Tessco (TESS) 10-Q 5 Nov 14 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 28, 2014	Oct. 31, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'TESSCO TECHNOLOGIES INC	'
Entity Central Index Key	'0000927355	'
Current Fiscal Year End Date	'--03-29	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	8,297,443
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q2	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	28-Sep-14	'

Consolidated_Balance_Sheets_un

Consolidated Balance Sheets (unaudited) (USD $)	Sep. 28, 2014	Mar. 30, 2014
Current assets:	'	'
Cash and cash equivalents	$2,656,900	$11,467,900
Trade accounts receivable, net	80,665,500	67,495,700
Product inventory, net	81,838,400	61,955,700
Deferred tax assets	6,932,100	6,913,000
Prepaid expenses and other current assets	3,478,300	2,336,600
Total current assets	175,571,200	150,168,900
Property and equipment, net	21,750,100	22,765,400
Goodwill, net	11,684,700	11,684,700
Other long-term assets	2,341,300	2,341,300
Total assets	211,347,300	186,960,300
Current liabilities:	'	'
Trade accounts payable	73,526,800	50,756,900
Payroll, benefits and taxes	5,328,200	7,670,100
Income and sales tax liabilities	2,242,400	2,477,700
Accrued expenses and other current liabilities	1,088,000	923,600
Revolving line of credit	0	0
Current portion of long-term debt	250,400	250,200
Total current liabilities	82,435,800	62,078,500
Deferred tax liabilities	4,260,700	4,260,700
Long-term debt, net of current portion	2,082,900	2,208,200
Other long-term liabilities	3,386,300	3,584,800
Total liabilities	92,165,700	72,132,200
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, 13,780,196 shares issued and 8,281,062 shares outstanding as of September 28, 2014, and 13,627,098 shares issued and 8,180,484 shares outstanding as of March 30, 2014	95,800	94,200
Additional paid-in capital	56,129,600	53,987,700
Treasury stock, at cost, shares 5,499,134 outstanding as of September 28, 2014 and 5,446,614 shares outstanding as of March 30, 2014	-51,727,400	-50,084,600
Retained earnings	114,683,600	110,830,800
Total shareholders' equity	119,181,600	114,828,100
Total liabilities and shareholders' equity	$211,347,300	$186,960,300

Consolidated_Balance_Sheets_un1

Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)	Sep. 28, 2014	Mar. 30, 2014
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)	13,780,196	13,627,098
Common stock, outstanding (in shares)	8,281,062	8,180,484
Treasury stock (in shares)	5,499,134	5,446,614

Unaudited_Consolidated_Stateme

Unaudited Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
	Sep. 28, 2014	Sep. 29, 2013	Sep. 28, 2014	Sep. 29, 2013
Unaudited Consolidated Statements of Income [Abstract]	'	'	'	'
Revenues	$148,521,800	$146,526,000	$301,468,100	$290,634,800
Cost of goods sold	113,085,800	110,033,200	230,783,300	218,704,100
Gross profit	35,436,000	36,492,800	70,684,800	71,930,700
Selling, general and administrative expenses	29,569,400	28,903,400	58,745,800	57,377,500
Income from operations	5,866,600	7,589,400	11,939,000	14,553,200
Interest expense, net	49,400	67,000	77,800	121,600
Income before provision for income taxes	5,817,200	7,522,400	11,861,200	14,431,600
Provision for income taxes	2,303,600	2,941,300	4,676,200	5,558,300
Net income	$3,513,600	$4,581,100	$7,185,000	$8,873,300
Basic earnings per share (in dollars per share)	$0.42	$0.56	$0.87	$1.09
Diluted earnings per share (in dollars per share)	$0.42	$0.55	$0.86	$1.06
Cash dividends declared per common share (in dollars per share)	$0.20	$0.18	$0.40	$0.36

Unaudited_Consolidated_Stateme1

Unaudited Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Sep. 28, 2014	Sep. 29, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$7,185,000	$8,873,300
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	2,352,900	2,474,200
Gain on sale of property and equipment	-3,000	0
Non-cash stock-based compensation expense	677,600	1,096,900
Deferred income taxes and other	-216,300	6,500
Change in trade accounts receivable	-13,169,800	7,117,900
Change in product inventory	-19,882,700	-5,308,100
Change in prepaid expenses and other current assets	-1,141,700	869,300
Change in trade accounts payable	22,769,900	-6,393,900
Change in payroll, benefits and taxes	-2,341,900	-4,283,500
Change in income and sales tax liabilities	-235,300	-162,100
Change in accrued expenses and other current liabilities	347,800	273,400
Net cash (used in) provided by operating activities	-3,657,500	4,563,900
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of property and equipment	-1,338,900	-2,305,800
Proceeds from sale of property and equipment	3,000	0
Net cash used in investing activities	-1,335,900	-2,305,800
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Payments on long-term debt	-125,100	-126,800
Proceeds from issuance of common stock	109,200	112,400
Cash dividends paid	-3,332,200	-2,958,100
Purchases of treasury stock and repurchases of common stock from employees and directors for minimum tax withholdings	-1,642,800	-1,428,400
Excess tax benefit from stock-based compensation	1,173,300	905,300
Net cash used in financing activities	-3,817,600	-3,495,600
Net decrease in cash and cash equivalents	-8,811,000	-1,237,500
CASH AND CASH EQUIVALENTS, beginning of period	11,467,900	4,468,000
CASH AND CASH EQUIVALENTS, end of period	$2,656,900	$3,230,500

