Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 28, 2014 | Jan. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TESSCO TECHNOLOGIES INC | |
Entity Central Index Key | 927355 | |
Current Fiscal Year End Date | -26 | |
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 | 8,185,729 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Dec-14 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Dec. 28, 2014 | Mar. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $9,536,100 | $11,467,900 |
Trade accounts receivable, net | 63,877,000 | 67,495,700 |
Product inventory, net | 65,114,800 | 61,955,700 |
Deferred tax assets | 6,890,000 | 6,913,000 |
Prepaid expenses and other current assets | 10,352,800 | 2,336,600 |
Total current assets | 155,770,700 | 150,168,900 |
Property and equipment, net | 21,202,900 | 22,765,400 |
Goodwill, net | 11,684,700 | 11,684,700 |
Other long-term assets | 2,341,300 | 2,341,300 |
Total assets | 190,999,600 | 186,960,300 |
Current liabilities: | ||
Trade accounts payable | 51,081,400 | 50,756,900 |
Payroll, benefits and taxes | 4,416,700 | 7,670,100 |
Income and sales tax liabilities | 1,811,100 | 2,477,700 |
Accrued expenses and other current liabilities | 8,865,100 | 923,600 |
Revolving line of credit | 0 | 0 |
Current portion of long-term debt | 250,400 | 250,200 |
Total current liabilities | 66,424,700 | 62,078,500 |
Deferred tax liabilities | 4,260,700 | 4,260,700 |
Long-term debt, net of current portion | 2,020,300 | 2,208,200 |
Other long-term liabilities | 3,123,900 | 3,584,800 |
Total liabilities | 75,829,600 | 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, 13,782,771 shares issued and 8,133,416 shares outstanding as of December 28, 2014, and 13,627,098 shares issued and 8,180,484 shares outstanding as of March 30, 2014 | 95,900 | 94,200 |
Additional paid-in capital | 56,475,600 | 53,987,700 |
Treasury stock, at cost, shares 5,649,355 outstanding as of December 28, 2014 and 5,446,614 shares outstanding as of March 30, 2014 | -56,106,800 | -50,084,600 |
Retained earnings | 114,705,300 | 110,830,800 |
Total shareholders' equity | 115,170,000 | 114,828,100 |
Total liabilities and shareholders' equity | $190,999,600 | $186,960,300 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Dec. 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) | 13,782,771 | 13,627,098 |
Common stock, outstanding (in shares) | 8,133,416 | 8,180,484 |
Treasury stock (in shares) | 5,649,355 | 5,446,614 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Unaudited Consolidated Statements of Income [Abstract] | ||||
Revenues | $135,188,700 | $144,915,200 | $436,656,800 | $435,550,000 |
Cost of goods sold | 102,675,800 | 108,772,800 | 333,459,100 | 327,476,900 |
Gross profit | 32,512,900 | 36,142,400 | 103,197,700 | 108,073,100 |
Selling, general and administrative expenses | 29,828,800 | 28,974,800 | 88,574,600 | 86,352,300 |
Income from operations | 2,684,100 | 7,167,600 | 14,623,100 | 21,720,800 |
Interest expense, net | 61,300 | 37,800 | 139,100 | 159,400 |
Income before provision for income taxes | 2,622,800 | 7,129,800 | 14,484,000 | 21,561,400 |
Provision for income taxes | 941,600 | 2,709,300 | 5,617,800 | 8,267,600 |
Net income | $1,681,200 | $4,420,500 | $8,866,200 | $13,293,800 |
Basic earnings per share (in dollars per share) | $0.20 | $0.54 | $1.07 | $1.62 |
Diluted earnings per share (in dollars per share) | $0.20 | $0.53 | $1.06 | $1.60 |
Cash dividends declared per common share (in dollars per share) | $0.20 | $0.18 | $0.60 | $0.54 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $8,866,200 | $13,293,800 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,493,200 | 3,715,400 |
Gain on sale of property and equipment | -3,000 | -29,500 |
Non-cash stock-based compensation expense | 947,000 | 1,595,000 |
Deferred income taxes and other | -436,600 | -164,800 |
Change in trade accounts receivable | 3,618,700 | 18,571,700 |
Change in product inventory | -3,159,100 | -1,458,500 |
Change in prepaid expenses and other current assets | -8,016,200 | 1,062,300 |
Change in trade accounts payable | 324,500 | -21,134,500 |
Change in payroll, benefits and taxes | -3,253,400 | -3,891,400 |
