Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 27, 2015 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ALOT | ||
Entity Registrant Name | ASTRO MED INC /NEW/ | ||
Entity Central Index Key | 8146 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 7,266,134 | ||
Entity Public Float | $68,077,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and Cash Equivalents | $7,958 | $8,341 |
Securities Available for Sale | 15,174 | 18,766 |
Accounts Receivable, net of reserves of $343 in 2015 and $370 in 2014 | 14,107 | 11,366 |
Inventories | 15,582 | 15,178 |
Deferred Tax Assets | 2,629 | 1,673 |
Restricted Cash | 1,800 | |
Line of Credit Receivable | 173 | 240 |
Note Receivable | 255 | 250 |
Asset Held for Sale | 1,900 | 2,120 |
Prepaid Expenses and Other Current Assets | 4,140 | 1,383 |
Current Assets of Discontinued Operations | 3,917 | |
Total Current Assets | 61,918 | 65,034 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land and Improvements | 904 | 873 |
Buildings and Improvements | 10,551 | 10,341 |
Machinery and Equipment | 25,368 | 23,746 |
Total Property, Plant and Equipment , gross | 36,823 | 34,960 |
Less Accumulated Depreciation | -28,444 | -27,368 |
Total Property, Plant and Equipment, net | 8,379 | 7,592 |
OTHER ASSETS | ||
Note Receivable | 256 | 440 |
Deferred Tax Assets | 313 | |
Identifiable Intangibles | 2,698 | 3,400 |
Goodwill | 991 | 991 |
Other | 88 | 194 |
Total Other Assets | 4,033 | 5,338 |
TOTAL ASSETS | 74,330 | 77,964 |
CURRENT LIABILITIES | ||
Accounts Payable | 3,155 | 2,374 |
Accrued Compensation | 3,302 | 3,130 |
Other Accrued Expenses | 2,343 | 2,310 |
Deferred Revenue | 621 | 454 |
Income Taxes Payable | 148 | 788 |
Current Liabilities of Discontinued Operations | 836 | |
Total Current Liabilities | 9,569 | 9,892 |
Long Term Obligation | 250 | 250 |
Deferred Tax Liabilities | 83 | 77 |
Other Long Term Liabilities | 1,167 | 1,131 |
TOTAL LIABILITIES | 10,819 | 11,350 |
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 9,544,864 shares in 2015 and 9,291,225 shares in 2014 | 477 | 465 |
Additional Paid-in Capital | 43,589 | 41,235 |
Retained Earnings | 39,735 | 37,201 |
Treasury Stock, at Cost, 2,293,606 shares in 2015 and 1,730,042 shares in 2014 | -19,591 | -12,463 |
Accumulated Other Comprehensive Income (Loss),Net of Tax | -699 | 176 |
Total Shareholders' Equity | 63,511 | 66,614 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $74,330 | $77,964 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Reserves | $343 | $370 |
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 | 9,544,864 | 9,291,225 |
Treasury Stock, Shares | 2,293,606 | 1,730,042 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Income Statement [Abstract] | ||
Net Sales | $88,347 | $68,592 |
Cost of Sales | 51,370 | 41,609 |
Gross Profit | 36,977 | 26,983 |
Costs and Expenses: | ||
Selling and Marketing | 18,289 | 14,774 |
Research and Development | 5,802 | 5,072 |
General and Administrative | 5,655 | 5,604 |
Operating Expenses | 29,746 | 25,450 |
Operating Income | 7,231 | 1,533 |
Other Income (Expense): | ||
Investment Income | 81 | 72 |
Other, Net | -380 | -193 |
Other Income (Expense) | -299 | -121 |
Income from Continuing Operations before Income Taxes | 6,932 | 1,412 |
Income Tax Provision for Continuing Operations | 2,270 | 175 |
Income from Continuing Operations | 4,662 | 1,237 |
Income from Discontinued Operations, Net of Taxes of $777 in 2014 | 1,975 | |
Net Income | $4,662 | $3,212 |
Net Income per Common Share-Basic: | ||
From Continuing Operations | $0.61 | $0.17 |
From Discontinued Operations | $0.26 | |
Net Income Per Common Share-Basic | $0.61 | $0.43 |
Net Income per Common Share-Diluted: | ||
From Continuing Operations | $0.60 | $0.16 |
From Discontinued Operations | $0.26 | |
Net Income Per Common Share-Diluted | $0.60 | $0.42 |
Weighted Average Number of Common Shares Outstanding-Basic | 7,612 | 7,470 |
Dilutive Effect of Common Stock Equivalents | 222 | 227 |
Weighted Average Number of Common Shares Outstanding-Diluted | 7,834 | 7,697 |
Dividends Declared Per Common Share | $0.28 | $0.28 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
Income Statement [Abstract] | |
Income tax expense (benefit) of discontinued operations | $777 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $4,662 | $3,212 |
Other Comprehensive Income (Loss), net of taxes and reclassification adjustments: | ||
Foreign currency translation adjustments | -866 | -14 |
Unrealized gain (loss) on securities available for sale | -9 | 17 |
Net other comprehensive income (loss) | -875 | 3 |
Comprehensive Income | $3,787 | $3,215 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | 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, 2013 | $63,837,000 | $452,000 | $38,786,000 | $36,092,000 | ($11,666,000) | $173,000 |
Beginning Balance, Shares at Jan. 31, 2013 | 9,031,756 | |||||
Share-based compensation | 562,000 | 562,000 | ||||
Employee option exercises | 1,801,000 | 11,000 | 1,790,000 | |||
Employee option exercises, Shares | 214,779 | |||||
Tax benefit of employee stock options | 158,000 | 158,000 | ||||
Restricted stock awards | -59,000 | 2,000 | -61,000 | |||
Restricted stock awards, Shares | 44,690 | |||||
Purchases of common stock from employees | -797,000 | -797,000 | ||||
Dividends paid | -2,103,000 | -2,103,000 | ||||
Net Income | 3,212,000 | 3,212,000 | ||||
Other Comprehensive Income (Loss) | 3,000 | 3,000 | ||||
Ending Balance at Jan. 31, 2014 | 66,614,000 | 465,000 | 41,235,000 | 37,201,000 | -12,463,000 | 176,000 |
Ending Balance, Shares at Jan. 31, 2014 | 9,291,225 | |||||
Share-based compensation | 511,000 | 511,000 | ||||
Employee option exercises | 1,887,000 | 11,000 | 1,876,000 | |||
Employee option exercises, Shares | 224,275 | 227,512 | ||||
Tax benefit of employee stock options | 107,000 | 107,000 | ||||
Restricted stock awards | -139,000 | 1,000 | -140,000 | |||
Restricted stock awards, Shares | 26,127 | |||||
Purchases of common stock from employees | -878,000 | -878,000 | ||||
Repurchases of common stock | -6,250,000 | -6,250,000 | ||||
Dividends paid | -2,128,000 | -2,128,000 | ||||
Net Income | 4,662,000 | 4,662,000 | ||||
Other Comprehensive Income (Loss) | -875,000 | -875,000 | ||||
Ending Balance at Jan. 31, 2015 | $63,511,000 | $477,000 | $43,589,000 | $39,735,000 | ($19,591,000) | ($699,000) |
Ending Balance, Shares at Jan. 31, 2015 | 9,544,864 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net Income | $4,662 | $3,212 |
Adjustments to Reconcile Net Income to Net Cash Provided (Used) By Operating Activities: | ||
Gain on Disposal of Discontinued Operations | -1,800 | |
Depreciation and Amortization | 2,063 | 1,279 |
Share-Based Compensation | 511 | 562 |
Deferred Income Tax Benefit | -636 | -636 |
Excess Tax Benefit From Share-Based Compensation | -107 | -158 |
Write-down of asset held for sale | 220 | 779 |
Changes in Assets and Liabilities, Net of Impact of Acquisition and Divestiture: | ||
Accounts Receivable | -2,741 | -2,588 |
Inventories | -404 | -1,283 |
Accounts Payable and Accrued Expenses | 810 | 1,469 |
Income Taxes Payable | -1,747 | -3,515 |
Other | -1,140 | -1,004 |
Net Cash Provided (Used) by Operating Activities | 1,491 | -4,462 |
Cash Flows from Investing Activities: | ||
Proceeds from Sales/Maturities of Securities Available for Sale | 12,885 | 10,835 |
Purchases of Securities Available for Sale | -9,306 | -21,065 |
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 | 258 | 373 |
Additions to Property, Plant and Equipment | -2,247 | -1,128 |
Acquisition of Miltope Ruggedized Printer Business | -6,732 | |
Net Cash Provided (Used) by Investing Activities | 5,745 | -17,717 |
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 | 870 | 944 |
Purchase of Treasury Stock | -6,250 | |
Excess Tax Benefit from Share-Based Compensation | 107 | 158 |
Dividends Paid | -2,128 | -2,103 |
Net Cash Used in Financing Activities | -7,401 | -1,001 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -218 | 522 |
Net Decrease in Cash and Cash Equivalents | -383 | -22,658 |
Cash and Cash Equivalents, Beginning of Year | 8,341 | 30,999 |
Cash and Cash Equivalents, End of Year | 7,958 | 8,341 |
Supplemental Information: | ||
Income Taxes, Net of Refunds | $4,566 | $5,085 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies |
Basis of Presentation: The accompanying financial data have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year. | |
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 consolidated financial statements of the Company since the acquisition date. Refer to Note 2, “Acquisition,” for further details. | |
On January 31, 2013, we completed the sale of substantially all of the assets of our Grass Technologies Product Group. Consequently, we have classified the results of operations of the Grass Technologies Product Group as discontinued operations for the 2014 period presented. Refer to Note 20, “Discontinued Operations,” for further discussion. | |
Principles of Consolidation: The consolidated financial statements include the accounts of Astro-Med, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation. | |
Reclassification: Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. | |
Use of Estimates: The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, valuation and estimated lives of intangible assets, impairment of long-lived assets, asset held for sale and goodwill, income taxes, share-based compensation 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. | |
Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. Similar investments with original maturities beyond three months are classified as securities available for sale. Cash of $2,995,000 and $2,544,000 was held in foreign bank accounts at January 31, 2015 and 2014, respectively. | |
Securities Available for Sale: Securities available for sale are carried at fair value based on quoted market prices, where available. The difference between cost and fair value, net of related tax effects, is recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. | |
Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and improvements—10 to 45 years; machinery and equipment—3 to 10 years). Depreciation expense was $1,361,000 for fiscal 2015 and $1,279,000 for 2014. | |
Revenue Recognition: Astro-Med’s product sales are recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists; price to the buyer is fixed or determinable; delivery has occurred and legal title and risk of loss have passed to the customer; and collectability is reasonably assured. Returns and customer credits are infrequent and are recorded as a reduction to sales. Rights of return are not included in sales arrangements. Revenue associated with products that contain specific customer acceptance criteria is not recognized before the customer acceptance criteria are satisfied. Discounts from list prices are recorded as a reduction to sales. Amounts billed to customers for shipping and handling fees are included in sales while related shipping and handling costs are included in cost of sales. | |
The majority of our equipment contains embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole as it is not sold separately or marketed separately and its production costs are minor as compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to the industry-specific software revenue recognition guidance. | |
Our multiple-element arrangements are generally comprised of a combination of equipment, software, installation and/or training services. Hardware and software elements are typically delivered at the same time and revenue is recognized when all the revenue recognition criteria for each unit are met. Delivery of installation and training services will vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. Service revenue is deferred and recognized over the contractual period or as services are rendered and accepted by the customer. | |
We have evaluated the deliverables in our multiple-element arrangements and concluded that they are separate units of accounting if the delivered item or items have value to the customer on a standalone basis and delivery or performance of the undelivered item(s) is considered probable and substantially in our control. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on vendor specific objective evidence (VSOE) if available, third-party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met. | |
Infrequently, Astro-Med recognizes revenue for non-recurring engineering (NRE) fees for product modification orders upon completion of agreed-upon milestones. Revenue is deferred for any amounts received prior to completion of milestones. Certain of our NRE arrangements include formal customer acceptance provisions. In such cases, we determine whether we have obtained customer acceptance for the specific milestone before recognizing revenue. NRE fees have not been significant in the periods presented herein. | |
Infrequently, Astro-Med receives requests from customers to hold product purchased from us for the customer’s convenience. Revenue is recognized for such bill and hold arrangements in accordance with the requirements of SEC Staff Accounting Bulletin No. 104 which requires, among other things, the existence of a valid business purpose for the arrangement; the transfer of ownership of the purchased product; a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the readiness of the product for shipment; the use of customary payment terms; no continuing performance obligation by us; and segregation of the product from our inventories. | |
Research and Development Costs: Astro-Med charges costs to expense in the period incurred, and these expenses are shown on a separate line in the consolidated statement of income. Included in research and development expense are the following: salaries and benefits, external engineering service costs, engineering related information costs and supplies. The Company also complies with Accounting Standards Codification (“ASC”) 985-20, “Costs of Computer Software to be Sold, Leased or Marketed” and ASC 350-40, “Internal-Use Software” in accounting for the costs of software either developed or acquired. | |
Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the monthly average exchange rates. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our German subsidiary since its undistributed earnings are considered to be permanently invested. Our net foreign exchange losses were $219,000 and $190,000 for fiscal 2015 and 2014, respectively. | |
Advertising: Astro-Med expenses advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to approximately $1,717,000 and $1,236,000 in fiscal 2015 and 2014, respectively. | |
Health Insurance Reimbursement Reserve: Astro-Med reimbursed a portion of employee health insurance deductibles and co-payments for fiscal 2015 and 2014. The total reimbursement amounted to approximately $129,000 and $201,000 in 2015 and 2014, respectively. We accrued approximately $20,000 and $75,000 at January 31, 2015 and 2014, respectively, for estimated outstanding reimbursements due to employees, including a reserve for incurred but not reported amounts. | |
Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less these the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. For both 2015 and 2014, these were no impairment charges for long-lived assets. | |
Assets Held for Sale: Assets held for sale are reported at the lower of cost or fair value less cost to sell. Astro-Med’s former Grass facility in Rockland met the held for sale classification criteria as of January 31, 2015 and 2014. This property is being actively marketed and management expects to sell the property during the upcoming fiscal year. Accordingly, the asset held for sale has been classified as a current asset. | |
The Company estimated the fair value of the Rockland facility using the market values for similar properties and estimated the fair value less the cost to sell. This property is considered a Level 2 asset as defined in ASC 820, “Fair Value Measurements.” | |
During the years ended 2015 and 2014, the Company recorded impairment charges of $220,000 and $779,000, respectively, related to the write-down of the Rockland facility to fair value, less cost to sell. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. For fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income. | |
Intangible Assets: Intangible assets include the value of customer relationships and backlog rights acquired in connection with business acquisitions and are recorded at fair value as determined by the Company. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. For both 2015 and 2014, there were no impairment charges for intangible assets. | |
Goodwill: Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in sales, earnings or cash flows, or material adverse changes in the business climate, indicate that the carrying value of an asset might be impaired. Goodwill is first qualitatively assessed to determine whether further impairment testing is necessary. Factors that management considers in this assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two step process is then performed. Step one compares the fair value of the reporting unit with its carrying value, including goodwill. If the carrying amount exceeds the fair value of the reporting unit, step two is required to determine if there is an impairment of the goodwill. Step two compares the implied fair value of the reporting unit goodwill to the carrying amount of the goodwill. We estimate the fair value of our reporting units using the income approach based upon a discounted cash flow model. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long–term operating cash flow performance. In addition, the Company uses the market approach, which compares the reporting unit to publicly-traded companies and transactions involving similar business, to support the conclusions based upon the income approach. The income approach requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. | |
We performed a qualitative assessment for our 2015 analysis of goodwill. Based on this assessment, management does not believe that it is more likely than not that the carrying value of the reporting units exceed their fair values. Accordingly, no further testing was performed as management believes that there are no impairment issues in regards to goodwill at this time. | |
Income Taxes: Astro-Med uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At January 31, 2015 and 2014, a valuation allowance was provided for deferred tax assets attributable to certain state R&D credit carryforwards. | |
Astro-Med accounts for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. | |
Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2015 and 2014, there were 156,600 and 126,800 common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive. | |
Allowance for Doubtful Accounts: In circumstances where we are aware of a customer’s inability to meet its financial obligations, an allowance is established. The majority of accounts are individually evaluated on a regular basis and allowances are established to state such receivables at their net realizable value. The remainder of the allowance is based upon historical write-off experience and current market assessments. | |
Fair Value of Financial Instruments: Our financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, a note receivable, a line of credit receivable and accounts payable. The carrying amount reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value due to the short-term nature of these items. Investment securities, all of which are available for sale, are carried in the consolidated balance sheets at fair value based on quoted market prices, when available. The note receivable is carried in the consolidated balance sheets at fair value based on the present value of the discounted cash flows over the life of the note. | |
The Company measures assets held for sale at fair value on a nonrecurring basis and records impairment charges when the assets are deemed to be impaired. | |
Share-Based Compensation: Share-based compensation expense is measured based on the estimated fair value of the share-based award when granted and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate of share-based compensation 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. No compensation expense is recognized for options that are forfeited for which the employee does not render the requisite service. Our accounting for share-based compensation for restricted stock awards (“RSA”) and restricted stock units (“RSU”) 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. | |
The cash flow from the tax benefits that are a result of tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as a cash inflow from financing activities and a cash outflow from operating activity. Tax deductions from certain stock option exercises are treated as being realized when they reduce taxes payable in accordance with relevant tax law. | |
Recent Accounting Pronouncements: | |
Discontinued Operations | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and is to be applied prospectively. We are currently evaluating the impact of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations. | |
Revenue Recognition | |
In May 2014, the FASB issued 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 to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. 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. |
Acquisition
Acquisition | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||
Acquisition | Note 2—Acquisition | ||||||||||||||||||||
On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation (Miltope), which is engaged in the design, development, manufacture and testing of ruggedized computers and computer peripheral equipment for military, industry and commercial applications. Astro-Med’s ruggedized printer product line 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 consolidated financial statements of the Company since the acquisition date. | |||||||||||||||||||||
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 was 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 representation, 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. Acquisition related costs of approximately $90,000 are included in the general and administrative expenses in the Company’s consolidated statement of income for the fiscal year ended January 31, 2014. 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 fiscal 2015, as the Company has transitioned all the manufacturing to its West Warwick, Rhode Island facility at that time. | |||||||||||||||||||||
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 | |||||||||||||||||||
Goodwill of $196,000, which is deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from Miltope. The carrying amount of the goodwill was allocated to the T&M segment of the Company. | |||||||||||||||||||||
The following table reflects the fair value of the acquired identifiable intangible assets and related estimated useful lives: | |||||||||||||||||||||
(In thousands) | Fair | Useful Life | |||||||||||||||||||
Value | (Years) | ||||||||||||||||||||
Customer Contract Relationships | $ | 3,100 | 10 | ||||||||||||||||||
Backlog | 300 | 1 | |||||||||||||||||||
Total | $ | 3,400 | |||||||||||||||||||
Amortization expense of $702,000 has been included in the statement of income for fiscal 2015 in regards to the above acquired intangibles. | |||||||||||||||||||||
Estimated amortization expense for the next five years is as follows: | |||||||||||||||||||||
(In thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
Estimated amortization expenses | $ | 357 | $ | 349 | $ | 331 | $ | 278 | $ | 278 | |||||||||||
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. | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
January 31 | |||||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||||
Net Revenue | $ | 75,362 | |||||||||||||||||||
The impact on income from continuing operations, net income and earnings per share would not have been material to the Company for the year ended January 31, 2014. |
Securities_Available_for_Sale
Securities Available for Sale | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Securities Available for Sale | Note 3—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 month to three years. These securities are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss), net of taxes 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 the securities are as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
January 31, 2015 | |||||||||||||||||
State and Municipal Obligations | $ | 15,150 | $ | 26 | $ | (2 | ) | $ | 15,174 | ||||||||
January 31, 2014 | |||||||||||||||||
State and Municipal Obligations | $ | 18,729 | $ | 37 | $ | — | $ | 18,766 | |||||||||
The contractual maturity dates of these securities are as follows: | |||||||||||||||||
January 31 | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Less than one year | $ | 9,470 | $ | 11,439 | |||||||||||||
One to three years | 5,704 | 7,327 | |||||||||||||||
$ | 15,174 | $ | 18,766 | ||||||||||||||
Actual maturities may differ from contractual dates as a result of sales or earlier issuer redemptions. |
Inventories
Inventories | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 4—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: | |||||||||
31-Jan | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Materials and Supplies | $ | 10,600 | $ | 10,722 | |||||
Work-in-Progress | 765 | 852 | |||||||
Finished Goods | 7,372 | 6,798 | |||||||
18,737 | 18,372 | ||||||||
Inventory Reserve | (3,155 | ) | (3,194 | ) | |||||
Balance at January 31 | $ | 15,582 | $ | 15,178 | |||||
Included within finished goods inventory is $1,030,000 and $767,000 of demonstration equipment at January 31, 2015 and 2014, respectively. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | Note 5—Accrued Expenses | ||||||||
Accrued expenses consisted of the following: | |||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Warranty | $ | 375 | $ | 355 | |||||
Product Replacement Cost Reserve | 353 | $ | 480 | ||||||
Professional Fees | 256 | 269 | |||||||
Executive Retirement Package | 250 | 250 | |||||||
Dealer Commissions | 163 | 55 | |||||||
Other | 946 | 901 | |||||||
$ | 2,343 | $ | 2,310 | ||||||
Line_of_Credit
Line of Credit | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Line of Credit | Note 6—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 as needed for ongoing working capital requirements, business acquisitions or general corporate purposes. 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 January 31, 2015, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants. |
Note_Receivable_and_Revolving_
Note Receivable and Revolving Line of Credit Issued | 12 Months Ended |
Jan. 31, 2015 | |
Receivables [Abstract] | |
Note Receivable and Revolving Line of Credit Issued | Note 7—Note Receivable and Revolving Line of Credit Issued |
On January 30, 2012, we completed the sale of our label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sales 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% and is payable in sixteen quarterly installments of principal and interest which commenced on January 30, 2013. As of January 31, 2015, $511,000 remains outstanding on this note which approximates its estimated fair value. | |
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 of $600,000, which is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. This line of credit bears interest at a rate equal to the United States prime rate plus an additional margin of two percent of the outstanding credit balance (5.25% at January 31, 2015). Although the initial term was for a period of one-year from the date of the sale, the agreement had been extended through January 31, 2015. As of January 31, 2015, $173,000 remains outstanding on this revolving line of credit. Subsequent to fiscal 2015 year-end, the agreement was amended to extend the term of the agreement through January 31, 2016. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 8—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 | ||||||||||||
