Tessco (TESS) 10-Q 7 Feb 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 29, 2013	Jan. 29, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'TESSCO TECHNOLOGIES INC	'
Entity Central Index Key	'0000927355	'
Current Fiscal Year End Date	'--03-30	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	8,232,281
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	29-Dec-13	'

Consolidated_Balance_Sheets_un

Consolidated Balance Sheets (unaudited) (USD $)	Dec. 29, 2013	Mar. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$8,281,400	$4,468,000
Trade accounts receivable, net	63,605,900	82,177,600
Product inventory, net	62,372,100	60,913,600
Deferred tax assets	6,175,000	6,227,300
Prepaid expenses and other current assets	2,420,000	3,482,300
Total current assets	142,854,400	157,268,800
Property and equipment, net	22,030,500	23,202,000
Goodwill, net	11,684,700	11,684,700
Other long-term assets	2,132,200	2,144,500
Total assets	178,701,800	194,300,000
Current liabilities:	'	'
Trade accounts payable	44,074,800	65,209,300
Payroll, benefits and taxes	7,787,100	11,678,500
Income and sales tax liabilities	2,295,300	2,530,700
Accrued expenses and other current liabilities	1,052,500	1,048,900
Revolving line of credit	0	0
Current portion of long-term debt	250,000	249,700
Total current liabilities	55,459,700	80,717,100
Deferred tax liabilities	3,951,800	3,951,800
Long-term debt, net of current portion	2,270,800	2,458,300
Other long-term liabilities	3,862,500	4,370,200
Total liabilities	65,544,800	91,497,400
Commitments and Contingencies	'	'
Shareholders' equity:	'	'
Preferred stock, $0.01 par value, 500,000 shares authorized and no shares issued and outstanding	0	0
Common stock $0.01 par value, 15,000,000 shares authorized, 13,598,970 shares issued and 8,158,342 shares outstanding as of December 29, 2013, and 13,362,398 shares issued and 7,987,900 shares outstanding as of March 31, 2013	94,100	91,500
Additional paid-in capital	53,407,600	50,481,600
Treasury stock, at cost, shares 5,440,628 outstanding as of December 29, 2013 and 5,374,498 shares outstanding as of March 31, 2013	-49,866,700	-48,438,300
Retained earnings	109,522,000	100,667,800
Total shareholders' equity	113,157,000	102,802,600
Total liabilities and shareholders' equity	$178,701,800	$194,300,000

Consolidated_Balance_Sheets_un1

Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)	Dec. 29, 2013	Mar. 31, 2013
Shareholders' equity:	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars shares)	$0.01	$0.01
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	13,598,970	13,362,398
Common stock, outstanding (in shares)	8,158,342	7,987,900
Treasury stock (in shares)	5,440,628	5,374,498

Unaudited_Consolidated_Stateme

Unaudited Consolidated Statements of Income (USD $)	3 Months Ended		9 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Unaudited Consolidated Statements of Income [Abstract]	'	'	'	'
Revenues	$144,915,200	$204,458,700	$435,550,000	$594,115,200
Cost of goods sold	108,772,800	165,488,900	327,476,900	481,027,200
Gross profit	36,142,400	38,969,800	108,073,100	113,088,000
Selling, general and administrative expenses	28,974,800	30,226,300	86,352,300	88,675,700
Income from operations	7,167,600	8,743,500	21,720,800	24,412,300
Interest, net	37,800	13,700	159,400	83,100
Income before provision for income taxes	7,129,800	8,729,800	21,561,400	24,329,200
Provision for income taxes	2,709,300	3,331,100	8,267,600	9,455,100
Net income	$4,420,500	$5,398,700	$13,293,800	$14,874,100
Basic earnings per share (in dollars per share)	$0.54	$0.67	$1.62	$1.86
Diluted earnings per share (in dollars per share)	$0.53	$0.65	$1.60	$1.80
Cash dividends declared per common share (in dollars per share)	$0.18	$0.93	$0.54	$1.29

Unaudited_Consolidated_Stateme1

Unaudited Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Dec. 29, 2013	Dec. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$13,293,800	$14,874,100
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	3,715,400	3,719,500
Gain on sale of property and equipment	-29,500	-3,000
Non-cash stock-based compensation expense	1,595,000	1,836,700
Deferred income taxes and other	-164,800	518,000
Change in trade accounts receivable	18,571,700	-10,333,500
Change in product inventory	-1,458,500	-11,685,400
Change in prepaid expenses and other current assets	1,062,300	-654,200
Change in trade accounts payable	-21,134,500	10,063,400
Change in payroll, benefits and taxes	-3,891,400	-8,608,200
Change in income and sales tax liabilities	-235,400	-1,040,200
Change in accrued expenses and other current liabilities	319,500	157,100
Net cash provided by (used in) operating activities	11,643,600	-1,155,700
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of property and equipment	-2,822,200	-4,237,900
Proceeds from sale of property and equipment	29,500	3,000
Net cash used in investing activities	-2,792,700	-4,234,900
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Payments on long-term debt	-187,200	-186,900
Proceeds from issuance of common stock	112,400	90,900
Cash dividends paid	-4,439,600	-10,379,600
Purchases of treasury stock and repurchases of common stock from employees and directors for minimum tax withholdings	-1,428,400	-2,027,600
Excess tax benefit from stock-based compensation	905,300	2,276,900
Net cash used in financing activities	-5,037,500	-10,226,300
Net increase (decrease) in cash and cash equivalents	3,813,400	-15,616,900
CASH AND CASH EQUIVALENTS, beginning of period	4,468,000	18,211,600
CASH AND CASH EQUIVALENTS, end of period	$8,281,400	$2,594,700

