Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Mar. 24, 2016 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ALOT | ||
Entity Registrant Name | ASTRO MED INC /NEW/ | ||
Entity Central Index Key | 8,146 | ||
Current Fiscal Year End Date | --01-31 | ||
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 | 7,388,048 | ||
Entity Public Float | $ 73,014,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 10,043 | $ 7,958 |
Securities Available for Sale | 10,376 | 15,174 |
Accounts Receivable, net of reserves of $404 in 2016 and $343 in 2015 | 15,325 | 14,107 |
Inventories | 14,890 | 15,582 |
Line of Credit Receivable | 150 | 173 |
Note Receivable | 191 | 255 |
Asset Held for Sale | 1,900 | |
Prepaid Expenses and Other Current Assets | 3,539 | 4,140 |
Total Current Assets | 54,514 | 59,289 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land and Improvements | 967 | 904 |
Buildings and Improvements | 11,350 | 10,551 |
Machinery and Equipment | 27,396 | 25,368 |
Total Property, Plant and Equipment , gross | 39,713 | 36,823 |
Less Accumulated Depreciation | (29,906) | (28,444) |
Total Property, Plant and Equipment, net | 9,807 | 8,379 |
OTHER ASSETS | ||
Note Receivable | 256 | |
Deferred Tax Assets | 3,049 | 2,629 |
Identifiable Intangibles, net | 5,980 | 2,698 |
Goodwill | 4,521 | 991 |
Other | 92 | 88 |
Total Other Assets | 13,642 | 6,662 |
TOTAL ASSETS | 77,963 | 74,330 |
CURRENT LIABILITIES | ||
Accounts Payable | 3,192 | 3,155 |
Accrued Compensation | 3,436 | 3,302 |
Other Accrued Expenses | 2,209 | 2,343 |
Deferred Revenue | 529 | 621 |
Income Taxes Payable | 182 | 148 |
Total Current Liabilities | 9,548 | 9,569 |
Deferred Tax Liabilities | 78 | 83 |
Other Long Term Liabilities | 964 | 1,167 |
TOTAL LIABILITIES | $ 10,590 | $ 10,819 |
Commitments and Contingencies(See Note 19) | ||
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 9,666,290 shares in 2016 and 9,544,864 shares in 2015 | $ 483 | $ 477 |
Additional Paid-in Capital | 45,675 | 43,600 |
Retained Earnings | 42,212 | 39,735 |
Treasury Stock, at Cost, 2,323,545 shares in 2016 and 2,293,606 shares in 2015 | (20,022) | (19,602) |
Accumulated Other Comprehensive Loss, Net of Tax | (975) | (699) |
Total Shareholders' Equity | 67,373 | 63,511 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 77,963 | $ 74,330 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Reserves | $ 404 | $ 343 |
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 | 9,666,290 | 9,544,864 |
Treasury Stock, Shares | 2,323,545 | 2,293,606 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | ||
Net Sales | $ 94,658 | $ 88,347 |
Cost of Sales | 56,500 | 51,370 |
Gross Profit | 38,158 | 36,977 |
Costs and Expenses: | ||
Selling and Marketing | 18,249 | 18,289 |
Research and Development | 6,945 | 5,802 |
General and Administrative | 7,030 | 5,655 |
Operating Expenses | 32,224 | 29,746 |
Operating Income | 5,934 | 7,231 |
Other Income (Expense): | ||
Investment Income | 72 | 81 |
Other, Net | 903 | (380) |
Other Income (Expense) | 975 | (299) |
Income before Income Taxes | 6,909 | 6,932 |
Income Tax Provision | 2,384 | 2,270 |
Net Income | $ 4,525 | $ 4,662 |
Net Income Per Common Share-Basic | $ 0.62 | $ 0.61 |
Net Income Per Common Share-Diluted | $ 0.61 | $ 0.60 |
Weighted Average Number of Common Shares Outstanding-Basic | 7,288 | 7,612 |
Dilutive Effect of Common Stock Equivalents | 183 | 222 |
Weighted Average Number of Common Shares Outstanding-Diluted | 7,471 | 7,834 |
Dividends Declared Per Common Share | $ 0.28 | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,525 | $ 4,662 |
Other Comprehensive Loss, net of taxes and reclassification adjustments: | ||
Foreign currency translation adjustments | (269) | (866) |
Unrealized loss on securities available for sale | (7) | (9) |
Net Other Comprehensive Loss | (276) | (875) |
Comprehensive Income | $ 4,249 | $ 3,787 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Feb. 01, 2014 | $ 66,614 | $ 465 | $ 41,235 | $ 37,201 | $ (12,463) | $ 176 |
Beginning Balance, Shares at Feb. 01, 2014 | 9,291,225 | |||||
Share-based compensation | 511 | 511 | ||||
Employee option exercises | 1,009 | $ 11 | 1,887 | (889) | ||
Employee option exercises, Shares | 227,512 | |||||
Tax benefit of employee stock options | 107 | 107 | ||||
Restricted stock awards vested, net | (139) | $ 1 | (140) | |||
Restricted stock awards vested, net, Shares | 26,127 | |||||
Repurchases of common stock | (6,250) | (6,250) | ||||
Dividends paid | (2,128) | (2,128) | ||||
Net income | 4,662 | 4,662 | ||||
Other comprehensive loss | (875) | (875) | ||||
Ending Balance at Jan. 31, 2015 | 63,511 | $ 477 | 43,600 | 39,735 | (19,602) | (699) |
Ending Balance, Shares at Jan. 31, 2015 | 9,544,864 | |||||
Share-based compensation | 1,209 | 1,209 | ||||
Employee option exercises | $ 436 | $ 5 | 802 | (371) | ||
Employee option exercises, Shares | 93,344 | 98,734 | ||||
Tax benefit of employee stock options | $ 65 | 65 | ||||
Restricted stock awards vested, net | (49) | $ 1 | (1) | (49) | ||
Restricted stock awards vested, net, Shares | 22,692 | |||||
Repurchases of common stock | (6,250) | |||||
Dividends paid | (2,048) | (2,048) | ||||
Net income | 4,525 | 4,525 | ||||
Other comprehensive loss | (276) | (276) | ||||
Ending Balance at Jan. 31, 2016 | $ 67,373 | $ 483 | $ 45,675 | $ 42,212 | $ (20,022) | $ (975) |
Ending Balance, Shares at Jan. 31, 2016 | 9,666,290 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 4,525 | $ 4,662 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||
Depreciation and Amortization | 2,065 | 2,063 |
Share-Based Compensation | 1,209 | 511 |
Deferred Income Tax Benefit | (422) | (636) |
Excess Tax Benefit From Share-Based Compensation | (65) | (107) |
Write-down of Asset Held for Sale | 220 | |
Changes in Assets and Liabilities, Net of Impact of Acquisitions: | ||
Accounts Receivable | (1,285) | (2,741) |
Inventories | 600 | (404) |
Accounts Payable and Accrued Expenses | 151 | 810 |
Income Taxes Payable | 412 | (1,747) |
Other | 537 | (1,140) |
Net Cash Provided by Operating Activities | 7,727 | 1,491 |
Cash Flows from Investing Activities: | ||
Proceeds from Sales/Maturities of Securities Available for Sale | 9,978 | 12,885 |
Purchases of Securities Available for Sale | (5,192) | (9,306) |
Acquisition of RITEC's Aerospace Printer Business | (7,360) | |
Net Proceeds Received for Sale of Asset Held for Sale | 1,698 | |
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 | 395 | 258 |
Additions to Property, Plant and Equipment | (3,061) | (2,247) |
Net Cash Provided (Used) by Investing Activities | (3,542) | 5,745 |
Cash Flows from Financing Activities: | ||
Net Proceeds from Common Shares Issued Under Employee Benefit Plans and Employee Stock Option Plans, Net of Payment of Minimum Tax Withholdings | 387 | 870 |
Purchase of Treasury Stock | (6,250) | |
Excess Tax Benefit from Share-Based Compensation | 65 | 107 |
Dividends Paid | (2,048) | (2,128) |
Net Cash Used in Financing Activities | (1,596) | (7,401) |
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents | (504) | (218) |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,085 | (383) |
Cash and Cash Equivalents, Beginning of Year | 7,958 | 8,341 |
Cash and Cash Equivalents, End of Year | 10,043 | 7,958 |
Supplemental Information: | ||
Income Taxes, Net of Refunds | $ 2,257 | $ 4,566 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation: Reclassification: Use of Estimates: Cash and Cash Equivalents: Securities Available for Sale: Inventories: Property, Plant and Equipment: Revenue Recognition: 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 has 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: Foreign Currency Translation: Advertising: Long-Lived Assets: Assets Held for Sale: ” Intangible Assets: Goodwill: We performed a qualitative assessment for our 2016 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 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: Allowance for Doubtful Accounts: Fair Value of Financial Instruments: 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 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: Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, “Leases (Topic 842).” ASU 2016-02 will supersede current guidance related to accounting for leases and is intended to increase transparency and comparability among organizations by requiring lessees to recognize assets and liabilities in the balance sheet for operating leases with lease terms greater than twelve months. The update also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (Q1 fiscal 2020 for Astro-Med), with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. The Company is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements. Income Taxes In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740).” ASU 2015-17 amended guidance applicable to the presentation of income taxes and requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. This amendment represents a change in accounting principle and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. As permitted by the standard, we adopted the new presentation retrospectively, beginning on February 1, 2014. As a result, all of the Company’s deferred taxes are presented as non-current in the accompanying consolidated balance sheets for the periods ended January 31, 2016 and 2015. Inventory In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330).” ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value instead of at lower of cost or market. This guidance does not apply to inventory that is measured using last-in, first out (LIFO) or the retail inventory method but applies to all other inventory including inventory measured using first-in, first-out (FIFO) or the average cost method. ASU 2015-11 will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years (Q1 fiscal 2018 for Astro-Med) and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. Astro-Med is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements. 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 (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. In August 2015, the FASB modified ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017 (Q1 fiscal 2019 for Astro-Med), including interim periods within that reporting period. As modified, the FASB permits the adoption of the new revenue standard early, but not before annual periods beginning after December 15, 2016. 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, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Note 2—Acquisition On June 19, 2015, Astro-Med completed the acquisition of the aerospace printer product line for civil and commercial aircraft from Rugged Information Technology Equipment Corporation (RITEC) under the terms of an Asset Purchase Agreement dated June 18, 2015. The products of RITEC consist of aerospace printers for use in commercial aircraft sold primarily to aircraft manufacturers, tier one contractors and directly to airlines around the world. Astro-Med’s aerospace printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. The Company began shipment of the RITEC products in the third quarter of fiscal 2016. The purchase price of the acquisition was $7,360,000 which was funded using available cash and investment securities. Of the $7,360,000 purchase price, $750,000 is being held in escrow for twelve months following the acquisition date to support an indemnity to the Company in the event of any breach in the representations, warranties or covenants of RITEC. The assets acquired consist principally of accounts receivables and certain intangible assets. Acquisition related costs of approximately $109,000 are included in the general and administrative expenses in the Company’s consolidated statements of income for fiscal year ended 2016. The acquisition was accounted for under the acquisition method in accordance with the guidance provided by FASB ASC 805, “Business Combinations.” Astro-Med also entered into a Transition Services Agreement, under which RITEC will provide transition services and continue to manufacture products in the acquired product line until the Company transitions the manufacturing to its West Warwick, Rhode Island facility, which the Company anticipates will occur in the second quarter of fiscal 2017. Upon expiration of the Transition Services Agreement, Astro-Med will purchase any inventory held by RITEC at its book value (net of reserves), which the Company estimates will be approximately $150,000. Also as part of the Asset Purchase Agreement, Astro-Med entered into a License Agreement, which grants RITEC certain rights to use the intellectual property acquired by the Company in the design, development, marketing, manufacture, sale and servicing of aerospace printers for aircraft sold to the military end-user market and printers sold to other non-aircraft market segments. RITEC will pay royalties equal to 7.5% of the sales price on all products sold into the military end-user aircraft market during the first five years of the License Agreement. The purchase price of the acquisition has been allocated on the basis of the fair value as follows: (In thousands) Accounts Receivable $ 50 Identifiable Intangible Assets 3,780 Goodwill 3,530 Total Purchase Price $ 7,360 The fair value of the intangible assets acquired was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and therefore, represent a Level 3 measurement as defined in ASC 820, “Fair Value Measurement and Disclosure.” Key assumptions include (1) a weighted average cost of capital of 15.5%; (2) a range of earnings projections from $110,000-$700,000 and (3) a range of contract renewal probability from 30%-100%. Goodwill of $3,530,000, 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 from RITEC. 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 Customer Contract Relationships $ 2,830 10 Non-Competition Agreement 950 5 Total $ 3,780 Assuming the acquisition of RITEC occurred on February 1, 2014, the impact on net sales, net income and earnings per share would not have been material to the Company for the years ended January 31, 2016 and 2015. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 3—Intangible Assets Intangible assets are as follows: January 31, 2016 January 31, 2015 (In thousands) Gross Accumulated Net Gross Accumulated Net Miltope: Customer Contract Relationships $ 3,100 $ (758 ) $ 2,342 $ 3,100 $ (402 ) $ 2,698 Backlog — — — 300 (300 ) — RITEC: Customer Contract Relationships 2,830 (31 ) 2,799 — — — Non-Competition Agreement 950 (111 ) 839 — — — Intangible assets, net $ 6,880 $ (900 ) $ 5,980 $ 3,400 $ (702 ) $ 2,698 There were no impairments to intangible assets during the periods ended January 31, 2016 and 2015. Amortization expense of $498,000 and $702,000 in regards to the above acquired intangibles has been included in the consolidated statements of income for years ended January 31, 2016 and 2015, respectively. Estimated amortization expense for the next five years is as follows: (In thousands) 2017 2018 2019 2020 2021 Estimated amortization expense $ 715 $ 774 $ 769 $ 803 $ 706 |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Jan. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Note 4—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 (In thousands) January 31, 2016 State and Municipal Obligations $ 10,363 $ 15 $ (2 ) $ 10,376 January 31, 2015 State and Municipal Obligations $ 15,150 $ 26 $ (2 ) $ 15,174 The contractual maturity dates of these securities are as follows: January 31 2016 2015 (In thousands) Less than one year $ 3,833 $ 9,470 One to three years 6,543 5,704 $ 10,376 $ 15,174 Actual maturities may differ from contractual dates as a result of sales or earlier issuer redemptions. |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5—Inventories The components of inventories are as follows: January 31 2016 2015 (In thousands) Materials and Supplies $ 10,197 $ 10,600 Work-in-Progress 1,025 765 Finished Goods 7,491 7,372 18,713 18,737 Inventory Reserve (3,823 ) (3,155 ) Balance at January 31 $ 14,890 $ 15,582 Included within finished goods inventory is $1,354,000 and $1,030,000 of demonstration equipment at January 31, 2016 and 2015, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 6—Accrued Expenses Accrued expenses consisted of the following: January 31 2016 2015 (In thousands) Warranty $ 400 $ 375 Product Replacement Cost Reserve 278 353 Professional Fees 328 256 Executive Retirement Package — 250 Dealer Commissions 221 163 Other 982 946 $ 2,209 $ 2,343 |
Line of Credit
Line of Credit | 12 Months Ended |
Jan. 31, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit | Note 7—Line of Credit Astro-Med has a $10 million revolving line of credit available to be used as needed for ongoing working capital requirements, business acquisitions or general corporate purposes. Any borrowings made under the 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 agreement provides 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 January 31, 2016, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants. Under the terms, the line of credit will expire on August 30, 2017. |
Note Receivable and Revolving L
Note Receivable and Revolving Line of Credit Receivable | 12 Months Ended |
Jan. 31, 2016 | |
Receivables [Abstract] | |
Note Receivable and Revolving Line of Credit Receivable | Note 8—Note Receivable and Revolving Line of Credit Receivable 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, 2016, $191,000 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, 2016). 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, 2016. As of January 31, 2016, $150,000 remains outstanding on this revolving line of credit. Subsequent to fiscal 2016 year-end, the agreement was amended to extend the term of the agreement through January 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 9—Accumulated Other Comprehensive Loss The changes in the balance of accumulated other comprehensive loss by component are as follows: (In thousands) Foreign Currency Unrealized Holding Gain (Loss) Total Balance at January 31, 2014 $ 152 $ 24 $ 176 Other Comprehensive Loss (866 ) (9 ) (875 ) Amounts Reclassified to Net Income — — — Net Other Comprehensive Loss (866 ) (9 ) (875) Balance at January 31, 2015 (714 ) 15 (699 ) Other Comprehensive Loss (269 ) (7 ) (276 ) Amounts Reclassified to Net Income — — — Net Other Comprehensive Loss (269 ) (7 ) (276 ) Balance at January 31, 2016 $ (983 ) $ 8 $ (975 ) The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German subsidiary. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | . Note 10—Shareholders’ Equity During fiscal 2016, 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, 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 2016 and 2015, certain of the Company’s employees delivered a total of 29,939 and 62,797 shares, respectively, of the Company’s common stock to satisfy the exercise price and related taxes for stock options exercised and restriction stock vesting. The shares delivered were valued at a total of $420,000 and $889,000, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2016 and 2015. These transactions did not impact the number of shares authorized for repurchase under the Company’s current repurchase program. As of January 31, 2016, the Company’s Board of Directors has authorized the purchase of up to an additional 390,000 shares of the Company’s common stock on the open market or in privately negotiated transactions. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 11—Share-Based Compensation Astro-Med maintains the following share-based compensation plans: Stock Plans: Astro-Med has two equity incentive plans – the 2007 Equity Incentive Plan (the “2007 Plan”) and the 2015 Equity Incentive Plan (the “2015 Plan”). Under these plans, the Company may grant incentive stock options, non-qualified stock options, stock appreciation rights, time or performance based restricted stock units (RSUs), restricted stock awards (RSAs), and other stock-based awards to executives, key employees, directors and other eligible individuals. At January 31, 2016, 106,347 shares were available for grant under the 2007 Plan, of which 100,000 are reserved for stock options that the Company is obligated to issue to its CEO in fiscal years 2017 and 2018 pursuant to an Equity Incentive Award Agreement dated as of November 24, 2014 (the “CEO Equity Incentive Agreement”). The 2007 Plan will expire in May 2017. The 2015 Plan was approved by the Company’s shareholders at the 2015 annual meeting. The 2015 Plan authorizes the issuance of up to 500,000 shares (subject to adjustment for stock dividends and stock splits) and will expire in May 2025. At January 31, 2016, 234,264 shares were available for grant under the 2015 Plan. Options granted to date to employees under both plans vest over four years and expire after ten years. The exercise price of each stock option is established at the discretion of the Compensation Committee; however, any incentive stock options granted under the 2007 plan, and all options granted under the 2015 Plan, must be at an exercise price of not less than the fair market value of the Company’s common stock on the date of grant. Under the plans, each non-employee director receives an automatic annual grant of ten-year options to purchase 5,000 shares of stock upon the adjournment of each shareholders meeting. Each such option is exercisable at the fair market value of the Company’s common stock as of the grant date, and vests immediately prior to the next succeeding shareholders’ meeting. During the second quarter of fiscal 2016, 25,000 options in total were granted to the non-employee directors. In addition to the automatic option grant, 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, the Chairman of the Board also receives an annual retainer of $6,000, and the Chairs of the Audit and Compensation Committees each receive an annual retainer of $4,000 (“Chair Retainer”). The non-employee directors 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 one of the Plans. 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 the Company’s common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer is fully vested upon issuance. 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 the Cash Retainer, shall no longer be subject to such restrictions on transfer. During fiscal 2016 and 2015, 2,947 and 2,649 shares, respectively, were awarded to non-employee directors in lieu of the Cash Retainer. 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 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. In March 2012 (fiscal year 2013), a portion of the Company’s executives’ 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 (fiscal year 2014), the Company granted options and RSUs to officers (“2014 RSUs”). The 2014 RSUs vest as follows: twenty-five percent vest on the third anniversary of the grant date, fifty percent vest upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent vest upon the Company 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 2014 RSUs until the first anniversary of the vesting date. On February 1, 2014, the Company accelerated the vesting of 4,166 of the 2014 RSUs held by Everett Pizzuti in connection with his retirement. In April 2016, 9,300 of the 2014 RSUs will vest based on the Company achieving the targeted average annual ORONA for the Measurement Period and another 9,300 will vest due to the third year anniversary date of the grant. In March 2015 (fiscal year 2016), the Company granted 50,000 options and 537 RSAs to its CEO pursuant to the CEO Equity Incentive Agreement, and 35,000 options to other key employees. The options and RSAs vest in four equal annual installments commencing on the first anniversary of the grant date. In May 2015 (fiscal year 2016), the Company granted an aggregate of 80,000 time-based and 155,000 performance-based RSUs (“2016 RSUs”) to certain officers of the Company. The time-based 2016 RSUs will vest in four equal annual installments commencing on the first anniversary of the grant date. The performance-based 2016 RSUs will vest over three years based upon the increase in net sales, if any, achieved each fiscal year relative to a three-year net sales increase goal. Performance-based 2016 RSUs that are earned based on organic revenue growth will be fully vested when earned, while those earned based on revenue growth via acquisitions will vest annually over a three-year period following the fiscal year in which the revenue growth occurs. Any performance-based 2016 RSUs that have not been earned at the end of the three-year performance period will be forfeited. The expense for such shares is recognized in the fiscal year in which the results are achieved, however, the shares are not fully earned until approved by the Compensation Committee in the first quarter of the following fiscal year. Based upon revenue in fiscal 2016, 15,810 of the performance based 2016 RSUs will be earned in the first quarter of fiscal 2017. Share-Based Compensation: Share-based compensation expense has been recognized as follows: Years Ended January 31 2016 2015 (In thousands) Stock Options $ 286 $ 234 Restricted Stock Awards and Restricted Stock Units 912 270 Employee Stock Purchase Plan 11 7 Total $ 1,209 $ 511 Stock Options: Aggregated information regarding stock options granted under the plans during the year ended January 31, 2016 is summarized below: Number Option Price Weighted- Options Outstanding, January 31, 2015 656,011 $ 5.78-14.20 $ 10.01 Options Granted 115,000 $ 13.31-14.05 $ 13.95 Options Exercised (93,344 ) $ 6.22-11.90 $ 7.95 Options Forfeited (5,550 ) $ 8.09-14.20 $ 12.75 Options Cancelled (14,181 ) $ 6.22-14.20 $ 8.82 Options Outstanding, January 31, 2016 657,936 $ 5.78-14.20 $ 11.00 Options Exercisable, January 31, 2016 405,823 $ 5.78-14.20 $ 9.67 Set forth below is a summary of options outstanding at January 31, 2016: Outstanding Exercisable Range of Exercise prices Options Weighted-Average Remaining Options Weighted-Average $5.78-8.95 253,036 $ 7.79 4.9 226,948 $ 7.76 $9.81-14.20 404,900 $ 13.01 6.9 178,875 $ 12.10 657,936 405,823 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 2016 2015 Risk-Free Interest Rate 1.58% 1.58% Expected Life (years) 5 5 Expected Volatility 22.68% 26.46% Expected Dividend Yield 1.98% 1.98% The weighted-average estimated fair value of options granted during fiscal 2016 and 2015 was $2.43 and $2.85, respectively. As of January 31, 2016, there was $437,000 of unrecognized compensation expense related to the unvested stock options granted under the plans. This expense is expected to be recognized over a weighted-average As of January 31, 2016, the aggregate intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock on January 31, 2016, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $2,442,000 for all exercisable options and $3,083,000 for all options outstanding. The weighted average remaining contractual term for these options was 6.1 years. The total aggregate intrinsic value of options exercised during fiscal 2016 and 2015 was $553,000 and $1,149,000, 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 Outstanding at January 31, 2015 72,245 $ 9.70 Granted 246,335 14.05 Vested (22,692 ) 14.02 Expired or canceled (2,800 ) 10.07 Outstanding at January 31, 2016 293,088 $ 13.02 As of January 31, 2016, there was $1,277,000 of unrecognized compensation expense related to unvested RSUs and RSAs. This expense is expected to be recognized over a weighted average period of 2.7 years. 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 2016 2015 Shares Reserved, Beginning 57,005 60,242 Shares Purchased (5,405 ) (3,237 ) Shares Reserved, Ending 51,600 57,005 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12—Income Taxes The components of income before income taxes are as follows: Years Ended 2016 2015 (In thousands) Domestic $ 5,982 $ 5,401 Foreign 927 1,531 $ 6,909 $ 6,932 The components of the provision for income taxes are as follows: Years Ended 2016 2015 (In thousands) Current: Federal $ 1,930 $ 1,666 State 470 466 Foreign 276 535 2,676 2,667 Deferred: Federal $ (402 ) $ (290 ) State 126 (107 ) Foreign (16 ) — (292 ) (397 ) $ 2,384 $ 2,270 The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate of 34% in both fiscal 2016 and 2015 to income before income taxes due to the following: Years Ended 2016 2015 (In thousands) Income Tax Provision at Statutory Rate $ 2,349 $ 2,357 State Taxes, Net of Federal Tax Effect 277 233 Change in Valuation Allowance 116 — Change in Reserves Related to ASC 740 Liability (67 ) 23 Meals and Entertainment 38 41 Domestic Production Deduction (134 ) (164 ) Share-Based Compensation 21 (25 ) Tax-Exempt Income (23 ) (24 ) R&D Credits (176 ) (135 ) Foreign Rate Differential (65 ) (56 ) Other Permanent Differences and Miscellaneous, Net 48 20 $ 2,384 $ 2,270 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 2016 2015 (In thousands) Deferred Tax Assets: Inventory $ 1,948 $ 1,666 Share-Based Compensation 830 572 State R&D Credits 583 371 Compensation Accrual 346 417 ASC 740 Liability Federal Benefit 237 304 Deferred Service Contract Revenue 200 235 Warranty Reserve 149 140 Reserve for Doubtful Accounts 140 116 Foreign Tax Credit 426 356 Currency Translation Adjustment 36 — Other 207 298 5,102 4,475 Deferred Tax Liabilities: Accumulated Tax Depreciation in Excess of Book Depreciation 1,355 766 Deferred Gain on Asset Held for Sale 76 785 Currency Translation Adjustment — 36 Other 117 87 1,548 1,674 Subtotal 3,554 2,801 Valuation Allowance (583 ) (255 ) Net Deferred Tax Assets $ 2,971 $ 2,546 The valuation allowance at January 31, 2016 relates to state research and development tax credit carryforwards which are expected to expire unused. The change in the valuation allowance in 2016 was an increase of approximately $328,000 due to the generation of research and development credits during the current year and a decision to fully reserve for the state tax benefits of all R&D tax credits, net of federal benefit. 