Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Mar. 24, 2017 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ALOT | ||
Entity Registrant Name | AstroNova, Inc. | ||
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 | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 7,525,046 | ||
Entity Public Float | $ 85,985,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 18,098 | $ 10,043 |
Securities Available for Sale | 6,723 | 10,376 |
Accounts Receivable, net of reserves of $266 in 2017 and $404 in 2016 | 15,702 | 15,325 |
Inventories | 19,506 | 14,890 |
Prepaid Expenses and Other Current Assets | 1,394 | 3,880 |
Total Current Assets | 61,423 | 54,514 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land and Improvements | 967 | 967 |
Buildings and Improvements | 11,266 | 11,350 |
Machinery and Equipment | 28,145 | 27,396 |
Total Property, Plant and Equipment, gross | 40,378 | 39,713 |
Less Accumulated Depreciation | (31,098) | (29,906) |
Total Property, Plant and Equipment, net | 9,280 | 9,807 |
OTHER ASSETS | ||
Identifiable Intangibles, net | 5,264 | 5,980 |
Goodwill | 4,521 | 4,521 |
Deferred Tax Assets | 2,811 | 3,049 |
Other | 366 | 92 |
Total Other Assets | 12,962 | 13,642 |
TOTAL ASSETS | 83,665 | 77,963 |
CURRENT LIABILITIES | ||
Accounts Payable | 4,957 | 3,192 |
Accrued Compensation | 2,936 | 3,436 |
Other Accrued Expenses | 2,171 | 2,209 |
Deferred Revenue | 472 | 529 |
Income Taxes Payable | 1,449 | 182 |
Total Current Liabilities | 11,985 | 9,548 |
Deferred Tax Liabilities | 11 | 78 |
Other Long Term Liabilities | 1,132 | 964 |
TOTAL LIABILITIES | 13,128 | 10,590 |
Commitments and Contingencies (See Note 18) | ||
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 9,834,906 shares in 2017 and 9,666,290 shares in 2016 | 492 | 483 |
Additional Paid-in Capital | 47,524 | 45,675 |
Retained Earnings | 44,358 | 42,212 |
Treasury Stock, at Cost, 2,375,076 shares in 2017 and 2,323,545 shares in 2016 | (20,781) | (20,022) |
Accumulated Other Comprehensive Loss, Net of Tax | (1,056) | (975) |
TOTAL SHAREHOLDERS' EQUITY | 70,537 | 67,373 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 83,665 | $ 77,963 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Reserves | $ 266 | $ 404 |
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 | 9,834,906 | 9,666,290 |
Treasury Stock, Shares | 2,375,076 | 2,323,545 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 98,448 | $ 94,658 | $ 88,347 |
Cost of Revenue | 58,959 | 56,500 | 51,370 |
Gross Profit | 39,489 | 38,158 | 36,977 |
Costs and Expenses: | |||
Selling and Marketing | 18,955 | 18,249 | 18,289 |
Research and Development | 6,314 | 6,945 | 5,802 |
General and Administrative | 7,939 | 7,030 | 5,655 |
Operating Expenses | 33,208 | 32,224 | 29,746 |
Operating Income | 6,281 | 5,934 | 7,231 |
Other Income (Expense): | |||
Investment Income | 78 | 72 | 81 |
Other, Net | 246 | 903 | (380) |
Other Income (Expense)-Net | 324 | 975 | (299) |
Income before Income Taxes | 6,605 | 6,909 | 6,932 |
Income Tax Provision | 2,377 | 2,384 | 2,270 |
Net Income | $ 4,228 | $ 4,525 | $ 4,662 |
Net Income Per Common Share-Basic | $ 0.57 | $ 0.62 | $ 0.61 |
Net Income Per Common Share-Diluted | $ 0.56 | $ 0.61 | $ 0.60 |
Weighted Average Number of Common Shares Outstanding-Basic | 7,421 | 7,288 | 7,612 |
Dilutive Effect of Common Stock Equivalents | 151 | 183 | 222 |
Weighted Average Number of Common Shares Outstanding-Diluted | 7,572 | 7,471 | 7,834 |
Dividends Declared Per Common Share | $ 0.28 | $ 0.28 | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 4,228 | $ 4,525 | $ 4,662 |
Other Comprehensive Loss, net of taxes and reclassification adjustments: | |||
Foreign currency translation adjustments | (65) | (269) | (866) |
Unrealized loss on securities available for sale | (16) | (7) | (9) |
Net Other Comprehensive Loss | (81) | (276) | (875) |
Comprehensive Income | $ 4,147 | $ 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 Jan. 31, 2014 | $ 66,614 | $ 465 | $ 41,235 | $ 37,201 | $ (12,463) | $ 176 |
Beginning Balance, Shares at Jan. 31, 2014 | 9,291,225 | |||||
Share-based compensation | 511 | 511 | ||||
Employee option exercises | $ 1,009 | $ 11 | 1,887 | (889) | ||
Employee option exercises, Shares | 224,275 | 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 | |||||
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 | |||||
Share-based compensation | 1,019 | 1,019 | ||||
Employee option exercises | $ 388 | $ 5 | 834 | (451) | ||
Employee option exercises, Shares | 87,107 | 93,483 | ||||
Restricted stock awards vested, net | $ (308) | $ 4 | (4) | (308) | ||
Restricted stock awards vested, net, Shares | 75,133 | |||||
Dividends paid | (2,082) | (2,082) | ||||
Net Income | 4,228 | 4,228 | ||||
Other comprehensive loss | (81) | (81) | ||||
Ending Balance at Jan. 31, 2017 | $ 70,537 | $ 492 | $ 47,524 | $ 44,358 | $ (20,781) | $ (1,056) |
Ending Balance, Shares at Jan. 31, 2017 | 9,834,906 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, £ in Millions | 12 Months Ended | ||
Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | |
Cash Flows from Operating Activities: | |||
Net Income | $ 4,228 | $ 4,525 | $ 4,662 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |||
Depreciation and Amortization | 2,431 | 2,065 | 2,063 |
Share-Based Compensation | 1,019 | 1,209 | 511 |
Deferred Income Tax Provision (Benefit) | 174 | (292) | (397) |
Excess Tax Benefit From Share-Based Compensation | (65) | (107) | |
Gain on Sale of UK Property | (419) | ||
Write-down of Asset Held for Sale | 220 | ||
Changes in Assets and Liabilities, Net of Impact of Acquisitions: | |||
Accounts Receivable | (416) | (1,285) | (2,741) |
Inventories | (4,659) | 600 | (404) |
Accounts Payable and Accrued Expenses | 1,426 | 151 | 810 |
Income Taxes Payable | 2,187 | 412 | (1,747) |
Other | 982 | 407 | (1,379) |
Net Cash Provided by Operating Activities | 6,953 | 7,727 | 1,491 |
Cash Flows from Investing Activities: | |||
Proceeds from Maturities of Securities Available for Sale | 4,029 | 9,978 | 12,885 |
Purchases of Securities Available for Sale | (400) | (5,192) | (9,306) |
Proceeds from Sale of UK Property | 474 | ||
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 | 256 | 395 | 258 |
Additions to Property, Plant and Equipment | (1,238) | (3,061) | (2,247) |
Net Cash Provided (Used) by Investing Activities | 3,121 | (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 | 79 | 387 | 870 |
Purchase of Treasury Stock | (6,250) | ||
Excess Tax Benefit from Share-Based Compensation | 65 | 107 | |
Dividends Paid | (2,082) | (2,048) | (2,128) |
Net Cash Used in Financing Activities | (2,003) | (1,596) | (7,401) |
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents | (16) | (504) | (218) |
Net Increase (Decrease) in Cash and Cash Equivalents | 8,055 | 2,085 | (383) |
Cash and Cash Equivalents, Beginning of Year | 10,043 | 7,958 | 8,341 |
Cash and Cash Equivalents, End of Year | 18,098 | 10,043 | 7,958 |
Supplemental Information: | |||
Income Taxes, Net of Refunds | $ (84) | $ 2,257 | $ 4,566 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2017 | |
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 hardware products contain 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 or marketed separately and its production costs are minor compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to 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 vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. Service revenue is deferred and recognized over the contractual period or as services are rendered and accepted by the customer. We have evaluated the deliverables in our multiple-element arrangements and concluded that they are separate units of accounting if the delivered item or items have value to the customer on a standalone basis and delivery or performance of the undelivered item(s) is considered probable and substantially in our control. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on vendor specific objective evidence (VSOE) if available, third-party evidence (TPE) if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met. Infrequently, we recognize 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. We also receive infrequent 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: Intangible Assets: Goodwill: We performed a qualitative assessment for our 2017 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: AstroNova 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. In fiscal 2015, the Company adopted the guidance in ASU 2015-17, “Income Taxes (Topic 740)” and accordingly has presented the Company’s deferred taxes as non-current in the accompanying consolidated balance sheet. Net Income Per Common Share: Allowance for Doubtful Accounts: Fair Value of Financial Instruments: Share-Based Compensation In the first quarter of fiscal 2017, the Company prospectively adopted the provisions of ASU 2016-09, and, as such, the cash flow from tax benefits that are a result of tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) is classified with other income tax cash flows as an operating activity for the year ended January 31, 2017. Tax deductions from certain stock option exercises are treated as being realized when they reduce tax expense and taxes payable in accordance with relevant tax law. Recent Accounting Pronouncements: Statement of Cash Flows In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-15, “Classification of Certain Cash Receipts and Cash Payments (Topic 230).” ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice for certain cash receipts and cash payments. The standard is effective for interim and annual reporting periods beginning after December 15, 2017 (Q1 fiscal 2019 for AstroNova), with early adoption permitted. The Company does not believe the adoption of this guidance will have a material impact 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 to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. 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 AstroNova), 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. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Consideration.” In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing.” In May 2016, the FASB issued ASU 2016-11, “Revenue from Contracts with Customers (Topic 606) and Derivatives and Hedging (Topic 815) – Rescission of SEC Guidance Because of ASU 2014-09 and 2014-16” and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients.” All of these ASUs do not change the core principle of the guidance in Topic 606 (as amended by ASU 2014-09), but rather provide further guidance to improve the operability and understandability of the implementation guidance included in ASU 2014-09. The effective date for all of these ASUs is the same as the effective date of ASU 2014-09 as amended by ASU 2015-14, for annual reporting periods beginning after December 15, 2017, including interim periods within those years (Q1 fiscal 2019 for AstroNova). The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718) – Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods (Q1 fiscal 2018 for AstroNova) and early adoption is allowed. As permitted by ASU 2016-09, the Company adopted this guidance prospectively in fiscal 2017 and the adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 supersedes 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 AstroNova), 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. 