Description_of_Business_and_Ba

Description of Business and Basis of Presentation	9 Months Ended
	Dec. 29, 2013
Description of Business and Basis of Presentation [Abstract]	'
Description of Business and Basis of Presentation	'
	Note 1. Description of Business and Basis of Presentation
	TESSCO Technologies Incorporated, a Delaware corporation (TESSCO, we, or the Company), architects and delivers innovative product and value chain solutions to support wireless broadband systems. The Company provides marketing and sales services, knowledge and supply chain management, product-solution delivery and control systems, utilizing extensive Internet and information technology. Approximately 98% of the Company's sales are made to customers in the United States. The Company takes orders in several ways, including phone, fax, online and through electronic data interchange. Over 99% of the Company's sales are made in United States Dollars.
	In management's opinion, the accompanying interim consolidated financial statements of the Company include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair presentation of the Company's financial position for the interim periods presented. These statements are presented in accordance with the rules and regulations of the United States Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in the Company's annual financial statements have been omitted from these statements, as permitted under the applicable rules and regulations. The results of operations presented in the accompanying interim consolidated financial statements are not necessarily representative of operations for an entire year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 29, 2013
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
	Note 2. Stock-Based Compensation
	The Company's selling, general and administrative expenses for the fiscal quarter and nine months ended December 29, 2013 includes $498,100 and $1,595,000 respectively, of non-cash stock-based compensation expense. The Company's selling, general and administrative expenses for the fiscal quarter and nine months ended December 30, 2012 includes $734,000 and $1,836,700 respectively, of non-cash stock-based compensation expense. Stock-based compensation expense is primarily related to our Performance Stock Unit (PSU) Program. In addition, the Company recorded an excess tax benefit directly to shareholders' equity of $905,300 and $2,276,900, primarily related to the PSUs which vested during the nine months ended December 29, 2013 and December 30, 2012, respectively.
	Performance Stock Units: The following table summarizes the activity under the Company's PSU program for the first nine months of fiscal 2014:
		Nine Months			Weighted Average
		Ended December 29, 2013			Fair Value at Grant Date
	Unvested shares available for issue under outstanding PSUs, beginning of period		455,979		$	12.77
	PSU's Granted		112,000			19.91
	PSU's Vested		(199,066	)		10.22
	PSU's Forfeited/Cancelled		(50,786	)		18.21
	Unvested shares available for issue under outstanding PSUs, end of period		318,127		$	16.01
	Of the 318,127 shares available for issuance under outstanding PSUs but not yet vested as of December 29, 2013, 211,127 shares have been earned in respect of the applicable measurement year, and assuming the respective participants remain employed by or associated with the Company on these dates, the shares earned in respect of each measurement year will vest and be issued in installments beginning on or about May 1 of the fiscal year following the applicable measurement year and continuing on or about May 1 of each of the three immediately following fiscal years.
	During fiscal 2014, the Compensation Committee of the Board of Directors, with the concurrence of the full Board of Directors, granted PSUs to select key employees, providing them with the opportunity to earn up to 112,000 additional shares of the Company's common stock in the aggregate, depending upon whether certain threshold or goal earnings per share targets are met, and subject to individual performance. These PSUs have a one year measurement period (fiscal 2014), with any shares earned at the end of fiscal 2014 to vest and be issued ratably on or about May 1 of each of 2014, 2015, 2016 and 2017, provided that the respective participants remain employed by the Company on each such date.
	The PSUs cancelled during fiscal 2014 primarily related to the fiscal 2013 grant of PSUs, which had a one year measurement period (fiscal 2013). The PSUs were cancelled because the applicable fiscal 2013 performance targets were not fully satisfied. Per the provisions of the 1994 Plan, the shares related to these forfeited and cancelled PSUs were added back to the 1994 Plan and became available for future issuance.
	If the maximum number of PSUs granted in fiscal 2014 is assumed to be earned, total unrecognized compensation costs, on these PSUs plus all earned but unvested PSU's would be approximately $2.4 million, net of estimated forfeitures, as of December 29, 2013, and would be expensed through fiscal 2017. To the extent the actual forfeiture rate is different from what is anticipated or the maximum number of PSU's granted in fiscal 2014 is not earned, stock-based compensation related to these awards will be different from this amount.
	Restricted Stock Units: In fiscal 2007, the Company granted 225,000 shares of the Company's common stock to its Chairman and Chief Executive Officer as a restricted stock award under the 1994 Plan. These shares are issued (subject to the risk of forfeiture) and vest ratably over ten fiscal years based on service, beginning on the last day of fiscal 2007 and ending on the last day of fiscal 2016, subject, however, to the terms applicable to the award, including terms providing for possible acceleration of vesting upon death, disability, change in control or certain other events. The fair value for these shares at the grant date was $10.56. As of December 29, 2013, 67,500 shares remained unvested, and there was no activity related to these restricted shares during the first nine months of fiscal 2014. As of December 29, 2013, there was approximately $0.5 million of total unrecognized compensation costs, net of estimated forfeitures, related to this issuance of restricted stock. Unrecognized compensation costs are expected to be recognized ratably over a remaining period of approximately two years.
	On April 25, 2011, May 3, 2012 and May 14, 2013 an aggregate of 36,000, 20,100, and 15,000, restricted stock unit awards, respectively, were granted to the non-employee directors of the Company. These awards provide for the issuance of shares of the Company's common stock in accordance with a four year annual vesting schedule, provided that the director remains associated with the Company (or meets other criteria as prescribed in the applicable award agreement) on each such date. As of December 29, 2013, there was approximately $0.5 million of total unrecognized compensation cost, net of estimated forfeitures, related to the issuance of these restricted stock awards. Unrecognized compensation costs are expected to be recognized ratably over a remaining period of approximately three years.
	PSUs and RSUs are expensed based on the grant date fair value, calculated as the closing price of TESSCO common stock as reported by NASDAQ on the date of grant minus the present value of dividends expected to be paid on the common stock before the award vests, because dividends or dividend-equivalent amounts do not accrue and are not paid on unvested PSUs and RSUs.
	To the extent the actual forfeiture rates are different from what is estimated, stock-based compensation related to the restricted awards will be different from the Company's expectations.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Dec. 29, 2013
Fair Value of Financial Instruments [Abstract]	'
Fair Value of Financial Instruments	'
	Note 3. Fair Value of Financial Instruments
	The Company complies with the FASB standard regarding fair value measurement and disclosure requirements for assets and liabilities carried at fair value.  Accordingly, assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:
		·	Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
		·	Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, and quoted prices for identical or similar assets or liabilities in markets that are not active.
		·	Level 3: Unobservable inputs for the asset or liability that reflect the reporting entity's own assumptions about the inputs used in pricing the asset or liability.
	The Company had no assets or liabilities recorded at fair value as of December 29, 2013 or as of March 31, 2013.
	The carrying amounts of cash and cash equivalents, trade accounts receivable, product inventory, trade accounts payable, accrued expenses and other current liabilities approximate their fair values as of December 29, 2013 and March 31, 2013 due to their short term nature. As of December 29, 2013 and March 31, 2013 our revolving debt facility had a zero balance.
	Fair value of long-term debt is calculated using current market interest rates, which we consider to be a Level 2 input as described in the fair value accounting guidance on fair value measurements, and future principle payments, as of December 29, 2013 and March 31, 2013 is estimated as follows:
			29-Dec-13				31-Mar-13
			Carrying Amount		Fair		Carrying Amount		Fair
					Value				Value
	Note payable to a bank		$	2,381,300	$	2,241,400	$	2,550,000	$	2,361,500
	Note payable to Baltimore County		$	139,500	$	129,800	$	158,000	$	145,300