Description_of_Business_and_Ba

Description of Business and Basis of Presentation	6 Months Ended
	Sep. 28, 2014
Description of Business and Basis of Presentation [Abstract]	'
Description of Business and Basis of Presentation	'
	Note 1. Description of Business and Basis of Presentation
	TESSCO Technologies Incorporated, a Delaware corporation (TESSCO, we, our, or the Company), architects and delivers innovative product and value chain solutions to support wireless broadband systems. The Company provides marketing and sales services, knowledge and supply chain management, product-solution delivery and control systems, utilizing extensive Internet and information technology. Approximately 98% of the Company’s sales are made to customers in the United States. The Company takes orders in several ways, including phone, fax, online and through electronic data interchange. Over 99% of the Company’s sales are made in United States Dollars.
	In management’s opinion, the accompanying interim consolidated financial statements of the Company include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair presentation of the Company’s financial position for the interim periods presented. These statements are presented in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been omitted from these statements, as permitted under the applicable rules and regulations. The results of operations presented in the accompanying interim consolidated financial statements are not necessarily representative of operations for an entire year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2014.

Recently_Issued_Accounting_Pro

Recently Issued Accounting Pronouncements	6 Months Ended
	Sep. 28, 2014
Recently Issued Accounting Pronouncements [Abstract]	'
Recently Issued Accounting Pronouncements	'
	Note 2. Recently Issued Accounting Pronouncements
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance will supersede Topic 605, Revenue Recognition, in addition to other industry-specific guidance, once effective. The new standard requires a company to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services.  The accounting standard is effective for annual periods beginning after December 15, 2016. The Company is currently in the process of assessing what impact this new standard may have on our ongoing financial reporting and determining what transition method will be used.
	In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation – Stock Compensation. This pronouncement provides guidance on accounting for share-based awards where the performance target could be achieved after an employee completes the requisite service period. The Company currently does not have any share based arrangements of this type; therefore, this guidance is not expected to have an impact on the Company’s results of operations or financial condition. Refer to Note 3 for details of the Company’s stock based compensation.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Sep. 28, 2014
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
	Note 3. Stock-Based Compensation
	The Company’s selling, general and administrative expenses for the fiscal quarter and six months ended September 28, 2014 includes $228,000 and $677,600, respectively, of non-cash stock-based compensation expense. The Company’s selling, general and administrative expenses for the fiscal quarter and six months ended September 29, 2013 includes $517,000 and $1,096,900, respectively, of non-cash stock-based compensation expense. Stock-based compensation expense is primarily related to our Performance Stock Unit (PSU) Program. In addition, the Company recorded an excess tax benefit directly to shareholders’ equity of $1,173,300 and $905,300, primarily related to the PSUs which vested during the six months ended September 28, 2014 and September 29, 2013, respectively.
	Performance Stock Units: The following table summarizes the activity under the Company’s PSU program for the first six months of fiscal 2015:
		Six Months Ended			Weighted Average Fair
		28-Sep-14			Value at Grant Date
	Unvested shares available for issue under outstanding PSUs, beginning of period		317,127		$	15.96
	PSU’s Granted		91,000			29.28
	PSU’s Vested		(120,883	)		14.35
	PSU’s Forfeited/Cancelled		(51,979	)		20.2
	Unvested shares available for issue under outstanding PSUs, end of period		235,265		$	21
	Of the 235,265 shares available for issuance under outstanding PSUs but not yet vested as of September 28, 2014, 146,265 shares have been earned in respect of the applicable measurement year, and assuming the respective participants remain employed by or associated with the Company on these dates, the shares earned in respect of each measurement year will vest and be issued in installments beginning on or about May 1 of the fiscal year following the applicable measurement year and continuing on or about May 1 of each of the three immediately following fiscal years.
	During fiscal 2015, the Compensation Committee of the Board of Directors, with the concurrence of the full Board of Directors, granted PSUs to select key employees, providing them with the opportunity to earn up to 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 subject to individual performance. These PSUs have a one year measurement period (fiscal 2015), with any shares earned at the end of fiscal 2015 vested and issued ratably on or about May 1 of each of 2015, 2016, 2017 and 2018, provided that the respective participants remain employed by or associated with the Company on each date. For the six months ending September 28, 2014 we have not recognized any expense related to these awards.
	The PSUs cancelled during fiscal 2015 related primarily to the fiscal 2014 grant of PSUs, which had a one year measurement period (fiscal 2014). The PSUs were cancelled because the applicable fiscal 2014 performance targets were not fully attained. Per the provisions of the 1994 Plan, the shares related to these forfeited and cancelled PSUs were added back to the 1994 Plan and became available for future issuance.
	If the entire number of PSUs granted in fiscal 2015 is assumed to be earned, total unrecognized compensation costs, on these PSUs plus all earned but unvested PSUs would be approximately $3.3 million, net of estimated forfeitures, as of September 28, 2014, and would be expensed through fiscal 2018. To the extent the actual forfeiture rate is different from what is anticipated or the maximum number of PSUs granted in fiscal 2015 is not earned, stock-based compensation related to these awards will be different from this amount.