Adjustments | Sale Securities | ||||||||||||
Balance at January 31, 2013 | $ | 166 | $ | 7 | $ | 173 | |||||||
Other Comprehensive Income (Loss) | (14 | ) | 17 | 3 | |||||||||
Amounts Reclassified to Net Income | — | — | — | ||||||||||
Net Other Comprehensive Income (Loss) | (14 | ) | 17 | 3 | |||||||||
Balance at January 31, 2014 | 152 | 24 | 176 | ||||||||||
Other Comprehensive Income (Loss) | (866 | ) | (9 | ) | (875 | ) | |||||||
Amounts Reclassified to Net Income | — | — | — | ||||||||||
Net Other Comprehensive Income (Loss) | (866 | ) | (9 | ) | (875 | ) | |||||||
Balance at January 31, 2015 | $ | (714 | ) | $ | 15 | $ | (699 | ) | |||||
The amounts presented above in other comprehensive income (loss) are net of taxes except for translation adjustments associated with our German subsidiary. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Note 9—Shareholders’ Equity |
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. This transaction did not impact the number of shares authorized for repurchase under the Company’s current repurchase program. During fiscal 2014 the Company did not repurchase any shares of its common stock except as described below in connection with the exercise of employee stock options. | |
During fiscal 2015 and 2014, certain of the Company’s employees delivered a total of 62,797 and 66,828 shares respectively, of the Company’s common stock to satisfy the exercise price for stock options exercised and related taxes. The shares delivered were valued at a total of $878,000 and $797,000, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2015 and 2014. These transactions did not impact the number of shares authorized for repurchase under the Company’s current repurchase program. | |
As of January 31, 2015, the Company’s Board of Directors has authorized the purchase of up to an additional 390,000 shares Company’s common stock on the open market or in privately negotiated transactions. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share-Based Compensation | Note 10—Share-Based Compensation | ||||||||||||||||||||
Astro-Med maintains the following share-based compensation plans: | |||||||||||||||||||||
Stock Plans: | |||||||||||||||||||||
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 January 31, 2015, 206,339 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 of the Board of Directors; 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 vests on the third anniversary of the grant date, fifty percent vests upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent 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. No 2014 RSUs whose vesting is dependent upon the achievement of financial performance goals as set forth herein, have vested as of January 31, 2015. | |||||||||||||||||||||
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 annual 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 non-employee 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. | |||||||||||||||||||||
Stock Options: | |||||||||||||||||||||
Aggregated information regarding stock options granted under the Plan is summarized below: | |||||||||||||||||||||
Number | Option Price | Weighted Average | |||||||||||||||||||
of Shares | Per Share | Option Price Per | |||||||||||||||||||
Share | |||||||||||||||||||||
Options Outstanding, January 31, 2014 | 736,647 | $ | 5.78-11.90 | $ | 8.63 | ||||||||||||||||
Options Granted | 158,600 | $ | 13.46-14.20 | $ | 13.99 | ||||||||||||||||
Options Exercised | (224,275 | ) | $ | 6.22-11.90 | $ | 8.29 | |||||||||||||||
Options Expired | (14,961 | ) | $ | 7.95-14.20 | $ | 9.49 | |||||||||||||||
Options Outstanding, January 31, 2015 | 656,011 | $ | 5.78-14.20 | $ | 10.01 | ||||||||||||||||
Options Exercisable, January 31, 2015 | 413,612 | $ | 5.78-13.46 | $ | 8.78 | ||||||||||||||||
Set forth below is a summary of options outstanding at January 31, 2015: | |||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||
Range of | Options | Weighted Average | Remaining | Options | Weighted Average | ||||||||||||||||
Exercise prices | Exercise Price | Contractual Life | Exercise Price | ||||||||||||||||||
$5.78-8.73 | 314,365 | $ | 7.64 | 5.1 | 254,516 | $ | 7.54 | ||||||||||||||
$8.95-13.46 | 190,046 | $ | 10.79 | 4.3 | 159,096 | $ | 10.76 | ||||||||||||||
$13.80-14.20 | 151,600 | $ | 14 | 9.2 | — | $ | — | ||||||||||||||
656,011 | 413,612 | ||||||||||||||||||||
The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||||||
Years Ended January 31 | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Risk-Free Interest Rate | 1.5%-1.62% | 0.81%-0.84% | |||||||||||||||||||
Expected Life (years) | 5 | 5 | |||||||||||||||||||
Expected Volatility | 21.47%-26.75% | 38.07%-38.46% | |||||||||||||||||||
Expected Dividend Yield | 1.98% | 2.63% | |||||||||||||||||||
The weighted average fair value of options granted during fiscal 2015 and 2014 was $2.85 and $2.79, respectively. As of January 31, 2015, there was $455,000 of unrecognized compensation expense related to the unvested stock options granted under the plans. The expense is to be recognized over a weighted average of two years. | |||||||||||||||||||||
As of January 31, 2015, the aggregate intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock on January 31, 2015, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $2,554,000 for all exercisable options and $3,225,000 for all options outstanding. The weighted average remaining contractual terms for these options are 4.2 years. The total aggregate intrinsic value of options exercised during fiscal 2015 and 2014 was $1,149,000 and $706,000, respectively. | |||||||||||||||||||||
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs): | |||||||||||||||||||||
Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below: | |||||||||||||||||||||
RSAs & RSUs | Weighted Average | ||||||||||||||||||||
Grant Date Fair Value | |||||||||||||||||||||
Outstanding at January 31, 2014 | 106,496 | $ | 9.12 | ||||||||||||||||||
Granted | 7,245 | 13.8 | |||||||||||||||||||
Vested | (35,662 | ) | 8.75 | ||||||||||||||||||
Expired or canceled | (5,834 | ) | 10.07 | ||||||||||||||||||
Outstanding at January 31, 2015 | 72,245 | $ | 9.7 | ||||||||||||||||||
As of January 31, 2015, there was $278,000 of unrecognized compensation expense related to unvested RSUs and RSAs. | |||||||||||||||||||||
Share-based compensation expense has been recognized as follows: | |||||||||||||||||||||
Years Ended January 31 | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Stock Options | $ | 241 | $ | 192 | |||||||||||||||||
Restricted Stock Awards and Restricted Stock Units | 270 | 370 | |||||||||||||||||||
Total | $ | 511 | $ | 562 | |||||||||||||||||
Employee Stock Purchase Plan (ESPP): | |||||||||||||||||||||
Astro-Med’s ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair market value on the date of purchase. A total of 247,500 shares were initially reserved for issuance under this plan. Summarized plan activity is as follows: | |||||||||||||||||||||
Years Ended January 31 | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Shares Reserved, Beginning | 60,242 | 64,231 | |||||||||||||||||||
Shares Purchased | (3,237 | ) | (3,989 | ) | |||||||||||||||||
Shares Reserved, Ending | 57,005 | 60,242 | |||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | Note 11—Income Taxes | ||||||||
The components of income from continuing operations before income taxes are as follows: | |||||||||
Years Ended | |||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Domestic | $ | 5,401 | $ | 537 | |||||
Foreign | 1,531 | 875 | |||||||
$ | 6,932 | $ | 1,412 | ||||||
The components of the provision for income taxes from continuing operations are as follows: | |||||||||
Years Ended | |||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Current: | |||||||||
Federal | $ | 1,666 | $ | 930 | |||||
State | 466 | 179 | |||||||
Foreign | 535 | 297 | |||||||
2,667 | 1,406 | ||||||||
Deferred: | |||||||||
Federal | (290 | ) | (1,044 | ) | |||||
State | (107 | ) | (174 | ) | |||||
Foreign | — | (13 | ) | ||||||
(397 | ) | (1,231 | ) | ||||||
$ | 2,270 | $ | 175 | ||||||
The provision for income taxes for continuing operations differs from the amount computed by applying the statutory federal income tax rate of 34% in fiscal 2015 and 2014 to income before income taxes due to the following: | |||||||||
Years Ended | |||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Income Tax Provision at Statutory Rate | $ | 2,357 | $ | 480 | |||||
State Taxes, Net of Federal Tax Effect | 233 | (47 | ) | ||||||
Change in Reserves Related to ASC 740 Liability | 23 | (59 | ) | ||||||
Meals and Entertainment | 41 | 38 | |||||||
Domestic Production Deduction | (164 | ) | (30 | ) | |||||
Share-Based Compensation | (25 | ) | 36 | ||||||
Tax-exempt Income | (24 | ) | (22 | ) | |||||
R&D Credits | (135 | ) | (114 | ) | |||||
Foreign Rate Differential | (56 | ) | (26 | ) | |||||
Other Permanent Differences and Miscellaneous, Net | 20 | (81 | ) | ||||||
$ | 2,270 | $ | 175 | ||||||
The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows: | |||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Deferred Tax Assets: | |||||||||
Inventory | $ | 1,666 | $ | 1,792 | |||||
Share-Based Compensation | 572 | 535 | |||||||
State R&D Credits | 371 | 258 | |||||||
Compensation Accrual | 417 | 493 | |||||||
ASC 740 Liability Federal Benefit | 304 | 290 | |||||||
Deferred Service Contract Revenue | 235 | 181 | |||||||
Warranty Reserve | 140 | 137 | |||||||
Reserve for Doubtful Accounts | 116 | 127 | |||||||
Foreign Tax Credit | 356 | 213 | |||||||
Other | 298 | 119 | |||||||
4,475 | 4,145 | ||||||||
Deferred Tax Liabilities: | |||||||||
Accumulated Tax Depreciation in Excess of Book Depreciation | 766 | 830 | |||||||
Deferred Gain on Asset Held for Sale | 785 | 897 | |||||||
Currency Translation Adjustment | 36 | 173 | |||||||
Other | 87 | 78 | |||||||
1,674 | 1,978 | ||||||||
Subtotal | 2,801 | 2,167 | |||||||
Valuation Allowance | (255 | ) | (258 | ) | |||||
Net Deferred Tax Assets | $ | 2,546 | $ | 1,909 | |||||
The valuation allowance at January 31, 2015 relates to certain state research and development tax credit carryforwards which are expected to expire unused. The change in the valuation allowance in 2015 was a decrease of approximately $3,000 and represented a decrease in the reserve due to the utilization of research and development credits during the current year, net of federal benefit. The change in the valuation allowance in 2014 was an increase of approximately $27,000 and represented an increase in the reserve due to the generation of research and development credits during the current year, net of federal benefit. | |||||||||
The Company reasonably believes that it is possible that some unrecognized tax benefits, accrued interest and penalties could decrease income tax expense in the next year due to either the review of previously filed tax returns or the expiration of certain statutes of limitation. The changes in the balance of unrecognized tax benefits, excluding interest and penalties are as follows: | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Balance at February 1 | $ | 715 | $ | 941 | |||||
Increases in prior period tax positions | — | 31 | |||||||
Increases in current period tax positions | 87 | 42 | |||||||
Reductions related to lapse of statute of limitations | (95 | ) | (299 | ) | |||||
Balance at January 31 | $ | 707 | $ | 715 | |||||
If the $707,000 is recognized, $493,000 would decrease the effective tax rate in the period in which each of the benefits is recognized and the remainder would be offset by a reversal of deferred tax assets. | |||||||||
During fiscal 2015 and 2014 the Company recognized an expense of $43,000 and $68,000, respectively, related to interest and penalties, which are included as a component of income tax expense in the accompanying statements of income. At January 31, 2015 and 2014, the Company had accrued potential interest and penalties of $460,000 and $416,000, respectively. | |||||||||
The Company and its subsidiaries file income tax returns in U.S. federal jurisdictions, various state jurisdictions, and various foreign jurisdictions. The Company is no longer subject to U.S. federal tax examinations prior to 2010. | |||||||||
On September 13, 2013, the U.S. Treasury Department and the Internal Revenue Service released final regulations that provided guidance on the application of IRC Section 263(a) for amounts paid to acquire, produce, or improve tangible property, as well as the rules for materials and supplies and proposed regulations addressing dispositions and general asset accounts. The final regulations are generally effective for tax years beginning on or after January 1, 2014. We are currently evaluating the impact of these new regulations and do not expect them to have a material impact to our financial statements. | |||||||||
At January 31, 2015, the Company has indefinitely reinvested $3,909,000 of the cumulative undistributed earnings of its foreign subsidiary in Germany, all of which would be subject to U.S. taxes if repatriated to the U.S. Through January 31, 2015, the Company has not provided deferred income taxes on the undistributed earnings of this subsidiary because such earnings are considered to be indefinitely reinvested. Non-U.S. income taxes are, however, provided on these undistributed earnings. |
Contractual_Obligations
Contractual Obligations | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Contractual Obligations | Note 12—Contractual Obligations | ||||||||||||||||||||||||
The following table summarizes our contractual obligations: | |||||||||||||||||||||||||
Total | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||
and | |||||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Purchase Commitments* | $ | 15,117 | $ | 14,907 | $ | 210 | $ | — | $ | — | $ | — | |||||||||||||
Operating Lease Obligations | 688 | 255 | 225 | 136 | 72 | — | |||||||||||||||||||
$ | 15,805 | $ | 15,162 | $ | 435 | $ | 136 | $ | 72 | $ | — | ||||||||||||||
* | Purchase commitments consists primarily of inventory and equipment purchase orders made in the ordinary course of business. | ||||||||||||||||||||||||