Income_Taxes

Income Taxes	9 Months Ended
	Dec. 29, 2013
Income Taxes [Abstract]	'
Income Taxes	'
	Note 4. Income Taxes
	As of December 29, 2013, the Company had a gross amount of unrecognized tax benefits of $484,500 ($314,900 net of federal benefit).  As of March 31, 2013, the Company had a gross amount of unrecognized tax benefits of $631,100 ($416,500 net of federal benefit).
	The Company's accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as income taxes. The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for the first nine months of our fiscal 2014 was a benefit of $26,200 (net of federal benefit) due to the expiration of a statute of limitations relating to an uncertain tax position. The cumulative amount included in the consolidated balance sheet as of December 29, 2013 was $287,300 (net of federal benefit). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for the first nine months of our fiscal 2013 was $53,500 (net of federal benefit) and the cumulative amount included in the consolidated balance sheet as of March 31, 2013 was $309,000 (net of federal benefit).
	A reconciliation of the changes in the gross balance of unrecognized tax benefits, excluding interest is as follows:
	Beginning balance at March 31, 2013 of unrecognized tax benefit	$	631,100
	Reversal related to statute expiration		(169,800	)
	Increases related to current period tax positions		23,200
	Ending balance at December 29, 2013 of unrecognized tax benefits	$	484,500

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Dec. 29, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Note 5. Earnings Per Share
	The Company calculates earnings per share considering the FASB standard regarding accounting for participating securities, which requires the Company to use the two-class method to calculate earnings per share. Under the two-class method, earnings per common share is computed by dividing the sum of the distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
	The following table presents the calculation of basic and diluted earnings per common share :
	Amounts in thousands, except per share amounts	Fiscal Quarter Ended						Nine Months Ended
		29-Dec-13			30-Dec-12			29-Dec-13			30-Dec-12
	Earnings per share – Basic:
	Net earnings	$	4,421		$	5,399		$	13,294		$	14,874
	Less: Distributed and undistributed earnings allocated to nonvested stock		(37	)		(61	)		(110	)		(167	)
	Earnings available to common shareholders – Basic	$	4,384		$	5,338		$	13,184		$	14,707
	Weighted average common shares outstanding – Basic		8,158			7,947			8,125			7,916
	Earnings per common share – Basic	$	0.54		$	0.67		$	1.62		$	1.86
	Earnings per share – Diluted:
	Net earnings	$	4,421		$	5,399		$	13,294		$	14,874
	Less: Distributed and undistributed earnings allocated to nonvested stock		(36	)		(61	)		(84	)		(165	)
	Earnings available to common shareholders – Diluted	$	4,385		$	5,338		$	13,210		$	14,709
	Weighted average common shares outstanding – Basic		8,158			7,947			8,125			7,916
	Effect of dilutive options		158			272			156			261
	Weighted average common shares outstanding – Diluted		8,316			8,219			8,281			8,177
	Earnings per common share – Diluted	$	0.53		$	0.65		$	1.6		$	1.8
	Anti-dilutive equity awards not included above		--			--			--			--