	Restricted Stock / Restricted Stock Units: In fiscal 2007, the Company granted 225,000 shares of the Company’s common stock to its Chairman and Chief Executive Officer as a restricted stock award under the 1994 Plan. These shares were issued (subject to the risk of forfeiture) and vest ratably over ten fiscal years based on service, beginning on the last day of fiscal 2007 and ending on the last day of fiscal 2016, subject, however, to the terms applicable to the award, including terms providing for possible acceleration of vesting upon death, disability, change in control or certain other events. The fair value for these shares at the grant date was $10.56 per share. As of September 28, 2014, 45,000 shares remained unvested, and there was no activity related to these restricted shares during the first six months of fiscal 2015. As of September 28, 2014, there was approximately $0.4 million of total unrecognized compensation costs, net of estimated forfeitures, related to this issuance of restricted stock. Unrecognized compensation costs are expected to be recognized ratably over a remaining period of approximately two years.
	In addition the Company has issued restricted stock units (RSUs) to its non-employee directors. The following table summarizes, by date of grant and number of shares covered, the RSU awards granted to non-employee directors of the Company during the current and prior two fiscal years:
		3-May-12			14-May-13		8-May-14
	Restricted Stock Units Awarded		20,100			15,000		10,000
	These awards provide for the issuance of shares of the Company’s common stock in accordance with a four year annual vesting schedule, from the date of grant, provided that the director remains associated with the Company (or meets other criteria as prescribed in the applicable award agreement) on each such date.  As of September 28, 2014, there was approximately $0.6 million of total unrecognized compensation cost, net of estimated forfeitures, related to all outstanding restricted stock unit awards. Unrecognized compensation costs are expected to be recognized ratably over a remaining period of approximately three years.
	PSUs and RSUs are expensed based on the grant date fair value, calculated as the closing price of TESSCO common stock as reported by NASDAQ on the date of grant minus the present value of dividends expected to be paid on the common stock before the award vests, because dividends or dividend-equivalent amounts do not accrue and are not paid on unvested PSUs and RSUs. Dividends do, however, accrue on both the vested and unvested shares subject to the restricted stock award made to the Company’s Chairman.
	To the extent the actual forfeiture rates are different from what is estimated, stock-based compensation related to the restricted awards will be different from the Company’s expectations.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	6 Months Ended
	Sep. 28, 2014
Fair Value of Financial Instruments [Abstract]	'
Fair Value of Financial Instruments	'
	Note 4. Fair Value of Financial Instruments
	The Company complies with the FASB standard regarding fair value measurement and disclosure requirements for assets and liabilities carried at fair value.  Accordingly, assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:
		·	Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
		·	Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, and quoted prices for identical or similar assets or liabilities in markets that are not active.
		·	Level 3: Unobservable inputs for the asset or liability that reflect the reporting entity’s own assumptions about the inputs used in pricing the asset or liability.
	The Company had no assets or liabilities recorded at fair value as of September 28, 2014 or as of March 30, 2014.
	The carrying amounts of cash and cash equivalents, trade accounts receivable,  trade accounts payable, accrued expenses and other current liabilities approximate their fair values as of September 28, 2014 and March 30, 2014 due to their short term nature. As of September 28, 2014 and March 30, 2014 our revolving debt facility had a zero balance.
	Fair value of long-term debt is calculated using current market interest rates, which we consider to be a Level 2 input as described in the fair value accounting guidance on fair value measurements, and future principle payments, as of September 28, 2014 and March 30, 2014 is estimated as follows:
			28-Sep-14				30-Mar-14
			Carrying Amount		Fair		Carrying Amount		Fair
					Value				Value
	Note payable to a bank		$	2,212,500	$	2,116,800	$	2,325,000	$	2,200,500
	Note payable to Baltimore County		$	120,800	$	113,500	$	133,400	$	124,400

Income_Taxes

Income Taxes	6 Months Ended
	Sep. 28, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	Note 5. Income Taxes
	As of September 28, 2014, the Company had a gross amount of unrecognized tax benefits of $479,600 ($311,700 net of federal benefit).  As of March 30, 2014, the Company had a gross amount of unrecognized tax benefits of $1,665,000 ($309,400 net of federal benefit). The Company’s unrecognized tax benefit increased by $1,189,000 in the fourth quarter of fiscal 2014, due to a change in its accounting method for certain accrued expenses. This amount was reclassified to income taxes payable in the first three months of fiscal 2015, due to the Company filing an automatic change to its method of accounting for certain accrued expenses with the IRS.
	The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as part of the provision for income taxes. The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for the first six months of our fiscal 2015 was $33,100 (net of federal benefit). The cumulative amount included in the consolidated balance sheet as of September 28, 2014 was $328,600 (net of federal benefit). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for the first six months of our fiscal 2014 was a benefit of $3,800 (net of federal benefit) due to the expiration of a statute of limitations relating to an uncertain tax position. The cumulative amount of interest and penalties included in the consolidated balance sheet as of March 30, 2014 was $295,500 (net of federal benefit).
	A reconciliation of the changes in the gross balance of unrecognized tax benefits, excluding interest is as follows:
	Beginning balance at March 30, 2014 of unrecognized tax benefit	$	1,665,000
	Decrease due to reclassification to income tax payable		(1,189,000	)
	Increases related to current period tax positions		3,600
	Ending balance at September 28, 2014 of unrecognized tax benefits	$	479,600

