Tessco (TESS) 10-K 7 Jun 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 26, 2017	May 30, 2017	Sep. 25, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	TESSCO TECHNOLOGIES INC
Entity Central Index Key	927,355
Current Fiscal Year End Date	--03-26
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 75,368,521
Entity Common Stock, Shares Outstanding		8,362,076
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 26, 2017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 26, 2017	Mar. 27, 2016
Current assets:
Cash and cash equivalents	$ 8,540,100	$ 16,882,800
Trade accounts receivable, net of allowance for doubtful accounts of $782,200 and $841,400, respectively	64,778,900	58,315,700
Product inventory, net	63,984,300	53,903,900
Prepaid expenses and other current assets	3,864,100	5,917,100
Total current assets	141,167,400	135,019,500
Property and equipment, net	18,089,100	19,895,400
Goodwill, net	11,677,700	11,684,700
Other long-term assets	3,046,300	2,816,400
Total assets	173,980,500	169,416,000
Current liabilities:
Trade accounts payable	53,581,400	41,986,000
Payroll, benefits and taxes	6,772,100	4,927,900
Income and sales tax liabilities	1,364,700	1,456,800
Accrued expenses and other current liabilities	2,228,200	3,874,100
Current portion of long-term debt	26,500	251,100
Total current liabilities	63,972,900	52,495,900
Deferred tax liabilities	386,800	379,400
Long-term debt, net of current portion	29,800	1,706,500
Other long-term liabilities	1,574,700	2,306,900
Total liabilities	65,964,200	56,888,700
Shareholders' equity:
Preferred stock, $0.01 par value, 500,000 shares authorized and no shares issued and outstanding
Common stock $0.01 par value, 15,000,000 shares authorized, 14,048,392 shares issued and 8,337,669 shares outstanding as of March 26, 2017, and 13,970,394 shares issued and 8,272,124 shares outstanding as of March 27, 2016	98,400	97,600
Additional paid-in capital	59,006,000	58,113,800
Treasury stock, at cost, 5,710,723 shares outstanding as of March 26, 2017 and 5,698,270 shares outstanding as of March 27, 2016	(57,437,600)	(57,245,200)
Retained earnings	106,349,500	111,561,100
Total shareholders' equity	108,016,300	112,527,300
Total liabilities and shareholders' equity	$ 173,980,500	$ 169,416,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 26, 2017	Mar. 27, 2016
Assets, Current [Abstract]
Trade accounts receivable, allowance for doubtful accounts	$ 782,200	$ 841,400
Stockholders' Equity Attributable to Parent [Abstract]
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)	14,048,392	13,970,394
Common stock, outstanding (in shares)	8,337,669	8,272,124
Treasury stock (in shares)	5,710,723	5,698,270

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended								12 Months Ended
	Mar. 26, 2017	Dec. 25, 2016	Sep. 25, 2016	Jun. 26, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 28, 2015	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Consolidated Statements of Income
Revenues	$ 122,602,900	$ 147,198,400	$ 134,633,800	$ 128,860,000	$ 114,154,100	$ 139,510,700	$ 142,353,300	$ 134,664,000	$ 533,295,100	$ 530,682,100	$ 549,619,000
Cost of goods sold	96,665,300	117,229,800	105,878,200	101,754,000	91,135,200	110,057,300	111,841,600	105,682,100	421,527,300	418,716,200	431,980,500
Gross profit	25,937,600	29,968,600	28,755,600	27,106,000	23,018,900	29,453,400	30,511,700	28,981,900	111,767,800	111,965,900	117,638,500
Selling, general and administrative expenses	26,890,400	27,860,700	26,709,500	26,955,700	26,202,100	24,742,400	25,865,400	26,122,400	108,416,300	102,932,300	102,686,700
Restructuring Charge	806,600								806,600		573,400
Income from operations	(1,759,400)	2,107,900	2,046,100	150,300	(3,183,200)	4,711,000	4,646,300	2,859,500	2,544,900	9,033,600	14,378,400
Interest expense, net	(7,100)	37,100	17,200	11,400	12,400	55,500	47,100	46,300	58,600	161,300	167,300
Income before provision for income taxes	(1,752,300)	2,070,800	2,028,900	138,900	(3,195,600)	4,655,500	4,599,200	2,813,200	2,486,300	8,872,300	14,211,100
Provision for income taxes	(895,000)	843,100	1,034,700	58,400	(1,205,800)	1,768,800	1,850,900	1,117,900	1,041,200	3,531,800	5,576,800
Net income	$ (857,300)	$ 1,227,700	$ 994,200	$ 80,500	$ (1,989,800)	$ 2,886,700	$ 2,748,300	$ 1,695,300	$ 1,445,100	$ 5,340,500	$ 8,634,300
Basic earnings per share (in dollars per share)									$ 0.17	$ 0.65	$ 1.05
Diluted earnings per share (in dollars per share)	$ (0.10)	$ 0.15	$ 0.12	$ 0.01	$ (0.24)	$ 0.35	$ 0.33	$ 0.20	$ 0.17	$ 0.65	$ 1.04
Basic weighted-average common shares outstanding (in shares)									8,312,731	8,220,023	8,171,235
Effect of dilutive options (in shares)									27,686		101,571
Diluted weighted-average common shares outstanding (in shares)									8,340,417	8,220,023	8,272,806
Cash dividends declared per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.80	$ 0.80	$ 0.80