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 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: 2016 2015 (In thousands) Balance at February 1 $ 707 $ 715 Increases in prior period tax positions — — Increases in current period tax positions 49 87 Reductions related to lapse of statute of limitations (165 ) (95 ) Balance at January 31 $ 591 $ 707 If the $591,000 is recognized, $354,000 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 2016 and 2015, the Company recognized a benefit of $87,000 and an expense of $43,000, respectively, related to change in interest and penalties, which are included as a component of income tax expense in the accompanying statements of income. At January 31, 2016 and 2015, the Company had accrued potential interest and penalties of $373,000 and $460,000, 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 fiscal year ended January 2013. At January 31, 2016, the Company has indefinitely reinvested $4,207,000 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, 2016, 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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations | Note 13—Contractual Obligations The following table summarizes our contractual obligations: Total 2017 2018 2019 2020 2021 (In thousands) Purchase Commitments* $ 22,225 $ 22,123 $ 28 $ 4 $ 70 $ — Operating Lease Obligations 668 300 251 103 14 — $ 22,893 $ 22,423 $ 279 $ 107 $ 84 $ — * Purchase commitments consist 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 $567,000 and $614,000 for the fiscal years 2016 and 2015, respectively. |
Nature of Operations, Segment R
Nature of Operations, Segment Reporting and Geographical Information | 12 Months Ended |
Jan. 31, 2016 | |
Segment Reporting [Abstract] | |
Nature of Operations, Segment Reporting and Geographical Information | Note 14—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 and 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 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 June 19, 2015, Astro-Med completed the asset purchase of the aerospace printer product line from RITEC. Astro-Med’s aerospace printer product line is part of the T&M product group and is reported as part of the T&M segment. The Company began shipment of the RITEC products in the third quarter of the current fiscal year. Refer to Note 2, “Acquisition,” 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 % 2016 2015 2016 2015 2016 2015 QuickLabel $ 67,127 $ 59,779 $ 9,300 $ 7,259 13.9 % 12.1 % T&M 27,531 28,568 3,664 5,627 13.3 % 19.7 % Total $ 94,658 $ 88,347 12,964 12,886 13.7 % 14.6 % Corporate Expenses 7,030 5,655 Operating Income 5,934 7,231 Other Income (Expense) 975 (299 ) Income before Income Taxes 6,909 6,932 Income Tax Provision 2,384 2,270 Net Income $ 4,525 $ 4,662 No customer accounted for greater than 10% of net sales in fiscal 2016 and 2015. Other information by segment is presented below: (In thousands) Assets 2016 2015 QuickLabel $ 27,143 $ 24,874 T&M 28,570 22,323 Corporate* 22,250 27,133 Total $ 77,963 $ 74,330 * Corporate assets consist principally of cash and cash equivalents, securities available for sale, and building held for sale (In thousands) Depreciation and Capital Expenditures 2016 2015 2016 2015 QuickLabel $ 690 $ 678 $ 2,284 $ 1,408 T&M 1,375 1,385 777 839 Total $ 2,065 $ 2,063 $ 3,061 $ 2,247 Geographical Data Presented below is selected financial information by geographic area: (In thousands) Net Sales Long-Lived Assets* 2016 2015 2016 2015 United States $ 68,316 $ 61,494 $ 15,290 $ 10,422 Europe 16,830 18,181 290 383 Canada 4,487 3,934 207 272 Asia 1,741 1,408 — — Central and South America 2,436 1,919 — — Other 848 1,411 — — Total $ 94,658 $ 88,347 $ 15,787 $ 11,077 * Long-lived assets excludes goodwill assigned to the T&M segment of $4.5 million and $1.0 million at January 31, 2016 and 2015, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Note 15—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 did not make a contribution to the ESOP in fiscal 2016. The Company’s contribution amounted to $100,000 in fiscal 2015 and was 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 $306,000 and $294,000 in fiscal 2016 and 2015, respectively. |
Product Warranty Liability
Product Warranty Liability | 12 Months Ended |
Jan. 31, 2016 | |
Guarantees [Abstract] | |
Product Warranty Liability | Note 16—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, which is included in other accrued expenses in the accompanying consolidated balance sheet, is as follows: January 31 2016 2015 (In thousands) Balance, beginning of the year $ 375 $ 355 Warranties issued 887 546 Settlements made (862 ) (526 ) Balance, end of the year $ 400 $ 375 |
Product Replacement Costs
Product Replacement Costs | 12 Months Ended |
Jan. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Product Replacement Costs | Note 17—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. As of January 31, 2016, the Company had expended $394,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $278,000 is included in other accrued expenses in the accompanying consolidated balance sheet as of January 31, 2016. 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. 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, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 18—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, 2016 and 2015, one vendor accounted for 23.7% and 21.9% of purchases, and 16.7% and 55.1% of accounts payable, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 19—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; and 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, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 20—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, 2016 Level 1 Level 2 Level 3 Total (In thousands) Money market funds (included in cash and cash equivalents) $ 4,340 $ – $ – $ 4,340 State and municipal obligations (included in securities available for sale) – 10,376 – 10,376 Total $ 4,340 $ 10,376 $ – $ 14,716 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 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 similar assets. Non-financial assets such as goodwill, intangible assets, and property, plant and equipment are required to be measured at fair value only when an impairment loss is recognized. The Company did not record an impairment loss related to these assets during the period ended January 31, 2016. 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 $ – Asset held for sale consisted of Astro-Med’s former Grass facility in Rockland, Massachusetts which was being actively marketed for sale at January 31, 2015. 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 recorded an impairment charge of $220,000 in fiscal 2015. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. The Company estimated the fair value of the Rockland facility using the market values for similar properties less the cost to sell. On October 29, 2015, the Company completed the sale of this facility for $1,800,000 in cash. The net cash proceeds received of $1,698,000 reflect closing costs and broker fees previously accrued. After considering reserved amounts, the net loss on the sale of $3,000 was recognized in the consolidated income statement for the period ended January 31, 2016. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jan. 31, 2016 | |
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 Allowance for Doubtful Accounts(1): (In thousands) Year Ended January 31, 2016 $ 343 $ 112 $ (51 ) $ 404 2015 $ 370 $ 60 $ (87 ) $ 343 (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 Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation: |
Reclassification | Reclassification: |
Use of Estimates | Use of Estimates: |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Securities Available for Sale | Securities Available for Sale: |
Inventories | Inventories: Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. |
Property, Plant and Equipment | Property, Plant and Equipment: |
Revenue Recognition | Revenue Recognition: 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 has 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: |
Foreign Currency Translation | Foreign Currency Translation: |
Advertising | Advertising: |
Long-Lived Assets and Assets Held for Sale | Long-Lived Assets: Assets Held for Sale: ” |
Intangible Assets | Intangible Assets: |
