Cover Page
Cover Page - shares | 3 Months Ended | |
May 02, 2020 | Jun. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 2, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | AstroNova, Inc. | |
Entity Central Index Key | 0000008146 | |
Current Fiscal Year End Date | --01-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | ALOT | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, State or Province | RI | |
Entity Common Stock, Shares Outstanding | 7,163,293 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 02, 2020 | Jan. 31, 2020 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 11,091 | $ 4,249 |
Accounts Receivable, net | 18,473 | 19,784 |
Inventories, net | 32,557 | 33,925 |
Prepaid Expenses and Other Current Assets | 2,489 | 2,193 |
Total Current Assets | 64,610 | 60,151 |
Property, Plant and Equipment, net | 11,377 | 11,268 |
Intangible Assets, net | 24,328 | 25,383 |
Goodwill | 11,988 | 12,034 |
Deferred Tax Assets, net | 5,073 | 5,079 |
Right of Use Assets | 1,553 | 1,661 |
Other Assets | 1,071 | 1,088 |
TOTAL ASSETS | 120,000 | 116,664 |
CURRENT LIABILITIES | ||
Accounts Payable | 4,282 | 4,409 |
Accrued Compensation | 2,893 | 2,700 |
Other Accrued Expenses | 3,697 | 4,711 |
Revolving Credit Facility | 11,500 | 6,500 |
Current Portion of Long-Term Debt | 6,602 | 5,208 |
Current Liability – Royalty Obligation | 2,000 | 2,000 |
Current Liability – Excess Royalty Payment Due | 586 | 773 |
Deferred Revenue | 375 | 466 |
Total Current Liabilities | 31,935 | 26,767 |
Long-Term Debt, net of current portion | 6,334 | 7,715 |
Royalty Obligation, net of current portion | 7,550 | 8,012 |
Lease Liabilities, net of current portion | 1,199 | 1,279 |
Deferred Tax Liabilities | 378 | 435 |
Other Long-Term Liabilities | 1,042 | 1,081 |
TOTAL LIABILITIES | 48,438 | 45,289 |
SHAREHOLDERS' EQUITY | ||
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,371,704 shares and 10,343,610 shares at May 2, 2020 and January 31, 2020, respectively | 518 | 517 |
Additional Paid-in Capital | 56,656 | 56,130 |
Retained Earnings | 49,233 | 49,298 |
Treasury Stock, at Cost, 3,287,271 and 3,281,701 shares at May 2, 2020 and January 31, 2020, respectively | (33,531) | (33,477) |
Accumulated Other Comprehensive Loss, net of tax | (1,314) | (1,093) |
TOTAL SHAREHOLDERS' EQUITY | 71,562 | 71,375 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 120,000 | $ 116,664 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May 02, 2020 | Jan. 31, 2020 |
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 | 10,371,704 | 10,343,610 |
Treasury Stock, Shares | 3,287,271 | 3,281,701 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 30,919 | $ 36,181 |
Cost of Revenue | 20,064 | 21,942 |
Gross Profit | 10,855 | 14,239 |
Operating Expenses: | ||
Selling and Marketing | 5,925 | 6,765 |
Research and Development | 1,940 | 2,007 |
General and Administrative | 2,327 | 2,999 |
Operating Expenses | 10,192 | 11,771 |
Operating Income | 663 | 2,468 |
Other Expense, net | (349) | (368) |
Income Before Income Taxes | 314 | 2,100 |
Income Tax (Benefit) Provision | (118) | 400 |
Net Income | $ 432 | $ 1,700 |
Net Income Per Common Share—Basic: | $ 0.06 | $ 0.24 |
Net Income Per Common Share—Diluted: | $ 0.06 | $ 0.23 |
Weighted Average Number of Common Shares Outstanding—Basic | 7,073 | 6,971 |
Weighted Average Number of Common Shares Outstanding—Diluted | 7,105 | 7,248 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 432 | $ 1,700 |
Other Comprehensive Loss, Net of Taxes | ||
Foreign Currency Translation Adjustments | (142) | (172) |
Change in Value of Derivatives Designated as Cash Flow Hedge | (46) | 116 |
(Gains) Losses from Cash Flow Hedges Reclassified to Income Statement | (33) | (144) |
Other Comprehensive Loss | (221) | (200) |
Comprehensive Income | $ 211 | $ 1,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Jan. 31, 2019 | $ 69,775 | $ 511 | $ 53,568 | $ 49,511 | $ (32,997) | $ (818) |
Beginning Balance, Shares at Jan. 31, 2019 | 10,218,559 | |||||
Share-Based Compensation | 601 | 601 | ||||
Employee Option Exercises | 296 | $ 1 | 306 | (11) | ||
Employee Option Exercises, Shares | 27,990 | |||||
Restricted Stock Awards Vested, net | (69) | $ 1 | (1) | (69) | ||
Restricted Stock Awards Vested, net, Shares | 9,522 | |||||
Cash Dividend—$0.07 per share | (489) | (489) | ||||
Net Income | 1,700 | 1,700 | ||||
Other Comprehensive Loss | (200) | (200) | ||||
Ending Balance at May. 04, 2019 | 71,614 | $ 513 | 54,474 | 50,722 | (33,077) | (1,018) |
Ending Balance, Shares at May. 04, 2019 | 10,256,071 | |||||
Beginning Balance at Jan. 31, 2020 | 71,375 | $ 517 | 56,130 | 49,298 | (33,477) | (1,093) |
Beginning Balance, Shares at Jan. 31, 2020 | 10,343,610 | |||||
Share-Based Compensation | 495 | 495 | ||||
Employee Option Exercises | $ 32 | 32 | ||||
Employee Option Exercises, Shares | 800 | 4,456 | ||||
Restricted Stock Awards Vested, net | $ (54) | $ 1 | (1) | (54) | ||
Restricted Stock Awards Vested, net, Shares | 23,638 | |||||
Cash Dividend—$0.07 per share | (497) | (497) | ||||
Net Income | 432 | 432 | ||||
Other Comprehensive Loss | (221) | (221) | ||||
Ending Balance at May. 02, 2020 | $ 71,562 | $ 518 | $ 56,656 | $ 49,233 | $ (33,531) | $ (1,314) |
Ending Balance, Shares at May. 02, 2020 | 10,371,704 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividend per share | $ 0.07 | $ 0.07 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 432 | $ 1,700 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 1,568 | 1,584 |
Amortization of Debt Issuance Costs | 12 | 13 |
Share-Based Compensation | 495 | 601 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 1,220 | 1,439 |
Inventories | 1,237 | (2,001) |
Income Taxes | (90) | 263 |
Accounts Payable and Accrued Expenses | (1,140) | (2,796) |
Other | (314) | 184 |
Net Cash Provided by Operating Activities | 3,420 | 987 |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (626) | (586) |
Net Cash Used by Investing Activities | (626) | (586) |
Cash Flows from Financing Activities: | ||
Net Cash Proceeds from Employee Stock Option Plans | 6 | 270 |
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan | 26 | 26 |
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | (54) | (69) |
Borrowings under Revolving Credit Facility | 5,000 | |
Payment of Minimum Guarantee Royalty Obligation | (500) | (375) |
Principal Payments of Long-Term Debt | (1,578) | |
Dividends Paid | (497) | (489) |
Net Cash Provided (Used) by Financing Activities | 3,981 | (2,215) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 67 | 49 |
Net Increase (Decrease) in Cash and Cash Equivalents | 6,842 | (1,765) |
Cash and Cash Equivalents, Beginning of Period | 4,249 | 7,534 |
Cash and Cash Equivalents, End of Period | 11,091 | 5,769 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash Paid During the Period for Interest | 124 | 110 |
Cash Paid During the Period for Income Taxes, Net of Refunds | $ 128 | 142 |
Schedule of Non-Cash Financing Activities: | ||
