Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 29, 2023 | Jun. 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 29, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | |
Entity Incorporation, State or Country Code | RI | |
Entity File Number | 0-13200 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Tax Identification Number | 05-0318215 | |
Entity Address, Address Line One | 600 East Greenwich Avenue | |
Entity Address, City or Town | West Warwick | |
Entity Address, Postal Zip Code | 02893 | |
Entity Address, State or Province | RI | |
City Area Code | 401 | |
Local Phone Number | 828-4000 | |
Entity Common Stock, Shares Outstanding | 7,417,715 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 29, 2023 | Jan. 31, 2023 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 5,413 | $ 3,946 |
Accounts Receivable, net | 19,285 | 21,598 |
Inventories, net | 53,126 | 51,324 |
Prepaid Expenses and Other Current Assets | 2,678 | 2,894 |
Total Current Assets | 80,502 | 79,762 |
Property, Plant and Equipment, net | 13,918 | 14,288 |
Identifiable Intangibles, net | 20,630 | 21,232 |
Goodwill | 14,760 | 14,658 |
Deferred Tax Assets, net | 6,907 | 6,907 |
Right of Use Asset | 858 | 794 |
Other Assets | 1,621 | 1,566 |
TOTAL ASSETS | 139,196 | 139,207 |
CURRENT LIABILITIES | ||
Accounts Payable | 8,000 | 8,479 |
Accrued Compensation | 3,267 | 2,750 |
Other Accrued Expenses | 3,484 | 3,308 |
Revolving Line of Credit | 15,900 | 15,900 |
Current Portion of Long-Term Debt | 2,100 | 2,100 |
Current Liability—Royalty Obligation | 1,600 | 1,725 |
Current Liability—Excess Royalty Payment Due | 379 | 562 |
Income Taxes Payable | 730 | 786 |
Deferred Revenue | 1,971 | 1,888 |
Total Current Liabilities | 37,431 | 37,498 |
NON-CURRENT LIABILITIES | ||
Long-Term Debt, net of current portion | 11,678 | 12,040 |
Royalty Obligation, net of current portion | 3,102 | 3,415 |
Lease Liabilities, net of current portion | 581 | 555 |
Income Taxes Payable | 491 | 491 |
Deferred Revenue | 267 | 674 |
Deferred Tax Liabilities | 172 | 167 |
TOTAL LIABILITIES | 53,722 | 54,840 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock | 0 | 0 |
Common Stock | 538 | 534 |
Additional Paid-in Capital | 61,526 | 61,131 |
Retained Earnings | 60,023 | 59,175 |
Treasury Stock, at Cost | (34,585) | (34,235) |
Accumulated Other Comprehensive Loss, net of tax | (2,028) | (2,238) |
TOTAL SHAREHOLDERS' EQUITY | 85,474 | 84,367 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 139,196 | $ 139,207 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 29, 2023 | Jan. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 10 | $ 10 |
Preferred Stock, Shares Authorized | 100,000 | 100,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value | $ 0.05 | $ 0.05 |
Common Stock, Shares Authorized | 13,000,000 | |
Common Stock, Shares Issued | 10,780,934 | 10,676,851 |
Treasury Stock, Shares | 3,368,219 | 3,342,032 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 35,419,000 | $ 31,010,000 |
Cost of Revenue | 23,034,000 | 20,281,000 |
Gross Profit | 12,385,000 | 10,729,000 |
Operating Expenses: | ||
Selling and Marketing | 6,010,000 | 5,883,000 |
Research and Development | 1,788,000 | 1,522,000 |
General and Administrative | 3,126,000 | 2,560,000 |
Operating Expenses | 10,924,000 | 9,965,000 |
Operating Income | 1,461,000 | 764,000 |
Other Income (Expense) | ||
Interest Expense | (615,000) | (175,000) |
Gain (Loss) on Foreign Currency Transaction | 186,000 | (135,000) |
Other, net | (5,000) | 31,000 |
Other Expense, net | (434,000) | (279,000) |
Income Before Income Taxes | 1,027,000 | 485,000 |
Income Tax Provision | 179,000 | 60,000 |
Net Income | $ 848,000 | $ 425,000 |
Net Income per Common Share—Basic | $ 0.12 | $ 0.06 |
Net Income per Common Share—Diluted | $ 0.11 | $ 0.06 |
Weighted Average Number of Common Shares Outstanding—Basic | 7,369,930 | 7,262,797 |
Weighted Average Number of Common Shares Outstanding—Diluted | 7,450,052 | 7,360,510 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 848 | $ 425 |
Other Comprehensive Income (Loss), Net of Taxes: | ||
Foreign Currency Translation Adjustments | 210 | (933) |
Loss from Cash Flow Hedges Reclassified to Income Statement | 0 | 16 |
Other Comprehensive Income (Loss) | 210 | (917) |
Comprehensive Income (Loss) | $ 1,058 | $ (492) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Jan. 31, 2022 | $ 81,012 | $ 528 | $ 59,692 | $ 56,514 | $ (33,974) | $ (1,748) |
Beginning Balance, Shares at Jan. 31, 2022 | 10,566,404 | |||||
Share-Based Compensation | 337 | 337 | ||||
Employee Option Exercises | 88 | $ 1 | 87 | 0 | ||
Employee Option Exercises, Shares | 11,164 | |||||
Restricted Stock Awards | (249) | $ 3 | (3) | (249) | ||
Restricted Stock Awards, Shares | 61,513 | |||||
Net Income | 425 | 425 | ||||
Other Comprehensive Income (Loss) | (917) | (917) | ||||
Ending Balance at Apr. 30, 2022 | 80,696 | $ 532 | 60,113 | 56,939 | (34,223) | (2,665) |
Ending Balance, Shares at Apr. 30, 2022 | 10,639,081 | |||||
Beginning Balance at Jan. 31, 2023 | 84,367 | $ 534 | 61,131 | 59,175 | (34,235) | (2,238) |
Beginning Balance, Shares at Jan. 31, 2023 | 10,676,851 | |||||
Share-Based Compensation | 356 | 356 | ||||
Employee Option Exercises | $ 43 | $ 0 | 43 | |||
Employee Option Exercises, Shares | 1,700 | 4,094 | ||||
Restricted Stock Awards | $ (350) | $ 4 | (4) | (350) | ||
Restricted Stock Awards, Shares | 99,989 | |||||
Net Income | 848 | 848 | ||||
Other Comprehensive Income (Loss) | 210 | 210 | ||||
Ending Balance at Apr. 29, 2023 | $ 85,474 | $ 538 | $ 61,526 | $ 60,023 | $ (34,585) | $ (2,028) |
Ending Balance, Shares at Apr. 29, 2023 | 10,780,934 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 848 | $ 425 |
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: | ||
Depreciation and Amortization | 1,055 | 912 |
Amortization of Debt Issuance Costs | 6 | 7 |
Share-Based Compensation | 356 | 337 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 2,324 | (1,489) |
Other Receivable – Employee Retention Credit Receivable | 0 | 3,135 |
Inventories | (1,756) | (2,650) |
Income Taxes | 38 | 502 |
Accounts Payable and Accrued Expenses | 8 | (2,843) |
Other | (237) | 50 |
Net Cash Provided (Used) by Operating Activities | 2,642 | (1,614) |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (48) | (50) |
Net Cash Used for Investing Activities | (48) | (50) |
Cash Flows from Financing Activities: | ||
Net Cash Proceeds from Employee Stock Option Plans | 18 | 69 |
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan | 25 | 19 |
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | (350) | (249) |
Net Borrowings under Revolving Credit Facility | 0 | 3,000 |
Payment of Minimum Guarantee Royalty Obligation | (500) | (500) |
Principal Payments on Long-Term Debt | (375) | (250) |
Net Cash Provided (Used) by Financing Activities | (1,182) | 2,089 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 55 | 53 |
Net Increase in Cash and Cash Equivalents | 1,467 | 478 |
Cash and Cash Equivalents, Beginning of Period | 3,946 | 5,276 |
Cash and Cash Equivalents, End of Period | 5,413 | 5,754 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash Paid During the Period for Interest | 538 | 53 |
Cash Paid (Received) During the Period for Income Taxes, Net of Refunds | $ 235 | $ (440) |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Apr. 29, 2023 | |