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Total
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
Increase (Decrease) in Stockholders' Equity
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
Increase (Decrease) in Stockholders' Equity
Proceeds from issuance of stock	$ 300	487,000			487,300
Proceeds from issuance of stock (in shares)	25,067
Treasury stock purchases			(937,300)		(937,300)
Treasury stock purchases (in shares)	(40,623)
Non-cash stock compensation expense	$ 1,200	727,800			729,000
Non-cash stock compensation expense (in shares)	128,088
Excess tax benefit from stock-based compensation		381,400			381,400
Cash dividends paid				(6,615,700)	(6,615,700)
Net income				5,340,500	5,340,500
Balance at Mar. 27, 2016	$ 97,600	58,113,800	(57,245,200)	111,561,100	$ 112,527,300
Balance (in shares) at Mar. 27, 2016	8,272,124				8,272,124
Increase (Decrease) in Stockholders' Equity
Proceeds from issuance of stock	$ 400	458,200			$ 458,600
Proceeds from issuance of stock (in shares)	37,432
Treasury stock purchases			(192,400)		(192,400)
Treasury stock purchases (in shares)	(12,453)
Non-cash stock compensation expense	$ 400	434,000			434,400
Non-cash stock compensation expense (in shares)	40,566
Cash dividends paid				(6,656,700)	(6,656,700)
Net income				1,445,100	1,445,100
Balance at Mar. 26, 2017	$ 98,400	$ 59,006,000	$ (57,437,600)	$ 106,349,500	$ 108,016,300
Balance (in shares) at Mar. 26, 2017	8,337,669				8,337,669

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,445,100	$ 5,340,500	$ 8,634,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,238,900	4,730,000	4,583,600
Loss (Gain) on sale of property and equipment	114,500		(3,000)
Non-cash stock-based compensation expense	434,400	729,000	1,161,300
Deferred income taxes and other	(788,600)	(47,700)	1,347,200
Change in trade accounts receivable	(6,388,200)	1,256,400	7,923,600
Change in product inventory	(10,080,400)	18,459,700	(10,407,900)
Change in prepaid expenses and other current assets	2,053,000	4,951,800	(8,532,300)
Change in trade accounts payable	11,595,400	(9,818,200)	1,047,300
Change in payroll, benefits and taxes	1,844,200	(604,000)	(2,138,200)
Change in income and sales tax liabilities	(107,730)	(375,600)	(645,300)
Change in accrued expenses and other current liabilities	(1,309,300)	(4,480,800)	8,109,200
Net cash provided by operating activities	3,051,270	20,141,100	11,079,800
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,563,000)	(3,513,800)	(2,950,600)
Proceeds from sale of property and equipment			3,000
Net cash used in investing activities	(2,563,000)	(3,513,800)	(2,947,600)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of debt issuance costs	(218,200)
Payments on long-term debt	(1,901,300)	(250,600)	(250,200)
Proceeds from issuance of stock	137,630	153,700	195,900
Cash dividends paid	(6,656,700)	(6,615,700)	(6,628,800)
Purchases of treasury stock and repurchases of common stock from employees and directors for minimum tax withholdings	(192,400)	(937,300)	(6,223,300)
Excess tax benefit from stock-based compensation		381,400	830,300
Net cash used in financing activities	(8,830,970)	(7,268,500)	(12,076,100)
Net (decrease) increase in cash and cash equivalents	(8,342,700)	9,358,800	(3,943,900)
CASH AND CASH EQUIVALENTS, beginning of period	16,882,800	7,524,000	11,467,900
CASH AND CASH EQUIVALENTS, end of period	$ 8,540,100	$ 16,882,800	$ 7,524,000