Value of Shares Received in Satisfaction of Option Exercise Price | $ 11 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
May 02, 2020 | |
Business and Basis Of Presentation [Abstract] | |
Business and Basis of Presentation | Note 1 – Business and Basis of Presentation 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 employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation industries. In the United States, we have factory-trained direct field salespeople located in major cities from coast to coast. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Singapore, and the United Kingdom staffed by our own employees and dedicated third-party contractors. Additionally, we utilize over 225 independent dealers and representatives selling and marketing our products in over 60 countries. Our business consists of two segments, Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the brand names QuickLabel ® ® ™ ® PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers, high-volume presses and specialty original equipment manufacture r Unless otherwise indicated, references to “AstroNova, “we,” “our,” and “us” in this Quarterly Report on Form 10-Q Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles 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 our Annual Report on Form 10-K 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 , including those that require consideration of forecasted financial information, in context of the unknown future impacts of COVID-19 COVID-19 Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. Certain amounts in the prior year financial statements have been reclassified to conform to the current year’s presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
May 02, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Update The accounting polices used in preparing the condensed consolidated financial statements in this Form 10-Q our 10-K Recently Adopted Accounting Pronouncements Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13, “Fair 2018-13 2018-13 Recent Accounting Standards Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, 2020-04 No other new accounting pronouncements, issued or effective during the first three months of the current fiscal year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
May 02, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems, airborne printers and networking systems used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets: Three Months Ended (In thousands) May 2, May 4, United States $ 19,789 $ 21,992 Europe 7,450 7,875 Canada 1,428 1,516 Asia 1,009 3,450 Central and South America 954 888 Other 289 460 Total Revenue $ 30,919 $ 36,181 Major product types: Three Months Ended (In thousands) May 2, May 4, Hardware $ 8,914 $ 12,918 Supplies 19,118 19,727 Service and Other 2,887 3,536 Total Revenue $ 30,919 $ 36,181 Contract Assets and Liabilities We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $375,000 and $466,000 at May 2, 2020 and January 31, 2020, respectively, and are recorded as deferred revenue in the condensed consolidated balance sheet. We - Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized based on the forecasted number of units sold over the remaining benefit term, which we currently estimate to be approximately 6 years. The balance of these contract assets at January 31, 2020 was $944,000. We |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
May 02, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 4 – Net Income Per Common Share Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, 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 May 2, May 4, Weighted Average Common Shares Outstanding – Basic 7,073,278 6,970,914 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 31,365 277,412 Weighted Average Common Shares Outstanding – Diluted 7,104,643 7,248,326 For the three months ended May 2, 2020 and May 4, 2019, the diluted per share amounts do not reflect common equivalent shares outstanding of 865,157 and 260,422 , |
Intangible Assets
Intangible Assets | 3 Months Ended |
May 02, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 5 – Intangible Assets Intangible assets are as follows: May 2, 2020 January 31, 2020 (In thousands) Gross Accumulated Currency Net Gross Accumulated Currency Net Miltope: Customer Contract Relationships $ 3,100 $ (2,098 ) $ — $ 1,002 $ 3,100 $ (2,021 ) $ — $ 1,079 RITEC: Customer Contract Relationships 2,830 (1,156 ) — 1,674 2,830 (1,076 ) — 1,754 Non-Competition 950 (918 ) — 32 950 (871 ) — 79 TrojanLabel: Existing Technology 2,327 (1,136 ) 68 1,259 2,327 (1,053 ) 78 1,352 Distributor Relations 937 (320 ) 22 639 937 (297 ) 27 667 Honeywell: Customer Contract Relationships 27,243 (7,521 ) — 19,722 27,243 (6,791 ) — 20,452 Intangible Assets, net $ 37,387 $ (13,149 ) $ 90 $ 24,328 $ 37,387 $ (12,109 ) $ 105 $ 25,383 There were no impairments to intangible assets during the periods ended May 2, 2020 and May 4 Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2022 2023 2024 2025 Estimated amortization expense $ 3,018 $ 3,964 $ 3,957 $ 3,960 $ 3,392 |
Inventories
Inventories | 3 Months Ended |
May 02, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 – Inventories Inventories are stated at the lower of cost (first-in, first-out) (In thousands) May 2, 2020 January 31, 2020 Materials and Supplies $ 20,793 $ 20,151 Work-In-Process 1,684 1,408 Finished Goods 16,781 17,992 39,258 39,551 Inventory Reserve (6,701 ) (5,626 ) $ 32,557 $ 33,925 |
Revolving Line of Credit
Revolving Line of Credit | 3 Months Ended |
May 02, 2020 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | Note 7 – Revolving Line of Credit At May 2, 2020, we have a revolving line of credit under our existing credit agreement with Bank of America (the “Credit Agreement”). Revolving credit loans may be borrowed, at our option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Kroner. Amounts borrowed under the revolving credit facility bear interest at a rate per annum At May 2, 2020, $11.5 million was - Pursuant to the terms of the Fourth Amendment to our Credit Agreement, which we and Bank of America entered into in December 2019, the aggregate amount available for borrowings under the revolving line of credit will decrease to $10.0 million at the end of the third quarter of fiscal year 2021. We are per annum See Note 17–Subsequent Events–Letter Agreement with Bank of America for a discussion of the letter agreement we entered into with Bank of America on June 22 |
Debt
Debt | 3 Months Ended |
May 02, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 – Debt Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) May 2, 2020 January 31, 2020 USD Term Loan (2.24% as of May 2, 2020 and 3.03% as of January 31, 2020); maturity date of November 30, 2022 $ 8,250 $ 8,250 USD Term Loan (2.24% as of May 2, 2020 and 3.03% as of January 31, 2020); maturity date of January 31, 2022 4,784 4,784 $ 13,034 $ 13,034 Debt Issuance Costs, net of accumulated amortization (98 ) (111 ) Current Portion of Term Loans (6,602 ) (5,208 ) Long-Term Debt $ 6,334 $ 7,715 The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of May 2, 2020 is as follows: (In thousands) Fiscal 2021, remainder $ 5,208 Fiscal 2022 5,576 Fiscal 2023 2,250 $ 13,034 |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 3 Months Ended |
