Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | 26-May-15 | Sep. 28, 2014 | |
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 Public Float | $182,901,110 | ||
Entity Common Stock, Shares Outstanding | 8,266,863 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 29-Mar-15 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $7,524,000 | $11,467,900 |
Trade accounts receivable, net of allowance for doubtful accounts of $661,900 and $1,080,300, respectively | 59,572,100 | 67,495,700 |
Product inventory | 72,363,600 | 61,955,700 |
Deferred tax assets, net | 3,856,000 | 6,913,000 |
Prepaid expenses and other current assets | 10,868,900 | 2,336,600 |
Total current assets | 154,184,600 | 150,168,900 |
Property and equipment, net | 21,111,800 | 22,765,400 |
Goodwill, net | 11,684,700 | 11,684,700 |
Other long-term assets | 2,619,600 | 2,341,300 |
Total assets | 189,600,700 | 186,960,300 |
Current liabilities: | ||
Trade accounts payable | 51,804,200 | 50,756,900 |
Payroll, benefits and taxes | 5,531,900 | 7,670,100 |
Income and sales tax liabilities | 1,832,400 | 2,477,700 |
Accrued expenses and other current liabilities | 8,688,500 | 923,600 |
Revolving line of credit | 0 | 0 |
Current portion of long-term debt | 250,700 | 250,200 |
Total current liabilities | 68,107,700 | 62,078,500 |
Deferred tax liabilities, net | 3,360,100 | 4,260,700 |
Long-term debt, net of current portion | 1,957,500 | 2,208,200 |
Other long-term liabilities | 3,033,300 | 3,584,800 |
Total liabilities | 76,458,600 | 72,132,200 |
Commitment and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, $0.01 par value, 500,000 shares authorized and no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 15,000,000 shares authorized, 13,817,239 shares issued and 8,159,592 shares outstanding as of March 29, 2015 , and 13,627,098 shares issued and 8,180,484 shares outstanding as of March 30, 2014 | 96,100 | 94,200 |
Additional paid-in capital | 56,517,600 | 53,987,700 |
Treasury stock, at cost, 5,657,647 shares outstanding as of March 29, 2015 and 5,446,614 shares outstanding as of March 30, 2014 | -56,307,900 | -50,084,600 |
Retained earnings | 112,836,300 | 110,830,800 |
Total shareholders' equity | 113,142,100 | 114,828,100 |
Total liabilities and shareholders' equity | $189,600,700 | $186,960,300 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Current assets: | ||
Trade accounts receivable, allowance for doubtful accounts | $661,900 | $1,080,300 |
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) | 13,817,239 | 13,627,098 |
Common stock, outstanding (in shares) | 8,159,592 | 8,180,484 |
Treasury stock (in shares) | 5,657,647 | 5,446,614 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Consolidated Statements of Income [Abstract] | |||
Revenues | $549,619,000 | $560,086,600 | $752,565,000 |
Cost of goods sold | 418,730,500 | 421,928,700 | 605,525,800 |
Gross profit | 130,888,500 | 138,157,900 | 147,039,200 |
Selling, general and administrative expenses | 115,936,700 | 111,668,000 | 117,820,600 |
Restructuring charge | 573,400 | 0 | 0 |
Operating Expenses | 116,510,100 | 111,668,000 | 117,820,600 |
Income from operations | 14,378,400 | 26,489,900 | 29,218,600 |
Interest, net | 167,300 | 177,700 | 224,200 |
Income before provision for income taxes | 14,211,100 | 26,312,200 | 28,994,400 |
Provision for income taxes | 5,576,800 | 10,063,100 | 11,200,500 |
Net income | $8,634,300 | $16,249,100 | $17,793,900 |
Basic earnings per share (in dollars per share) | $1.05 | $1.98 | $2.22 |
Diluted earnings per share (in dollars per share) | $1.04 | $1.94 | $2.15 |
Cash dividends declared per common share (in dollars per share) | $0.80 | $0.74 | $1.47 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance at Apr. 01, 2012 | $88,000 | $45,135,900 | ($46,276,400) | $94,704,400 | $93,651,900 |
Balance (in shares) at Apr. 01, 2012 | 7,744,528 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Proceeds from issuance of stock | 300 | 486,500 | 486,800 | ||
Proceeds from issuance of stock (in shares) | 24,908 | ||||
Treasury stock purchases | -2,161,900 | -2,161,900 | |||
Treasury stock purchases (in shares) | -101,854 | ||||
Non-cash stock compensation expense | 3,200 | 2,533,600 | 2,536,800 | ||
Non-cash stock compensation expense (in shares) | 320,318 | ||||
Excess tax benefit from stock-based compensation | 2,325,600 | 2,325,600 | |||
Cash dividends paid | -11,830,500 | -11,830,500 | |||
Net income | 17,793,900 | 17,793,900 | |||
Balance at Mar. 31, 2013 | 91,500 | 50,481,600 | -48,438,300 | 100,667,800 | 102,802,600 |
Balance (in shares) at Mar. 31, 2013 | 7,987,900 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Proceeds from issuance of stock | 200 | 602,800 | 603,000 | ||
Proceeds from issuance of stock (in shares) | 23,542 | ||||
Treasury stock purchases | -1,646,300 | -1,646,300 | |||
Treasury stock purchases (in shares) | -72,116 | ||||
Non-cash stock compensation expense | 2,500 | 2,084,600 | 2,087,100 | ||
Non-cash stock compensation expense (in shares) | 241,158 | ||||
Excess tax benefit from stock-based compensation | 818,700 | 818,700 | |||
Cash dividends paid | -6,086,100 | -6,086,100 | |||
Net income | 16,249,100 | 16,249,100 | |||
Balance at Mar. 30, 2014 | 94,200 | 53,987,700 | -50,084,600 | 110,830,800 | 114,828,100 |
Balance (in shares) at Mar. 30, 2014 | 8,180,484 | 8,180,484 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Proceeds from issuance of stock | 200 | 540,000 | 540,200 | ||
Proceeds from issuance of stock (in shares) | 19,425 | ||||
Treasury stock purchases | -6,223,300 | -6,223,300 | |||
Treasury stock purchases (in shares) | -211,033 | ||||
Non-cash stock compensation expense | 1,700 | 1,159,600 | 1,161,300 | ||
Non-cash stock compensation expense (in shares) | 170,716 | ||||
Excess tax benefit from stock-based compensation | 830,300 | 830,300 | |||
Cash dividends paid | -6,628,800 | -6,628,800 | |||
Net income | 8,634,300 | 8,634,300 | |||
Balance at Mar. 29, 2015 | $96,100 | $56,517,600 | ($56,307,900) | $112,836,300 | $113,142,100 |
Balance (in shares) at Mar. 29, 2015 | 8,159,592 | 8,159,592 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $8,634,300 | $16,249,100 | $17,793,900 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,583,600 | 4,865,000 | 4,979,400 |
Gain on sale of property and equipment | -3,000 | -29,500 | -3,000 |
Non-cash stock compensation expense | 1,161,300 | 2,087,100 | 2,536,800 |
Deferred income taxes and other | 1,347,200 | -1,042,400 | -843,700 |
Change in trade accounts receivable | 7,923,600 | 14,681,900 | 6,570,600 |
Change in product inventory | -10,407,900 | -1,042,100 | -7,553,300 |
Change in prepaid expenses and other current assets | -8,532,300 | 1,145,700 | -1,174,100 |
Change in trade accounts payable | 1,047,300 | -14,452,400 | -13,135,400 |
Change in payroll, benefits and taxes | -2,138,200 | -4,008,400 | -5,533,100 |
Change in income and sales tax liabilities | -645,300 | -53,000 | -606,300 |
Change in accrued expenses and other current liabilities | 8,109,200 | 264,400 | 320,600 |
Net cash provided by operating activities | 11,079,800 | 18,665,400 | 3,352,400 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | -2,950,600 | -4,745,000 | -5,357,000 |
Proceeds from sale of property and equipment | 3,000 | 29,500 | 3,000 |
Net cash used in investing activities | -2,947,600 | -4,715,500 | -5,354,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments on long-term debt | -250,200 | -249,600 | -249,200 |
Proceeds from issuance of stock | 195,900 | 213,300 | 174,000 |
Cash dividends paid | -6,628,800 | -6,086,100 | -11,830,500 |
Purchases of treasury stock and repurchases of stock from employees and directors for minimum tax withholdings | -6,223,300 | -1,646,300 | -2,161,900 |
Excess tax benefit from stock-based compensation | 830,300 | 818,700 | 2,325,600 |
Net cash used in financing activities | -12,076,100 | -6,950,000 | -11,742,000 |
Net (decrease) increase in cash and cash equivalents | -3,943,900 | 6,999,900 | -13,743,600 |
CASH AND CASH EQUIVALENTS, beginning of period | 11,467,900 | 4,468,000 | 18,211,600 |
CASH AND CASH EQUIVALENTS, end of period | $7,524,000 | $11,467,900 | $4,468,000 |
Organization
Organization | 12 Months Ended |
Mar. 29, 2015 | |
Organization [Abstract] | |
Organization | Note 1. Organization |
TESSCO Technologies Incorporated, a Delaware corporation (TESSCO, we, or the Company), architects and delivers innovative product and value chain solutions to support wireless systems. The Company provides marketing and sales services, knowledge and supply chain management, product-solution delivery and control systems utilizing extensive Internet and information technology. Approximately 98% of the Company’s sales are made to customers in the United States. The Company takes orders in several ways, including phone, fax, online and through electronic data interchange. Almost all of the Company’s sales are made in United States Dollars. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Mar. 29, 2015 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies | |
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. | ||
Fiscal Year | ||
The Company's fiscal year is the 52 or 53 weeks ending on the Sunday falling on or between March 26 and April 1 to allow the financial year to better reflect the Company's natural weekly accounting and business cycle. The fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 each contain 52 weeks. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash and highly liquid investments with an original maturity of 90 days or less. | ||
Allowance for Doubtful Accounts | ||
The Company uses estimates to determine the amount of the allowance for doubtful accounts necessary to reduce accounts receivable to their expected net realizable value. The Company estimates the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends and current economic conditions. Actual collection experience has not varied significantly from estimates, due primarily to consistent credit policies, collection experience, as well as the Company’s stability as it relates to its current customer base. Typical payments from a large majority of commercial customers are due 30 days from the date of the invoice. The Company charges-off receivables deemed to be uncollectible to the allowance for doubtful accounts. Accounts receivable balances are not collateralized. | ||
Product Inventory | ||
Product inventory, consisting primarily of finished goods, is stated at the lower of cost or market, cost being determined on the first-in, first-out (“FIFO”) method and includes certain charges directly and indirectly incurred in bringing product inventories to the point of sale. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value, based upon specifically known inventory-related risks (such as technological obsolescence and the nature of vendor terms surrounding price protection and product returns), and assumptions about future demand. At March 29, 2015 and March 30, 2014, the Company had a reserve for excess and/or obsolete inventory of $5,780,600 and $4,086,100, respectively. | ||
Property and Equipment | ||
Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | ||
Useful lives | ||
Information technology equipment and software | 1‑5 years | |
Configuration, Fulfillment and Delivery technology system | 7 years | |
Furniture, telephone system, equipment and tooling | 3‑10 years | |
Building, building improvements and leasehold improvements | 2‑40 years | |
The Company capitalizes computer software costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and when management authorizes and commits to funding the project and it is probable that the project will be completed. Development and acquisition costs are capitalized when the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Capitalization ceases when the software project is substantially complete and ready for its intended use. | ||
Leasehold improvements are amortized over the shorter of their useful lives or the remaining lease term. | ||
Impairment of Long-Lived Assets | ||
Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. There were no impairment charges in fiscal years 2015, 2014 or 2013. | ||
Assets to be disposed of are reported at the lower of carrying value or fair values, less estimated costs of disposal. | ||
Goodwill and Other Intangible Assets | ||
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts and indefinite lived intangible assets are not amortized, but rather are tested for impairment at least annually or whenever an impairment indicator is identified. The Company performs its annual impairment test on the first day of its fourth quarter. Intangible assets that are not considered to have an indefinite useful life are amortized over their useful life of 4 to 6 years using the straight-line method. Intangible assets other than goodwill are recorded within other long-term assets in the Company’s Consolidated Balance Sheets. The goodwill impairment test involves an initial qualitative analysis to determine if it is more likely than not that an intangible asset’s fair value is less than its carrying amount. If qualitative factors suggest a possible impairment, the Company then performs an additional two-step approach. Under the first step, the Company determines the fair value of each reporting unit to which goodwill has been assigned. The Company then compares the fair value of each reporting unit to its carrying value, including goodwill. The Company estimates the fair value of each reporting unit using various valuation techniques, with the primary technique being a discounted cash flow or income approach, under which the Company estimates the present value of the reporting unit’s future cash flows. Key assumptions used to determine the present value of a reporting unit’s future cash flows include (a) a cash flow period; (b) a terminal value based on a growth rate; and (c) a discount rate, which is based on the Company’s weighted average cost of capital adjusted for risks associated with our operations. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is considered potentially impaired and the second step is completed in order to measure the impairment loss. Under the second step, the Company calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets, including any unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit as determined in the first step. The Company then compares the implied fair value of goodwill to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company recognizes an impairment loss equal to the difference. | ||
The indefinite lived intangible asset impairment test requires the determination of the fair value of the intangible asset. If the fair value of the intangible asset is less than its carrying value, an impairment loss is recognized for an amount equal to the difference. The intangible asset is then carried at its new fair value. Fair value is determined using estimates of discounted cash flows. These estimates of discounted cash flows will likely change over time as impairment tests are performed. Estimates of fair value are also adversely affected by increases in interest rates and the applicable discount rate. | ||
Based on the Company’s qualitative and/or quantitative impairment testing performed, the Company did not recognize an impairment loss on goodwill or other indefinite lived intangible assets in fiscal years 2015, 2014 or 2013. | ||
The methods of assessing fair value for reporting units with goodwill as well as for indefinite lived assets require significant judgments to be made by management, including future revenues, expenses, cash flows and discount rates. Changes in such estimates or the application of alternative assumptions could produce significantly different results. | ||
Revenue Recognition | ||
The Company records revenues when 1) persuasive evidence of an arrangement exists, 2) delivery has occurred or services have been rendered, 3) price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company’s revenue recognition policy includes evidence of arrangements for significant revenue transactions through either receipt of a customer purchase order or a web-based order. The Company records revenues when risk of loss has passed to the customer. In most cases, shipments are made using FOB shipping terms. FOB destination terms are used for a portion of sales, and revenue for these sales is recorded when the product is received by the customer. Prices are always fixed at the time of sale. Historically, there have not been any material concessions provided to or by customers, future discounts provided by the company, or other incentives subsequent to a sale. The Company sells under normal commercial terms and, therefore, only records sales on transactions where collectability is reasonably assured. The Company recognizes revenues net of sales tax. | ||