Change in income and sales tax liabilities | -666,600 | -235,400 |
Change in accrued expenses and other current liabilities | 8,201,500 | 319,500 |
Net cash provided by operating activities | 9,916,200 | 11,643,600 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | -1,932,000 | -2,822,200 |
Proceeds from sale of property and equipment | 3,000 | 29,500 |
Net cash used in investing activities | -1,929,000 | -2,792,700 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on long-term debt | -187,700 | -187,200 |
Proceeds from issuance of stock | 110,000 | 112,400 |
Cash dividends paid | -4,991,700 | -4,439,600 |
Purchases of treasury stock and repurchases of common stock from employees and directors for minimum tax withholdings | -6,022,200 | -1,428,400 |
Excess tax benefit from stock-based compensation | 1,172,600 | 905,300 |
Net cash used in financing activities | -9,919,000 | -5,037,500 |
Net (decrease) increase in cash and cash equivalents | -1,931,800 | 3,813,400 |
CASH AND CASH EQUIVALENTS, beginning of period | 11,467,900 | 4,468,000 |
CASH AND CASH EQUIVALENTS, end of period | $9,536,100 | $8,281,400 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Dec. 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 | 9 Months Ended |
Dec. 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 | 9 Months Ended | ||||||||||||
Dec. 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 nine months ended December 28, 2014 includes $269,400 and $947,000, respectively, of non-cash stock-based compensation expense. The Company’s selling, general and administrative expenses for the fiscal quarter and nine months ended December 29, 2013 includes $498,100 and $1,595,000, 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 $1,172,600 and $905,300, primarily related to the PSUs which vested during the nine months ended December 28, 2014 and December 29, 2013, respectively. | |||||||||||||
Performance Stock Units: The following table summarizes the activity under the Company’s PSU program for the first nine months of fiscal 2015: | |||||||||||||
Nine Months Ended December 28, 2014 | Weighted Average Fair Value at Grant Date (per unit) | ||||||||||||
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 | (120,882 | ) | 14.35 | ||||||||||
PSU’s Forfeited/Cancelled | (57,116 | ) | 20.28 | ||||||||||
Unvested shares available for issue under outstanding PSUs, end of period | 230,129 | $ | 21 | ||||||||||
Of the 230,129 shares available for issuance under PSUs outstanding but not yet vested as of December 28, 2014, 143,129 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 immediately following the applicable measurement year and continuing on or about May 1 of each of the three succeeding 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 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 2015, 2016, 2017 and 2018, provided that the respective participants remain employed by or associated with the Company on each date. For the nine months ending December 28, 2014 the Company has not recognized any expense related to these awards as the Company’s current estimate of fiscal 2015 earnings per share is below the minimum threshold set for 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 $3.0 million, net of estimated forfeitures, as of December 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 December 28, 2014, 45,000 shares remained unvested, and there was no activity related to these restricted shares during the first nine months of fiscal 2015. As of December 28, 2014, there was approximately $0.3 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 one year. | |||||||||||||
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 December 28, 2014, there was approximately $0.5 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 | 9 Months Ended | ||||||||||||||||
Dec. 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 required to be measured at fair value as of December 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 December 28, 2014 and March 30, 2014 due to their short term nature. As of December 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 December 28, 2014 and March 30, 2014 is estimated as follows: | |||||||||||||||||