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 AstroNova) and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company does not believe the adoption of this guidance will have a material impact on the Company’s consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Jan. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | Note 2—Acquisition On June 19, 2015, we 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. Our 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 $7.4 million which was funded using available cash and investment securities. The Company withheld $0.8 million of the purchase price in escrow for twelve months following the acquisition date to support the sellers’ indemnifications in the event of any breach in the representations, warranties or covenants of RITEC. The Company retained $0.1 million from the escrow, which was recorded as other income in the consolidated statement of income for the period ended January 31, 2017. The assets acquired consist principally of accounts receivable and certain intangible assets. Acquisition related costs of approximately $0.1 million 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.” The Company also entered into a Transition Services Agreement, under which RITEC provided transition services and continued to manufacture products in the acquired product line until the Company transitioned the manufacturing to its West Warwick, Rhode Island facility. The TSA concluded in the third quarter of fiscal 2017 and AstroNova purchased the remaining inventory held by RITEC for $0.2 million. Also as part of the Asset Purchase Agreement, the Company 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 revenue price on all products sold into the military end-user aircraft market during the first five years of the License Agreement. No royalty revenue was accrued in fiscal 2017. 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 $0.1-$0.7 million and (3) a range of contract renewal probability from 30%-100%. Goodwill of $3.5 million, 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 Value 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 revenue, net income and earnings per share would not have been material to the Company for the years ended January 31, 2017, 2016 and 2015. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 3—Intangible Assets Intangible assets are as follows: January 31, 2017 January 31, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Miltope: Customer Contract Relationships $ 3,100 $ (1,108 ) $ 1,992 $ 3,100 $ (758 ) $ 2,342 RITEC: Customer Contract Relationships 2,830 (207 ) 2,623 2,830 (31 ) 2,799 Non-Competition Agreement 950 (301 ) 649 950 (111 ) 839 Intangible assets, net $ 6,880 $ (1,616 ) $ 5,264 $ 6,880 $ (900 ) $ 5,980 There were no impairments to intangible assets during the periods ended January 31, 2017, 2016 and 2015. Amortization expense of $0.7 million; $0.5 million and $0.7 million with regard to acquired intangibles has been included in the consolidated statements of income for years ended January 31, 2017, 2016 and 2015, respectively. Estimated amortization expense for the next five years is as follows: (In thousands) 2018 2019 2020 2021 2022 Estimated amortization expense $ 774 $ 769 $ 803 $ 706 $ 633 |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Jan. 31, 2017 | |
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 two years. These securities are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss), net of taxes in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment securities have original maturities greater than 90 days. The fair value, amortized cost and gross unrealized gains and losses of the securities are as follows: Amortized Gross Gross Fair Value (In thousands) January 31, 2017 State and Municipal Obligations $ 6,732 $ — $ (9 ) $ 6,723 January 31, 2016 State and Municipal Obligations $ 10,363 $ 15 $ (2 ) $ 10,376 The contractual maturity dates of these securities are as follows: January 31 2017 2016 (In thousands) Less than one year $ 3,563 $ 3,833 One to two years 3,160 6,543 $ 6,723 $ 10,376 Actual maturities may differ from contractual dates as a result of revenue or earlier issuer redemptions. |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5—Inventories The components of inventories are as follows: January 31 2017 2016 (In thousands) Materials and Supplies $ 11,865 $ 10,197 Work-in-Progress 1,216 1,025 Finished Goods 10,270 7,491 23,351 18,713 Inventory Reserve (3,845 ) (3,823 ) Balance at January 31 $ 19,506 $ 14,890 Finished goods inventory includes $1.6 million and $1.4 million of demonstration equipment at January 31, 2017 and 2016, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 6—Accrued Expenses Accrued expenses consisted of the following: January 31 2017 2016 (In thousands) Professional Fees $ 584 $ 328 Warranty 515 400 Product Replacement Cost Reserve 174 278 Dealer Commissions 180 221 Other 718 982 $ 2,171 $ 2,209 |
Line of Credit
Line of Credit | 12 Months Ended |
Jan. 31, 2017 | |
Receivables [Abstract] | |
Line of Credit | Note 7—Line of Credit At January 31, 2017 the Company had a $10.0 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 would bear interest at a fluctuating variable rate of either (i) the Prime Rate plus an agreed upon margin of between 0% and 0.50%, based upon the consolidated leverage ratio (funded debt: EBITDA, as defined); or (ii) the Eurocurrency Rate (LIBOR) plus an agreed-upon margin of between 1.00% and 1.50%, based upon the consolidated leverage ratio. In addition, the agreement provides for two financial covenant requirements: 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, 2017, there had 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 would have expired on August 30, 2017. Subsequent to year-end, this $10.0 million revolving line of credit was terminated. As part of a new credit facility, the Company entered into a $10.0 million revolving credit facility with a different Lender. Refer to Note 20 for additional details. |
Sale of Property
Sale of Property | 12 Months Ended |
Jan. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Sale of Property | Note 8—Sale of Property In December of 2016, we sold our Slough UK real estate and related machinery, computers and equipment at that location. Proceeds from the sale amounted to $0.5 million (0.4 million in British Pounds) and a gain of $0.4 million was recognized in other income in the Company’s consolidated statement of income for the period ended January 31, 2017. Our UK branch is currently leasing property for its operations in Maidenhead, UK. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jan. 31, 2017 | |
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 ) Other Comprehensive Loss (65 ) (16 ) (81 ) Amounts Reclassified to Net Income — — — Net Other Comprehensive Loss (65 ) (16 ) (81 ) Balance at January 31, 2017 $ (1,048 ) $ (8 ) $ (1,056 ) 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, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Note 10—Shareholders’ Equity During fiscal 2017, 2016 and 2015, certain of the Company’s employees delivered a total of 51,531, 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 restricted stock vesting. The shares delivered were valued at a total of $0.8 million, $0.4 million and $0.9 million, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2017, 2016 and 2015. These transactions did not impact the number of shares authorized for repurchase under the Company’s current repurchase program. 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 $6.3 million. 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. As of January 31, 2017, 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, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 11—Share-Based Compensation The Company maintains the following share-based compensation plans: Stock Plans: We have 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, 2017, 87,989 shares were available for grant under the 2007 Plan, of which 50,000 are reserved for stock options that the Company is obligated to issue to its CEO in fiscal 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 authorizes the issuance of up to 500,000 shares (subject to adjustment for stock dividends and stock splits), and at January 31, 2017, 151,987 shares were available for grant under the 2015 Plan. The 2015 Plan will expire in May 2025. 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 issued 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 annual 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 annual shareholders’ meeting. Accordingly, on May 18, 2016, 30,000 options were issued to the non-employee directors. In addition to the plans, the Company has a Non-Employee Director Annual Compensation Program (the “Program”). Prior to August 1, 2016, this program provided that each non-employee director was 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 received an annual retainer of $6,000, and the Chairs of the Audit and Compensation Committees each received an annual retainer of $4,000 (“Chair Retainer”). The non-employee directors could 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 was issued under one of the Plans. If a non-employee director elected to receive all or a portion of the Cash Retainer in the form of common stock, such shares were issued in four quarterly installments on the first day of each fiscal quarter, and the number of shares of common stock issued was based on the fair market value of the Company’s common stock on the date such installment was payable. The common stock received in lieu of such Cash Retainer was fully vested upon issuance. However, a non-employee director who received common stock in lieu of all or a portion of the Cash Retainer could not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issued. 