Because the Company’s sales transactions meet the conditions set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) No. 605 and/or 606, it recognizes revenues from sales transactions containing sales returns provisions at the time of the sale. These conditions require that 1) the price be substantially fixed or determinable at the date of sale, 2) the buyer is obligated to pay, and the payment is not contingent on their resale of the product, 3) the buyer’s obligation to the Company does not change in the event of theft or physical destruction or damage of the product, 4) the buyer has economic substance apart from the Company, 5) the Company does not have significant obligations for future performance to directly bring about resale of the product by the buyer, and 6) the amount of future returns can be reasonably estimated. Because the Company’s normal terms and conditions of sale are consistent with conditions 1-5 above, and the Company is able to perform condition 6, it makes a reasonable estimate of product returns in sales transactions and accrues a sales return reserve based on this estimate. | ||
Certain companies have turned to TESSCO to implement supply chain solutions, including purchasing inventory, assisting in demand forecasting, configuring, packaging, kitting and delivering products and managing customer and vendor relations, from order taking through cash collections. In performing these solutions, the Company assumes varying levels of involvement in the transactions and varying levels of credit and inventory risk. As the Company’s solutions offerings continually evolve to meet the needs of its customers, the Company constantly evaluates its revenue accounting based on the guidance set forth in accounting standards generally accepted in the United States. When applying this guidance in accordance with the ASC No. 605-45, the Company looks at the following indicators: whether it is the primary obligor in the transaction; whether it has general inventory risk; whether it has latitude in establishing price; the extent to which it changes the product or performs part of the service; whether it has discretion in supplier selection; whether it is involved in the determination of product and service specifications; whether it has physical inventory risk; whether it has credit risk; and whether the amount it earns is fixed. Each of the Company’s customer relationships is independently evaluated based on the above guidance and revenues are recorded on the appropriate basis. Based on a review of the factors above, in the majority of the Company’s sales relationships, the Company has concluded that it is the principal in the transaction and records revenues based upon the gross amounts earned and booked. However, the Company does have relationships where it is not the principal and records revenues on a net fee basis, regardless of amounts billed (less than 1% of total revenues for fiscal 2015). If applying this revenue recognition guidance resulted in recording revenues on a different basis from which the Company has previously concluded, or if the factors above change significantly, revenues could increase or decrease; however, gross profit and net income would remain constant. | ||
Service revenue associated with training and other services is recognized when the training or work is complete and the four criteria discussed above have been met. Service revenues have represented less than 1% of total revenues for fiscal years 2015, 2014 and 2013. | ||
Other than sales relating to the Company’s private brands, we offer no product warranties in excess of original equipment manufacturers’ warranties. The Company’s warranty expense is estimated and accrued at the time of sale. Warranty expense was immaterial for fiscal years 2015, 2014 and 2013. | ||
Vendor Programs | ||
Funds received from vendors for price protection, product rebates and marketing/promotion are recorded in accordance with ASC 605. | ||
Classification of Expenses | ||
Cost of goods sold includes cost of products and freight from vendors to our distribution centers. Product management, distribution, purchasing, receiving/inspection, warehousing, freight from our distribution centers to our customers’ sites, and corporate overhead costs are included in selling, general and administrative expenses. Certain selling, general and administrative expenses related to direct and indirect labor and certain freight-in expenses are included in inventory. As of March 29, 2015 and March 30, 2014, the amount of selling, general and administrative expenses and freight in expenses included in inventory was $3,008,200 and $2,261,500, respectively. | ||
Shipping and Handling Costs | ||
Shipping costs incurred to ship products from our distribution centers to our customers’ sites are included in selling, general and administrative expenses in the Consolidated Statements of Income and totaled $13,700,000, $13,364,600, and $13,674,300 for the fiscal years ended March 29, 2015, March 30, 2014, and March 31, 2013, respectively. | ||
Stock Compensation Awards Granted to Team Members | ||
The Company records stock compensation expense for awards in accordance with ASC No. 718, which requires the Company to include in its calculation of periodic stock compensation expense an estimate of future forfeitures. The standard also requires stock awards granted or modified after the adoption of the standard that include both performance conditions and graded vesting based on service to the Company to be amortized by an accelerated method rather than the straight-line method. | ||
Income Taxes | ||
The Company accounts for income taxes under the asset and liability method in accordance with ASC No. 740. Under this method, deferred income tax assets and liabilities arise from differences between the tax basis of assets or liabilities and their reported amounts in the financial statements. Deferred tax balances are determined by using the enacted tax rate to be in effect when the taxes are paid or refunds received. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
In accordance with ASC No. 740, the Company recognizes a provision for tax uncertainties in its financial statements. See Note 12 for further discussion of the standard and its impact on the Company’s consolidated financial statements. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company reviews and evaluates its estimates and assumptions, including but not limited to, those that relate to tax reserves, stock-based compensation, accounts receivable reserves, inventory reserves and future cash flows associated with impairment testing for goodwill and other long-lived assets. Actual results could significantly differ from those estimates. | ||
Impact of Recently Issued Accounting Standards | ||
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. On April 29, 2015 the FASB issued for public comment a proposal to defer the effective date of the standard by one year. We are 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 issue 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. We currently do not have any share-based arrangements of this type; therefore, this guidance is not expected to have an impact on our results of operations or financial condition. See Note 15 for the details of our stock based compensation. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Property and Equipment [Abstract] | |||||||||
Property and Equipment | Note 3. Property and Equipment | ||||||||
All of the Company’s property and equipment is located in the United States. Property and equipment, and is summarized as follows: | |||||||||
2015 | 2014 | ||||||||
Land | $ | 4,740,800 | $ | 4,740,800 | |||||
Building, building improvements and leasehold improvements | 21,375,500 | 21,202,400 | |||||||
Information technology equipment and computer software | 25,751,500 | 24,625,800 | |||||||
Furniture, telephone system, equipment and tooling | 7,809,400 | 7,734,000 | |||||||
59,677,200 | 58,303,000 | ||||||||
Less accumulated depreciation and amortization | (38,565,400 | ) | (35,537,600 | ) | |||||
Property and equipment, net | $ | 21,111,800 | $ | 22,765,400 | |||||
Depreciation and amortization of property and equipment was $4,583,600, $4,852,800, and $4,926,400 for fiscal years 2015, 2014 and 2013, respectively. | |||||||||
Capitalized internally developed computer software, net of accumulated amortization, as of March 29, 2015 and March 30, 2014 was $844,000 and $1,012,400, respectively. Amortization expense of capitalized internally developed computer software was $797,800, $980,300, and $1,322,400 for fiscal years 2015, 2014, and 2013. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 29, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 4. Goodwill and Other Intangible Assets |
Other intangible assets, which are included in other long-term assets on the accompanying Consolidated Balance Sheets as of March 29, 2015 and March 30, 2014 consists of indefinite lived intangibles assets in the amount of $850,000. Amortization expense relating to other intangible assets was $12,300 for fiscal year 2014 and $53,000 for fiscal year 2013. At March 29, 2015 and March 30, 2014, amortizable intangible assets were fully amortized. There were no changes in the carrying amount of goodwill for the fiscal years ended March 29, 2015 and March 30, 2014. | |
Accrued_expenses_and_other_cur
Accrued expenses and other current liabilities | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Accrued expenses and other current liabilities [Abstract] | |||||||||
Accrued expenses and other current liabilities | Note 5. Accrued expenses and other current liabilities | ||||||||
Accrued expenses and other current liabilities consisted of the following: | |||||||||
29-Mar-15 | 30-Mar-14 | ||||||||
Deferred Revenue | $ | 6,959,300 | $ | -- | |||||
Other Accrued Expenses | 1,729,200 | 923,600 | |||||||
Total Accrued Expenses | $ | 8,688,500 | $ | 923,600 |
Borrowings_Under_Revolving_Cre
Borrowings Under Revolving Credit Facility | 12 Months Ended |
Mar. 29, 2015 | |
Borrowings Under Revolving Credit Facility [Abstract] | |
Borrowings Under Revolving Credit Facility | Note 6. Borrowings Under Revolving Credit Facility |
On May 31, 2007, pursuant to a Credit Agreement, the Company established a revolving credit facility with both Wells Fargo Bank, National Association and SunTrust Bank. The facility is unsecured and provides for monthly payments of interest accruing at a rate of LIBOR plus an applicable margin. The terms of the revolving credit facility require the Company to meet certain financial covenants and ratios and contain other limitations, including certain restrictions on dividend payments. Borrowing availability under the facility is also subject to a borrowing base, based on levels of trade accounts receivable and inventory. This credit facility has been amended several times, most recently on October 16, 2013 (the Ninth Modification Agreement). Currently the credit facility has a maximum borrowing limit of $35.0 million and has a term expiring in October 2016. The amount of dividend payments allowed to be made by the Company under the Credit Facility is $8.0 million in any 12 month period, not including the onetime special dividend of $0.75 per share of common stock on December 27, 2012, to shareholders of record on December 13, 2012. The dollar amount of stock repurchases permitted under the term of the credit facility is $30.0 million. As of March 29, 2015, the Company had the ability to purchase approximately $11.7 million in additional shares of common stock without violating this covenant Numerous financial covenants have been amended from the original credit facility. The financial covenants included in the Credit Agreement for the unsecured revolving credit facility are also applicable to the Company's existing Term Loan with the same lenders. Accordingly, each amendment also has the effect of amending the financial covenants applicable to the Term Loan. | |
The facility provides for monthly payments of interest accruing at a rate of LIBOR plus an applicable margin ranging from 1.50% to 2.50%.The weighted average interest rate on borrowings under the Company’s revolving credit facilities was 1.65%, 2.35%, and 2.68% for fiscal years 2015, 2014, and 2013, respectively. Interest expense on this revolving credit facility for fiscal years 2015, 2014, and 2013 totaled $78,200, $53,400, and $77,400, respectively. Average borrowings under this revolving credit facility totaled $4,672,300, $2,243,900, and $2,858,500 and maximum borrowings totaled $17,331,900, $13,467,000, and $18,989,600, for fiscal years 2015, 2014, and 2013, respectively. | |
As of March 29, 2015 and March 30, 2014, the Company had no outstanding balance on its revolving credit facility. Therefore, we had $35.0 million available on our revolving line of credit facility as of both March 29, 2015 and March 30, 2014. | |
The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility at the end of fiscal years 2015, 2014, and 2013. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Long-Term Debt [Abstract] | |||||
Long-Term Debt | Note 7. Long-Term Debt | ||||
On June 30, 2004, the Company refinanced its previously existing term loan with a bank. The original principal amount of the loan was $4.5 million, payable in monthly installments of principal and interest with the balance due at the initial maturity date, June 30, 2011. On May 20, 2011, the Company entered into an agreement with Wells Fargo Bank, National Association, and SunTrust Bank, effective July 1, 2011, to extend the maturity date of the existing term loan to July 1, 2016. The interest rate on this term loan is LIBOR plus 2.00%. The note is secured by a first position deed of trust encumbering Company-owned real property in Hunt Valley, Maryland. The loan is generally subject to the same financial covenants as the Company’s revolving credit facility (see Note 6), which requires the Company to meet certain financial covenants and ratios and contains other limitations, including certain restrictions on dividend payments. The balance of this note at March 29, 2015 and March 30, 2014 was $2,100,000 and $2,325,000, respectively. The weighted average interest rate on borrowings under this note was 2.19%, 2.18%, and 2.21% for fiscal years 2015, 2014, and 2013, respectively. Interest expense under this note was $48,400, $54,500, and $55,600 for fiscal years 2015, 2014, and 2013, respectively. | |||||
On March 31, 2009, the Company entered into a term loan with the Baltimore County Economic Development Revolving Loan Fund for an aggregate principal amount of $250,000. At March 29, 2015 and March 30, 2014, the principal balance of this term loan was $108,200 and $133,400, respectively. The term loan is payable in equal monthly installments of principal and interest of $2,300, with the balance due at maturity on April 1, 2019. The term loan bears interest at 2.00% per annum. Interest expense under this note was $2,400, $2,900, and $3,400 for fiscal years 2015, 2014, and 2013, respectively. The term loan is secured by a subordinate position on Company-owned real property located in Hunt Valley, Maryland. | |||||
As of March 29, 2015, scheduled annual maturities of long-term debt are as follows: | |||||
Fiscal year: | |||||
2016 | $ | 250,700 | |||
2017 | 1,901,200 | ||||
2018 | 26,700 | ||||
2019 | 27,300 | ||||
2020 | 2,300 | ||||
Thereafter | -- | ||||
$ | 2,208,200 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Commitments and Contingencies [Abstract] | |||||
Commitments and Contingencies | Note 8. Commitments and Contingencies | ||||
The Company is committed to making rental payments under non-cancelable operating leases covering various facilities and equipment. Rent expense for fiscal years 2015, 2014 and 2013 totaled $2,970,300, $3,004,300, and $2,907,900, respectively. | |||||
The Company leases office space in Timonium, Maryland, where the Company’s sales, marketing and administrative offices are located. This space is nearby to the Company’s Global Logistics Center in Hunt Valley, Maryland. The Agreement of Lease expires on December 31, 2017. Monthly rent payments now range from $162,600 to $177,700 for this office space through the remaining lease term. | |||||
The Company also leases approximately office and warehouse space in Hunt Valley, Maryland, adjacent to the Company’s Global Logistics Center, expiring on July 31, 2017; however, the Company has an ongoing annual option to terminate the lease. The monthly rental fee ranges from $33,000 to $35,700 through the lease term. | |||||