Organization

Organization	12 Months Ended
	Mar. 26, 2017
Organization
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 Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 26, 2017
Summary of Significant Accounting Policies
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 26, 2017, March 27, 2016, and March 29, 2015 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 26, 2017 and March 27, 2016, the Company had a reserve for excess and/or obsolete inventory of $6,360,600 and $6,071,100, 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 - 5 years Configuration, Fulfillment and Delivery technology system 7 years Furniture, telephone system, equipment and tooling - 10 years Building, building improvements and leasehold improvements - 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 future undiscounted cash flows are less than the carrying value of the asset group, the Company calculates the fair value of the asset group. 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 2017, 2016, or 2015. 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 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 determines 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 2017, 2016, or 2015. The methods of assessing fair value for our reporting unit 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 year 2017). 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 2017, 2016 and 2015. 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 2017, 2016, and 2015. Vendor Programs Funds received from vendors for price protection, product rebates and marketing/promotion are recorded as a reduction in cost of goods sold in accordance with ASC 605-50-45: Customer’s Characterization of Certain Considerations Received from a Vendor. 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 $14,179,700, $13,642,700, and $13,700,000 for fiscal years 2017, 2016, and 2015, 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 13 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 August 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The new standard will change the classification of certain cash payments and receipts within the cash flow statement. Specifically, payments for debt prepayment or debt extinguishment costs, including third-party costs, premiums paid, and other fees paid to lenders that are directly related to the debt prepayment or debt extinguishment, excluding accrued interest, will now be classified as financing activities. Previously, these payments were classified as operating expenses. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, with early adoption permitted, and will be applied retrospectively. The Company does not expect that the adoption of this new standard will have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. This ASU requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The ASU also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation. The new standard will modify several aspects of the accounting and reporting for employee share-based payments and related tax accounting impacts, including the presentation in the statements of operations and cash flows of certain tax benefits or deficiencies and employee tax withholdings, as well as the accounting for award forfeitures over the vesting period. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. Under this new standard, all excess tax benefits and tax deficiencies related to employee share based payments should be recognized as income tax expense or benefit in the income statement. The standard also requires that these excess tax benefits be classified as an operating cash flow. The Company had no excess tax benefit from stock based compensation in fiscal year 2017. In fiscal year 2016, the company had an excess tax benefit from stock based compensation of $0.4 million. The company has elected to take the prospective method of adoption and is currently evaluating the impact the adoption of this new standard will have on its disclosures; however, the company does not expect the adoption of this standard to have a material impact on retained earnings. In July 2015, the FASB issued Accounting Standards Update (ASU) 2015-11, Simplifying the Measurement of Inventory, which changes the measurement principle for inventory for entities using first-in, first-out (FIFO) or average cost from the lower of cost or market to lower of cost and net realizable value. This standard defines net realizable value as estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. This standard should be applied prospectively and had no effect on the Company’s Financial Statements or related disclosures. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205 40), which provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. This amendment should reduce diversity in the timing and content of footnote disclosures. This ASU is effective for annual and interim reporting periods of beginning after December 15, 2016 and was adopted by the Company during fiscal 2017. The Company has evaluated our financial position including and found that there were no conditions or events, considered in the aggregate, that raised substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Therefore, the adoption of this new standard had no effect on the Company’s Financial Statements or related disclosures. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, as a revision to ASU 2014-09, which revised the effective date to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted but not prior to periods beginning after December 15, 2016 (i.e. the original adoption date per ASU 2014-09). In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations, which clarifies certain aspects of the principal-versus-agent guidance, including how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements, such as service transactions. The amendments also reframe the indicators to focus on evidence that an entity is acting as a principal rather than as an agent. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether it recognizes revenue over time or at a point in time. The amendments also clarify when a promised good or service is separately identifiable (i.e., distinct within the context of the contract) and allow entities to disregard items that are immaterial in the context of a contract. We continue to assess the impact this new standard may have on our ongoing financial reporting. We have identified our revenue streams both by contract and product type and are assessing each for potential impacts. For the revenue streams we have assessed, we do not anticipate a material impact in the timing or amount of revenue recognized. We may be required to adjust our accounting for our returns reserve. However, our returns have historically been less than 3% of revenue, and as such, we do not expect this to have a material impact on the Company’s Financial Statements. Based on this ongoing assessment, the company intends to adopt the standard on a modified retrospective basis on April 1, 2018, the first day of fiscal 2019.