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 would no longer be subject to such restrictions on transfer. During fiscal 2017 and 2016, a total of 1,168 and 2,947 shares were awarded to non-employee directors in lieu of the Cash Retainer. In addition, under the Program, each non-employee director received RSAs with a value equal to $20,000 (the “Equity Retainer”) upon the adjournment of the annual shareholders’ meeting. The Equity Retainer vests 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 could 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 would immediately vest and would no longer be subject to such restrictions on transfer. During the second quarter of fiscal 2017, 8,262 shares were awarded as the Equity Retainer to the non-employee directors. Effective August 1, 2016, the Non-Employee Director Annual Compensation Program was amended. Under the amended Program, and commencing on the first business day of the third fiscal quarter of fiscal 2017, each non-employee director receives an automatic grant of RSAs on the first business day of each fiscal quarter. The number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director compensation amount by the fair market value of the Company’s stock on such day. The director annual compensation amount is $55,000 for the remainder of fiscal year 2017, $65,000 for fiscal 2018, and $75,000 for fiscal 2019. In addition, the Chairman of the Board receives RSAs with an aggregate value of $6,000, and the Chairs of the Audit and Compensation Committees each receive RSAs with an aggregate value of $4,000, also issued in quarterly installments and calculated in the same manner as the directors’ RSA grants. RSAs granted pursuant to the amended Program become fully vested on the first anniversary of the date of grant. A total of 11,379 shares were awarded to the non-employee directors as compensation under the amended Program in fiscal 2017. In April 2013 (fiscal year 2014), the Company granted options and RSUs to officers (“2014 RSUs”). The 2014 RSUs vested as follows: twenty-five percent vested on the third anniversary of the grant date, fifty percent vested upon the Company achieving its cumulative budgeted net revenue target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent vested 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. In April 2016, 9,300 of the 2014 RSUs vested, as the Company achieved the targeted average annual ORONA, as defined in the plan, for the Measurement Period and another 9,300 vested as a result of the third year anniversary date of the grant. Additionally, 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 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 vest in four equal annual installments commencing on the first anniversary of the grant date. The performance-based 2016 RSUs vest over three years based upon the increase in revenue, if any, achieved each fiscal year relative to a three-year revenue increase goal. Performance-based 2016 RSUs that are earned based on organic revenue growth are fully vested when earned, while those earned based on revenue growth via acquisitions 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 were earned in the first quarter of fiscal 2017 based on revenue in fiscal 2017, 9,025 of the performance based 2016 RSUs will be earned in the first quarter of 2018. In March 2016 (fiscal year 2017), the Company granted 50,000 options and 4,030 RSAs to its CEO pursuant to the CEO Equity Incentive Agreement. The options and RSAs vest in four equal annual installments commencing on the first anniversary of the grant date. In May 2016, the Company granted 37,000 options to certain key employees. On August 1, 2016 the Company granted 5,000 options to its Chief Financial Officer. The options vest in four equal installments commencing on the first anniversary of the grant date. Share-Based Compensation: Share-based compensation expense has been recognized as follows: Years Ended January 31 2017 2016 2015 (In thousands) Stock Options $ 321 $ 286 $ 234 Restricted Stock Awards and Restricted Stock Units 685 912 270 Employee Stock Purchase Plan 13 11 7 Total $ 1,019 $ 1,209 $ 511 Stock Options: Aggregated information regarding stock options granted under the plans is summarized below: Number Weighted- Options Outstanding, January 31, 2014 736,647 $ 8.63 Options Granted 158,600 $ 13.99 Options Exercised (224,275 ) $ 8.29 Options Forfeited (8,975 ) $ 11.84 Options Cancelled (5,986 ) $ 8.70 Options Outstanding, January 31, 2015 656,011 $ 10.01 Options Granted 115,000 $ 13.95 Options Exercised (93,344 ) $ 7.95 Options Forfeited (5,550 ) $ 12.75 Options Cancelled (14,181 ) $ 8.82 Options Outstanding, January 31, 2016 657,936 $ 11.00 Options Granted 122,000 $ 14.82 Options Exercised (87,107 ) $ 8.73 Options Forfeited (4,250 ) $ 13.91 Options Cancelled (3,123 ) $ 8.95 Options Outstanding, January 31, 2017 685,456 $ 11.96 Set forth below is a summary of options outstanding at January 31, 2017: Outstanding Exercisable Range of Exercise prices Number of Weighted- Weighted- Number of Weighted- Weighted $5.00-10.00 190,706 $ 7.85 3.9 190,706 $ 7.85 3.9 $10.01-15.00 439,750 $ 13.36 6.6 241,950 $ 12.79 5.3 $15.01-20.00 55,000 $ 15.07 9.2 — $ — — 685,456 $ 11.96 6.1 432,656 $ 10.61 4.7 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 2017 2016 2015 Risk-Free Interest Rate 1.4% 1.6% 1.6% Expected Life (years) 5 5 5 Expected Volatility 28.3% 22.7% 26.5% Expected Dividend Yield 1.9% 2.0% 2.0% The weighted-average estimated fair value of options granted during fiscal 2017, 2016 and 2015 was $3.22; $2.43 and $2.85, respectively. As of January 31, 2017, there was $0.5 million 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 period of 2.3 years. As of January 31, 2017, the aggregate intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock on January 31, 2017, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $1.4 million for all exercisable options and $1.5 million for all options outstanding. The total aggregate intrinsic value of options exercised during fiscal 2017, 2016 and 2015 was $0.6 million; $0.6 million and $1.1 million, 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, 2014 106,496 $ 9.12 Granted 7,245 13.80 Vested (35,662 ) 8.75 Forfeited (5,834 ) 10.07 Outstanding at January 31, 2015 72,245 $ 9.70 Granted 246,335 14.05 Vested (22,692 ) 14.02 Forfeited (2,800 ) 10.07 Outstanding at January 31, 2016 293,088 $ 13.02 Granted 24,839 14.89 Vested (75,133 ) 12.05 Forfeited (28,926 ) 11.49 Outstanding at January 31, 2017 213,868 $ 13.78 As of January 31, 2017, there was $0.9 million of unrecognized compensation expense related to unvested RSUs and RSAs. This expense is expected to be recognized over a weighted average period of 2.1 years. Employee Stock Purchase Plan (ESPP): AstroNova’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 2017 2016 2015 Shares Reserved, Beginning 51,600 57,005 60,242 Shares Purchased (6,376 ) (5,405 ) (3,237 ) Shares Reserved, Ending 45,224 51,600 57,005 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12—Income Taxes The components of income before income taxes are as follows: January 31 2017 2016 2015 (In thousands) Domestic $ 4,026 $ 5,982 $ 5,401 Foreign 2,579 927 1,531 $ 6,605 $ 6,909 $ 6,932 The components of the provision for income taxes are as follows: January 31 2017 2016 2015 (In thousands) Current: Federal $ 1,269 $ 1,930 $ 1,666 State 209 470 466 Foreign 725 276 535 2,203 2,676 2,667 Deferred: Federal $ 150 $ (402 ) $ (290 ) State 37 126 (107 ) Foreign (13 ) (16 ) — 174 (292 ) (397 ) $ 2,377 $ 2,384 $ 2,270 The Company’s effective tax rate for 2017 was 36.0% compared to 34.5% in 2016 and 32.7% in 2015. The increase from 2016 is primarily related to non-deductible transaction costs and increased unrecognized tax benefits. The increase in 2016 from 2015 is primarily related to the change in valuation allowance. The provision for income taxes differs from the amount computed by applying the United States federal statutory income tax rate of 34% to income before income taxes. The reasons for this difference were due to the following: January 31 2017 2016 2015 (In thousands) Income Tax Provision at Statutory Rate $ 2,246 $ 2,349 $ 2,357 Capitalized Transaction Costs 179 — — Unrecognized Tax Benefits 165 (67 ) 23 State Taxes, Net of Federal Tax Effect 162 277 233 Domestic Production Deduction (103 ) (134 ) (164 ) R&D Credits (168 ) (176 ) (135 ) Other (104 ) 135 (44 ) $ 2,377 $ 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 2017 2016 (In thousands) Deferred Tax Assets: Inventory $ 2,151 $ 1,948 State R&D Credits 679 583 Share-Based Compensation 546 830 Foreign Tax Credit 508 426 Compensation Accrual 281 346 Unrecognized State Tax Benefits 241 237 Warranty Reserve 192 149 Deferred Service Contract Revenue 176 200 Other 348 383 5,122 5,102 Deferred Tax Liabilities: Accumulated Tax Depreciation in Excess of Book Depreciation 1,380 1,355 Other 263 193 1,643 1,548 Subtotal 3,479 3,554 Valuation Allowance (679 ) (583 ) Net Deferred Tax Assets $ 2,800 $ 2,971 As of January 31, 2017 there are $0.5 million of foreign tax credit carryforwards which are expected to be utilized prior to their expiration. Carryforwards will expire during fiscal years 2024 to 2027. The valuation allowance of $0.7 million at January 31, 2017 and $0.6 million at January 31, 2016 related to state research and development tax credit carryforwards which are expected to expire unused. The valuation allowance increased $0.1 million in 2017 and $0.3 million in 2016 due to the generation of research and development credits in excess of the Company’s ability to currently utilize credits, and the decision to fully reserve for the state tax benefits of all R&D tax credit carryforwards, net of federal benefit. The Company has reached this conclusion after considering the availability of taxable income in prior carryback years, tax planning strategies, and the likelihood of future taxable income exclusive of reversing temporary differences and carryforwards in the relevant state jurisdiction. The Company believes that it is reasonably 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 balances of unrecognized tax benefits, excluding interest and penalties are as follows: 2017 2016 2015 (In thousands) Balance at February 1 $ 591 $ 707 $ 715 Increases in prior period tax positions 75 — — Increases in current period tax positions 133 49 87 Reductions related to lapse of statute of limitations (91 ) (165 ) (95 ) Balance at January 31 $ 708 $ 591 $ 707 If the $0.7 million balance as of January 31, 2017 is recognized, $0.5 million 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 2017, 2016 and 2015, the Company recognized an expense of $52,000, 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. The Company has accrued potential interest and penalties of $0.4 million at the end of both January 31, 2017 and 2016. 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 for fiscal years ended prior to January 2014. U.S. income taxes have not been provided on $4.7 million of undistributed earnings of the Company’s German subsidiary since it is the Company’s intention to permanently reinvest such earnings offshore or to repatriate them only when it is tax efficient to do so. It is impracticable to estimate a total tax liability or benefit, if any, created by the future distribution of all or portions of these earnings due to complexities related to taxation and foreign tax credit benefits. If circumstances change and it becomes apparent that some, or all of these undistributed earnings as of January 31, 2017 will not be indefinitely reinvested, the provision for the tax consequence, if any, will be recorded in the period when circumstances change. |
Nature of Operations, Segment R
Nature of Operations, Segment Reporting and Geographical Information | 12 Months Ended |