May 02, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Risk Management | Note 9 – Derivative Financial Instruments and Risk Management 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 term loan borrowing by our Danish Subsidiary and an interest rate swap to manage the interest rate risk associated with our variable rate term loan borrowing. Both swaps have been designated as cash flow hedges of floating-rate borrowings. Our cross-currency interest rate swap agreement effectively modifies our exposure to interest rate risk and foreign currency exchange rate risk by converting our floating-rate debt denominated in U.S. Dollars on our Danish subsidiary’s books to a fixed-rate debt denominated in Danish Kroner for the term of the loan, 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 Kroner, as well as exchanges of principal at the inception spot rate, over the life of the term loan. The interest rate swap agreement we utilize on our term loan effectively modifies our exposure to interest rate risk by converting our floating-rate debt to fixed-rate debt for the next five years, thus reducing the impact of interest-rate changes on future interest expense. This swap involves the receipt of floating rate amounts in U.S. Dollars in exchange for fixed rate payments in U.S. dollars over the life of the term loan. The following table summarizes the notional amount and fair value of our derivative instruments: May 2, 2020 January 31, 2020 Cash Flow Hedges Fair Value Derivatives Fair Value Derivatives (In thousands) Notional Amount Asset Liability Notional Amount Asset Liability Cross-currency Interest Rate Swap $ 4,489 $ — $ 192 $ 4,489 $ — $ 250 Interest Rate Swap $ 8,250 $ — $ 202 $ 8,250 $ — $ 96 The fair value of both the Cross-currency Interest Rate Swap and the Interest Rate swap are included in other long-term liabilities on the condensed consolidated balance sheets for the periods ended May 2, 2020 and January 31, 2020. The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three months ended May 2, 2020 and May 4, 2019: Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) Cash Flow Hedge (In thousands) May 2, 2020 May 4, 2019 May 2, 2020 May 4, 2019 Swap Contracts $ (58 ) $ 149 Other Income (Expense ) $ 43 $ 185 At May 2, 2020, we |
Royalty Obligation
Royalty Obligation | 3 Months Ended |
May 02, 2020 | |
Royalty Obligation Disclosure [Abstract] | |
Royalty Obligation | Note 10 – Royalty Obligation In fiscal 2018, we The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments using a present value factor of 2.8%, which is based on the estimated after-tax we our we We did not incur any excess royalty expense for the three-month period ended May 2, 2020. We did incur $0.6 million of excess royalty expense for the three-month period ended May 4, 2019, which is included in cost of revenue in our condensed consolidated statements of income for that period. A tota l of $0.6 million of exc |
Leases
Leases | 3 Months Ended |
May 02, 2020 | |
Leases [Abstract] | |
Leases | Note 11 – Leases We enter our that we Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification May 2, 2020 January 31, 2020 Lease Assets Right of Use Assets $ 1,553 $ 1,661 Lease Liabilities – Current Other Accrued Expenses 391 416 Lease Liabilities – Long Term Lease Liabilities 1,199 1,279 Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification May 2, 2020 May 4, 2019 Operating Lease Costs General and Administrative Expense $ 120 $ 92 Maturities of operating lease liabilities are as follows: (In thousands) May 2 2021 $ 305 2022 348 2023 298 2024 272 2025 168 Thereafter 391 Total Lease Payments 1,782 Less: Imputed Interest (192 ) Total Lease Liabilities $ 1,590 As of May 2, 2020, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 5.6 years and 3.99%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Supplemental cash flow information related to leases is as follows: Three Months Ended (In thousands) May 2, 2020 May 4, 2019 Cash paid for amounts included in the measurement of lease liabilities: $ 106 $ 100 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
May 02, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12 – Accumulated Other Comprehensive Loss The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows: (In thousands) Foreign Currency Cash Total Balance at January 31, 2020 $ (985 ) $ (108 ) $ (1,093 ) Other Comprehensive Loss before reclassification (142 ) (46 ) (188 ) Amounts reclassified from AOCL to Earnings — (33 ) (33 ) Other Comprehensive Loss (142 ) (79 ) (221 ) Balance at May 2, 2020 $ (1,127 ) $ (187 ) $ (1,314 ) The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
May 02, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 13 – Share-Based Compensation We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options, non-qualified - (“RSUs”), (“PSUs”) that are us our Under the 2018 Plan, of shares were outstanding as of May 2, 2020 In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 or 2015 plans, but outstanding awards will continue to be governed by those plans. As of May 2, 2020, options to purchase an aggregate of 344,245 shares were outstanding under the 2007 Plan and 15,113 unvested shares of restricted stock and options to purchase an aggregate of 148,725 shares were outstanding under the 2015 Plan. We also have a Non-Employee non-employee s re-election our board of directors through that date . Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) May 2, May 4, Stock Options $ 133 $ 212 Restricted Stock Awards and Restricted Stock Units 357 384 Employee Stock Purchase Plan 5 5 Total $ 495 $ 601 Stock Options There were no stock options granted during the three - s May 2, 2020 and May 4, 2019. Aggregated information regarding stock option activity for the three months ended May 2, 2020 is summarized below: Number of Weighted Average Outstanding at January 31, 2020 679,044 $ 14.46 Granted — — Exercised (800 ) 7.36 Forfeited (48,374 ) 12.83 Canceled (1,400 ) 7.36 Outstanding at May 2, 2020 628,470 $ 14.61 Set forth below is a summary of options outstanding at May 2, 2020: Outstanding Exercisable Range of Exercise prices Number Weighted- Weighted- Number Weighted- Weighted $5.00-10.00 42,281 $ 7.98 2.0 42,281 $ 7.98 2.0 $10.01-15.00 364,464 $ 13.63 5.5 319,166 $ 13.65 5.3 $15.01-20.00 221,725 $ 17.48 7.5 128,871 $ 16.92 7.1 628,470 $ 14.61 6.0 490,318 $ 14.02 5.5 As of May 2, 2020, there was approximately $0.6 million of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 1.3 years. Restricted Stock Units, Performance Based Restricted Stock Units and Restricted Stock Awards Aggregated information regarding RSU, PSU and RSA activity for the three months ended May 2, 2020 is summarized below: RSUs, PSUs & Weighted Average Outstanding at January 31, 2020 134,634 $ 16.79 Granted 197,131 7.94 Vested (23,638 ) 13.00 Outstanding at May 2, 2020 308,127 $ 11.42 As of May 2, 2020, there was approximately $2.7 million of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 1.1 years. Employee Stock Purchase Plan We have available under our Employee Stock Purchase Plan. |