28-Dec-14 | 30-Mar-14 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Note payable to a bank | $ | 2,156,200 | $ | 2,074,200 | $ | 2,325,000 | $ | 2,200,500 | |||||||||
Note payable to Baltimore County | $ | 114,500 | $ | 107,900 | $ | 133,400 | $ | 124,400 |
Income_Taxes
Income Taxes | 9 Months Ended | ||||
Dec. 28, 2014 | |||||
Income Taxes [Abstract] | |||||
Income Taxes | Note 5. Income Taxes | ||||
As of December 28, 2014, the Company had a gross amount of unrecognized tax benefits of $394,300 ($256,300 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 an uncertain tax position with respect to its accounting method for certain accrued expenses. This amount was reclassified to income taxes payable in the first three months of fiscal 2015, upon submission of 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 nine months of our fiscal 2015 was a benefit of $47,600 (net of federal benefit) due to the expiration of a statute of limitations relating to an uncertain tax position. The cumulative amount included in the consolidated balance sheet as of December 28, 2014 was $307,800 (net of federal benefit). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for the first nine months of our fiscal 2014 was a benefit of $26,200 (net of federal benefit) due to the expiration of a statute of limitations relating to an uncertain tax position. The cumulative amount 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 | ) | |||
Decrease related to statute expiration | (92,200 | ) | |||
Increases related to current period tax positions | 10,500 | ||||
Ending balance at December 28, 2014 of unrecognized tax benefits | $ | 394,300 |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Dec. 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 | Nine Months Ended | |||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Earnings per share – Basic: | |||||||||||||||||
Net earnings | $ | 1,681 | $ | 4,421 | $ | 8,866 | $ | 13,294 | |||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (9 | ) | (37 | ) | (48 | ) | (110 | ) | |||||||||
Earnings available to common shareholders – Basic | $ | 1,672 | $ | 4,384 | $ | 8,818 | $ | 13,184 | |||||||||
Weighted average common shares outstanding – Basic | 8,212 | 8,158 | 8,238 | 8,125 | |||||||||||||
Earnings per common share – Basic | $ | 0.2 | $ | 0.54 | $ | 1.07 | $ | 1.62 | |||||||||
Earnings per share – Diluted: | |||||||||||||||||
Net earnings | $ | 1,681 | $ | 4,421 | $ | 8,866 | $ | 13,294 | |||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (9 | ) | (36 | ) | (29 | ) | (84 | ) | |||||||||
Earnings available to common shareholders – Diluted | $ | 1,672 | $ | 4,385 | $ | 8,837 | $ | 13,210 | |||||||||
Weighted average common shares outstanding – Basic | 8,212 | 8,158 | 8,238 | 8,125 | |||||||||||||
Effect of dilutive options | 113 | 158 | 101 | 156 | |||||||||||||
Weighted average common shares outstanding – Diluted | 8,325 | 8,316 | 8,339 | 8,281 | |||||||||||||
Earnings per common share – Diluted | $ | 0.2 | $ | 0.53 | $ | 1.06 | $ | 1.6 | |||||||||
Anti-dilutive equity awards not included above | -- | -- | -- | -- | |||||||||||||
Business_Segments
Business Segments | 9 Months Ended | ||||||||
Dec. 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) government system operators including federal agencies and state and local governments that run wireless networks for their own use; (3) private system operators including commercial entities such as enterprise customers, major utilities and transportation companies; (4) 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 (5) retailers, independent dealer agents and carriers. Beginning in the third quarter of fiscal 2015, the Company now reports private system operators and government system operators results as two separate market units. This is intended to provide additional clarity of results, and does not represent a change in internal organizational structure. All prior periods have been restated to reflect this change. | |||||||||
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. | ||||||||