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 26, 2017
Property and Equipment
Property and Equipment	Note 3. Property and Equipment All of the Company’s property and equipment is located in the United States and is summarized as follows: 2017 2016 Land $ 4,740,800 $ 4,740,800 Building, building improvements and leasehold improvements 20,704,100 21,437,200 Information technology equipment and computer software 29,957,200 28,856,300 Furniture, telephone system, equipment and tooling 7,006,900 7,732,600 62,409,000 62,766,900 Less accumulated depreciation and amortization (44,319,900) (42,871,500) Property and equipment, net $ 18,089,100 $ 19,895,400 Depreciation and amortization of property and equipment was $4,238,900, $4,730,000, and $4,583,600 for fiscal years 2017, 2016 and 2015, respectively. Capitalized internally developed computer software, net of accumulated amortization, as of March 26, 2017 and March 27, 2016 was $2,427,800 and $2,212,400, respectively. Amortization expense of capitalized internally developed computer software was $1,355,000, $1,194,200, and $797,800 for fiscal years 2017, 2016, and 2015.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Mar. 26, 2017
Goodwill and Other Intangible Assets
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 26, 2017 and March 27, 2016, consists of indefinite lived intangible assets in the amount of $795,400. At March 26, 2017 and March 27, 2016, amortizable intangible assets were fully amortized. There were no material changes in the carrying amount of goodwill for the fiscal years ended March 26, 2017 and March 27, 2016.

Accrued expenses and other curr

Accrued expenses and other current liabilities	12 Months Ended
	Mar. 26, 2017
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	Note 5. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: March 26, 2017 March 27, 2016 Deferred Revenue $ 635,100 $ 2,136,600 Other Accrued Expenses 1,593,100 1,737,500 Total Accrued Expenses $ 2,228,200 $ 3,874,100

