Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | 21-May-14 | Sep. 29, 2013 | |
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 Public Float | ' | ' | $194,795,167 |
Entity Common Stock, Shares Outstanding | ' | 8,330,414 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Mar-14 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $11,467,900 | $4,468,000 |
Trade accounts receivable, net of allowance for doubtful accounts of $1,080,300 and $1,274,700, respectively | 67,495,700 | 82,177,600 |
Product inventory | 61,955,700 | 60,913,600 |
Deferred tax assets, net | 6,913,000 | 6,227,300 |
Prepaid expenses and other current assets | 2,336,600 | 3,482,300 |
Total current assets | 150,168,900 | 157,268,800 |
Property and equipment, net | 22,765,400 | 23,202,000 |
Goodwill, net | 11,684,700 | 11,684,700 |
Other long-term assets | 2,341,300 | 2,144,500 |
Total assets | 186,960,300 | 194,300,000 |
Current liabilities: | ' | ' |
Trade accounts payable | 50,756,900 | 65,209,300 |
Payroll, benefits and taxes | 7,670,100 | 11,678,500 |
Income and sales tax liabilities | 2,477,700 | 2,530,700 |
Accrued expenses and other current liabilities | 923,600 | 1,048,900 |
Revolving line of credit | 0 | 0 |
Current portion of long-term debt | 250,200 | 249,700 |
Total current liabilities | 62,078,500 | 80,717,100 |
Deferred tax liabilities, net | 4,260,700 | 3,951,800 |
Long-term debt, net of current portion | 2,208,200 | 2,458,300 |
Other long-term liabilities | 3,584,800 | 4,370,200 |
Total liabilities | 72,132,200 | 91,497,400 |
Commitment 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, 13,627,098 shares issued and 8,180,484 shares outstanding as of March 30, 2014, and 13,362,398 shares issued and 7,987,900 shares outstanding as of March 31, 2013 | 94,200 | 91,500 |
Additional paid-in capital | 53,987,700 | 50,481,600 |
Treasury stock, at cost, 5,446,614 shares outstanding as of March 30, 2014 and 5,374,498 shares outstanding as of March 31, 2013 | -50,084,600 | -48,438,300 |
Retained earnings | 110,830,800 | 100,667,800 |
Total shareholders' equity | 114,828,100 | 102,802,600 |
Total liabilities and shareholders' equity | $186,960,300 | $194,300,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
Current assets: | ' | ' |
Trade accounts receivable, allowance for doubtful accounts | $1,080,300 | $1,274,700 |
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) | 13,627,098 | 13,362,398 |
Common stock, outstanding (in shares) | 8,180,484 | 7,987,900 |
Treasury stock (in shares) | 5,446,614 | 5,374,498 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Consolidated Statements of Income [Abstract] | ' | ' | ' |
Revenues | $560,086,600 | $752,565,000 | $733,389,900 |
Cost of goods sold | 421,928,700 | 605,525,800 | 584,733,700 |
Gross profit | 138,157,900 | 147,039,200 | 148,656,200 |
Selling, general and administrative expenses | 111,668,000 | 117,820,600 | 121,652,400 |
Income from operations | 26,489,900 | 29,218,600 | 27,003,800 |
Interest, net | 177,700 | 224,200 | 292,900 |
Income before provision for income taxes | 26,312,200 | 28,994,400 | 26,710,900 |
Provision for income taxes | 10,063,100 | 11,200,500 | 10,274,000 |
Net income | 16,249,100 | 17,793,900 | 16,436,900 |
Basic earnings per share (in dollars per share) | $1.98 | $2.22 | $2.12 |
Diluted earnings per share (in dollars per share) | $1.94 | $2.15 | $2.03 |
Cash dividends declared per common share (in dollars per share) | $0.74 | $1.47 | $0.55 |
Comprehensive income: | ' | ' | ' |
Net income | 16,249,100 | 17,793,900 | 16,436,900 |
Change in value of interest rate swap, net of tax | 0 | 0 | 24,600 |
Total comprehensive income | $16,249,100 | $17,793,900 | $16,461,500 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Comprehensive Income [Member] | Total |
Balance at Mar. 27, 2011 | $84,100 | $40,668,100 | ($44,388,400) | $82,540,900 | ($24,600) | ' | $78,880,100 |
Balance (in shares) at Mar. 27, 2011 | 7,464,945 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of stock | 1,700 | 1,114,100 | ' | ' | ' | ' | 1,115,800 |
Proceeds from issuance of stock (in shares) | 169,978 | ' | ' | ' | ' | ' | ' |
Treasury stock purchases | ' | ' | -1,888,000 | ' | ' | ' | -1,888,000 |
Treasury stock purchases (in shares) | -114,445 | ' | ' | ' | ' | ' | ' |
Non-cash stock compensation expense | 2,200 | 2,926,000 | ' | ' | ' | ' | 2,928,200 |
Non-cash stock compensation expense (in shares) | 224,050 | ' | ' | ' | ' | ' | ' |
Excess tax benefit (loss) from stock-based compensation | ' | 427,700 | ' | ' | ' | ' | 427,700 |
Cash dividends paid | ' | ' | ' | -4,273,400 | ' | ' | -4,273,400 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 16,436,900 | ' | 16,436,900 | 16,436,900 |
Other comprehensive loss, net of tax | ' | ' | ' | ' | 24,600 | 24,600 | ' |
Total comprehensive income | ' | ' | ' | ' | ' | 16,461,500 | 16,461,500 |
Balance at Apr. 01, 2012 | 88,000 | 45,135,900 | -46,276,400 | 94,704,400 | ' | ' | 93,651,900 |
Balance (in shares) at Apr. 01, 2012 | 7,744,528 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of stock | 300 | 486,500 | ' | ' | ' | ' | 486,800 |
Proceeds from issuance of stock (in shares) | 24,908 | ' | ' | ' | ' | ' | ' |
Treasury stock purchases | ' | ' | -2,161,900 | ' | ' | ' | -2,161,900 |
Treasury stock purchases (in shares) | -101,854 | ' | ' | ' | ' | ' | ' |
Non-cash stock compensation expense | 3,200 | 2,533,600 | ' | ' | ' | ' | 2,536,800 |
Non-cash stock compensation expense (in shares) | 320,318 | ' | ' | ' | ' | ' | ' |
Excess tax benefit (loss) from stock-based compensation | ' | 2,325,600 | ' | ' | ' | ' | 2,325,600 |
Cash dividends paid | ' | ' | ' | -11,830,500 | ' | ' | -11,830,500 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 17,793,900 | ' | 17,793,900 | 17,793,900 |
Other comprehensive loss, net of tax | ' | ' | ' | ' | ' | 0 | ' |
Total comprehensive income | ' | ' | ' | ' | ' | 17,793,900 | 17,793,900 |
Balance at Mar. 31, 2013 | 91,500 | 50,481,600 | -48,438,300 | 100,667,800 | ' | ' | 102,802,600 |
Balance (in shares) at Mar. 31, 2013 | 7,987,900 | ' | ' | ' | ' | ' | 7,987,900 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of stock | 200 | 602,800 | ' | ' | ' | ' | 603,000 |
Proceeds from issuance of stock (in shares) | 23,542 | ' | ' | ' | ' | ' | ' |
Treasury stock purchases | ' | ' | -1,646,300 | ' | ' | ' | -1,646,300 |
Treasury stock purchases (in shares) | -72,116 | ' | ' | ' | ' | ' | ' |
Non-cash stock compensation expense | 2,500 | 2,084,600 | ' | ' | ' | ' | 2,087,100 |
Non-cash stock compensation expense (in shares) | 241,158 | ' | ' | ' | ' | ' | ' |
Excess tax benefit (loss) from stock-based compensation | ' | 818,700 | ' | ' | ' | ' | 818,700 |
Cash dividends paid | ' | ' | ' | -6,086,100 | ' | ' | -6,086,100 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 16,249,100 | ' | 16,249,100 | 16,249,100 |
Other comprehensive loss, net of tax | ' | ' | ' | ' | ' | 0 | ' |
Total comprehensive income | ' | ' | ' | ' | ' | 16,249,100 | 16,249,100 |
Balance at Mar. 30, 2014 | $94,200 | $53,987,700 | ($50,084,600) | $110,830,800 | ' | ' | $114,828,100 |
Balance (in shares) at Mar. 30, 2014 | 8,180,484 | ' | ' | ' | ' | ' | 8,180,484 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $16,249,100 | $17,793,900 | $16,436,900 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 4,865,000 | 4,979,400 | 4,844,900 |
Gain on sale of property and equipment | -29,500 | -3,000 | 0 |
Non-cash stock compensation expense | 2,087,100 | 2,536,800 | 2,928,200 |
Deferred income taxes and other | -1,042,400 | -843,700 | 2,984,100 |
Change in trade accounts receivable | 14,681,900 | 6,570,600 | -23,039,500 |
Change in product inventory | -1,042,100 | -7,553,300 | -7,650,500 |
Change in prepaid expenses and other current assets | 1,145,700 | -1,174,100 | -639,300 |
Change in trade accounts payable | -14,452,400 | -13,135,400 | 15,431,700 |
Change in payroll, benefits and taxes | -4,008,400 | -5,533,100 | 9,869,100 |
Change in income and sales tax liabilities | -53,000 | -606,300 | 531,300 |
Change in accrued expenses and other current liabilities | 264,400 | 320,600 | 48,600 |
Net cash provided by operating activities | 18,665,400 | 3,352,400 | 21,745,500 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of property and equipment | -4,745,000 | -5,357,000 | -6,513,700 |
Proceeds from sale of property and equipment | 29,500 | 3,000 | 0 |
Net cash used in investing activities | -4,715,500 | -5,354,000 | -6,513,700 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payments on long-term debt | -249,600 | -249,200 | -361,000 |
Proceeds from issuance of stock | 213,300 | 174,000 | 829,900 |
Cash dividends paid | -6,086,100 | -11,830,500 | -4,273,400 |
Purchases of treasury stock and repurchases of stock from employees and directors for minimum tax withholdings | -1,646,300 | -2,161,900 | -1,888,000 |
Excess tax benefit from stock-based compensation | 818,700 | 2,325,600 | 494,100 |
Net cash used in financing activities | -6,950,000 | -11,742,000 | -5,198,400 |
Net increase (decrease) in cash and cash equivalents | 6,999,900 | -13,743,600 | 10,033,400 |
CASH AND CASH EQUIVALENTS, beginning of period | 4,468,000 | 18,211,600 | 8,178,200 |
CASH AND CASH EQUIVALENTS, end of period | $11,467,900 | $4,468,000 | $18,211,600 |
Organization
Organization | 12 Months Ended |
Mar. 30, 2014 | |
Organization [Abstract] | ' |
Organization | ' |
Note 1. Organization | |
TESSCO Technologies Incorporated, a Delaware corporation (TESSCO, we, or the Company), architects and delivers innovative product and value chain solutions to support wireless 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, with the remainder in Canadian Dollars. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Mar. 30, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Note 2. Summary of Significant Accounting Policies | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Fiscal Year | ||
The Company's fiscal year is the 52 or 53 weeks ending on the Sunday falling on or between March 26 and April 1 to allow the financial year to better reflect the Company's natural weekly accounting and business cycle. The fiscal year ended April 1, 2012 contains 53 weeks, while the fiscal years ended March 30, 2014 and March 31, 2013 contain 52 weeks. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash and highly liquid investments with an original maturity of 90 days or less. | ||
Allowance for Doubtful Accounts | ||
The Company uses estimates to determine the amount of the allowance for doubtful accounts necessary to reduce accounts receivable to their expected net realizable value. The Company estimates the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends and current economic conditions. Actual collection experience has not varied significantly from estimates, due primarily to consistent credit policies, collection experience, as well as the Company’s stability as it relates to its current customer base. Typical payments from a large majority of commercial customers are due 30 days from the date of the invoice. The Company charges-off receivables deemed to be uncollectible to the allowance for doubtful accounts. Accounts receivable balances are not collateralized. | ||
Product Inventory | ||
Product inventory, consisting primarily of finished goods, is stated at the lower of cost or market, cost being determined on the first-in, first-out (“FIFO”) method and includes certain charges directly and indirectly incurred in bringing product inventories to the point of sale. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value, based upon specifically known inventory-related risks (such as technological obsolescence and the nature of vendor terms surrounding price protection and product returns), and assumptions about future demand. At fiscal year-end 2014 and 2013, the Company has a reserve for excess and/or obsolete inventory of $4,086,100 and $3,336,700, respectively. | ||
Property and Equipment | ||
Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | ||
Useful lives | ||
Information technology equipment and software | 1‑5 years | |
Configuration, Fulfillment and Delivery technology system | 7 years | |
Furniture, telephone system, equipment and tooling | 3‑10 years | |
Building, building improvements and leasehold improvements | 2‑40 years | |
The Configuration, Fulfillment and Delivery (CFD) technology system, which is still in use, was initially implemented during fiscal year 2005 and is a major automated materials-handling system that is integrated with the Company’s product planning and procurement system. This original CFD system has an estimated useful life that is longer than the Company’s other software assets, and thus, the Company depreciated the system over a seven-year life. As of March 30, 2014 the original CFD system was fully depreciated. | ||
The Company capitalizes computer software costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and when management authorizes and commits to funding the project and it is probable that the project will be completed. Development and acquisition costs are capitalized when the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Capitalization ceases when the software project is substantially complete and ready for its intended use. | ||
Leasehold improvements are amortized over the shorter of their useful lives or the remaining lease term. | ||
Impairment of Long-Lived Assets | ||
Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. | ||
Assets to be disposed of are reported at the lower of carrying value or fair values, less estimated costs of disposal. | ||
Goodwill and Other Intangible Assets | ||
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts and indefinite lived intangible assets are not amortized, but rather are tested for impairment at least annually or whenever an impairment indicator is identified. The Company performs its annual impairment test on the first day of its fourth quarter. Intangible assets that are not considered to have an indefinite useful life are amortized over their useful life of 4 to 6 years using the straight-line method. Intangible assets other than goodwill are recorded within other long-term assets in the Company’s Consolidated Balance Sheets. The goodwill impairment test involves an initial qualitative analysis to determine if it is more likely than not that an intangible asset’s fair value is less than its carrying amount. If qualitative factors suggest a possible impairment the company then performs an additional two-step approach. Under the first step, the Company determines the fair value of each reporting unit to which goodwill has been assigned. The Company then compares the fair value of each reporting unit to its carrying value, including goodwill. The Company estimates the fair value of each reporting unit using various valuation techniques, with the primary technique being a discounted cash flow or income approach, under which the Company estimates the present value of the reporting unit’s future cash flows. Key assumptions used to determine the present value of a reporting unit’s future cash flows in fiscal year 2014 include (a) a cash flow period; (b) a terminal value based on a growth rate; and (c) a discount rate, which is based on the Company’s weighted average cost of capital adjusted for risks associated with our operations. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is considered potentially impaired and the second step is completed in order to measure the impairment loss. Under the second step, the Company calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets, including any unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit as determined in the first step. The Company then compares the implied fair value of goodwill to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company recognizes an impairment loss equal to the difference. | ||
The indefinite lived intangible asset impairment test requires the determination of the fair value of the intangible asset. If the fair value of the intangible asset is less than its carrying value, an impairment loss is recognized for an amount equal to the difference. The intangible asset is then carried at its new fair value. Fair value is determined using estimates of discounted cash flows. These estimates of discounted cash flows will likely change over time as impairment tests are performed. Estimates of fair value are also adversely affected by increases in interest rates and the applicable discount rate. | ||