The Company incurred rent and lease expenses in the amount of $614,000 and $599,000 for the fiscal years 2015 and 2014, respectively. |
Nature_of_Operations_Segment_R
Nature of Operations, Segment Reporting and Geographical Information | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Nature of Operations, Segment Reporting and Geographical Information | Note 13—Nature of Operations, Segment Reporting and Geographical Information | ||||||||||||||||||||||||
The Company’s operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware & software and related consumable supplies. The Company organizes and manages its business as a portfolio of products and services designed around a common theme of data acquisition and information output. The Company has two reporting segments consistent with its sales product groups: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). | |||||||||||||||||||||||||
QuickLabel produces an array of high-technology digital color and monochrome label printers, labeling software and consumables for a variety of commercial industries worldwide. T&M produces data recording equipment used worldwide for a variety of recording, monitoring and troubleshooting applications for many industries including aerospace, automotive, defense, rail, energy, industrial and general manufacturing. | |||||||||||||||||||||||||
Business is conducted in the United States and through foreign affiliates in Canada, Europe, Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Sales and service activities outside the United States are conducted through wholly-owned entities and, to a lesser extent, through authorized distributors and agents. Transfer prices are intended to produce gross profit margins as would be associated with an arms-length transaction. | |||||||||||||||||||||||||
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 from the date of acquisitions for all periods presented below. Refer to Note 2, “Acquisition,” for further details. | |||||||||||||||||||||||||
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 core businesses. Consequently, the Company has classified the results of operations of Grass as discontinued operations for the fiscal 2014 period presented. Refer to Note 20 “Discontinued Operations,” for further details. | |||||||||||||||||||||||||
The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies herein. The Company evaluates segment performance based on the segment profit before corporate and financial administration expenses. | |||||||||||||||||||||||||
Summarized below are the Net Sales and Segment Operating Profit (both in dollars and as a percentage of Net Sales) for each reporting segment: | |||||||||||||||||||||||||
($ in thousands) | Net Sales | Segment Operating Profit | Segment Operating Profit % | ||||||||||||||||||||||
of Net Sales | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
QuickLabel | $ | 59,779 | $ | 49,065 | $ | 7,259 | $ | 5,154 | 12.1 | % | 10.5 | % | |||||||||||||
T&M | 28,568 | 19,527 | 5,627 | 2,655 | 19.7 | % | 13.6 | % | |||||||||||||||||
Total | $ | 88,347 | $ | 68,592 | 12,886 | 7,809 | 14.6 | % | 11.4 | % | |||||||||||||||
Product Replacement Costs | — | 672 | |||||||||||||||||||||||
Corporate Expenses | 5,655 | 5,604 | |||||||||||||||||||||||
Operating Income | 7,231 | 1,533 | |||||||||||||||||||||||
Other Expense | 299 | 121 | |||||||||||||||||||||||
Income from Continuing Operations before Income Taxes | 6,932 | 1,412 | |||||||||||||||||||||||
Income Tax Provision for Continuing Operations | 2,270 | 175 | |||||||||||||||||||||||
4,662 | 1,237 | ||||||||||||||||||||||||
Income from Discontinued Operations, Net of Taxes | — | 1,975 | |||||||||||||||||||||||
Net Income | $ | 4,662 | $ | 3,212 | |||||||||||||||||||||
No customer accounted for greater than 10% of net sales in fiscal 2015 and 2014. | |||||||||||||||||||||||||
Other information by segment is presented below: | |||||||||||||||||||||||||
(In thousands) | Assets | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
QuickLabel | $ | 24,874 | $ | 25,306 | |||||||||||||||||||||
T&M | 22,323 | 17,049 | |||||||||||||||||||||||
Discontinued Operations | — | 3,917 | |||||||||||||||||||||||
Corporate* | 27,133 | 31,692 | |||||||||||||||||||||||
Total | $ | 74,330 | $ | 77,964 | |||||||||||||||||||||
* | Corporate assets consist principally of cash and cash equivalents, securities available for sale, and building held for sale. | ||||||||||||||||||||||||
(In thousands) | Depreciation and | Capital Expenditures | |||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
QuickLabel | $ | 678 | $ | 639 | $ | 1,408 | $ | 543 | |||||||||||||||||
T&M | 1,385 | 640 | 839 | 585 | |||||||||||||||||||||
Total | $ | 2,063 | $ | 1,279 | $ | 2,247 | $ | 1,128 | |||||||||||||||||
Geographical Data | |||||||||||||||||||||||||
Presented below is selected financial information by geographic area: | |||||||||||||||||||||||||
(In thousands) | Net Sales | Long-Lived Assets | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
United States | $ | 61,494 | $ | 48,679 | $ | 10,422 | $ | 10,115 | |||||||||||||||||
Europe | 18,181 | 14,909 | 383 | 538 | |||||||||||||||||||||
Canada | 3,934 | 2,569 | 272 | 339 | |||||||||||||||||||||
Asia | 1,408 | 1,167 | — | — | |||||||||||||||||||||
Central and South America | 1,919 | 908 | — | — | |||||||||||||||||||||
Other | 1,411 | 360 | — | — | |||||||||||||||||||||
Total | $ | 88,347 | $ | 68,592 | $ | 11,077 | $ | 10,992 | |||||||||||||||||
Long-lived assets excludes goodwill assigned to the T&M segment of $1.0 million at January 31, 2015 and 2014. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Note 14—Employee Benefit Plans |
Employee Stock Ownership Plan (ESOP): | |
Astro-Med has an ESOP providing retirement benefits to all eligible employees. Annual contributions in amounts determined by the Company’s Board of Directors are invested by the ESOP’s Trustees in shares of common stock of Astro-Med. Contributions may be in cash or stock. Astro-Med’s contributions (paid or accrued) amounted to $100,000 in both fiscal 2015 and 2014 and were recorded as compensation expense. All shares owned by the ESOP have been allocated to participants. | |
Profit-Sharing Plan: | |
Astro-Med sponsors a Profit-Sharing Plan (the “Plan”) which provides retirement benefits to all eligible domestic employees. The Plan allows participants to defer a portion of their cash compensation and contribute such deferral to the Plan through payroll deductions. The Company makes matching contributions up to specified levels. The deferrals are made within the limits prescribed by Section 401(k) of the Internal Revenue Code. | |
All contributions are deposited into trust funds. It is the policy of the Company to fund any contributions accrued. The Company’s annual contribution amounts are determined by the Board of Directors. Contributions paid or accrued amounted to $294,000 and $251,000 in fiscal 2015 and 2014, respectively. |
Product_Warranty_Liability
Product Warranty Liability | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Product Warranty Liability | Note 15—Product Warranty Liability | ||||||||
Astro-Med offers a manufacturer’s warranty for the majority of its hardware products. The specific terms and conditions of warranty vary depending upon the product sold and country in which the Company does business. For products sold in the United States, the Company provides a basic limited warranty, including parts and labor. The Company estimates the warranty costs based on historical claims experience and records a liability in the amount of such estimates at the time product revenue is recognized. The Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Activity in the product warranty liability is as follows: | |||||||||
January 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Balance, beginning of the year | $ | 355 | $ | 350 | |||||
Warranties issued | 546 | 447 | |||||||
Settlements made | (526 | ) | (442 | ) | |||||
Balance, end of the year | $ | 375 | $ | 355 | |||||
Product_Replacement_Costs
Product Replacement Costs | 12 Months Ended |
Jan. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Product Replacement Costs | Note 16—Product Replacement Costs |
In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming material in 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 costs were recognized and recorded in the first quarter of fiscal 2014 and are included in cost of sales in the accompanying consolidated statement of income for the fiscal year ended January 31, 2014. As of January 31, 2015, the Company had expended $319,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $353,000 is included in other accrued expenses in the accompanying consolidated balance sheet as of January 31, 2015. | |
Astro-Med is currently receiving power supplies with compliant materials 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, Astro-Med received a non-refundable $450,000 settlement from the supplier in January 2014 for recovery of the costs and expense associated with this issue. This settlement was recorded in cost of sales in the accompanying consolidated statement of income for 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. |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended |
Jan. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 17—Concentration of Risk |
Credit is generally extended on an uncollateralized basis to almost all customers after review of credit worthiness. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts which constitute the Company’s customer base. The Company periodically performs on-going credit evaluations of its customers. The Company has not historically experienced significant credit losses on collection of its accounts receivable. | |
Excess cash is invested principally in investment grade government and state municipal securities. The Company has established guidelines relative to diversification and maturities that maintain safety of principal, liquidity and yield. These guidelines are periodically reviewed and modified to reflect changes in market conditions. The Company has not historically experienced any significant losses on its cash equivalents or investments. | |
During the years ended January 31, 2015 and 2014, one vendor accounted for 21.9% and 14.3% of purchases, and 55.1% and 23.6% of accounts payable, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18—Commitments and Contingencies |
Astro-Med is subject to contingencies, including legal proceedings and claims arising in the normal course of business that cover a wide range of matters including, among others, contract and employment claims, workers compensation claims, product liability, warranty and modification, adjustment or replacement of component parts of units sold. | |
Direct costs associated with the estimated resolution of contingencies are accrued at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, the Company believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations. It is possible, however, that future results of operations for any particular future period could be materially affected by changes in our assumptions or strategies related to these contingencies or changes out of the Company’s control. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 19—Fair Value Measurements | ||||||||||||||||
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. 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; accounts receivables; line of credit receivable; accounts payable, note receivable, accrued compensation and other expenses; and income tax payable are reflected in the 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: | |||||||||||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Money market funds (included in cash and cash equivalents) | $ | 3,028 | $ | — | $ | — | $ | 3,028 | |||||||||
State and municipal obligations (included in securities available for sale) | — | 15,174 | — | 15,174 | |||||||||||||
Total | $ | 3,028 | $ | 15,174 | $ | — | $ | 18,202 | |||||||||
January 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
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 market prices for identical assets. | |||||||||||||||||
Non-financial assets measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 1,900 | $ | — | |||||||||||
January 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 2,120 | $ | — | |||||||||||
Asset held for sale consists of Astro-Med’s former Grass facility in Rockland, Massachusetts which is being actively marketed for sale. In accordance with ASC 360, “Property, Plant and Equipment,” assets held for sale are written down to fair value less cost to sell and as such, the Company has recorded impairment charges of $220,000 and $779,000, in fiscal 2015 and 2014, respectively. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. In fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income, as the Rockland facility was part of the Grass operations at that time. The Company estimated the fair value of the Rockland facility using the market values for similar properties less the cost to sell. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Discontinued Operations | Note 20—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. 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. The proceeds from the sale consisted of $18.6 million in cash, of which $1.8 million was held in escrow following the closing date of the transaction and was received by Astro-Med in the first quarter of fiscal 2015. | |||||
As part of this transaction, a Transition Service Agreement (TSA) was entered into with the purchaser pursuant to which Astro-Med 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 classified as a discontinued operation for the fiscal 2014 period 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, the purchaser was obligated to acquire the remaining Grass inventory upon expiration of the TSA and as such, 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 since fiscal 2014 have not been, and are not expected to be material. | |||||