Borrowings Under Revolving Cred

Borrowings Under Revolving Credit Facility	12 Months Ended
	Mar. 26, 2017
Borrowings Under Revolving Credit Facility
Borrowings Under Revolving Credit Facility	Note 6. Borrowings Under Revolving Credit Facility On June 24, 2016, the Company and its primary operating subsidiaries entered into a Credit Agreement (the “Credit Agreement”) with SunTrust Bank, as Administrative Agent. The Credit Agreement provides for a senior asset based secured revolving credit facility of up to $35 million (the “Revolving Credit Facility”), and replaces the Company’s previously existing $35 million unsecured revolving credit facility with both SunTrust Bank and Wells Fargo Bank, National Association, which had no outstanding principal balance at the time of replacement. The new Revolving Credit Facility matures in five years, on June 24, 2021, and includes a $5.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swing line loans. The Credit Agreement also includes a provision permitting the Company, subject to certain conditions and approval of the Lenders, to increase the aggregate amount of the commitments under the Revolving Credit Facility to up to $50 million, through optional increased commitments from existing Lenders or new commitments from additional lenders, although no Lender is obligated to increase its commitment. Borrowing availability is determined in part in accordance with a borrowing base, which is generally 85% of eligible receivables minus reserves. The Credit Agreement also contains financial covenants, including a fixed charge coverage ratio that must be maintained at any time during which the borrowing availability is otherwise less than $10 million. The Credit Agreement also may limit our ability to engage in specified transactions or activities, including (but not limited to) investments and acquisitions, sales of assets, payment of dividends, issuance of additional debt and other matters. Borrowings initially accrue interest from the applicable borrowing date, generally the Eurodollar rate plus an applicable margin ranging from 1.5% to 1.75%. Under certain circumstances, the applicable interest rate is subject to change from the Eurodollar rate plus the applicable margin to the base rate plus the applicable margin. Interest expense on this revolving credit facility for fiscal year 2017 totaled $45,500. Average borrowings under this revolving credit facility totaled $2,118,500, and maximum borrowings totaled $13,473,200 for fiscal year 2017, respectively. In addition to the interest charged on borrowings, the Company is subject to a 0.25% fee on the unused portion of the revolving credit facility. Borrowings under the Revolving Credit Facility may be used for working capital and other general corporate purposes, and as further provided in, and subject to the applicable terms of, the Credit Agreement. As of March 26, 2017, we had a zero balance on the Revolving Credit Facility; therefore, we had $35 million available, subject to the borrowing base limitation and compliance with the other applicable terms of the Credit Agreement including the covenants referenced above. Pursuant to a related Guaranty and Security Agreement, by and among the Company, the other borrowers under the Credit Agreement and other subsidiaries of the Company (collectively, the “Loan Parties”), and SunTrust Bank, as Administrative Agent, the Loan Parties’ obligations, which include the obligations under the Credit Agreement, are guaranteed by the Loan Parties not otherwise borrowers, and secured by continuing first priority security interests in the Company’s and the other Loan Parties’ (including both borrowers and guarantors) inventory, accounts receivable, and deposit accounts, and on all documents, instruments, general intangibles, letter of credit rights, and chattel paper, in each case to the extent relating to inventory and accounts, and to all proceeds of the foregoing. The security interests are granted in favor of the Administrative Agent, for the benefit of the Lenders party to the Credit Agreement from time to time. The obligations secured also include certain other obligations of the Loan Parties to the Lenders and their affiliates arising from time to time, relating to swaps, hedges and cash management and other bank products. The Company was in compliance with the terms and financial covenants applicable to the revolving credit facility at the end of fiscal year 2017. 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 has since been replaced with the credit facility mentioned above. The facility was unsecured and provided for monthly payments of interest accruing at a rate of LIBOR plus an applicable margin. The terms of the revolving credit facility required the Company to meet certain financial covenants and ratios and contained other limitations, including certain restrictions on dividend payments. The facility provided 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 1.69% and 1.65% for fiscal years 2016 and 2015, respectively. Interest expense on this revolving credit facility for fiscal years 2016 and 2015 totaled $59,000 and $78,200, respectively. Average borrowings under this revolving credit facility totaled $3,454,500 and $4,672,300 and maximum borrowings totaled $12,301,100 and $17,331,900 for fiscal years 2016 and 2015, respectively. As of March 27, 2016, the Company had no outstanding balance on its revolving credit facility. Therefore, the Company had $35.0 million available on its revolving line of credit facility as of March 27, 2016, subject to the applicable borrowing base limitations and compliance with the other applicable terms. The Company was in compliance with the terms and financial covenants applicable to this prior revolving credit facility at the end of fiscal years 2016 and 2015.