Based on the Company’s qualitative and/or impairment testing performed, the Company did not recognize an impairment loss on goodwill or other indefinite lived intangible assets in fiscal years 2014, 2013 or 2012. | ||
The methods of assessing fair value for reporting units with goodwill as well as for indefinite lived assets require significant judgments to be made by management, including future revenues, expenses, cash flows and discount rates. Changes in such estimates or the application of alternative assumptions could produce significantly different results. | ||
Revenue Recognition | ||
The Company records revenues when 1) persuasive evidence of an arrangement exists, 2) delivery has occurred or services have been rendered, 3) price to the buyer is fixed and determinable, and 4) collectability is reasonably assured. The Company’s revenue recognition policy includes evidence of arrangements for significant revenue transactions through either receipt of a customer purchase order or a web-based order. The Company records revenues when risk of loss has passed to the customer. In most cases, shipments are made using FOB shipping terms. FOB destination terms are used for a portion of sales, and revenue for these sales is recorded when the product is received by the customer. Prices are always fixed at the time of sale. Historically, there have not been any material concessions provided to or by customers, future discounts, or other incentives subsequent to a sale. The Company sells under normal commercial terms and, therefore, only records sales on transactions where collectability is reasonably assured. The Company recognizes revenues net of sales tax. | ||
Because the Company’s sales transactions meet the conditions set forth in the FASB standard on revenue recognition, it recognizes revenues from sales transactions containing sales returns provisions at the time of the sale. These conditions require that 1) the price be substantially fixed and determinable at the date of sale, 2) the buyer is obligated to pay, and is not contingent on their resale of the product, 3) the buyer’s obligation to the Company does not change in the event of theft or physical destruction or damage of the product, 4) the buyer has economic substance apart from the Company, 5) the Company does not have significant obligations for future performance to directly bring about resale of the product by the buyer, and 6) the amount of future returns can be reasonably estimated. Because the Company’s normal terms and conditions of sale are consistent with conditions 1-5 above, and the Company is able to perform condition 6, it makes a reasonable estimate of product returns in sales transactions and accrues a sales return reserve based on this estimate. | ||
Certain companies have turned to TESSCO to implement supply chain solutions, including purchasing inventory, assisting in demand forecasting, configuring, packaging, kitting and delivering products and managing customer and vendor relations, from order taking through cash collections. In performing these solutions, the Company assumes varying levels of involvement in the transactions and varying levels of credit and inventory risk. As the Company’s solutions offerings continually evolve to meet the needs of its customers, the Company constantly evaluates its revenue accounting based on the guidance set forth in accounting standards generally accepted in the United States. When applying this guidance in accordance with the FASB standard regarding revenue recognition for principal-agent considerations, the Company looks at the following indicators: whether it is the primary obligor in the transaction; whether it has general inventory risk; whether it has latitude in establishing price; the extent to which it changes the product or performs part of the service; whether it has discretion in supplier selection; whether it is involved in the determination of product and service specifications; whether it has physical inventory risk; whether it has credit risk; and whether the amount it earns is fixed. Each of the Company’s customer relationships is independently evaluated based on the above guidance and revenues are recorded on the appropriate basis. Based on a review of the factors above, in the majority of the Company’s sales relationships, the Company has concluded that it is the principal in the transaction and records revenues based upon the gross amounts earned and booked. However, the Company has several relationships where it is not the principal and records revenues on a net fee basis, regardless of amounts billed (approximately 2% of total revenues for fiscal 2014). If applying this revenue recognition guidance resulted in recording revenues on a different basis from which the Company has previously concluded, or if the factors above change significantly, revenues could increase or decrease; however, gross profit and net income would remain constant. | ||
Service revenue associated with training and other services is recognized when the training or work is complete and the four criteria discussed above have been met. Service revenues have represented less than 1% of total revenues for fiscal years 2014, 2013 and 2012. | ||
Other than sales relating to the Company’s private brands, we offer no product warranties in excess of original equipment manufacturers’ warranties. The Company’s warranty expense is estimated and accrued at the time of sale. Warranty expense was immaterial for fiscal years 2014, 2013 and 2012. | ||
Vendor Programs | ||
Funds received from vendors for price protection, product rebates and marketing/promotion are recorded in accordance with ASC 605. | ||
Classification of Expenses | ||
Cost of goods sold includes cost of products and freight from vendors to our distribution centers. Product management, distribution, purchasing, receiving/inspection, warehousing, freight from our distribution centers to our customers’ sites, and corporate overhead costs are included in selling, general and administrative expenses. Certain selling, general and administrative expenses related to direct and indirect labor and certain freight-in expenses are included in inventory. As of March 30, 2014 and March 31, 2013, the amount of selling, general and administrative expenses and freight in expenses included in inventory was $2,261,500 and $1,839,000, respectively. | ||
Shipping and Handling Costs | ||
Shipping costs incurred to ship products from our distribution centers to our customers’ sites are included in selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and totaled $13,364,600, $13,674,300, and $13,325,100 for fiscal years ended March 30, 2014, March 31, 2013 and April 1, 2012, respectively. | ||
Stock Compensation Awards Granted to Team Members | ||
The Company records stock compensation awards in accordance with the FASB standard regarding stock compensation and share-based payments, which requires the Company to include in its calculation of periodic stock compensation expense an estimate of future forfeitures. The standard also requires stock awards granted or modified after the adoption of the standard that include both performance conditions and graded vesting based on service to the Company to be amortized by an accelerated method rather than the straight-line method. | ||
Income Taxes | ||
The Company accounts for income taxes under the asset and liability method. Under this method, deferred income tax assets and liabilities arise from differences between the tax basis of assets or liabilities and their reported amounts in the financial statements. Deferred tax balances are determined by using the enacted tax rate to be in effect when the taxes are paid or refunds received. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
In accordance with the FASB standard on accounting for uncertainty in income tax, the Company recognizes a provision for tax uncertainties in its financial statements. See Note 10 for further discussion of the standard and its impact on the Company’s consolidated financial statements. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company reviews and evaluates its estimates and assumptions, including but not limited to, those that relate to tax reserves, stock-based compensation, accounts receivable reserves, inventory reserves and future cash flows associated with impairment testing for goodwill and other long-lived assets. Actual results could significantly differ from those estimates. | ||
Impact of Recently Issued Accounting Standards | ||
There have been no recent accounting pronouncements that have or are expected to affect the Company in a material way. We continue to monitor new pronouncements to determine their affect, if any, on our financial statements. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Note 3. Property and Equipment | |||||||||
All of the Company’s property and equipment is located in the United States. Property and equipment, excluding land, is depreciated using the straight-line method, and is summarized as follows: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 4,740,800 | $ | 4,740,800 | |||||
Building, building improvements and leasehold improvements | 21,202,400 | 21,147,600 | |||||||
Information technology equipment and computer software | 24,625,800 | 21,226,200 | |||||||
Furniture, telephone system, equipment and tooling | 7,734,000 | 7,716,200 | |||||||
58,303,000 | 54,830,800 | ||||||||
Less accumulated depreciation and amortization | (35,537,600 | ) | (31,628,800 | ) | |||||
Property and equipment, net | $ | 22,765,400 | $ | 23,202,000 | |||||
Depreciation and amortization of property and equipment was $4,852,800, $4,926,400, and $4,747,600 for fiscal years 2014, 2013 and 2012, respectively. | |||||||||
Capitalized internally developed computer software, net of accumulated amortization, as of March 30, 2014 and March 31, 2013 was $1,012,400 and $1,156,800, respectively. Amortization expense of capitalized computer software was $980,300, $1,322,400, and $1,667,800 for fiscal years 2014, 2013 and 2012, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Note 4. Goodwill and Other Intangible Assets | |||||||||||||||||
Other intangible assets, which are included in other long-term assets on the accompanying Consolidated Balance Sheets as of March 30, 2014 and March 31, 2013 and are summarized as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer contracts | $ | 696,100 | $ | 696,100 | $ | 696,100 | $ | 687,500 | |||||||||
Covenants not to compete | 377,600 | 377,600 | 377,600 | 373,900 | |||||||||||||
Other | 878,500 | 878,500 | 878,500 | 878,500 | |||||||||||||
1,952,200 | 1,952,200 | 1,952,200 | 1,939,900 | ||||||||||||||
Unamortized intangible assets: | |||||||||||||||||
Trademarks | 850,000 | -- | 850,000 | -- | |||||||||||||
Total other intangible assets | $ | 2,802,200 | $ | 1,952,200 | $ | 2,802,200 | $ | 1,939,900 | |||||||||
Amortization expense relating to other intangible assets was $12,300 for fiscal year 2014, $53,000 for fiscal year 2013 and $97,300 for fiscal year 2012. At March 30, 2014, amortizable intangible assets were fully amortized. There were no changes in the carrying amount of goodwill for the fiscal years ended March 30, 2014 and March 31, 2013. | |||||||||||||||||
Borrowings_Under_Revolving_Cre
Borrowings Under Revolving Credit Facility | 12 Months Ended |
Mar. 30, 2014 | |
Borrowings Under Revolving Credit Facility [Abstract] | ' |
Borrowings Under Revolving Credit Facility | ' |
Note 5. Borrowings Under Revolving Credit Facility | |
On May 31, 2007, pursuant to a Credit Agreement, the Company established a revolving credit facility with both Wells Fargo Bank, National Association and SunTrust Bank. The facility is unsecured and provides for monthly payments of interest accruing at a rate of LIBOR plus an applicable margin. The terms of the revolving credit facility require the Company to meet certain financial covenants and ratios and contain other limitations, including certain restrictions on dividend payments. Borrowing availability under the facility is also subject to a borrowing base, based on levels of trade accounts receivable and inventory. Initially, the maximum borrowing amount under the facility was $50.0 million and it had a term expiring in May 2010. This credit facility has been amended several times, most recently on October 16, 2013 (the Ninth Modification Agreement). Currently the credit facility has a maximum borrowing limit of $35.0 million and has a term expiring in October 2016. The amount of dividend payments allowed to be made by the Company under the Credit Facility is $8.0 million in any 12 month period, not including the onetime special dividend of $0.75 per share of common stock on December 27, 2012, to shareholders of record on December 13, 2012. The dollar amount of stock repurchases permitted under the term of the credit facility is $30.0 million. Numerous financial covenants have been amended from the original credit facility. The financial covenants included in the Credit Agreement for the unsecured revolving credit facility are also applicable to the Company's existing Term Loan with the same lenders. Accordingly, the each amendment also has the effect of amending the financial covenants applicable to the Term Loan. | |
The facility provides for monthly payments of interest accruing at a rate of LIBOR plus an applicable margin ranging from 1.50% to 2.50%.The weighted average interest rate on borrowings under the Company’s revolving credit facilities was 2.35%, 2.68% and 2.48% for fiscal years 2014, 2013 and 2012, respectively. Interest expense on this revolving credit facility for fiscal years 2014, 2013 and 2012 totaled $53,400, $77,400 and $112,600, respectively. Average borrowings under this revolving credit facility totaled $2,243,900, $2,858,500 and $4,411,600 and maximum borrowings totaled $13,467,000, $18,989,600 and $20,118,300, for fiscal years 2014, 2013 and 2012, respectively. | |
As of March 30, 2014 and March 31, 2013, the Company had a zero balance on its revolving credit facility. | |
The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility at the end of fiscal years 2014, 2013 and 2012. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||
Mar. 30, 2014 | |||||
Long-Term Debt [Abstract] | ' | ||||
Long-Term Debt | ' | ||||
Note 6. Long-Term Debt | |||||
On June 30, 2004, the Company refinanced its previously existing term loan with a bank. The original principal amount of the loan was $4.5 million, payable in monthly installments of principal and interest with the balance due at the initial maturity date, June 30, 2011. On May 20, 2011, the Company entered into an agreement with Wells Fargo Bank, National Association, and SunTrust Bank, effective July 1, 2011, to extend the maturity date to July 1, 2016. The other key provisions of the loan remain the same, except that the interest rate adjusted to LIBOR plus 2.00%, from LIBOR plus 1.75%. The note is secured by a first position deed of trust encumbering Company-owned real property in Hunt Valley, Maryland. The loan is generally subject to the same financial covenants as the Company’s revolving credit facility (see Note 5), which requires the Company to meet certain financial covenants and ratios and contains other limitations, including certain restrictions on dividend payments. The balance of this note at March 30, 2014 and March 31, 2013 was $2,325,000 and $2,550,000, respectively. The weighted average interest rate on borrowings under this note was 2.18%, 2.21% and 2.48% for fiscal years 2014, 2013 and 2012, respectively. Interest expense under this note was $54,500, $55,600 and $63,500 for fiscal years 2014, 2013 and 2012, respectively. | |||||
On March 31, 2009, the Company entered into a term loan with the Baltimore County Economic Development Revolving Loan Fund for an aggregate principal amount of $250,000. At March 30, 2014 and March 13, 2013, the principal balance of this term loan was $133,400 and $158,000, respectively. The term loan is payable in equal monthly installments of principal and interest of $2,300, with the balance due at maturity on April 1, 2019. The term loan bears interest at 2.00% per annum. Interest expense under this note was $2,900, $3,400, and $3,900 for fiscal years 2014, 2013, and 2012 respectively. The term loan is secured by a subordinate position on Company-owned real property located in Hunt Valley, Maryland. | |||||