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 29, 2013
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	Note 6. Commitments and Contingencies
	On December 2, 2013, the Company exercised an extension option under the terms of its existing lease for approximately 66,000 square feet of office and warehouse space in Hunt Valley, Maryland, adjacent to the Company's Global Logistics Center. The lease end date was extended from July 31, 2014 to July 31, 2017. Under the terms of the extension of the lease, the Company has the ongoing annual option to terminate the lease. The monthly rental fee ranges from $33,000 to $35,700 throughout the remaining lease term.

Business_Segments

Business Segments	9 Months Ended
	Dec. 29, 2013
Business Segments [Abstract]	'
Business Segments	'
	Note 7. Business Segments
	Beginning in the first quarter of fiscal year 2014, the Company modified the structure of its internal organization in order to streamline its operations and have all sales operations report to one individual. Each of the Company's product lines is sold to each of its customer markets; assets are not segmented; and support resources are shared between all sales teams.  As a result of this modification, the Company concluded that changes to its reportable segments were warranted. The Company now evaluates its business as one segment as the chief operating decision maker reviews results as one unit. However, to provide investors with increased visibility into the markets it serves, the Company also reports revenue and gross profit by the following customer market units:  (1) public carriers, contractors and program managers that are generally responsible for building and maintaining the infrastructure system and provide airtime service to individual subscribers; (2) private system operators and governments including commercial entities such as major utilities and transportation companies, federal agencies and state and local governments that run wireless networks for their own use; (3) commercial dealers and resellers that sell, install and/or service cellular telephone, wireless networking, broadband and two-way radio communications equipment primarily for the enterprise market;  (4) retailers, dealer agents and carriers; and (5) our Major 3PL relationship that was fully transitioned at the end of fiscal year 2013. All prior periods have been restated to reflect this change.
	The Company evaluates revenue, gross profit, net profit contribution and income before provision for income taxes in the aggregate. Net profit contribution is defined as gross profit less any expenses that can be directly attributed.  This includes sales, product management, purchasing, credit and collections and distribution team expenses, plus freight out and internal and external marketing costs.  Corporate support expenses include administrative costs – finance, human resources, information technology, operating facility occupancy expenses, depreciation, amortization and interest, plus the company-wide pay on performance bonus expense.
	Certain cost of sales and other applicable expenses have been allocated to each market unit based on a percentage of revenues and/or gross profit, where appropriate.
	Market unit activity for the third quarter and first nine months of fiscal years 2014 and 2013 is as follows (in thousands):
			Three Months Ended
			29-Dec-13		30-Dec-12
	Revenues
	Public Carriers, Contractors & Program Managers		$	37,550	$	32,554
	Private & Government System Operators			29,944		30,199
	Commercial Dealers & Resellers			36,630		36,786
	Retailer, Independent Dealer Agents & Carriers			40,791		46,010
	Revenue, excluding Major 3PL relationship			144,915		145,549
	Major 3PL relationship			--		58,910
	Total revenues			144,915		204,459
	Gross Profit
	Public Carriers, Contractors & Program Managers			7,875		6,832
	Private & Government System Operators			8,190		8,476
	Commercial Dealers & Resellers			10,295		10,227
	Retailer, Independent Dealer Agents & Carriers			9,782		10,058
	Gross profit, excluding Major 3PL relationship			36,142		35,593
	Major 3PL relationship			--		3,377
	Total gross profit			36,142		38,970
	Direct expenses			18,583		18,855
	Segment net profit contribution			17,559		20,115
	Corporate support expenses			10,429		11,385
	Income before provision for income taxes		$	7,130	$	8,730
			Nine Months Ended
			29-Dec-13		30-Dec-12
	Revenues
	Public Carriers, Contractors & Program Managers		$	115,881	$	78,383
	Private & Government System Operators			88,896		94,063
	Commercial Dealers & Resellers			109,107		104,049
	Retailer, Independent Dealer Agents & Carriers			121,666		131,043
	Revenue, excluding Major 3PL relationship			435,550		407,538
	Major 3PL relationship			--		186,577
	Total revenues			435,550		594,115
	Gross Profit
	Public Carriers, Contractors & Program Managers			24,784		16,925
	Private & Government System Operators			24,368		25,867
	Commercial Dealers & Resellers			30,635		28,826
	Retailer, Independent Dealer Agents & Carriers			28,286		28,130
	Gross profit, excluding Major 3PL relationship			108,073		99,748
	Major 3PL relationship			--		13,340
	Total gross profit			108,073		113,088
	Direct expenses			53,995		54,197
	Segment net profit contribution			54,078		58,891
	Corporate support expenses			32,517		34,562
	Income before provision for income taxes		$	21,561	$	24,329
	To provide investors with better visibility, the Company also discloses revenue and gross profit by its four product categories:
		·	Base station infrastructure products are used to build, repair and upgrade wireless telecommunications. Products include base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, miscellaneous hardware, and mobile antennas. Our base station infrastructure service offering includes connector installation, custom jumper assembly, site kitting and logistics integration.
		·	Network systems products are used to build and upgrade computing and Internet networks.  Products include fixed and mobile broadband equipment, wireless networking, filtering systems, two-way radios and security and surveillance products.  This product category also includes training classes, technical support and engineering design services.
		·	Installation, test and maintenance products are used to install, tune, maintain and repair wireless communications equipment. Products include sophisticated analysis equipment and various frequency-, voltage- and power-measuring devices, as well as an assortment of tools, hardware, GPS, safety and replacement and component parts and supplies required by service technicians.
		·	Mobile device accessories include cellular phone and data device accessories such as replacement batteries, cases, speakers, mobile amplifiers, power supplies, headsets, mounts, car antennas, music accessories and data and memory cards. Retail merchandising displays, promotional programs, customized order fulfillment services and affinity-marketing programs, including private label Internet sites, complement our mobile devices and accessory product offering.
	Supplemental revenue and gross profit information by product category for the third quarter and first nine months of fiscal years 2014 and 2013 are as follows (in thousands):
			Three months ended		Three months ended
			29-Dec-13		30-Dec-12
	Revenues
	Base station infrastructure		$	59,833	$	61,400
	Network systems			26,856		19,649
	Installation, test and maintenance			13,681		13,357
	Mobile device accessories			44,545		110,053
	Total revenues		$	144,915	$	204,459
Gross Profit
Base station infrastructure		$	17,117	$	17,726
Network systems			4,703		3,784
Installation, test and maintenance			3,073		3,077
Mobile device accessories			11,249		14,383
Total gross profit		$	36,142	$	38,970
		Nine months ended		Nine months ended
		29-Dec-13		30-Dec-12
Revenues
Base station infrastructure		$	197,262	$	167,580
Network systems			67,757		59,551
Installation, test and maintenance			36,031		36,137
Mobile device accessories			134,500		330,847
Total revenues		$	435,550	$	594,115
Gross Profit
Base station infrastructure		$	54,771	$	48,886
Network systems			12,266		11,422
Installation, test and maintenance			8,203		8,443
Mobile device accessories			32,833		44,337
Total gross profit		$	108,073	$	113,088