The Company evaluates revenue, gross profit, and income before provision for income taxes at a consolidated level. Certain cost of sales and other applicable expenses have been allocated to each market unit or product type based on a percentage of revenues and/or gross profit, where appropriate. | |||||||||
Market unit activity for the third quarter and first nine months of fiscal years 2015 and 2014 are as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
28-Dec-14 | 29-Dec-13 | ||||||||
Revenues | |||||||||
Public Carriers, Contractors & Program Managers | $ | 22,847 | $ | 37,550 | |||||
Government System Operators | 7,781 | 9,031 | |||||||
Private System Operators | 25,422 | 20,913 | |||||||
Commercial Dealers & Resellers | 30,786 | 36,630 | |||||||
Retailer, Independent Dealer Agents & Carriers | 48,353 | 40,791 | |||||||
Total revenues | 135,189 | 144,915 | |||||||
Gross Profit | |||||||||
Public Carriers, Contractors & Program Managers | 4,929 | 7,875 | |||||||
Government System Operators | 2,008 | 2,152 | |||||||
Private System Operators | 6,286 | 6,038 | |||||||
Commercial Dealers & Resellers | 8,847 | 10,295 | |||||||
Retailer, Independent Dealer Agents & Carriers | 10,443 | 9,782 | |||||||
Total gross profit | 32,513 | 36,142 | |||||||
Selling, general, administrative, and interest expenses | 29,890 | 29,012 | |||||||
Income before provision for income taxes | $ | 2,623 | $ | 7,130 | |||||
Nine Months Ended | |||||||||
December 28, | 29-Dec-13 | ||||||||
2014 | |||||||||
Revenues | |||||||||
Public Carriers, Contractors & Program Managers | $ | 105,118 | $ | 115,881 | |||||
Government System Operators | 23,948 | 26,939 | |||||||
Private System Operators | 67,705 | 61,957 | |||||||
Commercial Dealers & Resellers | 105,850 | 109,107 | |||||||
Retailer, Independent Dealer Agents & Carriers | 134,036 | 121,666 | |||||||
Total revenues | 436,657 | 435,550 | |||||||
Gross Profit | |||||||||
Public Carriers, Contractors & Program Managers | 19,469 | 24,784 | |||||||
Government System Operators | 6,448 | 6,772 | |||||||
Private System Operators | 17,841 | 17,596 | |||||||
Commercial Dealers & Resellers | 29,773 | 30,635 | |||||||
Retailer, Independent Dealer Agents & Carriers | 29,667 | 28,286 | |||||||
Total gross profit | 103,198 | 108,073 | |||||||
Selling, general, administrative, and interest expenses | 88,714 | 86,512 | |||||||
Income before provision for income taxes | $ | 14,484 | $ | 21,561 | |||||
Supplemental revenue and gross profit information by product category for the third quarter and first nine months of fiscal years 2015 and 2014 are as follows (in thousands): | |||||||||
Three months ended | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Revenues | |||||||||
Base station infrastructure | $ | 50,631 | $ | 59,833 | |||||
Network systems | 20,299 | 26,856 | |||||||
Installation, test and maintenance | 11,938 | 13,681 | |||||||
Mobile device accessories | 52,321 | 44,545 | |||||||
Total revenues | $ | 135,189 | $ | 144,915 | |||||
Gross Profit | |||||||||
Base station infrastructure | $ | 14,322 | $ | 17,117 | |||||
Network systems | 3,949 | 4,703 | |||||||
Installation, test and maintenance | 2,649 | 3,073 | |||||||
Mobile device accessories | 11,593 | 11,249 | |||||||
Total gross profit | $ | 32,513 | $ | 36,142 | |||||
Nine months ended | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Revenues | |||||||||
Base station infrastructure | $ | 177,647 | $ | 197,262 | |||||
Network systems | 78,339 | 67,757 | |||||||
Installation, test and maintenance | 33,523 | 36,031 | |||||||
Mobile device accessories | 147,148 | 134,500 | |||||||
Total revenues | $ | 436,657 | $ | 435,550 | |||||
Gross Profit | |||||||||
Base station infrastructure | $ | 48,214 | $ | 54,771 | |||||
Network systems | 12,808 | 12,266 | |||||||
Installation, test and maintenance | 7,466 | 8,203 | |||||||
Mobile device accessories | 34,710 | 32,833 | |||||||
Total gross profit | $ | 103,198 | $ | 108,073 |
Stock_Buyback
Stock Buyback | 9 Months Ended |