Goodwill | Goodwill: We performed a qualitative assessment for our 2016 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 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 | Net Income Per Common Share: |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: 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 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: Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, “Leases (Topic 842).” ASU 2016-02 will supersede current guidance related to accounting for leases and is intended to increase transparency and comparability among organizations by requiring lessees to recognize assets and liabilities in the balance sheet for operating leases with lease terms greater than twelve months. The update also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (Q1 fiscal 2020 for Astro-Med), with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. The Company is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements. Income Taxes In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740).” ASU 2015-17 amended guidance applicable to the presentation of income taxes and requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. This amendment represents a change in accounting principle and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. As permitted by the standard, we adopted the new presentation retrospectively, beginning on February 1, 2014. As a result, all of the Company’s deferred taxes are presented as non-current in the accompanying consolidated balance sheets for the periods ended January 31, 2016 and 2015. Inventory In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330).” ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value instead of at lower of cost or market. This guidance does not apply to inventory that is measured using last-in, first out (LIFO) or the retail inventory method but applies to all other inventory including inventory measured using first-in, first-out (FIFO) or the average cost method. ASU 2015-11 will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years (Q1 fiscal 2018 for Astro-Med) and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. Astro-Med is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements. 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 (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. In August 2015, the FASB modified ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017 (Q1 fiscal 2019 for Astro-Med), including interim periods within that reporting period. As modified, the FASB permits the adoption of the new revenue standard early, but not before annual periods beginning after December 15, 2016. 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) - RITEC [Member] | 12 Months Ended |
Jan. 31, 2016 | |
Purchase Price of Acquisition Allocated on Basis of Fair Value | The purchase price of the acquisition has been allocated on the basis of the fair value as follows: (In thousands) Accounts Receivable $ 50 Identifiable Intangible Assets 3,780 Goodwill 3,530 Total Purchase Price $ 7,360 |
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 Customer Contract Relationships $ 2,830 10 Non-Competition Agreement 950 5 Total $ 3,780 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: January 31, 2016 January 31, 2015 (In thousands) Gross Accumulated Net Gross Accumulated Net Miltope: Customer Contract Relationships $ 3,100 $ (758 ) $ 2,342 $ 3,100 $ (402 ) $ 2,698 Backlog — — — 300 (300 ) — RITEC: Customer Contract Relationships 2,830 (31 ) 2,799 — — — Non-Competition Agreement 950 (111 ) 839 — — — Intangible assets, net $ 6,880 $ (900 ) $ 5,980 $ 3,400 $ (702 ) $ 2,698 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five years is as follows: (In thousands) 2017 2018 2019 2020 2021 Estimated amortization expense $ 715 $ 774 $ 769 $ 803 $ 706 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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 (In thousands) January 31, 2016 State and Municipal Obligations $ 10,363 $ 15 $ (2 ) $ 10,376 January 31, 2015 State and Municipal Obligations $ 15,150 $ 26 $ (2 ) $ 15,174 |
Contractual Maturity Dates of Securities | The contractual maturity dates of these securities are as follows: January 31 2016 2015 (In thousands) Less than one year $ 3,833 $ 9,470 One to three years 6,543 5,704 $ 10,376 $ 15,174 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: January 31 2016 2015 (In thousands) Materials and Supplies $ 10,197 $ 10,600 Work-in-Progress 1,025 765 Finished Goods 7,491 7,372 18,713 18,737 Inventory Reserve (3,823 ) (3,155 ) Balance at January 31 $ 14,890 $ 15,582 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consisted of the following: January 31 2016 2015 (In thousands) Warranty $ 400 $ 375 Product Replacement Cost Reserve 278 353 Professional Fees 328 256 Executive Retirement Package — 250 Dealer Commissions 221 163 Other 982 946 $ 2,209 $ 2,343 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Changes in Balance of Accumulated Other Comprehensive (Loss) | The changes in the balance of accumulated other comprehensive loss by component are as follows: (In thousands) Foreign Currency Unrealized Holding Gain (Loss) Total Balance at January 31, 2014 $ 152 $ 24 $ 176 Other Comprehensive Loss (866 ) (9 ) (875 ) Amounts Reclassified to Net Income — — — Net Other Comprehensive Loss (866 ) (9 ) (875) Balance at January 31, 2015 (714 ) 15 (699 ) Other Comprehensive Loss (269 ) (7 ) (276 ) Amounts Reclassified to Net Income — — — Net Other Comprehensive Loss (269 ) (7 ) (276 ) Balance at January 31, 2016 $ (983 ) $ 8 $ (975 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Expense | Share-based compensation expense has been recognized as follows: Years Ended January 31 2016 2015 (In thousands) Stock Options $ 286 $ 234 Restricted Stock Awards and Restricted Stock Units 912 270 Employee Stock Purchase Plan 11 7 Total $ 1,209 $ 511 |
Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the plans during the year ended January 31, 2016 is summarized below: Number Option Price Weighted- Options Outstanding, January 31, 2015 656,011 $ 5.78-14.20 $ 10.01 Options Granted 115,000 $ 13.31-14.05 $ 13.95 Options Exercised (93,344 ) $ 6.22-11.90 $ 7.95 Options Forfeited (5,550 ) $ 8.09-14.20 $ 12.75 Options Cancelled (14,181 ) $ 6.22-14.20 $ 8.82 Options Outstanding, January 31, 2016 657,936 $ 5.78-14.20 $ 11.00 Options Exercisable, January 31, 2016 405,823 $ 5.78-14.20 $ 9.67 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at January 31, 2016: Outstanding Exercisable Range of Exercise prices Options Weighted-Average Remaining Options Weighted-Average $5.78-8.95 253,036 $ 7.79 4.9 226,948 $ 7.76 $9.81-14.20 404,900 $ 13.01 6.9 178,875 $ 12.10 657,936 405,823 |
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 2016 2015 Risk-Free Interest Rate 1.58% 1.58% Expected Life (years) 5 5 Expected Volatility 22.68% 26.46% Expected Dividend Yield 1.98% 1.98% |
Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below: RSAs & RSUs Weighted-Average Outstanding at January 31, 2015 72,245 $ 9.70 Granted 246,335 14.05 Vested (22,692 ) 14.02 Expired or canceled (2,800 ) 10.07 Outstanding at January 31, 2016 293,088 $ 13.02 |
Summarized Plan Activity | Summarized plan activity is as follows: Years Ended January 31 2016 2015 Shares Reserved, Beginning 57,005 60,242 Shares Purchased (5,405 ) (3,237 ) Shares Reserved, Ending 51,600 57,005 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes | The components of income before income taxes are as follows: Years Ended 2016 2015 (In thousands) Domestic $ 5,982 $ 5,401 Foreign 927 1,531 $ 6,909 $ 6,932 |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows: Years Ended 2016 2015 (In thousands) Current: Federal $ 1,930 $ 1,666 State 470 466 Foreign 276 535 2,676 2,667 Deferred: Federal $ (402 ) $ (290 ) State 126 (107 ) Foreign (16 ) — (292 ) (397 ) $ 2,384 $ 2,270 |
Components of Difference Between Provision for Income Taxes and Amount Computed by Applying Statutory Federal Income Tax Rate | The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate of 34% in both fiscal 2016 and 2015 to income before income taxes due to the following: Years Ended 2016 2015 (In thousands) Income Tax Provision at Statutory Rate $ 2,349 $ 2,357 State Taxes, Net of Federal Tax Effect 277 233 Change in Valuation Allowance 116 — Change in Reserves Related to ASC 740 Liability (67 ) 23 Meals and Entertainment 38 41 Domestic Production Deduction (134 ) (164 ) Share-Based Compensation 21 (25 ) Tax-Exempt Income (23 ) (24 ) R&D Credits (176 ) (135 ) Foreign Rate Differential (65 ) (56 ) Other Permanent Differences and Miscellaneous, Net 48 20 $ 2,384 $ 2,270 |
Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities | 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 2016 2015 (In thousands) Deferred Tax Assets: Inventory $ 1,948 $ 1,666 Share-Based Compensation 830 572 State R&D Credits 583 371 Compensation Accrual 346 417 ASC 740 Liability Federal Benefit 237 304 Deferred Service Contract Revenue 200 235 Warranty Reserve 149 140 Reserve for Doubtful Accounts 140 116 Foreign Tax Credit 426 356 Currency Translation Adjustment 36 — Other 207 298 5,102 4,475 Deferred Tax Liabilities: Accumulated Tax Depreciation in Excess of Book Depreciation 1,355 766 Deferred Gain on Asset Held for Sale 76 785 Currency Translation Adjustment — 36 Other 117 87 1,548 1,674 Subtotal 3,554 2,801 Valuation Allowance (583 ) (255 ) Net Deferred Tax Assets $ 2,971 $ 2,546 |
Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties | The changes in the balance of unrecognized tax benefits, excluding interest and penalties are as follows: 2016 2015 (In thousands) Balance at February 1 $ 707 $ 715 Increases in prior period tax positions — — Increases in current period tax positions 49 87 Reductions related to lapse of statute of limitations (165 ) (95 ) Balance at January 31 $ 591 $ 707 |
Contractual Obligations (Tables