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. 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 QuickLabel ® ® ™ ® On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Illinois-based manufacturer of printing equipment, including label printers and related accessories, tabbers, conveyors, and envelope feeders. We reported Astro Machine as a part of our PI segment beginning in the third quarter of fiscal 2023. 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 and light commercial label printers, direct-to-package In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution flight deck and cabin printers for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed, analyzed, stored and presented in various visual output formats. Our PI products are sold by direct field salespersons as well as independent dealers and representatives, while our T&M products are sold predominantly through direct sales and manufacturers’ representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in PI products. 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 100 independent dealers and representatives selling and marketing our products in over 60 countries. 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 using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition; the allowances for doubtful accounts; inventory valuation; income taxes; valuation of long-lived assets, intangible assets and goodwill; share-based compensation; 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, including our expectations at the time regarding the ongoing impact from the 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’s 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 Update | 3 Months Ended |
Apr. 29, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Update | Note 2 – Summary of Significant Accounting Policies Update The accounting policies used in preparing the condensed consolidated financial statements in this Form 10-Q 10-K Recently Adopted Accounting Pronouncements No new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Apr. 29, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 – Acquisitions Astro Machine On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Illinois-based manufacturer of printing equipment, including label printers, tabbers, conveyors, and envelope feeders, for aggregate consideration of $17.1 million. The acquisition was accomplished pursuant to an Equity Interest Purchase Agreement dated as of August 4, 2022 (the “Purchase Agreement”) by and among us, GSND Holding Corporation (“GSND”), the parent company of Astro Machine, and Astro Machine. Pursuant to the Purchase Agreement, we purchased 100% of the issued and outstanding equity interests of Astro Machine from GSND for a purchase price of $15.6 million. The acquisition was funded using borrowings under our credit facility. We obtained a representation and warranty insurance policy and placed $300,000 of the purchase price into an escrow account, which pursuant to the terms and conditions of the Purchase Agreement, are our sole recourse for breaches of representations and warranties by GSND. Upon the closing of the transaction, Astro Machine became a wholly owned subsidiary of AstroNova, Inc. Concurrently with the signing of the Purchase Agreement, our newly acquired subsidiary, Astro Machine, entered into a Purchase and Sale Agreement with Selak Real Estate Limited Partnership (“SRE”), pursuant to which Astro Machine purchased certain real property assets of SRE for a purchase price, paid in cash, of $1.5 million. These real estate assets are comprised of a 34,460 square foot industrial manufacturing building (including offices) on 1.26 acres of land, which is Astro Machine’s principal place of business. This transaction was a business combination and accounted for using the acquisition method of accounting prescribed by ASC 805, “Business Combinations” (“ASC 805”), whereby the results of operations, including the revenues and earnings of Astro Machine, are included in our financial statements from the date of acquisition. The purchase price of Astro Machine was allocated to the tangible and intangible assets acquired and liabilities assumed and recognized at their fair value based on widely accepted valuation techniques in accordance with ASC 820, “Fair Value Measurement,” as of the acquisition date. The process for estimating fair values requires the use of significant estimates, assumptions and judgments, including determining the timing and estimates of future cash flows and developing appropriate discount rates. The excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed was recorded as goodwill. ASC 805 establishes a measurement period to provide companies with a reasonable amount of time to obtain the information necessary to identify and measure various items in a business combination and cannot extend beyond one year from the acquisition date. The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of the date of acquisition: (In thousands) Cash $ 91 Accounts Receivable 3,393 Inventory 5,715 Property, Plant and Equipment 4,200 Identifiable Intangible Assets 3,480 Goodwill 2,730 Accounts Payable and Other Current Liabilities (2,484 ) Total Purchase Price $ 17,125 The fair value of the intangible assets acquired was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and therefore represents a Level 3 measurement as defined in ASC 820, “Fair Value Measurement.” Key assumptions in estimating the fair value of the intangibles include (1) remaining useful life of the tradename/trademarks and customer relations (2) royalty rate of 0.75%, (3) customer attrition rate of 18.0%, (4) discount rate of 19.0 % and (5) a range of revenue and net income projections for fiscal years 2023 through 2026. The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives: (In thousands) Fair Useful Life Customer Relations $ 3,060 5 Trademarks/Tradenames 420 5 Total $ 3,480 The Customer Relations intangible asset represents the relationships that will be maintained with certain historical customers of Astro Machine. The trademark/tradename intangible assets reflect the industry reputation of the Astro Machine name and the registered trademarks held by Astro Machine for the use of several marks and logos. Goodwill of $2.73 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 Astro Machine. The goodwill recognized under ASC 805 is attributable to synergies which are expected to enhance and expand our overall product portfolio, opportunities in new and existing markets, future technologies that have yet to be determined and Astro Machine’s assembled workforce. The carrying amount of the goodwill was allocated to the PI segment. Total acquisition-related costs of $0.7 million were included in general and administrative expenses in our consolidated statement of income for the year ended January 31, 2023. The amounts of revenue and earnings before taxes included in our consolidated statement of income for the quarter ended April 29, 2023: (In thousands) Revenue $ 4,229 Earnings before Taxes 689 Astro Machine results are reported as part of the PI segment. Proforma results are not provided, as disclosure of such amounts was impractical to determine as the acquired business had insufficient financial records and no audit history prior to the transaction. Honeywell Asset Purchase and License Agreement On June 30, 2022, we entered into an Asset Purchase and License Agreement with Honeywell International Inc. (“New HW Agreement”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s flight deck printers for the Boeing 787 aircraft. The New HW Agreement provides for royalty payments to Honeywell based on gross revenues from the sales of the printers, paper and repair services of the licensed products in perpetuity. The royalty rates vary based on the year in which they are paid or earned and as products are sold or as services are provided and range from single-digit to mid-double-digit This transaction was evaluated under ASC 805, “Business Combinations,” and was accounted for as an asset acquisition. The purchase price was allocated to the customer relationship intangible, which was the only asset acquired as a result of this transaction. This asset will be amortized over the useful life of the intangible. The minimum royalty payment obligation and related customer relationships intangible were recorded at the present value of the minimum royalty payments. The acquired identifiable intangible asset is as follows: (In thousands) Fair Useful Life Customer Contract Relationships $ 530 20 The minimum royalty payment due was discounted based on the payment schedule and applicable discount rate, resulting in an outstanding royalty obligation of $0.5 million as of January 31, 2023, including $0.1 million recorded as a current liability. As of April 29, 2023, the current outstanding royalty obligation remains $0.5 million, including $0.1 million recorded as a current liability in the accompanying balance sheet. Additional royalties based on sales activity will be recorded in the period that the associated revenue is earned. During fiscal 2023, we incurred $0.1 million in excess royalty expense, which was recorded as a current liability in our consolidated balance sheet at January 31, 2023 and was paid in the first quarter of the current fiscal year. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 29, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 4 – 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 and airborne printers and networking hardware 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) April 29, April 30, United States $ 22,834 $ 19,651 Europe 7,964 7,419 Canada 1,825 1,854 Asia 1,294 937 Central and South America 1,199 888 Other 303 261 Total Revenue $ 35,419 $ 31,010 Major product types: Three Months Ended (In thousands) April 29, April 30, Hardware 11,667 $ 9,301 Supplies 19,070 17,944 Service and Other 4,682 3,765 Total Revenue $ 35,419 $ 31,010 In December 2022, we entered into an amended contract with one of our T&M customers that provided for a total payment of $3.25 million to us as a result of our claims allowable under French law relating to additional component costs we have incurred and will continue to incur in order to supply aerospace printers under the contract for the period beginning in April 2022 and continuing through 2025. Revenue from this arrangement will be recognized in proportion to the total estimated shipments through the end of the contract period. As of January 31, 2023, we have recognized $ 1.1 million in revenue and the remainder $ 2.15 million balance was recorded as deferred revenue. During the first quarter of fiscal 2024, we recognized an additional $ 0.4 million in revenue which is included in the condensed consolidated statement of income for the quarter ended April 29, 2023. The remaining revenue to be recognized will be based on our shipments of the printers during the remainder of fiscal years 2024 and 2025. 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 $443,000 and $412,000 at April 29, 2023 and January 31, 2023, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The increase in the deferred revenue balance during the three months ended April 29, 2023 is due to cash payments received in advance of satisfying performance obligations in the current period which was partially offset by $143,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2023. 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 over the remaining useful life of these contracts, which we currently estimate to be approximately 18 years as of April 29, 2023. The balance of these contract assets at January 31, 2023 was $1.4 million. We amortized $19,000 and $16,000 of direct costs during the three months ended April 29, 2023 and April 30, 2022, respectively. The balance of deferred incremental direct costs net of accumulated amortization at April 29, 2023 was $1.3 million, of which $0.1 million is reported in other current assets and $1.2 million is reported in other assets in the accompanying condensed consolidated balance sheet. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Apr. 29, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 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 April 29, April 30, Weighted Average Common Shares Outstanding – Basic 7,369,930 7,262,797 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 80,122 97,713 Weighted Average Common Shares Outstanding – Diluted 7,450,052 7,360,510 For the three months ended April 29, 2023 and April 30, 2022, the diluted per share amounts do not reflect common equivalent shares outstanding of 656,554 and 310,588, respectively, because of their anti-dilutive effect. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Apr. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 6 – Intangible Assets Intangible assets are as follows: April 29, 2023 January 31, 2023 (In thousands) Gross Accumulated Currency Net Gross Accumulated Currency Net Miltope: Customer Contract Relationships $ 3,100 $ (2,857 ) $ — $ 243 $ 3,100 $ (2,777 ) $ — $ 323 RITEC: Customer Contract Relationships 2,830 (1,639 ) — 1,191 2,830 (1,623 ) — 1,207 TrojanLabel: Existing Technology 2,327 (2,171 ) 97 253 2,327 (2,087 ) 94 334 Distributor Relations 937 (616 ) 36 357 937 (588 ) 27 376 Honeywell: Customer Contract Relationships 27,773 (12,145 ) — 15,628 27,773 (11,913 ) — 15,860 Astro Machine: Customer Contract Relationships 3,060 (459 ) — 2,601 3,060 (306 ) — 2,754 Trademarks 420 (63 ) — 357 420 (42 ) — 378 Intangible Assets, net $ 40,447 $ (19,950 ) $ 133 $ 20,630 $ 40,447 $ (19,336 ) $ 121 $ 21,232 There were no impairments to intangible assets during the periods ended April 29, 2023 and April 30, 2022. With respect to the acquired intangibles included in the table above, amortization expense of $ 0.6 Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2025 2026 2027 2028 Estimated amortization expense $ 1,786 $ 1,723 $ 1,723 $ 1,723 $ 1,281 |
Inventories
Inventories | 3 Months Ended |
Apr. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7 – Inventories Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows: (In thousands) April 29, 2023 January 31, 2023 Materials and Supplies $ 40,624 $ 38,387 Work-In-Process 1,485 1,146 Finished Goods 22,221 23,221 64,330 62,754 Inventory Reserve (11,204 ) (11,430 ) $ 53,126 $ 51,324 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Apr. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 8 – Property, Plant and Equipment Property, plant and equipment consist of the following: April 29, 2023 January 31, 2023 Land and Land Improvements $ 2,304 $ 2,304 Buildings and Leasehold Improvements 14,162 14,158 Machinery and Equipment 25,012 24,960 Computer Equipment and Software 13,996 13,972 Gross Property, Plant and Equipment 55,474 55,394 Accumulated Depreciation (41,556 ) (41,106 ) Net Property Plant and Equipment $ 13,918 $ 14,288 Depreciation expense on property, plant and equipment was $0.4 million for the each of the quarters ended April 29, 2023 and April 30, 2022. |
Credit Agreement and Long-Term
Credit Agreement and Long-Term Debt | 3 Months Ended |
Apr. 29, 2023 | |
Debt Disclosure [Abstract] | |