Additional sales and marketing offices are located in additional leased office space in San Antonio, Texas. This space is leased pursuant to a lease agreement expiring on October 31, 2018. Monthly rent payments range from $15,300 to $16,900. | |||||
The Company’s minimum future obligations as of March 29, 2015 under existing operating leases are as follows: | |||||
Fiscal year: | |||||
2016 | $ | 3,032,100 | |||
2017 | 2,983,100 | ||||
2018 | 2,020,500 | ||||
2019 | 143,600 | ||||
2020 | 11,100 | ||||
Thereafter | -- | ||||
$ | 8,190,400 | ||||
Lawsuits and claims are filed against the Company from time to time in the ordinary course of business. The Company does not believe that any lawsuits or claims pending against the Company, individually or in the aggregate, are material, or will have a material adverse effect on the Company’s financial condition or results of operations. In addition, from time to time, the Company is also subject to review from federal and state taxing authorities in order to validate the amounts of income, sales and/or use taxes which have been claimed and remitted. No federal, state and local tax returns are currently under examination, except for the following state sales tax audits: | |||||
· | Maryland for the tax period of January 2011 through December 2014 | ||||
· | Florida for the tax period of November 2011 through October 2014 | ||||
· | New York for the tax period of June 2012 through February 2015 | ||||
As the Company is routinely audited by state taxing authorities, the Company has estimated exposure and established reserves for its estimated sales tax audit liability. |
Operating_Segments
Operating Segments | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Operating Segments [Abstract] | |||||||||||||
Operating Segments | Note 9. Operating Segments | ||||||||||||
The Company evaluates its business as one segment, as the chief operating decision maker reviews results as one unit. However, to provide investors with increased visibility into the markets it serves, the Company also reports revenue and gross profit by the following customer markets: (1) public carriers, contractors and program managers that are generally responsible for building and maintaining the infrastructure system and provide airtime service to individual subscribers; (2) 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 major utilities and transportation companies that run wireless networks for their own use; (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; (5) retailers, independent dealer agents and carriers; and (6) the Company's Major 3PL relationship with AT&T that was fully transitioned at the end of fiscal 2013. Beginning in the third quarter of fiscal 2015, we began reporting private system operators and government system operators as two separate market units. All prior period information below reflects this change. | |||||||||||||
The Company evaluates revenue, gross profit and net profit contribution, and income before provision for income taxes in the aggregate. Net profit contribution is defined as gross profit less any expenses that can be directly attributed. This includes sales, product management, purchasing, credit and collections and distribution team expenses, plus freight out and internal and external marketing costs. Corporate support expenses includes administrative costs – finance, human resources, information technology, operating facility occupancy expenses, depreciation, amortization and interest, plus the company-wide pay on performance bonus expense. | |||||||||||||
Certain cost of sales and other applicable expenses have been allocated to each market based on a percentage of revenues and/or gross profit, where appropriate. | |||||||||||||
Market activity for the fiscal years ended 2015, 2014 and 2013 is as follows (in thousands): | |||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||
Revenues | |||||||||||||
Public Carriers, Contractors & Program Managers | $ | 127,426 | $ | 149,196 | $ | 111,146 | |||||||
Government System Operators | 31,495 | 33,757 | 35,857 | ||||||||||
Private System Operators | 86,725 | 81,559 | 85,456 | ||||||||||
Commercial Dealers & Resellers | 134,195 | 140,552 | 138,737 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 169,778 | 155,023 | 167,895 | ||||||||||
Revenue, excluding Major 3PL relationship | 549,619 | 560,087 | 539,091 | ||||||||||
Major 3PL relationship | -- | -- | 213,474 | ||||||||||
Total revenues | 549,619 | 560,087 | 752,565 | ||||||||||
Gross Profit | |||||||||||||
Public Carriers, Contractors & Program Managers | 24,081 | 31,013 | 24,183 | ||||||||||
Government System Operators | 8,283 | 8,497 | 9,231 | ||||||||||
Private System Operators | 22,926 | 23,110 | 24,365 | ||||||||||
Commercial Dealers & Resellers | 37,977 | 39,396 | 38,345 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 37,622 | 36,142 | 35,903 | ||||||||||
Gross profit, excluding Major 3PL relationship | 130,889 | 138,158 | 132,027 | ||||||||||
Major 3PL relationship | -- | -- | 15,012 | ||||||||||
Total gross profit | 130,889 | 138,158 | 147,039 | ||||||||||
Selling, general, administrative, and interest expenses | 116,104 | 111,846 | 118,045 | ||||||||||
Restructuring charge | 573 | -- | -- | ||||||||||
Operating and interest expenses | 116,677 | 111,846 | 118,045 | ||||||||||
Income before provision for income taxes | $ | 14,211 | $ | 26,312 | $ | 28,994 | |||||||
The Company also reviews revenue and gross profit by its four product categories: | |||||||||||||
· | Base station infrastructure products are used to build, repair and upgrade wireless telecommunications. Products include base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, miscellaneous hardware, and mobile antennas. Our base station infrastructure service offering includes connector installation, custom jumper assembly, site kitting and logistics integration. | ||||||||||||
· | Network systems products are used to build and upgrade computing and Internet networks. Products include fixed and mobile broadband equipment, wireless networking, filtering systems, distributed antenna systems, two-way radios and security and surveillance products. This product category also includes training classes, technical support and engineering design services. | ||||||||||||
· | Installation, test and maintenance products are used to install, tune, and maintain wireless communications equipment. Products include sophisticated analysis equipment and various frequency-, voltage- and power-measuring devices, as well as an assortment of tools, hardware, GPS, safety and replacement and component parts and supplies required by service technicians. | ||||||||||||
· | Mobile devices and accessory products include cellular phone and data device accessories such as replacement batteries, cases, speakers, mobile amplifiers, power supplies, headsets, mounts, car antennas, music accessories and data and memory cards. Retail merchandising displays, promotional programs, customized order fulfillment services and affinity-marketing programs, including private label Internet sites, complement our mobile devices and accessory product offering. | ||||||||||||
Supplemental revenue and gross profit information by product category for the fiscal years 2015, 2014 and 2013 are as follows (in thousands): | |||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||
Revenues | |||||||||||||
Base station infrastructure | $ | 224,135 | $ | 252,983 | $ | 227,510 | |||||||
Network systems | 96,399 | 89,411 | 78,989 | ||||||||||
Installation, test and maintenance | 41,790 | 45,343 | 47,766 | ||||||||||
Mobile device accessories | 187,295 | 172,350 | 398,300 | ||||||||||
Total revenues | $ | 549,619 | $ | 560,087 | $ | 752,565 | |||||||
Gross Profit | |||||||||||||
Base station infrastructure | 60,960 | 69,451 | 65,472 | ||||||||||
Network systems | 16,064 | 16,040 | 14,887 | ||||||||||
Installation, test and maintenance | 9,400 | 10,286 | 11,151 | ||||||||||
Mobile device accessories | 44,465 | 42,381 | 55,529 | ||||||||||
Total gross profit | $ | 130,889 | $ | 138,158 | $ | 147,039 |
Restructuring_Charge
Restructuring Charge | 12 Months Ended |
Mar. 29, 2015 | |
Restructuring Charge [Abstract] | |
Restructuring Charge | Note 10. Restructuring Charge |
In the fourth quarter of fiscal 2015, recognizing the ongoing challenging conditions caused by the carrier spending slowdown, the Company took actions to restructure our costs, resulting in a $0.6 million pre-tax charge, which is included in our Consolidated Statements of Income for fiscal year 2015. The restructuring charge primarily consists of severance-related expenses associated with a reduction in headcount. |
Stock_Buyback
Stock Buyback | 12 Months Ended |
Mar. 29, 2015 | |
Stock Buyback [Abstract] | |
Stock Buyback | Note 11. 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 fiscal 2015, 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 March 29, 2015, $5.4 million remained available for repurchase under this program. | |
The Company also withholds shares from its employees and directors, at their request, equal to the minimum federal and state tax withholdings related to vested performance stock units, stock option exercises and restricted stock awards. For fiscal years 2015, 2014, and 2013 the total value of shares withheld for taxes was $1,612,900, $1,646,300, and $2,161,900, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | Note 12. Income Taxes | ||||||||||||
A reconciliation of the difference between the provision for income taxes computed at statutory rates and the provision for income taxes provided in the consolidated statements of income is as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory federal rate | 34.2 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 4.1 | 3.3 | 2.9 | ||||||||||
Non-deductible expenses | 0.9 | 0.7 | 0.5 | ||||||||||
Other | 0 | (0.8 | ) | 0.2 | |||||||||
Effective rate | 39.2 | % | 38.2 | % | 38.6 | % | |||||||
The provision for income taxes was comprised of the following: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal: Current | $ | 3,035,400 | $ | 9,252,700 | $ | 10,593,200 | |||||||
Deferred | 1,964,800 | (396,600 | ) | (929,600 | ) | ||||||||
State: Current | 398,500 | 1,212,400 | 1,640,400 | ||||||||||
Deferred | 178,100 | (5,400 | ) | (103,500 | ) | ||||||||
Provision for income taxes | 5,576,800 | $ | 10,063,100 | $ | 11,200,500 | ||||||||
Total deferred tax assets and deferred tax liabilities as of March 29, 2015 and March 30, 2014, and the sources of the differences between financial accounting and tax basis of the Company's assets and liabilities which give rise to the deferred tax assets and liabilities, are as follows: | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | $ | 802,700 | $ | 1,260,000 | |||||||||
Accrued vacation | 554,100 | 428,700 | |||||||||||
Deferred rent | 687,500 | 886,800 | |||||||||||
Allowance for doubtful accounts | 232,800 | 374,300 | |||||||||||
Inventory reserves | 2,175,500 | 1,530,000 | |||||||||||
Sales tax reserves | 459,600 | 472,700 | |||||||||||
Other assets | 516,000 | 1,660,600 | |||||||||||
Restricted Stock | 89,600 | -- | |||||||||||
Tax contingency reserve | 286,200 | 299,900 | |||||||||||
Total deferred tax assets | $ | 5,804,000 | $ | 6,913,000 | |||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | 3,354,600 | 3,549,700 | |||||||||||
Other liabilities | 312,400 | 287,300 | |||||||||||
Accrued compensation | 873,700 | -- | |||||||||||
Prepaid expenses | 767,400 | 423,700 | |||||||||||
Total deferred tax liabilities | $ | 5,308,100 | $ | 4,260,700 | |||||||||
Net Deferred Tax Asset | $ | 495,900 | $ | 2,652,300 | |||||||||
The Company has reviewed its deferred tax assets realization and has determined that no valuation allowance is required as of March 29, 2015 or March 30, 2014. | |||||||||||||
As of March 29, 2015, the gross amount of unrecognized tax benefits was $394,400 ($256,400 net of federal benefit). As of March 30, 2014, the Company had gross unrecognized tax benefits of $1,665,000 ($309,400 net of federal benefit). | |||||||||||||
The Company’s accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as income taxes. The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for fiscal year 2015 was a benefit of $31,600 (net of federal expense) and the cumulative amount included as a liability in the consolidated balance sheet as of march 29, 2015 was $323,800 (net of federal expense). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for fiscal year 2014 was a benefit of $23,300 (net of federal benefit) and the cumulative amount included in the consolidated balance sheet as of March 30, 2014 was $295,500 (net of federal benefit). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for fiscal year 2013 was an expense of $71,300 (net of federal benefit). | |||||||||||||
As of March 29, 2015, the total net amount of unrecognized tax benefits, inclusive of indirect tax benefits and deferred tax benefits was $256,400 and associated penalties and interest were $323,800. The net amount of $580,200, if recognized, would affect the effective tax rate. The Company’s unrecognized tax benefits increased by $1,189,000 during the fiscal year ended March 30, 2014, due to its tax accounting method for certain accrued expenses. The Company’s unrecognized tax benefit decreased by $1,189,000 and such amount was reclassified to income taxes payable during fiscal 2015 due to the Company filing an automatic change to its method of accounting for certain accrued expenses with the IRS during the first quarter of fiscal 2015. | |||||||||||||
A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts, net of interest, is as follows: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning balance of unrecognized tax benefit | $ | 1,665,000 | $ | 631,100 | $ | 561,600 | |||||||
Decrease due to reclassification to income tax payable | (1,189,000 | ) | 1,189,000 | -- | |||||||||
Increases related to current period tax positions | 10,600 | 22,800 | 69,500 | ||||||||||
Reductions as a result of a lapse in the applicable statute of limitations | (92,200 | ) | (177,900 | ) | -- | ||||||||
Ending balance of unrecognized tax benefits | $ | 394,400 | $ | 1,665,000 | $ | 631,100 | |||||||
The Company files income tax returns in U.S. federal, state and local jurisdictions. Income tax returns filed for fiscal years 2008 and earlier are no longer subject to examination by U.S. federal, state and local tax authorities. No federal, state and local income tax returns are currently under examination. | |||||||||||||
Certain income tax returns for fiscal years 2009 through 2015 remain open to examination by U.S. federal, state and local tax authorities. |
Retirement_Plans
Retirement Plans | 12 Months Ended |
Mar. 29, 2015 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 13. Retirement Plans |
The Company has a 401(k) plan that covers all eligible employees. Contributions to the plan can be made by employees and the Company may make matching contributions at its discretion. Expense related to this matching contribution was $524,200, $718,700, and $610,700 during fiscal years 2015, 2014, and 2013, respectively. As of March 29, 2015 plan assets included 127,693 shares of common stock of the Company. | |
The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., Chairman, President and CEO of the Company. This plan is funded through life insurance policies for which the Company is the sole beneficiary. The cash surrender value of the life insurance policies and the net present value of the benefit obligation of approximately $1,769,600 and $941,300, respectively, as of March 29, 2015 and $1,491,300 and $822,200, respectively, as of March 30, 2014 are included in other long-term assets and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Note 14. Earnings Per Share | ||||||||||||
The Company calculates earnings per share considering ASC No. 260 in regards to accounting for participating securities, which requires the Company to use the two-class method to calculate earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of the distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. | |||||||||||||
The following table presents the calculation of basic and diluted earnings per common share: | |||||||||||||
Amounts in thousands, except per share amounts | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Earnings per share – Basic: | |||||||||||||
Net earnings | $ | 8,634 | $ | 16,249 | $ | 17,794 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (47 | ) | (134 | ) | (200 | ) | |||||||