Contractual Obligations (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Obligations | The following table summarizes our contractual obligations: Total 2017 2018 2019 2020 2021 (In thousands) Purchase Commitments* $ 22,225 $ 22,123 $ 28 $ 4 $ 70 $ — Operating Lease Obligations 668 300 251 103 14 — $ 22,893 $ 22,423 $ 279 $ 107 $ 84 $ — * Purchase commitments consist primarily of inventory and equipment purchase orders made in the ordinary course of business. |
Nature of Operations, Segment39
Nature of Operations, Segment Reporting and Geographical Information (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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 % 2016 2015 2016 2015 2016 2015 QuickLabel $ 67,127 $ 59,779 $ 9,300 $ 7,259 13.9 % 12.1 % T&M 27,531 28,568 3,664 5,627 13.3 % 19.7 % Total $ 94,658 $ 88,347 12,964 12,886 13.7 % 14.6 % Corporate Expenses 7,030 5,655 Operating Income 5,934 7,231 Other Income (Expense) 975 (299 ) Income before Income Taxes 6,909 6,932 Income Tax Provision 2,384 2,270 Net Income $ 4,525 $ 4,662 |
Summary of Other Information by Segment | Other information by segment is presented below: (In thousands) Assets 2016 2015 QuickLabel $ 27,143 $ 24,874 T&M 28,570 22,323 Corporate* 22,250 27,133 Total $ 77,963 $ 74,330 * Corporate assets consist principally of cash and cash equivalents, securities available for sale, and building held for sale (In thousands) Depreciation and Capital Expenditures 2016 2015 2016 2015 QuickLabel $ 690 $ 678 $ 2,284 $ 1,408 T&M 1,375 1,385 777 839 Total $ 2,065 $ 2,063 $ 3,061 $ 2,247 |
Summary of Selected Financial Information by Geographic Area | Presented below is selected financial information by geographic area: (In thousands) Net Sales Long-Lived Assets* 2016 2015 2016 2015 United States $ 68,316 $ 61,494 $ 15,290 $ 10,422 Europe 16,830 18,181 290 383 Canada 4,487 3,934 207 272 Asia 1,741 1,408 — — Central and South America 2,436 1,919 — — Other 848 1,411 — — Total $ 94,658 $ 88,347 $ 15,787 $ 11,077 * Long-lived assets excludes goodwill assigned to the T&M segment of $4.5 million and $1.0 million at January 31, 2016 and 2015, respectively. |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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, which is included in other accrued expenses in the accompanying consolidated balance sheet, is as follows: January 31 2016 2015 (In thousands) Balance, beginning of the year $ 375 $ 355 Warranties issued 887 546 Settlements made (862 ) (526 ) Balance, end of the year $ 400 $ 375 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 Level 1 Level 2 Level 3 Total (In thousands) Money market funds (included in cash and cash equivalents) $ 4,340 $ – $ – $ 4,340 State and municipal obligations (included in securities available for sale) – 10,376 – 10,376 Total $ 4,340 $ 10,376 $ – $ 14,716 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 |
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 $ – |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
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 | $ 2,959,000 | $ 2,995,000 |
Depreciation expense | 1,567,000 | 1,361,000 |
Net foreign exchange losses | 323,000 | 219,000 |
Advertising expense | 1,058,000 | 1,717,000 |
Impairment charges for long-lived assets | 0 | 0 |
Impairment charges for intangible assets | $ 0 | $ 0 |
Number of common equivalent shares | 425,200 | 156,600 |
Compensation expenses is recognized for option forfeited | $ 0 | |
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 Inform
Acquisition - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Purchase price of the acquisition | $ 7,360,000 |
Fair value assumptions, Weighted average cost of capital | 15.50% |
Fair value key assumptions | Key assumptions include (1) a weighted average cost of capital of 15.5%; (2) a range of earnings projections from $110,000-$700,000 and (3) a range of contract renewal probability from 30%-100%. |
Minimum [Member] | |
Business Acquisition [Line Items] | |
Fair value assumptions, Earnings projections | $ 110,000 |
Fair value assumptions, Contract renewal probability | 30.00% |
Maximum [Member] | |
Business Acquisition [Line Items] | |
Fair value assumptions, Earnings projections | $ 700,000 |
Fair value assumptions, Contract renewal probability | 100.00% |
RITEC [Member] | |
Business Acquisition [Line Items] | |
Completion date of acquisition | Jun. 19, 2015 |
Date of asset purchase agreement | Jun. 18, 2015 |
Purchase price of the acquisition | $ 7,360,000 |
Amount held in escrow related to business acquisition | $ 750,000 |
Duration of escrow deposits | 12 months |
General and administrative expenses | $ 109,000 |
Estimated inventory purchase | $ 150,000 |
Percentage of royalties on sale price of products | 7.50% |
Initial royalty payment period | 5 years |
Goodwill deductible for tax purposes | $ 3,530,000 |
Acquisition - Purchase Price of
Acquisition - Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jun. 19, 2015 | Jan. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,521 | $ 991 | |
RITEC [Member] | |||
Business Acquisition [Line Items] | |||
Accounts Receivable | $ 50 | ||
Identifiable Intangible Assets | $ 3,780 | 3,780 | |
Goodwill | 3,530 | ||
Total Purchase Price | $ 7,360 |
Acquisition - Fair Value of the
Acquisition - Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - RITEC [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jun. 19, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 3,780 | $ 3,780 |
Customer Contract Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 2,830 | |
Useful Life | 10 years | |
Non-Competition Agreement [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 950 | |
Useful Life | 5 years |
Intangible Assets - Fair Value
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,880 | $ 3,400 |
Accumulated Amortization | (900) | (702) |
Net Carrying Amount | 5,980 | 2,698 |
Customer Contract Relationships [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | (758) | (402) |
Net Carrying Amount | 2,342 | 2,698 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | |
Accumulated Amortization | (31) | |
Net Carrying Amount | 2,799 | |
Backlog [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 300 | |
Accumulated Amortization | $ (300) | |
Non-Competition Agreement [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 950 | |
Accumulated Amortization | (111) | |
Net Carrying Amount | $ 839 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||
Impairments of intangible assets | $ 0 | $ 0 |
Amortization expense | $ 498,000 | $ 702,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | Jan. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,017 | $ 715 |
2,018 | 774 |
2,019 | 769 |
2,020 | 803 |
2,021 | $ 706 |
Securities Available for Sale -
Securities Available for Sale - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2016USD ($) | |
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 Sale50
Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 10,376 | $ 15,174 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,363 | 15,150 |
Gross Unrealized Gains | 15 | 26 |
Gross Unrealized Losses | (2) | (2) |
Fair Value | $ 10,376 | $ 15,174 |
Securities Available for Sale51
Securities Available for Sale - Contractual Maturity Dates of Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Less than one year | $ 3,833 | $ 9,470 |
One to three years | 6,543 | 5,704 |
Fair Value | $ 10,376 | $ 15,174 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 10,197 | $ 10,600 |
Work-in-Progress | 1,025 | 765 |
Finished Goods | 7,491 | 7,372 |
Inventory, Gross | 18,713 | 18,737 |
Inventory Reserve | (3,823) | (3,155) |
Balance at January 31 | $ 14,890 | $ 15,582 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | Jan. 31, 2016 | Jan. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory demonstration equipment | $ 1,354,000 | $ 1,030,000 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Payables and Accruals [Abstract] | ||
Warranty | $ 400 | $ 375 |
Product Replacement Cost Reserve | 278 | 353 |
Professional Fees | 328 | 256 |
Executive Retirement Package | 250 | |
Dealer Commissions | 221 | 163 |
Other | 982 | 946 |
Total | $ 2,209 | $ 2,343 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Revolving line of credit | $ 10,000,000 |
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 | 300.00% |
Funded debt to adjusted EBITDA ratio | 125.00% |
Line of credit expire date | Jan. 31, 2016 |
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% |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit expire date | Aug. 30, 2017 |
Note Receivable and Revolving56
Note Receivable and Revolving Line of Credit Receivable - Additional Information (Detail) | Jan. 30, 2012USD ($) | Jan. 31, 2016USD ($)Installment | Jan. 31, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net sale price | $ 1,000,000 | ||
Promissory note interest rate | 3.75% | ||
Interest commencement date | Jan. 30, 2013 | ||
Interest installments | Installment | 16 | ||
Promissory note outstanding | $ 191,000 | ||
Revolving line of credit issued maximum | $ 600,000 | ||
Interest rate on outstanding credit balance | 2.00% | ||
Line of credit facility maturity date | Jan. 31, 2016 | ||
Extended revolving line of credit | $ 150,000 | $ 173,000 | |
Line of credit issued initial term | 1 year | ||
Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Promissory note interest rate | 5.25% |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive (Loss) - Changes in Balance of Accumulated Other Comprehensive (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | $ (699) | $ 176 |
Other Comprehensive Loss | (276) | (875) |
Amounts Reclassified to Net Income | 0 | 0 |