Results for discontinued operations are as follows: | |||||
2014 | |||||
(In thousands) | |||||
Net Sales | $ | 8,401 | |||
Cost of Sales | $ | 7,353 | |||
Gross Profit | $ | 1,048 | |||
Operating Expenses | $ | 96 | |||
Income from Discontinued Operations | $ | 952 | |||
Gain on Sale of Assets of Discontinued Operations | $ | 1,800 | |||
Income Tax Expense | $ | 777 | |||
Income from Discontinued Operations | $ | 1,975 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts and Reserves | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||
Description | Balance at | Provision | Deductions(2) | Balance | |||||||||||||
Beginning | Charged to | at End | |||||||||||||||
of Year | Operations | of Year | |||||||||||||||
Allowance for Doubtful Accounts(1): | |||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended January 31, | |||||||||||||||||
2015 | $ | 370 | $ | 60 | $ | (87 | ) | $ | 343 | ||||||||
2014 | $ | 345 | $ | 119 | $ | (94 | ) | $ | 370 | ||||||||
-1 | The allowance for doubtful accounts has been netted against accounts receivable as of the respective balance sheet dates. | ||||||||||||||||
-2 | Uncollectible accounts written off, net of recoveries, also includes foreign exchange adjustment. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying financial data have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year. |
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 consolidated financial statements of the Company since the acquisition date. Refer to Note 2, “Acquisition,” for further details. | |
On January 31, 2013, we completed the sale of substantially all of the assets of our Grass Technologies Product Group. Consequently, we have classified the results of operations of the Grass Technologies Product Group as discontinued operations for the 2014 period presented. Refer to Note 20, “Discontinued Operations,” for further discussion. | |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of Astro-Med, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation. |
Reclassification | Reclassification: Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. |
Use of Estimates | Use of Estimates: The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, valuation and estimated lives of intangible assets, impairment of long-lived assets, asset held for sale and goodwill, income taxes, share-based compensation 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. Similar investments with original maturities beyond three months are classified as securities available for sale. Cash of $2,995,000 and $2,544,000 was held in foreign bank accounts at January 31, 2015 and 2014, respectively. |
Securities Available for Sale | Securities Available for Sale: Securities available for sale are carried at fair value based on quoted market prices, where available. The difference between cost and fair value, net of related tax effects, is recorded as a component of accumulated other comprehensive income in shareholders’ equity. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and improvements—10 to 45 years; machinery and equipment—3 to 10 years). Depreciation expense was $1,361,000 for fiscal 2015 and $1,279,000 for 2014. |
Revenue Recognition | Revenue Recognition: Astro-Med’s product sales are recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists; price to the buyer is fixed or determinable; delivery has occurred and legal title and risk of loss have passed to the customer; and collectability is reasonably assured. Returns and customer credits are infrequent and are recorded as a reduction to sales. Rights of return are not included in sales arrangements. Revenue associated with products that contain specific customer acceptance criteria is not recognized before the customer acceptance criteria are satisfied. Discounts from list prices are recorded as a reduction to sales. Amounts billed to customers for shipping and handling fees are included in sales while related shipping and handling costs are included in cost of sales. |
The majority of our equipment contains embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole as it is not sold separately or marketed separately and its production costs are minor as compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to the industry-specific software revenue recognition guidance. | |
Our multiple-element arrangements are generally comprised of a combination of equipment, software, installation and/or training services. Hardware and software elements are typically delivered at the same time and revenue is recognized when all the revenue recognition criteria for each unit are met. Delivery of installation and training services will vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. Service revenue is deferred and recognized over the contractual period or as services are rendered and accepted by the customer. | |
We have evaluated the deliverables in our multiple-element arrangements and concluded that they are separate units of accounting if the delivered item or items have value to the customer on a standalone basis and delivery or performance of the undelivered item(s) is considered probable and substantially in our control. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on vendor specific objective evidence (VSOE) if available, third-party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met. | |
Infrequently, Astro-Med recognizes revenue for non-recurring engineering (NRE) fees for product modification orders upon completion of agreed-upon milestones. Revenue is deferred for any amounts received prior to completion of milestones. Certain of our NRE arrangements include formal customer acceptance provisions. In such cases, we determine whether we have obtained customer acceptance for the specific milestone before recognizing revenue. NRE fees have not been significant in the periods presented herein. | |
Infrequently, Astro-Med receives requests from customers to hold product purchased from us for the customer’s convenience. Revenue is recognized for such bill and hold arrangements in accordance with the requirements of SEC Staff Accounting Bulletin No. 104 which requires, among other things, the existence of a valid business purpose for the arrangement; the transfer of ownership of the purchased product; a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the readiness of the product for shipment; the use of customary payment terms; no continuing performance obligation by us; and segregation of the product from our inventories. | |
Research and Development Costs | Research and Development Costs: Astro-Med charges costs to expense in the period incurred, and these expenses are shown on a separate line in the consolidated statement of income. Included in research and development expense are the following: salaries and benefits, external engineering service costs, engineering related information costs and supplies. The Company also complies with Accounting Standards Codification (“ASC”) 985-20, “Costs of Computer Software to be Sold, Leased or Marketed” and ASC 350-40, “Internal-Use Software” in accounting for the costs of software either developed or acquired. |
Foreign Currency Translation | Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the monthly average exchange rates. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our German subsidiary since its undistributed earnings are considered to be permanently invested. Our net foreign exchange losses were $219,000 and $190,000 for fiscal 2015 and 2014, respectively. |
Advertising | Advertising: Astro-Med expenses advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to approximately $1,717,000 and $1,236,000 in fiscal 2015, and 2014, respectively. |
Health Insurance Reimbursement Reserve | Health Insurance Reimbursement Reserve: Astro-Med reimbursed a portion of employee health insurance deductibles and co-payments for fiscal 2015 and 2014. The total reimbursement amounted to approximately $129,000 and $201,000 in 2015 and 2014, respectively. We accrued approximately $20,000 and $75,000 at January 31, 2015 and 2014, respectively, for estimated outstanding reimbursements due to employees, including a reserve for incurred but not reported amounts. |
Long-Lived Assets and Assets Held for Sale | Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less these the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. For both 2015 and 2014, these were no impairment charges for long-lived assets. |
Assets Held for Sale: Assets held for sale are reported at the lower of cost or fair value less cost to sell. Astro-Med’s former Grass facility in Rockland met the held for sale classification criteria as of January 31, 2015 and 2014. This property is being actively marketed and management expects to sell the property during the upcoming fiscal year. Accordingly, the asset held for sale has been classified as a current asset. | |
The Company estimated the fair value of the Rockland facility using the market values for similar properties and estimated the fair value less the cost to sell. This property is considered a Level 2 asset as defined in ASC 820, “Fair Value Measurements.” | |
During the years ended 2015 and 2014, the Company recorded impairment charges of $220,000 and $779,000, respectively, related to the write-down of the Rockland facility to fair value, less cost to sell. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. For fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income. | |
Intangible Assets | Intangible Assets: Intangible assets include the value of customer relationships and backlog rights acquired in connection with business acquisitions and are recorded at fair value as determined by the Company. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. For both 2015 and 2014, there were no impairment charges for intangible assets. |
Goodwill | Goodwill: Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in sales, earnings or cash flows, or material adverse changes in the business climate, indicate that the carrying value of an asset might be impaired. Goodwill is first qualitatively assessed to determine whether further impairment testing is necessary. Factors that management considers in this assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two step process is then performed. Step one compares the fair value of the reporting unit with its carrying value, including goodwill. If the carrying amount exceeds the fair value of the reporting unit, step two is required to determine if there is an impairment of the goodwill. Step two compares the implied fair value of the reporting unit goodwill to the carrying amount of the goodwill. We estimate the fair value of our reporting units using the income approach based upon a discounted cash flow model. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long–term operating cash flow performance. In addition, the Company uses the market approach, which compares the reporting unit to publicly-traded companies and transactions involving similar business, to support the conclusions based upon the income approach. The income approach requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. |
We performed a qualitative assessment for our 2015 analysis of goodwill. Based on this assessment, management does not believe that it is more likely than not that the carrying value of the reporting units exceed their fair values. Accordingly, no further testing was performed as management believes that there are no impairment issues in regards to goodwill at this time. | |
Income Taxes | Income Taxes: Astro-Med uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At January 31, 2015 and 2014, a valuation allowance was provided for deferred tax assets attributable to certain state R&D credit carryforwards. |
Astro-Med accounts for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |
Net Income Per Common Share | Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2015 and 2014, there were 156,600 and 126,800 common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: In circumstances where we are aware of a customer’s inability to meet its financial obligations, an allowance is established. The majority of accounts are individually evaluated on a regular basis and allowances are established to state such receivables at their net realizable value. The remainder of the allowance is based upon historical write-off experience and current market assessments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: Our financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, a note receivable, a line of credit receivable and accounts payable. The carrying amount reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value due to the short-term nature of these items. Investment securities, all of which are available for sale, are carried in the consolidated balance sheets at fair value based on quoted market prices, when available. The note receivable is carried in the consolidated balance sheets at fair value based on the present value of the discounted cash flows over the life of the note. |
The Company measures assets held for sale at fair value on a nonrecurring basis and records impairment charges when the assets are deemed to be impaired. | |
Share-Based Compensation | Share-Based Compensation: Share-based compensation expense is measured based on the estimated fair value of the share-based award when granted and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate of share-based compensation 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. No compensation expense is recognized for options that are forfeited for which the employee does not render the requisite service. Our accounting for share-based compensation for restricted stock awards (“RSA”) and restricted stock units (“RSU”) 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. |
The cash flow from the tax benefits that are a result of tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as a cash inflow from financing activities and a cash outflow from operating activity. Tax deductions from certain stock option exercises are treated as being realized when they reduce taxes payable in accordance with relevant tax law. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: |