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Sep. 28, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Note 6. Earnings Per Share
	The Company calculates earnings per share considering the FASB standard regarding accounting for participating securities, which requires the Company to use the two-class method to calculate earnings per share. Under the two-class method, earnings per common share is computed by dividing the sum of the distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
	The following table presents the calculation of basic and diluted earnings per common share:
	Amounts in thousands, except per share amounts	Fiscal Quarter Ended						Six Months Ended
		28-Sep-14			29-Sep-13			28-Sep-14			29-Sep-13
	Earnings per share – Basic:
	Net earnings	$	3,514		$	4,581		$	7,185		$	8,873
	Less: Distributed and undistributed earnings allocated to nonvested stock		(19	)		(38	)		(39	)		(73	)
	Earnings available to common shareholders – Basic	$	3,495		$	4,543		$	7,146		$	8,800
	Weighted average common shares outstanding – Basic		8,279			8,149			8,252			8,109
	Earnings per common share – Basic	$	0.42		$	0.56		$	0.87		$	1.09
	Earnings per share – Diluted:
	Net earnings	$	3,514		$	4,581		$	7,185		$	8,873
	Less: Distributed and undistributed earnings allocated to nonvested stock		(19	)		(37	)		(29	)		(60	)
	Earnings available to common shareholders – Diluted	$	3,495		$	4,544		$	7,156		$	8,813
	Weighted average common shares outstanding – Basic		8,279			8,149			8,252			8,109
	Effect of dilutive options		106			149			106			172
	Weighted average common shares outstanding – Diluted		8,385			8,298			8,358			8,281
	Earnings per common share – Diluted	$	0.42		$	0.55		$	0.86		$	1.06
	Anti-dilutive equity awards not included above		--			--			--			--

Business_Segments

Business Segments	6 Months Ended
	Sep. 28, 2014
Business Segments [Abstract]	'
Business Segments	'
	Note 7. Business Segments
	The Company evaluates its business as one segment, as the chief operating decision maker assesses performance and allocates resources on a consolidated basis. However, to provide investors with increased visibility into the markets it serves, the Company also reports revenue and gross profit by the following customer market units:  (1) public carriers, contractors and program managers, that are generally responsible for building and maintaining the infrastructure system and provide airtime service to individual subscribers; (2) private system operators and governments including commercial entities such as major utilities and transportation companies, federal agencies and state and local governments that run wireless networks for their own use; (3) commercial dealers and resellers that sell, install and/or service cellular telephone, wireless networking, broadband and two-way radio communications equipment primarily for the enterprise market; and (4) retailers, dealer agents and carriers.
	The Company evaluates revenue, gross profit, and income before provision for income taxes in the aggregate.  Certain cost of sales and other applicable expenses have been allocated to each market unit based on a percentage of revenues and/or gross profit, where appropriate.
	Market unit activity for the second quarter and first six months of fiscal years 2015 and 2014 are as follows (in thousands):
			Three Months Ended
			28-Sep-14		29-Sep-13
	Revenues
	Public Carriers, Contractors & Program Managers		$	40,853	$	40,948
	Private & Government System Operators			29,446		31,059
	Commercial Dealers & Resellers			36,780		36,433
	Retailer, Independent Dealer Agents & Carriers			41,443		38,086
	Total revenues			148,522		146,526
	Gross Profit
	Public Carriers, Contractors & Program Managers			7,347		9,015
	Private & Government System Operators			8,082		8,377
	Commercial Dealers & Resellers			10,289		10,093
	Retailer, Independent Dealer Agents & Carriers			9,718		9,008
	Total gross profit			35,436		36,493
	Selling, general, administrative, and interest expenses			29,619		28,971
	Income before provision for income taxes		$	5,817	$	7,522
			Six Months Ended
			September 28,		29-Sep-13
			2014
	Revenues
	Public Carriers, Contractors & Program Managers		$	82,271	$	78,331
	Private & Government System Operators			58,450		58,952
	Commercial Dealers & Resellers			75,064		72,477
	Retailer, Independent Dealer Agents & Carriers			85,683		80,875
	Total revenues			301,468		290,635
	Gross Profit
	Public Carriers, Contractors & Program Managers			14,540		16,909
	Private & Government System Operators			15,995		16,178
	Commercial Dealers & Resellers			20,926		20,340
	Retailer, Independent Dealer Agents & Carriers			19,224		18,504
	Total gross profit			70,685		71,931
	Selling, general, administrative, and interest expenses			58,824		57,499
	Income before provision for income taxes		$	11,861	$	14,432
	To provide investors with better visibility, the Company also discloses revenue and gross profit by its four product categories:
		·	Base station infrastructure products are used to build, repair and upgrade wireless telecommunications. Products include base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, miscellaneous hardware, and mobile antennas. Our base station infrastructure service offering includes connector installation, custom jumper assembly, site kitting and logistics integration.
		·	Network systems products are used to build and upgrade computing and Internet networks.  Products include fixed and mobile broadband equipment, distributed antenna systems (DAS), wireless networking, filtering systems, two-way radios and security and surveillance products.  This product category also includes training classes, technical support and engineering design services.
		·	Installation, test and maintenance products are used to install, tune, maintain and repair wireless communications equipment. Products include sophisticated analysis equipment and various frequency-, voltage- and power-measuring devices, as well as an assortment of tools, hardware, GPS, safety and replacement and component parts and supplies required by service technicians.
		·	Mobile device accessories include cellular phone and data device accessories such as replacement batteries, cases, speakers, mobile amplifiers, power supplies, headsets, mounts, car antennas, music accessories and data and memory cards. Retail merchandising displays, promotional programs, customized order fulfillment services and affinity-marketing programs, including private label Internet sites, complement our mobile devices and accessory product offering.
	Supplemental revenue and gross profit information by product category for the second quarter and first six months of fiscal years 2015 and 2014 are as follows (in thousands):
			Three months ended		Three months ended
			28-Sep-14		29-Sep-13
	Revenues
	Base station infrastructure		$	64,129	$	67,888
	Network systems			27,496		21,838
	Installation, test and maintenance			10,663		12,588
	Mobile device accessories			46,234		44,212
	Total revenues		$	148,522	$	146,526
	Gross Profit
	Base station infrastructure		$	16,817	$	18,765
	Network systems			4,174		3,745
	Installation, test and maintenance			2,284		2,780
	Mobile device accessories			12,161		11,203
	Total gross profit		$	35,436	$	36,493
			Six months ended		Six months ended
			28-Sep-14		29-Sep-13
	Revenues
	Base station infrastructure		$	127,016	$	137,429
	Network systems			58,040		40,901
	Installation, test and maintenance			21,585		22,350
Mobile device accessories			94,827		89,955
Total revenues		$	301,468	$	290,635
Gross Profit
Base station infrastructure		$	33,892	$	37,654
Network systems			8,859		7,563
Installation, test and maintenance			4,817		5,130
Mobile device accessories			23,117		21,584
Total gross profit		$	70,685	$	71,931

