Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | 22-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ALOT | |
Entity Registrant Name | ASTRO MED INC /NEW/ | |
Entity Central Index Key | 8146 | |
Current Fiscal Year End Date | -30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,307,255 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and Cash Equivalents | $8,815 | $7,958 |
Securities Available for Sale | 15,837 | 15,174 |
Accounts Receivable, net | 14,012 | 14,107 |
Inventories | 14,488 | 15,582 |
Deferred Tax Assets | 2,640 | 2,629 |
Restricted Cash | 600 | |
Line of Credit Receivable | 170 | 173 |
Note Receivable | 250 | 255 |
Asset Held for Sale | 1,900 | 1,900 |
Prepaid Expenses and Other Current Assets | 3,652 | 4,140 |
Total Current Assets | 62,364 | 61,918 |
PROPERTY, PLANT AND EQUIPMENT | 37,501 | 36,823 |
Less Accumulated Depreciation | -28,823 | -28,444 |
Property, Plant and Equipment, net | 8,678 | 8,379 |
OTHER ASSETS | ||
Note Receivable | 131 | 256 |
Intangible Assets, net | 2,609 | 2,698 |
Goodwill | 991 | 991 |
Other | 104 | 88 |
Total Other Assets | 3,835 | 4,033 |
TOTAL ASSETS | 74,877 | 74,330 |
CURRENT LIABILITIES | ||
Accounts Payable | 4,065 | 3,155 |
Accrued Compensation | 2,426 | 3,302 |
Other Liabilities and Accrued Expenses | 2,143 | 2,343 |
Deferred Revenue | 546 | 621 |
Income Taxes Payable | 59 | 148 |
Total Current Liabilities | 9,239 | 9,569 |
Deferred Tax Liabilities | 105 | 83 |
Other Long Term Liabilities | 1,052 | 1,167 |
TOTAL LIABILITIES | 10,396 | 10,819 |
SHAREHOLDERS' EQUITY | ||
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,593,005 shares and 9,544,864 shares at May 2, 2015 and January 31, 2015, respectively | 478 | 477 |
Additional Paid-in Capital | 43,869 | 43,589 |
Retained Earnings | 40,434 | 39,735 |
Treasury Stock, at Cost, 2,293,606 shares at May 2, 2015 and January 31, 2015 | -19,591 | -19,591 |
Accumulated Other Comprehensive Income (Loss) | -709 | -699 |
TOTAL SHAREHOLDERS' EQUITY | 64,481 | 63,511 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $74,877 | $74,330 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $0.05 | $0.05 |
Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
Common Stock, Shares Issued | 9,593,005 | 9,544,864 |
Treasury Stock, Shares | 2,293,606 | 2,293,606 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Net Sales | $22,206 | $20,774 |
Cost of Sales | 13,176 | 12,139 |
Gross Profit | 9,030 | 8,635 |
Operating Expenses: | ||
Selling and Marketing | 4,329 | 4,374 |
Research and Development | 1,796 | 1,371 |
General and Administrative | 1,457 | 1,191 |
Operating Expenses | 7,582 | 6,936 |
Operating Income, net | 1,448 | 1,699 |
Other Income (Expense) | 234 | -121 |
Income before Income Taxes | 1,682 | 1,578 |
Income Tax Provision | 471 | 449 |
Net Income | $1,211 | $1,129 |
Net Income Per Common Share-Basic | $0.17 | $0.15 |
Net Income Per Common Share-Diluted | $0.16 | $0.14 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic | 7,280 | 7,601 |
Diluted | 7,454 | 7,848 |
Dividends Declared Per Common Share | $0.07 | $0.07 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $1,211 | $1,129 |
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments: | ||
Foreign Currency Translation Adjustments | 8 | 92 |
Unrealized Holding Gain (Loss) on Securities Available for Sale | -18 | -3 |
Other Comprehensive Income (Loss) | -10 | 89 |
Comprehensive Income | $1,201 | $1,218 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Cash Flows from Operating Activities: | ||
Net Income | $1,211 | $1,129 |
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: | ||
Depreciation and Amortization | 455 | 512 |
Share-Based Compensation | 143 | 131 |
Deferred Income Tax Provision | 10 | 59 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 95 | -166 |
Inventories | 1,094 | -1,003 |
Income Taxes | 268 | -731 |
Accounts Payable and Accrued Expenses | -397 | -1,691 |
Other | 93 | -735 |
Net Cash Provided (Used) by Operating Activities | 2,972 | -2,495 |
Cash Flows from Investing Activities: | ||
Proceeds from Sales/Maturities of Securities Available for Sale | 2,435 | 2,880 |
Purchases of Securities Available for Sale | -3,127 | -2,574 |
Restricted Cash | -600 | |
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 | 125 | |
Additions to Property, Plant and Equipment | -654 | -292 |
Net Cash Provided (Used) by Investing Activities | -1,821 | 4,169 |
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 | 137 | 658 |
Dividends Paid | -510 | -533 |
Net Cash Provided (Used) by Financing Activities | -373 | 125 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 79 | -91 |
Net Increase in Cash and Cash Equivalents | 857 | 1,799 |
Cash and Cash Equivalents, Beginning of Period | 7,958 | 8,341 |
Cash and Cash Equivalents, End of Period | 8,815 | 10,140 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash Paid During the Period for Income Taxes, Net of Refunds | $207 | $1,471 |
Overview
Overview | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Overview | (1) Overview |
Headquartered in West Warwick, Rhode Island, Astro-Med Inc. designs, develops, manufactures and distributes a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily through our Company offices in Canada, Europe and Southeast Asia as well as with independent dealers and representatives. Astro-Med, Inc. products are sold under the brand names Astro-Med ® Test & Measurement and QuickLabel ® Systems and are employed around the world in a wide range of aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation applications. | |
Unless otherwise indicated, references to “Astro-Med,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to Astro-Med, Inc. and its consolidated subsidiaries. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (2) Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015. | |
Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. | |
The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, impairment of long-lived assets and goodwill, income taxes, share-based compensation, accrued expenses and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, past historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates. | |
Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. |
Principles_of_Consolidation
Principles of Consolidation | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (3) Principles of Consolidation |
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Income Per Common Share | (4) Net Income Per Common Share | ||||||||
Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares for stock options and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: | |||||||||
Three Months Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Weighted Average Common Shares Outstanding—Basic | 7,280,246 | 7,600,780 | |||||||
Effect of Dilutive Options and Restricted Stock Units | 173,936 | 247,520 | |||||||
Weighted Average Common Shares Outstanding—Diluted | 7,454,182 | 7,848,300 | |||||||
For the three months ended May 2, 2015 and May 3, 2014 the diluted per share amounts do not reflect common equivalent shares outstanding of 76,200 and 75,600, respectively, because their effect would have been anti-dilutive, as the exercise price was greater than the average market price of the underlying stock during the period presented. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Intangible Assets | (5) Intangible Assets | ||||||||||||||||||||||||
Intangible assets are as follows: | |||||||||||||||||||||||||
2-May-15 | 31-Jan-15 | ||||||||||||||||||||||||
($ In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Customer Contract Relationships | $ | 3,100 | $ | (491 | ) | $ | 2,609 | $ | 3,100 | $ | (402 | ) | $ | 2,698 | |||||||||||
Backlog | 300 | (300 | ) | — | 300 | (300 | ) | — | |||||||||||||||||
Intangible assets, net | $ | 3,400 | $ | (791 | ) | $ | 2,609 | $ | 3,400 | $ | (702 | ) | $ | 2,698 | |||||||||||
There were no impairments to intangible assets during the periods ended May 2, 2015 and May 3, 2014. Amortization expense of $89,000 and $175,000 in regards to the above acquired intangibles has been included in the condensed consolidated statements of income for the periods ended May 2, 2015 and May 3, 2014, respectively. | |||||||||||||||||||||||||
Estimated amortization expense for the next five years is as follows: | |||||||||||||||||||||||||
(In thousands) | Remainder | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||
of | |||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||
Estimated amortization expenses | $ | 268 | $ | 349 | $ | 331 | $ | 278 | $ | 278 | |||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | (6) Share-Based Compensation | ||||||||||||||||
Astro-Med has one equity incentive plan (the “Plan”) under which incentive stock options, non-qualified stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other equity based awards may be granted to directors, officers and certain employees. An aggregate of 1,000,000 shares were authorized for awards under the Plan. At May 2, 2015, 124,302 shares were available for grant under the Plan. Options granted to employees vest over four years. The exercise price of each stock option will be established at the discretion of the Compensation Committee; however, any incentive stock options granted must be at an exercise price of not less than fair market value at the date of grant. In fiscal year 2013, a portion of the Company’s executive’s long-term incentive compensation was awarded in the form of RSUs (“2013 RSUs”). The 2013 RSUs were earned based on the Company achieving specific thresholds of net sales and annual operating income as established under the fiscal 2013 Domestic Management Bonus Plan and vested fifty percent on the first anniversary of the grant date and fifty percent on the second anniversary of the grant date provided that the grantee was employed on each vesting date by Astro-Med or an affiliate company. All such 2013 RSUs were earned and vested as of March 2014. In April 2013, the Company granted options and RSUs to officers (“2014 RSUs”). Each 2014 RSU will be earned and vest as follows: twenty-five percent of the 2014 RSU vests on the third anniversary of the grant date, fifty percent of the 2014 RSU vests upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent of the total 2014 RSU vests upon the Company’s achieving a target average annual ORONA (operating income return on net assets as calculated under the Domestic Management Bonus Plan) for the Measurement Period. The grantee may not sell, transfer or otherwise dispose of more than fifty percent of the common stock issued upon vesting of the RSU until the first anniversary of the vesting date. On February 1, 2014, the Company accelerated the vesting of 4,166 of the RSUs held by Everett Pizzuti in connection with his retirement. None of the remaining 2014 RSUs, have vested as of May 2, 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 shareholders’ meeting. Each such option is exercisable at the fair market value as of the grant date and vests immediately prior to the next succeeding shareholders’ meeting. In addition to the automatic option grant under Plan, the Company has a Non-Employee Director Annual Compensation Program (the “Program”) which provides that each non-employee director is entitled to an annual cash retainer of $7,000 (the “Annual Cash Retainer”), plus $500 for each Board and committee meeting attended. In addition, effective August 1, 2014, the Chairman of the Board also receives an annual retainer of $6,000 and the Chair of the