Extinguishment of Debt

Extinguishment of Debt	12 Months Ended
	Mar. 26, 2017
Extinguishment of Debt Disclosures
Extinguishment of Debt	Note 7. Extinguishment of Debt Simultaneously with entering into the senior asset based Revolving Credit Facility described in Note 6, in June 2016 the Company terminated its previously existing $35 million unsecured revolving credit facility with SunTrust Bank and Wells Fargo Bank, National Association, which had no outstanding principal balance at the time of termination. At the same time, the Company also repaid in full its obligations under its Term Loan in the original principal amount of $4.5 million from Wells Fargo Bank, National Association and SunTrust Bank. The Term Loan was secured by a first position deed of trust encumbering Company-owned real property in Hunt Valley, Maryland and had an outstanding principal balance of $1.9 million at the time of repayment.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Mar. 26, 2017
Long-Term Debt
Long-Term Debt	Note 8. Long-Term Debt On June 30, 2004, the Company refinanced its then existing indebtedness through a term loan with an original principal amount of $4.5 million, payable in monthly installments of principal and interest with the balance due at the initial maturity date, June 30, 2011. On October 7, 2015, the Company entered into an agreement with Wells Fargo Bank, National Association, and SunTrust Bank, to extend the maturity date of the existing term loan to October 1, 2020. As discussed in Note 7 this loan was repaid in full during the first quarter of fiscal 2017. The interest rate on this term loan was LIBOR plus 2.00%. The note was secured by a first position deed of trust encumbering Company-owned real property in Hunt Valley, Maryland. The balance of this note at March 27, 2016 was $1,875,000. The weighted average interest rate on borrowings under this note was 2.40%, 2.21%, and 2.19% for fiscal years 2017, 2016, and 2015, respectively. Interest expense under this note was $11,000, $43,900, and $48,400 for fiscal years 2017, 2016, and 2015, 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 26, 2017 and March 27, 2016, the principal balance of this term loan was $56,300 and $82,600, 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 $1,300, $2,000, and $2,400 for fiscal years 2017, 2016, and 2015, respectively. The term loan is secured by a subordinate position on Company-owned real property located in Hunt Valley, Maryland. As of March 26, 2017, scheduled annual maturities of long-term debt are as follows: Fiscal year: 2018 $ 26,700 2019 27,300 2020 2,300 2021 — 2022 — Thereafter — $ 56,300

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 26, 2017
Commitments and Contingencies
Commitments and Contingencies	Note 9. 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 2017, 2016 and 2015 totaled $3,047,500, $3,035,600, and $2,970,300, 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, 2020. Monthly rent payments now range from $169,400 to $185,100 through the remaining lease term. The Company also leases office and warehouse space in Hunt Valley, Maryland, adjacent to the Company’s Global Logistics Center, expiring on July 31, 2020; however, the Company has an ongoing annual option to terminate the lease. The monthly rental fee ranges from $35,700 to $39,300 through the remaining 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 $16,400 to $16,900 through the remaining lease term. The Company’s minimum future obligations as of March 26, 2017 under existing operating leases are as follows: Fiscal year: 2018 $ 2,910,900 2019 2,761,500 2020 2,677,900 2021 1,807,900 2022 — Thereafter — $ 10,158,200 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. 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 Segment