At March 27, 2011, the Company had a note payable outstanding to the Maryland Economic Development Corporation of $110,400. The note was payable in equal quarterly installments of principal and interest of $37,400, with the balance due at maturity, October 10, 2011. The note was paid in full during fiscal year 2012. The note bore interest at 3.00% per annum. Interest expense under this note was $1,700 for fiscal year 2012. | |||||
As of March 30, 2014, scheduled annual maturities of long-term debt are as follows: | |||||
Fiscal year: | |||||
2015 | $ | 250,200 | |||
2016 | 250,600 | ||||
2017 | 1,901,300 | ||||
2018 | 26,700 | ||||
2019 | 29,600 | ||||
Thereafter | -- | ||||
$ | 2,458,400 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 30, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Note 7. Commitments and Contingencies | |||||
The Company is committed to making rental payments under non-cancelable operating leases covering various facilities and equipment. Rent expense for fiscal years 2014, 2013 and 2012 totaled $3,004,300, $2,907,900, and $2,661,400, respectively. | |||||
The Company entered into an Agreement of Lease, dated November 3, 2003, under which the Company initially leased approximately 93,600 square feet of office space in Timonium, Maryland, where the Company’s sales, marketing and administrative offices are located. This space is nearby to the Company’s Global Logistics Center in Hunt Valley, Maryland. The Agreement of Lease initially provided for a term beginning June 1, 2004 and expiring May 31, 2007. On January 23, 2007, the Company entered into a First Amendment to Agreement of Lease, which, among other things, provided for a six month extension, until November 30, 2007, of the lease term initially provided for under the Agreement of Lease. The Company entered into a Second Amendment of Agreement of Lease, dated May 1, 2007, which among other things, provided for a further extension of the lease term, from November 30, 2007 to December 31, 2012. On February 15, 2011, the Company entered into a Third Amendment to Agreement of Lease, which, among other things, provided for a five year extension of the lease term, until December 31, 2017 and increased the amount of leased space by approximately 3,800 square feet. On June 4, 2012, the Company entered into a Fourth Amendment to Agreement of Lease and further increased its leased space by approximately 4,800 square feet for a total of 102,200 square feet of rentable area. Monthly rent payments range from $157,900 to $177,700 throughout the remaining lease term. | |||||
On June 1, 2007, the Company entered into a Lease under which the Company leases approximately 66,000 square feet of office and warehouse space in Hunt Valley, Maryland, adjacent to the Company’s Global Logistics Center, initially for a term beginning July 1, 2007 and expiring July 31, 2011. On February 28, 2011, the Company entered into an extension of the lease, which among other things, extended the term of the lease for three years to July 31, 2014. On December 2, 2013 the lease term was further extended to July 31, 2017; however, the Company has an ongoing annual option to terminate the lease. The monthly rental fee ranges from $33,000 to $35,700 throughout the extended lease term. | |||||
Additional sales and marketing offices are located in 13,100 square feet of additional leased office space in San Antonio, Texas. This space is leased pursuant to a lease agreement entered into on September 27, 2012, with a lease term beginning January 1, 2013 to October 31, 2018. Monthly rent payments range from $14,700 to $16,900. | |||||
The Company’s minimum future obligations as of March 30, 2014 under existing operating leases are as follows: | |||||
Fiscal year: | |||||
2015 | $ | 2,981,900 | |||
2016 | 2,957,900 | ||||
2017 | 2,958,200 | ||||
2018 | 2,010,100 | ||||
2019 | 118,500 | ||||
Thereafter | -- | ||||
$ | 11,026,600 | ||||
Lawsuits and claims are filed against the Company from time to time in the ordinary course of business. The Company does not believe that any lawsuits or claims pending against the Company, individually or in the aggregate, are material, or will have a material adverse effect on the Company’s financial condition or results of operations. In addition, from time to time, the Company is also subject to review from federal and state taxing authorities in order to validate the amounts of income, sales and/or use taxes which have been claimed and remitted. No federal, state and local tax returns are currently under examination, except for a Texas income tax audit for the 2008 and 2009 tax. | |||||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Business Segments [Abstract] | ' | ||||||||||||
Business Segments | ' | ||||||||||||
Note 8. 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 markets: (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; and (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) the Company’s Major 3PL relationship that was fully transitioned at the end of fiscal 2013. All prior periods have been restated to reflect this change. | |||||||||||||
The Company evaluates revenue, gross profit and 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 includes 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 based on a percentage of revenues and/or gross profit, where appropriate. | |||||||||||||
Market activity for the fiscal years ended 2014, 2013 and 2012 is as follows (in thousands): | |||||||||||||
March 30, | March 31, | April 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Public Carriers, Contractors & Program Managers | $ | 149,196 | $ | 111,146 | $ | 73,824 | |||||||
Private & Government System Operators | 115,316 | 121,313 | 129,129 | ||||||||||
Commercial Dealers & Resellers | 140,552 | 138,737 | 125,431 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 155,023 | 167,895 | 153,803 | ||||||||||
Revenue, excluding Major 3PL relationship | 560,087 | 539,091 | 482,187 | ||||||||||
Major 3PL relationship | -- | 213,474 | 251,203 | ||||||||||
Total revenues | 560,087 | 752,565 | 733,390 | ||||||||||
Gross Profit | |||||||||||||
Public Carriers, Contractors & Program Managers | 31,013 | 24,183 | 17,101 | ||||||||||
Private & Government System Operators | 31,607 | 33,596 | 35,860 | ||||||||||
Commercial Dealers & Resellers | 39,396 | 38,345 | 35,393 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 36,142 | 35,903 | 33,421 | ||||||||||
Gross profit, excluding Major 3PL relationship | 138,158 | 132,027 | 121,775 | ||||||||||
Major 3PL relationship | -- | 15,012 | 26,881 | ||||||||||
Total gross profit | 138,158 | 147,039 | 148,656 | ||||||||||
Directly allocatable expenses | 70,673 | 70,522 | 71,453 | ||||||||||
Net profit contribution | 67,485 | 76,517 | 77,203 | ||||||||||
Corporate support expenses | 41,173 | 47,523 | 50,492 | ||||||||||
Income before provision for income taxes | $ | 26,312 | $ | 28,994 | $ | 26,711 | |||||||
The Company also reviews 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, distributed antenna 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, and maintain 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 devices and accessory products 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 fiscal years 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||
March 30, | March 31, | April 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Base station infrastructure | $ | 252,983 | $ | 227,510 | $ | 196,611 | |||||||
Network systems | 89,411 | 78,989 | 75,150 | ||||||||||
Installation, test and maintenance | 45,343 | 47,766 | 44,507 | ||||||||||
Mobile device accessories | 172,350 | 398,300 | 417,122 | ||||||||||
Total revenues | 560,087 | 752,565 | 733,390 | ||||||||||
Gross Profit | |||||||||||||
Base station infrastructure | 69,451 | 65,472 | 61,767 | ||||||||||
Network systems | 16,040 | 14,887 | 15,817 | ||||||||||
Installation, test and maintenance | 10,286 | 11,151 | 10,365 | ||||||||||
Mobile device accessories | 42,381 | 55,529 | 60,707 | ||||||||||
Total gross profit | $ | 138,158 | $ | 147,039 | $ | 148,656 | |||||||
Stock_Buyback
Stock Buyback | 12 Months Ended |
Mar. 30, 2014 | |
Stock Buyback [Abstract] | ' |
Stock Buyback | ' |
Note 9. Stock Buyback | |
On April 28, 2003, the Company’s Board of Directors approved a stock buyback program. As of March 30, 2014, the Board of Directors has authorized the purchase of up to 3,593,350 shares of outstanding common stock under the buyback program. As of March 30, 2014, the Company had purchased 3,505,187 shares for approximately $30.7 million, or an average of $8.76 per share, though none were purchased in fiscal years 2014, 2013, or 2012. As of March 30, 2014, 88,163 shares remained available for repurchase under this program. | |
On April 23, 2014, however, the Board of Directors expanded the stock buyback program and authorized the purchase on a non-accelerated basis of up to $10 million of the Company’s stock over a 24-month period, ending in April 2016. 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. | |
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 fiscal years 2014, 2013, and 2012 the total value of shares withheld for taxes was $1,646,300, $2,161,900, and $1,888,000, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 10. Income Taxes | |||||||||||||
A reconciliation of the difference between the provision for income taxes computed at statutory rates and the provision for income taxes provided in the consolidated statements of comprehensive income is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.3 | 2.9 | 2.6 | ||||||||||
Non-deductible expenses | 0.7 | 0.5 | 0.5 | ||||||||||
Other | (0.8 | ) | 0.2 | 0.4 | |||||||||
Effective rate | 38.2 | % | 38.6 | % | 38.5 | % | |||||||
The provision for income taxes was comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: Current | $ | 9,252,800 | $ | 10,593,200 | $ | 8,598,000 | |||||||
Deferred | (396,500 | ) | (929,600 | ) | 612,500 | ||||||||
State: Current | 1,212,500 | 1,640,400 | 1,007,700 | ||||||||||
Deferred | (5,400 | ) | (103,500 | ) | 55,800 | ||||||||
Provision for income taxes | $ | 10,063,400 | $ | 11,200,500 | $ | 10,274,000 | |||||||
Total deferred tax assets and deferred tax liabilities as of March 30, 2014 and March 31, 2013, and the sources of the differences between financial accounting and tax basis of the Company's assets and liabilities which give rise to the deferred tax assets and liabilities are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | $ | 1,260,000 | $ | 1,448,900 | |||||||||
Accrued vacation | 428,700 | 435,400 | |||||||||||
Deferred rent | 886,800 | 1,070,000 | |||||||||||
Allowance for doubtful accounts | 374,300 | 448,800 | |||||||||||
Inventory reserves | 1,530,000 | 1,254,000 | |||||||||||
Sales tax reserves | 472,700 | 618,300 | |||||||||||
Other assets | 1,660,600 | 951,900 | |||||||||||
Total deferred tax assets | $ | 6,613,100 | $ | 6,227,300 | |||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | $ | 3,549,700 | $ | 3,373,100 | |||||||||
Prepaid expenses | 423,700 | 429,100 | |||||||||||
Other liabilities | 287,300 | 149,600 | |||||||||||
Total deferred tax liabilities | $ | 4,260,700 | $ | 3,951,800 | |||||||||
The Company has reviewed its deferred tax assets realization and has determined that no valuation allowance is required as of March 30, 2014 or March 31, 2013. | |||||||||||||
As of March 30, 2014, the gross amount of unrecognized tax benefits was $1,665,000 ($309,400 net of federal benefit). As of March 31, 2013, the Company had gross 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 comprehensive income for fiscal year 2014 was a benefit of $23,300 (net of federal benefit) and the cumulative amount included in the consolidated balance sheet as of March 30, 2014 was $295,500 (net of federal benefit). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of comprehensive income for fiscal year 2013 was $71,300 (net of federal benefit) and the total amount included in the consolidated balance sheet as of March 31, 2013 was $309,000 (net of federal benefit). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of comprehensive income for fiscal year 2012 was $33,500 (net of federal benefit) and the cumulative amount included in the consolidated balance sheet as of April 1, 2012 was $236,600 (net of federal benefit). | |||||||||||||
As of March 30, 2014, the total net amount of unrecognized tax benefits, inclusive of indirect tax benefits and deferred tax benefits was $309,400 and associated penalties and interest were $295,500. The net amount of $604,900, if recognized, would affect the effective tax rate. The Company’s unrecognized tax benefits increased by $1,189,000 during the three months ended March 30, 2014, due to its tax accounting method for certain accrued expenses. The Company’s unrecognized tax benefit will decrease by $1,189,000 and such amount will be reclassified to income taxes payable in the subsequent reporting period due to the Company filing an automatic change to its method of accounting for certain accrued expenses with the IRS during the first quarter of fiscal 2015. | |||||||||||||
A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts, net of interest, is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance of unrecognized tax benefit | $ | 631,100 | $ | 561,600 | $ | 453,800 | |||||||
Increases related to prior period tax positions | 1,189,000 | -- | -- | ||||||||||
Increases related to current period tax positions | 22,800 | 69,500 | 107,800 | ||||||||||
Reductions as a result of a lapse in the applicable statute of limitations | (177,900 | ) | -- | -- | |||||||||
Ending balance of unrecognized tax benefits | $ | 1,665,000 | $ | 631,100 | $ | 561,600 | |||||||
The Company files income tax returns in U.S. federal, state and local jurisdictions. Income tax returns filed for fiscal years 2008 and earlier are no longer subject to examination by U.S. federal, state and local tax authorities. No federal, state and local income tax returns are currently under examination, except for a Texas income tax audit for the 2008 and 2009 tax years. Certain income tax returns for fiscal years 2011 through 2013 remain open to examination by U.S. federal, state and local tax authorities. |
Retirement_Plans
Retirement Plans | 12 Months Ended |
Mar. 30, 2014 | |
Retirement Plans [Abstract] | ' |
Retirement Plans | ' |
Note 11. Retirement Plans | |
The Company has a 401(k) plan that covers all eligible employees. Contributions to the plan can be made by employees and the Company may make matching contributions at its discretion. Expense related to this matching contribution was $718,700, $610,700 and $505,900 during fiscal years 2014, 2013 and 2012, respectively. As of March 30, 2014 plan assets included 132,724 shares of common stock of the Company. | |
The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., Chairman, President and CEO of the Company. This plan is funded through life insurance policies for which the Company is the sole beneficiary. The cash surrender value of the life insurance policies and the net present value of the benefit obligation of approximately $1,491,300 and $822,200, respectively, as of March 30, 2014 and $1,282,200 and $983,300, respectively, as of March 31, 2013 are included in other long-term assets and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Note 12. 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 are 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 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings per share – Basic: | |||||||||||||
Net earnings | $ | 16,249 | $ | 17,794 | $ | 16,437 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (134 | ) | (200 | ) | (239 | ) | |||||||
Earnings available to common shareholders – Basic | $ | 16,115 | $ | 17,594 | $ | 16,198 | |||||||
Weighted average common shares outstanding – Basic | 8,134 | 7,929 | 7,639 | ||||||||||
Earnings per common share – Basic | $ | 1.98 | $ | 2.22 | $ | 2.12 | |||||||
Earnings per share – Diluted: | |||||||||||||
Net earnings | $ | 16,249 | $ | 17,794 | $ | 16,437 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (132 | ) | (197 | ) | (231 | ) | |||||||
Earnings available to common shareholders – Diluted | $ | 16,117 | $ | 17,597 | $ | 16,206 | |||||||