Audit Committee and Compensation Committee each receive an annual retainer of $4,000 each (“Chair Retainer”). The non-employee director may elect for any fiscal year to receive all or a portion of the Annual Cash Retainer and/or Chair Retainer (collectively the “Cash Retainer”) in the form of common stock of the Company, which will be issued under the Plan. If a non-employee director elects to receive all or a portion of the Cash Retainer in the form of common stock, such shares shall be issued in four quarterly installments on the first day of each fiscal quarter, and the number of shares of common stock to be issued shall be based on the fair market value of such common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer will be fully vested. However, a non-employee director who receives common stock in lieu of all or a portion of the Cash Retainer may not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issuable. In the event of the death or disability of a nonemployee director, or a change in control of the Company, any shares of common stock issued in lieu of such Cash Retainer, shall no longer be subject to such restrictions on transfer. | |||||||||||||||||
In addition, under the Program, each non-employee director receives RSAs with a value equal to $20,000 (the “Equity Retainer”) upon adjournment of each annual shareholders meeting. If a non-employee director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders meeting, on the date of such appointment or election, the director shall receive a pro rata award of restricted common stock having a value based on the number of days remaining until the next annual meeting. The Equity Retainer will vest on the earlier of 12 months after the grant date or the date immediately prior to the next annual meeting of the shareholders following the meeting at which such RSAs were granted. However, a non-employee director may not sell, transfer, assign, pledge or otherwise encumber the vested common stock prior to the second anniversary of the vesting date. In the event of the death or disability of a non-employee director, or a change in control of the Company, the RSAs shall immediately vest and shall no longer be subject to such restrictions on transfer. | |||||||||||||||||
We account for compensation cost related to share-based payments based on fair value of the stock options, RSUs and RSAs when awarded to an employee or director. We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), the risk-free interest rate and the Company’s dividend yield. The stock price volatility assumption is based on the historical weekly price data of our common stock over a period equivalent to the weighted average expected life of our options. Management evaluated whether there were factors during that period which were unusual and would distort the volatility figure if used to estimate future volatility and concluded that there were no such factors. In determining the expected life of the option grants, the Company has observed the actual terms of prior grants with similar characteristics and the actual vesting schedule of the grant and has assessed the expected risk tolerance of different option groups. The risk-free interest rate is based on the actual U.S. Treasury zero coupon rates for bonds matching the expected term of the option as of the option grant date. The dividend assumption is based upon the prior year’s average dividend yield. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. Our accounting for share-based compensation for RSUs and RSAs is also based on the fair value method. The fair value of the RSUs and RSAs is based on the closing market price of the Company’s common stock on the grant date of the RSU or RSA. | |||||||||||||||||
Share-based compensation expense was recognized as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, | May 3, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Stock Options | $ | 75 | $ | 54 | |||||||||||||
Restricted Stock Awards and Restricted Stock Units | 68 | 77 | |||||||||||||||
Total | $ | 143 | $ | 131 | |||||||||||||
Stock Options | |||||||||||||||||
The fair value of stock options granted during the three months ended May 2, 2015 and May 3, 2014 was estimated using the following assumptions: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, | May 3, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk Free Interest Rate | 1.6 | % | 1.6 | % | |||||||||||||
Expected Volatility | 22.7 | % | 26.8 | % | |||||||||||||
Expected Life (in years) | 5 | 5 | |||||||||||||||
Dividend Yield | 2 | % | 2 | % | |||||||||||||
The weighted average fair value per share for options granted was $2.43 during the first quarter of fiscal 2016 as compared to $2.93 during the first quarter of fiscal 2015. | |||||||||||||||||
Aggregated information regarding stock options granted under the Plan for the three months ended May 2, 2015 is summarized below: | |||||||||||||||||
Number of Options | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual Life | |||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding at January 31, 2015 | 656,011 | $ | 10.01 | 4.2 | $ | 3,225,000 | |||||||||||
Granted | 85,000 | 13.95 | |||||||||||||||
Exercised | (15,778 | ) | 8.12 | ||||||||||||||
Expired or canceled | (2,293 | ) | 8.55 | ||||||||||||||
Outstanding at May 2, 2015 | 722,940 | $ | 10.53 | 6.1 | $ | 2,601,468 | |||||||||||
Exercisable at May 2, 2015 | 443,977 | $ | 9.03 | 4.4 | $ | 2,260,318 | |||||||||||
As of May 2, 2015, there was $586,000 of unrecognized compensation expense related to unvested options, which will be recognized through March 2019. | |||||||||||||||||
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) | |||||||||||||||||