Credit Agreement and Long-Term Debt | Note 9 – Credit Agreement and Long-Term Debt In connection with the purchase of Astro Machine, on August 4, 2022, we entered into a Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”) with Bank of America, N.A., as lender (the “Lender”). The Second Amendment amended the Amended and Restated Credit Agreement dated as of July 30, 2020, as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of March 24, 2021, and the LIBOR Transition Amendment, dated as of December 24, 2021 (the “Existing Credit Agreement,” and the Existing Credit Agreement as amended by the Second Amendment, the “Amended Credit Agreement”), between us and the Lender. The Amended Credit Agreement provides for (i) a new term loan in the principal amount of $6.0 million, which term loan was in addition to the existing term loan outstanding under the Existing Credit Agreement in the principal amount of $9.0 million as of the effective date of the Second Amendment, and (ii) an increase in the aggregate principal amount of the revolving credit facility available thereunder from $22.5 million to $25.0 million. At the closing of the Second Amendment, we borrowed the entire $6.0 million term loan and $12.4 million under the revolving credit facility, and the proceeds of such borrowings were used in part to pay the purchase price payable under the Purchase Agreement and certain related transaction costs. The revolving credit facility may otherwise be used for corporate purposes. The Amended Credit Agreement requires that the term loan be paid in quarterly installments on the last day of each of our fiscal quarters over the term of the Amended Credit Agreement on the following repayment schedule: the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2022 through July 31, 2023 is $ 375,000; and the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2023 through April 30, 2027 is $675,000. The entire remaining principal balance of the term loan is required to be paid on August 4, 2027. We may voluntarily prepay the term loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than August 4, 2027, and any outstanding revolving loans thereunder will be due and payable in full, and the revolving credit facility will terminate, on such date. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty. The interest rates under the Amended Credit Agreement are as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the BSBY Rate as defined in the Amended Credit Agreement (or, in the case of revolving credit loans denominated in a currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60% to 2.50% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate, (iii) the BSBY Rate plus 1.00%, or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.50% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.35% based on our consolidated leverage ratio. The loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from (a) net cash proceeds from certain dispositions of property, (b) net cash proceeds from certain issuances of equity, (c) net cash proceeds from certain issuances of additional debt and (d) net cash proceeds from certain extraordinary receipts. Amounts repaid under the revolving credit facility may be reborrowed, subject to our continued compliance with the Amended Credit Agreement. No amount of the term loan that is repaid may be reborrowed. We must comply with various customary financial and non-financial non-financial The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control. Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests we hold in ANI ApS, AstroNova GmbH and AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island, and are guaranteed by, and secured by substantially all of the personal property assets of Astro Machine. Summary of Outstanding Debt At April 29, 2023, we ha d wa Long-term debt in the accompanying condensed consolidated balance sheets is as follows: April 29, 2023 January 31, 2023 USD Term Loan (7.24% as of April 29, 2023 and 6.78% as of January 31, 2023); maturity date of August 4, 2027 $ 13,875 $ 14,250 13,875 14,250 Debt Issuance Costs, net of accumulated amortization (97 ) (110 ) Current Portion of Term Loan (2,100 ) (2,100 ) Long-Term Debt $ 11,678 $ 12,040 During the three months ended April 29, 2023 and April 30, 2022, we recognized $248,000 and $53,000 of interest expense, respectively, which was included in other expense in the accompanying condensed consolidated income statement. The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of April 29, 2023 is as follows: (In thousands) Fiscal 2024, remainder $ 1,725 Fiscal 2025 2,700 Fiscal 2026 2,700 Fiscal 2027 2,700 Fiscal 2028 4,050 $ 13,875 |
Royalty Obligation
Royalty Obligation | 3 Months Ended |
Apr. 29, 2023 | |
Royalty Obligation Disclosure [Abstract] | |
Royalty Obligation | Note 10 – Royalty Obligation In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments. As of April 29, 2023, we had paid an aggregate of $10.0 million of the guaranteed minimum royalty obligation. At April 29, 2023, the current portion of the outstanding guaranteed minimum royalty obligation of $1.5 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $2.7 million is reported as a long-term liability on our condensed consolidated balance sheet. We incurred $0.4 million in excess royalty expense for the three-month period ended April 29, 2023, which is included in cost of revenue in our consolidated statements of income. A total of $0.4 million in excess royalties was paid in the first quarter of the current fiscal year , In fiscal 2023, AstroNova, Inc. entered into a second Asset Purchase and License Agreement with Honeywell International, Inc. as further discussed in Note 3 “Acquisitions”. |
Leases
Leases | 3 Months Ended |
Apr. 29, 2023 | |
Leases [Abstract] | |
Leases | Note 11 – Leases We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to six years. Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification April 29, January 31, Lease Assets Right of Use Assets $ 858 $ 794 Lease Liabilities – Current Other Liabilities and Accrued Expenses 312 $ 275 Lease Liabilities – Long Term Lease Liabilities 581 $ 555 Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification April 29, April 30, Operating Lease Costs General and Administrative Expense $ 133 $ 113 Maturities of operating lease liabilities are as follows: (In thousands) April 29, 2024, remaining $ 263 2025 258 2026 199 2027 151 2028 93 Thereafter — Total Lease Payments 964 Less: Imputed Interest (71 ) Total Lease Liabilities $ 893 As of April 29, 2023, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 3.5 years and 4.37%, 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) April 29, April 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 93 $ 83 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 29, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 1 2 The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows: (In thousands) Foreign Currency Total Balance at January 31, 2023 $ (2,238 ) $ (2,238 ) Other Comprehensive Income before reclassification 210 210 Balance at April 29, 2023 $ (2,028 ) $ (2,028 ) 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 |
Apr. 29, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 1 3 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 shares of common stock, plus an additional number of shares equal to the number of shares subject to awards granted under previous equity incentive plans that are forfeited, cancelled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 2023. 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 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of April 29, 2023, options to purchase an aggregate of 270,649 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 134,950 shares were outstanding under the 2015 Plan. We also have a Non-Employee non-employee re-election Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) April 29, April 30, Stock Options $ — $ 6 Restricted Stock Awards and Restricted Stock Units 352 328 Employee Stock Purchase Plan 4 3 Total $ 356 $ 337 Stock Options Aggregated information regarding stock option activity for the three months ended April 29, 2023 is summarized below: Number of Weighted Average Outstanding at January 31, 2023 547,199 $ 15.16 Granted — — Exercised (1,700 ) 10.50 Forfeited (175 ) 18.35 Canceled (4,225 ) 10.50 Outstanding at April 29, 2023 541,099 $ 15.21 Set forth below is a summary of options outstanding at April 29, 2023: Outstanding Exercisable Range of Exercise prices Number Weighted- Weighted- Number Weighted- Weighted $5.00-10.00 — $ — — — $ — — $10.01-15.00 326,924 $ 13.74 2.7 326,924 $ 13.74 2.7 $15.01-20.00 214,175 $ 17.45 4.6 214,175 $ 17.45 4.6 541,099 $ 15.21 3.5 