Dec. 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 third fiscal quarter the Company purchased 150,221 shares under the expanded stock buyback program for approximately $4.4 million, or an average cost of $29.13 per share. For the nine months ended December 28, 2014, the Company purchased 157,954 shares under the expanded stock buyback program for approximately $4.6 million, or an average cost of $29.17 per share. As of December 28, 2014, $5.4 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 December 28, 2014, the Company had the ability to purchase approximately $11.7 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 nine months ended December 28, 2014 and December 29, 2013, the allocated value of the shares withheld totaled $1,411,800 and $1,428,400, respectively. |
Concentration_of_Risk
Concentration of Risk | 9 Months Ended |
Dec. 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 both the fiscal quarter and nine months ended December 28, 2014, no customer accounted for more than 3.0% and 8.0% of total consolidated revenues, respectively. For both the fiscal quarter and nine months ended December 29, 2013, no customer accounted for more than 6.0% and 4.0% of total consolidated revenues, respectively. For the fiscal quarter and nine months ended December 28, 2014, sales of CommScope Incorporated products accounted for 10.1% and 14.8% of consolidated revenue, respectively. For the fiscal quarter and nine months ended December 29, 2013, sales of CommScope Incorporated products accounted for 14.7% and 15.5% of consolidated revenue, respectively. | |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Dec. 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 nine months of fiscal 2015: | ||||||||||||
Nine Months Ended December 28, 2014 | Weighted Average Fair Value at Grant Date (per unit) | ||||||||||||
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 | (120,882 | ) | 14.35 | ||||||||||
PSU’s Forfeited/Cancelled | (57,116 | ) | 20.28 | ||||||||||
Unvested shares available for issue under outstanding PSUs, end of period | 230,129 | $ | 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) | 9 Months Ended | ||||||||||||||||
Dec. 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 December 28, 2014 and March 30, 2014 is estimated as follows: | ||||||||||||||||
28-Dec-14 | 30-Mar-14 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Note payable to a bank | $ | 2,156,200 | $ | 2,074,200 | $ | 2,325,000 | $ | 2,200,500 | |||||||||
Note payable to Baltimore County | $ | 114,500 | $ | 107,900 | $ | 133,400 | $ | 124,400 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||
Dec. 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 | ) | |||
Decrease related to statute expiration | (92,200 | ) | |||
Increases related to current period tax positions | 10,500 | ||||
Ending balance at December 28, 2014 of unrecognized tax benefits | $ | 394,300 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 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 | Nine Months Ended | |||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Earnings per share – Basic: | |||||||||||||||||
Net earnings | $ | 1,681 | $ | 4,421 | $ | 8,866 | $ | 13,294 | |||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (9 | ) | (37 | ) | (48 | ) | (110 | ) | |||||||||
Earnings available to common shareholders – Basic | $ | 1,672 | $ | 4,384 | $ | 8,818 | $ | 13,184 | |||||||||
Weighted average common shares outstanding – Basic | 8,212 | 8,158 | 8,238 | 8,125 | |||||||||||||
Earnings per common share – Basic | $ | 0.2 | $ | 0.54 | $ | 1.07 | $ | 1.62 | |||||||||
Earnings per share – Diluted: | |||||||||||||||||
Net earnings | $ | 1,681 | $ | 4,421 | $ | 8,866 | $ | 13,294 | |||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (9 | ) | (36 | ) | (29 | ) | (84 | ) | |||||||||
Earnings available to common shareholders – Diluted | $ | 1,672 | $ | 4,385 | $ | 8,837 | $ | 13,210 | |||||||||
Weighted average common shares outstanding – Basic | 8,212 | 8,158 | 8,238 | 8,125 | |||||||||||||
Effect of dilutive options | 113 | 158 | 101 | 156 | |||||||||||||
Weighted average common shares outstanding – Diluted | 8,325 | 8,316 | 8,339 | 8,281 | |||||||||||||
Earnings per common share – Diluted | $ | 0.2 | $ | 0.53 | $ | 1.06 | $ | 1.6 | |||||||||
Anti-dilutive equity awards not included above | -- | -- | -- | -- | |||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Business Segments [Abstract] | |||||||||