Stock_Buyback

Stock Buyback	6 Months Ended
	Sep. 28, 2014
Stock Buyback [Abstract]	'
Stock Buyback	'
	Note 8. Stock Buyback
	On April 23, 2014, the Board of Directors expanded the Company’s existing stock buyback program and authorized the purchase on a non-accelerated basis of up to $10.0 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. During the second fiscal quarter the Company purchased 7,733 shares under the expanded stock buyback program for approximately $0.2 million, or an average cost of $29.86 per share. Subsequent to quarter end, and through October 31, 2014, the Company purchased an additional 33,272 shares under this program for approximately $1.0 million, or an average of $29.32. As of October 31, 2014, $8.8 million remained available for repurchase under this program.
	Our revolving credit facility and term loan with SunTrust Bank and Wells Fargo Bank, National Association, limits the aggregate dollar value of shares that may be repurchased to $30.0 million.  As of September 28, 2014, we had the ability to purchase approximately $16.1 million in additional shares of common stock without violating this covenant.
	The Company also withholds shares from its employees and directors at their request, equal to the minimum federal and state tax withholdings related to vested performance stock units, stock option exercises and restricted stock awards. For the six months ended September 28, 2014 and September 29, 2013 the allocated value of the shares withheld totaled $1,411,800 and $1,428,400, respectively.

Concentration_of_Risk

Concentration of Risk	6 Months Ended
	Sep. 28, 2014
Concentration of Risk [Abstract]	'
Concentration of Risk	'
	Note 9. Concentration of Risk
	The Company’s future results could be negatively impacted by the loss of certain customer and/or vendor relationships. For the fiscal quarter and six months ended September 28, 2014, American Tower Corporation accounted for 9.5% and 9.8% of total consolidated revenue, respectively. For both the fiscal quarter and six months ended September 29, 2013, no customer accounted for more than 5.0% of total consolidated revenues. For the fiscal quarter and six months ended September 28, 2014, sales of CommScope Incorporated products accounted for 15.1% and 16.4% of consolidated revenue, respectively. For the fiscal quarter and six months ended September 29, 2013, sales of CommScope Incorporated products accounted for 16.7% and 15.8% of consolidated revenue, respectively.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Sep. 28, 2014
Stock-Based Compensation [Abstract]	'
Nonvested Performance-based Units Activity	'
	Performance Stock Units: The following table summarizes the activity under the Company’s PSU program for the first six months of fiscal 2015:
		Six Months Ended			Weighted Average Fair
		28-Sep-14			Value at Grant Date
	Unvested shares available for issue under outstanding PSUs, beginning of period		317,127		$	15.96
	PSU’s Granted		91,000			29.28
	PSU’s Vested		(120,883	)		14.35
	PSU’s Forfeited/Cancelled		(51,979	)		20.2
	Unvested shares available for issue under outstanding PSUs, end of period		235,265		$	21
Summary of restricted stock unit awards granted	'
		3-May-12			14-May-13		8-May-14
	Restricted Stock Units Awarded		20,100			15,000		10,000