541,099 $ 15.21 3.5 There were no stock options granted in fiscal 2023 and fiscal 2022, or in the first quarter of fiscal 2024, and as of April 29, 2023, there was Restricted Stock Units (RSUs), Performance-Based Stock Units (PSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU and RSA activity for the three months ended April 29, 2023 is summarized below: RSUs, PSUs & RSAs Weighted Average Outstanding at January 31, 2023 274,927 $ 12.82 Granted 142,811 12.48 Vested (78,817 ) 11.85 Forfeited (4,677 ) 12.49 Outstanding at April 29, 2023 334,244 $ 12.90 As of April 29, 2023, there was approximately $2.5 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 1.2 years. Employee Stock Purchase Plan On June 7, 2022, we adopted the AstroNova Inc. 2022 Employee Stock Purchase Plan (“2022 ESPP”) to replace our previous Employee Stock Purchase Plan (the “Prior ESPP”). The 2022 ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 40,000 shares were reserved for issuance under the 2022 ESPP and 5,045 shares were purchased under the 2022 ES P |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 1 4 Our effective tax rates are as follows: First Quarter Fiscal 2024 17.4 % Fiscal 2023 12.4 % 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 April 29, 2023, we recognized an income tax expense of approximately $179,000. The effective tax rate in this period was directly impacted by a $77,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $29,000 tax benefit arising from windfall tax benefits related to our stock. During the three months ended April 30, 2022, we recognized an income tax expense of approximately $ 60,000. The effective tax rate in this period was directly impacted by a $38,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $30,000 tax benefit arising from windfall tax benefits related to our stock. |
Segment Information
Segment Information | 3 Months Ended |
Apr. 29, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 1 5 We report two segments: PI and T&M. We evaluate 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 Revenue Segment Operating Profit (In thousands) April 29, April 30, April 29, April 30, PI $ 25,095 $ 21,724 $ 2,515 $ 1,413 T&M 10,324 9,286 2,072 1,911 Total $ 35,419 $ 31,010 4,587 3,324 Corporate Expenses 3,126 2,560 Operating Income 1,461 764 Other Expense, Net 434 279 Income Before Income Taxes 1,027 485 Income Tax Provision 179 60 Net Income $ 848 $ 425 |
Fair Value
Fair Value | 3 Months Ended |
Apr. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 1 6 Assets and Liabilities Not Recorded at Fair Value Our 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: April 29, 2023 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 13,937 $ 13,937 $ 13,875 January 31, 2023 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 14,310 $ 14,310 $ 14,250 The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Update (Policies) | 3 Months Ended |
Apr. 29, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements No new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
Business Combinations [Abstract] | |
Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value | The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of the date of acquisition: (In thousands) Cash $ 91 Accounts Receivable 3,393 Inventory 5,715 Property, Plant and Equipment 4,200 Identifiable Intangible Assets 3,480 Goodwill 2,730 Accounts Payable and Other Current Liabilities (2,484 ) Total Purchase Price $ 17,125 |
Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives: (In thousands) Fair Useful Life Customer Relations $ 3,060 5 Trademarks/Tradenames 420 5 Total $ 3,480 |
Summary of Revenue and Earnings Before Taxes | The amounts of revenue and earnings before taxes included in our consolidated statement of income for the quarter ended April 29, 2023: (In thousands) Revenue $ 4,229 Earnings before Taxes 689 |
Summary of Acquired Identifiable Intangible Asset | The acquired identifiable intangible asset is as follows: (In thousands) Fair Useful Life Customer Contract Relationships $ 530 20 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
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) April 29, April 30, United States $ 22,834 $ 19,651 Europe 7,964 7,419 Canada 1,825 1,854 Asia 1,294 937 Central and South America 1,199 888 Other 303 261 Total Revenue $ 35,419 $ 31,010 Major product types: Three Months Ended (In thousands) April 29, April 30, Hardware 11,667 $ 9,301 Supplies 19,070 17,944 Service and Other 4,682 3,765 Total Revenue $ 35,419 $ 31,010 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
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 April 29, April 30, Weighted Average Common Shares Outstanding – Basic 7,369,930 7,262,797 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 80,122 97,713 Weighted Average Common Shares Outstanding – Diluted 7,450,052 7,360,510 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: April 29, 2023 January 31, 2023 (In thousands) Gross Accumulated Currency Net Gross Accumulated Currency Net Miltope: Customer Contract Relationships $ 3,100 $ (2,857 ) $ — $ 243 $ 3,100 $ (2,777 ) $ — $ 323 RITEC: Customer Contract Relationships 2,830 (1,639 ) — 1,191 2,830 (1,623 ) — 1,207 TrojanLabel: Existing Technology 2,327 (2,171 ) 97 253 2,327 (2,087 ) 94 334 Distributor Relations 937 (616 ) 36 357 937 (588 ) 27 376 Honeywell: Customer Contract Relationships 27,773 (12,145 ) — 15,628 27,773 (11,913 ) — 15,860 Astro Machine: Customer Contract Relationships 3,060 (459 ) — 2,601 3,060 (306 ) — 2,754 Trademarks 420 (63 ) — 357 420 (42 ) — 378 Intangible Assets, net $ 40,447 $ (19,950 ) $ 133 $ 20,630 $ 40,447 $ (19,336 ) $ 121 $ 21,232 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2025 2026 2027 2028 Estimated amortization expense $ 1,786 $ 1,723 $ 1,723 $ 1,723 $ 1,281 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: (In thousands) April 29, 2023 January 31, 2023 Materials and Supplies $ 40,624 $ 38,387 Work-In-Process 1,485 1,146 Finished Goods 22,221 23,221 64,330 62,754 Inventory Reserve (11,204 ) (11,430 ) $ 53,126 $ 51,324 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: April 29, 2023 January 31, 2023 Land and Land Improvements $ 2,304 $ 2,304 Buildings and Leasehold Improvements 14,162 14,158 Machinery and Equipment 25,012 24,960 Computer Equipment and Software 13,996 13,972 Gross Property, Plant and Equipment 55,474 55,394 Accumulated Depreciation (41,556 ) (41,106 ) Net Property Plant and Equipment $ 13,918 $ 14,288 |
Credit Agreement and Long-Ter_2
Credit Agreement and Long-Term Debt (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
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: April 29, 2023 January 31, 2023 USD Term Loan (7.24% as of April 29, 2023 and 6.78% as of January 31, 2023); maturity date of August 4, 2027 $ 13,875 $ 14,250 13,875 14,250 Debt Issuance Costs, net of accumulated amortization (97 ) (110 ) Current Portion of Term Loan (2,100 ) (2,100 ) Long-Term Debt $ 11,678 $ 12,040 |
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 April 29, 2023 is as follows: (In thousands) Fiscal 2024, remainder $ 1,725 Fiscal 2025 2,700 Fiscal 2026 2,700 Fiscal 2027 2,700 Fiscal 2028 4,050 $ 13,875 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
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 April 29, January 31, Lease Assets Right of Use Assets $ 858 $ 794 Lease Liabilities – Current Other Liabilities and Accrued Expenses 312 $ 275 Lease Liabilities – Long Term Lease Liabilities 581 $ 555 |
Schedule Lease Cost Information | Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification April 29, April 30, Operating Lease Costs General and Administrative Expense $ 133 $ 113 |