Weighted average common shares outstanding – Basic | 8,134 | 7,929 | 7,639 | ||||||||||
Effect of dilutive options | 192 | 271 | 356 | ||||||||||
Weighted average common shares outstanding – Diluted | 8,326 | 8,200 | 7,995 | ||||||||||
Earnings per common share – Diluted | $ | 1.94 | $ | 2.15 | $ | 2.03 | |||||||
There were no stock options with respect to shares of common stock outstanding as of March 30, 2014, March 31, 2013, or April 1, 2012. There were no anti-dilutive stock options, Performance Stock Units or Restricted Stock then outstanding. The remaining stock options, Performance Stock Units and Restricted Stock then outstanding were dilutive and therefore included in the computation of dilutive earnings per share. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
Note 13. Stock‑Based Compensation | |||||||||||||||||||||||||
The Company’s selling, general and administrative expenses for the fiscal years ended March 30, 2014, March 31, 2013 and April 1, 2012 includes $2,087,100, $2,536,800 and $2,928,200, respectively, of stock compensation expense. Provision for income taxes for the fiscal years ended March 30, 2014, March 31, 2013 and April 1, 2012 includes $797,300, $979,800 and $1,127,400, respectively, of income tax benefits related to our stock-based compensation arrangements. Stock compensation expense is primarily related to our Performance Stock Unit Program as described below. | |||||||||||||||||||||||||
The Company’s stock incentive plan is the Second Amended and Restated 1994 Stock and Incentive Plan (the 1994 Plan). On July 21, 2011, the Company’s shareholders approved an amendment to the 1994 Plan increasing the number of shares of common stock available for the grant of awards by 690,000 shares, from 2,638,125 to an aggregate of 3,553,125 shares of the Company's common stock. As of March 30, 2014, 461,089 shares were available for issue in respect of future awards under the 1994 Plan. Subsequent to the Company’s 2014 fiscal year end, on May 8, 2014, based on fiscal 2014 results, 49,979 shares related to Performance Stock Units (PSUs) were canceled, and as a result, these shares were made available for future grants. Also in May 2014, additional PSUs and restricted stock awards were issued providing recipients with the opportunity to earn up to 91,000 and 10,000 additional shares, respectively of the Company’s common Stock in aggregate. Accordingly, as of May 8, 2014, an aggregate of 410,068 shares were available for issue pursuant to future awards. | |||||||||||||||||||||||||
On July 21, 2011, the Company’s shareholders also approved an amendment to extend the date through which awards may be granted under the 1994 Plan from July 22, 2014 to July 21, 2016. No additional awards can be made under the 1994 Plan after July 21, 2016, without shareholder approval of an extension of the plan term. Options, restricted stock and PSU awards have been granted as awards under the 1994 Plan. Shares which are subject to outstanding PSU or other awards under the 1994 Plan, and which are not earned, are returned to the 1994 Plan and become available for future issuance in accordance with and otherwise subject to the terms of the 1994 Plan. | |||||||||||||||||||||||||
Performance Stock Units: Beginning in fiscal year 2005, the Company’s equity-based compensation philosophy and practice shifted away from awarding stock options to granting performance-based and time-vested stock grants. Accordingly, in April 2004, the Company’s Board of Directors established a Performance Stock Unit (PSU) Award Program under the 1994 Plan. Under the program, PSUs have been granted to selected individuals. Each PSU entitles the participant to earn TESSCO common stock, but only after earnings per share and, for non-director employee participants, individual performance targets are met over a defined performance cycle. Performance cycles, which are fixed for each grant at the date of grant, are one year. Once earned, shares vest and are issued over a specified period of time determined at the time of the grant, provided that the participant remains employed by or associated with the Company at the time of share issuance. Earnings per share targets, which take into account the earnings impact of this program, are set by the Board of Directors in advance for the complete performance cycle at levels designed to grow shareowner value. If actual performance does not reach the minimum annual or threshold targets, no shares are issued. In accordance with the FASB standard on stock compensation, the Company records compensation expense on its PSUs over the service period, based on the number of shares management estimates will ultimately be issued. Accordingly, the Company determines the periodic financial statement compensation expense based upon the stock price at the PSU grant date, net of the present value of dividends expected to be paid on TESSCO common stock before the PSU vests, management’s projections of future EPS performance over the performance cycle, and the resulting amount of estimated share issuances, net of estimated forfeitures. The Company estimated the forfeiture rate primarily based on historical experience and expectations of future forfeitures. The Company’s calculated estimated forfeiture rate is less than 1%. | |||||||||||||||||||||||||
The following table summarizes the activity under the Company’s PSU program for fiscal years 2014, 2013 and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Weighted- Average Fair Value at Grant | Shares | Weighted- Average Fair Value at Grant | Shares | Weighted-Average Fair Value at Grant | ||||||||||||||||||||
Outstanding, non-vested beginning of period | 455,979 | $ | 12.77 | 604,844 | $ | 9.81 | 696,089 | $ | 10.15 | ||||||||||||||||
Granted | 112,000 | 19.91 | 156,200 | 19.31 | 260,000 | 10.97 | |||||||||||||||||||
Vested | (199,066 | ) | 10.22 | (288,765 | ) | 8.64 | (201,546 | ) | 8.2 | ||||||||||||||||
Forfeited/canceled | (51,786 | ) | 18.47 | (16,300 | ) | 17.69 | (149,699 | ) | 15.55 | ||||||||||||||||
Outstanding, non-vested end of period | 317,127 | $ | 15.96 | 455,979 | $ | 12.77 | 604,844 | $ | 9.81 | ||||||||||||||||
As of March 30, 2014, there was approximately $1.0 million of total unrecognized compensation cost, net of forfeitures, related to PSUs. These costs are expected to be recognized over a weighted average period of 2.4 years. Total fair value of shares vested during fiscal years 2014, 2013 and 2012 was $4,531,700, $6,304,300 and $2,191,500, respectively. | |||||||||||||||||||||||||
Of the 51,786 PSUs canceled during fiscal 2014, 35,127 related to the fiscal 2013 grant of PSUs and were canceled in April 2013. The PSUs were canceled because the applicable fiscal 2013 performance targets were not fully satisfied. The remaining 16,659 shares were forfeited due to employee departures during fiscal year 2014. Per the provisions of the 1994 Plan, the shares related to these forfeited and canceled PSUs were added back to the 1994 Plan and became available for future issuance. | |||||||||||||||||||||||||
Of the outstanding PSUs covering 317,127 non-vested shares, PSUs covering 49,979 shares were canceled in May 2014, based on fiscal year 2014 activity. These PSUs were canceled primarily because individual performance targets for certain non-director employee participants did not fully reach the target performance set forth in the PSU grants for fiscal year 2014. The remaining 267,148 shares have been earned based on past performance, but not yet vested as of March 30, 2014. Assuming the respective participants remain employed by or affiliated with the Company on these dates, these shares will vest and be paid on or about May 1 of 2014, 2015, 2016 and 2017, as follows: | |||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||
2014 | 120,159 | ||||||||||||||||||||||||
2015 | 93,410 | ||||||||||||||||||||||||
2016 | 39,582 | ||||||||||||||||||||||||
2017 | 13,997 | ||||||||||||||||||||||||
267,148 | |||||||||||||||||||||||||
Subsequent to the Company’s 2014 fiscal year end, on May 8, 2014, the Compensation Committee, with the concurrence of the full Board of Directors, granted additional PSUs to selected key employees, providing them with the opportunity to earn up to 91,000 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 individual performance metrics are satisfied in fiscal year 2015. These PSUs have only one measurement year (fiscal year 2015), with any shares earned at the end of fiscal year 2015 to vest 25% on or about each of May 1 of 2015, 2016, 2017 and 2018, provided that the participant remains employed by or affiliated with the Company on each such date. | |||||||||||||||||||||||||
Stock Options: In accordance with the FASB standard on stock compensation, the fair value of the Company’s stock options have been determined using the Black-Scholes-Merton option pricing model, based upon facts and assumptions existing at the date of grant. Stock options granted have exercise prices equal to the market price of the Company’s common stock on the grant date. | |||||||||||||||||||||||||
The value of each option at the date of grant is amortized as compensation expense over the option service period. This occurs without regard to subsequent changes in stock price, volatility or interest rates over time, provided that the option remains outstanding. | |||||||||||||||||||||||||
There were no options granted during fiscal years 2014, 2013 and 2012. There were no options exercised during fiscal 2014 or 2013. The total intrinsic value of options exercised during fiscal years 2012 was $2,087,800. | |||||||||||||||||||||||||
As of March 30, 2014, there was no unrecognized compensation costs related to stock options. | |||||||||||||||||||||||||
Restricted Stock: During the second quarter of fiscal year 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 vest ratably over ten fiscal years based on service, beginning on the last day of fiscal year 2007 and ending on the last day of fiscal year 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 weighted average fair value for these shares at the grant date was $10.56. On both March 30, 2014 and March 31, 2013, 22,500 shares of restricted stock were released and vested. As of March 30, 2014, there were 45,000 unvested shares and approximately $0.5 million of total unrecognized compensation costs related to restricted stock. Unrecognized compensation costs related to this award are expected to be recognized ratably over a period of approximately two years. | |||||||||||||||||||||||||
On April 25, 2011, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 36,000 restricted stock awards 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 vesting schedule. These restricted stock awards will vest and be issued 25% on or about each of May 1 of 2012, 2013, 2014 and 2015, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. As of March 30, 2014, there was approximately $0.1 million of total unrecognized compensation costs related to restricted stock. Unrecognized compensation costs related to this award are expected to be recognized ratably over a period of approximately one year. | |||||||||||||||||||||||||
On May 3, 2012, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 20,100 restricted stock awards 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 vesting schedule. These restricted stock awards will vest and be issued 25% on or about each of May 1 of 2013, 2014, 2015 and 2016, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. As of March 30, 2014, there was approximately $0.2 million of total unrecognized compensation costs related to restricted stock. Unrecognized compensation costs related to this award are expected to be recognized ratably over a period of approximately two years. | |||||||||||||||||||||||||
On May 14, 2013, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 15,000 restricted stock awards to the non-employee directors of the Company with the exception of Daniel Okrent who retired from the Board of Directors in July 2013. These awards provide for the issuance of shares of the Company’s common stock in accordance with a vesting schedule. These restricted stock awards will vest and be issued 25% on or about each of May 1 of 2014, 2015, 2016 and 2017, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. As of March 30, 2014, there was approximately $0.2 million of total unrecognized compensation costs related to restricted stock. Unrecognized compensation costs related to this award are expected to be recognized ratably over a period of approximately three years. | |||||||||||||||||||||||||
Subsequent to the Company’s 2014 fiscal year end, on May 8, 2014, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 10,000 restricted stock awards to non-employee directors of the Company. These awards provide for the issuance of shares of the Company’s common stock in accordance with a vesting schedule. These restricted stock awards will vest and be issued 25% on or about each of May 1 of 2015, 2016, 2017 and 2018, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. | |||||||||||||||||||||||||
Compensation expense on restricted stock is measured using the grant date price, net of the present value of dividends expected to be paid on TESSCO common stock before the RSU vests. | |||||||||||||||||||||||||
Team Member Stock Purchase Plan: During fiscal year 2000, the Company adopted the Team Member Stock Purchase Plan. This plan permits eligible employees to purchase up to an aggregate of 450,000 shares of the Company's common stock at 85% of the lower of the market price on the first day of a six-month period or the market price on the last day of that same six-month period. The Company's expenses relating to this plan are for its administration and expense associated with the fair value of this benefit in accordance with the FASB standard on employee share purchase plans. Expenses incurred for the Team Member Stock Purchase Plan during the fiscal years ended March 30, 2014, March 31, 2013 and April 1, 2012 related to the FASB standard were $68,400, $59,400 and $47,800, respectively. During the fiscal years ended March 30, 2014, March 31, 2013 and April 1, 2012, 9,604, 11,009 and 12,503 shares were sold to employees under this plan, having a weighted average market value of $22.21, $15.80 and $11.18, respectively. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 14. 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. | ||||||||||||||||
As of March 30, 2014 and March 31, 2013, the Company has no assets or liabilities recorded at fair value. | |||||||||||||||||
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 March 30, 2014 and March 31, 2013 due to their short term nature. | |||||||||||||||||
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 March 30, 2014 and March 31, 2013 is estimated as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Note payable to a Bank | $ | 2,325,000 | $ | 2,200,500 | $ | 2,550,000 | $ | 2,361,500 | |||||||||
Note payable to Baltimore County | $ | 133,400 | $ | 124,400 | $ | 158,000 | $ | 145,300 | |||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended |
Mar. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ' |
Supplemental Cash Flow Information | ' |
Note 15. Supplemental Cash Flow Information | |
Cash paid for income taxes net of refunds, for fiscal years 2014, 2013, and 2012 totaled $8,355,900, $11,847,300 and $8,191,500, respectively. Cash paid for interest during fiscal years 2014, 2013 and 2012 total $198,400, $208,300 and $311,500, respectively. No interest was capitalized during fiscal years 2014, 2013, and 2012. | |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended |
Mar. 30, 2014 | |
Concentration of Risk [Abstract] | ' |
Concentration of Risk | ' |
Note 16. Concentration of Risk | |
Sales to customers and purchases from vendors are largely governed by individual sales or purchase orders, so there is no guarantee of future business. In some cases, the Company has more formal agreements with significant customers or vendors, but they are largely administrative in nature and are terminable by either party upon several months or otherwise short notice and they typically contain no obligation to make purchases from TESSCO. In the event a significant customer decides to make its purchases from another source, experiences a significant change in demand internally or from its own customer base, becomes financially unstable, or is acquired by another company, the Company’s ability to generate revenues from these customers may be significantly affected, resulting in an adverse effect on its financial position and results of operations. | |
