Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 29, 2017 | Aug. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 29, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ALOT | |
Entity Registrant Name | AstroNova, Inc. | |
Entity Central Index Key | 8,146 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 6,742,366 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 31, 2017 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 8,829 | $ 18,098 |
Securities Available for Sale | 5,131 | 6,723 |
Accounts Receivable, net | 17,044 | 15,702 |
Inventories | 20,269 | 19,506 |
Prepaid Expenses and Other Current Assets | 1,560 | 1,394 |
Total Current Assets | 52,833 | 61,423 |
PROPERTY, PLANT AND EQUIPMENT | 41,541 | 40,378 |
Less Accumulated Depreciation | (32,090) | (31,098) |
Property, Plant and Equipment, net | 9,451 | 9,280 |
OTHER ASSETS | ||
Intangible Assets, net | 8,189 | 5,264 |
Goodwill | 12,542 | 4,521 |
Deferred Tax Assets | 2,808 | 2,811 |
Other | 119 | 366 |
Total Other Assets | 23,658 | 12,962 |
TOTAL ASSETS | 85,942 | 83,665 |
CURRENT LIABILITIES | ||
Accounts Payable | 6,428 | 4,957 |
Accrued Compensation | 2,024 | 2,936 |
Other Liabilities and Accrued Expenses | 2,009 | 2,171 |
Current Portion of Long -Term Debt | 1,564 | |
Deferred Revenue | 335 | 472 |
Income Taxes Payable | 1,360 | 1,449 |
Total Current Liabilities | 13,720 | 11,985 |
Deferred Tax Liabilities | 879 | 11 |
Long-Term Debt | 7,202 | |
Other Liabilities | 3,329 | 1,132 |
TOTAL LIABILITIES | 25,130 | 13,128 |
SHAREHOLDERS' EQUITY | ||
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,937,965 shares and 9,834,906 shares at July 29, 2017 and January 31, 2017, respectively | 497 | 492 |
Additional Paid-in Capital | 48,891 | 47,524 |
Retained Earnings | 44,597 | 44,358 |
Treasury Stock, at Cost, 3,227,129 and 2,375,076 shares at July 29, 2017 and January 31, 2017, respectively | (32,386) | (20,781) |
Accumulated Other Comprehensive Loss, net of tax | (787) | (1,056) |
TOTAL SHAREHOLDERS' EQUITY | 60,812 | 70,537 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 85,942 | $ 83,665 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 29, 2017 | Jan. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.05 | $ 0.05 |
Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
Common Stock, Shares Issued | 9,937,965 | 9,834,906 |
Treasury Stock, Shares | 3,227,129 | 2,375,076 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 27,483 | $ 25,339 | $ 51,941 | $ 49,449 |
Cost of Revenue | 17,224 | 15,034 | 32,376 | 29,671 |
Gross Profit | 10,259 | 10,305 | 19,565 | 19,778 |
Operating Expenses: | ||||
Selling and Marketing | 5,315 | 4,777 | 10,426 | 9,608 |
Research and Development | 1,675 | 1,755 | 3,307 | 3,199 |
General and Administrative | 2,327 | 2,025 | 4,183 | 3,676 |
Operating Expenses | 9,317 | 8,557 | 17,916 | 16,483 |
Operating Income, net | 942 | 1,748 | 1,649 | 3,295 |
Other Income (Expense) | 16 | 40 | (33) | (12) |
Income before Income Taxes | 958 | 1,788 | 1,616 | 3,283 |
Income Tax Provision | 231 | 496 | 378 | 972 |
Net Income | $ 727 | $ 1,292 | $ 1,238 | $ 2,311 |
Net Income per Common Share-Basic: | $ 0.11 | $ 0.17 | $ 0.17 | $ 0.31 |
Net Income per Common Share-Diluted: | $ 0.11 | $ 0.17 | $ 0.17 | $ 0.31 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 6,726,623 | 7,418,312 | 7,097,183 | 7,388,123 |
Diluted | 6,837,836 | 7,586,612 | 7,218,421 | 7,560,145 |
Dividends Declared Per Common Share | $ 0.07 | $ 0.07 | $ 0.14 | $ 0.14 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 727 | $ 1,292 | $ 1,238 | $ 2,311 |
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments: | ||||
Foreign Currency Translation Adjustments | 540 | (193) | 318 | 134 |
Change in Value of Derivatives Designated as Cash Flow Hedge | (501) | (760) | ||
Losses from Cash Flow Hedges Reclassified to Income Statement | 492 | 704 | ||
Unrealized Holding Gain (Loss) on Securities Available for Sale | (5) | 9 | 7 | 7 |
Other Comprehensive Income (Loss) | 526 | (184) | 269 | 141 |
Comprehensive Income | $ 1,253 | $ 1,108 | $ 1,507 | $ 2,452 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 1,238 | $ 2,311 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 1,461 | 1,255 |
Amortization of Debt Issuance Costs | 14 | |
Share-Based Compensation | 580 | 546 |
Deferred Income Tax Provision | 4 | 270 |
Changes in Assets and Liabilities, Net of Impact of Acquisition: | ||
Accounts Receivable | 336 | 127 |
Inventories | 221 | (2,656) |
Income Taxes | (255) | 400 |
Accounts Payable and Accrued Expenses | (2,113) | 995 |
Other | 193 | 1,135 |
Net Cash Provided by Operating Activities | 1,679 | 4,383 |
Cash Flows from Investing Activities: | ||
Proceeds from Sales/Maturities of Securities Available for Sale | 1,601 | 1,921 |
Purchases of Securities Available for Sale | (400) | |
Cash Paid for TrojanLabel Acquisition, net of cash acquired | (9,007) | |
Payments Received on Line of Credit and Note Receivable | 60 | 188 |
Additions to Property, Plant and Equipment | (983) | (377) |
Net Cash Provided (Used) by Investing Activities | (8,329) | 1,332 |
Cash Flows from Financing Activities: | ||
Cash (used) proceeds from Common Shares Issued Under Employee Benefit Plans and Employee Stock Option Plans, Net of Payment of Minimum Tax Withholdings | 424 | (7) |
Purchase of Treasury Stock | (11,238) | |
Proceeds from Issuance of Long-Term Debt | 9,200 | |
Principal Payments on Long-Term Debt | (276) | |
Payments of Debt Issuance Costs | (155) | |
Dividends Paid | (997) | (1,036) |
Net Cash Used by Financing Activities | (3,042) | (1,043) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 423 | 185 |
Net Increase (Decrease) in Cash and Cash Equivalents | (9,269) | 4,857 |
Cash and Cash Equivalents, Beginning of Period | 18,098 | 10,043 |
Cash and Cash Equivalents, End of Period | 8,829 | 14,900 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash Paid During the Period for Interest | 30 | |
Cash Paid During the Period for Income Taxes, Net of Refunds | $ 584 | $ 314 |
Overview
Overview | 6 Months Ended |
Jul. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview | (1) Overview Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily through our Company offices in Canada, China, Europe, Mexico and Southeast Asia as well as through independent dealers and representatives. AstroNova, Inc. products are employed around the world in a wide range of aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation applications. The business consists of two segments, Product Identification, which includes specialty printing systems sold under the QuickLabel ® ™ Products sold under the QuickLabel and TrojanLabel brands are used in industrial and commercial product packaging and automatic identification applications to digitally print custom labels and other visual identification marks on demand. Products sold under the AstroNova Test & Measurement brand acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats. In the aerospace market, the Company has a long history of using its data visualization technologies to provide high-resolution airborne printers and networking systems as well as related hardware and supplies. Unless otherwise indicated, references to “AstroNova,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (2) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, impairment of long-lived assets and goodwill, income taxes, share-based compensation, accrued expenses and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates. Certain amounts in the prior year financial statements have been reclassified to conform to the current year’s presentation. |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Jul. 29, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (3) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Acquisition
Acquisition | 6 Months Ended |
Jul. 29, 2017 | |
Business Combinations [Abstract] | |