Revenue Information by Market | Market unit activity for the third quarter and first nine months of fiscal years 2015 and 2014 are as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
28-Dec-14 | 29-Dec-13 | ||||||||
Revenues | |||||||||
Public Carriers, Contractors & Program Managers | $ | 22,847 | $ | 37,550 | |||||
Government System Operators | 7,781 | 9,031 | |||||||
Private System Operators | 25,422 | 20,913 | |||||||
Commercial Dealers & Resellers | 30,786 | 36,630 | |||||||
Retailer, Independent Dealer Agents & Carriers | 48,353 | 40,791 | |||||||
Total revenues | 135,189 | 144,915 | |||||||
Gross Profit | |||||||||
Public Carriers, Contractors & Program Managers | 4,929 | 7,875 | |||||||
Government System Operators | 2,008 | 2,152 | |||||||
Private System Operators | 6,286 | 6,038 | |||||||
Commercial Dealers & Resellers | 8,847 | 10,295 | |||||||
Retailer, Independent Dealer Agents & Carriers | 10,443 | 9,782 | |||||||
Total gross profit | 32,513 | 36,142 | |||||||
Selling, general, administrative, and interest expenses | 29,890 | 29,012 | |||||||
Income before provision for income taxes | $ | 2,623 | $ | 7,130 | |||||
Nine Months Ended | |||||||||
December 28, | 29-Dec-13 | ||||||||
2014 | |||||||||
Revenues | |||||||||
Public Carriers, Contractors & Program Managers | $ | 105,118 | $ | 115,881 | |||||
Government System Operators | 23,948 | 26,939 | |||||||
Private System Operators | 67,705 | 61,957 | |||||||
Commercial Dealers & Resellers | 105,850 | 109,107 | |||||||
Retailer, Independent Dealer Agents & Carriers | 134,036 | 121,666 | |||||||
Total revenues | 436,657 | 435,550 | |||||||
Gross Profit | |||||||||
Public Carriers, Contractors & Program Managers | 19,469 | 24,784 | |||||||
Government System Operators | 6,448 | 6,772 | |||||||
Private System Operators | 17,841 | 17,596 | |||||||
Commercial Dealers & Resellers | 29,773 | 30,635 | |||||||
Retailer, Independent Dealer Agents & Carriers | 29,667 | 28,286 | |||||||
Total gross profit | 103,198 | 108,073 | |||||||
Selling, general, administrative, and interest expenses | 88,714 | 86,512 | |||||||
Income before provision for income taxes | $ | 14,484 | $ | 21,561 | |||||
Revenue Information by Product | Supplemental revenue and gross profit information by product category for the third quarter and first nine months of fiscal years 2015 and 2014 are as follows (in thousands): | ||||||||
Three months ended | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Revenues | |||||||||
Base station infrastructure | $ | 50,631 | $ | 59,833 | |||||
Network systems | 20,299 | 26,856 | |||||||
Installation, test and maintenance | 11,938 | 13,681 | |||||||
Mobile device accessories | 52,321 | 44,545 | |||||||
Total revenues | $ | 135,189 | $ | 144,915 | |||||
Gross Profit | |||||||||
Base station infrastructure | $ | 14,322 | $ | 17,117 | |||||
Network systems | 3,949 | 4,703 | |||||||
Installation, test and maintenance | 2,649 | 3,073 | |||||||
Mobile device accessories | 11,593 | 11,249 | |||||||
Total gross profit | $ | 32,513 | $ | 36,142 | |||||
Nine months ended | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Revenues | |||||||||
Base station infrastructure | $ | 177,647 | $ | 197,262 | |||||
Network systems | 78,339 | 67,757 | |||||||
Installation, test and maintenance | 33,523 | 36,031 | |||||||
Mobile device accessories | 147,148 | 134,500 | |||||||
Total revenues | $ | 436,657 | $ | 435,550 | |||||
Gross Profit | |||||||||
Base station infrastructure | $ | 48,214 | $ | 54,771 | |||||
Network systems | 12,808 | 12,266 | |||||||
Installation, test and maintenance | 7,466 | 8,203 | |||||||
Mobile device accessories | 34,710 | 32,833 | |||||||
Total gross profit | $ | 103,198 | $ | 108,073 |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Details) | Dec. 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 $) | 9 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Dec. 28, 2014 | Dec. 29, 2013 | 8-May-14 | 14-May-13 | 3-May-12 | Mar. 31, 2007 | Dec. 28, 2014 | Dec. 29, 2013 | |
Performance Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Income tax benefit from share-based compensation | $1,172,600 | $905,300 | ||||||
Shares earned (in shares) | 143,129 | 143,129 | ||||||
Measurement period | 1 year | |||||||