Jan. 31, 2017 | |
Segment Reporting [Abstract] | |
Nature of Operations, Segment Reporting and Geographical Information | Note 13—Nature of Operations, Segment Reporting and Geographical Information The Company’s operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware 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 revenue product groups: Product Identification and Test & Measurement (T&M). The Product Identification segment produces an array of tabletop, 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, China Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Revenue 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, AstroNova completed the asset purchase of the aerospace printer product line from RITEC. AstroNova’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 fiscal 2016. 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 Revenue and Segment Operating Profit (both in dollars and as a percentage of Revenue) for each reporting segment: ($ in thousands) Revenue Segment Operating Profit Segment Operating Profit % 2017 2016 2015 2017 2016 2015 2017 2016 2015 Product Identification $ 69,862 $ 67,127 $ 59,779 $ 9,821 $ 9,300 $ 7,259 14.1% 13.9% 12.1% T&M 28,586 27,531 28,568 4,399 3,664 5,627 15.4% 13.3% 19.7% Total $ 98,448 $ 94,658 $ 88,347 14,220 12,964 12,886 14.4% 13.7% 14.6% Corporate Expenses 7,939 7,030 5,655 Operating Income 6,281 5,934 7,231 Other Income (Expense) 324 975 (299) Income before Income Taxes 6,605 6,909 6,932 Income Tax Provision 2,377 2,384 2,270 Net Income $ 4,228 $ 4,525 $ 4,662 No customer accounted for greater than 10% of net revenue in fiscal 2017, 2016 and 2015. Other information by segment is presented below: (In thousands) Assets 2017 2016 Product Identification $ 30,624 $ 27,143 T&M 28,129 28,570 Corporate* 24,912 22,250 Total $ 83,665 $ 77,963 * Corporate assets consist principally of cash, cash equivalents and securities available for sale (In thousands) Depreciation and Capital Expenditures 2017 2016 2015 2017 2016 2015 Product Identification $ 885 $ 690 $ 678 $ 767 $ 2,284 $ 1,408 T&M 1,546 1,375 1,385 471 777 839 Total $ 2,431 $ 2,065 $ 2,063 $ 1,238 $ 3,061 $ 2,247 Geographical Data Presented below is selected financial information by geographic area: (In thousands) Revenue Long-Lived Assets* 2017 2016 2015 2017 2016 United States $ 69,850 $ 68,316 $ 61,494 $ 8,940 $ 9,310 Europe 18,848 16,830 18,181 168 290 Canada 5,008 4,487 3,934 172 207 Central and South America 3,053 2,436 1,919 0 — Asia 1,664 1,741 1,408 0 — Other 25 848 1,411 0 — Total $ 98,448 $ 94,658 $ 88,347 $ 9,280 $ 9,807 * Long-lived assets excludes goodwill assigned to the T&M segment of $4.5 million at both January 31, 2017 and 2016. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Note 14—Employee Benefit Plans Employee Stock Ownership Plan (ESOP): AstroNova 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 AstroNova. Contributions may be in cash or stock. The Company did not make a contribution to the ESOP in fiscal 2017 or 2016. The Company’s contribution of $0.1 million in fiscal 2015 was recorded as compensation expense. All shares owned by the ESOP have been allocated to participants. On January 23, 2017, the Compensation Committee of the Board of Directors has voted to terminate the ESOP. Profit-Sharing Plan: AstroNova 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 $0.5 million in fiscal 2017 and $0.3 million in both 2016 and 2015. |
Product Warranty Liability
Product Warranty Liability | 12 Months Ended |
Jan. 31, 2017 | |
Guarantees [Abstract] | |
Product Warranty Liability | Note 15—Product Warranty Liability AstroNova offers a manufacturer’s warranty for the majority of its hardware products. The specific terms and conditions of warranty vary depending upon the products 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 2017 2016 2015 (In thousands) Balance, beginning of the year $ 400 $ 375 $ 355 Provision for Warranty Expense 971 887 546 Cost of Warranty Repairs (856 ) (862 ) (526 ) Balance, end of the year $ 515 $ 400 $ 375 |
Product Replacement Costs
Product Replacement Costs | 12 Months Ended |
Jan. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Product Replacement Costs | Note 16—Product Replacement Costs In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming material in certain models of AstroNova’s Test & Measurement printers. No malfunctions have been reported by customers as a result of the non-conforming material. Upon identifying this issue, we immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. We are continuing to work with our customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $0.7 million, 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, 2017, the Company had expended $0.4 million in replacement costs which have been charged against this reserve and has adjusted the reserve amount to reflect the estimate of remaining cost associated with the replacement program. The remaining reserve amount of $0.2 million is included in other accrued expenses in the accompanying consolidated balance sheet as of January 31, 2017. Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, AstroNova received a $0.5 million 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 received lower product prices from the supplier through the first quarter of fiscal 2017. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Jan. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 17—Concentration of Risk Credit is generally extended on an uncollateralized basis to almost all customers after review of credit worthiness. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts which constitute the Company’s customer base. The Company periodically performs on-going credit evaluations of its customers. The Company has not historically experienced significant credit losses on collection of its accounts receivable. Excess cash is invested principally in investment grade government and state municipal securities. The Company has established guidelines relative to diversification and maturities that maintain safety of principal, liquidity and yield. These guidelines are periodically reviewed and modified to reflect changes in market conditions. The Company has not historically experienced any significant losses on its cash equivalents or investments. During the years ended January 31, 2017, 2016 and 2015, one vendor accounted for 33.2%, 23.7% and 21.9% of purchases, and 42.7%, 16.7% and 55.1% of accounts payable, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18—Commitments and Contingencies Contractual Obligations The following table summarizes our contractual obligations: (In thousands) Total 2018 2019 2020 2021 2022 and Thereafter Purchase Commitments* $ 19,271 $ 17,848 $ — $ 1,352 $ — $ 71 Operating Lease Obligations 706 371 214 101 20 — $ 19,977 $ 18,219 $ 214 $ 1,453 $ 20 $ 71 *Purchase commitments consist primarily of inventory and equipment purchase orders made in the ordinary course of business. The Company is also 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, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 19—Fair Value Measurements We measure our financial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures,” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Cash and cash equivalents, accounts receivable, accounts payable, 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, 2017 Level 1 Level 2 Level 3 Total (In thousands) Money market funds (included in cash and cash equivalents) $ 2 $ – $ – $ 2 State and municipal obligations (included in securities available for sale) – 6,723 – 6,723 Total $ 2 $ 6,723 $ – $ 6,725 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 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 periods ended January 31, 2017, 2016 or 2015. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 20—Subsequent Event On February 1, 2017, our wholly-owned Danish subsidiary, ANI ApS, completed the acquisition of the issued and outstanding equity interests of TrojanLabel ApS, a Danish private limited liability company, pursuant to the terms of a Share Purchase Agreement, dated January 7, 2017, by and among the ANI ApS, Holdingselskabet af 20. marts 2014 ApS (“Holding”), a Danish private limited liability company and Li Wei Chong, an individual (Holding, together with Li Wei Chong, the “Sellers”). Based in Copenhagen, Denmark, TrojanLabel ApS is a manufacturer of products including digital color label presses and specialty printing systems for a broad range of end markets. Upon the consummation of the acquisition, TrojanLabel ApS became an indirect wholly-owned subsidiary of AstroNova. The purchase price of this acquisition was DKK 62.9 million (approximately $9.1 million), of which DKK 6.4 million (approximately $0.9 million) was placed in escrow to secure certain post-closing working capital adjustments and indemnification obligations of the Sellers. The Sellers may be entitled to additional contingent consideration if 80% of specified earnings targets are achieved by Trojanlabel ApS during the seven years following the closing, subject to certain closing working capital adjustments and potential offsets to satisfy the Sellers’ indemnification obligations. The contingent consideration consists of potential earn-out payments to the Sellers of between DKK 32.5 million (approximately $5 million) if 80% of the specified earnings targets are achieved, DKK 40.6 million (approximately $5.8 million) if 100% of the specified earnings targets are achieved, and a maximum of DKK 48.7 million (approximately $7 million) if 120% of the specified earnings targets are achieved. Transaction costs related to this acquisition of $0.6 million are included in the general and administrative expenses in the consolidated statement of income for the period ended January 31, 2017. The Company is currently in the process of completing the purchase accounting allocations and does not expect this transaction to have a material impact on the consolidated financial statements. On February 28, 2017, ANI ApS, entered into a Credit Agreement with Bank of America, N.A. (the “Lender”), ANI ApS, and Trojanlabel ApS. The Company also entered into a related Security and Pledge Agreement with the Lender. The Credit Agreement provides for a term loan to AstroNova in the amount of $9.2 million. The Credit Agreement also provides for a $10.0 million revolving credit facility available to the Company for general corporate purposes. Revolving credit loans may be borrowed, at the Company’s option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Krone. No amount was drawn under the revolving credit facility as of the filing of this Annual Report on 10-K. In connection with the Credit Agreement, AstroNova entered into certain hedging arrangements with the Lender to manage the variable interest rate risk and currency risk associated with its payments in respect of the term loan. Under these arrangements, payments of principal and interest in respect of approximately $8.9 million of the principal of the term loan will be made in Danish Krone, and interest on such principal amount will be payable at a fixed rate of 0.67% per annum for the entire term, subject only to potential increases of 0.25% or 0.50% per annum based on the Company’s consolidated leverage ratio. The obligations of ANI ApS under these arrangements are guaranteed by the Company. In connection with the entry into the Credit Agreement on February 28, 2017, the Company’s existing Credit Agreement, dated as of September 5, 2014, among the Company, as borrower, and Wells Fargo Bank was terminated. No loans or other amounts were outstanding or owed under the existing Credit Agreement with Wells Fargo Bank at the time of termination. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jan. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | ASTRONOVA, INC. 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, 2017 $ 404 $ (80 ) $ (58 ) $ 266 2016 $ 343 $ 112 $ (51 ) $ 404 2015 $ 370 $ 60 $ (87 ) $ 343 (1) The allowance for doubtful accounts has been netted against accounts receivable in the balance sheets 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, 2017 | |