Income Taxes
Income Taxes | 3 Months Ended |
May 02, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 – Income Taxes Our effective tax rates for the period are as follows: Three Months Ended Fiscal 2021 (37.6 )% Fiscal 2020 19.0 % We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax year-to-date pre-tax During the three months ended May 2, 2020, we The effective tax rate in this period was directly impacted by a reduction in our forecasted operating results for fiscal 2021 and a $78,000 tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions . During the three months ended May 4, 2019, we our We maintain a valuation allowance on some of our deferred tax assets in certain jurisdictions. A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial reporting purposes. As of May 2, 2020, our our |
Segment Information
Segment Information | 3 Months Ended |
May 02, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 – Segment Information We report two segments: Product Identification (“PI”) and Test & Measurement (“T&M”). We evaluat e Summarized below are the Revenue and Segment Operating Profit (Loss) for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) May 2, May 4, May 2, May 4, PI $ 22,380 $ 23,591 $ 3,146 $ 2,886 T&M 8,539 12,590 (156 ) 2,581 Total $ 30,919 $ 36,181 2,990 5,467 Corporate Expenses 2,327 2,999 Operating Income 663 2,468 Other Expense, Net (349 ) (368 ) Income Before Income Taxes 314 2,100 Income Tax (Benefit) Provision (118 ) 400 Net Income $ 432 $ 1,700 |
Fair Value
Fair Value | 3 Months Ended |
May 02, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 16 – Fair Value Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables provide a summary of the financial liabilities that are measured at fair value as of May 2, 2020 and January 31, 2020: Liabilities measured at fair value: Fair value measurement at Fair value measurement at (In thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cross-Currency Interest Rate Swap Contract (included in Other Long-Term Liabilities) $ — $ 192 $ — $ 192 $ — $ 250 $ — $ 250 Interest Rate Swap Contract (included in Other Long-Term Liabilities) — 202 — 202 — 96 — 96 Earnout Liability (included in Other Long-Term Liabilities) — — — — — — 14 14 Total Liabilities $ — $ 394 $ — $ 394 $ — $ 346 $ 14 $ 360 We use the market approach to measure fair value of our derivative instruments. Derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates and foreign exchange rates, and are classified as Level 2 because they are over-the-counter Assets and Liabilities Not Recorded at Fair Value Our May 2, 2020 Fair Value Measurement Carrying (In thousands) Level 1 Level 2 Level 3 Total Long-Term Debt and related current maturities $ — $ — $ 13,227 $ 13,227 $ 13,034 January 31, 2020 Fair Value Measurement Carrying (In thousands) Level 1 Level 2 Level 3 Total Long-Term Debt and related current maturities $ — $ — $ 13,258 $ 13,258 $ 13,034 The fair value of our |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 02, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 17 – Subsequent Events Payroll Protection Program Loan On May 6, 2020, we entered into a loan agreement with , borrowed $4.4 million (the “ PPP Loan”) from Greenwood pursuant to the Paycheck Protection Program (“PPP”) administered by the United States Small Business Administration (the “SBA”) and authorized by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020 (the “PPP Flexibility Act”) which The PPP Loan, which will mature on the fifth anniversary of the of 1.0% per annum. The PPP Loan may be prepaid at any time without penalty. The Loan Agreement and Promissory Note include customary provisions for a loan of this type, including prohibitions on our payment of dividends or repurchase of shares of our stock while the PPP Loan remains outstanding. The Loan Agreement and Promissory Note also include events of default relating to, among other things, payment defaults, breaches of the provisions of the Loan Agreement or the Promissory Note, and cross-defaults on other loans. Subject to the limitations and conditions set forth in the CARES Act, the PPP Flexibility Act, and the regulations and guidance provided by the SBA with respect to the PPP, a portion of the PPP Loan in an amount up to the amount of the PPP Loan proceeds that we spend on payroll, rent, utilities and interest on certain debt during the twenty-four-week period following incurrence of the PPP Loan, may be forgiven under the PPP. The amount of the PPP Loan to be forgiven in respect of rent, utilities and interest on certain debt will be capped at 40% of the forgiven amount, with the remaining forgiven amount allocated to payroll costs. We intend to utilize the proceeds of the PPP Loan in a manner which will enable us to qualify for forgiveness of the PPP Loan. However, no assurance can be provided that all or any portion of the PPP Loan will be forgiven. Letter Agreement with Bank of America On June 22, 2020, we entered into a Letter Agreement with Bank of America, N.A. Pursuant to that agreement, Bank of America agreed to waive compliance with certain financial covenants in our Credit Agreement related to our consolidated leverage ratio and consolidated EBITDA (as defined in the Credit Agreement) for the measurement period ending May 2, 2020. The Letter Agreement imposes an additional financial covenant that requires us to have, as of June 30, 2020, consolidated EBITDA of not less than $9.5 million on a trailing twelve-months basis, and to report our compliance with such covenant on or before August 15, 2020. The Letter Agreement provides that such covenant will not be tested until August 15, 2020 and we do not expect to be in compliance with the covenants at the time, hence constituting an immediate event of default under the Credit Agreement. However, we and Bank of America are actively negotiating the terms of an amendment to restructure the Credit Agreement that would provide for mutually acceptable revised financial and operational covenants and other mutually acceptable revised terms and we both fully expect that amendment to be executed prior to August 15, 2020. The effect of the Letter Agreement therefore is to give both parties sufficient time to complete the relevant documentation and also enable us to execute the amendment by that deadline. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 02, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13, “Fair 2018-13 2018-13 Recent Accounting Standards Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, 2020-04 No other new accounting pronouncements, issued or effective during the first three months of the current fiscal year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