Discontinued Operations | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and is to be applied prospectively. We are currently evaluating the impact of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations. | |
Revenue Recognition | |
In May 2014, the FASB issued 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 to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. 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. |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Unaudited Pro Forma Information | 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. | ||||||||||||||||||||
Year Ended | |||||||||||||||||||||
January 31 | |||||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||||
Net Revenue | $ | 75,362 | |||||||||||||||||||
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 | |||||||||||||||||||
Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | The following table reflects the fair value of the acquired identifiable intangible assets and related estimated useful lives: | ||||||||||||||||||||
(In thousands) | Fair | Useful Life | |||||||||||||||||||
Value | (Years) | ||||||||||||||||||||
Customer Contract Relationships | $ | 3,100 | 10 | ||||||||||||||||||
Backlog | 300 | 1 | |||||||||||||||||||
Total | $ | 3,400 | |||||||||||||||||||
Summary of Estimated Amortization Expense for Next Five Years | Estimated amortization expense for the next five years is as follows: | ||||||||||||||||||||
(In thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
Estimated amortization expenses | $ | 357 | $ | 349 | $ | 331 | $ | 278 | $ | 278 |
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities | The fair value, amortized cost and gross unrealized gains and losses of the securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gains | Losses | ||||||||||||||||
(In thousands) | |||||||||||||||||
January 31, 2015 | |||||||||||||||||
State and Municipal Obligations | $ | 15,150 | $ | 26 | $ | (2 | ) | $ | 15,174 | ||||||||
January 31, 2014 | |||||||||||||||||
State and Municipal Obligations | $ | 18,729 | $ | 37 | $ | — | $ | 18,766 | |||||||||
Contractual Maturity Dates of Securities | The contractual maturity dates of these securities are as follows: | ||||||||||||||||
January 31 | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Less than one year | $ | 9,470 | $ | 11,439 | |||||||||||||
One to three years | 5,704 | 7,327 | |||||||||||||||
$ | 15,174 | $ | 18,766 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | The components of inventories are as follows: | ||||||||
31-Jan | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Materials and Supplies | $ | 10,600 | $ | 10,722 | |||||
Work-in-Progress | 765 | 852 | |||||||
Finished Goods | 7,372 | 6,798 | |||||||
18,737 | 18,372 | ||||||||
Inventory Reserve | (3,155 | ) | (3,194 | ) | |||||
Balance at January 31 | $ | 15,582 | $ | 15,178 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Summary of Accrued Expenses | Accrued expenses consisted of the following: | ||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Warranty | $ | 375 | $ | 355 | |||||
Product Replacement Cost Reserve | 353 | $ | 480 | ||||||
Professional Fees | 256 | 269 | |||||||
Executive Retirement Package | 250 | 250 | |||||||
Dealer Commissions | 163 | 55 | |||||||
Other | 946 | 901 | |||||||
$ | 2,343 | $ | 2,310 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
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 | ||||||||||||
Adjustments | Sale Securities | ||||||||||||
Balance at January 31, 2013 | $ | 166 | $ | 7 | $ | 173 | |||||||
Other Comprehensive Income (Loss) | (14 | ) | 17 | 3 | |||||||||
Amounts Reclassified to Net Income | — | — | — | ||||||||||
Net Other Comprehensive Income (Loss) | (14 | ) | 17 | 3 | |||||||||
Balance at January 31, 2014 | 152 | 24 | 176 | ||||||||||
Other Comprehensive Income (Loss) | (866 | ) | (9 | ) | (875 | ) | |||||||
Amounts Reclassified to Net Income | — | — | — | ||||||||||
Net Other Comprehensive Income (Loss) | (866 | ) | (9 | ) | (875 | ) | |||||||
Balance at January 31, 2015 | $ | (714 | ) | $ | 15 | $ | (699 | ) | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the Plan is summarized below: | ||||||||||||||||||||
Number | Option Price | Weighted Average | |||||||||||||||||||
of Shares | Per Share | Option Price Per | |||||||||||||||||||
Share | |||||||||||||||||||||
Options Outstanding, January 31, 2014 | 736,647 | $ | 5.78-11.90 | $ | 8.63 | ||||||||||||||||
Options Granted | 158,600 | $ | 13.46-14.20 | $ | 13.99 | ||||||||||||||||
Options Exercised | (224,275 | ) | $ | 6.22-11.90 | $ | 8.29 | |||||||||||||||
Options Expired | (14,961 | ) | $ | 7.95-14.20 | $ | 9.49 | |||||||||||||||
Options Outstanding, January 31, 2015 | 656,011 | $ | 5.78-14.20 | $ | 10.01 | ||||||||||||||||
Options Exercisable, January 31, 2015 | 413,612 | $ | 5.78-13.46 | $ | 8.78 | ||||||||||||||||
Summary of Options Outstanding | Set forth below is a summary of options outstanding at January 31, 2015: | ||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||
Range of | Options | Weighted Average | Remaining | Options | Weighted Average | ||||||||||||||||
Exercise prices | Exercise Price | Contractual Life | Exercise Price | ||||||||||||||||||
$5.78-8.73 | 314,365 | $ | 7.64 | 5.1 | 254,516 | $ | 7.54 | ||||||||||||||
$8.95-13.46 | 190,046 | $ | 10.79 | 4.3 | 159,096 | $ | 10.76 | ||||||||||||||
$13.80-14.20 | 151,600 | $ | 14 | 9.2 | — | $ | — | ||||||||||||||
656,011 | 413,612 | ||||||||||||||||||||
Fair Value of Stock Options Granted | The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||||||||
Years Ended January 31 | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Risk-Free Interest Rate | 1.5%-1.62% | 0.81%-0.84% | |||||||||||||||||||
Expected Life (years) | 5 | 5 | |||||||||||||||||||
Expected Volatility | 21.47%-26.75% | 38.07%-38.46% | |||||||||||||||||||
Expected Dividend Yield | 1.98% | 2.63% | |||||||||||||||||||
Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below: | ||||||||||||||||||||
RSAs & RSUs | Weighted Average | ||||||||||||||||||||
Grant Date Fair Value | |||||||||||||||||||||
Outstanding at January 31, 2014 | 106,496 | $ | 9.12 | ||||||||||||||||||
Granted | 7,245 | 13.8 | |||||||||||||||||||
Vested | (35,662 | ) | 8.75 | ||||||||||||||||||
Expired or canceled | (5,834 | ) | 10.07 | ||||||||||||||||||
Outstanding at January 31, 2015 | 72,245 | $ | 9.7 | ||||||||||||||||||
Share-Based Compensation Expense | Share-based compensation expense has been recognized as follows: | ||||||||||||||||||||
Years Ended January 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Stock Options | $ | 241 | $ | 192 | |||||||||||||||||
Restricted Stock Awards and Restricted Stock Units | 270 | 370 | |||||||||||||||||||
Total | $ | 511 | $ | 562 | |||||||||||||||||
Summarized Plan Activity | Summarized plan activity is as follows: | ||||||||||||||||||||
Years Ended January 31 | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Shares Reserved, Beginning | 60,242 | 64,231 | |||||||||||||||||||
Shares Purchased | (3,237 | ) | (3,989 | ) | |||||||||||||||||
Shares Reserved, Ending | 57,005 | 60,242 | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Components of Income from Continuing Operations before Income Taxes | The components of income from continuing operations before income taxes are as follows: | ||||||||
Years Ended | |||||||||
January 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Domestic | $ | 5,401 | $ | 537 | |||||
Foreign | 1,531 | 875 | |||||||
$ | 6,932 | $ | 1,412 | ||||||
Components of Provision for Income Taxes from Continuing Operations | The components of the provision for income taxes from continuing operations are as follows: | ||||||||
Years Ended | |||||||||
January 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Current: | |||||||||
Federal | $ | 1,666 | $ | 930 | |||||
State | 466 | 179 | |||||||
Foreign | 535 | 297 | |||||||
2,667 | 1,406 | ||||||||
Deferred: | |||||||||
Federal | (290 | ) | (1,044 | ) | |||||
State | (107 | ) | (174 | ) | |||||
Foreign | — | (13 | ) | ||||||
(397 | ) | (1,231 | ) | ||||||
$ | 2,270 | $ | 175 | ||||||
Components of Difference Between Provision for Income Taxes from Continuing Operations and Amount Computed by Applying Statutory Federal Income Tax Rate | The provision for income taxes for continuing operations differs from the amount computed by applying the statutory federal income tax rate of 34% in fiscal 2015 and 2014 to income before income taxes due to the following: | ||||||||
Years Ended | |||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Income Tax Provision at Statutory Rate | $ | 2,357 | $ | 480 | |||||
State Taxes, Net of Federal Tax Effect | 233 | (47 | ) | ||||||
Change in Reserves Related to ASC 740 Liability | 23 | (59 | ) | ||||||
Meals and Entertainment | 41 | 38 | |||||||
Domestic Production Deduction | (164 | ) | (30 | ) | |||||
Share-Based Compensation | (25 | ) | 36 | ||||||
Tax-exempt Income | (24 | ) | (22 | ) | |||||
R&D Credits | (135 | ) | (114 | ) | |||||
Foreign Rate Differential | (56 | ) | (26 | ) | |||||
Other Permanent Differences and Miscellaneous, Net | 20 | (81 | ) | ||||||
$ | 2,270 | $ | 175 | ||||||
Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows: | ||||||||
January 31 | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Deferred Tax Assets: | |||||||||
Inventory | $ | 1,666 | $ | 1,792 | |||||
Share-Based Compensation | 572 | 535 | |||||||
State R&D Credits | 371 | 258 | |||||||
Compensation Accrual | 417 | 493 | |||||||
ASC 740 Liability Federal Benefit | 304 | 290 | |||||||
Deferred Service Contract Revenue | 235 | 181 | |||||||
Warranty Reserve | 140 | 137 | |||||||
Reserve for Doubtful Accounts | 116 | 127 | |||||||
Foreign Tax Credit | 356 | 213 | |||||||
Other | 298 | 119 | |||||||
4,475 | 4,145 | ||||||||
Deferred Tax Liabilities: | |||||||||
Accumulated Tax Depreciation in Excess of Book Depreciation | 766 | 830 | |||||||
Deferred Gain on Asset Held for Sale | 785 | 897 | |||||||
Currency Translation Adjustment | 36 | 173 | |||||||
Other | 87 | 78 | |||||||
1,674 | 1,978 | ||||||||
Subtotal | 2,801 | 2,167 | |||||||
Valuation Allowance | (255 | ) | (258 | ) | |||||
Net Deferred Tax Assets | $ | 2,546 | $ | 1,909 | |||||
Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties | A reconciliation of unrecognized tax benefits, excluding interest and penalties follows: | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Balance at February 1 | $ | 715 | $ | 941 | |||||
Increases in prior period tax positions | — | 31 | |||||||
Increases in current period tax positions | 87 | 42 | |||||||
Reductions related to lapse of statute of limitations | (95 | ) | (299 | ) | |||||
Balance at January 31 | $ | 707 | $ | 715 | |||||
Contractual_Obligations_Tables
Contractual Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Summary of Contractual Obligations | The following table summarizes our contractual obligations: | ||||||||||||||||||||||||
Total | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||
and | |||||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Purchase Commitments* | $ | 15,117 | $ | 14,907 | $ | 210 | $ | — | $ | — | $ | — | |||||||||||||
Operating Lease Obligations | 688 | 255 | 225 | 136 | 72 | — | |||||||||||||||||||
$ | 15,805 | $ | 15,162 | $ | 435 | $ | 136 | $ | 72 | $ | — | ||||||||||||||
* | Purchase commitments consists primarily of inventory and equipment purchase orders made in the ordinary course of business. |
Nature_of_Operations_Segment_R1
Nature of Operations, Segment Reporting and Geographical Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Net Sales and Segment Operating Profit for Each Reporting Segment | Summarized below are the Net Sales and Segment Operating Profit (both in dollars and as a percentage of Net Sales) for each reporting segment: | ||||||||||||||||||||||||
($ in thousands) | Net Sales | Segment Operating Profit | Segment Operating Profit % | ||||||||||||||||||||||
of Net Sales | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
QuickLabel | $ | 59,779 | $ | 49,065 | $ | 7,259 | $ | 5,154 | 12.1 | % | 10.5 | % | |||||||||||||
T&M | 28,568 | 19,527 | 5,627 | 2,655 | 19.7 | % | 13.6 | % | |||||||||||||||||
Total | $ | 88,347 | $ | 68,592 | 12,886 | 7,809 | 14.6 | % | 11.4 | % | |||||||||||||||
Product Replacement Costs | — | 672 | |||||||||||||||||||||||
Corporate Expenses | 5,655 | 5,604 | |||||||||||||||||||||||
Operating Income | 7,231 | 1,533 | |||||||||||||||||||||||
Other Expense | 299 | 121 | |||||||||||||||||||||||
Income from Continuing Operations before Income Taxes | 6,932 | 1,412 | |||||||||||||||||||||||
Income Tax Provision for Continuing Operations | 2,270 | 175 | |||||||||||||||||||||||
4,662 | 1,237 | ||||||||||||||||||||||||
Income from Discontinued Operations, Net of Taxes | — | 1,975 | |||||||||||||||||||||||
Net Income | $ | 4,662 | $ | 3,212 | |||||||||||||||||||||
Summary of Other Information by Segment | Other information by segment is presented below: | ||||||||||||||||||||||||
(In thousands) | Assets | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
QuickLabel | $ | 24,874 | $ | 25,306 | |||||||||||||||||||||
T&M | 22,323 | 17,049 | |||||||||||||||||||||||
Discontinued Operations | — | 3,917 | |||||||||||||||||||||||
Corporate* | 27,133 | 31,692 | |||||||||||||||||||||||
Total | $ | 74,330 | $ | 77,964 | |||||||||||||||||||||
* | Corporate assets consist principally of cash and cash equivalents, securities available for sale, and building held for sale. | ||||||||||||||||||||||||
(In thousands) | Depreciation and | Capital Expenditures | |||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
QuickLabel | $ | 678 | $ | 639 | $ | 1,408 | $ | 543 | |||||||||||||||||
T&M | 1,385 | 640 | 839 | 585 | |||||||||||||||||||||
Total | $ | 2,063 | $ | 1,279 | $ | 2,247 | $ | 1,128 | |||||||||||||||||
Summary of Selected Financial Information by Geographic Area | Presented below is selected financial information by geographic area: | ||||||||||||||||||||||||