Aggregated information regarding RSUs and RSAs granted under the Plan for the three months ended May 2, 2015 is summarized below: | |||||||||||||||||
RSAs & RSUs | Weighted Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested at January 31, 2015 | 72,245 | $ | 9.7 | ||||||||||||||
Granted | 537 | 13.95 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (2,800 | ) | 10.07 | ||||||||||||||
Unvested at May 2, 2015 | 69,982 | $ | 9.71 | ||||||||||||||
As of May 2, 2015, there was $175,000 of unrecognized compensation expense related to unvested RSUs and RSAs which will be recognized through April 2016. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Astro-Med has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarters ended May 2, 2015 and May 3, 2014, there were 732 and 815 shares respectively, purchased under this plan. As of May 2, 2015, 56,273 shares remain available. |
Inventories
Inventories | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | (7) Inventories | ||||||||
Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories are as follows: | |||||||||
May 2, 2015 | January 31, 2015 | ||||||||
(In thousands) | |||||||||
Materials and Supplies | $ | 9,487 | $ | 10,600 | |||||
Work-In-Process | 1,250 | 765 | |||||||
Finished Goods | 7,229 | 7,372 | |||||||
17,966 | 18,737 | ||||||||
Inventory Reserve | (3,478 | ) | (3,155 | ) | |||||
$ | 14,488 | $ | 15,582 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||
2-May-15 | |||||
Income Tax Disclosure [Abstract] | |||||
Income Taxes | (8) Income Taxes | ||||
The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows: | |||||
Three Months Ended | |||||
Fiscal 2016 | 28 | % | |||
Fiscal 2015 | 28.5 | % | |||
During the first quarter of fiscal 2016, the Company recognized an income tax expense of approximately $471,000. The effective tax rate in this quarter was directly impacted by a $135,000 tax benefit related to the statute of limitations expiring on a previously uncertain tax position. During the three months ended May 3, 2014, the Company recognized income tax expense of $449,000 which includes a benefit of approximately $100,000 related to the favorable resolution of a previously uncertain tax position. | |||||
As of May 2, 2015, the Company’s cumulative unrecognized tax benefits totaled $633,000 compared to $707,000 as of January 31, 2015. There were no other developments affecting unrecognized tax benefits during the quarter ended May 2, 2015. |
Note_Receivable_and_Line_of_Cr
Note Receivable and Line of Credit Issued | 3 Months Ended |
2-May-15 | |
Receivables [Abstract] | |
Note Receivable and Line of Credit Issued | (9) Note Receivable and Line of Credit Issued |
On January 30, 2012, the Company completed the sale of its label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sale price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. The note bears interest at 3.75% and is payable in sixteen quarterly installments of principal and interest which commenced on January 30, 2013. As of May 2, 2015, $375,000 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 in the amount of $600,000. This line of credit is fully secured by a first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets, and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent on the outstanding credit balance. The term of this revolving line of credit has been extended through January 31, 2016. As of May 2, 2015, $170,000 remains outstanding on this revolving line of credit. The estimated fair value of the line of credit approximates its carrying value. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | (10) Segment Information | ||||||||||||||||
Astro-Med reports two segments: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). The Company evaluates segment performance based on the segment profit before corporate expenses. | |||||||||||||||||
Summarized below are the Net Sales and Segment Operating Profit for each reporting segment: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Net Sales | Segment Operating Profit | ||||||||||||||||
(In thousands) | May 2, | May 3, | May 2, | May 3, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
QuickLabel | $ | 15,644 | $ | 14,423 | $ | 1,977 | $ | 2,198 | |||||||||
T&M | 6,562 | 6,351 | 928 | 692 | |||||||||||||
Total | $ | 22,206 | $ | 20,774 | 2,905 | 2,890 | |||||||||||
Corporate Expenses | 1,457 | 1,191 | |||||||||||||||
Operating Income | 1,448 | 1,699 | |||||||||||||||
Other Income (Expense)—Net | 234 | (121 | ) | ||||||||||||||
Income Before Income Taxes | 1,682 | 1,578 | |||||||||||||||
Income Tax Provision | 471 | 449 | |||||||||||||||
Net Income | $ | 1,211 | $ | 1,129 | |||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
2-May-15 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (11) Recent Accounting Pronouncements |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements. | |
No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Securities_Available_for_Sale
Securities Available for Sale | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Securities Available for Sale | (12) Securities Available for Sale | ||||||||||||||||
Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 21 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment securities have original maturities greater than 90 days. | |||||||||||||||||
The fair value, amortized cost and gross unrealized gains and losses of securities available for sale are as follows: | |||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
May 2, 2015 | |||||||||||||||||
State and Municipal Obligations | $ | 15,841 | $ | 14 | $ | (18 | ) | $ | 15,837 | ||||||||
January 31, 2015 | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
State and Municipal Obligations | $ | 15,150 | $ | 26 | $ | (2 | ) | $ | 15,174 | ||||||||
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value | (13) Fair Value | ||||||||||||||||