Stock_Buyback

Stock Buyback	9 Months Ended
	Dec. 29, 2013
Stock Buyback [Abstract]	'
Stock Buyback	'
	Note 7. Stock Buyback
	On April 28, 2003, the Company's Board of Directors approved a stock buyback program. As of December 29, 2013, the Board of Directors had authorized the purchase of up to 3,593,350 shares of outstanding common stock under the stock buyback program. Shares may be purchased from time to time in the open market, by block purchase, or through negotiated transactions, or possibly other transactions managed by broker-dealers. No time limit has been set for completion or expiration of the program. As of December 29, 2013, the Company had purchased 3,505,187 shares under the stock buyback program for approximately $30.7 million, or an average of $8.76 per share. Of the total shares repurchased under the stock buyback program, none were purchased during fiscal 2013 or the first nine months of fiscal 2014. As of December 29, 2013, 88,163 shares remained available for repurchase under this program.
	The Company also withholds shares from its employees and directors at their request, equal to the minimum federal and state tax withholdings related to vested performance stock units, stock option exercises and restricted stock awards. For the nine months ended December 29, 2013 and December 30, 2012 the allocated value of the shares withheld totaled $1,428,400 and $2,027,600, respectively.

Concentration_of_Risk

Concentration of Risk	9 Months Ended
	Dec. 29, 2013
Concentration of Risk [Abstract]	'
Concentration of Risk	'
	Note 8. Concentration of Risk
	The Company's future results could be negatively impacted by the loss of certain customer and/or vendor relationships. For the fiscal quarter and nine months ended December 29, 2013, no customer accounted for more than 6% and 4% of total consolidated revenues, respectively. For the fiscal quarter and nine months ended December 30, 2012, sales of products to AT&T Mobility Inc. ("AT&T"), accounted for 30% and 33% of total revenue, respectively. In April 2012, we were notified by AT&T of their intention to transition their third party logistics retail store supply chain business away from us beginning in the second quarter of our fiscal 2013. As of the close of our fiscal 2013, this business was fully transitioned.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 29, 2013
Stock-Based Compensation [Abstract]	'
Nonvested Performance-based Units Activity	'
	Performance Stock Units: The following table summarizes the activity under the Company's PSU program for the first nine months of fiscal 2014:
		Nine Months			Weighted Average
		Ended December 29, 2013			Fair Value at Grant Date
	Unvested shares available for issue under outstanding PSUs, beginning of period		455,979		$	12.77
	PSU's Granted		112,000			19.91
	PSU's Vested		(199,066	)		10.22
	PSU's Forfeited/Cancelled		(50,786	)		18.21
	Unvested shares available for issue under outstanding PSUs, end of period		318,127		$	16.01