Acquisition | (4) Acquisition On February 1, 2017, our newly-formed wholly-owned Danish subsidiary, ANI ApS, completed the acquisition of the issued and outstanding equity interests of TrojanLabel ApS (TrojanLabel), a Danish private limited liability company, pursuant to the terms of a Share Purchase Agreement dated January 7, 2017. Based in Copenhagen, Denmark, TrojanLabel is a manufacturer of products including digital color label presses and specialty printing systems for a broad range of end markets. Upon consummation of the acquisition, TrojanLabel became an indirect wholly-owned subsidiary of AstroNova. The purchase price of this acquisition was 62.9 million Danish Krone (approximately $9.1 million), net of cash acquired of 976,000 Danish Krone (approximately $0.1 million), of which 6.4 million Danish Krone (approximately $0.9 million) was placed in escrow to secure certain post-closing working capital adjustments and indemnification obligations of the sellers. The acquisition was funded using available cash and investment securities. The sellers of TrojanLabel may be entitled to additional contingent consideration if 80% of specified earnings targets are achieved by TrojanLabel 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 Total acquisition-related costs were approximately $0.7 million, of which $0.1 million and $0.6 million are included in the general and administrative expenses in the Company’s consolidated statements of income for the periods ending July 29, 2017 and January 31, 2017, respectively. The acquisition was accounted for under the acquisition method in accordance with the guidance provided by FASB ASC 805, “Business Combinations.” The US dollar purchase price of the acquisition has been allocated on the basis of fair value as follows: (In thousands) Accounts Receivable $ 1,322 Inventory 796 Other Current Assets 166 Property, Plant and Equipment 15 Identifiable Intangible Assets 3,264 Goodwill 7,388 Accounts Payable and Other Current Liabilities (1,821 ) Other Liability (114 ) Contingent Liability (Earnout) (1,314 ) Deferred Tax Liability (695 ) Total Purchase Price $ 9,007 The fair value of the intangible assets acquired was estimated by applying the income approach, and the fair value of the contingent consideration liability was estimated by applying the real options method. These fair value measurements are 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 in estimating the fair value of the intangibles include (1) remaining life of existing technology acquired based on estimate of percentage of revenue from 0% -100% $121,000-$1,070,000. $407,000-$1,280,000, 1.6%-87.2% 1.77%-3.35% Goodwill of $7.4 million, which is not deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from TrojanLabel. The goodwill recognized is attributable to synergies which are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future technologies that have yet to be determined and TrojanLabel’s assembled work force. The carrying amount of the goodwill was allocated to the Product Identification 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 (Years) Existing Technology $ 2,327 7 Non-Competition 937 10 Total $ 3,264 The Existing Technology intangible asset acquired represents the various technologies TrojanLabel has developed related to its series of printing presses, including hardware components of the presses and the software utilized to optimize their performance. Beginning February 1, 2017, the results of operations for TrojanLabel have been included in the Company’s statement of income for the three and six month periods ended July 29, 2017 and are reported as part of the Product Identification segment. Assuming the acquisition of TrojanLabel had occurred on February 1, 2016, the impact on net sales, net income and earnings per share would not have been material to the Company for the three and six month periods ended July 30, 2016. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | (5) Net Income Per Common Share Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Weighted Average Common Shares Outstanding— Basic 6,726,623 7,418,312 7,097,183 7,388,123 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 111,213 168,300 121,238 172,022 Weighted Average Common Shares Outstanding—Diluted 6,837,836 7,586,612 7,218,421 7,560,145 For the three and six months ended July 29, 2017, the diluted per share amounts do not reflect common equivalent shares outstanding of 591,359 and 591,309 , |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (6) Intangible Assets Intangible assets are as follows: July 29, 2017 January 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Miltope: Customer Contract Relationships $ 3,100 $ (1,273 ) — $ 1,827 $ 3,100 $ (1,108 ) $ 1,992 RITEC: Customer Contract Relationships 2,830 (334 ) — 2,496 2,830 (207 ) 2,623 Non-Competition 950 (396 ) — 554 950 (301 ) 649 TrojanLabel: Existing Technology 2,327 (168 ) 187 2,346 — — — Non-Competition 937 (47 ) 76 966 — — — Intangible Assets, net $ 10,144 $ (2,218 ) 263 $ 8,189 $ 6,880 $ (1,616 ) $ 5,264 There were no impairments to intangible assets during the three or six month periods ended July 29, 2017 and July 30, 2016. With respect to the acquired intangibles included in the table above, amortization expense of $304,000 and $179,000 related to the above acquired intangibles has been included in the condensed consolidated statement of income for the three months ended July 29, 2017 and July 30, 2016, respectively. Amortization expense of $603,000 and $358,000 related to the above acquired intangibles has been included in the condensed consolidated statement of income for the six months ended July 29, 2017 and July 30, 2016, respectively. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | (7) Share-Based Compensation We have one equity incentive plan pursuant to which we grant equity awards – the 2015 Equity Incentive Plan (the “2015 Plan”). Under this plan, the Company may grant incentive stock options, non-qualified Under the plan, each non-employee ten-year non-employee The Company has a Non-Employee non-employee non-employee 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. 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 2017 and 2016, 9,025 and 15,810 shares of the performance based RSUs were earned in the first quarter of fiscal 2018 and 2017, respectively. 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. In May 2016 (fiscal year 2017) the Company granted 37,000 options to certain key employees. On August 1, 2016 (fiscal year 2017) the Company granted 5,000 options to its Chief Financial Officer. In March 2017 (fiscal year 2018), the Company granted 50,000 options to the Chief Executive Officer pursuant to the CEO Equity Incentive Agreement and in February and April 2017 (fiscal year 2018) the Company granted 52,189 options to certain other key employees. The options and RSAs granted March 2015 through March 2017 vest in four equal annual installments commencing on the first anniversary of the grant date. Share-based compensation expense was recognized as follows: Three Months Ended Six Months Ended (In thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Stock Options $ 117 $ 87 $ 211 $ 168 Restricted Stock Awards and Restricted Stock Units 289 142 363 372 Employee Stock Purchase Plan 3 3 6 6 Total $ 409 $ 232 $ 580 $ 546 Stock Options The fair value of stock options granted during the six months ended July 29, 2017 and July 30, 2016 was estimated using the following weighted average assumptions: Six Months Ended July 29, 2017 July 30, 2016 Risk Free Interest Rate 1.7 % 1.4 % Expected Volatility 37.9 % 28.2 % Expected Life (in years) 8.0 5.0 Expected Dividend Yield 2.0 % 1.9 % The weighted average fair value per share for options granted was $5.62 and $4.46 during the three and six month periods ended July 29, 2017, compared to $2.86 and $3.20 during the three and six month periods ended July 30, 2016. Aggregated information regarding stock options granted under the plans for the six months ended July 29, 2017, is summarized below: Number of Options Weighted Average Exercise Price Outstanding at January 31, 2017 685,456 $ 11.96 Granted 132,189 13.45 Exercised (62,250 ) 10.73 Forfeited (7,325 ) 14.17 Canceled (24,600 ) 11.76 Outstanding at July 29, 2017 723,470 $ 12.33 Set forth below is a summary of options outstanding at July 29, 2017: Outstanding Exercisable Range of Exercise prices Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Number of Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life $5.00-10.00 174,831 $ 7.85 3.4 174,831 $ 7.85 3.4 $10.01-15.00 493,639 $ 13.61 7.9 262,600 $ 13.48 7.2 $15.01-20.00 55,000 $ 15.07 8.7 12,500 $ 15.01 8.6 723,470 $ 12.33 6.9 449,931 $ 11.33 5.7 As of July 29, 2017, there was approximately $841,000 of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 2.6 years. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSUs and RSAs granted under the Plan for the three months ended July 29, 2017 is summarized below: RSAs & RSUs Weighted Average Grant Date Fair Value Unvested at January 31, 2017 213,868 $ 14.08 Granted 13,981 14.43 Vested (37,692 ) 14.07 Forfeited (9,087 ) 14.05 Unvested at April 29, 2017 181,070 $ 14.11 As of July 29, 2017, there was approximately $600,000 of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 0.7 years. Employee Stock Purchase Plan AstroNova has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarters ended July 29, 2017 and July 30, 2016, there were 1,390 and 1,507 shares, respectively, purchased under this plan. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jul. 29, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | (8) Shareholders’ Equity On May 1, 2017, the Company entered into a stock repurchase agreement to repurchase 826,305 shares of the Company’s common stock held by a trust established by Albert W. Ondis at a per share price of $13.60, for an aggregate repurchase price of $11.2 million. This stock repurchase was consummated on May 2, 2017 and was funded using existing cash on hand. Following this stock repurchase, the Ondis trust owns 36,000 shares of the Company’s common stock. April L. Ondis, a director of the Company, is a beneficiary of the trust. The stock repurchase was authorized and approved by the Company’s Audit Committee as a related party transaction. Prior to entering into the agreement, the Company obtained an opinion from an independent investment banking firm that the consideration to be paid by the Company to the trust pursuant to the stock repurchase agreement would be fair to the public stockholders of the Company, other than the trust, from a financial point of view. |