The Company is dependent on third-party equipment manufacturers, distributors and dealers for all of its supply of wireless communications equipment. For fiscal years 2014, 2013 and 2012, sales of products purchased from the Company's top ten vendors accounted for 43%, 42% and 43% of total revenues, respectively. In fiscal year 2014, sales of product purchased from the Company’s largest vendor, CommScope Inc., accounted for approximately 16% of revenue. In fiscal years 2013 and 2012, sales of product purchased from the Company’s largest vendor, Otter Products LLC, a significant portion of which were sold to the Company’s former largest customer AT&T Mobility, accounted for approximately 9% and 17% of total revenues, respectively. The Company is dependent on the ability of its vendors to provide products on a timely basis and on favorable pricing terms. Although the Company believes that alternative sources of supply are available for many of the product types it carries, the loss of certain principal suppliers, or the loss of one or more of certain ongoing affinity relationships, could have a material adverse effect on the Company. | |
As noted, the Company's future results could also be negatively impacted by the loss of certain customers, and/or vendor relationships. For fiscal years 2014, 2013 and 2012, sales of products to the Company's top ten customer relationships accounted for 19%, 39% and 45% of total revenues, respectively. No customer accounted for more than 5% of total revenues in fiscal 2014. In fiscal years 2013 and 2012, sales to the Company’s former top customer relationship, AT&T Mobility, accounted for approximately 30% and 36% of total revenues, respectively. | |
In April 2012, the Company was notified by AT&T of their intention to transition their third party logistics retail store supply chain business away from TESSCO beginning in the second quarter of our fiscal 2013. This business fully transitioned as of the close of fiscal 2013. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||||||||||||||||||
Note 17. Quarterly Results of Operations (Unaudited) | |||||||||||||||||||||||||||||||||
Summarized quarterly financial data for the fiscal years ended March 30, 2014 and March 31, 2013 is presented in the table below: | |||||||||||||||||||||||||||||||||
Fiscal Year 2014 Quarters Ended | Fiscal Year 2013 Quarters Ended | ||||||||||||||||||||||||||||||||
Mar. 30, | Dec. 29, | Sept. 29, | Jun. 30, | Mar. 31, | Dec. 30, | Sept. 30, | Jul. 1, | ||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||||||||||||||||||
Revenues | $ | 124,536,600 | $ | 144,915,200 | $ | 146,526,000 | $ | 144,108,800 | $ | 158,449,800 | $ | 204,458,700 | $ | 197,238,300 | $ | 192,418,200 | |||||||||||||||||
Cost of goods sold | 94,451,800 | 108,772,800 | 110,033,200 | 108,670,900 | 124,498,600 | 165,488,900 | 158,613,300 | 156,925,000 | |||||||||||||||||||||||||
Gross profit | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 33,951,200 | 38,969,800 | 38,625,000 | 35,493,200 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | 29,144,900 | 30,226,300 | 29,887,000 | 28,562,400 | |||||||||||||||||||||||||
Income from operations | 4,769,100 | 7,167,600 | 7,589,400 | 6,963,800 | 4,806,300 | 8,743,500 | 8,738,000 | 6,930,800 | |||||||||||||||||||||||||
Interest, net | 18,300 | 37,800 | 67,000 | 54,600 | 141,100 | 13,700 | 12,000 | 57,400 | |||||||||||||||||||||||||
Income before provision for income taxes | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | 4,665,200 | 8,729,800 | 8,726,000 | 6,873,400 | |||||||||||||||||||||||||
Provision income taxes | 1,795,500 | 2,709,300 | 2,941,300 | 2,617,000 | 1,745,400 | 3,331,100 | 3,457,100 | 2,666,900 | |||||||||||||||||||||||||
Net income | $ | 2,955,300 | $ | 4,420,500 | $ | 4,581,100 | $ | 4,292,200 | $ | 2,919,800 | $ | 5,398,700 | $ | 5,268,900 | $ | 4,206,500 | |||||||||||||||||
Diluted earnings per share | $ | 0.35 | $ | 0.53 | $ | 0.55 | $ | 0.51 | $ | 0.35 | $ | 0.65 | $ | 0.64 | $ | 0.51 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.2 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.93 | $ | 0.18 | $ | 0.18 | |||||||||||||||||
Comprehensive income | $ | 2,955,300 | $ | 4,420,500 | $ | 4,581,100 | $ | 4,292,200 | $ | 2,919,800 | $ | 5,398,700 | $ | 5,268,900 | $ | 4,206,500 | |||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 18. Subsequent Events | |
On April 23, 2014, the Board of Directors expanded the Company’s existing stock buyback program. The Board has authorized the purchase on a non-accelerated basis of up to $10 million of TESSCO stock over a 24-month period, ending in April 2016. 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. Any purchases will be funded from working capital and/or the Company’s credit facility. The actual number of shares to be repurchased, if any, remains to be determined. | |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Schedule II - Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||
Schedule II: Valuation and Qualifying Accounts | |||||||||||||
For the fiscal years ended: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance, beginning of period | $ | 1,274,700 | $ | 998,800 | $ | 1,616,500 | |||||||
Provision for bad debts | 202,000 | 1,197,300 | 458,700 | ||||||||||
Write-offs and other adjustments | (396,400 | ) | (921,400 | ) | (1,076,400 | ) | |||||||
Balance, end of period | $ | 1,080,300 | $ | 1,274,700 | $ | 998,800 | |||||||
2014 | 2013 | 2012 | |||||||||||
Inventory Reserve: | |||||||||||||
Balance, beginning of period | $ | 3,336,700 | $ | 3,268,900 | $ | 4,183,200 | |||||||
Inventory reserve expense | 1,428,100 | 2,581,200 | 3,494,800 | ||||||||||
Write-offs and other adjustments | (678,700 | ) | (2,513,400 | ) | (4,409,100 | ) | |||||||
Balance, end of period | $ | 4,086,100 | $ | 3,336,700 | $ | 3,268,900 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Mar. 30, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Fiscal Year | ' | |
Fiscal Year | ||
The Company's fiscal year is the 52 or 53 weeks ending on the Sunday falling on or between March 26 and April 1 to allow the financial year to better reflect the Company's natural weekly accounting and business cycle. The fiscal year ended April 1, 2012 contains 53 weeks, while the fiscal years ended March 30, 2014 and March 31, 2013 contain 52 weeks. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash and highly liquid investments with an original maturity of 90 days or less. | ||
Allowance for Doubtful Accounts | ' | |
Allowance for Doubtful Accounts | ||
The Company uses estimates to determine the amount of the allowance for doubtful accounts necessary to reduce accounts receivable to their expected net realizable value. The Company estimates the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends and current economic conditions. Actual collection experience has not varied significantly from estimates, due primarily to consistent credit policies, collection experience, as well as the Company’s stability as it relates to its current customer base. Typical payments from a large majority of commercial customers are due 30 days from the date of the invoice. The Company charges-off receivables deemed to be uncollectible to the allowance for doubtful accounts. Accounts receivable balances are not collateralized. | ||
Product Inventory | ' | |
Product Inventory | ||
Product inventory, consisting primarily of finished goods, is stated at the lower of cost or market, cost being determined on the first-in, first-out (“FIFO”) method and includes certain charges directly and indirectly incurred in bringing product inventories to the point of sale. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value, based upon specifically known inventory-related risks (such as technological obsolescence and the nature of vendor terms surrounding price protection and product returns), and assumptions about future demand. At fiscal year-end 2014 and 2013, the Company has a reserve for excess and/or obsolete inventory of $4,086,100 and $3,336,700, respectively. | ||
Property and Equipment | ' | |
Property and Equipment | ||
Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | ||
Useful lives | ||
Information technology equipment and software | 1‑5 years | |
Configuration, Fulfillment and Delivery technology system | 7 years | |
Furniture, telephone system, equipment and tooling | 3‑10 years | |
Building, building improvements and leasehold improvements | 2‑40 years | |
The Configuration, Fulfillment and Delivery (CFD) technology system, which is still in use, was initially implemented during fiscal year 2005 and is a major automated materials-handling system that is integrated with the Company’s product planning and procurement system. This original CFD system has an estimated useful life that is longer than the Company’s other software assets, and thus, the Company depreciated the system over a seven-year life. As of March 30, 2014 the original CFD system was fully depreciated. | ||
The Company capitalizes computer software costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and when management authorizes and commits to funding the project and it is probable that the project will be completed. Development and acquisition costs are capitalized when the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Capitalization ceases when the software project is substantially complete and ready for its intended use. | ||
Leasehold improvements are amortized over the shorter of their useful lives or the remaining lease term. | ||
Impairment of Long-Lived Assets | ' | |
Impairment of Long-Lived Assets | ||
Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. | ||
Assets to be disposed of are reported at the lower of carrying value or fair values, less estimated costs of disposal. | ||
Goodwill and Other Intangible Assets | ' | |
Goodwill and Other Intangible Assets | ||
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts and indefinite lived intangible assets are not amortized, but rather are tested for impairment at least annually or whenever an impairment indicator is identified. The Company performs its annual impairment test on the first day of its fourth quarter. Intangible assets that are not considered to have an indefinite useful life are amortized over their useful life of 4 to 6 years using the straight-line method. Intangible assets other than goodwill are recorded within other long-term assets in the Company’s Consolidated Balance Sheets. The goodwill impairment test involves an initial qualitative analysis to determine if it is more likely than not that an intangible asset’s fair value is less than its carrying amount. If qualitative factors suggest a possible impairment the company then performs an additional two-step approach. Under the first step, the Company determines the fair value of each reporting unit to which goodwill has been assigned. The Company then compares the fair value of each reporting unit to its carrying value, including goodwill. The Company estimates the fair value of each reporting unit using various valuation techniques, with the primary technique being a discounted cash flow or income approach, under which the Company estimates the present value of the reporting unit’s future cash flows. Key assumptions used to determine the present value of a reporting unit’s future cash flows in fiscal year 2014 include (a) a cash flow period; (b) a terminal value based on a growth rate; and (c) a discount rate, which is based on the Company’s weighted average cost of capital adjusted for risks associated with our operations. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is considered potentially impaired and the second step is completed in order to measure the impairment loss. Under the second step, the Company calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets, including any unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit as determined in the first step. The Company then compares the implied fair value of goodwill to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company recognizes an impairment loss equal to the difference. | ||
The indefinite lived intangible asset impairment test requires the determination of the fair value of the intangible asset. If the fair value of the intangible asset is less than its carrying value, an impairment loss is recognized for an amount equal to the difference. The intangible asset is then carried at its new fair value. Fair value is determined using estimates of discounted cash flows. These estimates of discounted cash flows will likely change over time as impairment tests are performed. Estimates of fair value are also adversely affected by increases in interest rates and the applicable discount rate. | ||
Based on the Company’s qualitative and/or impairment testing performed, the Company did not recognize an impairment loss on goodwill or other indefinite lived intangible assets in fiscal years 2014, 2013 or 2012. | ||
The methods of assessing fair value for reporting units with goodwill as well as for indefinite lived assets require significant judgments to be made by management, including future revenues, expenses, cash flows and discount rates. Changes in such estimates or the application of alternative assumptions could produce significantly different results. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
The Company records revenues when 1) persuasive evidence of an arrangement exists, 2) delivery has occurred or services have been rendered, 3) price to the buyer is fixed and determinable, and 4) collectability is reasonably assured. The Company’s revenue recognition policy includes evidence of arrangements for significant revenue transactions through either receipt of a customer purchase order or a web-based order. The Company records revenues when risk of loss has passed to the customer. In most cases, shipments are made using FOB shipping terms. FOB destination terms are used for a portion of sales, and revenue for these sales is recorded when the product is received by the customer. Prices are always fixed at the time of sale. Historically, there have not been any material concessions provided to or by customers, future discounts, or other incentives subsequent to a sale. The Company sells under normal commercial terms and, therefore, only records sales on transactions where collectability is reasonably assured. The Company recognizes revenues net of sales tax. | ||
Because the Company’s sales transactions meet the conditions set forth in the FASB standard on revenue recognition, it recognizes revenues from sales transactions containing sales returns provisions at the time of the sale. These conditions require that 1) the price be substantially fixed and determinable at the date of sale, 2) the buyer is obligated to pay, and is not contingent on their resale of the product, 3) the buyer’s obligation to the Company does not change in the event of theft or physical destruction or damage of the product, 4) the buyer has economic substance apart from the Company, 5) the Company does not have significant obligations for future performance to directly bring about resale of the product by the buyer, and 6) the amount of future returns can be reasonably estimated. Because the Company’s normal terms and conditions of sale are consistent with conditions 1-5 above, and the Company is able to perform condition 6, it makes a reasonable estimate of product returns in sales transactions and accrues a sales return reserve based on this estimate. | ||