We measure our financial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. | |||||||||||||||||
The fair value hierarchy is summarized as follows: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
Cash and cash equivalents, accounts receivables, accounts payable, accrued compensation and other expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments. | |||||||||||||||||
Assets measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
May 2, 2015 | |||||||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) | $ | 2,409 | $ | — | $ | — | $ | 2,409 | |||||||||
State and Municipal Obligations (included in Securities Available for Sale) | — | 15,837 | — | 15,837 | |||||||||||||
Total | $ | 2,409 | $ | 15,837 | $ | — | $ | 18,246 | |||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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 | |||||||||
For our money market funds and state and municipal obligations, we utilize the market approach to measure fair value. The market approach is based on using quoted prices for identical or similar assets. | |||||||||||||||||
Non-financial assets measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
May 2, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 1,900 | $ | — | |||||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 1,900 | $ | — | |||||||||||
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 the fourth quarter of fiscal 2015 and 2014, respectively. The Company estimated the fair value of the Rockland facility using the market values for similar properties less the cost to sell and expects to sell this property within the next twelve months. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Loss | (14) Accumulated Other Comprehensive Loss | ||||||||||||
The changes in the balance of accumulated other comprehensive income (loss) by component are as follows: | |||||||||||||
(In thousands) | Foreign Currency | Unrealized Holding Gain | Total | ||||||||||
Translation | on Available for Sale | ||||||||||||
Adjustments | Securities | ||||||||||||
Balance at January 31, 2015 | $ | (714 | ) | $ | 15 | $ | (699 | ) | |||||
Other Comprehensive Income (Loss) | 8 | (18 | ) | (10 | ) | ||||||||
Balance at May 2, 2015 | $ | (706 | ) | $ | (3 | ) | $ | (709 | ) | ||||
The amounts presented above in other comprehensive income (loss) are net of taxes, except for translation adjustment associated with our German Subsidiary. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
2-May-15 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) Commitments and Contingencies |
Product Replacement Program | |
In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming part in power supplies for certain models of Astro-Med’s Test & Measurement printers. No malfunctions have been reported by customers as a result of the non-conforming material. | |
Upon identifying this issue, Astro-Med immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. Astro-Med is continuing to work with its customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $672,000, which was based upon the number of printers shipped during the period the non-conforming material was used. Those estimated costs were recognized and recorded as a reserve in the first quarter of fiscal 2014. As of May 2, 2015, the Company had expended $338,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $334,000 is included in Other Accrued Expenses in the accompanying condensed consolidated balance sheet dated May 2, 2015. | |
Astro-Med is currently receiving power supplies with compliant parts and has resumed printer production and shipments to customers. | |
Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, in January 2014, Astro-Med received a non-refundable $450,000 settlement from the supplier for recovery of the costs and expense associated with this issue. In addition to this cash settlement, the Company is receiving lower product prices from the supplier through fiscal 2017. |
Line_of_Credit
Line of Credit | 3 Months Ended |
2-May-15 | |
Debt Disclosure [Abstract] | |
Line of Credit | (16) Line of Credit |
The Company has a three-year, $10 million revolving line of credit available for ongoing working capital requirements, business acquisitions or general corporate purposes as needed. Any borrowings made under this 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 May 2, 2015, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants. |
Subsequent_Event
Subsequent Event | 3 Months Ended |
2-May-15 | |
Subsequent Events [Abstract] | |
Subsequent Event | (17) Subsequent Event |
On May 20, 2015, the Company’s shareholders approved the 2015 Equity Incentive Plan (the “2015 Plan”) under which equity based awards, including incentive stock options, non-qualified stock options, RSUs and RSAs, may be granted to directors, officers, key employees and certain other individuals providing services to the Company. The maximum number of shares of common stock of the Company authorized for issuance under the 2015 Plan is 500,000, subject to adjustment for stock splits, stock dividends and other changes to the Company’s capital structure. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
2-May-15 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements. | |
No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Shares Used in Calculating Basic and Diluted | A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: | ||||||||
Three Months Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Weighted Average Common Shares Outstanding—Basic | 7,280,246 | 7,600,780 | |||||||
Effect of Dilutive Options and Restricted Stock Units | 173,936 | 247,520 | |||||||
Weighted Average Common Shares Outstanding—Diluted | 7,454,182 | 7,848,300 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: | ||||||||||||||||||||||||