Earnings available to common shareholders – Basic | $ | 8,587 | $ | 16,115 | $ | 17,594 | |||||||
Weighted average common shares outstanding – Basic | 8,171 | 8,134 | 7,929 | ||||||||||
Earnings per common share – Basic | $ | 1.05 | $ | 1.98 | $ | 2.22 | |||||||
Earnings per share – Diluted: | |||||||||||||
Net earnings | $ | 8,634 | $ | 16,249 | $ | 17,794 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (19 | ) | (132 | ) | (197 | ) | |||||||
Earnings available to common shareholders – Diluted | $ | 8,615 | $ | 16,117 | $ | 17,597 | |||||||
Weighted average common shares outstanding – Basic | 8,171 | 8,134 | 7,929 | ||||||||||
Effect of dilutive options | 102 | 192 | 271 | ||||||||||
Weighted average common shares outstanding – Diluted | 8,273 | 8,326 | 8,200 | ||||||||||
Earnings per common share – Diluted | $ | 1.04 | $ | 1.94 | $ | 2.15 | |||||||
There were no stock options with respect to shares of common stock outstanding as of March 29, 2015, March 30, 2014, or March 31, 2013. There were no anti-dilutive Performance Stock Units or Restricted Stock then outstanding. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation | Note 15. Stock‑Based Compensation | ||||||||||||||||||||||||
The Company’s selling, general and administrative expenses for the fiscal years ended March 29, 2015, March 30, 2014, and March 31, 2013 includes $1,161,300, $2,087,100, and $2,536,800, respectively, of stock compensation expense. Provision for income taxes for the fiscal years ended March 29, 2015, March 30, 2014, and March 31, 2013 includes $441,300, $797,300, and $979,800, respectively, of income tax benefits related to our stock-based compensation arrangements. Stock compensation expense is primarily related to our Performance Stock Unit Program as described below. | |||||||||||||||||||||||||
The Company’s stock incentive plan is the Second Amended and Restated 1994 Stock and Incentive Plan (the 1994 Plan). On July 21, 2011, the Company’s shareholders approved an amendment to the 1994 Plan increasing the number of shares of common stock available for the grant of awards by 690,000 shares, from 2,638,125 to an aggregate of 3,553,125 shares of the Company's common stock. As of March 29, 2015, 439,028 shares were available for issue in respect of future awards under the 1994 Plan. Subsequent to the Company’s 2015 fiscal year end, on May 11, 2015, based on fiscal 2015 results, 74,500 shares related to Performance Stock Units (PSUs) were canceled, and as a result, these shares were made available for future grants. Also on May 11, 2015, additional PSUs and restricted stock awards were issued providing recipients with the opportunity to earn up to an aggregate of 103,000 and 10,000 additional shares, respectively of the Company’s common stock. Accordingly, as of May 11, 2015, an aggregate of 400,528 shares were available for issue pursuant to future awards. | |||||||||||||||||||||||||
No additional awards can be made under the 1994 Plan after July 21, 2016, without or unless made subject to shareholder approval of an extension of the plan term. Stock Options, restricted stock and PSU awards have historically been granted as awards under the 1994 Plan. Shares which are subject to outstanding PSU or other awards under the 1994 Plan, and which are not earned, are returned to the 1994 Plan and become available for future issuance in accordance with and otherwise subject to the terms of the 1994 Plan. | |||||||||||||||||||||||||
Performance Stock Units: The Company’s equity-based compensation philosophy is generally focused on granting performance-based and time-vested stock grants. Under a program established by the Board of Directors, Performance Stock Units (PSUs) have been granted under the 1994 Plan to selected employees. Each PSU entitles the participant to earn TESSCO common stock, but only after earnings per share and, for non-director employee participants, individual performance targets are met over a defined performance cycle. Performance cycles, which are fixed for each grant at the date of grant, are one year. Once earned, shares vest and are issued over a specified period of time determined at the time of the grant, provided that the participant remains employed by or associated with the Company at the time of share issuance. Earnings per share targets, which take into account the earnings impact of this program, are set by the Board of Directors in advance for the complete performance cycle at levels designed to grow shareholder value. If actual performance does not reach the minimum annual or threshold targets, no shares are issued. In accordance with ASC No. 718, the Company records compensation expense on its PSUs over the service period, based on the number of shares management estimates will ultimately be issued. Accordingly, the Company determines the periodic financial statement compensation expense based upon the stock price at the PSU grant date, net of the present value of dividends expected to be paid on TESSCO common stock before the PSU vests, management’s projections of future EPS performance over the performance cycle, and the resulting amount of estimated share issuances, net of estimated forfeitures. The Company estimated the forfeiture rate primarily based on historical experience and expectations of future forfeitures. The Company’s calculated estimated forfeiture rate is approximately 2%. | |||||||||||||||||||||||||
The following table summarizes the activity under the Company’s PSU program for fiscal years 2015, 2014 and 2013: | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- A | Shares | Weighted- | ||||||||||||||||||||
Average | verage | Average | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
at Grant | at Grant | at Grant | |||||||||||||||||||||||
Outstanding, non-vested beginning of period | 317,127 | $ | 15.96 | 455,979 | $ | 12.77 | 604,844 | $ | 9.81 | ||||||||||||||||
Granted | 91,000 | 29.28 | 112,000 | 19.91 | 156,200 | 19.31 | |||||||||||||||||||
Vested | (125,347 | ) | 14.44 | (199,066 | ) | 10.22 | (288,765 | ) | 8.64 | ||||||||||||||||
Forfeited/canceled | (78,939 | ) | 21.61 | (51,786 | ) | 18.47 | (16,300 | ) | 17.69 | ||||||||||||||||
Outstanding, non-vested end of period | 203,841 | $ | 20.65 | 317,127 | $ | 15.96 | 455,979 | $ | 12.77 | ||||||||||||||||
As of March 29, 2015, there was approximately $0.3 million of total unrecognized compensation cost, net of forfeitures, related to PSUs. These costs are expected to be recognized over a weighted average period of 1.6 years. Total fair value of shares vested during fiscal years 2015, 2014 and 2013 was $4,364,500, $4,531,700 and $6,304,300, respectively. | |||||||||||||||||||||||||
Of the 78,939 PSUs canceled during fiscal 2015, 49,979 related to the fiscal 2014 grant of PSUs and were canceled in April 2014. The PSUs were canceled because the applicable fiscal 2014 performance targets were not fully satisfied. The remaining 28,960 shares were forfeited due to employee departures during fiscal year 2015. Per the provisions of the 1994 Plan, the shares related to these forfeited and canceled PSUs were added back to the 1994 Plan and became available for future issuance. | |||||||||||||||||||||||||
Of the outstanding PSUs covering 203,841 non-vested shares, PSUs covering 74,500 shares were canceled in May 2015, based on fiscal year 2015 activity. These PSUs were canceled because fiscal year 2015 earnings per share did not fully reach the target performance set forth in the PSU grants. The remaining 129,341 shares have been earned based on past performance, but are not yet vested as of March 29, 2015. Assuming the respective participants remain employed by, or affiliated with, the Company on the vesting dates, these shares will vest and be issued on or about May 1 of 2015, 2016, and 2017, as follows: | |||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||
2015 | 87,107 | ||||||||||||||||||||||||
2016 | 31,468 | ||||||||||||||||||||||||
2017 | 10,766 | ||||||||||||||||||||||||
129,341 | |||||||||||||||||||||||||
Subsequent to the Company’s 2015 fiscal year end, on May 11, 2015, the Compensation Committee, with the concurrence of the full Board of Directors, granted additional PSUs to selected key employees, providing them with the opportunity to earn up to 103,000 additional shares of the Company’s common stock in the aggregate, depending upon whether certain threshold or goal earnings per share targets are met and individual performance metrics are satisfied in fiscal year 2016. These PSUs have only one measurement year (fiscal year 2016), with any shares earned at the end of fiscal year 2016 to vest 25% on or about each of May 1 of 2016, 2017, 2018 and 2019, provided that the participant remains employed by or affiliated with the Company on each such date. | |||||||||||||||||||||||||
Restricted Stock/Restricted Stock Units: During the second quarter of fiscal year 2007, the Company granted 225,000 shares of the Company’s common stock to its Chairman and Chief Executive Officer as a restricted stock award under the 1994 Plan. These shares vest ratably over ten fiscal years based on service, beginning on the last day of fiscal year 2007 and ending on the last day of fiscal year 2016, subject, however, to the terms applicable to the award, including terms providing for possible acceleration of vesting upon death, disability, change in control or certain other events. The weighted average fair value for these shares at the grant date was $10.56. On both March 29, 2015 and March 30, 2014, 22,500 shares of restricted stock were released and vested. As of March 29, 2015, there were 22,500 unvested shares and approximately $0.2 million of total unrecognized compensation costs related to restricted stock. Unrecognized compensation costs related to this award are expected to be recognized ratably over a period of approximately one year. | |||||||||||||||||||||||||
On May 3, 2012, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 20,100 restricted stock unit, or RSU, awards to the non-employee directors of the Company. These awards provide for the issuance of shares of the Company’s common stock in accordance with a vesting schedule. These awards have vested or will vest, and shares have been or will be issued, 25% on or about each of May 1 of 2013, 2014, 2015 and 2016, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. As of March 29, 2015, there was approximately $0.1 million of total unrecognized compensation costs related to these awards. Unrecognized compensation costs related to this award are expected to be recognized ratably over a period of approximately one year. | |||||||||||||||||||||||||
On May 14, 2013, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 15,000 RSU awards to the non-employee directors of the Company with the exception of one individual who retired from the Board of Directors in July 2013. These awards provide for the issuance of shares of the Company’s common stock in accordance with a vesting schedule. These awards have vested or will vest and shares have been or will be issued, 25% on or about each of May 1 of 2014, 2015, 2016 and 2017, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. As of March 29, 2015, there was approximately $0.1 million of total unrecognized compensation costs related to these awards. Unrecognized compensation costs related to these awards are expected to be recognized ratably over a period of approximately two years. | |||||||||||||||||||||||||
On May 8, 2014, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 10,000 RSU to non-employee directors of the Company. These awards provide for the issuance of shares of the Company’s common stock in accordance with a vesting schedule. These awards have vested or will vest, and shares have been or will be issued, 25% on or about each of May 1 of 2015, 2016, 2017 and 2018, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. As of March 29, 2015, there was approximately $0.2 million of total unrecognized compensation costs related to these awards. Unrecognized compensation costs related to these awards are expected to be recognized ratably over a period of approximately three years. | |||||||||||||||||||||||||
Subsequent to the Company’s 2015 fiscal year end, on May 11, 2015, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 10,000 RSU awards to non-employee directors of the Company. These awards provide for the issuance of shares of the Company’s common stock in accordance with a vesting schedule. These awards will vest and shares will be issued 25% on or about each of May 1 of 2016, 2017, 2018 and 2019, provided that the participant remains associated with the Company (or meets other criteria as prescribed in the agreement) on each such date. | |||||||||||||||||||||||||
Compensation expense on restricted stock is measured using the grant date price, net of the present value of dividends expected to be paid on TESSCO common stock before the RSU award vests. | |||||||||||||||||||||||||
Team Member Stock Purchase Plan: The Company has a Team Member Stock Purchase Plan that permits eligible employees to purchase up to an aggregate of 450,000 shares of the Company's common stock at 85% of the lower of the market price on the first day of a six-month period or the market price on the last day of that same six-month period. Expenses incurred for the Team Member Stock Purchase Plan during the fiscal years ended March 29, 2015, March 30, 2014, and March 31, 2013 were $67,300, $68,400, and $59,400, respectively. During the fiscal years ended March 29, 2015, March 30, 2014, and March 31, 2013, 8,547, 9,604, and 11,009 shares were sold to employees under this plan, having a weighted average market value of $22.93, $22.21, and $15.80, respectively. |
Fair_Value_Disclosure
Fair Value Disclosure | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Fair Value Disclosure [Abstract] | |||||||||||||||||
Fair Value Disclosure | Note 16. Fair Value Disclosure | ||||||||||||||||
Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | |||||||||||||||||
· | Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||
· | Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||
· | Level 3: Unobservable inputs for the asset or liability that reflect the reporting entity’s own assumptions about the inputs used in pricing the asset or liability. | ||||||||||||||||
As of March 29, 2015 and March 30, 2014, the Company has no assets or liabilities recorded at fair value. | |||||||||||||||||
The carrying amounts of cash and cash equivalents, trade accounts receivable, product inventory, trade accounts payable, accrued expenses and other current liabilities approximate their fair values as of March 29, 2015 and March 30, 2014 due to their short term nature. | |||||||||||||||||
Fair value of long term debt is calculated using current market interest rates, which we consider to be a Level 2 input as described in the fair value accounting guidance on fair value measurements, and future principle payments, as of March 29, 2015 and March 30, 2014 is estimated as follows: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Note payable to a Bank | $ | 2,100,000 | $ | 2,031,400 | $ | 2,325,000 | $ | 2,200,500 | |||||||||
Note payable to Baltimore County | $ | 108,200 | $ | 102,300 | $ | 133,400 | $ | 124,400 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended |
Mar. 29, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 17. Supplemental Cash Flow Information |
Cash paid for income taxes net of refunds, for fiscal years 2015, 2014, and 2013 totaled $4,914,000, $8,355,900, and $11,847,300, respectively. Cash paid for interest during fiscal years 2015, 2014, and 2013 totaled $174,600, $198,400, and $208,300, respectively. Interest of $3,400 was capitalized during fiscal 2015. No interest was capitalized during fiscal years 2014 and 2013. |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended |
Mar. 29, 2015 | |
Concentration of Risk [Abstract] | |
Concentration of Risk | Note 18. Concentration of Risk |
Sales to customers and purchases from vendors are largely governed by individual sales or purchase orders, so there is no guarantee of future business. In some cases, the Company has more formal agreements with significant customers or vendors, but they are largely administrative in nature and are terminable by either party upon several months or otherwise short notice and they typically contain no obligation to make purchases from TESSCO. In the event a significant customer decides to make its purchases from another source, experiences a significant change in demand internally or from its own customer base, becomes financially unstable, or is acquired by another company, the Company’s ability to generate revenues from these customers may be significantly affected, resulting in an adverse effect on its financial position and results of operations. | |