Operating Segment	12 Months Ended
	Mar. 26, 2017
Operating Segment
Operating Segment	Note 10. Operating Segment 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; and (5) retailers, independent dealer agents and carriers. Beginning in the third quarter of fiscal year 2015, the Company began reporting private system operators and government system operators as two separate markets. All prior periods have been restated to reflect this change. The Company evaluates revenue, gross profit and net profit contribution, and income before provision for income taxes in the aggregate. Net profit contribution is defined as gross profit less any expenses that can be directly attributed. This includes sales, product management, purchasing, credit and collections and distribution team expenses, plus freight out and internal and external marketing costs. Corporate support expenses include administrative costs – finance, human resources, information technology, operating facility occupancy expenses, depreciation, amortization and interest, plus the company-wide pay on performance bonus expense. Certain cost of sales and other applicable expenses have been allocated to each market based on a percentage of revenues and/or gross profit, where appropriate. Market activity for the fiscal years ended 2017, 2016 and 2015 is as follows (in thousands): March 26, 2017 March 27, 2016 March 29, 2015 Revenues Public Carriers, Contractors & Program Managers $ 82,015 $ 89,171 $ 127,426 Government System Operators 36,676 33,009 31,495 Private System Operators 93,869 85,563 86,725 Commercial Dealers & Resellers 126,326 129,986 134,195 Retailer, Independent Dealer Agents & Carriers 194,409 192,953 169,778 Total revenues $ 533,295 $ 530,682 $ 549,619 Gross Profit Public Carriers, Contractors & Program Managers $ 13,707 $ 15,155 $ 20,915 Government System Operators 8,235 7,713 7,535 Private System Operators 21,648 20,601 20,866 Commercial Dealers & Resellers 34,289 33,781 34,948 Retailer, Independent Dealer Agents & Carriers 33,889 34,716 33,375 Total gross profit $ 111,768 $ 111,966 $ 117,639 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 2017, 2016 and 2015 are as follows (in thousands): March 26, 2017 March 27, 2016 March 29, 2015 Revenues Base station infrastructure $ 209,869 $ 206,604 $ 224,135 Network systems 87,222 83,480 96,399 Installation, test and maintenance 31,851 34,936 41,790 Mobile device accessories 204,353 205,662 187,295 Total revenues $ 533,295 $ 530,682 $ 549,619 Gross Profit Base station infrastructure 54,280 51,610 55,732 Network systems 11,897 12,893 13,549 Installation, test and maintenance 5,921 6,607 8,351 Mobile device accessories 39,670 40,856 40,007 Total gross profit $ 111,768 $ 111,966 $ 117,639

Restructuring Charge

Restructuring Charge	12 Months Ended
	Mar. 26, 2017
Restructuring Charge
Restructuring Charge	Note 11. Restructuring Charge In the fourth quarter of fiscal year 2017, in an effort to streamline the organization, the Company took actions to restructure costs, resulting in a $0.8 million pre-tax charge, which is included in our Consolidated Statements of Income for fiscal year 2017. The restructuring charge primarily consists of severance-related expenses associated with a reduction in headcount paid in the fourth quarter of fiscal year 2017 through the first quarter of fiscal year 2018. In the fourth quarter of fiscal year 2015, recognizing the ongoing challenging conditions caused by the carrier spending slowdown, the Company took actions to restructure, 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 paid in the fourth quarter of fiscal year 2015 through the first quarter fiscal year 2016.

Stock Buyback

Stock Buyback	12 Months Ended
	Mar. 26, 2017
Stock Buyback
Stock Buyback	Note 12. Stock Buyback On April 23, 2014, the Board of Directors expanded the Company’s then 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 year 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. No shares were repurchased under the program in fiscal years 2017 and 2016. The stock buyback program expired in April 2016. 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 2017, 2016, and 2015 the total value of shares withheld for taxes was $192,400, $937,300, and $1,612,900, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 26, 2017
Income Taxes
Income Taxes	Note 13. 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: 2017 2016 2015 Statutory federal rate % 34.0 % 34.2 % State taxes, net of federal benefit 4.5 4.1 Non-deductible expenses 2.1 0.9 Other (0.8) — Effective rate 41.9 % 39.8 % 39.2 % The provision for income taxes was comprised of the following: 2017 2016 2015 Federal: Current $ 1,083,600 $ 2,350,000 $ 3,035,400 Deferred (69,100) 763,100 1,964,800 State: Current 53,100 345,100 398,500 Deferred (26,400) 73,600 178,100 Provision for income taxes $ 1,041,200 $ 3,531,800 $ 5,576,800 Total net deferred tax assets as of March 26, 2017 and March 27, 2016, 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: 2017 2016 Net deferred tax assets (liabilities): Deferred compensation $ 142,600 $ 357,500 Accrued vacation 566,900 534,200 Deferred rent 208,900 459,100 Allowance for doubtful accounts 259,300 266,300 Inventory reserves 2,338,800 2,264,500 Sales tax reserves 366,000 366,500 Other assets 800,000 475,200 Restricted Stock — — Tax contingency reserve 215,800 247,600 Depreciation and amortization (3,659,100) (3,646,200) Other liabilities (461,600) (374,100) Accrued compensation (286,300) (577,600) Prepaid expenses (878,100) (752,400) Net Deferred Tax Liability $ (386,800) $ (379,400) The Company has reviewed its deferred tax assets realization and has determined that no valuation allowance is required as of March 26, 2017 or March 27, 2016. As of March 26, 2017, the Company had gross unrecognized tax benefit of $204,500 ($147,800 net of federal benefit). As of March 27, 2016, the Company had gross unrecognized tax benefits of $290,400 ($188,800 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 2017 was a benefit of $10,000 (net of federal expense) and the cumulative amount included as a liability in the consolidated balance sheet as of March 26, 2017 was $314,296 (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 2016 was an expense of $16,600 (net of federal benefit) and the cumulative amount included in the consolidated balance sheet as of March 27, 2016 was $399,800 (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 2015 was a benefit of $31,600 (net of federal expense). As of March 26, 2017, the total net amount of unrecognized tax benefits, inclusive of indirect tax benefits and deferred tax benefits was $147,800 and associated penalties and interest were $314,300. The net amount of $462,100, if recognized, would affect the effective tax rate. A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts, net of interest, is as follows: 2017 2016 2015 Beginning balance of unrecognized tax benefit $ 290,400 $ 394,400 $ 1,665,000 Decrease due to reclassification to income tax payable — — (1,189,000) Increase related to prior period tax positions — — — Increases related to current period tax positions 3,100 3,800 10,600 Reductions as a result of a lapse in the applicable statute of limitations (89,000) (107,800) (92,200) Ending balance of unrecognized tax benefits $ 204,500 $ 290,400 $ 394,400 The Company files income tax returns in U.S. federal, state and local jurisdictions. Certain income tax returns for fiscal years 2012 through 2016 remain open to examination by U.S. federal, state and local tax authorities. No federal, state and local income tax returns are currently under examination.