Inventories
Inventories | 6 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | (9) Inventories Inventories are stated at the lower of cost (first-in, first-out) (In thousands) July 29, 2017 January 31, 2017 Materials and Supplies $ 11,884 $ 11,865 Work-In-Process 1,306 1,216 Finished Goods 11,542 10,270 24,732 23,351 Inventory Reserve (4,463 ) (3,845 ) $ 20,269 $ 19,506 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (10) Income Taxes The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows: Three Months Ended Six Months Ended Fiscal 2018 24.1 % 23.4 % Fiscal 2017 27.7 % 29.6 % During the three months ended July 29, 2017, the Company recognized an income tax expense of approximately $231,000. The effective tax rate in this period was impacted by updated projected forecasted income and updated lower foreign tax rates for the Company’s foreign subsidiaries, as well as a $12,000 benefit arising from windfall tax benefits related to the Company’s stock. During the three months ended July 30, 2016, the Company recognized income tax expense of $496,000. The effective tax rate in this period was directly impacted by a $97,000 tax benefit relating to the filing of amended returns and a $39,000 tax benefit related to disqualifying dispositions of Company stock. During the six months ended July 29, 2017, the Company recognized an income tax expense of approximately $378,000. The effective tax rate in this period was impacted by updated projected forecasted income and updated lower foreign tax rates for the Company’s foreign subsidiaries, as well as a $71,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $27,000 benefit arising from windfall tax benefits related to the Company’s stock. During the six months ended July 30, 2016, the Company recognized income tax expense of $972,000. The effective tax rate in this period was directly impacted by a $97,000 tax benefit relating to the filing of amended returns; a $52,000 tax benefit related to the statute of limitations expiring on a previously uncertain tax position and a $39,000 tax benefit related to disqualifying dispositions of Company stock. As of July 29, 2017, the Company’s cumulative unrecognized tax benefits totaled $663,000 compared to $708,000 as of January 31, 2017. There were no other developments affecting unrecognized tax benefits during the quarter ended July 29, 2017. |
Debt
Debt | 6 Months Ended |
Jul. 29, 2017 | |
Debt Disclosure [Abstract] | |
Debt | (11) Debt Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) July 29, 2017 January 31, 2017 USD Term Loan with a rate equal to LIBOR plus a margin of 1.0% to 1.5%, (2.03% as of July 29, 2017), and maturity date of January 31, 2022 $ 8,924 $ — Less: Debt Issuance Costs, net of accumulated amortization $ (158 ) $ — Current Portion $ (1,564 ) $ — Long-Term Debt $ 7,202 $ — The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of July 29, 2017 is as follows: (In thousands) Fiscal 2018 $ 828 Fiscal 2019 1,472 Fiscal 2020 1,840 Fiscal 2021 2,208 Fiscal 2022 2,576 $ 8,924 On February 28, 2017, the Company and the Company’s wholly-owned subsidiary, ANI ApS (together, the “Parties”), entered into a Credit Agreement with Bank of America, N.A. (the “Lender”). The Parties also entered into a related Security and Pledge Agreement with the Lender. The Credit Agreement provides for a term loan to the Parties 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 borrower’s option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Krone. Upon entry into the Credit Agreement, the Company’s prior credit facility with Wells Fargo Bank was terminated. No loans or other amounts were outstanding or owed under that facility at the time of termination. The term loan bears interest under the Credit Agreement at a rate per annum per annum per annum In connection with the Credit Agreement, AstroNova and ANI ApS 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. Refer to Note 12, “Derivative Financial Instruments and Risk Management” for further information about these arrangements. The Parties must comply with various customary financial and non-financial In connection with the May 1, 2017, stock repurchase (refer to Note 8, “Shareholders’ Equity”), the Company entered into a consent and amendment, dated as of May 1, 2017, relating to the Credit Agreement solely for purposes of effecting the stock repurchase. The Amendment increased the aggregate amount of certain repurchases of Company equity interests permitted to be made by the Company under the Credit Agreement in the Company’s fiscal year ending January 31, 2018, from $5,000,000 to $12,000,000, subject to certain conditions. The Amendment prohibits the Company from making other repurchases of Company equity interests under such permission in the fiscal year ending January 31, 2018. The Amendment also provides that the aggregate amount paid in cash by the Company to effect the stock repurchase shall not be deducted from the Company’s consolidated EBITDA for the purposes of calculating the consolidated fixed charge coverage ratio covenant to which the Company is subject under the Credit Agreement with respect to any trailing four-fiscal-quarter measurement period through and including the measurement period ending January 31, 2018. The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following: failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of the Company’s covenants or representations under the loan documents, default under any other of the Company’s or its subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to the Company or any of its subsidiaries, a significant unsatisfied judgment against the Company or any of its subsidiaries, or a change of control of the Company. The obligations of ANI ApS in respect of the term loan are guaranteed by the Company and TrojanLabel. The Company’s obligations in respect of the revolving credit facility and its guarantee in respect of the term loan are secured by substantially all of the assets of the Company (including a pledge of a portion of the equity interests held by the Company in ANI ApS and the Company’s wholly-owned German subsidiary Astro-Med As of July 29, 2017, there are no borrowings under the revolving credit facility, and we believe the Company is in compliance with all of the covenants in the Credit Agreement. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 6 Months Ended |