The Company is dependent on third-party equipment manufacturers, distributors and dealers for all of its supply of wireless communications equipment. For fiscal years 2015, 2014, and 2013, sales of products purchased from the Company's top ten vendors accounted for 41%, 43%, and 42% of total revenues, respectively. In fiscal year 2015 and 2014, sales of product purchased from the Company’s largest vendor, CommScope Incorporated, accounted for approximately 14% and 16% of revenue, respectively. In fiscal year 2013, sales of product purchased from the Company’s largest vendor, Otter Products LLC, a significant portion of which were sold to the Company’s former largest customer AT&T Mobility, accounted for approximately 9% of total revenues. The Company is dependent on the ability of its vendors to provide products on a timely basis and on favorable pricing terms. Although the Company believes that alternative sources of supply are available for many of the product types it carries, the loss of certain principal suppliers, or the loss of one or more of certain ongoing affinity relationships, could have a material adverse effect on the Company. | |
As noted, the Company's future results could also be negatively impacted by the loss of certain customers, and/or vendor relationships. For fiscal years 2015, 2014, and 2013, sales of products to the Company's top ten customer relationships accounted for 20%, 19%, and 39% of total revenues, respectively. No customer accounted for more than 7% of total revenues in fiscal 2015 and 2014. In fiscal year 2013, sales to the Company’s former largest customer relationship, AT&T Mobility, accounted for approximately 30% of total revenues. | |
In April 2012, the Company was notified by AT&T of their intention to transition their third party logistics retail store supply chain business away from TESSCO beginning in the second quarter of our fiscal 2013. This business fully transitioned as of the close of fiscal 2013. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | Note 19. Quarterly Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
Summarized quarterly financial data for the fiscal years ended March 29, 2015 and March 30, 2014 is presented in the table below: | |||||||||||||||||||||||||||||||||
Fiscal Year 2015 Quarters Ended | Fiscal Year 2014 Quarters Ended | ||||||||||||||||||||||||||||||||
Mar. 29, | Dec. 28, | Sept. 28, | Jun. 29, | Mar. 30, | Dec. 29, | Sept. 29, | Jun. 30, | ||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Revenues | $ | 112,962,200 | $ | 135,188,700 | $ | 148,521,800 | $ | 152,946,300 | $ | 124,536,600 | $ | 144,915,200 | $ | 146,526,000 | $ | 144,108,800 | |||||||||||||||||
Cost of goods sold | 85,271,400 | 102,675,800 | 113,085,800 | 117,697,500 | 94,451,800 | 108,772,800 | 110,033,200 | 108,670,900 | |||||||||||||||||||||||||
Gross profit | 27,690,800 | 32,512,900 | 35,436,000 | 35,248,800 | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 27,362,100 | 29,828,800 | 29,569,400 | 29,176,400 | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | |||||||||||||||||||||||||
Restructuring charges | 573,400 | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||
Operating expenses | 27,935,500 | 29,828,800 | 29,569,400 | 29,176,400 | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | |||||||||||||||||||||||||
(Loss) income from operations | (244,700 | ) | 2,684,100 | 5,866,600 | 6,072,400 | 4,769,100 | 7,167,600 | 7,589,400 | 6,963,800 | ||||||||||||||||||||||||
Interest, net | 28,200 | 61,300 | 49,400 | 28,400 | 18,300 | 37,800 | 67,000 | 54,600 | |||||||||||||||||||||||||
(Loss) income before provision for income taxes | (272,900 | ) | 2,622,800 | 5,817,200 | 6,044,000 | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | ||||||||||||||||||||||||
Provision income taxes | (41,000 | ) | 941,600 | 2,303,600 | 2,372,600 | 1,795,500 | 2,709,300 | 2,941,300 | 2,617,000 | ||||||||||||||||||||||||
Net (loss) income | $ | (231,900 | ) | $ | 1,681,200 | $ | 3,513,600 | $ | 3,671,400 | $ | 2,955,300 | $ | 4,420,500 | $ | 4,581,100 | $ | 4,292,200 | ||||||||||||||||
Diluted (loss) earnings per share | $ | (0.03 | ) | $ | 0.2 | $ | 0.42 | $ | 0.44 | $ | 0.35 | $ | 0.53 | $ | 0.55 | $ | 0.51 | ||||||||||||||||
Cash dividends declared per common share | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.18 | $ | 0.18 | $ | 0.18 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 29, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20. Subsequent Events |
Effective May 26, 2015, pursuant to a mutually agreed Letter Agreement, Said Tofighi ceased to serve as Senior Vice President of Global Manufacturer Supply Chain and Ventev Innovations of the Company. Mr. Tofighi will remain employed by the Company in a transitional role until August 28, 2015, when his employment with the Company will terminate. | |
The parties have agreed that Mr. Tofighi will receive a severance payment equal to 1.00 times his current base salary ($345,000) to be paid in two equal installments, the first on August 28, 2015 and the second on April 1, 2016, assuming certain conditions are satisfied. These include the delivery by Mr. Tofighi of a release, and his not accepting any executive or senior management position (regardless of whether it is competitive with the Company), and not engaging in any business competitive with the Company, through February 28, 2016. | |
Mr. Tofighi has also agreed that he will not be entitled to any “Value Share” payment that he otherwise may have been entitled to for fiscal 2016, and that he is entitled to receive only previously earned Performance Shares that are distributable prior to termination of his employment on August 28, 2015. He will not be entitled to receive any Performance Shares that might have otherwise become distributable to him after that date. Accordingly, and assuming his employment terminates on August 28, 2015 and the non-occurrence of an event resulting in accelerated vesting of outstanding PSUs, an aggregate of 5,768 Performance Shares will then be forfeited. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Schedule II - Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II: Valuation and Qualifying Accounts | ||||||||||||
For the fiscal years ended: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance, beginning of period | $ | 1,080,300 | $ | 1,274,700 | $ | 998,800 | |||||||
Provision for bad debts | 943,300 | 202,000 | 1,197,300 | ||||||||||
Write-offs and other adjustments | (1,361,700 | ) | (396,400 | ) | (921,400 | ) | |||||||
Balance, end of period | $ | 661,900 | $ | 1,080,300 | $ | 1,274,700 | |||||||
2015 | 2014 | 2013 | |||||||||||
Inventory Reserve: | |||||||||||||
Balance, beginning of period | $ | 4,086,100 | $ | 3,336,700 | $ | 3,268,900 | |||||||
Inventory reserve expense | 2,098,800 | 1,428,100 | 2,581,200 | ||||||||||
Write-offs and other adjustments | (404,300 | ) | (678,700 | ) | (2,513,400 | ) | |||||||
Balance, end of period | $ | 5,780,600 | $ | 4,086,100 | $ | 3,336,700 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Mar. 29, 2015 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. | ||
Fiscal Year | Fiscal Year | |
The Company's fiscal year is the 52 or 53 weeks ending on the Sunday falling on or between March 26 and April 1 to allow the financial year to better reflect the Company's natural weekly accounting and business cycle. The fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 each contain 52 weeks. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
Cash and cash equivalents include cash and highly liquid investments with an original maturity of 90 days or less. | ||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | |
The Company uses estimates to determine the amount of the allowance for doubtful accounts necessary to reduce accounts receivable to their expected net realizable value. The Company estimates the amount of the required allowance by reviewing the status of past-due receivables and analyzing historical bad debt trends and current economic conditions. Actual collection experience has not varied significantly from estimates, due primarily to consistent credit policies, collection experience, as well as the Company’s stability as it relates to its current customer base. Typical payments from a large majority of commercial customers are due 30 days from the date of the invoice. The Company charges-off receivables deemed to be uncollectible to the allowance for doubtful accounts. Accounts receivable balances are not collateralized. | ||
Product Inventory | Product Inventory | |
Product inventory, consisting primarily of finished goods, is stated at the lower of cost or market, cost being determined on the first-in, first-out (“FIFO”) method and includes certain charges directly and indirectly incurred in bringing product inventories to the point of sale. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value, based upon specifically known inventory-related risks (such as technological obsolescence and the nature of vendor terms surrounding price protection and product returns), and assumptions about future demand. At March 29, 2015 and March 30, 2014, the Company had a reserve for excess and/or obsolete inventory of $5,780,600 and $4,086,100, respectively. | ||
Property and Equipment | Property and Equipment | |
Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | ||
Useful lives | ||
Information technology equipment and software | 1‑5 years | |
Configuration, Fulfillment and Delivery technology system | 7 years | |
Furniture, telephone system, equipment and tooling | 3‑10 years | |
Building, building improvements and leasehold improvements | 2‑40 years | |
The Company capitalizes computer software costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and when management authorizes and commits to funding the project and it is probable that the project will be completed. Development and acquisition costs are capitalized when the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Capitalization ceases when the software project is substantially complete and ready for its intended use. | ||
Leasehold improvements are amortized over the shorter of their useful lives or the remaining lease term. | ||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | |
Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets. Fair value is generally determined by estimates of discounted cash flows. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. There were no impairment charges in fiscal years 2015, 2014 or 2013. | ||
Assets to be disposed of are reported at the lower of carrying value or fair values, less estimated costs of disposal. | ||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill amounts and indefinite lived intangible assets are not amortized, but rather are tested for impairment at least annually or whenever an impairment indicator is identified. The Company performs its annual impairment test on the first day of its fourth quarter. Intangible assets that are not considered to have an indefinite useful life are amortized over their useful life of 4 to 6 years using the straight-line method. Intangible assets other than goodwill are recorded within other long-term assets in the Company’s Consolidated Balance Sheets. The goodwill impairment test involves an initial qualitative analysis to determine if it is more likely than not that an intangible asset’s fair value is less than its carrying amount. If qualitative factors suggest a possible impairment, the Company then performs an additional two-step approach. Under the first step, the Company determines the fair value of each reporting unit to which goodwill has been assigned. The Company then compares the fair value of each reporting unit to its carrying value, including goodwill. The Company estimates the fair value of each reporting unit using various valuation techniques, with the primary technique being a discounted cash flow or income approach, under which the Company estimates the present value of the reporting unit’s future cash flows. Key assumptions used to determine the present value of a reporting unit’s future cash flows include (a) a cash flow period; (b) a terminal value based on a growth rate; and (c) a discount rate, which is based on the Company’s weighted average cost of capital adjusted for risks associated with our operations. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is considered potentially impaired and the second step is completed in order to measure the impairment loss. Under the second step, the Company calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets, including any unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit as determined in the first step. The Company then compares the implied fair value of goodwill to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company recognizes an impairment loss equal to the difference. | ||
The indefinite lived intangible asset impairment test requires the determination of the fair value of the intangible asset. If the fair value of the intangible asset is less than its carrying value, an impairment loss is recognized for an amount equal to the difference. The intangible asset is then carried at its new fair value. Fair value is determined using estimates of discounted cash flows. These estimates of discounted cash flows will likely change over time as impairment tests are performed. Estimates of fair value are also adversely affected by increases in interest rates and the applicable discount rate. | ||
Based on the Company’s qualitative and/or quantitative impairment testing performed, the Company did not recognize an impairment loss on goodwill or other indefinite lived intangible assets in fiscal years 2015, 2014 or 2013. | ||
The methods of assessing fair value for reporting units with goodwill as well as for indefinite lived assets require significant judgments to be made by management, including future revenues, expenses, cash flows and discount rates. Changes in such estimates or the application of alternative assumptions could produce significantly different results. | ||
Revenue Recognition | Revenue Recognition | |
The Company records revenues when 1) persuasive evidence of an arrangement exists, 2) delivery has occurred or services have been rendered, 3) price to the buyer is fixed or determinable, and 4) collectability is reasonably assured. The Company’s revenue recognition policy includes evidence of arrangements for significant revenue transactions through either receipt of a customer purchase order or a web-based order. The Company records revenues when risk of loss has passed to the customer. In most cases, shipments are made using FOB shipping terms. FOB destination terms are used for a portion of sales, and revenue for these sales is recorded when the product is received by the customer. Prices are always fixed at the time of sale. Historically, there have not been any material concessions provided to or by customers, future discounts provided by the company, or other incentives subsequent to a sale. The Company sells under normal commercial terms and, therefore, only records sales on transactions where collectability is reasonably assured. The Company recognizes revenues net of sales tax. | ||
Because the Company’s sales transactions meet the conditions set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) No. 605 and/or 606, it recognizes revenues from sales transactions containing sales returns provisions at the time of the sale. These conditions require that 1) the price be substantially fixed or determinable at the date of sale, 2) the buyer is obligated to pay, and the payment is not contingent on their resale of the product, 3) the buyer’s obligation to the Company does not change in the event of theft or physical destruction or damage of the product, 4) the buyer has economic substance apart from the Company, 5) the Company does not have significant obligations for future performance to directly bring about resale of the product by the buyer, and 6) the amount of future returns can be reasonably estimated. Because the Company’s normal terms and conditions of sale are consistent with conditions 1-5 above, and the Company is able to perform condition 6, it makes a reasonable estimate of product returns in sales transactions and accrues a sales return reserve based on this estimate. | ||