Schedule of Maturities Of Lease Liabilities | Maturities of operating lease liabilities are as follows: (In thousands) April 29, 2024, remaining $ 263 2025 258 2026 199 2027 151 2028 93 Thereafter — Total Lease Payments 964 Less: Imputed Interest (71 ) Total Lease Liabilities $ 893 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows: Three Months Ended (In thousands) April 29, April 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 93 $ 83 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
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 Total Balance at January 31, 2023 $ (2,238 ) $ (2,238 ) Other Comprehensive Income before reclassification 210 210 Balance at April 29, 2023 $ (2,028 ) $ (2,028 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
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) April 29, April 30, Stock Options $ — $ 6 Restricted Stock Awards and Restricted Stock Units 352 328 Employee Stock Purchase Plan 4 3 Total $ 356 $ 337 |
Aggregated Information Regarding Stock Option Activity | Aggregated information regarding stock option activity for the three months ended April 29, 2023 is summarized below: Number of Weighted Average Outstanding at January 31, 2023 547,199 $ 15.16 Granted — — Exercised (1,700 ) 10.50 Forfeited (175 ) 18.35 Canceled (4,225 ) 10.50 Outstanding at April 29, 2023 541,099 $ 15.21 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at April 29, 2023: Outstanding Exercisable Range of Exercise prices Number Weighted- Weighted- Number Weighted- Weighted $5.00-10.00 — $ — — — $ — — $10.01-15.00 326,924 $ 13.74 2.7 326,924 $ 13.74 2.7 $15.01-20.00 214,175 $ 17.45 4.6 214,175 $ 17.45 4.6 541,099 $ 15.21 3.5 541,099 $ 15.21 3.5 |
Aggregated Information Regarding RSU and RSA Activity | Aggregated information regarding RSU and RSA activity for the three months ended April 29, 2023 is summarized below: RSUs, PSUs & RSAs Weighted Average Outstanding at January 31, 2023 274,927 $ 12.82 Granted 142,811 12.48 Vested (78,817 ) 11.85 Forfeited (4,677 ) 12.49 Outstanding at April 29, 2023 334,244 $ 12.90 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Projected Effective Tax Rates | Our effective tax rates are as follows: First Quarter Fiscal 2024 17.4 % Fiscal 2023 12.4 % |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
Segment Reporting [Abstract] | |
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) April 29, April 30, April 29, April 30, PI $ 25,095 $ 21,724 $ 2,515 $ 1,413 T&M 10,324 9,286 2,072 1,911 Total $ 35,419 $ 31,010 4,587 3,324 Corporate Expenses 3,126 2,560 Operating Income 1,461 764 Other Expense, Net 434 279 Income Before Income Taxes 1,027 485 Income Tax Provision 179 60 Net Income $ 848 $ 425 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Apr. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Fair value of Level 3 Financial Liability | Our 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: April 29, 2023 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 13,937 $ 13,937 $ 13,875 January 31, 2023 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 14,310 $ 14,310 $ 14,250 |
Business and Basis of Present_2
Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Apr. 29, 2023 Segment | |
Number of Operating Segments | 2 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) $ in Thousands | Aug. 04, 2022 USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 91 |
Accounts Receivable | 3,393 |
Inventory | 5,715 |
Property, Plant and Equipment | 4,200 |
Identifiable Intangible Assets | 3,480 |
Goodwill | 2,730 |
Accounts Payable and Other Current Liabilities | (2,484) |
Total Purchase Price | $ 17,125 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) $ in Thousands | Aug. 04, 2022 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 3,480 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 3,060 |
Useful Life (Years) | 5 years |
Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 420 |
Useful Life (Years) | 5 years |
Acquisitions - Summary of Reven
Acquisitions - Summary of Revenue and Earnings Before Taxes (Detail) - Agreement With Astro Machine For Asset Acquisitions [Member] $ in Thousands | 3 Months Ended |
Apr. 29, 2023 USD ($) | |
Business Acquisition Pro Forma Information [Line Items] | |
Revenue | $ 4,229 |
Earnings before Taxes | $ 689 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquired Identifiable Intangible Asset (Detail) - Customer Contract Relationships [Member] $ in Thousands | 3 Months Ended |
Apr. 29, 2023 USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 530 |
Useful Life (Years) | 20 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Aug. 04, 2022 USD ($) ft² | Apr. 29, 2023 USD ($) | Jan. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||
Area of Land | ft² | 34,460 | ||
Goodwill | $ 14,760,000 | $ 14,658,000 | |
Royalty expense | 100,000 | 100,000 | |
Royalty guarantee commitement due current and non current discounted value | 500,000 | 500,000 | |
Royalty Payments Due In Next Twelve Months [Member] | |||
Business Acquisition [Line Items] | |||
Royalty guarantee commitement amount | 100,000 | ||
Royalty Payments Due Year Two [Member] | |||
Business Acquisition [Line Items] | |||
Royalty guarantee commitement amount | 200,000 | ||
Royalty Payments Due Year Three [Member] | |||
Business Acquisition [Line Items] | |||
Royalty guarantee commitement amount | 233,000 | ||
Royalty Payments Due Year Four [Member] | |||
Business Acquisition [Line Items] | |||
Royalty guarantee commitement amount | 233,000 | ||
Royalty Payments Due Year Five [Member] | |||
Business Acquisition [Line Items] | |||
Royalty guarantee commitement amount | 234,000 | ||
Non Current Liability [Member] | |||
Business Acquisition [Line Items] | |||
Royalty guarantees commitments amount non current | $ 100,000 | ||
Measurement Input Royalty Rate [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Of Intangible Assets Measurement Input | 0.0075 | ||
Measurement Input Customer Attrition Rate [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Of Intangible Assets Measurement Input | 0.18 | ||
Measurement Input, Discount Rate [Member] | |||
Business Acquisition [Line Items] | |||
Fair Value Of Intangible Assets Measurement Input | 0.19 | ||
Agreement With Astro Machine For Asset Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 15,600,000 | ||
Business Combination, Consideration Transferred | $ 17,100,000 | ||
Payments to Acquire Businesses, Gross | 100% | ||
Purchase price into an escrow account | $ 300,000 | ||
Payments to Acquire Additional Interest in Subsidiaries | $ 1,500,000 | ||
Number of Acres of land | 1.26 | ||
Goodwill | $ 2,730,000 | ||
Agreement With Astro Machine For Asset Acquisitions [Member] | General and Administrative Expense [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | $ 700,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 35,419 | $ 31,010 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 22,834 | 19,651 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 7,964 | 7,419 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,825 | 1,854 |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,294 | 937 |
Central and South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,199 | 888 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 303 | $ 261 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 35,419 | $ 31,010 |
Hardware [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 11,667 | 9,301 |
Supplies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 19,070 | 17,944 |
Service and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 4,682 | $ 3,765 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Apr. 29, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | |
Contract liabilities and extended warranties | $ 443,000 | $ 412,000 | ||
Revenue recognized | 143,000 | |||
Contract assets balance | 1,300,000 | 1,400,000 | ||
Amortization of incremental direct costs | 19,000 | $ 16,000 | ||
