2 | % | 2.6 | % | |||||||||||||
Aggregated Information Regarding Stock Options Granted | ' | ||||||||||||||||
Aggregated information regarding stock options granted under the Plan for the nine months ended November 1, 2014 is summarized below: | |||||||||||||||||
Number of Options | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual Life | |||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding at January 31, 2014 | 736,647 | $ | 8.63 | 4.7 | $ | 3,707,000 | |||||||||||
Granted | 155,600 | 13.98 | |||||||||||||||
Exercised | (188,393 | ) | 8.56 | ||||||||||||||
Expired or canceled | (10,787 | ) | 9.07 | ||||||||||||||
Outstanding at November 1, 2014 | 693,067 | $ | 9.84 | 5.9 | $ | 2,485,570 | |||||||||||
Exercisable at November 1, 2014 | 449,493 | $ | 8.62 | 4.2 | $ | 2,088,870 | |||||||||||
Aggregated Information Regarding RSUs and RSAs Granted | ' | ||||||||||||||||
Aggregated information regarding RSUs and RSAs granted under the Plan for the nine months ended November 1, 2014 is summarized below: | |||||||||||||||||
RSAs & RSUs | Weighted Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested at January 31, 2014 | 106,496 | $ | 9.12 | ||||||||||||||
Granted | 7,245 | 13.8 | |||||||||||||||
Vested | (35,662 | ) | 8.75 | ||||||||||||||
Forfeited | (5,834 | ) | 10.07 | ||||||||||||||
Unvested at November 1, 2014 | 72,245 | $ | 9.7 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The components of inventories are as follows: | |||||||||
November 1, 2014 | January 31, 2014 | ||||||||
(In thousands) | |||||||||
Materials and Supplies | $ | 10,671 | $ | 10,722 | |||||
Work-In-Process | 1,493 | 852 | |||||||
Finished Goods | 7,859 | 6,798 | |||||||
20,023 | 18,372 | ||||||||
Inventory Reserve | (3,599 | ) | (3,194 | ) | |||||
$ | 16,424 | $ | 15,178 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Projected Effective Tax Rate for Periods | ' | ||||||||
The Company’s effective tax rates for income from continuing operations based on the projected effective tax rate for the full year, are as follows: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
Fiscal 2015 | 38.5 | % | 35.2 | % | |||||
Fiscal 2014 | 36.9 | % | 34.7 | % |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Net Sales and Segment Operating Profit for Each Reporting Segment | ' | ||||||||||||||||||||||||||||||||
Summarized below are the Net Sales and Segment Operating Profit for each reporting segment: | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
Net Sales | Segment Operating Profit | Net Sales | Segment Operating Profit | ||||||||||||||||||||||||||||||
(In thousands) | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
QuickLabel | $ | 15,252 | $ | 12,509 | $ | 1,959 | $ | 1,494 | $ | 44,931 | $ | 36,102 | $ | 6,405 | $ | 3,962 | |||||||||||||||||
T&M | 7,885 | 5,670 | 2,023 | 912 | 21,346 | 14,756 | 4,074 | 1,803 | |||||||||||||||||||||||||
Total | $ | 23,137 | $ | 18,179 | 3,982 | 2,406 | $ | 66,277 | $ | 50,858 | 10,479 | 5,765 | |||||||||||||||||||||
Product Replacement Related Costs | — | — | — | 672 | |||||||||||||||||||||||||||||
Corporate Expenses | 1,407 | 1,223 | 4,041 | 3,745 | |||||||||||||||||||||||||||||
Operating Income | 2,575 | 1,183 | 6,438 | 1,348 | |||||||||||||||||||||||||||||
Other Expense—Net | (46 | ) | (2 | ) | (85 | ) | (64 | ) | |||||||||||||||||||||||||
Income From Continuing Operations Before Income Taxes | 2,529 | 1,181 | 6,353 | 1,284 | |||||||||||||||||||||||||||||
Income Tax Provision | 974 | 436 | 2,235 | 446 | |||||||||||||||||||||||||||||
Income From Continuing Operations | 1,555 | 745 | 4,118 | 838 | |||||||||||||||||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | — | 363 | — | 517 | |||||||||||||||||||||||||||||
Net Income | $ | 1,555 | $ | 1,108 | $ | 4,118 | $ | 1,355 | |||||||||||||||||||||||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of Securities Available for Sale | ' | ||||||||||||||||
The fair value, amortized cost and gross unrealized gains and losses of securities available for sale are as follows: | |||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
November 1, 2014 | |||||||||||||||||
State and Municipal Obligations | $ | 17,605 | $ | 28 | $ | (2 | ) | $ | 17,631 | ||||||||
January 31, 2014 | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
State and Municipal Obligations | $ | 18,729 | $ | 37 | $ | — | $ | 18,766 | |||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
November 1, 2014 | |||||||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) | $ | 5,954 | $ | — | $ | — | $ | 5,954 | |||||||||