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Dec. 29, 2013
Fair Value of Financial Instruments [Abstract]	'
Fair Value of Long-term Debt	'
	Fair value of long-term debt is calculated using current market interest rates, which we consider to be a Level 2 input as described in the fair value accounting guidance on fair value measurements, and future principle payments, as of December 29, 2013 and March 31, 2013 is estimated as follows:
		29-Dec-13				31-Mar-13
		Carrying Amount		Fair		Carrying Amount		Fair
				Value				Value
	Note payable to a bank	$	2,381,300	$	2,241,400	$	2,550,000	$	2,361,500
	Note payable to Baltimore County	$	139,500	$	129,800	$	158,000	$	145,300

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
	Dec. 29, 2013
Income Taxes [Abstract]	'
Reconciliation of Changes in Gross Balance of Unrecognized Tax Benefit Amounts, Net of Interest	'
	A reconciliation of the changes in the gross balance of unrecognized tax benefits, excluding interest is as follows:
	Beginning balance at March 31, 2013 of unrecognized tax benefit	$	631,100
	Reversal related to statute expiration		(169,800	)
	Increases related to current period tax positions		23,200
	Ending balance at December 29, 2013 of unrecognized tax benefits	$	484,500

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Dec. 29, 2013
Earnings Per Share [Abstract]	'
Calculation of Basic and Diluted Earnings Per Common Share	'
	The following table presents the calculation of basic and diluted earnings per common share :
	Amounts in thousands, except per share amounts	Fiscal Quarter Ended						Nine Months Ended
		29-Dec-13			30-Dec-12			29-Dec-13			30-Dec-12
	Earnings per share – Basic:
	Net earnings	$	4,421		$	5,399		$	13,294		$	14,874
	Less: Distributed and undistributed earnings allocated to nonvested stock		(37	)		(61	)		(110	)		(167	)
	Earnings available to common shareholders – Basic	$	4,384		$	5,338		$	13,184		$	14,707
	Weighted average common shares outstanding – Basic		8,158			7,947			8,125			7,916
	Earnings per common share – Basic	$	0.54		$	0.67		$	1.62		$	1.86
	Earnings per share – Diluted:
	Net earnings	$	4,421		$	5,399		$	13,294		$	14,874
	Less: Distributed and undistributed earnings allocated to nonvested stock		(36	)		(61	)		(84	)		(165	)
	Earnings available to common shareholders – Diluted	$	4,385		$	5,338		$	13,210		$	14,709
	Weighted average common shares outstanding – Basic		8,158			7,947			8,125			7,916
	Effect of dilutive options		158			272			156			261
	Weighted average common shares outstanding – Diluted		8,316			8,219			8,281			8,177
	Earnings per common share – Diluted	$	0.53		$	0.65		$	1.6		$	1.8
	Anti-dilutive equity awards not included above		--			--			--			--

Business_Segments_Tables

Business Segments (Tables)	9 Months Ended
	Dec. 29, 2013
Business Segments [Abstract]	'
Segment Information	'
	Market unit activity for the third quarter and first nine months of fiscal years 2014 and 2013 is as follows (in thousands):
		Three Months Ended
		29-Dec-13		30-Dec-12
	Revenues
	Public Carriers, Contractors & Program Managers	$	37,550	$	32,554
	Private & Government System Operators		29,944		30,199
	Commercial Dealers & Resellers		36,630		36,786
	Retailer, Independent Dealer Agents & Carriers		40,791		46,010
	Revenue, excluding Major 3PL relationship		144,915		145,549
	Major 3PL relationship		--		58,910
	Total revenues		144,915		204,459
	Gross Profit
	Public Carriers, Contractors & Program Managers		7,875		6,832
	Private & Government System Operators		8,190		8,476
	Commercial Dealers & Resellers		10,295		10,227
	Retailer, Independent Dealer Agents & Carriers		9,782		10,058
	Gross profit, excluding Major 3PL relationship		36,142		35,593
	Major 3PL relationship		--		3,377
	Total gross profit		36,142		38,970
	Direct expenses		18,583		18,855
	Segment net profit contribution		17,559		20,115
	Corporate support expenses		10,429		11,385
	Income before provision for income taxes	$	7,130	$	8,730
		Nine Months Ended
		29-Dec-13		30-Dec-12
	Revenues
	Public Carriers, Contractors & Program Managers	$	115,881	$	78,383
	Private & Government System Operators		88,896		94,063
	Commercial Dealers & Resellers		109,107		104,049
	Retailer, Independent Dealer Agents & Carriers		121,666		131,043
	Revenue, excluding Major 3PL relationship		435,550		407,538
	Major 3PL relationship		--		186,577
	Total revenues		435,550		594,115
	Gross Profit
	Public Carriers, Contractors & Program Managers		24,784		16,925
	Private & Government System Operators		24,368		25,867
	Commercial Dealers & Resellers		30,635		28,826
	Retailer, Independent Dealer Agents & Carriers		28,286		28,130
	Gross profit, excluding Major 3PL relationship		108,073		99,748
	Major 3PL relationship		--		13,340
	Total gross profit		108,073		113,088
	Direct expenses		53,995		54,197
	Segment net profit contribution		54,078		58,891
	Corporate support expenses		32,517		34,562
	Income before provision for income taxes	$	21,561	$	24,329
Revenue Information by Product	'
	Supplemental revenue and gross profit information by product category for the third quarter and first nine months of fiscal years 2014 and 2013 are as follows (in thousands):
		Three months ended		Three months ended
		29-Dec-13		30-Dec-12
	Revenues
	Base station infrastructure	$	59,833	$	61,400
	Network systems		26,856		19,649
	Installation, test and maintenance		13,681		13,357
	Mobile device accessories		44,545		110,053
	Total revenues	$	144,915	$	204,459
	Gross Profit
	Base station infrastructure	$	17,117	$	17,726
	Network systems		4,703		3,784
	Installation, test and maintenance		3,073		3,077
	Mobile device accessories		11,249		14,383
	Total gross profit	$	36,142	$	38,970
		Nine months ended		Nine months ended
		29-Dec-13		30-Dec-12
	Revenues
	Base station infrastructure	$	197,262	$	167,580
	Network systems		67,757		59,551
	Installation, test and maintenance		36,031		36,137
	Mobile device accessories		134,500		330,847
	Total revenues	$	435,550	$	594,115
	Gross Profit
	Base station infrastructure	$	54,771	$	48,886
	Network systems		12,266		11,422
	Installation, test and maintenance		8,203		8,443
	Mobile device accessories		32,833		44,337
	Total gross profit	$	108,073	$	113,088