Net Other Comprehensive Loss | (276) | (875) |
Ending Balance | (975) | (699) |
Foreign Currency Translation Adjustments [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (714) | 152 |
Other Comprehensive Loss | (269) | (866) |
Amounts Reclassified to Net Income | 0 | 0 |
Net Other Comprehensive Loss | (269) | (866) |
Ending Balance | (983) | (714) |
Unrealized Holding Gain (Loss) on Available for Sale Securities [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 15 | 24 |
Other Comprehensive Loss | (7) | (9) |
Amounts Reclassified to Net Income | 0 | 0 |
Net Other Comprehensive Loss | (7) | (9) |
Ending Balance | $ 8 | $ 15 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
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 | 29,939 | 62,797 |
Company shares given to employees, value | $ 420,000 | $ 889,000 |
Common stock shares additional authorized | 390,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Feb. 01, 2014shares | May. 31, 2015Installmentshares | Mar. 31, 2015Installmentshares | Aug. 01, 2015USD ($)shares | Jan. 31, 2016USD ($)Equity_Plan$ / sharesshares | Jan. 31, 2015USD ($)$ / sharesshares | Apr. 30, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of equity incentive plan | Equity_Plan | 2 | ||||||
Number of options, granted | 115,000 | ||||||
Non-employee director is entitled to an annual cash retainer | $ | $ 7,000 | ||||||
Non-employee director received restricted stock award value | $ | $ 20,000 | ||||||
Maximum disposal restricted percentage of RSU | 50.00% | ||||||
Options granted weighted average fair value per share | $ / shares | $ 2.43 | $ 2.85 | |||||
Aggregate intrinsic value of options exercised | $ | $ 553,000 | $ 1,149,000 | |||||
Reservation of shares under Stock Purchase Plan | 247,500 | ||||||
2007 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incentive plan, expiration period | 2017-05 | ||||||
Shares available for grant under the Plan | 106,347 | ||||||
2015 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incentive plan, expiration period | 2025-05 | ||||||
Shares available for grant under the Plan | 234,264 | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee Stock Purchase Plan discount rate | 15.00% | ||||||
Maximum [Member] | 2015 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares of common stock of the Company authorized for issuance | 500,000 | ||||||
Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of options, granted | 50,000 | ||||||
Chief Executive Officer [Member] | 2007 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for grant under the Plan | 100,000 | ||||||
Non-Employee Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of options, granted | 25,000 | ||||||
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 | ||||||
Other Key Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of options, granted | 35,000 | ||||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expense related to unvested options | $ | $ 437,000 | ||||||
Unrecognized compensation expense to be recognized, Weighted average period | 2 years 3 months 18 days | ||||||
Aggregate intrinsic value of option exercised | $ | $ 2,442,000 | ||||||
Aggregate intrinsic value of the options outstanding | $ | $ 3,083,000 | ||||||
Weighted average remaining contractual terms for these options that are exercisable | 6 years 1 month 6 days | ||||||
Weighted average remaining contractual terms for these options outstanding | 6 years 1 month 6 days | ||||||
Stock Options [Member] | 2007 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Option expiration period | 10 years | ||||||
Stock Options [Member] | 2015 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Option expiration period | 10 years | ||||||
Equity Incentive Plan [Member] | Non-Employee Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option expiration period | 10 years | ||||||
Number of options, granted | 5,000 | ||||||
Number of stock options grant to each non-employee director | 2,947 | 2,649 | |||||
RSA [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stocks, granted | 537 | ||||||
RSA [Member] | Non-Employee Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 12 months | ||||||
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% | ||||||
Restricted Stock And Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of annual vesting installments | Installment | 4 | ||||||
2014 Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of accelerated vesting shares | 4,166 | ||||||
Unrecognized compensation expense to be recognized, Weighted average period | 2 years 8 months 12 days | ||||||
Unrecognized compensation expense related to unvested RSUs and RSAs | $ | $ 1,277,000 | ||||||
2014 Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of vesting shares | 9,300 | ||||||
2014 Restricted Stock Units (RSUs) [Member] | Third Anniversary [Member] | Scenario, Forecast [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of vesting shares | 9,300 | ||||||
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% | ||||||
Time Based RSUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stocks, granted | 80,000 | ||||||
Number of annual vesting installments | Installment | 4 | ||||||
Performance Based RSUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Restricted stocks, granted | 155,000 | ||||||
Performance Based Restricted Stock Units RSUs [Member] | Scenario, Forecast [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of vesting shares | 15,810 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation [Abstract] | ||
Stock Options | $ 286 | $ 234 |
Restricted Stock Awards and Restricted Stock Units | 912 | 270 |
Employee Stock Purchase Plan | 11 | 7 |
Total | $ 1,209 | $ 511 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) | 12 Months Ended |
Jan. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Number of Shares | shares | 656,011 |
Options Granted, Number of Shares | shares | 115,000 |
Options Exercised, Number of Shares | shares | (93,344) |
Options Forfeited, Number of Shares | shares | (5,550) |
Options Cancelled, Number of Shares | shares | (14,181) |
Ending balance, Number of Shares | shares | 657,936 |
Options Exercisable, Number of Shares | shares | 405,823 |
Beginning balance, Weighted Average Option Price Per Share | $ 10.01 |
Options Granted, Option Price Per Share | 13.95 |
Options Exercised, Option Price Per Share | 7.95 |
Options Forfeited, Option Price Per Share | 12.75 |
Options Cancelled, Option Price Per Share | 8.82 |
Ending balance, Weighted Average Option Price Per Share | 11 |
Options Exercisable, Option Price Per Share | 9.67 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Weighted Average Option Price Per Share | 5.78 |
Options Granted, Option Price Per Share | 13.31 |
Options Exercised, Option Price Per Share | 6.22 |
Options Forfeited, Option Price Per Share | 8.09 |
Options Cancelled, Option Price Per Share | 6.22 |
Ending balance, Weighted Average Option Price Per Share | 5.78 |
Options Exercisable, Option Price Per Share | 5.78 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Weighted Average Option Price Per Share | 14.20 |
Options Granted, Option Price Per Share | 14.05 |
Options Exercised, Option Price Per Share | 11.90 |
Options Forfeited, Option Price Per Share | 14.20 |
Options Cancelled, Option Price Per Share | 14.20 |
Ending balance, Weighted Average Option Price Per Share | 14.20 |
Options Exercisable, Option Price Per Share | $ 14.20 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option outstanding, total | 657,936 | 656,011 |
Options exercisable , total | 405,823 | |
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 | $ 8.95 | |
Outstanding, Options | 253,036 | |
Outstanding, Weighted Average Exercise Price | $ 7.79 | |
Exercisable, Weighted Average Exercise Price | $ 7.76 | |
Outstanding Remaining Contractual Life | 4 years 10 months 24 days | |
Exercisable, Options | 226,948 | |
Range Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $ 9.81 | |
Outstanding Range of Exercise prices, Upper Limit | $ 14.20 | |
Outstanding, Options | 404,900 | |
Outstanding, Weighted Average Exercise Price | $ 13.01 | |
Exercisable, Weighted Average Exercise Price | $ 12.10 | |
Outstanding Remaining Contractual Life | 6 years 10 months 24 days | |
Exercisable, Options | 178,875 |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Stock Options Granted (Detail) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-Free Interest Rate | 1.58% | 1.58% |
Expected Life (years) | 5 years | 5 years |
Expected Volatility | 22.68% | 26.46% |
Expected Dividend Yield | 1.98% | 1.98% |
Share-Based Compensation - Ag64
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Awards and Restricted Stock Units [Member] | 12 Months Ended |
Jan. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 72,245 |
Granted, Restricted Stock Units and Restricted Stock Awards | shares | 246,335 |
Vested, Restricted Stock Units and Restricted Stock Awards | shares | (22,692) |
Expired or canceled, Restricted Stock Units and Restricted Stock Awards | shares | (2,800) |
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 293,088 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 9.70 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 14.05 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 14.02 |
Expired or cancelled , Weighted Average Grant Date Fair Value | $ / shares | 10.07 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 13.02 |
Share-Based Compensation - Su65
Share-Based Compensation - Summarized Plan Activity (Detail) - shares | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Equity [Abstract] | ||
Shares Reserved, Beginning Balance | 57,005 | 60,242 |
Shares Purchased | (5,405) | (3,237) |