State and Municipal Obligations (included in Securities Available for Sale) | — | 17,631 | — | 17,631 | |||||||||||||
Total | $ | 5,954 | $ | 17,631 | $ | — | $ | 23,585 | |||||||||
January 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) | $ | 4,734 | $ | — | $ | — | $ | 4,734 | |||||||||
State and Municipal Obligations (included in Securities Available for Sale) | — | 18,766 | — | 18,766 | |||||||||||||
Total | $ | 4,734 | $ | 18,766 | $ | — | $ | 23,500 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Changes in the Balance of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The changes in the balance of accumulated other comprehensive income (loss) by component are as follows: | |||||||||||||
(In thousands) | Foreign Currency | Unrealized Holding Gain | Total | ||||||||||
Translation | on Available for Sale | ||||||||||||
Adjustments | Securities | ||||||||||||
Balance at January 31, 2014 | $ | 152 | $ | 24 | $ | 176 | |||||||
Other Comprehensive Income (Loss) | (348 | ) | (8 | ) | (356 | ) | |||||||
Amounts reclassified to Net Income | — | — | — | ||||||||||
Net Other Comprehensive Income (Loss) | (348 | ) | (8 | ) | (356 | ) | |||||||
Balance at November 1, 2014 | $ | (196 | ) | $ | 16 | $ | (180 | ) | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Summary of Discontinued Operations | ' | ||||||||
Results for discontinued operations are as follows: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
November 2, | November 2, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Net Sales | $ | 2,485 | $ | 6,201 | |||||
Gross Profit | $ | 290 | $ | 668 | |||||
Income from Discontinued Operations | $ | 363 | $ | 517 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) | 9 Months Ended | |
Nov. 01, 2014 | Jan. 22, 2014 | |
Miltope's Ruggedized Printer Product Line Operation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Completion date of acquisition | 22-Jan-14 | ' |
Purchase price of the acquisition | ' | $6,732,000 |
Amount held in escrow related to business acquisition | ' | $500,000 |
Duration of escrow deposits | '12 months | ' |
Acquisition_Purchase_Price_of_
Acquisition - Purchase Price of Acquisition Allocated on Basis of Estimated Fair Value (Detail) (USD $) | Nov. 01, 2014 | Jan. 31, 2014 | Jan. 22, 2014 |
In Thousands, unless otherwise specified | Miltope's Ruggedized Printer Product Line Operation [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Accounts Receivable | ' | ' | $713 |
Inventories | ' | ' | 2,503 |
Identifiable Intangible Assets | ' | ' | 3,400 |
Goodwill | 991 | 991 | 196 |
Warranty Reserve | ' | ' | -80 |
Total Purchase Price | ' | ' | $6,732 |
Acquisition_Unaudited_ProForma
Acquisition - Unaudited Pro-Forma Information (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 |
Miltope's Ruggedized Printer Product Line Operation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net sales | $20,179 | $56,858 |
Net_Income_Per_Common_Share_Re
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Equity [Abstract] | ' | ' | ' | ' |
Weighted Average Common Shares Outstanding-Basic | 7,729,530 | 7,489,690 | 7,677,751 | 7,449,251 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 196,620 | 226,130 | 219,310 | 200,763 |
Weighted Average Common Shares Outstanding-Diluted | 7,926,150 | 7,715,820 | 7,897,061 | 7,650,014 |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 01, 2014 | |
Equity [Abstract] | ' | ' | ' | ' |
Anti-dilutive option | 155,000 | 131,600 | 172,100 | 155,000 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||
Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Nov. 01, 2014 | Nov. 02, 2013 | Jan. 31, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | |
Equity_Plan | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Non-Employee Director [Member] | Chairman of Board [Member] | Chair of Audit Committee [Member] | Chair of Compensation Committee [Member] | 2013 Restricted Stock Units (RSUs) [Member] | 2013 Restricted Stock Units (RSUs) [Member] | 2014 Restricted Stock Units (RSUs) [Member] | 2014 Restricted Stock Units (RSUs) [Member] | 2014 Restricted Stock Units (RSUs) [Member] | 2014 Restricted Stock Units (RSUs) [Member] | 2014 Restricted Stock Units (RSUs) [Member] | Equity Incentive Plan [Member] | Equity Incentive Plan [Member] | Restricted Stock [Member] | Stock Option [Member] | |||||||||
First Anniversary [Member] | Second Anniversary [Member] | Officer [Member] | Officer [Member] | Officer [Member] | Officer [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | ||||||||||||||||||||