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: |
Property, Plant and Equipment | Property, Plant and Equipment: |
Revenue Recognition | Revenue Recognition: The majority of our hardware products contain 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 or marketed separately and its production costs are minor compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to 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 vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. Service revenue is deferred and recognized over the contractual period or as services are rendered and accepted by the customer. We have evaluated the deliverables in our multiple-element arrangements and concluded that they are separate units of accounting if the delivered item or items have value to the customer on a standalone basis and delivery or performance of the undelivered item(s) is considered probable and substantially in our control. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on vendor specific objective evidence (VSOE) if available, third-party evidence (TPE) if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met. Infrequently, we recognize 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. We also receive infrequent 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 | Long-Lived Assets: |
Intangible Assets | Intangible Assets: |
Goodwill | Goodwill: We performed a qualitative assessment for our 2017 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: AstroNova 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. In fiscal 2015, the Company adopted the guidance in ASU 2015-17, “Income Taxes (Topic 740)” and accordingly has presented the Company’s deferred taxes as non-current in the accompanying consolidated balance sheet. |
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: |
Share-Based Compensation | Share-Based Compensation In the first quarter of fiscal 2017, the Company prospectively adopted the provisions of ASU 2016-09, and, as such, the cash flow from tax benefits that are a result of tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) is classified with other income tax cash flows as an operating activity for the year ended January 31, 2017. Tax deductions from certain stock option exercises are treated as being realized when they reduce tax expense and taxes payable in accordance with relevant tax law. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: Statement of Cash Flows In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-15, “Classification of Certain Cash Receipts and Cash Payments (Topic 230).” ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice for certain cash receipts and cash payments. The standard is effective for interim and annual reporting periods beginning after December 15, 2017 (Q1 fiscal 2019 for AstroNova), with early adoption permitted. The Company does not believe the adoption of this guidance will have a material impact 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 to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. 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 AstroNova), 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. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Consideration.” In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing.” In May 2016, the FASB issued ASU 2016-11, “Revenue from Contracts with Customers (Topic 606) and Derivatives and Hedging (Topic 815) – Rescission of SEC Guidance Because of ASU 2014-09 and 2014-16” and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients.” All of these ASUs do not change the core principle of the guidance in Topic 606 (as amended by ASU 2014-09), but rather provide further guidance to improve the operability and understandability of the implementation guidance included in ASU 2014-09. The effective date for all of these ASUs is the same as the effective date of ASU 2014-09 as amended by ASU 2015-14, for annual reporting periods beginning after December 15, 2017, including interim periods within those years (Q1 fiscal 2019 for AstroNova). The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718) – Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods (Q1 fiscal 2018 for AstroNova) and early adoption is allowed. As permitted by ASU 2016-09, the Company adopted this guidance prospectively in fiscal 2017 and the adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 supersedes 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 AstroNova), 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. 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 AstroNova) and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company does not believe the adoption of this guidance will have a material impact on the Company’s consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) - RITEC [Member] | 12 Months Ended |
Jan. 31, 2017 | |
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 Value 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, 2017 | |
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, 2017 January 31, 2016 (In thousands) Gross Accumulated Net Gross Accumulated Net Miltope: Customer Contract Relationships $ 3,100 $ (1,108 ) $ 1,992 $ 3,100 $ (758 ) $ 2,342 RITEC: Customer Contract Relationships 2,830 (207 ) 2,623 2,830 (31 ) 2,799 Non-Competition Agreement 950 (301 ) 649 950 (111 ) 839 Intangible assets, net $ 6,880 $ (1,616 ) $ 5,264 $ 6,880 $ (900 ) $ 5,980 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five years is as follows: (In thousands) 2018 2019 2020 2021 2022 Estimated amortization expense $ 774 $ 769 $ 803 $ 706 $ 633 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities | The fair value, amortized cost and gross unrealized gains and losses of the securities are as follows: Amortized Gross Gross Fair Value (In thousands) January 31, 2017 State and Municipal Obligations $ 6,732 $ — $ (9 ) $ 6,723 January 31, 2016 State and Municipal Obligations $ 10,363 $ 15 $ (2 ) $ 10,376 |
Contractual Maturity Dates of Securities | The contractual maturity dates of these securities are as follows: January 31 2017 2016 (In thousands) Less than one year $ 3,563 $ 3,833 One to two years 3,160 6,543 $ 6,723 $ 10,376 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: January 31 2017 2016 (In thousands) Materials and Supplies $ 11,865 $ 10,197 Work-in-Progress 1,216 1,025 Finished Goods 10,270 7,491 23,351 18,713 Inventory Reserve (3,845 ) (3,823 ) Balance at January 31 $ 19,506 $ 14,890 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consisted of the following: January 31 2017 2016 (In thousands) Professional Fees $ 584 $ 328 Warranty 515 400 Product Replacement Cost Reserve 174 278 Dealer Commissions 180 221 Other 718 982 $ 2,171 $ 2,209 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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 ) Other Comprehensive Loss (65 ) (16 ) (81 ) Amounts Reclassified to Net Income — — — Net Other Comprehensive Loss (65 ) (16 ) (81 ) Balance at January 31, 2017 $ (1,048 ) $ (8 ) $ (1,056 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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 2017 2016 2015 (In thousands) Stock Options $ 321 $ 286 $ 234 Restricted Stock Awards and Restricted Stock Units 685 912 270 Employee Stock Purchase Plan 13 11 7 Total $ 1,019 $ 1,209 $ 511 |
Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the plans is summarized below: Number Weighted- Options Outstanding, January 31, 2014 736,647 $ 8.63 Options Granted 158,600 $ 13.99 Options Exercised (224,275 ) $ 8.29 Options Forfeited (8,975 ) $ 11.84 Options Cancelled (5,986 ) $ 8.70 Options Outstanding, January 31, 2015 656,011 $ 10.01 Options Granted 115,000 $ 13.95 Options Exercised (93,344 ) $ 7.95 Options Forfeited (5,550 ) $ 12.75 Options Cancelled (14,181 ) $ 8.82 Options Outstanding, January 31, 2016 657,936 $ 11.00 Options Granted 122,000 $ 14.82 Options Exercised (87,107 ) $ 8.73 Options Forfeited (4,250 ) $ 13.91 Options Cancelled (3,123 ) $ 8.95 Options Outstanding, January 31, 2017 685,456 $ 11.96 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at January 31, 2017: Outstanding Exercisable Range of Exercise prices Number of Weighted- Weighted- Number of Weighted- Weighted $5.00-10.00 190,706 $ 7.85 3.9 190,706 $ 7.85 3.9 $10.01-15.00 439,750 $ 13.36 6.6 241,950 $ 12.79 5.3 $15.01-20.00 55,000 $ 15.07 9.2 — $ — — 685,456 $ 11.96 6.1 432,656 $ 10.61 4.7 |
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 2017 2016 2015 Risk-Free Interest Rate 1.4% 1.6% 1.6% Expected Life (years) 5 5 5 Expected Volatility 28.3% 22.7% 26.5% Expected Dividend Yield 1.9% 2.0% 2.0% |
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, 2014 106,496 $ 9.12 Granted 7,245 13.80 Vested (35,662 ) 8.75 Forfeited (5,834 ) 10.07 Outstanding at January 31, 2015 72,245 $ 9.70 Granted 246,335 14.05 Vested (22,692 ) 14.02 Forfeited (2,800 ) 10.07 Outstanding at January 31, 2016 293,088 $ 13.02 Granted 24,839 14.89 Vested (75,133 ) 12.05 Forfeited (28,926 ) 11.49 Outstanding at January 31, 2017 213,868 $ 13.78 |
Summarized Plan Activity | Summarized plan activity is as follows: Years Ended January 31 2017 2016 2015 Shares Reserved, Beginning 51,600 57,005 60,242 Shares Purchased (6,376 ) (5,405 ) (3,237 ) Shares Reserved, Ending 45,224 51,600 57,005 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes | The components of income before income taxes are as follows: January 31 2017 2016 2015 (In thousands) Domestic $ 4,026 $ 5,982 $ 5,401 Foreign 2,579 927 1,531 $ 6,605 $ 6,909 $ 6,932 |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows: January 31 2017 2016 2015 (In thousands) Current: Federal $ 1,269 $ 1,930 $ 1,666 State 209 470 466 Foreign 725 276 535 2,203 2,676 2,667 Deferred: Federal $ 150 $ (402 ) $ (290 ) State 37 126 (107 ) Foreign (13 ) (16 ) — 174 (292 ) (397 ) $ 2,377 $ 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 United States federal statutory income tax rate of 34% to income before income taxes. The reasons for this difference were due to the following: January 31 2017 2016 2015 (In thousands) Income Tax Provision at Statutory Rate $ 2,246 $ 2,349 $ 2,357 Capitalized Transaction Costs 179 — — Unrecognized Tax Benefits 165 (67 ) 23 State Taxes, Net of Federal Tax Effect 162 277 233 Domestic Production Deduction (103 ) (134 ) (164 ) R&D Credits (168 ) (176 ) (135 ) Other (104 ) 135 (44 ) $ 2,377 $ 2,384 $ 2,270 |
Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows: January 31 2017 2016 (In thousands) Deferred Tax Assets: Inventory $ 2,151 $ 1,948 State R&D Credits 679 583 Share-Based Compensation 546 830 Foreign Tax Credit 508 426 Compensation Accrual 281 346 Unrecognized State Tax Benefits 241 237 Warranty Reserve 192 149 Deferred Service Contract Revenue 176 200 Other 348 383 5,122 5,102 Deferred Tax Liabilities: Accumulated Tax Depreciation in Excess of Book Depreciation 1,380 1,355 Other 263 193 1,643 1,548 Subtotal 3,479 3,554 Valuation Allowance (679 ) (583 ) Net Deferred Tax Assets $ 2,800 $ 2,971 |
Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties | expiration of certain statutes of limitation. The changes in the balances of unrecognized tax benefits, excluding interest and penalties are as follows: 2017 2016 2015 (In thousands) Balance at February 1 $ 591 $ 707 $ 715 |
Nature of Operations, Segment38
Nature of Operations, Segment Reporting and Geographical Information (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Segment Reporting [Abstract] | |
Net Sales and Segment Operating Profit for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit (both in dollars and as a percentage of Revenue) for each reporting segment: ($ in thousands) Revenue Segment Operating Profit Segment Operating Profit % 2017 2016 2015 2017 2016 2015 2017 2016 2015 Product Identification $ 69,862 $ 67,127 $ 59,779 $ 9,821 $ 9,300 $ 7,259 14.1% 13.9% 12.1% T&M 28,586 27,531 28,568 4,399 3,664 5,627 15.4% 13.3% 19.7% Total $ 98,448 $ 94,658 $ 88,347 14,220 12,964 12,886 14.4% 13.7% 14.6% Corporate Expenses 7,939 7,030 5,655 Operating Income 6,281 5,934 7,231 Other Income (Expense) 324 975 (299) Income before Income Taxes 6,605 6,909 6,932 Income Tax Provision 2,377 2,384 2,270 Net Income $ 4,228 $ 4,525 $ 4,662 |
Summary of Other Information by Segment | Other information by segment is presented below: (In thousands) Assets 2017 2016 Product Identification $ 30,624 $ 27,143 T&M 28,129 28,570 Corporate* 24,912 22,250 Total $ 83,665 $ 77,963 * Corporate assets consist principally of cash, cash equivalents and securities available for sale (In thousands) Depreciation and Capital Expenditures 2017 2016 2015 2017 2016 2015 Product Identification $ 885 $ 690 $ 678 $ 767 $ 2,284 $ 1,408 T&M 1,546 1,375 1,385 471 777 839 Total $ 2,431 $ 2,065 $ 2,063 $ 1,238 $ 3,061 $ 2,247 |
Summary of Selected Financial Information by Geographic Area | Presented below is selected financial information by geographic area: (In thousands) Revenue Long-Lived Assets* 2017 2016 2015 2017 2016 United States $ 69,850 $ 68,316 $ 61,494 $ 8,940 $ 9,310 Europe 18,848 16,830 18,181 168 290 Canada 5,008 4,487 3,934 172 207 Central and South America 3,053 2,436 1,919 0 — Asia 1,664 1,741 1,408 0 — Other 25 848 1,411 0 — Total $ 98,448 $ 94,658 $ 88,347 $ 9,280 $ 9,807 * Long-lived assets excludes goodwill assigned to the T&M segment of $4.5 million at both January 31, 2017 and 2016. |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Guarantees [Abstract] | |
Activity in Product Warranty Liability | Activity in the product warranty liability, which is included in other accrued expenses in the accompanying consolidated balance sheet, is as follows: January 31 2017 2016 2015 (In thousands) Balance, beginning of the year $ 400 $ 375 $ 355 Provision for Warranty Expense 971 887 546 Cost of Warranty Repairs (856 ) (862 ) (526 ) Balance, end of the year $ 515 $ 400 $ 375 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contarctual Obligations | The following table summarizes our contractual obligations: (In thousands) Total 2018 2019 2020 2021 2022 and Thereafter Purchase Commitments* $ 19,271 $ 17,848 $ — $ 1,352 $ — $ 71 Operating Lease Obligations 706 371 214 101 20 — $ 19,977 $ 18,219 $ 214 $ 1,453 $ 20 $ 71 *Purchase commitments consist primarily of inventory and equipment purchase orders made in the ordinary course of business. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 Level 1 Level 2 Level 3 Total (In thousands) Money market funds (included in cash and cash equivalents) $ 2 $ – $ – $ 2 State and municipal obligations (included in securities available for sale) – 6,723 – 6,723 Total $ 2 $ 6,723 $ – $ 6,725 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 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | 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 | $ 5,100,000 | $ 3,000,000 | |
Depreciation expense | 1,700,000 | 1,600,000 | $ 1,400,000 |
Net foreign exchange losses | 200,000 | 300,000 | 200,000 |
Advertising expense | 1,300,000 | 1,100,000 | 1,700,000 |
Impairment charges for long-lived assets | 0 | 0 | 0 |
Impairment charges for intangible assets | $ 0 | $ 0 | $ 0 |
Number of common equivalent shares | 459,700 | 425,200 | 156,600 |
No compensation expense is recognized on forfeited options | $ 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) - USD ($) | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
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 $0.1-$0.7 million and (3) a range of contract renewal probability from 30%-100%. | |
Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Fair value assumptions, Earnings projections | $ 100,000 | |
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 | $ 7,400,000 | |
Amount withheld in escrow related to business acquisition | $ 800,000 | |
Duration of escrow deposits | 12 months | |
Escrow amount retained | $ 100,000 | |
General and administrative expenses | $ 100,000 | |
Estimated inventory purchase | $ 200,000 | |
Percentage of royalties on sale price of products | 7.50% | |
Initial royalty payment period | 5 years | |
Royalty revenue accrued | $ 0 | |
Goodwill deductible for tax purposes | $ 3,500,000 |
Acquisition - Purchase Price of
Acquisition - Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jun. 19, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,521 | $ 4,521 | |
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, 2017 | 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, 2017 | Jan. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,880 | $ 6,880 |
Accumulated Amortization | (1,616) | (900) |
Net Carrying Amount | 5,264 | 5,980 |
Customer Contract Relationships [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | (1,108) | (758) |
Net Carrying Amount | 1,992 | 2,342 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | 2,830 |
Accumulated Amortization | (207) | (31) |
Net Carrying Amount | 2,623 | 2,799 |
Non-Competition Agreement [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 950 | 950 |
Accumulated Amortization | (301) | (111) |
Net Carrying Amount | $ 649 | $ 839 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | |||
Impairments of intangible assets | $ 0 | $ 0 | $ 0 |
Amortization expense | $ 700,000 | $ 500,000 | $ 700,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | Jan. 31, 2017USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,018 | $ 774 |
2,019 | 769 |
2,020 | 803 |
2,021 | 706 |
2,022 | $ 633 |
Securities Available for Sale -
Securities Available for Sale - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2017USD ($) | |
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 | 2 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, 2017 | Jan. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 6,723 | $ 10,376 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,732 | 10,363 |
Gross Unrealized Gains | 15 | |
Gross Unrealized Losses | (9) | (2) |
Fair Value | $ 6,723 | $ 10,376 |
Securities Available for Sale51
Securities Available for Sale - Contractual Maturity Dates of Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Less than one year | $ 3,563 | $ 3,833 |
One to two years | 3,160 | 6,543 |
Fair Value | $ 6,723 | $ 10,376 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 11,865 | $ 10,197 |
Work-in-Progress | 1,216 | 1,025 |
Finished Goods | 10,270 | 7,491 |
Inventory, Gross | 23,351 | 18,713 |
Inventory Reserve | (3,845) | (3,823) |
Inventories | $ 19,506 | $ 14,890 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Jan. 31, 2017 | Jan. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Inventory demonstration equipment | $ 1.6 | $ 1.4 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Payables and Accruals [Abstract] | ||||
Professional Fees | $ 584 | $ 328 | ||
Warranty | 515 | 400 | $ 375 | $ 355 |
Product Replacement Cost Reserve | 174 | 278 | ||
Dealer Commissions | 180 | 221 | ||
Other | 718 | 982 | ||
Total | $ 2,171 | $ 2,209 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2017 | Feb. 28, 2017 | |
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 10,000,000 | |
Line of credit, interest rate description | Any borrowings made under the line of credit would bear interest at a fluctuating variable rate of either (i) the Prime Rate plus an agreed upon margin of between 0% and 0.50%, based upon the consolidated leverage ratio (funded debt EBITDA, as defined); or (ii) the Eurocurrency Rate (LIBOR) plus an agreed-upon margin of between 1.00% and 1.50%, based upon the consolidated leverage ratio. | |
Borrowings against new line of credit | $ 0 | |
Fixed Charge Coverage Ratio | 3.00% | |
Funded debt to adjusted EBITDA ratio | 1.25% | |
Prime Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Percentage above rate | 0.00% | |
Prime Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Percentage above rate | 0.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Percentage above rate | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [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 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | Bank of America, N.A. [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 10,000,000 |
Sale of Property - Additional I
Sale of Property - Additional Information (Detail) $ in Thousands, £ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Jan. 31, 2017USD ($) | |
Gain (Loss) on Disposition of Property Plant Equipment [Abstract] | |||
Proceeds from Sale of UK Property | $ 500 | £ 0.4 | $ 474 |
Gain on sale of property | $ 400 | $ 419 |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Schedule of Capitalization, Equity [Line Items] | |||
Beginning Balance | $ (975) | ||
Net Other Comprehensive Loss | (81) | $ (276) | $ (875) |
Ending Balance | (1,056) | (975) | |
Foreign Currency Translation Adjustments [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning Balance | (983) | (714) | 152 |
Other Comprehensive Loss | (65) | (269) | (866) |
Amounts Reclassified to Net Income | 0 | 0 | 0 |