Certain companies have turned to TESSCO to implement supply chain solutions, including purchasing inventory, assisting in demand forecasting, configuring, packaging, kitting and delivering products and managing customer and vendor relations, from order taking through cash collections. In performing these solutions, the Company assumes varying levels of involvement in the transactions and varying levels of credit and inventory risk. As the Company’s solutions offerings continually evolve to meet the needs of its customers, the Company constantly evaluates its revenue accounting based on the guidance set forth in accounting standards generally accepted in the United States. When applying this guidance in accordance with the FASB standard regarding revenue recognition for principal-agent considerations, the Company looks at the following indicators: whether it is the primary obligor in the transaction; whether it has general inventory risk; whether it has latitude in establishing price; the extent to which it changes the product or performs part of the service; whether it has discretion in supplier selection; whether it is involved in the determination of product and service specifications; whether it has physical inventory risk; whether it has credit risk; and whether the amount it earns is fixed. Each of the Company’s customer relationships is independently evaluated based on the above guidance and revenues are recorded on the appropriate basis. Based on a review of the factors above, in the majority of the Company’s sales relationships, the Company has concluded that it is the principal in the transaction and records revenues based upon the gross amounts earned and booked. However, the Company has several relationships where it is not the principal and records revenues on a net fee basis, regardless of amounts billed (approximately 2% of total revenues for fiscal 2014). If applying this revenue recognition guidance resulted in recording revenues on a different basis from which the Company has previously concluded, or if the factors above change significantly, revenues could increase or decrease; however, gross profit and net income would remain constant. | ||
Service revenue associated with training and other services is recognized when the training or work is complete and the four criteria discussed above have been met. Service revenues have represented less than 1% of total revenues for fiscal years 2014, 2013 and 2012. | ||
Other than sales relating to the Company’s private brands, we offer no product warranties in excess of original equipment manufacturers’ warranties. The Company’s warranty expense is estimated and accrued at the time of sale. Warranty expense was immaterial for fiscal years 2014, 2013 and 2012. | ||
Vendor Programs | ' | |
Vendor Programs | ||
Funds received from vendors for price protection, product rebates and marketing/promotion are recorded in accordance with ASC 605. | ||
Classification of Expenses | ' | |
Classification of Expenses | ||
Cost of goods sold includes cost of products and freight from vendors to our distribution centers. Product management, distribution, purchasing, receiving/inspection, warehousing, freight from our distribution centers to our customers’ sites, and corporate overhead costs are included in selling, general and administrative expenses. Certain selling, general and administrative expenses related to direct and indirect labor and certain freight-in expenses are included in inventory. As of March 30, 2014 and March 31, 2013, the amount of selling, general and administrative expenses and freight in expenses included in inventory was $2,261,500 and $1,839,000, respectively. | ||
Shipping and Handling Costs | ' | |
Shipping and Handling Costs | ||
Shipping costs incurred to ship products from our distribution centers to our customers’ sites are included in selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and totaled $13,364,600, $13,674,300, and $13,325,100 for fiscal years ended March 30, 2014, March 31, 2013 and April 1, 2012, respectively. | ||
Stock Compensation Awards Granted to Team Members | ' | |
Stock Compensation Awards Granted to Team Members | ||
The Company records stock compensation awards in accordance with the FASB standard regarding stock compensation and share-based payments, which requires the Company to include in its calculation of periodic stock compensation expense an estimate of future forfeitures. The standard also requires stock awards granted or modified after the adoption of the standard that include both performance conditions and graded vesting based on service to the Company to be amortized by an accelerated method rather than the straight-line method. | ||
Income Taxes | ' | |
Income Taxes | ||
The Company accounts for income taxes under the asset and liability method. Under this method, deferred income tax assets and liabilities arise from differences between the tax basis of assets or liabilities and their reported amounts in the financial statements. Deferred tax balances are determined by using the enacted tax rate to be in effect when the taxes are paid or refunds received. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
In accordance with the FASB standard on accounting for uncertainty in income tax, the Company recognizes a provision for tax uncertainties in its financial statements. See Note 10 for further discussion of the standard and its impact on the Company’s consolidated financial statements. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company reviews and evaluates its estimates and assumptions, including but not limited to, those that relate to tax reserves, stock-based compensation, accounts receivable reserves, inventory reserves and future cash flows associated with impairment testing for goodwill and other long-lived assets. Actual results could significantly differ from those estimates. | ||
Impact of Recently Issued Accounting Standards | ' | |
Impact of Recently Issued Accounting Standards | ||
There have been no recent accounting pronouncements that have or are expected to affect the Company in a material way. We continue to monitor new pronouncements to determine their affect, if any, on our financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Mar. 30, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Property and Equipment Useful Life | ' | |
Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | ||
Useful lives | ||
Information technology equipment and software | 1‑5 years | |
Configuration, Fulfillment and Delivery technology system | 7 years | |
Furniture, telephone system, equipment and tooling | 3‑10 years | |
Building, building improvements and leasehold improvements | 2‑40 years | |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment, excluding land, is depreciated using the straight-line method, and is summarized as follows: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 4,740,800 | $ | 4,740,800 | |||||
Building, building improvements and leasehold improvements | 21,202,400 | 21,147,600 | |||||||
Information technology equipment and computer software | 24,625,800 | 21,226,200 | |||||||
Furniture, telephone system, equipment and tooling | 7,734,000 | 7,716,200 | |||||||
58,303,000 | 54,830,800 | ||||||||
Less accumulated depreciation and amortization | (35,537,600 | ) | (31,628,800 | ) | |||||
Property and equipment, net | $ | 22,765,400 | $ | 23,202,000 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||
Other Intangible Assets Included in Other Long-Term Assets | ' | ||||||||||||||||
Other intangible assets, which are included in other long-term assets on the accompanying Consolidated Balance Sheets as of March 30, 2014 and March 31, 2013 and are summarized as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer contracts | $ | 696,100 | $ | 696,100 | $ | 696,100 | $ | 687,500 | |||||||||
Covenants not to compete | 377,600 | 377,600 | 377,600 | 373,900 | |||||||||||||
Other | 878,500 | 878,500 | 878,500 | 878,500 | |||||||||||||
1,952,200 | 1,952,200 | 1,952,200 | 1,939,900 | ||||||||||||||
Unamortized intangible assets: | |||||||||||||||||
Trademarks | 850,000 | -- | 850,000 | -- | |||||||||||||
Total other intangible assets | $ | 2,802,200 | $ | 1,952,200 | $ | 2,802,200 | $ | 1,939,900 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||
Mar. 30, 2014 | |||||
Long-Term Debt [Abstract] | ' | ||||
Scheduled Annual Maturities of Long-Term Debt | ' | ||||
As of March 30, 2014, scheduled annual maturities of long-term debt are as follows: | |||||
Fiscal year: | |||||
2015 | $ | 250,200 | |||
2016 | 250,600 | ||||
2017 | 1,901,300 | ||||
2018 | 26,700 | ||||
2019 | 29,600 | ||||
Thereafter | -- | ||||
$ | 2,458,400 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 30, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Minimum Future Obligations Under Operating Leases | ' | ||||
The Company’s minimum future obligations as of March 30, 2014 under existing operating leases are as follows: | |||||
Fiscal year: | |||||
2015 | $ | 2,981,900 | |||
2016 | 2,957,900 | ||||
2017 | 2,958,200 | ||||
2018 | 2,010,100 | ||||
2019 | 118,500 | ||||
Thereafter | -- | ||||
$ | 11,026,600 |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Business Segments [Abstract] | ' | ||||||||||||
Revenue Information by Market | ' | ||||||||||||
Market activity for the fiscal years ended 2014, 2013 and 2012 is as follows (in thousands): | |||||||||||||
March 30, | March 31, | April 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Public Carriers, Contractors & Program Managers | $ | 149,196 | $ | 111,146 | $ | 73,824 | |||||||
Private & Government System Operators | 115,316 | 121,313 | 129,129 | ||||||||||
Commercial Dealers & Resellers | 140,552 | 138,737 | 125,431 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 155,023 | 167,895 | 153,803 | ||||||||||
Revenue, excluding Major 3PL relationship | 560,087 | 539,091 | 482,187 | ||||||||||
Major 3PL relationship | -- | 213,474 | 251,203 | ||||||||||
Total revenues | 560,087 | 752,565 | 733,390 | ||||||||||
Gross Profit | |||||||||||||
Public Carriers, Contractors & Program Managers | 31,013 | 24,183 | 17,101 | ||||||||||
Private & Government System Operators | 31,607 | 33,596 | 35,860 | ||||||||||
Commercial Dealers & Resellers | 39,396 | 38,345 | 35,393 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 36,142 | 35,903 | 33,421 | ||||||||||
Gross profit, excluding Major 3PL relationship | 138,158 | 132,027 | 121,775 | ||||||||||
Major 3PL relationship | -- | 15,012 | 26,881 | ||||||||||
Total gross profit | 138,158 | 147,039 | 148,656 | ||||||||||
Directly allocatable expenses | 70,673 | 70,522 | 71,453 | ||||||||||
Net profit contribution | 67,485 | 76,517 | 77,203 | ||||||||||
Corporate support expenses | 41,173 | 47,523 | 50,492 | ||||||||||
Income before provision for income taxes | $ | 26,312 | $ | 28,994 | $ | 26,711 | |||||||
Revenue Information by Product | ' | ||||||||||||
Supplemental revenue and gross profit information by product category for the fiscal years 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||
March 30, | March 31, | April 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Base station infrastructure | $ | 252,983 | $ | 227,510 | $ | 196,611 | |||||||
Network systems | 89,411 | 78,989 | 75,150 | ||||||||||
Installation, test and maintenance | 45,343 | 47,766 | 44,507 | ||||||||||
Mobile device accessories | 172,350 | 398,300 | 417,122 | ||||||||||
Total revenues | 560,087 | 752,565 | 733,390 | ||||||||||
Gross Profit | |||||||||||||
Base station infrastructure | 69,451 | 65,472 | 61,767 | ||||||||||
Network systems | 16,040 | 14,887 | 15,817 | ||||||||||
Installation, test and maintenance | 10,286 | 11,151 | 10,365 | ||||||||||
Mobile device accessories | 42,381 | 55,529 | 60,707 | ||||||||||
Total gross profit | $ | 138,158 | $ | 147,039 | $ | 148,656 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of the difference between the provision for income taxes computed at statutory rates and the provision for income taxes provided in the consolidated statements of comprehensive income is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.3 | 2.9 | 2.6 | ||||||||||
Non-deductible expenses | 0.7 | 0.5 | 0.5 | ||||||||||
Other | (0.8 | ) | 0.2 | 0.4 | |||||||||
Effective rate | 38.2 | % | 38.6 | % | 38.5 | % | |||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes was comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: Current | $ | 9,252,800 | $ | 10,593,200 | $ | 8,598,000 | |||||||
Deferred | (396,500 | ) | (929,600 | ) | 612,500 | ||||||||
State: Current | 1,212,500 | 1,640,400 | 1,007,700 | ||||||||||
Deferred | (5,400 | ) | (103,500 | ) | 55,800 | ||||||||
Provision for income taxes | $ | 10,063,400 | $ | 11,200,500 | $ | 10,274,000 | |||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
Total deferred tax assets and deferred tax liabilities as of March 30, 2014 and March 31, 2013, and the sources of the differences between financial accounting and tax basis of the Company's assets and liabilities which give rise to the deferred tax assets and liabilities are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | $ | 1,260,000 | $ | 1,448,900 | |||||||||
Accrued vacation | 428,700 | 435,400 | |||||||||||
Deferred rent | 886,800 | 1,070,000 | |||||||||||
Allowance for doubtful accounts | 374,300 | 448,800 | |||||||||||
Inventory reserves | 1,530,000 | 1,254,000 | |||||||||||
Sales tax reserves | 472,700 | 618,300 | |||||||||||
Other assets | 1,660,600 | 951,900 | |||||||||||
Total deferred tax assets | $ | 6,613,100 | $ | 6,227,300 | |||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | $ | 3,549,700 | $ | 3,373,100 | |||||||||
Prepaid expenses | 423,700 | 429,100 | |||||||||||
Other liabilities | 287,300 | 149,600 | |||||||||||
Total deferred tax liabilities | $ | 4,260,700 | $ | 3,951,800 | |||||||||
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 benefit amounts, net of interest, is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance of unrecognized tax benefit | $ | 631,100 | $ | 561,600 | $ | 453,800 | |||||||
Increases related to prior period tax positions | 1,189,000 | -- | -- | ||||||||||
Increases related to current period tax positions | 22,800 | 69,500 | 107,800 | ||||||||||
Reductions as a result of a lapse in the applicable statute of limitations | (177,900 | ) | -- | -- | |||||||||
Ending balance of unrecognized tax benefits | $ | 1,665,000 | $ | 631,100 | $ | 561,600 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
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 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings per share – Basic: | |||||||||||||
Net earnings | $ | 16,249 | $ | 17,794 | $ | 16,437 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (134 | ) | (200 | ) | (239 | ) | |||||||
Earnings available to common shareholders – Basic | $ | 16,115 | $ | 17,594 | $ | 16,198 | |||||||
Weighted average common shares outstanding – Basic | 8,134 | 7,929 | 7,639 | ||||||||||
Earnings per common share – Basic | $ | 1.98 | $ | 2.22 | $ | 2.12 | |||||||
Earnings per share – Diluted: | |||||||||||||
Net earnings | $ | 16,249 | $ | 17,794 | $ | 16,437 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (132 | ) | (197 | ) | (231 | ) | |||||||
Earnings available to common shareholders – Diluted | $ | 16,117 | $ | 17,597 | $ | 16,206 | |||||||
Weighted average common shares outstanding – Basic | 8,134 | 7,929 | 7,639 | ||||||||||
Effect of dilutive options | 192 | 271 | 356 | ||||||||||
Weighted average common shares outstanding – Diluted | 8,326 | 8,200 | 7,995 | ||||||||||
Earnings per common share – Diluted | $ | 1.94 | $ | 2.15 | $ | 2.03 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Nonvested Performance-based Units Activity | ' | ||||||||||||||||||||||||
The following table summarizes the activity under the Company’s PSU program for fiscal years 2014, 2013 and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Weighted- Average Fair Value at Grant | Shares | Weighted- Average Fair Value at Grant | Shares | Weighted-Average Fair Value at Grant | ||||||||||||||||||||
Outstanding, non-vested beginning of period | 455,979 | $ | 12.77 | 604,844 | $ | 9.81 | 696,089 | $ | 10.15 | ||||||||||||||||
Granted | 112,000 | 19.91 | 156,200 | 19.31 | 260,000 | 10.97 | |||||||||||||||||||
Vested | (199,066 | ) | 10.22 | (288,765 | ) | 8.64 | (201,546 | ) | 8.2 | ||||||||||||||||
Forfeited/canceled | (51,786 | ) | 18.47 | (16,300 | ) | 17.69 | (149,699 | ) | 15.55 | ||||||||||||||||
Outstanding, non-vested end of period | 317,127 | $ | 15.96 | 455,979 | $ | 12.77 | 604,844 | $ | 9.81 | ||||||||||||||||
Nonvested Performance-based Units Expected to Vest by Fiscal Year Maturity | ' | ||||||||||||||||||||||||