2-May-15 | 31-Jan-15 | ||||||||||||||||||||||||
($ In thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Customer Contract Relationships | $ | 3,100 | $ | (491 | ) | $ | 2,609 | $ | 3,100 | $ | (402 | ) | $ | 2,698 | |||||||||||
Backlog | 300 | (300 | ) | — | 300 | (300 | ) | — | |||||||||||||||||
Intangible assets, net | $ | 3,400 | $ | (791 | ) | $ | 2,609 | $ | 3,400 | $ | (702 | ) | $ | 2,698 | |||||||||||
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five years is as follows: | ||||||||||||||||||||||||
(In thousands) | Remainder | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||
of | |||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||
Estimated amortization expenses | $ | 268 | $ | 349 | $ | 331 | $ | 278 | $ | 278 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation Expense | Share-based compensation expense was recognized as follows: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, | May 3, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Stock Options | $ | 75 | $ | 54 | |||||||||||||
Restricted Stock Awards and Restricted Stock Units | 68 | 77 | |||||||||||||||
Total | $ | 143 | $ | 131 | |||||||||||||
Fair Value of Stock Options Granted | The fair value of stock options granted during the three months ended May 2, 2015 and May 3, 2014 was estimated using the following assumptions: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, | May 3, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk Free Interest Rate | 1.6 | % | 1.6 | % | |||||||||||||
Expected Volatility | 22.7 | % | 26.8 | % | |||||||||||||
Expected Life (in years) | 5 | 5 | |||||||||||||||
Dividend Yield | 2 | % | 2 | % | |||||||||||||
Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the Plan for the three months ended May 2, 2015 is summarized below: | ||||||||||||||||
Number of Options | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual Life | |||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding at January 31, 2015 | 656,011 | $ | 10.01 | 4.2 | $ | 3,225,000 | |||||||||||
Granted | 85,000 | 13.95 | |||||||||||||||
Exercised | (15,778 | ) | 8.12 | ||||||||||||||
Expired or canceled | (2,293 | ) | 8.55 | ||||||||||||||
Outstanding at May 2, 2015 | 722,940 | $ | 10.53 | 6.1 | $ | 2,601,468 | |||||||||||
Exercisable at May 2, 2015 | 443,977 | $ | 9.03 | 4.4 | $ | 2,260,318 | |||||||||||
Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSUs and RSAs granted under the Plan for the three months ended May 2, 2015 is summarized below: | ||||||||||||||||
RSAs & RSUs | Weighted Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Unvested at January 31, 2015 | 72,245 | $ | 9.7 | ||||||||||||||
Granted | 537 | 13.95 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (2,800 | ) | 10.07 | ||||||||||||||
Unvested at May 2, 2015 | 69,982 | $ | 9.71 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | The components of inventories are as follows: | ||||||||
May 2, 2015 | January 31, 2015 | ||||||||
(In thousands) | |||||||||
Materials and Supplies | $ | 9,487 | $ | 10,600 | |||||
Work-In-Process | 1,250 | 765 | |||||||
Finished Goods | 7,229 | 7,372 | |||||||
17,966 | 18,737 | ||||||||
Inventory Reserve | (3,478 | ) | (3,155 | ) | |||||
$ | 14,488 | $ | 15,582 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||
2-May-15 | |||||
Income Tax Disclosure [Abstract] | |||||
Projected Effective Tax Rate for Periods | The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows: | ||||
Three Months Ended | |||||
Fiscal 2016 | 28 | % | |||
Fiscal 2015 | 28.5 | % |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Net Sales and Segment Operating Profit for Each Reporting Segment | Summarized below are the Net Sales and Segment Operating Profit for each reporting segment: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
Net Sales | Segment Operating Profit | ||||||||||||||||
(In thousands) | May 2, | May 3, | May 2, | May 3, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
QuickLabel | $ | 15,644 | $ | 14,423 | $ | 1,977 | $ | 2,198 | |||||||||
T&M | 6,562 | 6,351 | 928 | 692 | |||||||||||||
Total | $ | 22,206 | $ | 20,774 | 2,905 | 2,890 | |||||||||||
Corporate Expenses | 1,457 | 1,191 | |||||||||||||||
Operating Income | 1,448 | 1,699 | |||||||||||||||
Other Income (Expense)—Net | 234 | (121 | ) | ||||||||||||||
Income Before Income Taxes | 1,682 | 1,578 | |||||||||||||||
Income Tax Provision | 471 | 449 | |||||||||||||||
Net Income | $ | 1,211 | $ | 1,129 | |||||||||||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
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 securities available for sale are as follows: | ||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
May 2, 2015 | Gains | Losses | |||||||||||||||
State and Municipal Obligations | $ | 15,841 | $ | 14 | $ | (18 | ) | $ | 15,837 | ||||||||
January 31, 2015 | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||||
State and Municipal Obligations | $ | 15,150 | $ | 26 | $ | (2 | ) | $ | 15,174 | ||||||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
May 2, 2015 | |||||||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) | $ | 2,409 | $ | — | $ | — | $ | 2,409 | |||||||||
State and Municipal Obligations (included in Securities Available for Sale) | — | 15,837 | — | 15,837 | |||||||||||||
Total | $ | 2,409 | $ | 15,837 | $ | — | $ | 18,246 | |||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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 | |||||||||
Fair Value Measurements of Assets on Recurring Basis | Non-financial assets measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
May 2, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 1,900 | $ | — | |||||||||||