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Sep. 28, 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 September 28, 2014 and March 30, 2014 is estimated as follows:
		28-Sep-14				30-Mar-14
		Carrying Amount		Fair		Carrying Amount		Fair
				Value				Value
	Note payable to a bank	$	2,212,500	$	2,116,800	$	2,325,000	$	2,200,500
	Note payable to Baltimore County	$	120,800	$	113,500	$	133,400	$	124,400

Income_Taxes_Tables

Income Taxes (Tables)	6 Months Ended
	Sep. 28, 2014
Income Taxes [Abstract]	'
Reconciliation of Changes in Gross Balance of Unrecognized Tax Benefit Amounts, Net of Interest	'
	A reconciliation of the changes in the gross balance of unrecognized tax benefits, excluding interest is as follows:
	Beginning balance at March 30, 2014 of unrecognized tax benefit	$	1,665,000
	Decrease due to reclassification to income tax payable		(1,189,000	)
	Increases related to current period tax positions		3,600
	Ending balance at September 28, 2014 of unrecognized tax benefits	$	479,600

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Sep. 28, 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	Fiscal Quarter Ended						Six Months Ended
		28-Sep-14			29-Sep-13			28-Sep-14			29-Sep-13
	Earnings per share – Basic:
	Net earnings	$	3,514		$	4,581		$	7,185		$	8,873
	Less: Distributed and undistributed earnings allocated to nonvested stock		(19	)		(38	)		(39	)		(73	)
	Earnings available to common shareholders – Basic	$	3,495		$	4,543		$	7,146		$	8,800
	Weighted average common shares outstanding – Basic		8,279			8,149			8,252			8,109
	Earnings per common share – Basic	$	0.42		$	0.56		$	0.87		$	1.09
	Earnings per share – Diluted:
	Net earnings	$	3,514		$	4,581		$	7,185		$	8,873
	Less: Distributed and undistributed earnings allocated to nonvested stock		(19	)		(37	)		(29	)		(60	)
	Earnings available to common shareholders – Diluted	$	3,495		$	4,544		$	7,156		$	8,813
	Weighted average common shares outstanding – Basic		8,279			8,149			8,252			8,109
	Effect of dilutive options		106			149			106			172
	Weighted average common shares outstanding – Diluted		8,385			8,298			8,358			8,281
	Earnings per common share – Diluted	$	0.42		$	0.55		$	0.86		$	1.06
	Anti-dilutive equity awards not included above		--			--			--			--

Business_Segments_Tables

Business Segments (Tables)	6 Months Ended
	Sep. 28, 2014
Business Segments [Abstract]	'
Revenue Information by Market	'
	Market unit activity for the second quarter and first six months of fiscal years 2015 and 2014 are as follows (in thousands):
		Three Months Ended
		28-Sep-14		29-Sep-13
	Revenues
	Public Carriers, Contractors & Program Managers	$	40,853	$	40,948
	Private & Government System Operators		29,446		31,059
	Commercial Dealers & Resellers		36,780		36,433
	Retailer, Independent Dealer Agents & Carriers		41,443		38,086
	Total revenues		148,522		146,526
	Gross Profit
	Public Carriers, Contractors & Program Managers		7,347		9,015
	Private & Government System Operators		8,082		8,377
	Commercial Dealers & Resellers		10,289		10,093
	Retailer, Independent Dealer Agents & Carriers		9,718		9,008
	Total gross profit		35,436		36,493
	Selling, general, administrative, and interest expenses		29,619		28,971
	Income before provision for income taxes	$	5,817	$	7,522
		Six Months Ended
		September 28,		29-Sep-13
		2014
	Revenues
	Public Carriers, Contractors & Program Managers	$	82,271	$	78,331
	Private & Government System Operators		58,450		58,952
	Commercial Dealers & Resellers		75,064		72,477
	Retailer, Independent Dealer Agents & Carriers		85,683		80,875
	Total revenues		301,468		290,635
	Gross Profit
	Public Carriers, Contractors & Program Managers		14,540		16,909
	Private & Government System Operators		15,995		16,178
	Commercial Dealers & Resellers		20,926		20,340
	Retailer, Independent Dealer Agents & Carriers		19,224		18,504
	Total gross profit		70,685		71,931
	Selling, general, administrative, and interest expenses		58,824		57,499
	Income before provision for income taxes	$	11,861	$	14,432
Revenue Information by Product	'
	Supplemental revenue and gross profit information by product category for the second quarter and first six months of fiscal years 2015 and 2014 are as follows (in thousands):
		Three months ended		Three months ended
		28-Sep-14		29-Sep-13
	Revenues
	Base station infrastructure	$	64,129	$	67,888
	Network systems		27,496		21,838
	Installation, test and maintenance		10,663		12,588
	Mobile device accessories		46,234		44,212
	Total revenues	$	148,522	$	146,526
	Gross Profit
	Base station infrastructure	$	16,817	$	18,765
	Network systems		4,174		3,745
	Installation, test and maintenance		2,284		2,780
	Mobile device accessories		12,161		11,203
	Total gross profit	$	35,436	$	36,493
		Six months ended		Six months ended
		28-Sep-14		29-Sep-13
	Revenues
	Base station infrastructure	$	127,016	$	137,429
	Network systems		58,040		40,901
	Installation, test and maintenance		21,585		22,350
	Mobile device accessories		94,827		89,955
	Total revenues	$	301,468	$	290,635
	Gross Profit
	Base station infrastructure	$	33,892	$	37,654
	Network systems		8,859		7,563
	Installation, test and maintenance		4,817		5,130
	Mobile device accessories		23,117		21,584
	Total gross profit	$	70,685	$	71,931