Net Other Comprehensive Loss | (65) | (269) | (866) |
Ending Balance | (1,048) | (983) | (714) |
Unrealized Holding Gain (Loss) on Available for Sale Securities [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning Balance | 8 | 15 | 24 |
Other Comprehensive Loss | (16) | (7) | (9) |
Amounts Reclassified to Net Income | 0 | 0 | 0 |
Net Other Comprehensive Loss | (16) | (7) | (9) |
Ending Balance | (8) | 8 | 15 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning Balance | (975) | (699) | 176 |
Other Comprehensive Loss | (81) | (276) | (875) |
Amounts Reclassified to Net Income | 0 | 0 | 0 |
Net Other Comprehensive Loss | (81) | (276) | (875) |
Ending Balance | $ (1,056) | $ (975) | $ (699) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Equity [Abstract] | |||
Company shares given to employees, shares | 51,531 | 29,939 | 62,797 |
Company shares given to employees, value | $ 800 | $ 400 | $ 900 |
Common stock repurchased, shares | 500,000 | ||
Common stock shares repurchased, value | $ 6,250 | ||
Common stock shares additional authorized | 390,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Aug. 01, 2016USD ($)shares | May 18, 2016shares | Feb. 01, 2014shares | May 31, 2016Installmentshares | Mar. 31, 2016Installmentshares | May 31, 2015Installmentshares | Mar. 31, 2015Installmentshares | Jul. 30, 2016shares | Aug. 01, 2015USD ($) | Jan. 31, 2017USD ($)Equity_Plan$ / sharesshares | Jan. 31, 2016$ / sharesshares | Jan. 31, 2015$ / sharesshares | Apr. 30, 2017shares | 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 | 122,000 | 115,000 | 158,600 | |||||||||||
Non-employee director is entitled to an annual cash retainer | $ | $ 7,000 | |||||||||||||
Non-employee director received restricted stock award value | $ | $ 20,000 | |||||||||||||
Non-employee director received restricted stock award shares | 8,262 | |||||||||||||
Maximum disposal restricted percentage of RSU | 50.00% | |||||||||||||
Options granted weighted-average fair value per share | $ / shares | $ 3.22 | $ 2.43 | $ 2.85 | |||||||||||
Aggregate intrinsic value of options exercised | $ | $ 600,000 | |||||||||||||
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 | 87,989 | |||||||||||||
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 | 151,987 | |||||||||||||
Employee Stock Purchase Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Employee Stock Purchase Plan discount rate | 15.00% | |||||||||||||
Non-Employee Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Non-employee director is entitled to an annual cash retainer additional | $ | 500 | |||||||||||||
Granting percentage of shares | 25.00% | |||||||||||||
Director compensation amount, remainder of fiscal 2017 | $ | $ 55,000 | |||||||||||||
Director compensation amount, fiscal 2018 | $ | 65,000 | |||||||||||||
Director compensation amount, fiscal 2019 | $ | 75,000 | |||||||||||||
Chairman of Board [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Amount of Chair Retainer payable | $ | 6,000 | |||||||||||||
Non-employee director received restricted stock award value | $ | 6,000 | |||||||||||||
Chairs of Audit and Compensation Committees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Non-employee director received restricted stock award value | $ | $ 4,000 | |||||||||||||
Chief Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of options granted | 50,000 | 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 | 500,000 | |||||||||||||
Chief Executive Officer [Member] | Maximum [Member] | 2007 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 | 50,000 | |||||||||||||
Other Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of options granted | 35,000 | |||||||||||||
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 | |||||||||||||
Certain Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of options granted | 37,000 | |||||||||||||
Chief Financial Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of options granted | 5,000 | |||||||||||||
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 | 30,000 | 5,000 | ||||||||||||
Number of stock options grant to each non-employee director | 1,168 | 2,947 | ||||||||||||
RSA [Member] | Non-Employee Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period | 12 months | |||||||||||||
RSA [Member] | Chief Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted stocks, granted | 4,030 | 537 | ||||||||||||
Restricted Stock And Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of annual vesting installments | Installment | 4 | 4 | ||||||||||||
Stock Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of annual vesting installments | Installment | 4 | |||||||||||||
Unrecognized compensation expense related to options | $ | $ 500,000 | |||||||||||||
Unrecognized compensation expense to be recognized, Weighted average period | 2 years 3 months 18 days | |||||||||||||
Aggregate intrinsic value of option exercised | $ | $ 1,400,000 | |||||||||||||
Aggregate intrinsic value of the options outstanding | $ | $ 1,500,000 | |||||||||||||
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 | |||||||||||||
2014 Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of accelerated vesting shares | 4,166 | |||||||||||||
Number of vesting shares | 9,300 | |||||||||||||
Unrecognized compensation expense to be recognized, Weighted average period | 2 years 1 month 6 days | |||||||||||||
Unrecognized compensation expense related to RSUs and RSAs | $ | $ 900,000 | |||||||||||||
2014 Restricted Stock Units (RSUs) [Member] | Third Anniversary [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] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of vesting shares | 9,025 | 15,810 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation [Abstract] | |||
Stock Options | $ 321 | $ 286 | $ 234 |
Restricted Stock Awards and Restricted Stock Units | 685 | 912 | 270 |
Employee Stock Purchase Plan | 13 | 11 | 7 |
Total | $ 1,019 | $ 1,209 | $ 511 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation [Abstract] | |||
Beginning balance, Number of Options | 657,936 | 656,011 | 736,647 |
Granted, Number of Options | 122,000 | 115,000 | 158,600 |
Exercised, Number of Options | (87,107) | (93,344) | (224,275) |
Forfeited, Number of Options | (4,250) | (5,550) | (8,975) |
Canceled, Number of Options | (3,123) | (14,181) | (5,986) |
Ending balance, Number of Options | 685,456 | 657,936 | 656,011 |
Beginning balance, Weighted-Average Exercise Price Per Share | $ 11 | $ 10.01 | $ 8.63 |
Granted, Weighted-Average Exercise Price Per Share | 14.82 | 13.95 | 13.99 |
Exercised, Weighted-Average Exercise Price Per Share | 8.73 | 7.95 | 8.29 |
Forfeited, Weighted Average Exercise Price Per Share | 13.91 | 12.75 | 11.84 |
Cancelled, Weighted-Average Exercise Price Per Share | 8.95 | 8.82 | 8.70 |
Ending balance, Weighted-Average Exercise Price Per Share | $ 11.96 | $ 11 | $ 10.01 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 12 Months Ended | ||||
Jan. 31, 2017 | Dec. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares outstanding, total | 685,456 | 657,936 | 656,011 | 736,647 | |
Outstanding, Weighted Average Exercise Price | $ 11.96 | ||||
Exercisable, Weighted Average Exercise Price | 10.61 | ||||
Outstanding Remaining Contractual Life | 6 years 1 month 6 days | ||||
Number of shares exercisable, total | 432,656 | ||||
Exercisable Remaining Contractual Life | 4 years 8 months 12 days | ||||
Range Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding Range of Exercise prices, Lower Limit | $ 5 | ||||
Outstanding Range of Exercise prices, Upper Limit | $ 10 | ||||
Outstanding, Number of shares | 190,706 | ||||
Outstanding, Weighted Average Exercise Price | 7.85 | ||||
Exercisable, Weighted Average Exercise Price | 7.85 | ||||
Outstanding Remaining Contractual Life | 3 years 10 months 24 days | ||||
Exercisable, Number of shares | 190,706 | ||||
Exercisable Remaining Contractual Life | 3 years 10 months 24 days | ||||
Range Four [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding Range of Exercise prices, Lower Limit | $ 10.01 | ||||
Outstanding Range of Exercise prices, Upper Limit | $ 15 | ||||
Outstanding, Number of shares | 439,750 | ||||
Outstanding, Weighted Average Exercise Price | 13.36 | ||||
Exercisable, Weighted Average Exercise Price | 12.79 | ||||
Outstanding Remaining Contractual Life | 6 years 7 months 6 days | ||||
Exercisable, Number of shares | 241,950 | ||||
Exercisable Remaining Contractual Life | 5 years 3 months 18 days | ||||
Range Five [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding Range of Exercise prices, Lower Limit | $ 15.01 | ||||
Outstanding Range of Exercise prices, Upper Limit | $ 20 | ||||
Outstanding, Number of shares | 55,000 | ||||
Outstanding, Weighted Average Exercise Price | $ 15.07 | ||||
Outstanding Remaining Contractual Life | 9 years 2 months 12 days |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Stock Options Granted (Detail) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-Free Interest Rate | 1.40% | 1.60% | 1.60% |
Expected Life (years) | 5 years | 5 years | 5 years |
Expected Volatility | 28.30% | 22.70% | 26.50% |
Expected Dividend Yield | 1.90% | 2.00% | 2.00% |
Share-Based Compensation - Ag64
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Award And Restricted Stock Unit [Member] - $ / shares | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | 293,088 | 72,245 | 106,496 |
Granted, Restricted Stock Units and Restricted Stock Awards | 24,839 | 246,335 | 7,245 |
Vested, Restricted Stock Units and Restricted Stock Awards | (75,133) | (22,692) | (35,662) |
Forfeited, Restricted Stock Units and Restricted Stock Awards | (28,926) | (2,800) | (5,834) |
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | 213,868 | 293,088 | 72,245 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 13.02 | $ 9.70 | $ 9.12 |
Granted, Weighted Average Grant Date Fair Value | 14.89 | 14.05 | 13.80 |
Vested, Weighted Average Grant Date Fair Value | 12.05 | 14.02 | 8.75 |
Forfeited , Weighted Average Grant Date Fair Value | 11.49 | 10.07 | 10.07 |
Ending balance, Weighted Average Grant Date Fair Value | $ 13.78 | $ 13.02 | $ 9.70 |
Share-Based Compensation - Su65
Share-Based Compensation - Summarized Plan Activity (Detail) - shares | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Equity [Abstract] | |||
Shares Reserved, Beginning Balance | 51,600 | 57,005 | 60,242 |
Shares Purchased | (6,376) | (5,405) | (3,237) |
Shares Reserved, Ending Balance | 45,224 | 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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 4,026 | $ 5,982 | $ 5,401 |
Foreign | 2,579 | 927 | 1,531 |
Income from Continuing Operations before Income Taxes | $ 6,605 | $ 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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Current: | |||
Federal | $ 1,269 | $ 1,930 | $ 1,666 |
State | 209 | 470 | 466 |
Foreign | 725 | 276 | 535 |
Current Income Tax Expense | 2,203 | 2,676 | 2,667 |
Deferred: | |||
Federal | 150 | (402) | (290) |
State | 37 | 126 | (107) |