Jul. 29, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Risk Management | (12) Derivative Financial Instruments and Risk Management As a multinational enterprise, AstroNova is exposed to certain risks relating to our ongoing business operations. We employ a number of practices to manage these risks, including operating and financing activities, and where appropriate, the use of derivative instruments. The primary risks managed by using derivative instruments are interest rate risk and foreign currency exchange rate risk. ASC 815, “Derivatives and Hedging,” requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statement of income during the current period. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (OCI) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings (e.g., in “interest expense” when the hedged transactions are interest cash flows associated with floating-rate debt, or “other income (expense)” for portions reclassified relating to the remeasurement of the debt). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffectiveness portion), or hedge components excluded from the assessment of effectiveness, are recognized in the statement of financial income during the current period. In connection with the Credit Agreement, we entered into a cross-currency interest rate swap to manage the interest rate risk and foreign currency exchange risk associated with the floating-rate foreign currency-denominated borrowing on our Danish Subsidiary and, in accordance with the guidance in ASC 815, have designated this swap as a cash flow hedge of floating-rate borrowings. The cross-currency interest rate swap agreement utilized by the Company effectively modifies the Company’s exposure to interest rate risk and foreign currency exchange rate risk by converting approximately $8.9 million of the Company’s floating-rate debt denominated in U.S. Dollars on our Danish subsidiary’s books to a fixed-rate debt denominated in Danish Krone for the next five years, thus reducing the impact of interest-rate and foreign currency exchange rate changes on future interest expense and principal repayments. This swap involves the receipt of floating rate amounts in U.S. Dollars in exchange for fixed-rate interest payments in Danish Krone, as well as exchanges of principal at the inception spot rate, over the life of the Credit Agreement. As of July 29, 2017, the total notional amount of the Company’s cross-currency interest rate swap was $8.4 million; the fair value was $1.1 million. The following table presents the impact of the derivative instrument in our condensed consolidated financial statements for the six months ended July 29, 2017 and July 30, 2016: Amount of Gain Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Cash Flow Hedge (In thousands) July 29, July 30, July 29, July 30, Swap contract $ (1,035 ) $ — Other Income (Expense) $ (953 ) $ — The swap contract resulted in no ineffectiveness for the three months ended July 29, 2017, and no gains or losses were reclassified into earnings as a result of the discontinuance of the swap contract due to the original forecasted transaction no longer being probable of occurring. At July 29, 2017, the Company expects to reclassify approximately $116,000 of net gains on the swap contract from accumulated other comprehensive income to earnings during the next 12 months due to changes in foreign exchange rates and the payment of variable interest associated with the floating-rate debt. |
Segment Information
Segment Information | 6 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | (13) Segment Information AstroNova reports two segments: Product Identification and Test & Measurement (T&M). The Company evaluates segment performance based on the segment profit before corporate expenses. Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Six Months Ended Revenue Segment Operating Profit Revenue Segment Operating Profit (In thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Product Identification $ 20,841 $ 17,628 $ 2,612 $ 2,632 $ 39,487 $ 34,234 $ 5,104 $ 4,628 T&M 6,642 7,711 657 1,141 12,454 15,215 728 2,343 Total $ 27,483 $ 25,339 3,269 3,773 $ 51,941 $ 49,449 5,832 6,971 Corporate Expenses 2,327 2,025 4,183 3,676 Operating Income 942 1,748 1,649 3,295 Other Income (Expense), Net 16 40 (33 ) (12 ) Income Before Income Taxes 958 1,788 1,616 3,283 Income Tax Provision 231 496 378 972 Net Income $ 727 $ 1,292 $ 1,238 $ 2,311 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jul. 29, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (14) Recent Accounting Pronouncements Goodwill In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-04, 2017-14 two-step Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, 2016-15 Revenue Recognition In May 2014, the FASB issued ASU 2014-09, 2014-09 2014-09 2014-09 2014-09 2014-09 In March 2016, the FASB issued ASU 2016-08, 2016-10, 2016-11, 2014-09 2014-16” 2016-12, 2014-09), 2014-09. 2014-09 2015-14, Leases In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 Inventory In July 2015, the FASB issued ASU 2015-11, 2015-11 last-in, first-in, first-out 2015-11 No other new accounting pronouncements, issued or effective during the first six months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Securities Available for Sale
Securities Available for Sale | 6 Months Ended |
Jul. 29, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | (15) 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 1 to 15 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available-for-sale available-for-sale The fair value, amortized cost and gross unrealized gains and losses of securities available for sale are as follows: (In thousands) July 29, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and Municipal Obligations $ 5,130 $ 2 $ (1 ) $ 5,131 January 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and Municipal Obligations $ 6,732 $ — $ (9 ) $ 6,723 |
Fair Value
Fair Value | 6 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | (16) Fair Value We measure our financial and nonfinancial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and cash equivalents, accounts receivable, accounts payable, line of credit receivable, accrued compensation, other liabilities and accrued expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments. Assets and Liabilities Recorded at Fair Value on a Recurring Basis Fair value is applied to our financial assets and liabilities including money market funds, available for sale securities, derivative instruments consisting of a cross-currency interest rate swap and a contingent consideration liability relating to an earnout payment on future TrojanLabel operating results. The following tables provide a summary of the financial assets and liabilities that are measured at fair value as of July 29, 2017 and January 31, 2017: Assets measured at fair value: Fair value measurement at July 29, 2017 Fair value measurement at January 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money Market Funds (included in Cash and Cash Equivalents) $ 24 $ — $ — $ 24 $ 2 $ — $ — $ 2 State and Municipal Obligations (included in Securities Available for Sale) — 5,131 — 5,131 — 6,723 — 6,723 Total assets $ 24 $ 5,131 $ — $ 5,155 $ 2 $ 6,723 $ — $ 6,725 Liabilities measured at fair value: Fair value measurement at July 29, 2017 Fair value measurement at January 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Swap Contracts (included in Other Liabilities) $ — $ 1,066 $ — $ 1,066 $ — $ — $ — $ — Earnout Liability (included in Other Liabilities) — — 1,247 1,247 — — — — Total liabilities $ — $ 1,066 $ 1,247 $ 2,313 $ — $ — $ — $ — For our money market funds and municipal obligations, we utilize the market approach to measure fair value. The market approach is based on using quoted prices for identical or similar assets. We also use the market approach to measure fair value of our derivative instruments. Our derivative liability is comprised of a cross-currency interest rate swap. This derivative instrument was measured at fair value using readily observable market inputs, such as quotations on interest rates and foreign exchange rates, and is classified as Level 2 because it is an over-the-counter The fair value of the earnout liability incurred in connection with the Company’s acquisition of TrojanLabel was determined using the option approach methodology which includes using significant inputs that are not observable in the market and therefore classified as Level 3. Key assumptions in estimating the fair value of the contingent consideration liability included (1) the estimated earnout targets over the next seven years of $0.4 million-$1.3 million, (2) the probability of success (achievement of the various contingent events) from 0.0%-57.9% 1.67%-3.22% Assets and Liabilities Not Recorded at Fair Value on the Consolidated Balance Sheet As of July 29, 2017, the Company’s long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below: Fair Value Measurement at July 29, 2017 (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 9,953 $ 9,953 $ 8,924 On February 28, 2017, the Company entered into a term loan in the amount of $9.2 million with the Bank of America. The fair value of the Company’s long-term debt, including the current portion of long-term debt is estimated by discounting the future cash flows using current interest rates at which similar borrowings with the same maturities would be made to borrowers with similar credit ratings and is classified as a Level 3. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jul. 29, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (17) Accumulated Other Comprehensive Loss The changes in the balance of accumulated other comprehensive loss by component are as follows: (In thousands) Foreign Currency Translation Adjustments Unrealized Holding Gain/(Loss) on Available for Sale Securities Net Unrealized Gain (Losses) on Cash Flow Hedges Total Balance at January 31, 2017 $ (1,048 ) $ (8 ) $ — $ (1,056 ) Other Comprehensive Income (Loss) before reclassification 318 7 (760 ) (435 ) Amounts reclassified from AOCI to Earnings — — 704 704 Other Comprehensive Income (Loss) 318 7 (56 ) 269 Balance at July 29, 2017 $ (730 ) $ (1 ) $ (56 ) $ (787 ) The amounts presented above in other comprehensive income (loss) are net of any applicable taxes. Credit Agreement Amendment |