Of the outstanding PSUs covering 317,127 non-vested shares, PSUs covering 49,979 shares were canceled in May 2014, based on fiscal year 2014 activity. These PSUs were canceled primarily because individual performance targets for certain non-director employee participants did not fully reach the target performance set forth in the PSU grants for fiscal year 2014. The remaining 267,148 shares have been earned based on past performance, but not yet vested as of March 30, 2014. Assuming the respective participants remain employed by or affiliated with the Company on these dates, these shares will vest and be paid on or about May 1 of 2014, 2015, 2016 and 2017, as follows: | |||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||
2014 | 120,159 | ||||||||||||||||||||||||
2015 | 93,410 | ||||||||||||||||||||||||
2016 | 39,582 | ||||||||||||||||||||||||
2017 | 13,997 | ||||||||||||||||||||||||
267,148 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
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 March 30, 2014 and March 31, 2013 is estimated as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Note payable to a Bank | $ | 2,325,000 | $ | 2,200,500 | $ | 2,550,000 | $ | 2,361,500 | |||||||||
Note payable to Baltimore County | $ | 133,400 | $ | 124,400 | $ | 158,000 | $ | 145,300 | |||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Data | ' | ||||||||||||||||||||||||||||||||
Summarized quarterly financial data for the fiscal years ended March 30, 2014 and March 31, 2013 is presented in the table below: | |||||||||||||||||||||||||||||||||
Fiscal Year 2014 Quarters Ended | Fiscal Year 2013 Quarters Ended | ||||||||||||||||||||||||||||||||
Mar. 30, | Dec. 29, | Sept. 29, | Jun. 30, | Mar. 31, | Dec. 30, | Sept. 30, | Jul. 1, | ||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||||||||||||||||||
Revenues | $ | 124,536,600 | $ | 144,915,200 | $ | 146,526,000 | $ | 144,108,800 | $ | 158,449,800 | $ | 204,458,700 | $ | 197,238,300 | $ | 192,418,200 | |||||||||||||||||
Cost of goods sold | 94,451,800 | 108,772,800 | 110,033,200 | 108,670,900 | 124,498,600 | 165,488,900 | 158,613,300 | 156,925,000 | |||||||||||||||||||||||||
Gross profit | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 33,951,200 | 38,969,800 | 38,625,000 | 35,493,200 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | 29,144,900 | 30,226,300 | 29,887,000 | 28,562,400 | |||||||||||||||||||||||||
Income from operations | 4,769,100 | 7,167,600 | 7,589,400 | 6,963,800 | 4,806,300 | 8,743,500 | 8,738,000 | 6,930,800 | |||||||||||||||||||||||||
Interest, net | 18,300 | 37,800 | 67,000 | 54,600 | 141,100 | 13,700 | 12,000 | 57,400 | |||||||||||||||||||||||||
Income before provision for income taxes | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | 4,665,200 | 8,729,800 | 8,726,000 | 6,873,400 | |||||||||||||||||||||||||
Provision income taxes | 1,795,500 | 2,709,300 | 2,941,300 | 2,617,000 | 1,745,400 | 3,331,100 | 3,457,100 | 2,666,900 | |||||||||||||||||||||||||
Net income | $ | 2,955,300 | $ | 4,420,500 | $ | 4,581,100 | $ | 4,292,200 | $ | 2,919,800 | $ | 5,398,700 | $ | 5,268,900 | $ | 4,206,500 | |||||||||||||||||
Diluted earnings per share | $ | 0.35 | $ | 0.53 | $ | 0.55 | $ | 0.51 | $ | 0.35 | $ | 0.65 | $ | 0.64 | $ | 0.51 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.2 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.93 | $ | 0.18 | $ | 0.18 | |||||||||||||||||
Comprehensive income | $ | 2,955,300 | $ | 4,420,500 | $ | 4,581,100 | $ | 4,292,200 | $ | 2,919,800 | $ | 5,398,700 | $ | 5,268,900 | $ | 4,206,500 | |||||||||||||||||
Organization_Details
Organization (Details) | Mar. 30, 2014 |
Organization [Abstract] | ' |
Percentage of sales in US (in hundredths) | 98.00% |
Percentage of sales in USD (in hundredths) | 99.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' |
Operating cycle | '52 weeks | '52 weeks | '53 weeks |
Cash and cash equivalent maturity period | '90 days | ' | ' |
Payment period from large majority of commercial customers | '30 days | ' | ' |
Reserves for excess or obsolescence inventory | $4,086,100 | $3,336,700 | ' |
Percentage of revenue recorded on net fee basis relationship (in hundredths) | 2.00% | ' | ' |
Percentage of service revenue to total revenue (in hundredths) | 1.00% | 1.00% | 1.00% |
Expenses included in inventory | 2,261,500 | 1,839,000 | ' |
Shipping cost included in selling, general and administrative expenses | 13,364,600 | 13,674,300 | 13,325,100 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment loss on indefinite-lived intangible assets (excluding goodwill) | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Useful Life | '4 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Useful Life | '6 years | ' | ' |
Information Technology Equipment and Computer Software [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful Lives | '1 year | ' | ' |
Information Technology Equipment and Computer Software [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful Lives | '5 years | ' | ' |
Configuration, Fulfillment and Delivery Technology System [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful Lives | '7 years | ' | ' |
Furniture, Telephone System, Equipment and Tooling [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful Lives | '3 years | ' | ' |
Furniture, Telephone System, Equipment and Tooling [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful Lives | '10 years | ' | ' |
Building, Building Improvements and Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful Lives | '2 years | ' | ' |
Building, Building Improvements and Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful Lives | '40 years | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $58,303,000 | $54,830,800 | ' |
Less: Accumulated depreciation and amortization | -35,537,600 | -31,628,800 | ' |
Property and equipment, net | 22,765,400 | 23,202,000 | ' |
Depreciation and amortization | 4,852,800 | 4,926,400 | 4,747,600 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 4,740,800 | 4,740,800 | ' |
Building, Building Improvements and Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 21,202,400 | 21,147,600 | ' |
Information Technology Equipment and Computer Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 24,625,800 | 21,226,200 | ' |
Capitalized computer software | 1,012,400 | 1,156,800 | ' |
Amortization expense of capitalized computer software | 980,300 | 1,322,400 | 1,667,800 |
Furniture, Telephone System, Equipment and Tooling [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $7,734,000 | $7,716,200 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | $1,952,200 | $1,952,200 | ' |
Accumulated Amortization | 1,952,200 | 1,939,900 | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment loss on indefinite-lived intangible assets (excluding goodwill) | 0 | 0 | 0 |
Total other intangible assets | 2,802,200 | 2,802,200 | ' |
Total Accumulated amortization | 1,952,200 | 1,939,900 | ' |
Amortization expense | 12,300 | 53,000 | 97,300 |
Trademarks [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 850,000 | 850,000 | ' |
Impairment loss on indefinite-lived intangible assets (excluding goodwill) | 0 | 0 | ' |
Customer Contracts [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 696,100 | 696,100 | ' |
Accumulated Amortization | 696,100 | 687,500 | ' |
Covenants Not To Compete [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 377,600 | 377,600 | ' |
Accumulated Amortization | 377,600 | 373,900 | ' |
Other [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 878,500 | 878,500 | ' |
Accumulated Amortization | $878,500 | $878,500 | ' |
Borrowings_Under_Revolving_Cre1
Borrowings Under Revolving Credit Facility (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Dec. 27, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Mar. 30, 2008 | Oct. 16, 2013 | 31-May-07 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowings during period | ' | $13,467,000 | $18,989,600 | $20,118,300 | ' | ' | ' |
Covenant compliance | ' | 'The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility | 'The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility | 'The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility | ' | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | 35,000,000 | 50,000,000 |
Expiration date | ' | 31-Oct-16 | ' | ' | 31-May-10 | ' | ' |
Common stock dividends (in dollars per share) | $0.75 | ' | ' | ' | ' | ' | ' |
Dividends payable, date paid | ' | ' | 27-Dec-12 | ' | ' | ' | ' |
Dividends payable, date of record | ' | ' | 13-Dec-12 | ' | ' | ' | ' |
Interest rate variable rate basis | ' | 'LIBOR | ' | ' | ' | ' | ' |
Weighted average interest rate (in hundredths) | ' | 2.35% | 2.68% | 2.48% | ' | ' | ' |
Interest expense | ' | 53,400 | 77,400 | 112,600 | ' | ' | ' |
Average borrowings during period | ' | 2,243,900 | 2,858,500 | 4,411,600 | ' | ' | ' |
Amount outstanding | ' | 0 | 0 | ' | ' | ' | ' |
Revolving Credit Facility [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread on variable rate basis (in hundredths) | ' | 1.50% | ' | ' | ' | ' | ' |
Revolving Credit Facility [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Dividend payment permitted by lender agreement | ' | 8,000,000 | ' | ' | ' | ' | ' |
Rolling dividend payment period permitted by lender agreement | ' | '12 months | ' | ' | ' | ' | ' |
Stock repurchase permitted by lender agreement | ' | ' | ' | ' | 30,000,000 | ' | ' |
Interest rate spread on variable rate basis (in hundredths) | ' | 2.50% | ' | ' | ' | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Mar. 27, 2005 | Jun. 30, 2011 | Jun. 30, 2004 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Mar. 28, 2010 | Mar. 31, 2009 | Apr. 01, 2012 | Mar. 27, 2011 |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Baltimore County Economic Development Revolving Loan Fund [Member] | Baltimore County Economic Development Revolving Loan Fund [Member] | Baltimore County Economic Development Revolving Loan Fund [Member] | Baltimore County Economic Development Revolving Loan Fund [Member] | Baltimore County Economic Development Revolving Loan Fund [Member] | Maryland Economic Development Corporation Note Payable [Member] | Maryland Economic Development Corporation Note Payable [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | $2,325,000 | $2,550,000 | ' | ' | ' | $4,500,000 | $133,400 | $158,000 | ' | ' | $250,000 | ' | $110,400 |
Maturity date | ' | ' | ' | ' | 30-Jun-11 | ' | ' | ' | ' | ' | 1-Apr-19 | ' | ' | 10-Oct-11 |
Extended maturity date | ' | ' | 1-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate variable rate basis | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread on variable rate basis (in hundredths) | ' | ' | ' | ' | ' | 2.00% | 1.75% | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (in hundredths) | ' | 2.18% | 2.21% | 2.48% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | 54,500 | 55,600 | 63,500 | ' | ' | ' | 2,900 | 3,400 | 3,900 | ' | ' | 1,700 | ' |
Principal and interest payments | ' | ' | ' | ' | ' | ' | ' | 2,300 | ' | ' | ' | ' | 37,400 | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 3.00% |
Scheduled Annual Maturities of Long-Term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 250,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 250,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 1,901,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 26,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | 29,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $2,458,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Mar. 31, 2013 | Mar. 27, 2011 | Mar. 30, 2008 | Apr. 01, 2007 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 27, 2011 | Mar. 30, 2008 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | |
Timonium, Maryland [Member] | Timonium, Maryland [Member] | Timonium, Maryland [Member] | Timonium, Maryland [Member] | Timonium, Maryland [Member] | Timonium, Maryland [Member] | Timonium, Maryland [Member] | Hunt Valley, Maryland [Member] | Hunt Valley, Maryland [Member] | Hunt Valley, Maryland [Member] | Hunt Valley, Maryland [Member] | San Antonio, Texas [Member] | San Antonio, Texas [Member] | San Antonio, Texas [Member] | ||||
sqft | sqft | sqft | Minimum [Member] | Maximum [Member] | sqft | Minimum [Member] | Maximum [Member] | sqft | Minimum [Member] | Maximum [Member] | |||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | $3,004,300 | $2,907,900 | $2,661,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leased office space (in sq ft) | ' | ' | ' | ' | ' | ' | ' | 93,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease extension period | ' | ' | ' | ' | ' | '5 years | '6 months | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Increase in leased rental area | ' | ' | ' | 4,800 | 3,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total space rented (in sq ft) | ' | ' | ' | ' | ' | ' | ' | 102,200 | ' | ' | ' | 66,000 | ' | ' | 13,100 | ' | ' |
Base rental rate per month | ' | ' | ' | ' | ' | ' | ' | ' | 157,900 | 177,700 | ' | ' | 33,000 | 35,700 | ' | 14,700 | 16,900 |
Minimum Future Obligations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 2,981,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 2,957,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 2,958,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 2,010,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | 118,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $11,026,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Segment | |||||||||||
Category | |||||||||||
Business Segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Number of product categories | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Market Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $560,086,600 | $752,565,000 | $733,389,900 |
Gross profit | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 33,951,200 | 38,969,800 | 38,625,000 | 35,493,200 | 138,157,900 | 147,039,200 | 148,656,200 |
Directly allocatable expenses | ' | ' | ' | ' | ' | ' | ' | ' | 70,673,000 | 70,522,000 | 71,453,000 |
Net profit contribution | ' | ' | ' | ' | ' | ' | ' | ' | 67,485,000 | 76,517,000 | 77,203,000 |
Corporate support expenses | ' | ' | ' | ' | ' | ' | ' | ' | 41,173,000 | 47,523,000 | 50,492,000 |
Income before provision for income taxes | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | 4,665,200 | 8,729,800 | 8,726,000 | 6,873,400 | 26,312,200 | 28,994,400 | 26,710,900 |
Public Carriers, Contractors & Program Managers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 149,196,000 | 111,146,000 | 73,824,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 31,013,000 | 24,183,000 | 17,101,000 |
Private & Government System Operators [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 115,316,000 | 121,313,000 | 129,129,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 31,607,000 | 33,596,000 | 35,860,000 |
Commercial Dealers & Resellers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 140,552,000 | 138,737,000 | 125,431,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 39,396,000 | 38,345,000 | 35,393,000 |
Retailer, Independent Dealer Agents & Carriers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 155,023,000 | 167,895,000 | 153,803,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 36,142,000 | 35,903,000 | 33,421,000 |
Revenue, excluding Major 3PL relationship [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 560,087,000 | 539,091,000 | 482,187,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 138,158,000 | 132,027,000 | 121,775,000 |
Major 3PL relationship [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 213,474,000 | 251,203,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $15,012,000 | $26,881,000 |
Business_Segments_Revenue_Info
Business Segments, Revenue Information by Product (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Revenue and Gross Profit from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | $560,086,600 | $752,565,000 | $733,389,900 |
Gross profit | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 33,951,200 | 38,969,800 | 38,625,000 | 35,493,200 | 138,157,900 | 147,039,200 | 148,656,200 |
Base Station Infrastructure [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue and Gross Profit from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 252,983,000 | 227,510,000 | 196,611,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 69,451,000 | 65,472,000 | 61,767,000 |
Network Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue and Gross Profit from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 89,411,000 | 78,989,000 | 75,150,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 16,040,000 | 14,887,000 | 15,817,000 |