May 02, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type | Primary geographical markets: Three Months Ended (In thousands) May 2, May 4, United States $ 19,789 $ 21,992 Europe 7,450 7,875 Canada 1,428 1,516 Asia 1,009 3,450 Central and South America 954 888 Other 289 460 Total Revenue $ 30,919 $ 36,181 Major product types: Three Months Ended (In thousands) May 2, May 4, Hardware $ 8,914 $ 12,918 Supplies 19,118 19,727 Service and Other 2,887 3,536 Total Revenue $ 30,919 $ 36,181 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
May 02, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Income Per Share | A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: Three Months Ended May 2, May 4, Weighted Average Common Shares Outstanding – Basic 7,073,278 6,970,914 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 31,365 277,412 Weighted Average Common Shares Outstanding – Diluted 7,104,643 7,248,326 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
May 02, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: May 2, 2020 January 31, 2020 (In thousands) Gross Accumulated Currency Net Gross Accumulated Currency Net Miltope: Customer Contract Relationships $ 3,100 $ (2,098 ) $ — $ 1,002 $ 3,100 $ (2,021 ) $ — $ 1,079 RITEC: Customer Contract Relationships 2,830 (1,156 ) — 1,674 2,830 (1,076 ) — 1,754 Non-Competition 950 (918 ) — 32 950 (871 ) — 79 TrojanLabel: Existing Technology 2,327 (1,136 ) 68 1,259 2,327 (1,053 ) 78 1,352 Distributor Relations 937 (320 ) 22 639 937 (297 ) 27 667 Honeywell: Customer Contract Relationships 27,243 (7,521 ) — 19,722 27,243 (6,791 ) — 20,452 Intangible Assets, net $ 37,387 $ (13,149 ) $ 90 $ 24,328 $ 37,387 $ (12,109 ) $ 105 $ 25,383 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2022 2023 2024 2025 Estimated amortization expense $ 3,018 $ 3,964 $ 3,957 $ 3,960 $ 3,392 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
May 02, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: (In thousands) May 2, 2020 January 31, 2020 Materials and Supplies $ 20,793 $ 20,151 Work-In-Process 1,684 1,408 Finished Goods 16,781 17,992 39,258 39,551 Inventory Reserve (6,701 ) (5,626 ) $ 32,557 $ 33,925 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
May 02, 2020 | |
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) May 2, 2020 January 31, 2020 USD Term Loan (2.24% as of May 2, 2020 and 3.03% as of January 31, 2020); maturity date of November 30, 2022 $ 8,250 $ 8,250 USD Term Loan (2.24% as of May 2, 2020 and 3.03% as of January 31, 2020); maturity date of January 31, 2022 4,784 4,784 $ 13,034 $ 13,034 Debt Issuance Costs, net of accumulated amortization (98 ) (111 ) Current Portion of Term Loans (6,602 ) (5,208 ) Long-Term Debt $ 6,334 $ 7,715 |
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 May 2, 2020 is as follows: (In thousands) Fiscal 2021, remainder $ 5,208 Fiscal 2022 5,576 Fiscal 2023 2,250 $ 13,034 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended |
May 02, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Summarizes the Notional Amount and Fair Value of the Derivative Instrument | The following table summarizes the notional amount and fair value of our derivative instruments: May 2, 2020 January 31, 2020 Cash Flow Hedges Fair Value Derivatives Fair Value Derivatives (In thousands) Notional Amount Asset Liability Notional Amount Asset Liability Cross-currency Interest Rate Swap $ 4,489 $ — $ 192 $ 4,489 $ — $ 250 Interest Rate Swap $ 8,250 $ — $ 202 $ 8,250 $ — $ 96 |
Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements | The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three months ended May 2, 2020 and May 4, 2019: Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) Cash Flow Hedge (In thousands) May 2, 2020 May 4, 2019 May 2, 2020 May 4, 2019 Swap Contracts $ (58 ) $ 149 Other Income (Expense ) $ 43 $ 185 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 02, 2020 | |
Leases [Abstract] | |
Schedule Of Balance Sheet And Other Information Related To Operating Leases | Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification May 2, 2020 January 31, 2020 Lease Assets Right of Use Assets $ 1,553 $ 1,661 Lease Liabilities – Current Other Accrued Expenses 391 416 Lease Liabilities – Long Term Lease Liabilities 1,199 1,279 |
Schedule Lease Cost Information | Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification May 2, 2020 May 4, 2019 Operating Lease Costs General and Administrative Expense $ 120 $ 92 |
Schedule of Maturities Of Lease Liabilities | Maturities of operating lease liabilities are as follows: (In thousands) May 2 2021 $ 305 2022 348 2023 298 2024 272 2025 168 Thereafter 391 Total Lease Payments 1,782 Less: Imputed Interest (192 ) Total Lease Liabilities $ 1,590 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows: Three Months Ended (In thousands) May 2, 2020 May 4, 2019 Cash paid for amounts included in the measurement of lease liabilities: $ 106 $ 100 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
May 02, 2020 | |
Equity [Abstract] | |
Changes in Balance of Accumulated Other Comprehensive Loss | The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows: (In thousands) Foreign Currency Cash Total Balance at January 31, 2020 $ (985 ) $ (108 ) $ (1,093 ) Other Comprehensive Loss before reclassification (142 ) (46 ) (188 ) Amounts reclassified from AOCL to Earnings — (33 ) (33 ) Other Comprehensive Loss (142 ) (79 ) (221 ) Balance at May 2, 2020 $ (1,127 ) $ (187 ) $ (1,314 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
May 02, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Expense | Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) May 2, May 4, Stock Options $ 133 $ 212 Restricted Stock Awards and Restricted Stock Units 357 384 Employee Stock Purchase Plan 5 5 Total $ 495 $ 601 |
Aggregated Information Regarding Stock Option Activity | Aggregated information regarding stock option activity for the three months ended May 2, 2020 is summarized below: Number of Weighted Average Outstanding at January 31, 2020 679,044 $ 14.46 Granted — — Exercised (800 ) 7.36 Forfeited (48,374 ) 12.83 Canceled (1,400 ) 7.36 Outstanding at May 2, 2020 628,470 $ 14.61 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at May 2, 2020: Outstanding Exercisable Range of Exercise prices Number Weighted- Weighted- Number Weighted- Weighted $5.00-10.00 42,281 $ 7.98 2.0 42,281 $ 7.98 2.0 $10.01-15.00 364,464 $ 13.63 5.5 319,166 $ 13.65 5.3 $15.01-20.00 221,725 $ 17.48 7.5 128,871 $ 16.92 7.1 628,470 $ 14.61 6.0 490,318 $ 14.02 5.5 |
Aggregated Information Regarding RSU, PSU and RSA Activity | Aggregated information regarding RSU, PSU and RSA activity for the three months ended May 2, 2020 is summarized below: RSUs, PSUs & Weighted Average Outstanding at January 31, 2020 134,634 $ 16.79 Granted 197,131 7.94 Vested (23,638 ) 13.00 Outstanding at May 2, 2020 308,127 $ 11.42 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