Description_of_Business_and_Ba1

Description of Business and Basis of Presentation (Details)	Sep. 28, 2014
Description of Business and Basis of Presentation [Abstract]	'
Percentage of sales in US (in hundredths)	98.00%
Percentage of sales in USD (in hundredths)	99.00%

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)

6 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

Sep. 28, 2014

Sep. 29, 2013

8-May-14

14-May-13

3-May-12

Sep. 28, 2014

Sep. 28, 2014

Mar. 31, 2007

Sep. 28, 2014

Sep. 29, 2013

Sep. 28, 2014

Sep. 29, 2013

Performance Stock Units [Member]

Performance Stock Units [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

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

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

Selling, General and Administrative Expenses [Member]

Selling, General and Administrative Expenses [Member]

Selling, General and Administrative Expenses [Member]

Selling, General and Administrative Expenses [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

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

'

'

'

'

'

'

'

'

'

'

'

'

Non-cash stock-based compensation

'

'

'

'

'

'

'

'

$228,000

$517,000

$677,600

$1,096,900

Income tax benefit from share-based compensation

1,173,300

905,300

'

'

'

'

'

'

'

'

'

'

Shares earned (in shares)

146,265

'

'

'

'

'

'

'

'

'

'

'

Measurement period

'1 year

'

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation costs

$3,300,000

'

'

'

'

$600,000

$400,000

'

'

'

'

'

Unrecognized compensation costs, period for recognition

'

'

'

'

'

'3 years

'2 years

'

'

'

'

'

Shares of common stock granted (in shares)

'

'

10,000

15,000

20,100

'

'

225,000

'

'

'

'

Nonvested PSU shares, Outstanding [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

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

317,127

'

'

'

'

'

'

'

'

'

'

'

Granted (in shares)

91,000

'

'

'

'

'

'

'

'

'

'

'

Vested (in shares)

-120,883

'

'

'

'

'

'

'

'

'

'

'

Forfeited/Cancelled (in shares)

-51,979

'

'

'

'

'

'

'

'

'

'

'

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

235,265

'

'

'

'

'

45,000

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

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

$15.96

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

$29.28

'

'

'

'

'

'

$10.56

'

'

'

'

Vested (in dollars per share)

$14.35

'

'

'

'

'

'

'

'

'

'

'

Forfeited/cancelled (in dollars per share)

$20.20

'

'

'

'

'

'

'

'

'

'

'

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

$21

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'4 years

'

'10 years

'

'

'

'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Sep. 28, 2014	Mar. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Revolving line of credit facility balance	$0	$0
Carrying Amount [Member] | Note Payable to a Bank [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	2,212,500	2,325,000
Carrying Amount [Member] | Note Payable to Baltimore County [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	120,800	133,400
Fair Value [Member] | Note Payable to a Bank [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	2,116,800	2,200,500
Fair Value [Member] | Note Payable to Baltimore County [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, fair value	$113,500	$124,400

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended	6 Months Ended
	Mar. 30, 2014	Sep. 28, 2014	Sep. 29, 2013
Income Taxes [Abstract]	'	'	'
Net of indirect tax benefits	$309,400	$311,700	'
Unrecognized tax benefits, decreased amount reclassified to income tax payable	1,189,000	'	'
Amount of interest and penalties	'	33,100	-3,800
Unrecognized tax benefits liability	295,500	328,600	'
Reconciliation of unrecognized tax benefits [Rollforward]	'	'	'
Beginning balance of unrecognized tax benefit	'	1,665,000	'
Decrease due to reclassification to income tax payable	'	-1,189,000	'
Increases related to current period tax positions	'	3,600	'
Ending balance of unrecognized tax benefits	$1,665,000	$479,600	'

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Sep. 28, 2014	Sep. 29, 2013	Sep. 28, 2014	Sep. 29, 2013
Earnings per share - Basic [Abstract]	'	'	'	'
Net earnings	$3,513,600	$4,581,100	$7,185,000	$8,873,300
Less: Distributed and undistributed earnings allocated to non-vested stock	-19,000	-38,000	-39,000	-73,000
Earnings available to common shareholders - Basic	3,495,000	4,543,000	7,146,000	8,800,000
Weighted average common shares outstanding - Basic (in shares)	8,279	8,149	8,252	8,109
Earnings per common share - Basic (in dollars per share)	$0.42	$0.56	$0.87	$1.09
Earnings per share - Diluted [Abstract]	'	'	'	'
Net earnings	3,513,600	4,581,100	7,185,000	8,873,300
Less: Distributed and undistributed earnings allocated to nonvested stock	-19,000	-37,000	-29,000	-60,000
Earnings available to common shareholders - Diluted	$3,495,000	$4,544,000	$7,156,000	$8,813,000
Weighted average common shares outstanding - Basic (in shares)	8,279	8,149	8,252	8,109
Effect of dilutive options (in shares)	106	149	106	172
Weighted average common shares outstanding - Diluted (in shares)	8,385	8,298	8,358	8,281
Earnings per common share - Diluted (in dollars per share)	$0.42	$0.55	$0.86	$1.06
Anti-dilutive equity awards not included above (in shares)	0	0	0	0