Certain companies have turned to TESSCO to implement supply chain solutions, including purchasing inventory, assisting in demand forecasting, configuring, packaging, kitting and delivering products and managing customer and vendor relations, from order taking through cash collections. In performing these solutions, the Company assumes varying levels of involvement in the transactions and varying levels of credit and inventory risk. As the Company’s solutions offerings continually evolve to meet the needs of its customers, the Company constantly evaluates its revenue accounting based on the guidance set forth in accounting standards generally accepted in the United States. When applying this guidance in accordance with the ASC No. 605-45, the Company looks at the following indicators: whether it is the primary obligor in the transaction; whether it has general inventory risk; whether it has latitude in establishing price; the extent to which it changes the product or performs part of the service; whether it has discretion in supplier selection; whether it is involved in the determination of product and service specifications; whether it has physical inventory risk; whether it has credit risk; and whether the amount it earns is fixed. Each of the Company’s customer relationships is independently evaluated based on the above guidance and revenues are recorded on the appropriate basis. Based on a review of the factors above, in the majority of the Company’s sales relationships, the Company has concluded that it is the principal in the transaction and records revenues based upon the gross amounts earned and booked. However, the Company does have relationships where it is not the principal and records revenues on a net fee basis, regardless of amounts billed (less than 1% of total revenues for fiscal 2015). If applying this revenue recognition guidance resulted in recording revenues on a different basis from which the Company has previously concluded, or if the factors above change significantly, revenues could increase or decrease; however, gross profit and net income would remain constant. | ||
Service revenue associated with training and other services is recognized when the training or work is complete and the four criteria discussed above have been met. Service revenues have represented less than 1% of total revenues for fiscal years 2015, 2014 and 2013. | ||
Other than sales relating to the Company’s private brands, we offer no product warranties in excess of original equipment manufacturers’ warranties. The Company’s warranty expense is estimated and accrued at the time of sale. Warranty expense was immaterial for fiscal years 2015, 2014 and 2013. | ||
Vendor Programs | Vendor Programs | |
Funds received from vendors for price protection, product rebates and marketing/promotion are recorded in accordance with ASC 605. | ||
Classification of Expenses | Classification of Expenses | |
Cost of goods sold includes cost of products and freight from vendors to our distribution centers. Product management, distribution, purchasing, receiving/inspection, warehousing, freight from our distribution centers to our customers’ sites, and corporate overhead costs are included in selling, general and administrative expenses. Certain selling, general and administrative expenses related to direct and indirect labor and certain freight-in expenses are included in inventory. As of March 29, 2015 and March 30, 2014, the amount of selling, general and administrative expenses and freight in expenses included in inventory was $3,008,200 and $2,261,500, respectively. | ||
Shipping and Handling Costs | Shipping and Handling Costs | |
Shipping costs incurred to ship products from our distribution centers to our customers’ sites are included in selling, general and administrative expenses in the Consolidated Statements of Income and totaled $13,700,000, $13,364,600, and $13,674,300 for the fiscal years ended March 29, 2015, March 30, 2014, and March 31, 2013, respectively. | ||
Stock Compensation Awards Granted to Team Members | Stock Compensation Awards Granted to Team Members | |
The Company records stock compensation expense for awards in accordance with ASC No. 718, which requires the Company to include in its calculation of periodic stock compensation expense an estimate of future forfeitures. The standard also requires stock awards granted or modified after the adoption of the standard that include both performance conditions and graded vesting based on service to the Company to be amortized by an accelerated method rather than the straight-line method. | ||
Income Taxes | Income Taxes | |
The Company accounts for income taxes under the asset and liability method in accordance with ASC No. 740. Under this method, deferred income tax assets and liabilities arise from differences between the tax basis of assets or liabilities and their reported amounts in the financial statements. Deferred tax balances are determined by using the enacted tax rate to be in effect when the taxes are paid or refunds received. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
In accordance with ASC No. 740, the Company recognizes a provision for tax uncertainties in its financial statements. See Note 12 for further discussion of the standard and its impact on the Company’s consolidated financial statements. | ||
Use of Estimates | Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company reviews and evaluates its estimates and assumptions, including but not limited to, those that relate to tax reserves, stock-based compensation, accounts receivable reserves, inventory reserves and future cash flows associated with impairment testing for goodwill and other long-lived assets. Actual results could significantly differ from those estimates. | ||
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards | |
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. On April 29, 2015 the FASB issued for public comment a proposal to defer the effective date of the standard by one year. We are 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 issue 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. We currently do not have any share-based arrangements of this type; therefore, this guidance is not expected to have an impact on our results of operations or financial condition. See Note 15 for the details of our stock based compensation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Mar. 29, 2015 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Property and Equipment Useful Life | Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: | |
Useful lives | ||
Information technology equipment and software | 1‑5 years | |
Configuration, Fulfillment and Delivery technology system | 7 years | |
Furniture, telephone system, equipment and tooling | 3‑10 years | |
Building, building improvements and leasehold improvements | 2‑40 years |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Property and Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment, and is summarized as follows: | ||||||||
2015 | 2014 | ||||||||
Land | $ | 4,740,800 | $ | 4,740,800 | |||||
Building, building improvements and leasehold improvements | 21,375,500 | 21,202,400 | |||||||
Information technology equipment and computer software | 25,751,500 | 24,625,800 | |||||||
Furniture, telephone system, equipment and tooling | 7,809,400 | 7,734,000 | |||||||
59,677,200 | 58,303,000 | ||||||||
Less accumulated depreciation and amortization | (38,565,400 | ) | (35,537,600 | ) | |||||
Property and equipment, net | $ | 21,111,800 | $ | 22,765,400 |
Accrued_expenses_and_other_cur1
Accrued expenses and other current liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Accrued expenses and other current liabilities [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: | ||||||||
29-Mar-15 | 30-Mar-14 | ||||||||
Deferred Revenue | $ | 6,959,300 | $ | -- | |||||
Other Accrued Expenses | 1,729,200 | 923,600 | |||||||
Total Accrued Expenses | $ | 8,688,500 | $ | 923,600 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Long-Term Debt [Abstract] | |||||
Scheduled Annual Maturities of Long-Term Debt | As of March 29, 2015, scheduled annual maturities of long-term debt are as follows: | ||||
Fiscal year: | |||||
2016 | $ | 250,700 | |||
2017 | 1,901,200 | ||||
2018 | 26,700 | ||||
2019 | 27,300 | ||||
2020 | 2,300 | ||||
Thereafter | -- | ||||
$ | 2,208,200 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Commitments and Contingencies [Abstract] | |||||
Minimum Future Obligations Under Operating Leases | The Company’s minimum future obligations as of March 29, 2015 under existing operating leases are as follows: | ||||
Fiscal year: | |||||
2016 | $ | 3,032,100 | |||
2017 | 2,983,100 | ||||
2018 | 2,020,500 | ||||
2019 | 143,600 | ||||
2020 | 11,100 | ||||
Thereafter | -- | ||||
$ | 8,190,400 |
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Operating Segments [Abstract] | |||||||||||||
Revenue Information by Market | Market activity for the fiscal years ended 2015, 2014 and 2013 is as follows (in thousands): | ||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||
Revenues | |||||||||||||
Public Carriers, Contractors & Program Managers | $ | 127,426 | $ | 149,196 | $ | 111,146 | |||||||
Government System Operators | 31,495 | 33,757 | 35,857 | ||||||||||
Private System Operators | 86,725 | 81,559 | 85,456 | ||||||||||
Commercial Dealers & Resellers | 134,195 | 140,552 | 138,737 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 169,778 | 155,023 | 167,895 | ||||||||||
Revenue, excluding Major 3PL relationship | 549,619 | 560,087 | 539,091 | ||||||||||
Major 3PL relationship | -- | -- | 213,474 | ||||||||||
Total revenues | 549,619 | 560,087 | 752,565 | ||||||||||
Gross Profit | |||||||||||||
Public Carriers, Contractors & Program Managers | 24,081 | 31,013 | 24,183 | ||||||||||
Government System Operators | 8,283 | 8,497 | 9,231 | ||||||||||
Private System Operators | 22,926 | 23,110 | 24,365 | ||||||||||
Commercial Dealers & Resellers | 37,977 | 39,396 | 38,345 | ||||||||||
Retailer, Independent Dealer Agents & Carriers | 37,622 | 36,142 | 35,903 | ||||||||||
Gross profit, excluding Major 3PL relationship | 130,889 | 138,158 | 132,027 | ||||||||||
Major 3PL relationship | -- | -- | 15,012 | ||||||||||
Total gross profit | 130,889 | 138,158 | 147,039 | ||||||||||
Selling, general, administrative, and interest expenses | 116,104 | 111,846 | 118,045 | ||||||||||
Restructuring charge | 573 | -- | -- | ||||||||||
Operating and interest expenses | 116,677 | 111,846 | 118,045 | ||||||||||
Income before provision for income taxes | $ | 14,211 | $ | 26,312 | $ | 28,994 | |||||||
Revenue Information by Product | Supplemental revenue and gross profit information by product category for the fiscal years 2015, 2014 and 2013 are as follows (in thousands): | ||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||
Revenues | |||||||||||||
Base station infrastructure | $ | 224,135 | $ | 252,983 | $ | 227,510 | |||||||
Network systems | 96,399 | 89,411 | 78,989 | ||||||||||
Installation, test and maintenance | 41,790 | 45,343 | 47,766 | ||||||||||
Mobile device accessories | 187,295 | 172,350 | 398,300 | ||||||||||
Total revenues | $ | 549,619 | $ | 560,087 | $ | 752,565 | |||||||
Gross Profit | |||||||||||||
Base station infrastructure | 60,960 | 69,451 | 65,472 | ||||||||||
Network systems | 16,064 | 16,040 | 14,887 | ||||||||||
Installation, test and maintenance | 9,400 | 10,286 | 11,151 | ||||||||||
Mobile device accessories | 44,465 | 42,381 | 55,529 | ||||||||||
Total gross profit | $ | 130,889 | $ | 138,158 | $ | 147,039 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Effective Income Tax Rate Reconciliation | A reconciliation of the difference between the provision for income taxes computed at statutory rates and the provision for income taxes provided in the consolidated statements of income is as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory federal rate | 34.2 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 4.1 | 3.3 | 2.9 | ||||||||||
Non-deductible expenses | 0.9 | 0.7 | 0.5 | ||||||||||
Other | 0 | (0.8 | ) | 0.2 | |||||||||
Effective rate | 39.2 | % | 38.2 | % | 38.6 | % | |||||||
Provision for Income Taxes | The provision for income taxes was comprised of the following: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal: Current | $ | 3,035,400 | $ | 9,252,700 | $ | 10,593,200 | |||||||
Deferred | 1,964,800 | (396,600 | ) | (929,600 | ) | ||||||||
State: Current | 398,500 | 1,212,400 | 1,640,400 | ||||||||||
Deferred | 178,100 | (5,400 | ) | (103,500 | ) | ||||||||
Provision for income taxes | 5,576,800 | $ | 10,063,100 | $ | 11,200,500 | ||||||||
Deferred Tax Assets and Liabilities | Total deferred tax assets and deferred tax liabilities as of March 29, 2015 and March 30, 2014, and the sources of the differences between financial accounting and tax basis of the Company's assets and liabilities which give rise to the deferred tax assets and liabilities, are as follows: | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | $ | 802,700 | $ | 1,260,000 | |||||||||
Accrued vacation | 554,100 | 428,700 | |||||||||||
Deferred rent | 687,500 | 886,800 | |||||||||||
Allowance for doubtful accounts | 232,800 | 374,300 | |||||||||||
Inventory reserves | 2,175,500 | 1,530,000 | |||||||||||
Sales tax reserves | 459,600 | 472,700 | |||||||||||
Other assets | 516,000 | 1,660,600 | |||||||||||
Restricted Stock | 89,600 | -- | |||||||||||
Tax contingency reserve | 286,200 | 299,900 | |||||||||||
Total deferred tax assets | $ | 5,804,000 | $ | 6,913,000 | |||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | 3,354,600 | 3,549,700 | |||||||||||
Other liabilities | 312,400 | 287,300 | |||||||||||
Accrued compensation | 873,700 | -- | |||||||||||
Prepaid expenses | 767,400 | 423,700 | |||||||||||
Total deferred tax liabilities | $ | 5,308,100 | $ | 4,260,700 | |||||||||
Net Deferred Tax Asset | $ | 495,900 | $ | 2,652,300 | |||||||||
Reconciliation of Changes in Gross Balance of Unrecognized Tax Benefit Amounts, Net of Interest | A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts, net of interest, is as follows: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Beginning balance of unrecognized tax benefit | $ | 1,665,000 | $ | 631,100 | $ | 561,600 | |||||||
Decrease due to reclassification to income tax payable | (1,189,000 | ) | 1,189,000 | -- | |||||||||
Increases related to current period tax positions | 10,600 | 22,800 | 69,500 | ||||||||||
Reductions as a result of a lapse in the applicable statute of limitations | (92,200 | ) | (177,900 | ) | -- | ||||||||
Ending balance of unrecognized tax benefits | $ | 394,400 | $ | 1,665,000 | $ | 631,100 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
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 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Earnings per share – Basic: | |||||||||||||
Net earnings | $ | 8,634 | $ | 16,249 | $ | 17,794 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (47 | ) | (134 | ) | (200 | ) | |||||||
Earnings available to common shareholders – Basic | $ | 8,587 | $ | 16,115 | $ | 17,594 | |||||||
Weighted average common shares outstanding – Basic | 8,171 | 8,134 | 7,929 | ||||||||||
Earnings per common share – Basic | $ | 1.05 | $ | 1.98 | $ | 2.22 | |||||||
Earnings per share – Diluted: | |||||||||||||
Net earnings | $ | 8,634 | $ | 16,249 | $ | 17,794 | |||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (19 | ) | (132 | ) | (197 | ) | |||||||
Earnings available to common shareholders – Diluted | $ | 8,615 | $ | 16,117 | $ | 17,597 | |||||||
Weighted average common shares outstanding – Basic | 8,171 | 8,134 | 7,929 | ||||||||||
Effect of dilutive options | 102 | 192 | 271 | ||||||||||
Weighted average common shares outstanding – Diluted | 8,273 | 8,326 | 8,200 | ||||||||||
Earnings per common share – Diluted | $ | 1.04 | $ | 1.94 | $ | 2.15 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||
Nonvested Performance-based Units Activity | The following table summarizes the activity under the Company’s PSU program for fiscal years 2015, 2014 and 2013: | ||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- A | Shares | Weighted- | ||||||||||||||||||||
Average | verage | Average | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
at Grant | at Grant | at Grant | |||||||||||||||||||||||
Outstanding, non-vested beginning of period | 317,127 | $ | 15.96 | 455,979 | $ | 12.77 | 604,844 | $ | 9.81 | ||||||||||||||||
Granted | 91,000 | 29.28 | 112,000 | 19.91 | 156,200 | 19.31 | |||||||||||||||||||
Vested | (125,347 | ) | 14.44 | (199,066 | ) | 10.22 | (288,765 | ) | 8.64 | ||||||||||||||||
Forfeited/canceled | (78,939 | ) | 21.61 | (51,786 | ) | 18.47 | (16,300 | ) | 17.69 | ||||||||||||||||
Outstanding, non-vested end of period | 203,841 | $ | 20.65 | 317,127 | $ | 15.96 | 455,979 | $ | 12.77 | ||||||||||||||||