Installation, Test and Maintenance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue and Gross Profit from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 45,343,000 | 47,766,000 | 44,507,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 10,286,000 | 11,151,000 | 10,365,000 |
Mobile Device Accessories [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue and Gross Profit from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 172,350,000 | 398,300,000 | 417,122,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | $42,381,000 | $55,529,000 | $60,707,000 |
Stock_Buyback_Details
Stock Buyback (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Apr. 23, 2014 | |
Subsequent Event [Member] | |||||
Stock Buyback [Line Items] | ' | ' | ' | ' | ' |
Number of shares authorized to be repurchased (in shares) | 3,593,350 | 3,593,350 | ' | ' | ' |
Number of shares repurchased (in shares) | 3,505,187 | ' | ' | ' | ' |
Number of shares repurchased under stock buy back program (in shares) | ' | 0 | 0 | 0 | ' |
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 | ' | ' | ' |
Stock authorized to purchase on non-accelerated basis | ' | ' | ' | ' | 10,000,000 |
Stock repurhase period | ' | ' | ' | ' | '24 months |
Tax withholding for share based compensation | ' | $1,646,300 | $2,161,900 | $1,888,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory federal rate (in hundredths) | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit (in hundredths) | 3.30% | 2.90% | 2.60% |
Non-deductible expenses (in hundredths) | 0.70% | 0.50% | 0.50% |
Other (in hundredths) | -0.80% | 0.20% | 0.40% |
Effective rate (in hundredths) | 38.20% | 38.60% | 38.50% |
Federal [Abstract] | ' | ' | ' |
Current | $9,252,800 | $10,593,200 | $8,598,000 |
Deferred | -396,500 | -929,600 | 612,500 |
State [Abstract] | ' | ' | ' |
Current | 1,212,500 | 1,640,400 | 1,007,700 |
Deferred | -5,400 | -103,500 | 55,800 |
Provision for income taxes | 10,063,400 | 11,200,500 | 10,274,000 |
Deferred Tax Assets [Abstract] | ' | ' | ' |
Deferred compensation | 1,260,000 | 1,448,900 | ' |
Accrued vacation | 428,700 | 435,400 | ' |
Deferred rent | 886,800 | 1,070,000 | ' |
Allowance for doubtful accounts | 374,300 | 448,800 | ' |
Inventory reserves | 1,530,000 | 1,254,000 | ' |
Sales tax reserves | 472,700 | 618,300 | ' |
Other assets | 1,660,600 | 951,900 | ' |
Total deferred tax assets | 6,613,100 | 6,227,300 | ' |
Deferred Tax Liabilities [Abstract] | ' | ' | ' |
Depreciation and amortization | 3,549,700 | 3,373,100 | ' |
Prepaid expenses | 423,700 | 429,100 | ' |
Other liabilities | 287,300 | 149,600 | ' |
Total deferred tax liabilities | 4,260,700 | 3,951,800 | ' |
Gross amount of unrecognized tax benefits | 1,665,000 | 631,100 | ' |
Net of indirect tax benefits | 309,400 | 416,500 | ' |
Unrecognized tax benefits that would impact effective tax rate | 604,900 | ' | ' |
Amount of interest and penalties | -23,300 | 71,300 | 33,500 |
Unrecognized tax benefits liability | 295,500 | 309,000 | 236,600 |
Reconciliation of unrecognized tax benefits [Rollforward] | ' | ' | ' |
Beginning balance of unrecognized tax benefit | 631,100 | 561,600 | 453,800 |
Increases related to prior period tax positions | 1,189,000 | 0 | 0 |
Increases related to current period tax positions | 22,800 | 69,500 | 107,800 |
Reductions as a result of a lapse in the applicable statute of limitations | -177,900 | 0 | 0 |
Ending balance of unrecognized tax benefits | 1,665,000 | 631,100 | 561,600 |
Unrecognized tax benefits, decreased amount reclassified to income tax payable | ($1,189,000) | ' | ' |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Retirement Plans [Abstract] | ' | ' | ' |
Defined contribution plan expense | $718,700 | $610,700 | $505,900 |
Common stock shares included in plan assets (in shares) | 132,724 | ' | ' |
Cash surrender value of life insurance policy | 1,491,300 | 1,282,200 | ' |
Net present value of benefit obligation | $822,200 | $983,300 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Earnings per share - Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $2,955,300 | $4,420,500 | $4,581,100 | $4,292,200 | $2,919,800 | $5,398,700 | $5,268,900 | $4,206,500 | $16,249,100 | $17,793,900 | $16,436,900 |
Less: Distributed and undistributed earnings allocated to nonvested stock | ' | ' | ' | ' | ' | ' | ' | ' | -134,000 | -200,000 | -239,000 |
Earnings available to common shareholders - Basic | ' | ' | ' | ' | ' | ' | ' | ' | 16,115,000 | 17,594,000 | 16,198,000 |
Weighted average common shares outstanding - Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,134 | 7,929 | 7,639 |
Earnings per common share - Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.98 | $2.22 | $2.12 |
Earnings per share - Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 2,955,300 | 4,420,500 | 4,581,100 | 4,292,200 | 2,919,800 | 5,398,700 | 5,268,900 | 4,206,500 | 16,249,100 | 17,793,900 | 16,436,900 |
Less: Distributed and undistributed earnings allocated to nonvested stock | ' | ' | ' | ' | ' | ' | ' | ' | -132,000 | -197,000 | -231,000 |
Earnings available to common shareholders - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $16,117,000 | $17,597,000 | $16,206,000 |
Weighted average common shares outstanding - Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,134 | 7,929 | 7,639 |
Effect of dilutive options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 192 | 271 | 356 |
Weighted average common shares outstanding - Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,326 | 8,200 | 7,995 |
Earnings per common share - Diluted (in dollars per share) | $0.35 | $0.53 | $0.55 | $0.51 | $0.35 | $0.65 | $0.64 | $0.51 | $1.94 | $2.15 | $2.03 |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares and units related to share based compensation (in shares) | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Performance Stock Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares and units related to share based compensation (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares and units related to share based compensation (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | 8-May-14 | 31-May-13 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | 8-May-14 | Apr. 30, 2012 | Mar. 30, 2014 | 31-May-12 | Mar. 30, 2014 | 31-May-13 | Mar. 30, 2014 | 8-May-14 | Mar. 30, 2014 | Jul. 21, 2011 | Mar. 30, 2014 | 8-May-14 | Mar. 30, 2014 | 8-May-14 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2007 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Mar. 26, 2000 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 |
Performance Stock Units [Member] | Performance Stock Units [Member] | Performance Stock Units [Member] | Performance Stock Units [Member] | Performance Stock Units [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [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] | 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] | Second Amended and Restated 1994 Stock and Incentive Plan [Member] | Second Amended and Restated 1994 Stock and Incentive Plan [Member] | Team Member Stock Purchase Plan [Member] | Team Member Stock Purchase Plan [Member] | Team Member Stock Purchase Plan [Member] | Team Member Stock Purchase Plan [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | ||
Subsequent Event [Member] | 2013 Grant Year [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | Non-Employee Director [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | Performance Stock Units [Member] | Performance Stock Units [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Stock Units [Member] | Performance Stock Units [Member] | Performance Stock Units [Member] | ||||||||||||||
Subsequent Event [Member] | Award Date April 25, 2011 [Member] | Award Date April 25, 2011 [Member] | Award Date May 3, 2012 [Member] | Award Date May 3, 2012 [Member] | Award Date May 14, 2013 [Member] | Award Date May 14, 2013 [Member] | Award Date May 8, 2014 [Member] | Subsequent Event [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $68,400 | $59,400 | $47,800 | ' | $2,087,100 | $2,536,800 | $2,928,200 |
Income tax benefit from share-based compensation | ' | 797,300 | 979,800 | 1,127,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 690,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant before amendment (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,638,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,553,125 | 461,089 | 410,068 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Measurement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum calculated estimated forfeiture rate (in hundredths) | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | ' | ' | ' |
Purchase price of common stock (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' |
Unrecognized compensation costs | ' | 1,000,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 100,000 | ' | 200,000 | ' | 200,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, period for recognition | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '2 years | ' | '3 years | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of shares vested during period | ' | 4,531,700 | 6,304,300 | 2,191,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual vesting percentage (in hundredths) | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested PSU shares, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, non-vested beginning of period (in shares) | ' | 455,979 | 604,844 | 696,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | 112,000 | 156,200 | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | -199,066 | -288,765 | -201,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,500 | -22,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/cancelled (in shares) | ' | -51,786 | -16,300 | -149,699 | -49,979 | -35,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, non-vested end of period (in shares) | ' | 317,127 | 455,979 | 604,844 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested PSU shares, Weighted-Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, non-vested beginning of period (in dollars per share) | ' | $12.77 | $9.81 | $10.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | $19.91 | $19.31 | $10.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | $10.22 | $8.64 | $8.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/cancelled (in dollars per share) | ' | $18.47 | $17.69 | $15.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, non-vested end of period (in dollars per share) | ' | $15.96 | $12.77 | $9.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 (in shares) | ' | 120,159 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 (in shares) | ' | 93,410 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 (in shares) | ' | 39,582 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 (in shares) | ' | 13,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shares earned but not yet vested (in shares) | ' | 267,148 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option granted (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option exercised (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value, options exercised | ' | ' | ' | ' | ' | ' | ' | ' | $2,087,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000 | ' | 20,100 | ' | 15,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | 225,000 | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.56 | ' | ' | ' | ' | ' | ' | ' |
Share released and vested (in shares) | ' | 199,066 | 288,765 | 201,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500 | 22,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares sold to employees (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,604 | 11,009 | 12,503 | ' | ' | ' | ' |
Weighted-average market value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.21 | $15.80 | $11.18 | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 30, 2014 | 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 | $2,325,000 | $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 | 133,400 | 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 | 2,200,500 | 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 | $124,400 | $145,300 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Cash paid for income taxes, net of refunds | $8,355,900 | $11,847,300 | $8,191,500 |
Cash paid for interest | 198,400 | 208,300 | 311,500 |
Interest capitalized | $0 | $0 | $0 |
Concentration_of_Risk_Details
Concentration of Risk (Details) (Revenues [Member]) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Customer | |||
Concentration Risk [Line Items] | ' | ' | ' |
Maximum amount of revenue from top ten vendors (in hundredths) | 43.00% | 42.00% | 43.00% |
Maximum amount of revenue from the top ten customers (in hundredths) | 19.00% | 39.00% | 45.00% |
Number of customers who account for concentration risk | 0 | ' | ' |
Maximum amount of revenue per single customer (in hundredths) | 5.00% | ' | ' |
Customer Concentration Risk - AT&T Mobility Inc. [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage (in hundredths) | 0.00% | 30.00% | 36.00% |
Concentration Risk, Percentage | 0.00% | 30.00% | 36.00% |
Supplier Concentration Risk - Otter Products LLC [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage (in hundredths) | ' | 9.00% | 17.00% |
Concentration Risk, Percentage | ' | 9.00% | 17.00% |
Supplier Concentration Risk - CommScope Incorporated [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage (in hundredths) | 16.00% | ' | ' |
Concentration Risk, Percentage | 16.00% | ' | ' |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Summarized quarterly financial data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $124,536,600 | $144,915,200 | $146,526,000 | $144,108,800 | $158,449,800 | $204,458,700 | $197,238,300 | $192,418,200 | ' | ' | ' |
Cost of goods sold | 94,451,800 | 108,772,800 | 110,033,200 | 108,670,900 | 124,498,600 | 165,488,900 | 158,613,300 | 156,925,000 | ' | ' | ' |
Gross profit | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 33,951,200 | 38,969,800 | 38,625,000 | 35,493,200 | 138,157,900 | 147,039,200 | 148,656,200 |
Selling, general and administrative expenses | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | 29,144,900 | 30,226,300 | 29,887,000 | 28,562,400 | 111,668,000 | 117,820,600 | 121,652,400 |
Income from operations | 4,769,100 | 7,167,600 | 7,589,400 | 6,963,800 | 4,806,300 | 8,743,500 | 8,738,000 | 6,930,800 | 26,489,900 | 29,218,600 | 27,003,800 |
Interest, net | 18,300 | 37,800 | 67,000 | 54,600 | 141,100 | 13,700 | 12,000 | 57,400 | ' | ' | ' |
Income before provision for income taxes | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | 4,665,200 | 8,729,800 | 8,726,000 | 6,873,400 | 26,312,200 | 28,994,400 | 26,710,900 |
Provision for income taxes | 1,795,500 | 2,709,300 | 2,941,300 | 2,617,000 | 1,745,400 | 3,331,100 | 3,457,100 | 2,666,900 | 10,063,100 | 11,200,500 | 10,274,000 |
Net income | 2,955,300 | 4,420,500 | 4,581,100 | 4,292,200 | 2,919,800 | 5,398,700 | 5,268,900 | 4,206,500 | 16,249,100 | 17,793,900 | 16,436,900 |
Diluted earnings per share (in dollars per share) | $0.35 | $0.53 | $0.55 | $0.51 | $0.35 | $0.65 | $0.64 | $0.51 | $1.94 | $2.15 | $2.03 |
Cash dividends declared per common share (in dollars per share) | $0.20 | $0.18 | $0.18 | $0.18 | $0.18 | $0.93 | $0.18 | $0.18 | $0.74 | $1.47 | $0.55 |
Comprehensive income | $2,955,300 | $4,420,500 | $4,581,100 | $4,292,200 | $2,919,800 | $5,398,700 | $5,268,900 | $4,206,500 | $16,249,100 | $17,793,900 | $16,461,500 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Apr. 23, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Stock authorized to be repurchased on non-accelerated basis | $10 |
Stock repurchase program, period in force | '24 months |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $1,274,700 | $998,800 | $1,616,500 |
Provision for bad debts | 202,000 | 1,197,300 | 458,700 |
Write-offs and other adjustments | -396,400 | -921,400 | -1,076,400 |
Balance, end of period | 1,080,300 | 1,274,700 | 998,800 |
Inventory Reserve [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 3,336,700 | 3,268,900 | 4,183,200 |
Inventory reserve expense | 1,428,100 | 2,581,200 | 3,494,800 |
Write-offs and other adjustments | -678,700 | -2,513,400 | -4,409,100 |
Balance, end of period | $4,086,100 | $3,336,700 | $3,268,900 |