Net Sales Target [Member] | ORONA Target [Member] | Third Anniversary [Member] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity incentive plan | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '4 years |
Aggregate shares authorized for awards under the Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Shares available for grant under the Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,164 | ' | ' | ' |
Restricted stock unit vested percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | 50.00% | 25.00% | 25.00% | ' | ' | ' | ' |
Maximum disposal restricted percentage of RSU | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative budgeted net sales target measurement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 through 2016 | ' | ' | ' | ' | ' | ' | ' |
Option expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Stock options grant to each non-employee director | ' | ' | ' | ' | ' | ' | 155,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' |
Non-employee director is entitled to an annual cash retainer | ' | ' | ' | ' | ' | ' | $7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-employee director is entitled to an annual cash retainer additional | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Chair Retainer payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 4,000 | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-employee director received restricted stock award value | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted weighted average fair value per share | $2.84 | $2.93 | $2.43 | $0 | $2.79 | $2.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to unvested options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 518,000 |
Unrecognized compensation expense related to unvested options, recognize date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Through April 2016 | ' | ' | ' | ' | ' | ' | ' | 'Through August 2018 |
Unrecognized compensation expense related to unvested RSUs and RSAs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $286,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reservation of shares under Stock Purchase Plan | ' | ' | ' | ' | ' | ' | 247,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchase under Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | 2,464 | 3,152 | ' | 872 | 886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | 693,067 | ' | ' | ' | ' | ' | 693,067 | ' | 736,647 | 57,778 | ' | 57,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, Total | $122 | $127 | $381 | $406 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, Total | 64 | 46 | 179 | 140 |
Restricted Stock Awards and Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, Total | $58 | $81 | $202 | $266 |
ShareBased_Compensation_Fair_V
Share-Based Compensation - Fair Value of Stock Options Granted (Detail) | 9 Months Ended | |
Nov. 01, 2014 | Nov. 02, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Risk Free Interest Rate | 1.60% | 0.80% |
Expected Volatility | 26.80% | 38.30% |
Expected Life (in years) | '5 years | '5 years |
Dividend Yield | 2.00% | 2.60% |
ShareBased_Compensation_Aggreg
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Nov. 01, 2014 | Jan. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Beginning balance, Number of Options | 736,647 | ' |
Granted, Number of Options | 155,600 | ' |
Exercised, Number of Options | -188,393 | ' |
Expired or canceled, Number of Options | -10,787 | ' |
Ending balance, Number of Options | 693,067 | 736,647 |
Exercisable, Number of Options | 449,493 | ' |
Beginning balance, Weighted Average Exercise Price | $8.63 | ' |
Granted, Weighted Average Exercise Price | $13.98 | ' |
Exercised, Weighted Average Exercise Price | $8.56 | ' |
Expired or canceled, Weighted Average Exercise Price | $9.07 | ' |
Ending balance, Weighted Average Exercise Price | $9.84 | $8.63 |
Exercisable, Weighted Average Exercise Price | $8.62 | ' |
Weighted Average Remaining Contractual Life (in Years) | '5 years 10 months 24 days | '4 years 8 months 12 days |
Exercisable, Weighted Average Remaining Contractual Life (in Years) | '4 years 2 months 12 days | ' |
Beginning balance, Aggregated Intrinsic Value | $3,707,000 | ' |
Ending balance, Aggregated Intrinsic Value | 2,485,570 | ' |
Exercisable, Aggregate Intrinsic Value | $2,088,870 | $3,707,000 |
ShareBased_Compensation_Aggreg1
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) (USD $) | 9 Months Ended |
Nov. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Beginning balance, Unvested Restricted Stock Units and Restricted Stock Awards | 106,496 |