Deferred incremental direct contract costs reported in other current assets | $ 100,000 | |||
Capitalized contract costs amounts incurred amortization period | 18 years | |||
Aerospace Customer [Member] | ||||
Deferred incremental direct contract costs reported in other current assets | $ 1,200,000 | |||
Contract with customer liability | $ 3,250,000 | |||
Deferred Revenue | 2,150,000 | |||
Revenue recognized | $ 400,000 | $ 1,100,000 |
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 | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Weighted Average Common Shares Outstanding – Basic | 7,369,930 | 7,262,797 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 80,122 | 97,713 |
Weighted Average Number of Common Shares Outstanding—Diluted | 7,450,052 | 7,360,510 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Number of common equivalent shares | 656,554 | 310,588 |
Intangible Assets - Fair Value
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | Apr. 29, 2023 | Jan. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 40,447 | $ 40,447 |
Accumulated Amortization | (19,950) | (19,336) |
Currency Translation Adjustment | 133 | 121 |
Net Carrying Amount | 20,630 | 21,232 |
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,773 | 27,773 |
Accumulated Amortization | (12,145) | (11,913) |
Net Carrying Amount | 15,628 | 15,860 |
Customer Contract Relationships [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | (2,857) | (2,777) |
Net Carrying Amount | 243 | 323 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | 2,830 |
Accumulated Amortization | (1,639) | (1,623) |
Net Carrying Amount | 1,191 | 1,207 |
Customer Contract Relationships [Member] | Agreement With Astro Machine For Asset Acquisitions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,060 | 3,060 |
Accumulated Amortization | (459) | (306) |
Net Carrying Amount | 2,601 | 2,754 |
Existing Technology [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,327 | 2,327 |
Accumulated Amortization | (2,171) | (2,087) |
Currency Translation Adjustment | 97 | 94 |
Net Carrying Amount | 253 | 334 |
Distributor Relations [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 937 | 937 |
Accumulated Amortization | (616) | (588) |
Currency Translation Adjustment | 36 | 27 |
Net Carrying Amount | 357 | 376 |
Trademarks [Member] | Agreement With Astro Machine For Asset Acquisitions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 420 | 420 |
Accumulated Amortization | (63) | (42) |
Net Carrying Amount | $ 357 | $ 378 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Intangible Assets [Line Items] | ||
Impairments of intangible assets | $ 0 | $ 0 |
Amortization expense | $ 600 | $ 400 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | Apr. 29, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2024 | $ 1,786 |
2025 | 1,723 |
2026 | 1,723 |
2027 | 1,723 |
2028 | $ 1,281 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Apr. 29, 2023 | Jan. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 40,624 | $ 38,387 |
Work-In-Progress | 1,485 | 1,146 |
Finished Goods | 22,221 | 23,221 |
Inventory, Gross | 64,330 | 62,754 |
Inventory Reserve | (11,204) | (11,430) |
Inventories | $ 53,126 | $ 51,324 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Apr. 29, 2023 | Jan. 31, 2023 |
Land and Land Improvements | $ 2,304 | $ 2,304 |
Buildings and Leasehold Improvements | 14,162 | 14,158 |
Machinery and Equipment | 25,012 | 24,960 |
Computer Equipment and Software | 13,996 | 13,972 |
Gross Property, Plant and Equipment | 55,474 | 55,394 |
Accumulated Depreciation | (41,556) | (41,106) |
Net Property Plant and Equipment | $ 13,918 | $ 14,288 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Depreciation expense on property, plant and equipment | $ 0.4 | $ 0.4 |
Credit Agreement and Long- Term
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 29, 2023 | Jan. 31, 2023 |
Debt Instrument [Line Items] | ||
USD Term Loan | $ 13,875 | $ 14,250 |
Debt Issuance Costs, net of accumulated amortization | (97) | (110) |
Current Portion of Term Loan | (2,100) | (2,100) |
Long-Term Debt | 11,678 | 12,040 |
Term Loan Due August 4, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 13,875 | $ 14,250 |
Credit Agreement and Long- Te_2
Credit Agreement and Long- Term Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands | Apr. 29, 2023 USD ($) |
Debt Instrument [Line Items] | |
Fiscal 2024, remainder | $ 1,725 |
Fiscal 2025 | 2,700 |
Fiscal 2026 | 2,700 |
Fiscal 2027 | 2,700 |
Fiscal 2028 | 4,050 |
Long-term Debt | $ 13,875 |
Credit Agreement and Long- Te_3
Credit Agreement and Long- Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 42 Months Ended | ||
Aug. 04, 2022 | Apr. 29, 2023 | Apr. 30, 2022 | Jul. 31, 2023 | Apr. 30, 2027 | |
Debt Instrument [Line Items] | |||||
Revolving loan outstanding | $ 15,900 | ||||
Interest Expense, Debt | $ 248,000 | $ 53,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | 0.50 | ||||
LIBOR [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1% | ||||
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] | |||||
Commitment fee rate | 0.15% | ||||
Percentage added to variable rate | 0.60% | ||||
Minimum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.60% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Commitment fee rate | 0.35% | ||||
Percentage added to variable rate | 1.50% | ||||
Maximum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.50% | ||||
Bank of America, N.A. [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, principal Periodic payment | $ 375,000 | $ 675,000 | |||
Bank of America, N.A. [Member] | Term Loan [Member] | Second Amendment Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from long term line of credit | $ 6,000 | ||||
Bank of America, N.A. [Member] | Term Loan [Member] | Additional Term Loan Availed [Member] | Second Amendment Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | 6,000 | ||||
Bank of America, N.A. [Member] | Term Loan [Member] | Before Amendment To The Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | 9,000 | ||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 9,100 | ||||
Long term debt weighted average interest rate over a period of time | 6.93% | 4.26% | |||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Second Amendment Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 25,000 | ||||
Proceeds from long term line of credit | $ 12,400 | ||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Before Amendment To The Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 22,500 | ||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Other Expense [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Debt | 292,000 | 23,000 | |||
Line of Credit Facility, Commitment Fee Amount | $ 8,000 | $ 10,000 |
Royalty Obligation - Additional
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2018 | Apr. 29, 2023 | Jan. 31, 2023 | |
Guaranteed Minimum Royalty Payments | $ 10,000 | ||
Royalty Obligation, Current | 1,600 | $ 1,725 | |
Royalty Obligation Non Current | 3,102 | 3,415 | |
Accrued Royalties, Current, Excess Royalty Payment Due | 379 | $ 562 | |
Honeywell Asset Purchase and License Agreement [Member] | |||
Payment Term Period | 10 years | ||
Minimum Royalty Payment Obligation | $ 15,000 | ||
Royalty Obligation, Current | 1,500 | ||
Royalty Obligation Non Current | 2,700 | ||
Excess Royalty Payments | 400 | ||
Accrued Royalties, Current, Excess Royalty Payment Due | 400 | ||
Accrued Royalties Current Excess Royalty Payments Due | $ 400 |
Leases - Additional Information
Leases - Additional Information (Detail) | Apr. 29, 2023 |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 4.37% |
Leases - Schedule Of Balance Sh
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | Apr. 29, 2023 | Jan. 31, 2023 |
Operating Leases [Abstract] | ||
Right of Use Assets | $ 858 | $ 794 |