Description_of_Business_and_Ba1

Description of Business and Basis of Presentation (Details)	Dec. 29, 2013
Description of Business and Basis of Presentation [Abstract]	'
Percentage of sales in US (in hundredths)	98.00%
Percentage of sales in USD (in hundredths)	99.00%

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)

9 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

Dec. 29, 2013

Dec. 30, 2012

31-May-13

31-May-12

Apr. 30, 2011

Dec. 29, 2013

Dec. 29, 2013

Mar. 31, 2007

Dec. 29, 2013

Dec. 29, 2013

Dec. 30, 2012

Dec. 29, 2013

Dec. 30, 2012

Performance Stock Units [Member]

Performance Stock Units [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Second Amended and Restated 1994 Stock and Incentive Plan [Member]

Second Amended and Restated 1994 Stock and Incentive Plan [Member]

Second Amended and Restated 1994 Stock and Incentive Plan [Member]

Selling, General and Administrative Expenses [Member]

Selling, General and Administrative Expenses [Member]

Selling, General and Administrative Expenses [Member]

Selling, General and Administrative Expenses [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-cash stock-based compensation

'

'

'

'

'

'

'

'

'

$498,100

$734,000

$1,595,000

$1,836,700

Income tax benefit from share-based compensation

905,300

2,276,900

'

'

'

'

'

'

'

'

'

'

'

Shares earned (in shares)

211,127

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation costs

$2,400,000

'

'

'

'

$500,000

'

'

$500,000

'

'

'

'

Unrecognized compensation costs, period for recognition

'

'

'

'

'

'3 years

'2 years

'

'

'

'

'

'

Shares of common stock granted (in shares)

'

'

15,000

20,100

36,000

'

'

225,000

'

'

'

'

'

Nonvested PSU shares, Outstanding [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding, non-vested beginning of period (in shares)

455,979

'

'

'

'

'

'

'

67,500

'

'

'

'

Granted (in shares)

112,000

'

'

'

'

'

'

'

'

'

'

'

'

Vested (in shares)

-199,066

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited/Cancelled (in shares)

-50,786

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding, non-vested end of period (in shares)

318,127

'

'

'

'

'

'

'

67,500

'

'

'

'

Nonvested PSU shares, Weighted-Average Grant Date Fair Value [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding, non-vested beginning of period (in dollars per share)

$12.77

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

$19.91

'

'

'

'

'

'

$10.56

'

'

'

'

'

Vested (in dollars per share)

$10.22

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited/cancelled (in dollars per share)

$18.21

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding, non-vested end of period (in dollars per share)

$16.01

'

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'4 years

'

'10 years

'

'

'

'

'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Dec. 29, 2013	Mar. 31, 2013
Carrying Amount [Member] | Note Payable to a Bank [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	$2,381,300	$2,550,000
Carrying Amount [Member] | Note Payable to Baltimore County [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	139,500	158,000
Fair Value [Member] | Note Payable to a Bank [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	2,241,400	2,361,500
Fair Value [Member] | Note Payable to Baltimore County [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	$129,800	$145,300

Income_Taxes_Details

Income Taxes (Details) (USD $)	9 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Mar. 31, 2013
Income Taxes [Abstract]	'	'	'
Gross amount of unrecognized tax benefits	$484,500	'	$631,100
Net of indirect tax benefits	314,900	'	416,500
Amount of interest and penalties	-26,200	53,500	'
Unrecognized tax benefits liability	287,300	'	309,000
Reconciliation of unrecognized tax benefits [Rollforward]	'	'	'
Beginning balance at March 31, 2013 of unrecognized tax benefit	631,100	'	'
Reversal related to statute expiration	-169,800	'	'
Increases related to current period tax positions	23,200	'	'
Ending balance at December 29, 2013 of unrecognized tax benefits	$484,500	'	'