May 02, 2020 | |
Income Tax Disclosure [Abstract] | |
Projected Effective Tax Rate for Periods | Our effective tax rates for the period are as follows: Three Months Ended Fiscal 2021 (37.6 )% Fiscal 2020 19.0 % |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
May 02, 2020 | |
Segment Reporting [Abstract] | |
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit (Loss) for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) May 2, May 4, May 2, May 4, PI $ 22,380 $ 23,591 $ 3,146 $ 2,886 T&M 8,539 12,590 (156 ) 2,581 Total $ 30,919 $ 36,181 2,990 5,467 Corporate Expenses 2,327 2,999 Operating Income 663 2,468 Other Expense, Net (349 ) (368 ) Income Before Income Taxes 314 2,100 Income Tax (Benefit) Provision (118 ) 400 Net Income $ 432 $ 1,700 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
May 02, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Liabilities Measured at Fair Value | The following tables provide a summary of the financial liabilities that are measured at fair value as of May 2, 2020 and January 31, 2020: Liabilities measured at fair value: Fair value measurement at Fair value measurement at (In thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cross-Currency Interest Rate Swap Contract (included in Other Long-Term Liabilities) $ — $ 192 $ — $ 192 $ — $ 250 $ — $ 250 Interest Rate Swap Contract (included in Other Long-Term Liabilities) — 202 — 202 — 96 — 96 Earnout Liability (included in Other Long-Term Liabilities) — — — — — — 14 14 Total Liabilities $ — $ 394 $ — $ 394 $ — $ 346 $ 14 $ 360 |
Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value | Our May 2, 2020 Fair Value Measurement Carrying (In thousands) Level 1 Level 2 Level 3 Total Long-Term Debt and related current maturities $ — $ — $ 13,227 $ 13,227 $ 13,034 January 31, 2020 Fair Value Measurement Carrying (In thousands) Level 1 Level 2 Level 3 Total Long-Term Debt and related current maturities $ — $ — $ 13,258 $ 13,258 $ 13,034 |
Business and Basis of Present_2
Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
May 02, 2020Segment | |
Number of Operating Segments | 2 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 30,919 | $ 36,181 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 19,789 | 21,992 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 7,450 | 7,875 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,428 | 1,516 |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,009 | 3,450 |
Central and South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 954 | 888 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 289 | $ 460 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 30,919 | $ 36,181 |
Hardware [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 8,914 | 12,918 |
Supplies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 19,118 | 19,727 |
Service and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 2,887 | $ 3,536 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | |
May 02, 2020 | Jan. 31, 2020 | |
Disaggregation of Revenue [Abstract] | ||
Contract liabilities and extended warranties | $ 375,000 | $ 466,000 |
Revenue recognized | 225,000 | |
Contract assets balance | 870,000 | $ 944,000 |
Amortization of incremental direct costs | 15,000 | |
Deferred incremental direct contract costs reported in other current assets | 59,000 | |
Deferred incremental direct costs net of accumulated amortization | $ 929,000 | |
Capitalized Contract Costs Benefitial Term | 6 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 | |
May 02, 2020 | May 04, 2019 | |
Weighted Average Common Shares Outstanding – Basic | 7,073,000 | 6,971,000 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 31,365 | 277,412 |
Weighted Average Common Shares Outstanding – Diluted | 7,105,000 | 7,248,000 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Number of common equivalent shares | 865,157 | 260,422 |
Intangible Assets - Fair Value
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | May 02, 2020 | Jan. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 37,387 | $ 37,387 |
Accumulated Amortization | (13,149) | (12,109) |
Currency Translation Adjustment | 90 | 105 |
Net Carrying Amount | 24,328 | 25,383 |
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,243 | 27,243 |
Accumulated Amortization | (7,521) | (6,791) |
Net Carrying Amount | 19,722 | 20,452 |
Customer Contract Relationships [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | (2,098) | (2,021) |
Net Carrying Amount | 1,002 | 1,079 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | 2,830 |
Accumulated Amortization | (1,156) | (1,076) |
Net Carrying Amount | 1,674 | 1,754 |
Non-Competition Agreement [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 950 | 950 |
Accumulated Amortization | (918) | (871) |
Net Carrying Amount | 32 | 79 |
Existing Technology [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,327 | 2,327 |
Accumulated Amortization | (1,136) | (1,053) |
Currency Translation Adjustment | 68 | 78 |
Net Carrying Amount | 1,259 | 1,352 |
Distributor Relations [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 937 | 937 |
Accumulated Amortization | (320) | (297) |
Currency Translation Adjustment | 22 | 27 |
Net Carrying Amount | $ 639 | $ 667 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||
Impairments of intangible assets | $ 0 | $ 0 |
Amortization expense | $ 1,000,000 | $ 1,100,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | May 02, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 3,018 |
2022 | 3,964 |
2023 | 3,957 |
2024 | 3,960 |
2025 | $ 3,392 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | May 02, 2020 | Jan. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 20,793 | $ 20,151 |
Work-In-Process | 1,684 | 1,408 |
Finished Goods | 16,781 | 17,992 |
Inventory, Gross | 39,258 | 39,551 |
Inventory Reserve | (6,701) | (5,626) |
Inventories | $ 32,557 | $ 33,925 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
May 02, 2020 | May 04, 2019 | Oct. 30, 2021 | Jan. 31, 2020 | |
Line of Credit Facility [Line Items] | ||||
Credit facility outstanding | $ 11,500,000 | $ 6,500,000 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Annual interest rate | 2.52% | 2.52% | ||
Accrued interest expense | $ 73,000 | $ 19,000 | ||
Credit facility, remaining borrowing capacity | $ 6,000,000 | |||
Commitment fee rate | 0.25% | |||
Revolving Credit Facility [Member] | Forecast [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 10,000,000 | |||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 1.00% | |||
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 0.50% | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Percentage added to variable rate | 0.00% | |||
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 1.00% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Percentage added to variable rate | 0.50% | |||