January 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Asset Held for Sale | $ | — | $ | 1,900 | $ | — | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Equity [Abstract] | |||||||||||||
Changes in the Balance of Accumulated Other Comprehensive Income (Loss) | The changes in the balance of accumulated other comprehensive income (loss) by component are as follows: | ||||||||||||
(In thousands) | Foreign Currency | Unrealized Holding Gain | Total | ||||||||||
Translation | on Available for Sale | ||||||||||||
Adjustments | Securities | ||||||||||||
Balance at January 31, 2015 | $ | (714 | ) | $ | 15 | $ | (699 | ) | |||||
Other Comprehensive Income (Loss) | 8 | (18 | ) | (10 | ) | ||||||||
Balance at May 2, 2015 | $ | (706 | ) | $ | (3 | ) | $ | (709 | ) | ||||
Net_Income_Per_Common_Share_Re
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Equity [Abstract] | ||
Weighted Average Common Shares Outstanding-Basic | 7,280,000 | 7,601,000 |
Effect of Dilutive Options and Restricted Stock Units | 173,936 | 247,520 |
Weighted Average Common Shares Outstanding-Diluted | 7,454,000 | 7,848,000 |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Equity [Abstract] | ||
Number of common equivalent shares | 76,200 | 75,600 |
Intangible_Assets_Fair_Value_o
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $3,400 | $3,400 |
Accumulated Amortization | -791 | -702 |
Net Carrying Amount | 2,609 | 2,698 |
Customer Contract Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | -491 | -402 |
Net Carrying Amount | 2,609 | 2,698 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 300 | 300 |
Accumulated Amortization | ($300) | ($300) |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||
Impairments of intangible assets | $0 | $0 |
Amortization expense | $89,000 | $175,000 |
Intangible_Assets_Summary_of_E
Intangible Assets - Summary of Estimated Amortization Expense (Detail) (USD $) | 2-May-15 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2016 | $268 |
2017 | 349 |
2018 | 331 |
2019 | 278 |
2020 | $278 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
2-May-15 | 3-May-14 | Aug. 01, 2014 | Feb. 01, 2015 | |
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 | 85,000 | |||
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 | $2.43 | $2.93 | ||
Reservation of shares under Stock Purchase Plan | 247,500 | |||
Stock options granted | 722,940 | 656,011 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Stock Purchase Plan discount rate | 15.00% | |||
Shares purchase under Employee Stock Purchase Plan | 732 | 815 | ||
Stock options granted | 56,273 | |||
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% | |||
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 | 124,302 | |||
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 | 586,000 | |||
Unrecognized compensation expense related to unvested options, recognize date | Through March 2019 | |||
2014 Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of accelerated vesting shares | 0 | 4,166 | ||
Unrecognized compensation expense related to unvested options, recognize date | Through April 2016 | |||
Unrecognized compensation expense related to unvested RSUs and RSAs | $175,000 | |||
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% |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation, Total | $143 | $131 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation, Total | 75 | 54 |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation, Total | $68 | $77 |
ShareBased_Compensation_Fair_V
Share-Based Compensation - Fair Value of Stock Options Granted (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk Free Interest Rate | 1.60% | 1.60% |
Expected Volatility | 22.70% | 26.80% |
Expected Life (in years) | 5 years | 5 years |
Dividend Yield | 2.00% | 2.00% |
ShareBased_Compensation_Aggreg
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
2-May-15 | Jan. 31, 2015 | |
Share-based Compensation [Abstract] | ||
Beginning balance, Number of Options | 656,011 | |
Granted, Number of Options | 85,000 | |
Exercised, Number of Options | -15,778 | |
Expired or canceled, Number of Options | -2,293 | |
Ending balance, Number of Options | 722,940 | |
Exercisable, Number of Options | 443,977 | |
Beginning balance, Weighted Average Exercise Price | $10.01 | |
Granted, Weighted Average Exercise Price | $13.95 | |
Exercised, Weighted Average Exercise Price | $8.12 | |
Expired or canceled, Weighted Average Exercise Price | $8.55 | |
Ending balance, Weighted Average Exercise Price | $10.53 | |
Exercisable, Weighted Average Exercise Price | $9.03 | |
Weighted Average Remaining Contractual Life (in Years) | 6 years 1 month 6 days | 4 years 2 months 12 days |
Exercisable, Weighted Average Remaining Contractual Life (in Years) | 4 years 4 months 24 days | |
Beginning balance, Aggregated Intrinsic Value | $3,225,000 | |
Ending balance, Aggregated Intrinsic Value | 2,601,468 | |
Exercisable, Aggregate Intrinsic Value | $2,260,318 |
ShareBased_Compensation_Aggreg1
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) (USD $) | 3 Months Ended |
2-May-15 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning balance, Unvested Restricted Stock Units and Restricted Stock Awards | 72,245 |
Granted, Restricted Stock Units and Restricted Stock Awards | 537 |
Vested, Restricted Stock Units and Restricted Stock Awards | 0 |
Forfeited, Restricted Stock Units and Restricted Stock Awards | -2,800 |
Ending balance, Unvested Restricted Stock Units and Restricted Stock Awards | 69,982 |
Beginning balance, Weighted Average Grant Date Fair Value | $9.70 |
Granted, Weighted Average Grant Date Fair Value | $13.95 |
Vested, Weighted Average Grant Date Fair Value | $0 |
Forfeited, Weighted Average Grant Date Fair Value | $10.07 |
Ending balance, Weighted Average Grant Date Fair Value | $9.71 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $9,487 | $10,600 |