Business_Segments_Details

Business Segments (Details) (USD $)	3 Months Ended		6 Months Ended
	Sep. 28, 2014	Sep. 29, 2013	Sep. 28, 2014	Sep. 29, 2013
			Segment
			Category
Business Segments [Abstract]	'	'	'	'
Number of reportable segments	'	'	1	'
Number of product categories	'	'	4	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	$148,521,800	$146,526,000	$301,468,100	$290,634,800
Gross profit	35,436,000	36,492,800	70,684,800	71,930,700
Selling, general, administrative, and interest expenses	29,619,000	28,971,000	58,824,000	57,499,000
Income before provision for income taxes	5,817,200	7,522,400	11,861,200	14,431,600
Reporting Units [Member] | Public Carriers, Contractors & Program Managers [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	40,853,000	40,948,000	82,271,000	78,331,000
Gross profit	7,347,000	9,015,000	14,540,000	16,909,000
Reporting Units [Member] | Private & Government System Operators [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	29,446,000	31,059,000	58,450,000	58,952,000
Gross profit	8,082,000	8,377,000	15,995,000	16,178,000
Reporting Units [Member] | Commercial Dealers & Resellers [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	36,780,000	36,433,000	75,064,000	72,477,000
Gross profit	10,289,000	10,093,000	20,926,000	20,340,000
Reporting Units [Member] | Retailer, Independent Dealer Agents & Carriers [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	41,443,000	38,086,000	85,683,000	80,875,000
Gross profit	$9,718,000	$9,008,000	$19,224,000	$18,504,000

Business_Segments_Revenue_Info

Business Segments, Revenue Information by Product (Details) (USD $)	3 Months Ended		6 Months Ended
	Sep. 28, 2014	Sep. 29, 2013	Sep. 28, 2014	Sep. 29, 2013
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	$148,521,800	$146,526,000	$301,468,100	$290,634,800
Gross profit	35,436,000	36,492,800	70,684,800	71,930,700
Base Station Infrastructure [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	64,129,000	67,888,000	127,016,000	137,429,000
Gross profit	16,817,000	18,765,000	33,892,000	37,654,000
Network Systems [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	27,496,000	21,838,000	58,040,000	40,901,000
Gross profit	4,174,000	3,745,000	8,859,000	7,563,000
Installation, Test and Maintenance [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	10,663,000	12,588,000	21,585,000	22,350,000
Gross profit	2,284,000	2,780,000	4,817,000	5,130,000
Mobile Device Accessories [Member]	'	'	'	'
Revenue and Gross Profit from External Customer [Line Items]	'	'	'	'
Revenue from external customers	46,234,000	44,212,000	94,827,000	89,955,000
Gross profit	$12,161,000	$11,203,000	$23,117,000	$21,584,000

Stock_Buyback_Details

Stock Buyback (Details) (USD $)	0 Months Ended	3 Months Ended	6 Months Ended			0 Months Ended
	Apr. 23, 2014	Sep. 28, 2014	Sep. 28, 2014	Sep. 29, 2013	Apr. 23, 2014	Oct. 31, 2014
						Subsequent Event [Member]
Stock Buyback [Line Items]	'	'	'	'	'	'
Number of shares repurchased (in shares)	'	7,733	'	'	'	33,272
Shares repurchased	'	$200,000	'	'	'	$1,000,000
Average cost per share (in dollars per share)	'	$29.86	'	'	'	$29.32
Amount available for repurchase	'	'	'	'	'	8,800,000
Stock authorized to purchase on non-accelerated basis	'	'	'	'	10,000,000	'
Stock repurchase period	'24 months	'	'	'	'	'
Aggregate authorized common stock repurchase limit under loan agreements	'	30,000,000	30,000,000	'	'	'
Remaining authorized common stock repurchase limit under loan agreements	'	16,100,000	16,100,000	'	'	'
Tax withholding for share based compensation	'	'	$1,411,800	$1,428,400	'	'

Concentration_of_Risk_Details

Concentration of Risk (Details)	3 Months Ended		6 Months Ended
	Sep. 28, 2014	Sep. 29, 2013	Sep. 28, 2014	Sep. 29, 2013
Concentration Risk [Line Items]	'	'	'	'
Maximum concentration risk percentage from a single customer (in hundredths)	'	5.00%	'	5.00%
Revenues [Member] | Customer Concentration Risk - CommScope Incorporated [Member]	'	'	'	'
Concentration Risk [Line Items]	'	'	'	'
Concentration risk percentage (in hundredths)	15.10%	16.70%	16.40%	15.80%
Revenues [Member] | Customer Concentration Risk - American Tower Corporation [Member]	'	'	'	'
Concentration Risk [Line Items]	'	'	'	'
Concentration risk percentage (in hundredths)	9.50%	'	9.80%	'