Unrecognized compensation costs | 3,000,000 | 3,000,000 | ||||||
Nonvested PSU shares, Outstanding [Roll Forward] | ||||||||
Outstanding, non-vested beginning of period (in shares) | 317,127 | |||||||
Granted (in shares) | 91,000 | |||||||
Vested (in shares) | -120,882 | |||||||
Forfeited/Cancelled (in shares) | -57,116 | |||||||
Outstanding, non-vested end of period (in shares) | 230,129 | 230,129 | ||||||
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 | |||||||
Vested (in dollars per share) | $14.35 | |||||||
Forfeited/cancelled (in dollars per share) | $20.28 | |||||||
Outstanding, non-vested end of period (in dollars per share) | $21 | $21 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation costs | 500,000 | 500,000 | ||||||
Unrecognized compensation costs, period for recognition | 3 years | |||||||
Shares of common stock granted (in shares) | 10,000 | 15,000 | 20,100 | |||||
Nonvested PSU shares, Weighted-Average Grant Date Fair Value [Roll Forward] | ||||||||
Vesting period | 4 years | |||||||
Second Amended and Restated 1994 Stock and Incentive Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation costs | 300,000 | 300,000 | ||||||
Unrecognized compensation costs, period for recognition | 1 year | |||||||
Shares of common stock granted (in shares) | 225,000 | |||||||
Nonvested PSU shares, Outstanding [Roll Forward] | ||||||||
Outstanding, non-vested end of period (in shares) | 45,000 | 45,000 | ||||||
Nonvested PSU shares, Weighted-Average Grant Date Fair Value [Roll Forward] | ||||||||
Granted (in dollars per share) | $10.56 | |||||||
Vesting period | 10 years | |||||||
Selling, General and Administrative Expenses [Member] | Performance Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-cash stock-based compensation | $947,000 | $1,595,000 | $269,400 | $498,100 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 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 | 2,156,200 | 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 | 114,500 | 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 | 2,074,200 | 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 | $107,900 | $124,400 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Mar. 30, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Taxes [Abstract] | |||
Net of indirect tax benefits | $309,400 | $256,300 | |
Unrecognized tax benefits, decreased amount reclassified to income tax payable | 1,189,000 | ||
Amount of interest and penalties | -47,600 | -26,200 | |
Unrecognized tax benefits liability | 295,500 | 307,800 | |
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 | ||
Decrease related to statute expiration | -92,200 | ||
Increases related to current period tax positions | 10,500 | ||
Ending balance of unrecognized tax benefits | $1,665,000 | $394,300 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Earnings per share - Basic [Abstract] | ||||
Net earnings | $1,681,200 | $4,420,500 | $8,866,200 | $13,293,800 |
Less: Distributed and undistributed earnings allocated to non-vested stock | -9,000 | -37,000 | -48,000 | -110,000 |
Earnings available to common shareholders - Basic | 1,672,000 | 4,384,000 | 8,818,000 | 13,184,000 |
Weighted average common shares outstanding - Basic (in shares) | 8,212 | 8,158 | 8,238 | 8,125 |
Earnings per common share - Basic (in dollars per share) | $0.20 | $0.54 | $1.07 | $1.62 |
Earnings per share - Diluted [Abstract] | ||||
Net earnings | 1,681,200 | 4,420,500 | 8,866,200 | 13,293,800 |
Less: Distributed and undistributed earnings allocated to nonvested stock | -9,000 | -36,000 | -29,000 | -84,000 |
Earnings available to common shareholders - Diluted | $1,672,000 | $4,385,000 | $8,837,000 | $13,210,000 |
Weighted average common shares outstanding - Basic (in shares) | 8,212 | 8,158 | 8,238 | 8,125 |
Effect of dilutive options (in shares) | 113 | 158 | 101 | 156 |
Weighted average common shares outstanding - Diluted (in shares) | 8,325 | 8,316 | 8,339 | 8,281 |
Earnings per common share - Diluted (in dollars per share) | $0.20 | $0.53 | $1.06 | $1.60 |
Anti-dilutive equity awards not included above (in shares) | 0 | 0 | 0 | 0 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Segment | ||||
Category | ||||
Business Segments [Abstract] | ||||