Nonvested Performance-based Units Expected to Vest by Fiscal Year Maturity | Of the outstanding PSUs covering 203,841 non-vested shares, PSUs covering 74,500 shares were canceled in May 2015, based on fiscal year 2015 activity. These PSUs were canceled because fiscal year 2015 earnings per share did not fully reach the target performance set forth in the PSU grants. The remaining 129,341 shares have been earned based on past performance, but are not yet vested as of March 29, 2015. Assuming the respective participants remain employed by, or affiliated with, the Company on the vesting dates, these shares will vest and be issued on or about May 1 of 2015, 2016, and 2017, as follows: | ||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||
2015 | 87,107 | ||||||||||||||||||||||||
2016 | 31,468 | ||||||||||||||||||||||||
2017 | 10,766 | ||||||||||||||||||||||||
129,341 |
Fair_Value_Disclosure_Tables
Fair Value Disclosure (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Fair Value Disclosure [Abstract] | |||||||||||||||||
Fair Value of Long-term Debt | Fair value of long term debt is calculated using current market interest rates, which we consider to be a Level 2 input as described in the fair value accounting guidance on fair value measurements, and future principle payments, as of March 29, 2015 and March 30, 2014 is estimated as follows: | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Note payable to a Bank | $ | 2,100,000 | $ | 2,031,400 | $ | 2,325,000 | $ | 2,200,500 | |||||||||
Note payable to Baltimore County | $ | 108,200 | $ | 102,300 | $ | 133,400 | $ | 124,400 |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Data | Summarized quarterly financial data for the fiscal years ended March 29, 2015 and March 30, 2014 is presented in the table below: | ||||||||||||||||||||||||||||||||
Fiscal Year 2015 Quarters Ended | Fiscal Year 2014 Quarters Ended | ||||||||||||||||||||||||||||||||
Mar. 29, | Dec. 28, | Sept. 28, | Jun. 29, | Mar. 30, | Dec. 29, | Sept. 29, | Jun. 30, | ||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Revenues | $ | 112,962,200 | $ | 135,188,700 | $ | 148,521,800 | $ | 152,946,300 | $ | 124,536,600 | $ | 144,915,200 | $ | 146,526,000 | $ | 144,108,800 | |||||||||||||||||
Cost of goods sold | 85,271,400 | 102,675,800 | 113,085,800 | 117,697,500 | 94,451,800 | 108,772,800 | 110,033,200 | 108,670,900 | |||||||||||||||||||||||||
Gross profit | 27,690,800 | 32,512,900 | 35,436,000 | 35,248,800 | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 27,362,100 | 29,828,800 | 29,569,400 | 29,176,400 | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | |||||||||||||||||||||||||
Restructuring charges | 573,400 | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||
Operating expenses | 27,935,500 | 29,828,800 | 29,569,400 | 29,176,400 | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | |||||||||||||||||||||||||
(Loss) income from operations | (244,700 | ) | 2,684,100 | 5,866,600 | 6,072,400 | 4,769,100 | 7,167,600 | 7,589,400 | 6,963,800 | ||||||||||||||||||||||||
Interest, net | 28,200 | 61,300 | 49,400 | 28,400 | 18,300 | 37,800 | 67,000 | 54,600 | |||||||||||||||||||||||||
(Loss) income before provision for income taxes | (272,900 | ) | 2,622,800 | 5,817,200 | 6,044,000 | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | ||||||||||||||||||||||||
Provision income taxes | (41,000 | ) | 941,600 | 2,303,600 | 2,372,600 | 1,795,500 | 2,709,300 | 2,941,300 | 2,617,000 | ||||||||||||||||||||||||
Net (loss) income | $ | (231,900 | ) | $ | 1,681,200 | $ | 3,513,600 | $ | 3,671,400 | $ | 2,955,300 | $ | 4,420,500 | $ | 4,581,100 | $ | 4,292,200 | ||||||||||||||||
Diluted (loss) earnings per share | $ | (0.03 | ) | $ | 0.2 | $ | 0.42 | $ | 0.44 | $ | 0.35 | $ | 0.53 | $ | 0.55 | $ | 0.51 | ||||||||||||||||
Cash dividends declared per common share | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.18 | $ | 0.18 | $ | 0.18 |
Organization_Details
Organization (Details) | Mar. 29, 2015 |
Organization [Abstract] | |
Percentage of sales in US (in hundredths) | 98.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Payment period from large majority of commercial customers | 30 days | ||
Reserves for excess or obsolescence inventory | $5,780,600 | $4,086,100 | |
Expenses included in inventory | 3,008,200 | 2,261,500 | |
Shipping cost included in selling, general and administrative expenses | 13,700,000 | 13,364,600 | 13,674,300 |
Impairment charges | 0 | 0 | 0 |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment loss on indefinite-lived intangible assets (excluding goodwill) | $0 | $0 | $0 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 4 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life | 6 years | ||
Revenue Recognition [Line Items] | |||
Percentage of service revenue to total revenue (in hundredths) | 1.00% | 1.00% | 1.00% |
Percentage of revenue recorded on net fee basis relationship (in hundredths) | 1.00% | ||
Information Technology Equipment and Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 1 year | ||
Information Technology Equipment and Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 5 years | ||
Configuration, Fulfillment and Delivery Technology System [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 7 years | ||
Furniture, Telephone System, Equipment and Tooling [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 3 years | ||
Furniture, Telephone System, Equipment and Tooling [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 10 years | ||
Building, Building Improvements and Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 2 years | ||
Building, Building Improvements and Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 40 years |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $59,677,200 | $58,303,000 | |
Less: Accumulated depreciation and amortization | -38,565,400 | -35,537,600 | |
Property and equipment, net | 21,111,800 | 22,765,400 | |
Depreciation and amortization | 4,583,600 | 4,852,800 | 4,926,400 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,740,800 | 4,740,800 | |
Building, Building Improvements and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 21,375,500 | 21,202,400 | |
Information Technology Equipment and Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 25,751,500 | 24,625,800 | |
Capitalized computer software | 844,000 | 1,012,400 | |
Amortization expense of capitalized computer software | 797,800 | 980,300 | 1,322,400 |
Furniture, Telephone System, Equipment and Tooling [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $7,809,400 | $7,734,000 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Mar. 29, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Other intangible assets | $850,000 | $850,000 | |
Amortization expense | $12,300 | $53,000 |
Accrued_expenses_and_other_cur2
Accrued expenses and other current liabilities (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Accrued expenses and other current liabilities [Abstract] | ||
Deferred Revenue | $6,959,300 | $0 |
Other Accrued Expenses | 1,729,200 | 923,600 |
Total Accrued Expenses | $8,688,500 | $923,600 |
Borrowings_Under_Revolving_Cre1
Borrowings Under Revolving Credit Facility (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Dec. 27, 2012 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Oct. 16, 2013 | |
Line of Credit Facility [Line Items] | |||||
Maximum borrowings during period | $17,331,900 | $13,467,000 | $18,989,600 | ||
Covenant compliance | The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility. | The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility. | The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility. | ||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 35,000,000 | 35,000,000 | 35,000,000 | ||
Expiration date | 31-Oct-16 | ||||
Common stock dividends (in dollars per share) | $0.75 | ||||
Dividends payable, date paid | 27-Dec-12 | ||||
Dividends payable, date of record | 13-Dec-12 | ||||
Purchase of additional shares of common stock | 11,700,000 | ||||
Interest rate variable rate basis | LIBOR | ||||
Weighted average interest rate (in hundredths) | 1.65% | 2.35% | 2.68% | ||
Interest expense | 78,200 | 53,400 | 77,400 | ||
Average borrowings during period | 4,672,300 | 2,243,900 | 2,858,500 | ||
Amount outstanding | 0 | 0 | |||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread on variable rate basis (in hundredths) | 1.50% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Dividend payment permitted by lender agreement | 8,000,000 | ||||
Rolling dividend payment period permitted by lender agreement | 12 months | ||||
Stock repurchase permitted by lender agreement | $30,000,000 | ||||
Interest rate spread on variable rate basis (in hundredths) | 2.50% |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Jun. 30, 2011 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 27, 2005 | Jun. 30, 2004 | Mar. 31, 2009 | |
Scheduled Annual Maturities of Long-Term Debt [Abstract] | |||||||
2016 | $250,700 | ||||||
2017 | 1,901,200 | ||||||
2018 | 26,700 | ||||||
2019 | 27,300 | ||||||
2020 | 2,300 | ||||||
Thereafter | 0 | ||||||
Total | 2,208,200 | ||||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 2,100,000 | 2,325,000 | 4,500,000 | ||||
Maturity date | 30-Jun-11 | ||||||
Extended maturity date | 1-Jul-16 | ||||||
Interest rate variable rate basis | LIBOR | ||||||
Interest rate spread on variable rate basis (in hundredths) | 2.00% | ||||||
Weighted average interest rate (in hundredths) | 2.19% | 2.18% | 2.21% | ||||
Interest expense | 48,400 | 54,500 | 55,600 | ||||
Baltimore County Economic Development Revolving Loan Fund [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 108,200 | 133,400 | 250,000 | ||||
Maturity date | 1-Apr-19 | ||||||
Principal and interest payments | 2,300 | ||||||
Interest expense | $2,400 | $2,900 | $3,400 | ||||
Interest rate (in hundredths) | 2.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Rent expense | $2,970,300 | $3,004,300 | $2,907,900 |
Minimum Future Obligations [Abstract] | |||
2016 | 3,032,100 | ||
2017 | 2,983,100 | ||
2018 | 2,020,500 | ||
2019 | 143,600 | ||
2020 | 11,100 | ||
Thereafter | 0 | ||
Total | 8,190,400 | ||
New York [Member] | |||
Minimum Future Obligations [Abstract] | |||
Income tax examination period | June 2012 through February 2015 | ||
Florida [Member] | |||
Minimum Future Obligations [Abstract] | |||
Income tax examination period | November 2011 through October 2014 | ||
Maryland [Member] | |||
Minimum Future Obligations [Abstract] | |||
Income tax examination period | January 2011 through December 2014 | ||
Timonium, Maryland [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Base rental rate per month | 162,600 | ||
Timonium, Maryland [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Base rental rate per month | 177,700 | ||
Hunt Valley, Maryland [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Base rental rate per month | 33,000 | ||
Hunt Valley, Maryland [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Base rental rate per month | 35,700 | ||
San Antonio, Texas [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Base rental rate per month | 15,300 | ||
San Antonio, Texas [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Base rental rate per month | $16,900 |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Segment | |||||||||||
Category | |||||||||||
Operating Segments [Abstract] | |||||||||||
Number of reportable segments | 1 | ||||||||||
Number of product categories | 4 | ||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | $549,619,000 | $560,086,600 | $752,565,000 | ||||||||
Gross profit | 27,690,800 | 32,512,900 | 35,436,000 | 35,248,800 | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 130,888,500 | 138,157,900 | 147,039,200 |
Selling, general, administrative, and interest expenses | 116,104,000 | 111,846,000 | 118,045,000 | ||||||||
Restructuring charge | 573,400 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 573,400 | 0 | 0 |
Operating and interest expenses | 116,677,000 | 111,846,000 | 118,045,000 | ||||||||
Income before provision for income taxes | -272,900 | 2,622,800 | 5,817,200 | 6,044,000 | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | 14,211,100 | 26,312,200 | 28,994,400 |
Reporting Units [Member] | Public Carriers, Contractors & Program Managers [Member] | |||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | 127,426,000 | 149,196,000 | 111,146,000 | ||||||||
Gross profit | 24,081,000 | 31,013,000 | 24,183,000 | ||||||||
Reporting Units [Member] | Government System Operators [Member] | |||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | 31,495,000 | 33,757,000 | 35,857,000 | ||||||||
Gross profit | 8,283,000 | 8,497,000 | 9,231,000 | ||||||||
Reporting Units [Member] | Private System Operators [Member] | |||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | 86,725,000 | 81,559,000 | 85,456,000 | ||||||||
Gross profit | 22,926,000 | 23,110,000 | 24,365,000 | ||||||||
Reporting Units [Member] | Commercial Dealers & Resellers [Member] | |||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | 134,195,000 | 140,552,000 | 138,737,000 | ||||||||
Gross profit | 37,977,000 | 39,396,000 | 38,345,000 | ||||||||
Reporting Units [Member] | Retailer, Independent Dealer Agents & Carriers [Member] | |||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | 169,778,000 | 155,023,000 | 167,895,000 | ||||||||
Gross profit | 37,622,000 | 36,142,000 | 35,903,000 | ||||||||
Reporting Units [Member] | Revenue, excluding Major 3PL relationship [Member] | |||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | 549,619,000 | 560,087,000 | 539,091,000 | ||||||||
Gross profit | 130,889,000 | 138,158,000 | 132,027,000 | ||||||||
Reporting Units [Member] | Major 3PL relationship [Member] | |||||||||||
Market Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 213,474,000 | ||||||||
Gross profit | $0 | $0 | $15,012,000 |
Operating_Segments_Revenue_Inf
Operating Segments, Revenue Information by Product (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Revenue and Gross Profit from External Customer [Line Items] | |||||||||||
Revenue from external customers | $549,619,000 | $560,086,600 | $752,565,000 | ||||||||
Gross profit | 27,690,800 | 32,512,900 | 35,436,000 | 35,248,800 | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 130,888,500 | 138,157,900 | 147,039,200 |
Base Station Infrastructure [Member] | |||||||||||
Revenue and Gross Profit from External Customer [Line Items] | |||||||||||
Revenue from external customers | 224,135,000 | 252,983,000 | 227,510,000 | ||||||||
Gross profit | 60,960,000 | 69,451,000 | 65,472,000 | ||||||||
Network Systems [Member] | |||||||||||
Revenue and Gross Profit from External Customer [Line Items] | |||||||||||
Revenue from external customers | 96,399,000 | 89,411,000 | 78,989,000 | ||||||||
Gross profit | 16,064,000 | 16,040,000 | 14,887,000 | ||||||||
Installation, Test and Maintenance [Member] | |||||||||||
Revenue and Gross Profit from External Customer [Line Items] | |||||||||||
Revenue from external customers | 41,790,000 | 45,343,000 | 47,766,000 | ||||||||
Gross profit | 9,400,000 | 10,286,000 | 11,151,000 | ||||||||
Mobile Device Accessories [Member] | |||||||||||
Revenue and Gross Profit from External Customer [Line Items] | |||||||||||
Revenue from external customers | 187,295,000 | 172,350,000 | 398,300,000 | ||||||||
Gross profit | $44,465,000 | $42,381,000 | $55,529,000 |
Restructuring_Charge_Details
Restructuring Charge (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2015 |
Restructuring Charge [Abstract] | |
Restructuring charge, pre-tax | $0.60 |
Stock_Buyback_Details
Stock Buyback (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Apr. 23, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Apr. 23, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares repurchased under stock buy back program (in shares) | 157,954 | ||||
Shares repurchased | $4,600,000 | ||||
Average cost per share (in dollars per share) | $29.17 | ||||
Amount available for repurchase | 5,400,000 | ||||
Stock authorized to purchase on non-accelerated basis | 10,000,000 | ||||
Stock repurhase period | 24 months | ||||
Tax withholding for share based compensation | $1,612,900 | $1,646,300 | $2,161,900 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
Statutory federal rate (in hundredths) | 34.20% | 35.00% | 35.00% | ||||||||
State taxes, net of federal benefit (in hundredths) | 4.10% | 3.30% | 2.90% | ||||||||
Non-deductible expenses (in hundredths) | 0.90% | 0.70% | 0.50% | ||||||||
Other (in hundredths) | 0.00% | -0.80% | 0.20% | ||||||||
Effective rate (in hundredths) | 39.20% | 38.20% | 38.60% | ||||||||