Granted, Restricted Stock Units and Restricted Stock Awards | 7,245 |
Vested, Restricted Stock Units and Restricted Stock Awards | -35,662 |
Forfeited, Restricted Stock Units and Restricted Stock Awards | -5,834 |
Ending balance, Unvested Restricted Stock Units and Restricted Stock Awards | 72,245 |
Beginning balance, Weighted Average Grant Date Fair Value | $9.12 |
Granted, Weighted Average Grant Date Fair Value | $13.80 |
Vested, Weighted Average Grant Date Fair Value | $8.75 |
Forfeited, Weighted Average Grant Date Fair Value | $10.07 |
Ending balance, Weighted Average Grant Date Fair Value | $9.70 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Nov. 01, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Materials and Supplies | $10,671 | $10,722 |
Work-In-Process | 1,493 | 852 |
Finished Goods | 7,859 | 6,798 |
Inventory, Gross | 20,023 | 18,372 |
Inventory Reserve | -3,599 | -3,194 |
Balance at November 1 | $16,424 | $15,178 |
Income_Taxes_Projected_Effecti
Income Taxes - Projected Effective Tax Rate for Periods (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rates for income from continuing operations | 38.50% | 36.90% | 35.20% | 34.70% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income tax expense | $974,000 | $436,000 | $2,235,000 | $446,000 | ' |
Income tax expense (benefit) related to prior year's state taxes | 80,000 | -18,000 | 80,000 | -18,000 | ' |
Income tax benefit from expiration of the statue of limitations | 41,000 | ' | 141,000 | ' | ' |
Expense included in income tax | ' | ' | ' | 464,000 | ' |
Cumulative unrecognized tax benefits | 650,000 | ' | 650,000 | ' | 715,000 |
Developments affecting unrecognized tax benefits | $0 | ' | ' | ' | ' |
Note_Receivable_and_Line_of_Cr1
Note Receivable and Line of Credit Issued - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | |
Jan. 30, 2012 | Nov. 01, 2014 | Jan. 30, 2012 | |
Installment | |||
Debt Disclosure [Abstract] | ' | ' | ' |
Net sale price | ' | ' | $1,000,000 |
Promissory note interest rate | 3.75% | ' | ' |
Interest commencement date | ' | 30-Jan-13 | ' |
Interest installments | ' | 16 | ' |
Promissory note outstanding | ' | 503,000 | ' |
Revolving line of credit | ' | 600,000 | ' |
Interest rate on outstanding credit balance | ' | 2.00% | ' |
Line of credit facility maturity date | ' | 31-Jan-15 | ' |
Extended revolving line of credit | ' | $180,000 | ' |
Line of credit issued initial term | ' | '1 year | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 02, 2013 |
Segment | Miltope's Ruggedized Printer Product Line Operation [Member] | Miltope's Ruggedized Printer Product Line Operation [Member] | |
Sales Information [Line Items] | ' | ' | ' |
Number of reporting segments | 2 | ' | ' |
Net sales | ' | $20,179 | $56,858 |
Segment_Information_Net_Sales_
Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $23,137 | $18,179 | $66,277 | $50,858 |
Product Replacement Related Costs | ' | ' | ' | 672 |
Corporate Expenses | 1,407 | 1,223 | 4,041 | 3,745 |
Operating Income | 2,575 | 1,183 | 6,438 | 1,348 |
Other Expense-Net | -46 | -2 | -85 | -64 |
Income From Continuing Operations Before Income Taxes | 2,529 | 1,181 | 6,353 | 1,284 |
Income Tax Provision | 974 | 436 | 2,235 | 446 |
Income from Continuing Operations | 1,555 | 745 | 4,118 | 838 |
Income From Discontinued Operations, Net of Income Taxes | ' | 363 | ' | 517 |
Net Income | 1,555 | 1,108 | 4,118 | 1,355 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Income | 3,982 | 2,406 | 10,479 | 5,765 |
Operating Segments [Member] | QuickLabel [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 15,252 | 12,509 | 44,931 | 36,102 |
Operating Income | 1,959 | 1,494 | 6,405 | 3,962 |
Operating Segments [Member] | T&M [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 7,885 | 5,670 | 21,346 | 14,756 |
Operating Income | $2,023 | $912 | $4,074 | $1,803 |
Securities_Available_for_Sale_1
Securities Available for Sale - Additional Information (Detail) (USD $) | 9 Months Ended |
Nov. 01, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Impairment charges on available for sale security | $0 |
Minimum [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Anticipated maturity period | '1 month |
Maximum [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Anticipated maturity period | '43 months |
Securities_Available_for_Sale_2
Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of Securities Available for Sale (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Jan. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | $17,631 | $18,766 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 17,605 | 18,729 |
Gross Unrealized Gains | 28 | 37 |
Gross Unrealized Losses | -2 | ' |
Fair Value | $17,631 | $18,766 |
Fair_Value_Assets_Measured_at_
Fair Value - Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Nov. 01, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money Market Funds (included in Cash and Cash Equivalents) | $5,954 | $4,734 |
State and Municipal Obligations (included in Securities Available for Sale) | 17,631 | 18,766 |
Total | 23,585 | 23,500 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money Market Funds (included in Cash and Cash Equivalents) | 5,954 | 4,734 |
State and Municipal Obligations (included in Securities Available for Sale) | ' | ' |
Total | 5,954 | 4,734 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money Market Funds (included in Cash and Cash Equivalents) | ' | ' |
State and Municipal Obligations (included in Securities Available for Sale) | 17,631 | 18,766 |
Total | 17,631 | 18,766 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money Market Funds (included in Cash and Cash Equivalents) | ' | ' |
State and Municipal Obligations (included in Securities Available for Sale) | ' | ' |
Total | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Changes in the Balance of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | $176 | ' |
Other Comprehensive Income (Loss) | ' | ' | -356 | ' |
Amounts reclassified to Net Income | ' | ' | ' | ' |
Net Other Comprehensive Income (Loss) | -313 | 151 | -356 | -38 |
Ending Balance | -180 | ' | -180 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 152 | ' |
Other Comprehensive Income (Loss) | ' | ' | -348 | ' |
Amounts reclassified to Net Income | ' | ' | ' | ' |
Net Other Comprehensive Income (Loss) | ' | ' | -348 | ' |
Ending Balance | -196 | ' | -196 | ' |
Unrealized Holding Gain on Available for Sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 24 | ' |
Other Comprehensive Income (Loss) | ' | ' | -8 | ' |
Amounts reclassified to Net Income | ' | ' | ' | ' |
Net Other Comprehensive Income (Loss) | ' | ' | -8 | ' |
Ending Balance | $16 | ' | $16 | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended |
Jan. 31, 2013 | 3-May-14 | Nov. 01, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Proceeds from sale | $18,600,000 | ' | $1,800,000 |
Period of transition services and manufacturing, Maximum | ' | ' | '12 months |
Transition Service Agreement expiration date | ' | ' | 31-Jan-14 |
Amount received from disposition of inventory | ' | $2,355,000 | ($2,355,000) |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Net Sales | $2,485 | $6,201 |
Gross Profit | 290 | 668 |
Income from Discontinued Operations | $363 | $517 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Estimated costs associated with the replacement program | ' | ' | ' | ' | $672,000 |
Replacement costs charged against the reserve | ' | 271,000 | ' | 271,000 | ' |
Other Accrued Expenses | ' | 402,000 | ' | 402,000 | ' |
Non-refundable settlement from supplier for recovery | $450,000 | ' | ' | ' | ' |
Period of receiving lower product prices | ' | ' | ' | '3 years | ' |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (Wells Fargo Bank [Member], USD $) | 9 Months Ended |
Nov. 01, 2014 | |
Credit Facilities [Line Items] | ' |
Agreement expiration date | 30-May-14 |
Revolving line of credit | $10,000,000 |
Agreement term | '3 years |
Line of credit, interest rate description | 'Any borrowings made under the new line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company's funded debt to EBITDA ratio as defined in the agreement. |
Borrowings against new line of credit | $0 |
Fixed Charge Coverage Ratio | 3 |
Funded debt to adjusted EBITDA ratio | 1.25 |
London Interbank Offered Rate (LIBOR) [Member] | ' |
Credit Facilities [Line Items] | ' |
Percentage above rate | 1.50% |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ' |
Credit Facilities [Line Items] | ' |
Percentage above rate | 0.00% |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ' |
Credit Facilities [Line Items] | ' |
Percentage above rate | 2.25% |
Federal Funds Effective Swap Rate [Member] | ' |
Credit Facilities [Line Items] | ' |
Percentage above rate | 1.50% |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended |
Dec. 05, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Stock Repurchased During Period, Shares | 500,000 |
Stock Repurchased During Period, Value | $6,250,000 |