Other Liabilities and Accrued Expenses | 312 | 275 |
Lease Liabilities | $ 581 | $ 555 |
Leases - Lease Cost Information
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
General and Administrative Expense [Member] | ||
Operating Lease Costs | $ 133 | $ 113 |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Detail) $ in Thousands | Apr. 29, 2023 USD ($) |
Leases [Abstract] | |
2024, remaining | $ 263 |
2025 | 258 |
2026 | 199 |
2027 | 151 |
2028 | 93 |
Thereafter | 0 |
Total Lease Payments | 964 |
Less: Imputed Interest | (71) |
Total Lease Liabilities | $ 893 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows for operating leases | $ 93 | $ 83 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 3 Months Ended |
Apr. 29, 2023 USD ($) | |
Schedule of Capitalization, Equity [Line Items] | |
Beginning Balance | $ 84,367 |
Ending Balance | 85,474 |
Foreign Currency Translation Adjustments [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Beginning Balance | (2,238) |
Other Comprehensive Income before reclassification | 210 |
Ending Balance | (2,028) |
Accumulated Other Comprehensive Income (Loss) [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Beginning Balance | (2,238) |
Other Comprehensive Income before reclassification | 210 |
Ending Balance | $ (2,028) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 541,099 | 547,199 | |
Number of options granted | 0 | 0 | |
Reservation of shares under Stock Purchase Plan | 40,000 | ||
Restricted Stock or Unit Expense | $ 352,000 | $ 328,000 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Stock Purchase Plan discount rate | 15% | ||
2007 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 270,649 | ||
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 | ||
2022 Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchase under Employee Stock Purchase Plan | 2,394 | 5,045 | |
Shares available for grant under the Plan | 32,560 | ||
Prior Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchase under Employee Stock Purchase Plan | 1,550 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to options | $ 0 | ||
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 2 months 12 days | ||
Unrecognized compensation expense related to RSUs and RSAs | $ 2,500,000 | ||
Restricted Stock Units (RSUs) [Member] | 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of unvested shares | 124,439 | ||
RSA [Member] | 2015 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 134,950 | ||
RSA [Member] | 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of unvested shares | 21,172 | ||
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of unvested shares | 188,633 | ||
Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock or Unit Expense | $ 65,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Share-based Compensation [Abstract] | ||
Stock Options | $ 0 | $ 6 |
Restricted Stock Awards and Restricted Stock Units | 352 | 328 |
Employee Stock Purchase Plan | 4 | 3 |
Total | $ 356 | $ 337 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Option Activity (Detail) - $ / shares | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Share-based Compensation [Abstract] | ||
Beginning balance, Number of Options | 547,199 | |
Granted, Number of Options | 0 | 0 |
Exercised, Number of Options | (1,700) | |
Forfeited, Number of Options | (175) | |
Canceled, Number of Options | (4,225) | |
Ending balance, Number of Options | 541,099 | |
Beginning balance, Weighted-Average Exercise Price | $ 15.16 | |
Granted, Weighted-Average Exercise Price | 0 | |
Exercised, Weighted-Average Exercise Price | 10.5 | |
Forfeited, Weighted-Average Exercise Price | 18.35 | |
Cancelled, Weighted-Average Exercise Price | 10.5 | |
Ending balance, Weighted-Average Exercise Price | $ 15.21 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 3 Months Ended | |
Apr. 29, 2023 | Jan. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding, total | 541,099 | 547,199 |
Outstanding, Weighted Average Exercise Price | $ 15.21 | |
Exercisable, Weighted Average Exercise Price | $ 15.21 | |
Outstanding Remaining Contractual Life | 3 years 6 months | |
Number of shares exercisable, total | 541,099 | |
Exercisable Remaining Contractual Life | 3 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 | 0 | |
Outstanding, Weighted Average Exercise Price | $ 0 | |
Exercisable, Weighted Average Exercise Price | $ 0 | |
Exercisable, Number of shares | 0 | |
$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 | 326,924 | |
Outstanding, Weighted Average Exercise Price | $ 13.74 | |
Exercisable, Weighted Average Exercise Price | $ 13.74 | |
Outstanding Remaining Contractual Life | 2 years 8 months 12 days | |
Exercisable, Number of shares | 326,924 | |
Exercisable Remaining Contractual Life | 2 years 8 months 12 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 | 214,175 | |
Outstanding, Weighted Average Exercise Price | $ 17.45 | |
Exercisable, Weighted Average Exercise Price | $ 17.45 | |
Outstanding Remaining Contractual Life | 4 years 7 months 6 days | |
Exercisable, Number of shares | 214,175 | |
Exercisable Remaining Contractual Life | 4 years 7 months 6 days |
Share-Based Compensation - Ag_2
Share-Based Compensation - Aggregated Information Regarding RSU and RSA Activity (Detail) - Restricted Stock Award Preferred Stock Unit And Restricted Stock Unit [Member] | 3 Months Ended |
Apr. 29, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 274,927 |
Granted, Restricted Stock Units and Restricted Stock Awards | shares | 142,811 |
Vested, Restricted Stock Units and Restricted Stock Awards | shares | (78,817) |
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares | (4,677) |
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 334,244 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 12.82 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 12.48 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 11.85 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 12.49 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 12.9 |
Income Taxes - Projected Effect
Income Taxes - Projected Effective Tax Rates (Detail) | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates for income from continuing operations | 17.40% | 12.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Income tax expense (benefit) | $ 179,000 | $ 60,000 |
Tax expenses benefits resulting from provisional adjustments | 29,000 | 30,000 |
Effective income tax reconciliation tax expense due to revaluation of deferred tax assets | $ 77,000 | $ 38,000 |
Segment Information - Net Sales
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($) | 3 Months Ended | |
Apr. 29, 2023 | Apr. 30, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 35,419,000 | $ 31,010,000 |
Corporate Expenses | 3,126,000 | 2,560,000 |
Operating Income | 1,461,000 | 764,000 |
Other Expense, Net | 434,000 | 279,000 |
Income Before Income Taxes | 1,027,000 | 485,000 |
Income Tax Provision | 179,000 | 60,000 |
Net Income | 848,000 | 425,000 |
PI [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 25,095,000 | 21,724,000 |
T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 10,324,000 | 9,286,000 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 4,587,000 | 3,324,000 |
Operating Segments [Member] | PI [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 2,515,000 | 1,413,000 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 2,072,000 | 1,911,000 |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate Expenses | $ 3,126,000 | $ 2,560,000 |
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 | Apr. 29, 2023 | Jan. 31, 2023 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 13,937 | $ 14,310 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | 13,937 | 14,310 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 13,875 | $ 14,250 |