Recent Accounting Pronounceme24
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jul. 29, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Goodwill In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-04, 2017-14 two-step Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, 2016-15 Revenue Recognition In May 2014, the FASB issued ASU 2014-09, 2014-09 2014-09 2014-09 2014-09 2014-09 In March 2016, the FASB issued ASU 2016-08, 2016-10, 2016-11, 2014-09 2014-16” 2016-12, 2014-09), 2014-09. 2014-09 2015-14, Leases In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 Inventory In July 2015, the FASB issued ASU 2015-11, 2015-11 last-in, first-in, first-out 2015-11 No other new accounting pronouncements, issued or effective during the first six months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) - TrojanLabel ApS [Member] | 6 Months Ended |
Jul. 29, 2017 | |
Purchase Price of Acquisition Allocated on Basis of Fair Value | The US dollar purchase price of the acquisition has been allocated on the basis of fair value as follows: (In thousands) Accounts Receivable $ 1,322 Inventory 796 Other Current Assets 166 Property, Plant and Equipment 15 Identifiable Intangible Assets 3,264 Goodwill 7,388 Accounts Payable and Other Current Liabilities (1,821 ) Other Liability (114 ) Contingent Liability (Earnout) (1,314 ) Deferred Tax Liability (695 ) Total Purchase Price $ 9,007 |
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 (Years) Existing Technology $ 2,327 7 Non-Competition 937 10 Total $ 3,264 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Shares Used in Calculating Basic and Diluted | A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Weighted Average Common Shares Outstanding— Basic 6,726,623 7,418,312 7,097,183 7,388,123 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 111,213 168,300 121,238 172,022 Weighted Average Common Shares Outstanding—Diluted 6,837,836 7,586,612 7,218,421 7,560,145 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: July 29, 2017 January 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Miltope: Customer Contract Relationships $ 3,100 $ (1,273 ) — $ 1,827 $ 3,100 $ (1,108 ) $ 1,992 RITEC: Customer Contract Relationships 2,830 (334 ) — 2,496 2,830 (207 ) 2,623 Non-Competition 950 (396 ) — 554 950 (301 ) 649 TrojanLabel: Existing Technology 2,327 (168 ) 187 2,346 — — — Non-Competition 937 (47 ) 76 966 — — — Intangible Assets, net $ 10,144 $ (2,218 ) 263 $ 8,189 $ 6,880 $ (1,616 ) $ 5,264 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Expense | Share-based compensation expense was recognized as follows: Three Months Ended Six Months Ended (In thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Stock Options $ 117 $ 87 $ 211 $ 168 Restricted Stock Awards and Restricted Stock Units 289 142 363 372 Employee Stock Purchase Plan 3 3 6 6 Total $ 409 $ 232 $ 580 $ 546 |
Fair Value of Stock Options Granted | The fair value of stock options granted during the six months ended July 29, 2017 and July 30, 2016 was estimated using the following weighted average assumptions: Six Months Ended July 29, 2017 July 30, 2016 Risk Free Interest Rate 1.7 % 1.4 % Expected Volatility 37.9 % 28.2 % Expected Life (in years) 8.0 5.0 Expected Dividend Yield 2.0 % 1.9 % |
Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the plans for the six months ended July 29, 2017, is summarized below: Number of Options Weighted Average Exercise Price Outstanding at January 31, 2017 685,456 $ 11.96 Granted 132,189 13.45 Exercised (62,250 ) 10.73 Forfeited (7,325 ) 14.17 Canceled (24,600 ) 11.76 Outstanding at July 29, 2017 723,470 $ 12.33 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at July 29, 2017: Outstanding Exercisable Range of Exercise prices Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Number of Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life $5.00-10.00 174,831 $ 7.85 3.4 174,831 $ 7.85 3.4 $10.01-15.00 493,639 $ 13.61 7.9 262,600 $ 13.48 7.2 $15.01-20.00 55,000 $ 15.07 8.7 12,500 $ 15.01 8.6 723,470 $ 12.33 6.9 449,931 $ 11.33 5.7 |
Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSUs and RSAs granted under the Plan for the three months ended July 29, 2017 is summarized below: RSAs & RSUs Weighted Average Grant Date Fair Value Unvested at January 31, 2017 213,868 $ 14.08 Granted 13,981 14.43 Vested (37,692 ) 14.07 Forfeited (9,087 ) 14.05 Unvested at April 29, 2017 181,070 $ 14.11 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories are stated at the lower of cost (first-in, first-out) (In thousands) July 29, 2017 January 31, 2017 Materials and Supplies $ 11,884 $ 11,865 Work-In-Process 1,306 1,216 Finished Goods 11,542 10,270 24,732 23,351 Inventory Reserve (4,463 ) (3,845 ) $ 20,269 $ 19,506 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Projected Effective Tax Rate for Periods | The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows: Three Months Ended Six Months Ended Fiscal 2018 24.1 % 23.4 % Fiscal 2017 27.7 % 29.6 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets | Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) July 29, 2017 January 31, 2017 USD Term Loan with a rate equal to LIBOR plus a margin of 1.0% to 1.5%, (2.03% as of July 29, 2017), and maturity date of January 31, 2022 $ 8,924 $ — Less: Debt Issuance Costs, net of accumulated amortization $ (158 ) $ — Current Portion $ (1,564 ) $ — Long-Term Debt $ 7,202 $ |
Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding | The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of July 29, 2017 is as follows: (In thousands) Fiscal 2018 $ 828 Fiscal 2019 1,472 Fiscal 2020 1,840 Fiscal 2021 2,208 Fiscal 2022 2,576 $ 8,924 |
Derivative Financial Instrume32
Derivative Financial Instruments and Risk Management (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Impact of the Derivative Instrument in the Condensed Consolidated Financial Statements | The following table presents the impact of the derivative instrument in our condensed consolidated financial statements for the six months ended July 29, 2017 and July 30, 2016: Amount of Gain Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Cash Flow Hedge (In thousands) July 29, July 30, July 29, July 30, Swap contract $ (1,035 ) $ — Other Income (Expense) $ (953 ) $ — |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Net Sales and Segment Operating Profit for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Six Months Ended Revenue Segment Operating Profit Revenue Segment Operating Profit (In thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Product Identification $ 20,841 $ 17,628 $ 2,612 $ 2,632 $ 39,487 $ 34,234 $ 5,104 $ 4,628 T&M 6,642 7,711 657 1,141 12,454 15,215 728 2,343 Total $ 27,483 $ 25,339 3,269 3,773 $ 51,941 $ 49,449 5,832 6,971 Corporate Expenses 2,327 2,025 4,183 3,676 Operating Income 942 1,748 1,649 3,295 Other Income (Expense), Net 16 40 (33 ) (12 ) Income Before Income Taxes 958 1,788 1,616 3,283 Income Tax Provision 231 496 378 972 Net Income $ 727 $ 1,292 $ 1,238 $ 2,311 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 6 Months Ended |
Jul. 29, 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 securities available for sale are as follows: (In thousands) July 29, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and Municipal Obligations $ 5,130 $ 2 $ (1 ) $ 5,131 January 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and Municipal Obligations $ 6,732 $ — $ (9 ) $ 6,723 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following tables provide a summary of the financial assets and liabilities that are measured at fair value as of July 29, 2017 and January 31, 2017: Assets measured at fair value: Fair value measurement at July 29, 2017 Fair value measurement at January 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Money Market Funds (included in Cash and Cash Equivalents) $ 24 $ — $ — $ 24 $ 2 $ — $ — $ 2 State and Municipal Obligations (included in Securities Available for Sale) — 5,131 — 5,131 — 6,723 — 6,723 Total assets $ 24 $ 5,131 $ — $ 5,155 $ 2 $ 6,723 $ — $ 6,725 Liabilities measured at fair value: Fair value measurement at July 29, 2017 Fair value measurement at January 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Swap Contracts (included in Other Liabilities) $ — $ 1,066 $ — $ 1,066 $ — $ — $ — $ — Earnout Liability (included in Other Liabilities) — — 1,247 1,247 — — — — Total liabilities $ — $ 1,066 $ 1,247 $ 2,313 $ — $ — $ — $ — |
Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value | As of July 29, 2017, the Company’s long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below: Fair Value Measurement at July 29, 2017 (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 9,953 $ 9,953 $ 8,924 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jul. 29, 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 Translation Adjustments Unrealized Holding Gain/(Loss) on Available for Sale Securities Net Unrealized Gain (Losses) on Cash Flow Hedges Total Balance at January 31, 2017 $ (1,048 ) $ (8 ) $ — $ (1,056 ) Other Comprehensive Income (Loss) before reclassification 318 7 (760 ) (435 ) Amounts reclassified from AOCI to Earnings — — 704 704 Other Comprehensive Income (Loss) 318 7 (56 ) 269 Balance at July 29, 2017 $ (730 ) $ (1 ) $ (56 ) $ (787 ) |
Overview - Additional Informati
Overview - Additional Information (Detail) | 6 Months Ended |
Jul. 29, 2017Segments | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 2 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) | Feb. 01, 2017USD ($) | Feb. 01, 2017DKK | Jul. 29, 2017USD ($) | Jan. 31, 2017USD ($) | Feb. 01, 2017DKK |
Business Acquisition [Line Items] | |||||
Goodwill | $ 12,542,000 | $ 4,521,000 | |||
Contingent Consideration Liability [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value key assumptions | Key assumptions in estimating the fair value of the contingent consideration liability include (1) the estimated earnout targets over the next seven years of $407,000-$1,280,000, (2) the probability of success (achievement of the various contingent events) from 1.6%-87.2% and (3) a risk-adjusted discount rate of approximately 1.77%-3.35% used to adjust the probability-weighted earnout payments to their present value. | ||||
Estimated target period | 7 years | ||||
Estimated earnout targets | $ 1,280,000 | $ 1,300,000 | |||
Estimated earnout targets | 407,000 | $ 400,000 | |||
Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Internal rate of return | 19.00% | ||||
Fair value key assumptions | Key assumptions in estimating the fair value of the intangibles include (1) remaining life of existing technology acquired based on estimate of percentage of revenue from 0% -100% for each product, (2) the Company's internal rate of return of 19.0% and (3) a range of earnings projections from $121,000-$1,070,000. | ||||
Intangible Assets [Member] | Contingent Consideration Liability [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated target period | 7 years | ||||
TrojanLabel ApS [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price of acquisition | 9,100,000 | DKK 62,900,000 | |||
Purchase price of acquisition amount held in escrow | 900,000 | DKK 6,400,000 | |||
Cash acquired from acquisition | $ 100,000 | DKK 976,000 | |||
Additional contingent consideration period | 7 years | 7 years | |||
General and administrative expense | $ 700,000 | ||||
Goodwill | $ 7,388,000 | ||||
TrojanLabel ApS [Member] | General and Administrative Expense [Member] | |||||
Business Acquisition [Line Items] | |||||
General and administrative expense | $ 100,000 | $ 600,000 | |||
TrojanLabel ApS [Member] | Earn-Out Payments, if 80% of Specified Earnings Targets are Achieved [Member] | |||||
Business Acquisition [Line Items] | |||||
Minimum percentage required to entitle additional contingent consideration | 80.00% | 80.00% | |||
Business acquisition contingent consideration potential earn-out payments | $ 5,000,000 | 32,500,000 | |||
TrojanLabel ApS [Member] | Earn-Out Payments, if 100% of Specified Earnings Targets are Achieved [Member] | |||||
Business Acquisition [Line Items] | |||||
Minimum percentage required to entitle additional contingent consideration | 100.00% | 100.00% | |||
Business acquisition contingent consideration potential earn-out payments | $ 5,800,000 | 40,600,000 | |||
TrojanLabel ApS [Member] | Earn-Out Payments, if 120% of Specified Earnings Targets are Achieved [Member] | |||||
Business Acquisition [Line Items] | |||||
Minimum percentage required to entitle additional contingent consideration | 120.00% | 120.00% | |||
Business acquisition contingent consideration potential earn-out payments | $ 7,000,000 | DKK 48,700,000 | |||
Minimum [Member] | Contingent Consideration Liability [Member] | |||||
Business Acquisition [Line Items] | |||||
Probability of success | 1.60% | 1.60% | 0.00% | ||
Fair value assumptions, risk-adjusted discount rate | 1.77% | 1.77% | 1.67% | ||
Minimum [Member] | Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of revenue on existing technology | 0.00% | ||||
Fair value assumptions, Earnings projections | $ 121,000 | ||||
Maximum [Member] | Contingent Consideration Liability [Member] | |||||
Business Acquisition [Line Items] | |||||
Probability of success | 87.20% | 87.20% | 57.90% | ||
Fair value assumptions, risk-adjusted discount rate | 3.35% | 3.35% | 3.22% | ||
Maximum [Member] | Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of revenue on existing technology | 100.00% | ||||
Fair value assumptions, Earnings projections | $ 1,070,000 |
Acquisition - Purchase Price of
Acquisition - Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Feb. 01, 2017 | Jan. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 12,542 | $ 4,521 | |
TrojanLabel ApS [Member] | |||
Business Acquisition [Line Items] | |||
Accounts Receivable | $ 1,322 | ||
Inventory | 796 | ||
Other Current Assets | 166 | ||
Property, Plant and Equipment | 15 | ||
Identifiable Intangible Assets | 3,264 | ||
Goodwill | 7,388 | ||
Accounts Payable and Other Current Liabilities | (1,821) | ||
Other Liability | (114) | ||
Contingent Liability (Earnout) | (1,314) | ||
Deferred Tax Liability | (695) | ||
Total Purchase Price | $ 9,007 |
Acquisition - Fair Value of the
Acquisition - Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - TrojanLabel ApS [Member] $ in Thousands | Feb. 01, 2017USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 3,264 |
Existing Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 2,327 |
Useful Life | 7 years |
Non-Competition Agreement [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 937 |
Useful Life | 10 years |
Net Income Per Common Share - R
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Common Shares Outstanding- Basic | 6,726,623 | 7,418,312 | 7,097,183 | 7,388,123 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 111,213 | 168,300 | 121,238 | 172,022 |
Weighted Average Common Shares Outstanding-Diluted | 6,837,836 | 7,586,612 | 7,218,421 | 7,560,145 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Number of common equivalent shares | 591,359 | 413,121 | 591,309 | 468,121 |
Intangible Assets - Fair Value
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 10,144 | $ 6,880 |
Accumulated Amortization | (2,218) | (1,616) |
Net Carrying Amount | 8,189 | 5,264 |
Currency Translation Adjustment | 263 | |
Customer Contract Relationships [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | (1,273) | (1,108) |
Net Carrying Amount | 1,827 | 1,992 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | 2,830 |
Accumulated Amortization | (334) | (207) |
Net Carrying Amount | 2,496 | 2,623 |
Non-Competition Agreement [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 950 | 950 |
Accumulated Amortization | (396) | (301) |
Net Carrying Amount | 554 | $ 649 |
Non-Competition Agreement [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 937 | |
Accumulated Amortization | (47) | |
Net Carrying Amount | 966 | |
Currency Translation Adjustment | 76 | |
Existing Technology [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,327 | |
Accumulated Amortization | (168) | |
Net Carrying Amount | 2,346 | |
Currency Translation Adjustment | $ 187 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||||
Impairments of intangible assets | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization expense | $ 304,000 | $ 179,000 | $ 603,000 | $ 358,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | May 17, 2017shares | Aug. 01, 2016shares | Feb. 01, 2014shares | Apr. 29, 2017shares | Mar. 31, 2017Installmentshares | Feb. 28, 2017shares | May 31, 2016shares | Mar. 31, 2016shares | May 31, 2015Installmentshares | Mar. 31, 2015shares | Jul. 29, 2017USD ($)$ / sharesshares | Jul. 30, 2016$ / sharesshares | Jul. 29, 2017USD ($)Equity_Plan$ / sharesshares | Jul. 30, 2016$ / shares | Apr. 30, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of equity incentive plan | Equity_Plan | 1 | ||||||||||||||