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Earnings per share - Basic [Abstract]	'	'	'	'
Net earnings	$4,420,500	$5,398,700	$13,293,800	$14,874,100
Less: Distributed and undistributed earnings allocated to nonvested stock	-37,000	-61,000	-110,000	-167,000
Earnings available to common shareholders - Basic	4,384,000	5,338,000	13,184,000	14,707,000
Weighted average common shares outstanding - Basic (in shares)	8,158	7,947	8,125	7,916
Earnings per common share - Basic (in dollars per share)	$0.54	$0.67	$1.62	$1.86
Earnings per share - Diluted [Abstract]	'	'	'	'
Net earnings	4,420,500	5,398,700	13,293,800	14,874,100
Less: Distributed and undistributed earnings allocated to nonvested stock	-36,000	-61,000	-84,000	-165,000
Earnings available to common shareholders - Diluted	$4,385,000	$5,338,000	$13,210,000	$14,709,000
Weighted average common shares outstanding - Basic (in shares)	8,158	7,947	8,125	7,916
Effect of dilutive options (in shares)	158	272	156	261
Weighted average common shares outstanding - Diluted (in shares)	8,316	8,219	8,281	8,177
Earnings per common share - Diluted (in dollars per share)	$0.53	$0.65	$1.60	$1.80
Anti-dilutive equity awards not included above (in shares)	0	0	0	0

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Hunt Valley, Maryland [Member], USD $)	9 Months Ended
	Dec. 29, 2013
Operating Leased Assets [Line Items]	'
Total space rented (in sq ft)	66,000
Minimum [Member]	'
Operating Leased Assets [Line Items]	'
Base rental rate per month	$33,000
Maximum [Member]	'
Operating Leased Assets [Line Items]	'
Base rental rate per month	$35,700

Business_Segments_Details

Business Segments (Details) (USD $)	3 Months Ended		9 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
			Segment
			Category
Business Segments [Abstract]	'	'	'	'
Number of reportable segments	'	'	1	'
Number of product categories	'	'	4	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	$144,915,200	$204,458,700	$435,550,000	$594,115,200
Gross profit	36,142,400	38,969,800	108,073,100	113,088,000
Direct expenses	18,583,000	18,855,000	53,995,000	54,197,000
Segment net profit contribution	17,559,000	20,115,000	54,078,000	58,891,000
Corporate support expenses	10,429,000	11,385,000	32,517,000	34,562,000
Income before provision for income taxes	7,129,800	8,729,800	21,561,400	24,329,200
Public Carriers, Contractors & Program Managers [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	37,550,000	32,554,000	115,881,000	78,383,000
Gross profit	7,875,000	6,832,000	24,784,000	16,925,000
Private & Government System Operators [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	29,944,000	30,199,000	88,896,000	94,063,000
Gross profit	8,190,000	8,476,000	24,368,000	25,867,000
Commercial Dealers & Resellers [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	36,630,000	36,786,000	109,107,000	104,049,000
Gross profit	10,295,000	10,227,000	30,635,000	28,826,000
Retailer, Independent Dealer Agents & Carriers [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	40,791,000	46,010,000	121,666,000	131,043,000
Gross profit	9,782,000	10,058,000	28,286,000	28,130,000
Revenue, excluding Major 3PL relationship [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	144,915,000	145,549,000	435,550,000	407,538,000
Gross profit, excluding Major 3PL relationship [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Gross profit	36,142,000	35,593,000	108,073,000	99,748,000
Major 3PL relationship [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	0	58,910,000	0	186,577,000
Gross profit	$0	$3,377,000	$0	$13,340,000

Business_Segments_Revenue_Info

Business Segments, Revenue Information by Product (Details) (USD $)	3 Months Ended		9 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	$144,915,200	$204,458,700	$435,550,000	$594,115,200
Gross profit	36,142,400	38,969,800	108,073,100	113,088,000
Base Station Infrastructure [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	59,833,000	61,400,000	197,262,000	167,580,000
Gross profit	17,117,000	17,726,000	54,771,000	48,886,000
Network Systems [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	26,856,000	19,649,000	67,757,000	59,551,000
Gross profit	4,703,000	3,784,000	12,266,000	11,422,000
Installation, Test and Maintenance [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	13,681,000	13,357,000	36,031,000	36,137,000
Gross profit	3,073,000	3,077,000	8,203,000	8,443,000
Mobile Device Accessories [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	44,545,000	110,053,000	134,500,000	330,847,000
Gross profit	$11,249,000	$14,383,000	$32,833,000	$44,337,000

Stock_Buyback_Details

Stock Buyback (Details) (USD $)	0 Months Ended	9 Months Ended
	Dec. 29, 2013	Dec. 29, 2013	Dec. 30, 2012
Stock Buyback [Abstract]	'	'	'
Number of shares authorized to be repurchased (in shares)	3,593,350	3,593,350	'
Number of shares repurchased (in shares)	3,505,187	'	'
Shares repurchased	$30,700,000	'	'
Average cost per share (in dollars per share)	$8.76	'	'
Remaining number of shares authorized to be repurchased (in shares)	88,163	88,163	'
Tax withholding for share based compensation	'	$1,428,400	$2,027,600

Concentration_of_Risk_Details

Concentration of Risk (Details)	3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
	Dec. 29, 2013	Dec. 29, 2013	Dec. 30, 2012	Dec. 30, 2012
			Revenues [Member]	Revenues [Member]
			Customer Concentration Risk - AT&T Mobility Inc. [Member]	Customer Concentration Risk - AT&T Mobility Inc. [Member]
Concentration Risk [Line Items]	'	'	'	'
Consolidated revenue threshold limit for major customer (in hundredths)	6.00%	4.00%	'	'
Concentration risk percentage (in hundredths)	'	'	30.00%	33.00%