Number of reportable segments | 1 | |||
Number of product categories | 4 | |||
Segment Reporting Information [Line Items] | ||||
Revenues | $135,188,700 | $144,915,200 | $436,656,800 | $435,550,000 |
Gross profit | 32,512,900 | 36,142,400 | 103,197,700 | 108,073,100 |
Selling, general, administrative, and interest expenses | 29,890,000 | 29,012,000 | 88,714,000 | 86,512,000 |
Income before provision for income taxes | 2,622,800 | 7,129,800 | 14,484,000 | 21,561,400 |
Reporting Units [Member] | Public Carriers, Contractors & Program Managers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 22,847,000 | 37,550,000 | 105,118,000 | 115,881,000 |
Gross profit | 4,929,000 | 7,875,000 | 19,469,000 | 24,784,000 |
Reporting Units [Member] | Government System Operators [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,781,000 | 9,031,000 | 23,948,000 | 26,939,000 |
Gross profit | 2,008,000 | 2,152,000 | 6,448,000 | 6,772,000 |
Reporting Units [Member] | Private System Operators [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 25,422,000 | 20,913,000 | 67,705,000 | 61,957,000 |
Gross profit | 6,286,000 | 6,038,000 | 17,841,000 | 17,596,000 |
Reporting Units [Member] | Commercial Dealers & Resellers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 30,786,000 | 36,630,000 | 105,850,000 | 109,107,000 |
Gross profit | 8,847,000 | 10,295,000 | 29,773,000 | 30,635,000 |
Reporting Units [Member] | Retailer, Independent Dealer Agents & Carriers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 48,353,000 | 40,791,000 | 134,036,000 | 121,666,000 |
Gross profit | $10,443,000 | $9,782,000 | $29,667,000 | $28,286,000 |
Business_Segments_Revenue_Info
Business Segments, Revenue Information by Product (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Revenue and Gross Profit from External Customer [Line Items] | ||||
Revenue from external customers | $135,188,700 | $144,915,200 | $436,656,800 | $435,550,000 |
Gross profit | 32,512,900 | 36,142,400 | 103,197,700 | 108,073,100 |
Base Station Infrastructure [Member] | ||||
Revenue and Gross Profit from External Customer [Line Items] | ||||
Revenue from external customers | 50,631,000 | 59,833,000 | 177,647,000 | 197,262,000 |
Gross profit | 14,322,000 | 17,117,000 | 48,214,000 | 54,771,000 |
Network Systems [Member] | ||||
Revenue and Gross Profit from External Customer [Line Items] | ||||
Revenue from external customers | 20,299,000 | 26,856,000 | 78,339,000 | 67,757,000 |
Gross profit | 3,949,000 | 4,703,000 | 12,808,000 | 12,266,000 |
Installation, Test and Maintenance [Member] | ||||
Revenue and Gross Profit from External Customer [Line Items] | ||||
Revenue from external customers | 11,938,000 | 13,681,000 | 33,523,000 | 36,031,000 |
Gross profit | 2,649,000 | 3,073,000 | 7,466,000 | 8,203,000 |
Mobile Device Accessories [Member] | ||||
Revenue and Gross Profit from External Customer [Line Items] | ||||
Revenue from external customers | 52,321,000 | 44,545,000 | 147,148,000 | 134,500,000 |
Gross profit | $11,593,000 | $11,249,000 | $34,710,000 | $32,833,000 |
Stock_Buyback_Details
Stock Buyback (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 23, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Apr. 23, 2014 | |
Stock Buyback [Line Items] | |||||
Number of shares repurchased (in shares) | 150,221 | 157,954 | |||
Shares repurchased | $4,400,000 | $4,600,000 | |||
Average cost per share (in dollars per share) | $29.13 | $29.17 | |||
Amount available for repurchase | 5,400,000 | 5,400,000 | |||
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 | 11,700,000 | 11,700,000 | |||
Tax withholding for share based compensation | $1,411,800 | $1,428,400 |
Concentration_of_Risk_Details
Concentration of Risk (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Concentration Risk [Line Items] | ||||
Maximum concentration risk percentage from a single customer (in hundredths) | 6.00% | 4.00% | ||
Revenues [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage (in hundredths) | 3.00% | 8.00% | ||
Revenues [Member] | Customer Concentration Risk - CommScope Incorporated [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage (in hundredths) | 10.10% | 14.70% | 14.80% | 15.50% |