Number of shares outstanding | 685,456 | 723,470 | 723,470 | ||||||||||||
Number of options granted | 132,189 | ||||||||||||||
Maximum disposal restricted percentage of RSU | 50.00% | ||||||||||||||
Options granted weighted-average fair value per share | $ / shares | $ 5.62 | $ 2.86 | $ 4.46 | $ 3.20 | |||||||||||
Reservation of shares under Stock Purchase Plan | 247,500 | ||||||||||||||
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 | 137,430 | 137,430 | |||||||||||||
Employee Stock Purchase Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employee Stock Purchase Plan discount rate | 15.00% | ||||||||||||||
Shares purchase under Employee Stock Purchase Plan | 1,390 | 1,507 | |||||||||||||
2007 Equity Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Incentive plan, expiration period | 2017-05 | ||||||||||||||
Number of shares outstanding | 581,310 | 581,310 | |||||||||||||
Number of new award issued | 0 | ||||||||||||||
Non-Employee Director [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Granting percentage of shares | 25.00% | ||||||||||||||
Director compensation amount, 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] | |||||||||||||||
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 | 50,000 | ||||||||||||
Chief Executive Officer [Member] | 2015 Equity Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares available for grant under the Plan | 500,000 | 500,000 | |||||||||||||
Other Key Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of options granted | 35,000 | ||||||||||||||
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 | ||||||||||||||
Certain Other Key Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of options granted | 52,189 | 52,189 | |||||||||||||
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 | 7,314 | 8,262 | |||||||||||||
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 | ||||||||||||||
Stock Options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation expense related to options | $ | $ 841,000 | $ 841,000 | |||||||||||||
Unrecognized compensation expense to be recognized, Weighted average period | 2 years 7 months 6 days | ||||||||||||||
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 | 8 months 12 days | ||||||||||||||
Unrecognized compensation expense related to RSUs and RSAs | $ | $ 600,000 | $ 600,000 | |||||||||||||
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 | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Share-based Compensation [Abstract] | ||||
Stock Options | $ 117 | $ 87 | $ 211 | $ 168 |
Restricted Stock Awards and Restricted Stock Units | 289 | 142 | 363 | 372 |
Employee Stock Purchase Plan | 3 | 3 | 6 | 6 |
Total | $ 409 | $ 232 | $ 580 | $ 546 |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Stock Options Granted (Detail) | 6 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk Free Interest Rate | 1.70% | 1.40% |
Expected Volatility | 37.90% | 28.20% |
Expected Life (in years) | 8 years | 5 years |
Expected Dividend Yield | 2.00% | 1.90% |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) | 3 Months Ended |
Jul. 29, 2017$ / sharesshares | |
Share-based Compensation [Abstract] | |
Beginning balance, Number of Options | shares | 685,456 |
Granted, Number of Options | shares | 132,189 |
Exercised, Number of Options | shares | (62,250) |
Forfeited, Number of Options | shares | (7,325) |
Canceled, Number of Options | shares | (24,600) |
Ending balance, Number of Options | shares | 723,470 |
Beginning balance, Weighted Average Exercise Price | $ / shares | $ 11.96 |
Granted, Weighted Average Exercise Price | $ / shares | 13.45 |
Exercised, Weighted Average Exercise Price | $ / shares | 10.73 |
Forfeited, Weighted Average Exercise Price | $ / shares | 14.17 |
Canceled, Weighted Average Exercise Price | $ / shares | 11.76 |
Ending balance, Weighted Average Exercise Price | $ / shares | $ 12.33 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 6 Months Ended | |
Jul. 29, 2017 | Apr. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding, total | 723,470 | 685,456 |
Outstanding, Weighted Average Exercise Price | $ 12.33 | |
Exercisable, Weighted Average Exercise Price | $ 11.33 | |
Outstanding Remaining Contractual Life | 6 years 10 months 25 days | |
Number of shares exercisable, total | 449,931 | |
Exercisable Remaining Contractual Life | 5 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 | 174,831 | |
Outstanding, Weighted Average Exercise Price | $ 7.85 | |
Exercisable, Weighted Average Exercise Price | $ 7.85 | |
Outstanding Remaining Contractual Life | 3 years 4 months 24 days | |
Exercisable, Number of shares | 174,831 | |
Exercisable Remaining Contractual Life | 3 years 4 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 | 493,639 | |
Outstanding, Weighted Average Exercise Price | $ 13.61 | |
Exercisable, Weighted Average Exercise Price | $ 13.48 | |
Outstanding Remaining Contractual Life | 7 years 10 months 25 days | |
Exercisable, Number of shares | 262,600 | |
Exercisable Remaining Contractual Life | 7 years 2 months 12 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 | |
Exercisable, Weighted Average Exercise Price | $ 15.01 | |
Outstanding Remaining Contractual Life | 8 years 8 months 12 days | |
Exercisable, Number of shares | 12,500 | |
Exercisable Remaining Contractual Life | 8 years 7 months 6 days |
Share-Based Compensation - Ag50
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Award And Restricted Stock Unit [Member] | 3 Months Ended |
Jul. 29, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 213,868 |
Granted, Restricted Stock Units and Restricted Stock Awards | shares | 13,981 |
Vested, Restricted Stock Units and Restricted Stock Awards | shares | (37,692) |
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares | (9,087) |
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 181,070 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 14.08 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 14.43 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 14.07 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 14.05 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 14.11 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional information (Detail) - Stock Repurchase Agreement [Member] $ / shares in Units, $ in Millions | May 01, 2017USD ($)$ / sharesshares |
Class of Stock [Line Items] | |
Common stock, authorized to be repurchased, shares | 826,305 |
Common stock repurchased, per share amount | $ / shares | $ 13.60 |
Common stock, authorized to be repurchased, value | $ | $ 11.2 |
Common stock owned by trust, shares | 36,000 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 11,884 | $ 11,865 |
Work-In-Process | 1,306 | 1,216 |
Finished Goods | 11,542 | 10,270 |
Inventory, Gross | 24,732 | 23,351 |
Inventory Reserve | (4,463) | (3,845) |
Inventories | $ 20,269 | $ 19,506 |
Income Taxes - Projected Effect
Income Taxes - Projected Effective Tax Rate for Periods (Detail) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rates for income from continuing operations | 24.10% | 27.70% | 23.40% | 29.60% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 231,000 | $ 496,000 | $ 378,000 | $ 972,000 | |
Income tax benefit from expiration of the statue of limitations | 97,000 | 71,000 | 97,000 | ||
Income tax benefit from windfall of stock | 12,000 | 27,000 | |||
Income tax benefit from disqualifying dispositions of stock | $ 39,000 | 39,000 | |||
Income tax benefit from filing of amended return | $ 52,000 | ||||
Cumulative unrecognized tax benefits | $ 663,000 | 663,000 | $ 708,000 | ||
Developments affecting unrecognized tax benefits | $ 0 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) $ in Thousands | Jul. 29, 2017USD ($) |
Less: | |
Current Portion | $ (1,564) |
Long-Term Debt | 7,202 |
Term Loan [Member] | |
Debt Instrument [Line Items] | |
USD Term Loan with a rate equal to LIBOR plus a margin of 1.0% to 1.5%, (2.03% as of July 29, 2017), and maturity date of January 31, 2022 | 8,924 |
Less: | |
Debt Issuance Costs, net of accumulated amortization | (158) |
Current Portion | (1,564) |
Long-Term Debt | $ 7,202 |
Debt - Schedule of Long Term 56
Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) - Term Loan [Member] | 6 Months Ended |
Jul. 29, 2017 | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jan. 31, 2022 |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, description of variable rate basis | LIBOR plus a margin of 1.0% to 1.5%, (2.03% as of July 29, 2017), and maturity date of January 31, 2022 |
Interest rate | 2.03% |
Minimum [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 1.00% |
Maximum [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 1.50% |