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 1.50% |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | May 02, 2020 | Jan. 31, 2020 |
Debt Instrument [Line Items] | ||
USD Term Loan | $ 13,034 | $ 13,034 |
Debt Issuance Costs, net of accumulated amortization | (98) | (111) |
Current Portion of Term Loans | (6,602) | (5,208) |
Long-Term Debt | 6,334 | 7,715 |
Term Loan Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | 8,250 | 8,250 |
Term Loan Due January 31, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 4,784 | $ 4,784 |
Debt - Schedule of Long Term _2
Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) | 3 Months Ended | |
May 02, 2020 | Jan. 31, 2020 | |
Term Loan Due May 20, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 2.24% as of May 2, 2020 and 3.03% as of January 31, 2020); maturity date of May 20, 2022 | |
Interest rate | 2.24% | 3.03% |
Debt instrument, maturity date | Nov. 30, 2022 | |
Term Loan Due January 31, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 2.24% as of May 2, 2020 and 3.03% as of January 31, 2020); maturity date of January 31, 2022 | |
Interest rate | 2.24% | 3.03% |
Debt instrument, maturity date | Jan. 31, 2022 |
Debt - Schedule of Required Pri
Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands | May 02, 2020USD ($) |
Debt Instrument [Line Items] | |
Fiscal 2021, reminder | $ 5,208 |
Fiscal 2022 | 5,576 |
Fiscal 2023 | 2,250 |
Long-term Debt | $ 13,034 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Risk Management - Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements (Detail) - Cash Flow Hedge [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
May 02, 2020 | May 04, 2019 | Jan. 31, 2020 | |
Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain Recognized in OCI on Derivative | $ (58) | $ 149 | |
Location of Gain Reclassified from Accumulated OCI into Income (Expense) | Other Income (Expense) | ||
Amount of Gain Reclassified from Accumulated OCI into Income (Expense) | $ 43 | $ 185 | |
Cross Currency Interest Rate Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional Amount | 4,489 | $ 4,489 | |
Fair Value Derivatives, Liability | 192 | 250 | |
Interest Rate Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional Amount | 8,250 | 8,250 | |
Fair Value Derivatives, Liability | $ 202 | $ 96 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - Cross Currency Interest Rate Contract [Member] $ in Thousands | 3 Months Ended |
May 02, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Maximum remaining maturity of foreign currency derivatives | 5 years |
Amount of gain reclassify from Accumulated OCI into loss during next 12 months | $ 30 |
Royalty Obligation - Additional
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
May 02, 2020 | May 04, 2019 | Jan. 31, 2020 | Jan. 31, 2018 | |
Guaranteed Minimum Royalty Payment | $ 4,000 | |||
Royalty Obligation, Current | 2,000 | $ 2,000 | ||
Royalty Obligation Non Current | 7,550 | 8,012 | ||
Accrued Royalties, Current, Excess Royalty Payment Due | $ 586 | $ 773 | ||
Honeywell Asset Purchase and License Agreement [Member] | ||||
Payment Term Period | 10 years | |||
Minimum Royalty Payment Obligations | $ 15,000 | |||
Fair Value Assumption Percentage Of Present Value Factor | 2.80% | |||
Royalty Obligation, Current | $ 2,000 | |||
Royalty Obligation Non Current | 7,500 | |||
Excess Royalty Payments | $ 0 | $ 600 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
May 02, 2020 | |
Lessee, Operating Lease, Option to Extend | options to extend the lease term for periods of up to five years |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.99% |
Maximum [Member] | |
Operating Lease Remaining Lease Term | 8 years |
Minimum [Member] | |
Operating Lease Remaining Lease Term | 1 year |
Leases - Schedule Of Balance Sh
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | May 02, 2020 | Jan. 31, 2020 |
Operating Leases [Abstract] | ||
Right of Use Asset | $ 1,553 | $ 1,661 |
Other Accrued Expenses | 391 | 416 |
Lease Liabilities | $ 1,199 | $ 1,279 |
Leases - Lease Cost Information
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
General and Administrative Expense [Member] | ||
Operating Lease Costs | $ 120 | $ 92 |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Detail) $ in Thousands | May 02, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 305 |
2022 | 348 |
2023 | 298 |
2024 | 272 |
2025 | 168 |
Thereafter | 391 |
Total Lease Payments | 1,782 |
Less: Imputed Interest | (192) |
Total Lease Liabilities | $ 1,590 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities: | $ 106 | $ 100 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | $ 71,375 | $ 69,775 |
Other Comprehensive Loss | (221) | (200) |
Ending Balance | 71,562 | 71,614 |
Foreign Currency Translation Adjustments [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (985) | |
Other Comprehensive Loss before reclassification | (142) | |
Other Comprehensive Loss | (142) | |
Ending Balance | (1,127) | |
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (108) | |
Other Comprehensive Loss before reclassification | (46) | |
Amounts reclassified from AOCL to Earnings | (33) | |
Other Comprehensive Loss | (79) | |
Ending Balance | (187) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (1,093) | (818) |
Other Comprehensive Loss before reclassification | (188) | |
Amounts reclassified from AOCL to Earnings | (33) | |
Other Comprehensive Loss | (221) | (200) |
Ending Balance | $ (1,314) | $ (1,018) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
May 02, 2020 | May 04, 2019 | May 02, 2019 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 628,470 | 679,044 | ||
Reservation of shares under Stock Purchase Plan | 247,500 | |||
Restricted Stock or Unit Expense | $ 357,000 | $ 384,000 | ||
2015 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 15,113 | |||
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 | 3,755 | 1,571 | ||
Shares available for grant under the Plan | 21,219 | |||
2007 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 344,245 | |||
2018 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for grant under the Plan | 950,000 | |||
Number of shares outstanding | 135,500 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted | 0 | |||
Unrecognized compensation expense related to options | $ 600,000 | |||
Unrecognized compensation expense to be recognized, Weighted average period | 1 year 3 months 18 days | |||
2014 Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense to be recognized, Weighted average period | 1 year 1 month 6 days | |||
Unrecognized compensation expense related to RSUs and RSAs | $ 2,700,000 | |||
RSA [Member] | 2015 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 148,725 | |||
RSA [Member] | 2018 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted | 293,014 | |||
Restricted Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock or Unit Expense | $ 60,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Share-based Compensation [Abstract] | ||