Shares Reserved, Ending Balance | 51,600 | 57,005 |
Income Taxes - Components of In
Income Taxes - Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ 5,982 | $ 5,401 |
Foreign | 927 | 1,531 |
Income from Continuing Operations before Income Taxes | $ 6,909 | $ 6,932 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Current: | ||
Federal | $ 1,930 | $ 1,666 |
State | 470 | 466 |
Foreign | 276 | 535 |
Current Income Tax Expense | 2,676 | 2,667 |
Deferred: | ||
Federal | (402) | (290) |
State | 126 | (107) |
Foreign | (16) | |
Deferred Income Tax Expense Total | (292) | (397) |
Total | $ 2,384 | $ 2,270 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 34.00% | 34.00% | |
Increase (decrease) in valuation allowance | $ 328,000 | $ (3,000) | |
Recognized tax benefits excluding interest and penalties | 591,000 | 707,000 | $ 715,000 |
Impact on effective tax rate, decrease | 354,000 | ||
Recognized (benefit) expense related to interest and penalties | (87,000) | 43,000 | |
Accrued potential interest and penalties | 373,000 | $ 460,000 | |
Undistributed earnings of foreign subsidiaries | $ 4,207,000 |
Income Taxes - Components of Di
Income Taxes - Components of Difference Between Provision for Income Taxes and Amount Computed by Applying Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Provision at Statutory Rate | $ 2,349 | $ 2,357 |
State Taxes, Net of Federal Tax Effect | 277 | 233 |
Change in Valuation Allowance | 116 | |
Change in Reserves Related to ASC 740 Liability | (67) | 23 |
Meals and Entertainment | 38 | 41 |
Domestic Production Deduction | (134) | (164) |
Share-Based Compensation | 21 | (25) |
Tax-Exempt Income | (23) | (24) |
R&D Credits | (176) | (135) |
Foreign Rate Differential | (65) | (56) |
Other Permanent Differences and Miscellaneous, Net | 48 | 20 |
Total | $ 2,384 | $ 2,270 |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Deferred Tax Assets: | ||
Inventory | $ 1,948 | $ 1,666 |
Share-Based Compensation | 830 | 572 |
State R&D Credits | 583 | 371 |
Compensation Accrual | 346 | 417 |
ASC 740 Liability Federal Benefit | 237 | 304 |
Deferred Service Contract Revenue | 200 | 235 |
Warranty Reserve | 149 | 140 |
Reserve for Doubtful Accounts | 140 | 116 |
Foreign Tax Credit | 426 | 356 |
Currency Translation Adjustment | 36 | |
Other | 207 | 298 |
Deferred Tax Assets, Total | 5,102 | 4,475 |
Deferred Tax Liabilities: | ||
Accumulated Tax Depreciation in Excess of Book Depreciation | 1,355 | 766 |
Deferred Gain on Asset Held for Sale | 76 | 785 |
Currency Translation Adjustment | 36 | |
Other | 117 | 87 |
Deferred Tax Liabilities, Total | 1,548 | 1,674 |
Subtotal | 3,554 | 2,801 |
Valuation Allowance | (583) | (255) |
Net Deferred Tax Assets | $ 2,971 | $ 2,546 |
Income Taxes - Change in Balanc
Income Taxes - Change in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance at February 1 | $ 707 | $ 715 |
Increases in prior period tax positions | 0 | 0 |
Increases in current period tax positions | 49 | 87 |
Reductions related to lapse of statute of limitations | (165) | (95) |
Balance at January 31 | $ 591 | $ 707 |
Contractual Obligations - Summa
Contractual Obligations - Summary of Contractual Obligations (Detail) $ in Thousands | Jan. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitments, Total | $ 22,225 |
Purchase Commitments, 2017 | 22,123 |
Purchase Commitments, 2018 | 28 |
Purchase Commitments, 2019 | 4 |
Purchase Commitments, 2020 | 70 |
Purchase Commitments, 2021 and Thereafter | 0 |
Operating Lease Obligations, Total | 668 |
Operating Lease Obligations, 2017 | 300 |
Operating Lease Obligations, 2018 | 251 |
Operating Lease Obligations, 2019 | 103 |
Operating Lease Obligations, 2020 | 14 |
Operating Lease Obligations, 2021 and Thereafter | 0 |
Contractual Obligation, Total | 22,893 |
Contractual Obligation, 2017 | 22,423 |
Contractual Obligation, 2018 | 279 |
Contractual Obligation, 2019 | 107 |
Contractual Obligation, 2020 | 84 |
Contractual Obligation, 2021 and Thereafter | $ 0 |
Contractual Obligations - Addit
Contractual Obligations - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent and lease expenses | $ 567,000 | $ 614,000 |
Nature of Operations, Segment74
Nature of Operations, Segment Reporting and Geographical Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016USD ($)CustomerSegment | Jan. 31, 2015USD ($)Customer | |
Segment Reporting Information [Line Items] | ||
Number of reporting segments | Segment | 2 | |
Customer accounted for greater than 10% of net sales | Customer | 0 | 0 |
Goodwill assigned | $ 4,521 | $ 991 |
T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill assigned | $ 4,500 | $ 1,000 |
Nature of Operations, Segment75
Nature of Operations, Segment Reporting and Geographical Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Net Sales | $ 94,658 | $ 88,347 |
Corporate Expenses | 32,224 | 29,746 |
Operating Income | 5,934 | 7,231 |
Other Income (Expense) | $ 975 | $ (299) |
Segment Operating Profit % of Net Sales | 13.70% | 14.60% |
Income before Income Taxes | $ 6,909 | $ 6,932 |
Income Tax Provision | 2,384 | 2,270 |
Net income | 4,525 | 4,662 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 12,964 | 12,886 |
Operating Segments [Member] | QuickLabel [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 67,127 | 59,779 |
Operating Income | $ 9,300 | $ 7,259 |
Segment Operating Profit % of Net Sales | 13.90% | 12.10% |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | $ 27,531 | $ 28,568 |
Operating Income | $ 3,664 | $ 5,627 |
Segment Operating Profit % of Net Sales | 13.30% | 19.70% |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate Expenses | $ 7,030 | $ 5,655 |
Nature of Operations, Segment76
Nature of Operations, Segment Reporting and Geographical Information - Summary of Other Information by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Assets | $ 77,963 | $ 74,330 |
Depreciation and Amortization | 2,065 | 2,063 |
Capital Expenditures | 3,061 | 2,247 |
Operating Segments [Member] | QuickLabel [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 27,143 | 24,874 |
Depreciation and Amortization | 690 | 678 |
Capital Expenditures | 2,284 | 1,408 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 28,570 | 22,323 |
Depreciation and Amortization | 1,375 | 1,385 |
Capital Expenditures | 777 | 839 |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 22,250 | $ 27,133 |
Nature of Operations, Segment77
Nature of Operations, Segment Reporting and Geographical Information - Summary of Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | $ 94,658 | $ 88,347 |
Long-Lived Assets | 15,787 | 11,077 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 68,316 | 61,494 |
Long-Lived Assets | 15,290 | 10,422 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 16,830 | 18,181 |
Long-Lived Assets | 290 | 383 |
Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 4,487 | 3,934 |
Long-Lived Assets | 207 | 272 |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 1,741 | 1,408 |
Central and South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 2,436 | 1,919 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | $ 848 | $ 1,411 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Postemployment Benefits [Abstract] | ||
Contribution to the ESOP | $ 0 | $ 100,000 |
Contributions paid or accrued amounted | $ 306,000 | $ 294,000 |
Product Warranty Liability - Ac
Product Warranty Liability - Activity in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Product Warranties Disclosures [Abstract] | ||
Balance, beginning of the year | $ 375 | $ 355 |
Warranties issued | 887 | 546 |
Settlements made | (862) | (526) |
Balance, end of the year | $ 400 | $ 375 |
Product Replacement Costs - Add
Product Replacement Costs - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Other Income and Expenses [Abstract] | |
Estimated replacement cost | $ 672,000 |
Replacement cost charged against reserve | 394,000 |
Other accrued expenses | 278,000 |
Amount received from supplier for recovery | $ 450,000 |
Lower product prices period | Through fiscal 2017 |
Concentration of Risk - Additio
Concentration of Risk - Additional Information (Detail) - Vendor [Member] | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Purchases [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 23.70% | 21.90% |
Trade Accounts Payables [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 16.70% | 55.10% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds (included in cash and cash equivalents) | $ 4,340 | $ 3,028 |
State and municipal obligations (included in securities available for sale) | 10,376 | 15,174 |
Total | 14,716 | 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) | 4,340 | 3,028 |
Total | 4,340 | 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) | 10,376 | 15,174 |
Total | $ 10,376 | $ 15,174 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements of Assets on Non-Recurring Basis (Detail) $ in Thousands | Jan. 31, 2016USD ($) |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset Held for Sale | $ 1,900 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Oct. 29, 2015 | Jan. 31, 2016 | Jan. 31, 2015 |
Fair Value Of Financial Instruments [Line Items] | |||
Write-down of Asset Held for Sale | $ 220,000 | ||
Net Proceeds Received for Sale of Asset Held for Sale | $ 1,698,000 | ||
Net loss on sale | $ 3,000 | ||
Grass Facility [Member] | |||
Fair Value Of Financial Instruments [Line Items] | |||
Net Proceeds Received for Sale of Asset Held for Sale | $ 1,800,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 343 | $ 370 |
Provision Charged to Operations | 112 | 60 |
Deductions | (51) | (87) |
Balance at End of Year | $ 404 | $ 343 |