Debt - Schedule of Required Pri
Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands | Jul. 29, 2017USD ($) |
Debt Instrument [Line Items] | |
Fiscal 2,018 | $ 828 |
Fiscal 2,019 | 1,472 |
Fiscal 2,020 | 1,840 |
Fiscal 2,021 | 2,208 |
Fiscal 2,022 | 2,576 |
Long term debt | $ 8,924 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 6 Months Ended | |||
Jul. 29, 2017 | May 01, 2017 | Apr. 29, 2017 | Feb. 28, 2017 | |
Debt Instrument [Line Items] | ||||
Borrowings under revolving credit facility | $ 0 | |||
Credit Agreement Amendment [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock repurchase authorized amount | $ 12,000,000 | $ 5,000,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee rate | 0.25% | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 8,924,000 | |||
LIBOR [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.00% | |||
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.50% | |||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage added to variable rate | 0.00% | |||
Minimum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.00% | |||
Minimum [Member] | LIBOR [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.00% | |||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage added to variable rate | 0.50% | |||
Maximum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.50% | |||
Maximum [Member] | LIBOR [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.50% | |||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 10,000,000 | |||
Bank of America, N.A. [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 9,200,000 | |||
Wells Fargo Bank [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount withdrawn under credit facility | $ 0 |
Derivative Financial Instrume59
Derivative Financial Instruments and Risk Management - Additional Information (Detail) | Jul. 29, 2017USD ($) | Jul. 29, 2017USD ($) | Jul. 29, 2017USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gains or losses reclassified to earnings | $ (492,000) | $ (704,000) | |
Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of debt conversion | $ 8,400,000 | 8,400,000 | $ 8,400,000 |
Maximum remaining maturity of foreign currency derivatives | 5 years | ||
Derivative fair value | 1,100,000 | 1,100,000 | $ 1,100,000 |
Amount of gains or losses reclassified to earnings | 0 | ||
Cross Currency Interest Rate Contract [Member] | Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of debt conversion | 8,900,000 | $ 8,900,000 | $ 8,900,000 |
Cross Currency Interest Rate Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain reclassify from Accumulated OCI into income during next 12 months | $ 116,000 |
Derivative Financial Instrume60
Derivative Financial Instruments and Risk Management - Schedule of Impact of the Derivative Instrument in the Condensed Consolidated Financial Statements (Detail) - Cash Flow Hedge [Member] - Cross Currency Interest Rate Contract [Member] $ in Thousands | 6 Months Ended |
Jul. 29, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (1,035) |
Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Other Income (Expense) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (953) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jul. 29, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
Segment Information - Net Sales
Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 27,483 | $ 25,339 | $ 51,941 | $ 49,449 |
Corporate Expenses | 2,327 | 2,025 | 4,183 | 3,676 |
Operating Income | 942 | 1,748 | 1,649 | 3,295 |
Other Income (Expense)-Net | 16 | 40 | (33) | (12) |
Income Before Income Taxes | 958 | 1,788 | 1,616 | 3,283 |
Income Tax Provision | 231 | 496 | 378 | 972 |
Net Income | 727 | 1,292 | 1,238 | 2,311 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | 3,269 | 3,773 | 5,832 | 6,971 |
Operating Segments [Member] | Product Identification [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 20,841 | 17,628 | 39,487 | 34,234 |
Operating Income | 2,612 | 2,632 | 5,104 | 4,628 |
Operating Segments [Member] | T&M [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,642 | 7,711 | 12,454 | 15,215 |
Operating Income | 657 | 1,141 | 728 | 2,343 |
Corporate Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Corporate Expenses | $ 2,327 | $ 2,025 | $ 4,183 | $ 3,676 |
Securities Available for Sale -
Securities Available for Sale - Additional Information (Detail) | 6 Months Ended |
Jul. 29, 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 | 15 months |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Anticipated maturity period | 1 month |
Securities Available for Sale64
Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Jan. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 5,131 | $ 6,723 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,130 | 6,732 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (1) | (9) |
Fair Value | $ 5,131 | $ 6,723 |
Fair Value - Summary of Financi
Fair Value - Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money Market Funds (included in Cash and Cash Equivalents) | $ 24 | $ 2 |
State and Municipal Obligations (included in Securities Available for Sale) | 5,131 | 6,723 |
Total assets | 5,155 | 6,725 |
Swap Contracts (included in Other Liabilities) | 1,066 | |
Earnout Liability (included in Other Liabilities) | 1,247 | |
Total liabilities | 2,313 | |
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) | 24 | 2 |
Total assets | 24 | 2 |
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) | 5,131 | 6,723 |
Total assets | 5,131 | $ 6,723 |
Swap Contracts (included in Other Liabilities) | 1,066 | |
Total liabilities | 1,066 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Earnout Liability (included in Other Liabilities) | 1,247 | |
Total liabilities | $ 1,247 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | Feb. 01, 2017 | Jul. 29, 2017 | Feb. 28, 2017 |
Term Loan [Member] | |||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 8,924,000 | ||
Bank of America, N.A. [Member] | Term Loan [Member] | |||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 9,200,000 | ||
Contingent Consideration Liability [Member] | |||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Estimated target period | 7 years | ||
Estimated earnout targets | $ 407,000 | $ 400,000 | |
Estimated earnout targets | $ 1,280,000 | $ 1,300,000 | |
Contingent Consideration Liability [Member] | Minimum [Member] | |||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Fair value assumptions, risk-adjusted discount rate | 1.77% | 1.67% | |
Probability of success | 1.60% | 0.00% | |
Contingent Consideration Liability [Member] | Maximum [Member] | |||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Fair value assumptions, risk-adjusted discount rate | 3.35% | 3.22% | |
Probability of success | 87.20% | 57.90% |
Fair Value - Schedule of Compan
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) $ in Thousands | Jul. 29, 2017USD ($) |
Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-Term debt and related current maturities | $ 9,953 |
Fair Value [Member] | Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-Term debt and related current maturities | 9,953 |
Carrying Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-Term debt and related current maturities | $ 8,924 |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Schedule of Capitalization, Equity [Line Items] | ||||
Beginning Balance | $ (1,056) | |||
Other Comprehensive Income (Loss) | $ 526 | $ (184) | 269 | $ 141 |
Ending Balance | (787) | (787) | ||
Foreign Currency Translation Adjustments [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Beginning Balance | (1,048) | |||
Other Comprehensive Income (Loss) before reclassification | 318 | |||
Other Comprehensive Income (Loss) | 318 | |||
Ending Balance | (730) | (730) | ||
Unrealized Holding Gain/ (Loss) on Available for Sale Securities [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Beginning Balance | (8) | |||
Other Comprehensive Income (Loss) before reclassification | 7 | |||
Other Comprehensive Income (Loss) | 7 | |||
Ending Balance | (1) | (1) | ||
Net Unrealized Gain (Losses) on Cash Flow Hedges Translation Adjustments [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Other Comprehensive Income (Loss) before reclassification | (760) | |||
Amounts reclassified from AOCI to Earnings | 704 | |||
Other Comprehensive Income (Loss) | (56) | |||
Ending Balance | (56) | (56) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Beginning Balance | (1,056) | |||
Other Comprehensive Income (Loss) before reclassification | (435) | |||
Amounts reclassified from AOCI to Earnings | 704 | |||
Other Comprehensive Income (Loss) | 269 | |||
Ending Balance | $ (787) | $ (787) |