Stock Options | $ 133 | $ 212 |
Restricted Stock Awards and Restricted Stock Units | 357 | 384 |
Employee Stock Purchase Plan | 5 | 5 |
Total | $ 495 | $ 601 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Option Activity (Detail) | 3 Months Ended |
May 02, 2020$ / sharesshares | |
Share-based Compensation [Abstract] | |
Beginning balance, Number of Options | shares | 679,044 |
Exercised, Number of Options | shares | (800) |
Forfeited, Number of Options | shares | (48,374) |
Canceled, Number of Options | shares | (1,400) |
Ending balance, Number of Options | shares | 628,470 |
Beginning balance, Weighted-Average Exercise Price | $ / shares | $ 14.46 |
Exercised, Weighted-Average Exercise Price | $ / shares | 7.36 |
Forfeited, Weighted-Average Exercise Price | $ / shares | 12.83 |
Cancelled, Weighted-Average Exercise Price Per Share | $ / shares | 7.36 |
Ending balance, Weighted-Average Exercise Price | $ / shares | $ 14.61 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 3 Months Ended | |
May 02, 2020 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding, total | 628,470 | 679,044 |
Outstanding, Weighted Average Exercise Price | $ 14.61 | |
Exercisable, Weighted Average Exercise Price | $ 14.02 | |
Outstanding Remaining Contractual Life | 6 years | |
Number of shares exercisable, total | 490,318 | |
Exercisable Remaining Contractual Life | 5 years 6 months | |
$5.00 - $10.00 [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 | 42,281 | |
Outstanding, Weighted Average Exercise Price | $ 7.98 | |
Exercisable, Weighted Average Exercise Price | $ 7.98 | |
Outstanding Remaining Contractual Life | 2 years | |
Exercisable, Number of shares | 42,281 | |
Exercisable Remaining Contractual Life | 2 years | |
$10.01 - $15.00 [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 | 364,464 | |
Outstanding, Weighted Average Exercise Price | $ 13.63 | |
Exercisable, Weighted Average Exercise Price | $ 13.65 | |
Outstanding Remaining Contractual Life | 5 years 6 months | |
Exercisable, Number of shares | 319,166 | |
Exercisable Remaining Contractual Life | 5 years 3 months 18 days | |
$15.01 - $20.00 [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 | 221,725 | |
Outstanding, Weighted Average Exercise Price | $ 17.48 | |
Exercisable, Weighted Average Exercise Price | $ 16.92 | |
Outstanding Remaining Contractual Life | 7 years 6 months | |
Exercisable, Number of shares | 128,871 | |
Exercisable Remaining Contractual Life | 7 years 1 month 6 days |
Share-Based Compensation - Ag_2
Share-Based Compensation - Aggregated Information Regarding RSU, PSU and RSA Activity (Detail) - Restricted Stock Units, Performance Based Restricted Stock Units and Restricted Stock Awards [Member] | 3 Months Ended |
May 02, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Outstanding Restricted Stock Units, Performance Based Restricted Stock Units and Restricted Stock Awards | shares | 134,634 |
Granted, Restricted Stock Units, Performance Based Restricted Stock Units and Restricted Stock Awards | shares | 197,131 |
Vested, Restricted Stock Units, Performance Based Restricted Stock Units and Restricted Stock Awards | shares | (23,638) |
Ending balance, Outstanding Restricted Stock Units, Performance Based Restricted Stock Units and Restricted Stock Awards | shares | 308,127 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 16.79 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 7.94 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 13 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 11.42 |
Income Taxes - Projected Effect
Income Taxes - Projected Effective Tax Rate for Periods (Detail) | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates for income from continuing operations | (37.60%) | 19.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
May 02, 2020 | Aug. 03, 2019 | May 04, 2019 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ (118,000) | $ 400,000 | ||
Income tax benefit from windfall of stock | $ 78,000 | 97,000 | ||
Expiration of the statue of limitations on previously uncertain tax positions | $ 53,000 | |||
Cumulative unrecognized tax benefits | 319,000 | $ 362,000 | ||
Changes to unrecognized tax benefits | $ 0 |
Segment Information - Net Sales
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 30,919 | $ 36,181 |
Corporate Expenses | 2,327 | 2,999 |
Operating Income | 663 | 2,468 |
Other Expense, Net | (349) | (368) |
Income Before Income Taxes | 314 | 2,100 |
Income Tax (Benefit) Provision | (118) | 400 |
Net Income | 432 | 1,700 |
PI [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 22,380 | 23,591 |
T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 8,539 | 12,590 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 2,990 | 5,467 |
Operating Segments [Member] | PI [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 3,146 | 2,886 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | (156) | 2,581 |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate Expenses | $ 2,327 | $ 2,999 |
Fair Value - Summary of Financi
Fair Value - Summary of Financial Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | May 02, 2020 | Jan. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross-Currency Interest Rate Swap Contract (included in Other Long-Term Liabilities) | $ 192 | $ 250 |
Interest Rate Swap Contract (included in Other Long-Term Liabilities) | 202 | 96 |
Earnout Liability (included in Other Long-Term Liabilities) | 14 | |
Total Liabilities | 394 | 360 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cross-Currency Interest Rate Swap Contract (included in Other Long-Term Liabilities) | 192 | 250 |
Interest Rate Swap Contract (included in Other Long-Term Liabilities) | 202 | 96 |
Total Liabilities | $ 394 | 346 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Earnout Liability (included in Other Long-Term Liabilities) | 14 | |
Total Liabilities | $ 14 |
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) - USD ($) $ in Thousands | May 02, 2020 | Jan. 31, 2020 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and related current maturities | $ 13,227 | $ 13,258 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and related current maturities | 13,227 | 13,258 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt and related current maturities | $ 13,034 | $ 13,034 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | May 06, 2020 | Mar. 31, 2020 | Jun. 30, 2020 |
Greenwood Credit Union [Member] | |||
Subsequent Event [Line Items] | |||
Employee's average compensation percent | 40.00% | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Principal amount of debt | $ 4,400,000 | ||
Consolidated EBITDA to maintain additional financial covenant | $ 9,500,000 | ||
Subsequent Event [Member] | Greenwood Credit Union [Member] | |||
Subsequent Event [Line Items] | |||
Debt instrument interest rate | 1.00% | ||
Average salary per employee reduced | $ 100,000 | ||
Percent of loan to be forgiven | 40.00% |