(In thousands) | Net Sales | Long-Lived Assets | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
United States | $ | 61,494 | $ | 48,679 | $ | 10,422 | $ | 10,115 | |||||||||||||||||
Europe | 18,181 | 14,909 | 383 | 538 | |||||||||||||||||||||
Canada | 3,934 | 2,569 | 272 | 339 | |||||||||||||||||||||
Asia | 1,408 | 1,167 | — | — | |||||||||||||||||||||
Central and South America | 1,919 | 908 | — | — | |||||||||||||||||||||
Other | 1,411 | 360 | — | — | |||||||||||||||||||||
Total | $ | 88,347 | $ | 68,592 | $ | 11,077 | $ | 10,992 | |||||||||||||||||
Product_Warranty_Liability_Tab
Product Warranty Liability (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Activity in Product Warranty Liability | The Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Activity in the product warranty liability is as follows: | ||||||||
January 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Balance, beginning of the year | $ | 355 | $ | 350 | |||||
Warranties issued | 546 | 447 | |||||||
Settlements made | (526 | ) | (442 | ) | |||||
Balance, end of the year | $ | 375 | $ | 355 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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: | ||||||||||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Money market funds (included in cash and cash equivalents) | $ | 3,028 | $ | — | $ | — | $ | 3,028 | |||||||||
State and municipal obligations (included in securities available for sale) | — | 15,174 | — | 15,174 | |||||||||||||
Total | $ | 3,028 | $ | 15,174 | $ | — | $ | 18,202 | |||||||||
January 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
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 | |||||||||
Fair Value Measurements of Assets on Non-Recurring Basis | Non-financial assets measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 1,900 | $ | — | |||||||||||
January 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 2,120 | $ | — | |||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Summary of Discontinued Operations | Results for discontinued operations are as follows: | ||||
2014 | |||||
(In thousands) | |||||
Net Sales | $ | 8,401 | |||
Cost of Sales | $ | 7,353 | |||
Gross Profit | $ | 1,048 | |||
Operating Expenses | $ | 96 | |||
Income from Discontinued Operations | $ | 952 | |||
Gain on Sale of Assets of Discontinued Operations | $ | 1,800 | |||
Income Tax Expense | $ | 777 | |||
Income from Discontinued Operations | $ | 1,975 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Highly liquid investments with an original maturity | 90 days or less | |
Cash of held in foreign bank accounts | $2,995,000 | $2,544,000 |
Depreciation expense | 1,361,000 | 1,279,000 |
Net foreign exchange losses | 219,000 | 190,000 |
Advertising expense | 1,717,000 | 1,236,000 |
Total reimbursement | 129,000 | 201,000 |
Estimated outstanding reimbursements | 20,000 | 75,000 |
Impairment charges for long-lived assets | 0 | 0 |
Write-down of asset held for sale | 220,000 | 779,000 |
Impairment charges for intangible assets | 0 | 0 |
Number of common equivalent shares | 156,600 | 126,800 |
Compensation expenses is recognized for option forfeited | $0 | |
Miltope's Ruggedized Printer Product Line Operation [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Completion date of acquisition | 22-Jan-14 | |
Land Improvements [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 20 years | |
Land Improvements [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 10 years | |
Building and Improvements [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 45 years | |
Building and Improvements [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 10 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 10 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 3 years |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 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 | |
General and administrative expenses | 90,000 | |
Goodwill | 196,000 | |
Amortization expense | $702,000 |
Acquisition_Purchase_Price_of_
Acquisition - Purchase Price of Acquisition Allocated on Basis of Estimated Fair Value (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 22, 2014 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $991 | $991 | |
Miltope's Ruggedized Printer Product Line Operation [Member] | |||
Business Acquisition [Line Items] | |||
Accounts Receivable | 713 | ||
Inventories | 2,503 | ||
Identifiable Intangible Assets | 3,400 | 3,400 | |
Goodwill | 196 | ||
Warranty Reserve | -80 | ||
Total Purchase Price | $6,732 |
Acquisition_Fair_Value_of_the_
Acquisition - Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 22, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $3,400 | $3,400 |
Customer Contract Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | 3,100 | |
Useful Life | 10 years | |
Backlog [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $300 | |
Useful Life | 1 year |
Acquisition_Summary_of_Estimat
Acquisition - Summary of Estimated Amortization Expense for Next Five Years (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Miltope's Ruggedized Printer Product Line Operation [Member] | |
Business Acquisition [Line Items] | |
Estimated amortization expenses, 2016 | $357 |
Estimated amortization expenses, 2017 | 349 |
Estimated amortization expenses, 2018 | 331 |
Estimated amortization expenses, 2019 | 278 |
Estimated amortization expenses, 2020 | $278 |
Acquisition_Unaudited_ProForma
Acquisition - Unaudited Pro-Forma Information (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
Miltope's Ruggedized Printer Product Line Operation [Member] | |
Business Acquisition [Line Items] | |
Net Revenue | $75,362 |
Securities_Available_for_Sale_1
Securities Available for Sale - Additional Information (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
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] | |
Original maturity of short-term investments | 90 days |
Anticipated maturity period | 1 month |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Anticipated maturity period | 3 years |
Securities_Available_for_Sale_2
Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $15,174 | $18,766 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,150 | 18,729 |
Gross Unrealized Gains | 26 | 37 |
Gross Unrealized Losses | -2 | |
Fair Value | $15,174 | $18,766 |
Securities_Available_for_Sale_3
Securities Available for Sale - Contractual Maturity Dates of Securities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Less than one year | $9,470 | $11,439 |
One to three years | 5,704 | 7,327 |
Fair Value | $15,174 | $18,766 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $10,600 | $10,722 |
Work-in-Progress | 765 | 852 |
Finished Goods | 7,372 | 6,798 |
Inventory, Gross | 18,737 | 18,372 |
Inventory Reserve | -3,155 | -3,194 |
Balance at January 31 | $15,582 | $15,178 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Inventory demonstration equipment | $1,030,000 | $767,000 |
Accrued_Expenses_Summary_of_Ac
Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Warranty | $375 | $355 |
Product Replacement Cost Reserve | 353 | 480 |
Professional Fees | 256 | 269 |
Executive Retirement Package | 250 | 250 |
Dealer Commissions | 163 | 55 |
Other | 946 | 901 |
Total | $2,343 | $2,310 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Line of Credit Facility [Line Items] | |
Agreement expiration date | 31-Jan-15 |
Agreement term | 1 year |
Wells Fargo Bank [Member] | |
Line of Credit Facility [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 |
Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 1.50% |
Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 0.00% |
Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 2.25% |
Wells Fargo Bank [Member] | Federal Funds Effective Swap Rate [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 1.50% |
Note_Receivable_and_Revolving_1
Note Receivable and Revolving Line of Credit Issued - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended |
Jan. 30, 2012 | Jan. 31, 2015 | Feb. 28, 2015 | |
Installment | |||
Note Receivable And Line Of Credit Issued [Line Items] | |||
Net sale price | $1,000,000 | ||
Promissory note interest rate | 3.75% | ||
Interest commencement date | 30-Jan-13 | ||
Interest installments | 16 | ||
Promissory note outstanding | 511,000 | ||
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 | $173,000 | ||
Line of credit issued initial term | 1 year | ||
Revolving Credit Facility [Member] | |||
Note Receivable And Line Of Credit Issued [Line Items] | |||
Promissory note interest rate | 5.25% | ||
Subsequent Event [Member] | |||
Note Receivable And Line Of Credit Issued [Line Items] | |||
Line of credit facility maturity date | 31-Jan-16 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Changes in the Balance of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | $176 | $173 |
Other comprehensive income (loss) | -875 | 3 |
Amounts Reclassified to Net Income | 0 | 0 |
Net other comprehensive income (loss) | -875 | 3 |
Ending Balance | -699 | 176 |
Foreign Currency Translation Adjustments [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 152 | 166 |
Other comprehensive income (loss) | -866 | -14 |
Amounts Reclassified to Net Income | 0 | 0 |
Net other comprehensive income (loss) | -866 | -14 |
Ending Balance | -714 | 152 |
Unrealized Holding Gain on Available for Sale Securities [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 24 | 7 |
Other comprehensive income (loss) | -9 | 17 |
Amounts Reclassified to Net Income | 0 | 0 |
Net other comprehensive income (loss) | -9 | 17 |
Ending Balance | $15 | $24 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Dec. 05, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Equity [Abstract] | |||
Common stock repurchased, shares | 500,000 | ||
Common stock shares repurchased, value | $6,250,000 | $6,250,000 | |
Company shares given to employees, shares | 62,797 | 66,828 | |
Company shares given to employees, value | $878,000 | $797,000 | |
Common stock shares additional authorized | 390,000 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | Aug. 01, 2014 | |
Equity_Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of equity incentive plan | 1 | ||
Maximum disposal restricted percentage of RSU | 50.00% | ||
Stock options grant to each non-employee director | 158,600 | ||
Non-employee director is entitled to an annual cash retainer | $7,000 | ||
Non-employee director received restricted stock award value | 20,000 | ||
Options granted weighted average fair value per share | $2.85 | $2.79 | |
Aggregate intrinsic value of options exercised | 1,149,000 | 706,000 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Stock Purchase Plan discount rate | 15.00% | ||
Reservation of shares under Stock Purchase Plan | 247,500 | ||
Non-Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-employee director is entitled to an annual cash retainer additional | 500 | ||
Chairman of Board [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount of Chair Retainer payable | 6,000 | ||
Chair of Audit Committee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount of Chair Retainer payable | 4,000 | ||
Chair of Compensation Committee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount of Chair Retainer payable | 4,000 | ||
2013 Restricted Stock Units (RSUs) [Member] | First Anniversary [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vested percentage | 50.00% | ||
2013 Restricted Stock Units (RSUs) [Member] | Second Anniversary [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vested percentage | 50.00% | ||
2014 Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to unvested RSUs and RSAs | 278,000 | ||
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cumulative budgeted net sales target measurement period | 2014 through 2016 | ||
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member] | Net Sales Target [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vested percentage | 50.00% | ||
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member] | ORONA Target [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vested percentage | 25.00% | ||
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member] | Third Anniversary [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vested percentage | 25.00% | ||
Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate shares authorized for awards under the Plan | 1,000,000 | ||
Shares available for grant under the Plan | 206,339 | ||
Equity Incentive Plan [Member] | Non-Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Stock options grant to each non-employee director | 5,000 | ||
Restricted Stock [Member] | Non-Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 12 months | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Unrecognized compensation expense related to unvested options | 455,000 | ||
Weighted average period for the recognition of unrecognized compensation expense | 2 years | ||
Aggregate intrinsic value of option exercised | 2,554,000 | ||
Aggregate intrinsic value of the options outstanding | $3,225,000 | ||
Weighted average remaining contractual terms for these options that are exercisable | 4 years 2 months 12 days | ||
Weighted average remaining contractual terms for these options outstanding | 4 years 2 months 12 days |
ShareBased_Compensation_Aggreg
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Number of Shares | 736,647 |
Options Granted, Number of Shares | 158,600 |
Options Exercised, Number of Shares | -224,275 |
Options Expired, Number of Shares | -14,961 |
Ending balance, Number of Shares | 656,011 |
Options Exercisable, Number of Shares | 413,612 |
Beginning balance, Weighted Average Option Price Per Share | $8.63 |
Options Granted, Weighted Average Option Price Per Share | $13.99 |
Options Exercised, Weighted Average Option Price Per Share | $8.29 |
Options Expired, Weighted Average Option Price Per Share | $9.49 |
Ending balance, Weighted Average Option Price Per Share | $10.01 |
Options Exercisable, Weighted Average Option Price Per Share | $8.78 |
Range One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Option Price Per Share, Lower range, Ending balance | $5.78 |