Foreign | (13) | (16) | |
Deferred Income Tax Expense Total | 174 | (292) | (397) |
Total | $ 2,377 | $ 2,384 | $ 2,270 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate for income from continuing operation | 36.00% | 34.50% | 32.70% | |
Foreign tax credit carryforwards | $ 508,000 | $ 426,000 | ||
Tax credit carryforward expiration period | Between fiscal years ended 2024 to 2027. | |||
Valuation allowance | $ 679,000 | 583,000 | ||
Increase (decrease) in valuation allowance | 100,000 | 300,000 | ||
Recognized tax benefits excluding interest and penalties | 708,000 | 591,000 | $ 707,000 | $ 715,000 |
Impact on effective tax rate, decrease | 500,000 | |||
Recognized (benefit) expense related to interest and penalties | 52,000 | (87,000) | $ 43,000 | |
Accrued potential interest and penalties | 400,000 | $ 400,000 | ||
Undistributed earnings of foreign subsidiaries | $ 4,700,000 |
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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Provision at Statutory Rate | $ 2,246 | $ 2,349 | $ 2,357 |
Capitalized Transaction Costs | 179 | ||
Unrecognized Tax Benefits | 165 | (67) | 23 |
State Taxes, Net of Federal Tax Effect | 162 | 277 | 233 |
Domestic Production Deduction | (103) | (134) | (164) |
R&D Credits | (168) | (176) | (135) |
Other | (104) | 135 | (44) |
Total | $ 2,377 | $ 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, 2017 | Jan. 31, 2016 |
Deferred Tax Assets: | ||
Inventory | $ 2,151 | $ 1,948 |
State R&D Credits | 679 | 583 |
Share-Based Compensation | 546 | 830 |
Foreign Tax Credit | 508 | 426 |
Compensation Accrual | 281 | 346 |
Unrecognized State Tax Benefits | 241 | 237 |
Warranty Reserve | 192 | 149 |
Deferred Service Contract Revenue | 176 | 200 |
Other | 348 | 383 |
Deferred Tax Assets, Total | 5,122 | 5,102 |
Deferred Tax Liabilities: | ||
Accumulated Tax Depreciation in Excess of Book Depreciation | 1,380 | 1,355 |
Other | 263 | 193 |
Deferred Tax Liabilities, Total | 1,643 | 1,548 |
Subtotal | 3,479 | 3,554 |
Valuation Allowance | (679) | (583) |
Net Deferred Tax Assets | $ 2,800 | $ 2,971 |
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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at February 1 | $ 591 | $ 707 | $ 715 |
Increases in prior period tax positions | 75 | ||
Increases in current period tax positions | 133 | 49 | 87 |
Reductions related to lapse of statute of limitations | (91) | (165) | (95) |
Balance at January 31 | $ 708 | $ 591 | $ 707 |
Nature of Operations, Segment72
Nature of Operations, Segment Reporting and Geographical Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017USD ($)CustomerSegment | Jan. 31, 2016USD ($)Customer | Jan. 31, 2015Customer | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 2 | ||
Customer accounted for greater than 10% of net sales | Customer | 0 | 0 | 0 |
Goodwill assigned | $ 4,521 | $ 4,521 | |
T&M [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill assigned | $ 4,500 | $ 4,500 |
Nature of Operations, Segment73
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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 98,448 | $ 94,658 | $ 88,347 |
Corporate Expenses | 7,939 | 7,030 | 5,655 |
Operating Income | 6,281 | 5,934 | 7,231 |
Other Income (Expense)-Net | $ 324 | $ 975 | $ (299) |
Segment Operating Profit % of Net Sales | 14.40% | 13.70% | 14.60% |
Income Before Income Taxes | $ 6,605 | $ 6,909 | $ 6,932 |
Income Tax Provision | 2,377 | 2,384 | 2,270 |
Net Income | 4,228 | 4,525 | 4,662 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Income | 14,220 | 12,964 | 12,886 |
Operating Segments [Member] | Product Identification [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 69,862 | 67,127 | 59,779 |
Operating Income | $ 9,821 | $ 9,300 | $ 7,259 |
Segment Operating Profit % of Net Sales | 14.10% | 13.90% | 12.10% |
Operating Segments [Member] | T&M [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 28,586 | $ 27,531 | $ 28,568 |
Operating Income | $ 4,399 | $ 3,664 | $ 5,627 |
Segment Operating Profit % of Net Sales | 15.40% | 13.30% | 19.70% |
Nature of Operations, Segment74
Nature of Operations, Segment Reporting and Geographical Information - Summary of Other Information by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 83,665 | $ 77,963 | |
Depreciation and Amortization | 2,431 | 2,065 | $ 2,063 |
Capital Expenditures | 1,238 | 3,061 | 2,247 |
Operating Segments [Member] | Product Identification [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 30,624 | 27,143 | |
Depreciation and Amortization | 885 | 690 | 678 |
Capital Expenditures | 767 | 2,284 | 1,408 |
Operating Segments [Member] | T&M [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 28,129 | 28,570 | |
Depreciation and Amortization | 1,546 | 1,375 | 1,385 |
Capital Expenditures | 471 | 777 | $ 839 |
Corporate Expenses [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 24,912 | $ 22,250 |
Nature of Operations, Segment75
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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 98,448 | $ 94,658 | $ 88,347 |
Long-Lived Assets | 9,280 | 9,807 | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 69,850 | 68,316 | 61,494 |
Long-Lived Assets | 8,940 | 9,310 | |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 18,848 | 16,830 | 18,181 |
Long-Lived Assets | 168 | 290 | |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 5,008 | 4,487 | 3,934 |
Long-Lived Assets | 172 | 207 | |
Asia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,664 | 1,741 | 1,408 |
Long-Lived Assets | 0 | ||
Central and South America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 3,053 | 2,436 | 1,919 |
Long-Lived Assets | 0 | ||
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 25 | $ 848 | $ 1,411 |
Long-Lived Assets | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Postemployment Benefits [Abstract] | |||
Contribution to the ESOP | $ 0 | $ 0 | $ 100,000 |
Contributions paid or accrued amounted | $ 500,000 | $ 300,000 | $ 300,000 |
Product Warranty Liability - Ac
Product Warranty Liability - Activity in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Product Warranties Disclosures [Abstract] | |||
Balance, beginning of the year | $ 400 | $ 375 | $ 355 |
Provision for Warranty Expense | 971 | 887 | 546 |
Cost of Warranty Repairs | (856) | (862) | (526) |
Balance, end of the year | $ 515 | $ 400 | $ 375 |
Product Replacement Costs - Add
Product Replacement Costs - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jan. 31, 2014 | May 04, 2013 | Jan. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Estimated replacement cost | $ 0.7 | ||
Replacement cost charged against reserve | $ 0.4 | ||
Other accrued expenses | $ 0.2 | ||
Amount received from supplier for recovery | $ 0.5 | ||
Lower product prices period | Through the first quarter of fiscal 2017. |
Concentration of Risk - Additio
Concentration of Risk - Additional Information (Detail) - Vendor [Member] | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Purchases [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 33.20% | 23.70% | 21.90% |
Trade Accounts Payables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 42.70% | 16.70% | 55.10% |
Summary of Contractual Obligati
Summary of Contractual Obligations (Detail) $ in Thousands | Jan. 31, 2017USD ($) |
Long-term Purchase Commitment [Line Items] | |
Total | $ 19,977 |
2,018 | 18,219 |
2,019 | 214 |
2,020 | 1,453 |
2,021 | 20 |
2022 and Thereafter | 71 |
Purchase Commitments [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total | 19,271 |
2,018 | 17,848 |
2,020 | 1,352 |
2022 and Thereafter | 71 |
Operating Lease Obligations [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total | 706 |
2,018 | 371 |
2,019 | 214 |
2,020 | 101 |
2,021 | $ 20 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds (included in cash and cash equivalents) | $ 2 | $ 4,340 |
State and municipal obligations (included in securities available for sale) | 6,723 | 10,376 |
Total | 6,725 | 14,716 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds (included in cash and cash equivalents) | 2 | 4,340 |
Total | 2 | 4,340 |
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) | 6,723 | 10,376 |
Total | $ 6,723 | $ 10,376 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) DKK in Millions | Feb. 28, 2017USD ($) | Feb. 01, 2017USD ($) | Feb. 01, 2017DKK | Jan. 31, 2016USD ($) | Feb. 01, 2017DKK | Jan. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||||||
Purchase price of acquisition | $ 7,360,000 | |||||
Credit facility, maximum borrowing capacity | $ 10,000,000 | |||||
Term Loan [Member] | Bank of America, N.A. [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 9,200,000 | |||||
Payments of principal of term loan | $ 8,900,000 | |||||
Long-term debt, percentage bearing fixed interest rate, percentage | 0.67% | |||||
Long-term debt, percentage bearing fixed interest rate, potential increase percentage one | 0.25% | |||||
Long-term debt, percentage bearing fixed interest rate, potential increase percentage two | 0.50% | |||||
Revolving Credit Facility [Member] | Bank of America, N.A. [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Amount withdrawn under credit facility | 0 | |||||
Revolving Credit Facility [Member] | Bank of America, N.A. [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 10,000,000 | |||||
Revolving Credit Facility [Member] | Wells Fargo Bank [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Amount withdrawn under credit facility | $ 0 | |||||
Trojanlabel ApS [Member] | ||||||
Subsequent Event [Line Items] | ||||||
General and administrative expense | $ 600,000 | |||||
Trojanlabel ApS [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Purchase price of acquisition | $ 9,100,000 | DKK 62.9 | ||||
Purchase price of acquisition amount held in escrow | $ 900,000 | DKK 6.4 | ||||
Minimum percentage required to entitle additional contingent consideration | 80.00% | 80.00% | ||||
Additional contingent consideration period | 7 years | 7 years | ||||
Trojanlabel ApS [Member] | Earn-Out Payments, if 80% of Specified Earnings Targets are Achieved [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business acquisition contingent consideration potential earn-out payments | $ 5,000,000 | DKK 32.5 | ||||
Trojanlabel ApS [Member] | Earn-Out Payments, if 100% of Specified Earnings Targets are Achieved [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business acquisition contingent consideration potential earn-out payments | 5,800,000 | 40.6 | ||||
Trojanlabel ApS [Member] | Earn-Out Payments, if 120% of Specified Earnings Targets are Achieved [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business acquisition contingent consideration potential earn-out payments | $ 7,000,000 | DKK 48.7 |
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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 404 | $ 343 | $ 370 |
Provision Charged to Operations | (80) | 112 | 60 |
Deductions | (58) | (51) | (87) |
Balance at End of Year | $ 266 | $ 404 | $ 343 |