Federal [Abstract] | |||||||||||
Current | $3,035,400 | $9,252,700 | $10,593,200 | ||||||||
Deferred | 1,964,800 | -396,600 | -929,600 | ||||||||
State [Abstract] | |||||||||||
Current | 398,500 | 1,212,400 | 1,640,400 | ||||||||
Deferred | 178,100 | -5,400 | -103,500 | ||||||||
Provision for income taxes | -41,000 | 941,600 | 2,303,600 | 2,372,600 | 1,795,500 | 2,709,300 | 2,941,300 | 2,617,000 | 5,576,800 | 10,063,100 | 11,200,500 |
Deferred tax assets [Abstract] | |||||||||||
Deferred compensation | 802,700 | 1,260,000 | 802,700 | 1,260,000 | |||||||
Accrued vacation | 554,100 | 428,700 | 554,100 | 428,700 | |||||||
Deferred rent | 687,500 | 886,800 | 687,500 | 886,800 | |||||||
Allowance for doubtful accounts | 232,800 | 374,300 | 232,800 | 374,300 | |||||||
Inventory reserves | 2,175,500 | 1,530,000 | 2,175,500 | 1,530,000 | |||||||
Sales tax reserves | 459,600 | 472,700 | 459,600 | 472,700 | |||||||
Other assets | 516,000 | 1,660,600 | 516,000 | 1,660,600 | |||||||
Restricted Stock | 89,600 | 0 | 89,600 | 0 | |||||||
Tax contingency reserve | 286,200 | 299,900 | 286,200 | 299,900 | |||||||
Total deferred tax assets | 5,804,000 | 6,913,000 | 5,804,000 | 6,913,000 | |||||||
Deferred tax liabilities [Abstract] | |||||||||||
Depreciation and amortization | 3,354,600 | 3,549,700 | 3,354,600 | 3,549,700 | |||||||
Other liabilities | 312,400 | 287,300 | 312,400 | 287,300 | |||||||
Accrued compensation | 873,700 | 0 | 873,700 | 0 | |||||||
Prepaid expenses | 767,400 | 423,700 | 767,400 | 423,700 | |||||||
Total deferred tax liabilities | 5,308,100 | 4,260,700 | 5,308,100 | 4,260,700 | |||||||
Deferred tax asset, net | 495,900 | 2,652,300 | 495,900 | 2,652,300 | |||||||
Gross amount of unrecognized tax benefits | 394,400 | 1,665,000 | 394,400 | 1,665,000 | |||||||
Net of indirect tax benefits | 256,400 | 309,400 | 256,400 | 309,400 | |||||||
Unrecognized tax benefits that would impact effective tax rate | 580,200 | 580,200 | |||||||||
Amount of interest and penalties | -31,600 | -23,300 | 71,300 | ||||||||
Unrecognized tax benefits liability | 323,800 | 295,500 | 323,800 | 295,500 | |||||||
Reconciliation of unrecognized tax benefits [Rollforward] | |||||||||||
Beginning balance of unrecognized tax benefit | 1,665,000 | 631,100 | 1,665,000 | 631,100 | 561,600 | ||||||
Decrease due to reclassification to income tax payable | -1,189,000 | 0 | 0 | ||||||||
Increase related to prior period tax positions | 0 | 1,189,000 | 0 | ||||||||
Increases related to current period tax positions | 10,600 | 22,800 | 69,500 | ||||||||
Reductions as a result of a lapse in the applicable statute of limitations | -92,200 | -177,900 | 0 | ||||||||
Ending balance of unrecognized tax benefits | $394,400 | $1,665,000 | $394,400 | $1,665,000 | $631,100 | ||||||
Tax Year 2009 [Member] | |||||||||||
Income Tax Examination [Line Items] | |||||||||||
Open tax year | 2009 | ||||||||||
Tax Year 2015 [Member] | |||||||||||
Income Tax Examination [Line Items] | |||||||||||
Open tax year | 2015 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Retirement Plans [Abstract] | |||
Defined contribution plan expense | $524,200 | $718,700 | $610,700 |
Common stock shares included in plan assets (in shares) | 127,693 | ||
Cash surrender value of life insurance policy | 1,769,600 | 1,491,300 | |
Net present value of benefit obligation | $941,300 | $822,200 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings per share - Basic [Abstract] | |||||||||||
Net earnings | ($231,900) | $1,681,200 | $3,513,600 | $3,671,400 | $2,955,300 | $4,420,500 | $4,581,100 | $4,292,200 | $8,634,300 | $16,249,100 | $17,793,900 |
Less: Distributed and undistributed earnings allocated to nonvested stock | -47,000 | -134,000 | -200,000 | ||||||||
Earnings available to common shareholders - Basic | 8,587,000 | 16,115,000 | 17,594,000 | ||||||||
Weighted average common shares outstanding - Basic (in shares) | 8,171 | 8,134 | 7,929 | ||||||||
Earnings per common share - Basic (in dollars per share) | $1.05 | $1.98 | $2.22 | ||||||||
Earnings per share - Diluted [Abstract] | |||||||||||
Net earnings | -231,900 | 1,681,200 | 3,513,600 | 3,671,400 | 2,955,300 | 4,420,500 | 4,581,100 | 4,292,200 | 8,634,300 | 16,249,100 | 17,793,900 |
Less: Distributed and undistributed earnings allocated to nonvested stock | -19,000 | -132,000 | -197,000 | ||||||||
Earnings available to common shareholders - Diluted | $8,615,000 | $16,117,000 | $17,597,000 | ||||||||
Weighted average common shares outstanding - Basic (in shares) | 8,171 | 8,134 | 7,929 | ||||||||
Effect of dilutive options (in shares) | 102 | 192 | 271 | ||||||||
Weighted average common shares outstanding - Diluted (in shares) | 8,273 | 8,326 | 8,200 | ||||||||
Earnings per common share - Diluted (in dollars per share) | ($0.03) | $0.20 | $0.42 | $0.44 | $0.35 | $0.53 | $0.55 | $0.51 | $1.04 | $1.94 | $2.15 |
Performance Stock Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares excluded from computation of EPS (in shares) | 0 | 0 | 0 | ||||||||
Restricted Stock [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares excluded from computation of EPS (in shares) | 0 | 0 | 0 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | 11-May-15 | 3-May-12 | 14-May-13 | 8-May-14 | Jul. 21, 2011 | Apr. 01, 2007 | Mar. 26, 2000 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum calculated estimated forfeiture rate (in hundredths) | 2.00% | ||||||||||
Performance Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Income tax benefit from share-based compensation | $441,300 | $797,300 | $979,800 | ||||||||
Unrecognized compensation costs | 300,000 | ||||||||||
Unrecognized compensation costs, period for recognition | 1 year 7 months 6 days | ||||||||||
Total fair value of shares vested during period | 4,364,500 | 4,531,700 | 6,304,300 | ||||||||
Annual vesting percentage (in hundredths) | 25.00% | ||||||||||
Nonvested PSU shares, Outstanding [Roll Forward] | |||||||||||
Outstanding, non-vested beginning of period (in shares) | 317,127 | 455,979 | 604,844 | ||||||||
Granted (in shares) | 91,000 | 112,000 | 156,200 | ||||||||
Vested (in shares) | -125,347 | -199,066 | -288,765 | ||||||||
Forfeited/cancelled (in shares) | -49,979 | -78,939 | -51,786 | -16,300 | |||||||
Outstanding, non-vested end of period (in shares) | 203,841 | 317,127 | 455,979 | ||||||||
Nonvested PSU shares, Weighted-Average Grant Date Fair Value [Roll Forward] | |||||||||||
Outstanding, non-vested beginning of period (in dollars per share) | $15.96 | $12.77 | $9.81 | ||||||||
Granted (in dollars per share) | $29.28 | $19.91 | $19.31 | ||||||||
Vested (in dollars per share) | $14.44 | $10.22 | $8.64 | ||||||||
Forfeited/cancelled (in dollars per share) | $21.61 | $18.47 | $17.69 | ||||||||
Outstanding, non-vested end of period (in dollars per share) | $20.65 | $15.96 | $12.77 | ||||||||
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | |||||||||||
2015 (in shares) | 87,107 | ||||||||||
2016 (in shares) | 31,468 | ||||||||||
2017 (in shares) | 10,766 | ||||||||||
Total shares earned but not yet vested (in shares) | 129,341 | ||||||||||
Share released and vested (in shares) | 125,347 | 199,066 | 288,765 | ||||||||
Performance Stock Units [Member] | Subsequent Event [Member] | |||||||||||
Nonvested PSU shares, Outstanding [Roll Forward] | |||||||||||
Forfeited/cancelled (in shares) | -74,500 | ||||||||||
Restricted Stock [Member] | Non-Employee Director [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares of common stock granted (in shares) | 10,000 | ||||||||||
Restricted Stock [Member] | Non-Employee Director [Member] | Award Date May 3, 2012 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation costs | 100,000 | ||||||||||
Unrecognized compensation costs, period for recognition | 1 year | ||||||||||
Annual vesting percentage (in hundredths) | 25.00% | ||||||||||
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | |||||||||||
Shares of common stock granted (in shares) | 20,100 | ||||||||||
Restricted Stock [Member] | Non-Employee Director [Member] | Award Date May 14, 2013 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation costs | 100,000 | ||||||||||
Unrecognized compensation costs, period for recognition | 2 years | ||||||||||
Annual vesting percentage (in hundredths) | 25.00% | ||||||||||
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | |||||||||||
Shares of common stock granted (in shares) | 15,000 | ||||||||||
Number of individuals not receiving RSU awards | 1 | ||||||||||
Restricted Stock [Member] | Non-Employee Director [Member] | Award Date May 8, 2014 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation costs | 200,000 | ||||||||||
Unrecognized compensation costs, period for recognition | 3 years | ||||||||||
Annual vesting percentage (in hundredths) | 25.00% | ||||||||||
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | |||||||||||
Shares of common stock granted (in shares) | 10,000 | ||||||||||
Restricted Stock [Member] | Non-Employee Director [Member] | Award Date May 11, 2015 [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Annual vesting percentage (in hundredths) | 25.00% | ||||||||||
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | |||||||||||
Shares of common stock granted (in shares) | 10,000 | ||||||||||
Second Amended and Restated 1994 Stock and Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of additional shares authorized (in shares) | 690,000 | ||||||||||
Number of shares available for grant before amendment (in shares) | 2,638,125 | ||||||||||
Number of shares available for grant (in shares) | 439,028 | 3,553,125 | |||||||||
Second Amended and Restated 1994 Stock and Incentive Plan [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares available for grant (in shares) | 400,528 | ||||||||||
Second Amended and Restated 1994 Stock and Incentive Plan [Member] | Performance Stock Units [Member] | |||||||||||
Nonvested PSU shares, Outstanding [Roll Forward] | |||||||||||
Forfeited/cancelled (in shares) | -28,960 | ||||||||||
Second Amended and Restated 1994 Stock and Incentive Plan [Member] | Performance Stock Units [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares of common stock granted (in shares) | 103,000 | ||||||||||
Measurement period | 1 year | ||||||||||
Second Amended and Restated 1994 Stock and Incentive Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation costs | 200,000 | ||||||||||
Unrecognized compensation costs, period for recognition | 1 year | ||||||||||
Nonvested PSU shares, Outstanding [Roll Forward] | |||||||||||
Vested (in shares) | -22,500 | -22,500 | |||||||||
Outstanding, non-vested end of period (in shares) | 22,500 | ||||||||||
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | |||||||||||
Shares of common stock granted (in shares) | 225,000 | ||||||||||
Vesting period | 10 years | ||||||||||
Weighted-average grant date fair value (in dollars per share) | $10.56 | ||||||||||
Share released and vested (in shares) | 22,500 | 22,500 | |||||||||
Team Member Stock Purchase Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Non-cash stock-based compensation | 67,300 | 68,400 | 59,400 | ||||||||
Number of shares authorized (in shares) | 450,000 | ||||||||||
Purchase price of common stock (in hundredths) | 85.00% | ||||||||||
Nonvested PSU shares, Expected to Vest - Fiscal Year Maturity [Abstract] | |||||||||||
Shares sold to employees (in shares) | 8,547 | 9,604 | 11,009 | ||||||||
Weighted-average market value (in dollars per share) | $22.93 | $22.21 | $15.80 | ||||||||
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 | $1,161,300 | $2,087,100 | $2,536,800 |
Fair_Value_Disclosure_Details
Fair Value Disclosure (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Carrying Amount [Member] | Note Payable to a Bank [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $2,100,000 | $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 | 108,200 | 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 | 2,031,400 | 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 | $102,300 | $124,400 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for income taxes, net of refunds | $4,914,000 | $8,355,900 | $11,847,300 |
Cash paid for interest | 174,600 | 198,400 | 208,300 |
Interest capitalized | $3,400 | $0 | $0 |
Concentration_of_Risk_Details
Concentration of Risk (Details) (Revenues [Member]) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Customer | |||
Concentration Risk [Line Items] | |||
Maximum amount of revenue from top ten vendors (in hundredths) | 41.00% | 43.00% | 42.00% |
Maximum amount of revenue from the top ten customers (in hundredths) | 20.00% | 19.00% | 39.00% |
Maximum amount of revenue per single customer (in hundredths) | 7.00% | 7.00% | |
Number of customers who account for concentration risk | 0 | ||
Customer Concentration Risk - AT&T Mobility Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage (in hundredths) | 30.00% | ||
Supplier Concentration Risk - Otter Products LLC [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage (in hundredths) | 9.00% | ||
Supplier Concentration Risk - CommScope Incorporated [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage (in hundredths) | 14.00% | 16.00% |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Summarized quarterly financial data [Abstract] | |||||||||||
Revenues | $112,962,200 | $135,188,700 | $148,521,800 | $152,946,300 | $124,536,600 | $144,915,200 | $146,526,000 | $144,108,800 | |||
Cost of goods sold | 85,271,400 | 102,675,800 | 113,085,800 | 117,697,500 | 94,451,800 | 108,772,800 | 110,033,200 | 108,670,900 | |||
Gross profit | 27,690,800 | 32,512,900 | 35,436,000 | 35,248,800 | 30,084,800 | 36,142,400 | 36,492,800 | 35,437,900 | 130,888,500 | 138,157,900 | 147,039,200 |
Selling, general and administrative expenses | 27,362,100 | 29,828,800 | 29,569,400 | 29,176,400 | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | 115,936,700 | 111,668,000 | 117,820,600 |
Restructuring charges | 573,400 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 573,400 | 0 | 0 |
Operating expenses | 27,935,500 | 29,828,800 | 29,569,400 | 29,176,400 | 25,315,700 | 28,974,800 | 28,903,400 | 28,474,100 | |||
Income from operations | -244,700 | 2,684,100 | 5,866,600 | 6,072,400 | 4,769,100 | 7,167,600 | 7,589,400 | 6,963,800 | 14,378,400 | 26,489,900 | 29,218,600 |
Interest, net | 28,200 | 61,300 | 49,400 | 28,400 | 18,300 | 37,800 | 67,000 | 54,600 | |||
Income before provision for income taxes | -272,900 | 2,622,800 | 5,817,200 | 6,044,000 | 4,750,800 | 7,129,800 | 7,522,400 | 6,909,200 | 14,211,100 | 26,312,200 | 28,994,400 |
Provision for income taxes | -41,000 | 941,600 | 2,303,600 | 2,372,600 | 1,795,500 | 2,709,300 | 2,941,300 | 2,617,000 | 5,576,800 | 10,063,100 | 11,200,500 |
Net income | ($231,900) | $1,681,200 | $3,513,600 | $3,671,400 | $2,955,300 | $4,420,500 | $4,581,100 | $4,292,200 | $8,634,300 | $16,249,100 | $17,793,900 |
Diluted (loss) earnings per share (in dollars per share) | ($0.03) | $0.20 | $0.42 | $0.44 | $0.35 | $0.53 | $0.55 | $0.51 | $1.04 | $1.94 | $2.15 |
Cash dividends declared per common share (in dollars per share) | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.18 | $0.18 | $0.18 | $0.80 | $0.74 | $1.47 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | 26-May-15 | Aug. 28, 2015 | |
Installment | |||||
Performance Stock Units [Member] | |||||
Subsequent Event [Line Items] | |||||
Vested (in shares) | -125,347 | -199,066 | -288,765 | ||
Subsequent Event [Member] | Tofighi [Member] | |||||
Subsequent Event [Line Items] | |||||
Severance cost | $345,000 | ||||
Severance payments, description | The parties have agreed that Mr. Tofighi will receive a severance payment equal to 1.00 times his current base salary ($345,000) to be paid in two equal installments. | ||||
Number of installment, severance cost paid | 2 | ||||
Severance first installment date | 28-Aug-15 | ||||
Severance second installment date | 1-Apr-16 | ||||
Termination of employment | 28-Aug-15 | ||||
Subsequent Event [Member] | Tofighi [Member] | Performance Stock Units [Member] | |||||
Subsequent Event [Line Items] | |||||
Vested (in shares) | -5,768 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of period | $1,080,300 | $1,274,700 | $998,800 |
Provision for bad debts | 943,300 | 202,000 | 1,197,300 |
Write-offs and other adjustments | -1,361,700 | -396,400 | -921,400 |
Balance, end of period | 661,900 | 1,080,300 | 1,274,700 |
Inventory Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of period | 4,086,100 | 3,336,700 | 3,268,900 |
Inventory reserve expense | 2,098,800 | 1,428,100 | 2,581,200 |
Write-offs and other adjustments | -404,300 | -678,700 | -2,513,400 |
Balance, end of period | $5,780,600 | $4,086,100 | $3,336,700 |