Work-in-Progress | 1,250 | 765 |
Finished Goods | 7,229 | 7,372 |
Inventory, Gross | 17,966 | 18,737 |
Inventory Reserve | -3,478 | -3,155 |
Balance at March 2 | $14,488 | $15,582 |
Income_Taxes_Projected_Effecti
Income Taxes - Projected Effective Tax Rate for Periods (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates for income from continuing operations | 28.00% | 28.50% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $471,000 | $449,000 | |
Income tax expense (benefit) related to prior year's state taxes | 135,000 | 100,000 | |
Cumulative unrecognized tax benefits | 633,000 | 707,000 | |
Developments affecting unrecognized tax benefits | $0 |
Note_Receivable_and_Line_of_Cr1
Note Receivable and Line of Credit Issued - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Jan. 30, 2012 | 2-May-15 | Jan. 30, 2012 | |
Installment | |||
Debt Disclosure [Abstract] | |||
Net sale price | $1,000,000 | ||
Promissory note interest rate | 3.75% | ||
Interest commencement date | 30-Jan-13 | ||
Interest installments | 16 | ||
Promissory note outstanding | 375,000 | ||
Revolving line of credit issued maximum | 600,000 | ||
Interest rate on outstanding credit balance | 2.00% | ||
Line of credit facility maturity date | 31-Jan-16 | ||
Extended revolving line of credit | $170,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
2-May-15 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
Segment_Information_Net_Sales_
Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Segment Reporting Information [Line Items] | ||
Net Sales | $22,206 | $20,774 |
Corporate Expenses | 7,582 | 6,936 |
Operating Income | 1,448 | 1,699 |
Other Income (Expense)-Net | 234 | -121 |
Income Before Income Taxes | 1,682 | 1,578 |
Income Tax Provision | 471 | 449 |
Net Income | 1,211 | 1,129 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 2,905 | 2,890 |
Operating Segments [Member] | QuickLabel [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 15,644 | 14,423 |
Operating Income | 1,977 | 2,198 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 6,562 | 6,351 |
Operating Income | 928 | 692 |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate Expenses | $1,457 | $1,191 |
Securities_Available_for_Sale_1
Securities Available for Sale - Additional Information (Detail) (USD $) | 3 Months Ended |
2-May-15 | |
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 | 21 months |
Securities_Available_for_Sale_2
Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 2-May-15 | Jan. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $15,837 | $15,174 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,841 | 15,150 |
Gross Unrealized Gains | 14 | 26 |
Gross Unrealized Losses | -18 | -2 |
Fair Value | $15,837 | $15,174 |
Fair_Value_Assets_Measured_at_
Fair Value - Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
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) | $2,409 | $3,028 |
State and Municipal Obligations (included in Securities Available for Sale) | 15,837 | 15,174 |
Total | 18,246 | 18,202 |
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) | 2,409 | 3,028 |
Total | 2,409 | 3,028 |
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) | 15,837 | 15,174 |
Total | $15,837 | $15,174 |
Fair_Value_Fair_Value_Measurem
Fair Value - Fair Value Measurements of Assets on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], Level 2 [Member], USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Held for Sale | $1,900 | $1,900 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Write-down of Asset Held for Sale | $220,000 | $779,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in the Balance of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Schedule of Capitalization, Equity [Line Items] | |||
Beginning Balance | ($699) | ($699) | |
Other comprehensive income (loss) | -10 | 89 | |
Ending Balance | -709 | -699 | |
Foreign Currency Translation Adjustments [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning Balance | -714 | ||
Other comprehensive income (loss) | 8 | ||
Ending Balance | -706 | ||
Unrealized Holding Gain on Available for Sale Securities [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning Balance | 15 | ||
Other comprehensive income (loss) | -18 | ||
Ending Balance | ($3) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2014 | 2-May-15 | 4-May-13 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Estimated replacement cost | $672,000 | ||
Replacement cost charged against reserve | 338,000 | ||
Other accrued expenses | 334,000 | ||
Amount received from supplier for recovery | $450,000 | ||
Lower product prices period | Through fiscal 2017 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 3 Months Ended |
2-May-15 | |
Line of Credit Facility [Line Items] | |
Revolving line of credit | $10,000,000 |
Agreement term | 3 years |
Line of credit, interest rate description | Any borrowings made under this line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company's funded debt to EBITDA ratio as defined in the agreement. |
Borrowings against new line of credit | $0 |
Fixed Charge Coverage Ratio | 3 |
Funded debt to adjusted EBITDA ratio | 1.25 |
London Interbank Offered Rate (LIBOR) [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 1.50% |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 0.00% |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 2.25% |
Federal Funds Effective Swap Rate [Member] | |
Line of Credit Facility [Line Items] | |
Percentage above rate | 1.50% |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], 2015 Equity Incentive Plan [Member]) | 20-May-15 |
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | |
Subsequent Event [Line Items] | |
Number of shares authorized for issuance | 500,000 |