Options Outstanding, Option Price Per Share, Upper range, Ending balance | $11.90 |
Range Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Granted, Option Price Per Share, Lower range | $13.46 |
Options Granted, Option Price Per Share, Upper range | $14.20 |
Range Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercised, Option Price Per Share, Lower range | $6.22 |
Options Exercised, Option Price Per Share, Upper range | $11.90 |
Range Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Expired, Option Price Per Share, Lower range | $7.95 |
Options Expired, Option Price Per Share, Upper range | $14.20 |
Range Five [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Option Price Per Share, Lower range, Ending balance | $5.78 |
Options Outstanding, Option Price Per Share, Upper range, Ending balance | $14.20 |
Range Six [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercisable, Option Price Per Share, Lower range | $5.78 |
Options Exercisable, Option Price Per Share, Upper range | $13.46 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Options Outstanding (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option outstanding, total | 656,011 | 736,647 |
Options exercisable , total | 413,612 | |
Range One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $5.78 | |
Outstanding Range of Exercise prices, Upper Limit | $8.73 | |
Outstanding, Options | 314,365 | |
Outstanding, Weighted Average Exercise Price | $7.64 | |
Exercisable, Weighted Average Exercise Price | $7.54 | |
Outstanding Remaining Contractual Life | 5 years 1 month 6 days | |
Exercisable, Options | 254,516 | |
Range Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $8.95 | |
Outstanding Range of Exercise prices, Upper Limit | $13.46 | |
Outstanding, Options | 190,046 | |
Outstanding, Weighted Average Exercise Price | $10.79 | |
Exercisable, Weighted Average Exercise Price | $10.76 | |
Outstanding Remaining Contractual Life | 4 years 3 months 18 days | |
Exercisable, Options | 159,096 | |
Range Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $13.80 | |
Outstanding Range of Exercise prices, Upper Limit | $14.20 | |
Outstanding, Options | 151,600 | |
Outstanding, Weighted Average Exercise Price | $14 | |
Outstanding Remaining Contractual Life | 9 years 2 months 12 days |
ShareBased_Compensation_Fair_V
Share-Based Compensation - Fair Value of Stock Options Granted (Detail) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected Life (years) | 5 years | 5 years |
Expected Dividend Yield | 1.98% | 2.63% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-Free Interest Rate | 1.50% | 0.81% |
Expected Volatility | 21.47% | 38.07% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-Free Interest Rate | 1.62% | 0.84% |
Expected Volatility | 26.75% | 38.46% |
ShareBased_Compensation_Aggreg1
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning balance, Outstanding 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 |
Expired or canceled, Restricted Stock Units and Restricted Stock Awards | -5,834 |
Ending balance, Outstanding 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 |
Expired or cancelled , Weighted Average Grant Date Fair Value | $10.07 |
Ending balance, Weighted Average Grant Date Fair Value | $9.70 |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation, Total | $511 | $562 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation, Total | 241 | 192 |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation, Total | $270 | $370 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summarized Plan Activity (Detail) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Equity [Abstract] | ||
Shares Reserved, Beginning Balance | 60,242 | 64,231 |
Shares Purchased | -3,237 | -3,989 |
Shares Reserved, Ending Balance | 57,005 | 60,242 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income from Continuing Operations before Income Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Domestic | $5,401 | $537 |
Foreign | 1,531 | 875 |
Income from Continuing Operations before Income Taxes | $6,932 | $1,412 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Current: | ||
Federal | $1,666 | $930 |
State | 466 | 179 |
Foreign | 535 | 297 |
Current Income Tax Expense | 2,667 | 1,406 |
Deferred: | ||
Federal | -290 | -1,044 |
State | -107 | -174 |
Foreign | -13 | |
Deferred Income Tax Expense Total | -397 | -1,231 |
Total | $2,270 | $175 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 34.00% | 34.00% | |
Increase (decrease) in valuation allowance | ($3,000) | $27,000 | |
Recognized tax benefits excluding interest and penalties | 707,000 | 715,000 | 941,000 |
Impact on effective tax rate, decrease | 493,000 | ||
Recognized expense related to interest and penalties | 43,000 | 68,000 | |
Accrued potential interest and penalties | 460,000 | 416,000 | |
Undistributed earnings of foreign subsidiaries | $3,909,000 |
Income_Taxes_Components_of_Dif
Income Taxes - Components of Difference Between Provision for Income Taxes from Continuing Operations and Amount Computed by Applying Statutory Federal Income Tax Rate (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income Tax Provision at Statutory Rate | $2,357 | $480 |
State Taxes, Net of Federal Tax Effect | 233 | -47 |
Change in Reserves Related to ASC 740 Liability | 23 | -59 |
Meals and Entertainment | 41 | 38 |
Domestic Production Deduction | -164 | -30 |
Share-Based Compensation | -25 | 36 |
Tax-exempt Income | -24 | -22 |
R&D Credits | -135 | -114 |
Foreign Rate Differential | -56 | -26 |
Other Permanent Differences and Miscellaneous, Net | 20 | -81 |
Total | $2,270 | $175 |
Income_Taxes_Tax_Effects_of_Te
Income Taxes - Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Inventory | $1,666 | $1,792 |
Share-Based Compensation | 572 | 535 |
State R&D Credits | 371 | 258 |
Compensation Accrual | 417 | 493 |
ASC 740 Liability Federal Benefit | 304 | 290 |
Deferred Service Contract Revenue | 235 | 181 |
Warranty Reserve | 140 | 137 |
Reserve for Doubtful Accounts | 116 | 127 |
Foreign Tax Credit | 356 | 213 |
Other | 298 | 119 |
Deferred Tax Assets, Total | 4,475 | 4,145 |
Deferred Tax Liabilities: | ||
Accumulated Tax Depreciation in Excess of Book Depreciation | 766 | 830 |
Deferred Gain on Asset Held for Sale | 785 | 897 |
Currency Translation Adjustment | 36 | 173 |
Other | 87 | 78 |
Deferred Tax Liabilities, Total | 1,674 | 1,978 |
Subtotal | 2,801 | 2,167 |
Valuation Allowance | -255 | -258 |
Net Deferred Tax Assets | $2,546 | $1,909 |
Income_Taxes_Change_in_Balance
Income Taxes - Change in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance at February 1 | $715,000 | $941,000 |
Increases in prior period tax positions | 31,000 | |
Increases in current period tax positions | 87,000 | 42,000 |
Reductions related to lapse of statute of limitations | -95,000 | -299,000 |
Balance at January 31 | $707,000 | $715,000 |
Contractual_Obligations_Summar
Contractual Obligations - Summary of Contractual Obligations (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitments, Total | $15,117 |
Purchase Commitments, 2016 | 14,907 |
Purchase Commitments, 2017 | 210 |
Purchase Commitments, 2018 | 0 |
Purchase Commitments, 2019 | 0 |
Purchase Commitments, 2020 and Thereafter | 0 |
Operating Lease Obligations, Total | 688 |
Operating Lease Obligations, 2016 | 255 |
Operating Lease Obligations, 2017 | 225 |
Operating Lease Obligations, 2018 | 136 |
Operating Lease Obligations, 2019 | 72 |
Operating Lease Obligations, 2020 and Thereafter | 0 |
Contractual Obligation, Total | 15,805 |
Contractual Obligation, 2016 | 15,162 |
Contractual Obligation, 2017 | 435 |
Contractual Obligation, 2018 | 136 |
Contractual Obligation, 2019 | 72 |
Contractual Obligation, 2020 and Thereafter | $0 |
Contractual_Obligations_Additi
Contractual Obligations - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent and lease expenses | $614,000 | $599,000 |
Nature_of_Operations_Segment_R2
Nature of Operations, Segment Reporting and Geographical Information - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Segment | Customer | |
Customer | ||
Segment Reporting Information [Line Items] | ||
Number of reporting segments | 2 | |
Customer accounted for greater than 10% of net sales | 0 | 0 |
Goodwill assigned | $991 | $991 |
T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill assigned | $1,000 | $1,000 |
Nature_of_Operations_Segment_R3
Nature of Operations, Segment Reporting and Geographical Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net Sales | $88,347 | $68,592 |
Corporate Expenses | 29,746 | 25,450 |
Operating Income | 7,231 | 1,533 |
Other Expense | 299 | 121 |
Segment Operating Profit % of Net Sales | 14.60% | 11.40% |
Income from Continuing Operations before Income Taxes | 6,932 | 1,412 |
Income Tax Provision for Continuing Operations | 2,270 | 175 |
Income from Continuing Operations | 4,662 | 1,237 |
Income from Discontinued Operations, Net of Taxes | 1,975 | |
Net Income | 4,662 | 3,212 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 12,886 | 7,809 |
Operating Segments [Member] | QuickLabel [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 59,779 | 49,065 |
Operating Income | 7,259 | 5,154 |
Segment Operating Profit % of Net Sales | 12.10% | 10.50% |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 28,568 | 19,527 |
Operating Income | 5,627 | 2,655 |
Segment Operating Profit % of Net Sales | 19.70% | 13.60% |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Product Replacement Costs | 672 | |
Corporate Expenses | $5,655 | $5,604 |
Nature_of_Operations_Segment_R4
Nature of Operations, Segment Reporting and Geographical Information - Summary of Other Information by Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Assets | $74,330 | $77,964 |
Depreciation and Amortization | 2,063 | 1,279 |
Capital Expenditures | 2,247 | 1,128 |
Operating Segments [Member] | QuickLabel [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 24,874 | 25,306 |
Depreciation and Amortization | 678 | 639 |
Capital Expenditures | 1,408 | 543 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 22,323 | 17,049 |
Depreciation and Amortization | 1,385 | 640 |
Capital Expenditures | 839 | 585 |
Operating Segments [Member] | Discontinued Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,917 | |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $27,133 | $31,692 |
Nature_of_Operations_Segment_R5
Nature of Operations, Segment Reporting and Geographical Information - Summary of Selected Financial Information by Geographic Area (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | $88,347 | $68,592 |
Long-Lived Assets | 11,077 | 10,992 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 61,494 | 48,679 |
Long-Lived Assets | 10,422 | 10,115 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 18,181 | 14,909 |
Long-Lived Assets | 383 | 538 |
Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 3,934 | 2,569 |
Long-Lived Assets | 272 | 339 |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 1,408 | 1,167 |
Central and South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 1,919 | 908 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | $1,411 | $360 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Postemployment Benefits [Abstract] | ||
Compensation expense | $100,000 | $100,000 |
Contributions paid or accrued amounted | $294,000 | $251,000 |
Product_Warranty_Liability_Act
Product Warranty Liability - Activity in Product Warranty Liability (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Product Warranties Disclosures [Abstract] | ||
Balance, beginning of the year | $355 | $350 |
Warranties issued | 546 | 447 |
Settlements made | -526 | -442 |
Balance, end of the year | $375 | $355 |
Product_Replacement_Costs_Addi
Product Replacement Costs - Additional Information (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Estimated replacement cost | $672,000 |
Replacement cost charged against reserve | 319,000 |
Other accrued expenses | 353,000 |
Amount received from supplier for recovery | $450,000 |
Lower product prices period | Through fiscal 2017 |
Concentration_of_Risk_Addition
Concentration of Risk - Additional Information (Detail) (Vendor [Member]) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Purchases [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 21.90% | 14.30% |
Accounts Payable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 55.10% | 23.60% |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Jan. 31, 2015 | 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) | $3,028 | $4,734 |
State and municipal obligations (included in securities available for sale) | 15,174 | 18,766 |
Total | 18,202 | 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) | 3,028 | 4,734 |
Total | 3,028 | 4,734 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State and municipal obligations (included in securities available for sale) | 15,174 | 18,766 |
Total | $15,174 | $18,766 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Measurements of Assets on Non-Recurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], Level 2 [Member], USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Asset Held for Sale | $1,900 | $2,120 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Write-down of Asset Held for Sale | $220 | $779 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2013 | 3-May-14 | Jan. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Proceeds from sale | $1,800,000 | $18,600,000 | ||
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 $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |
Net Sales | $8,401 |
Cost of Sales | 7,353 |
Gross Profit | 1,048 |
Operating Expenses | 96 |
Income from Discontinued Operations | 952 |
Gain on Sale of Assets of Discontinued Operations | 1,800 |
Income Tax Expense | 777 |
Income from Discontinued Operations | $1,975 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Allowance for Doubtful Accounts [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $370 | $345 |
Provision Charged to Operations | 60 | 119 |
Deductions | -87 | -94 |
Balance at End of Year | $343 | $370 |