Retirement Plans

Retirement Plans	12 Months Ended
	Mar. 26, 2017
Retirement Plans
Retirement Plans	Note 14. 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 $621,600, $635,500, and $524,200 during fiscal years 2017, 2016, and 2015, respectively. As of March 26, 2017 plan assets included 145,205 shares of common stock of the Company. The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., our Executive Chairman and Chairman of the Board. 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 $2,128,200 and $883,400, respectively, as of March 26, 2017 and $1,966,400 and $966,400, respectively, as of March 27, 2016, 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. 26, 2017
Earnings Per Share
Earnings Per Share	Note 15. 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 Amounts in thousands, except per share amounts 2017 2016 2015 Earnings per share – Basic: Net earnings $ 1,445 $ 5,341 $ 8,634 Less: Distributed and undistributed earnings allocated to nonvested stock — (15) (47) Earnings available to common shareholders – Basic $ 1,445 $ 5,326 $ 8,587 Weighted average common shares outstanding – Basic 8,313 8,220 8,171 Earnings per common share – Basic $ 0.17 $ 0.65 $ 1.05 Earnings per share – Diluted: Net earnings $ 1,445 $ 5,341 $ 8,634 Less: Distributed and undistributed earnings allocated to nonvested stock — (1) (19) Earnings available to common shareholders – Diluted $ 1,445 $ 5,340 $ 8,615 Weighted average common shares outstanding – Basic 8,313 8,220 8,171 Effect of dilutive options 27 — 102 Weighted average common shares outstanding – Diluted 8,340 8,220 8,273 Earnings per common share – Diluted $ 0.17 $ 0.65 $ 1.04 Anti-dilutive equity awards not included above 60 100 — There were no stock options with respect to shares of common stock outstanding as of March 29, 2015. At March 26, 2017, and March 27, 2016 stock options with respect to 420,000 and 100,000 shares of common stock were outstanding, respectively. The anti-dilutive stock options outstanding at March 26, 2017 and March 27, 2016 total 60,000 and 100,000, respectively. There were no anti-dilutive Performance Stock Units or Restricted Stock outstanding as of March 26, 2017, March 27, 2016 or March 29, 2015.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Mar. 26, 2017
Stock-Based Compensation
Stock-Based Compensation	Note 16. Stock‑Based Compensation The Company’s selling, general and administrative expenses for the fiscal years ended March 26, 2017, March 27, 2016, and March 29, 2015 includes $434,400, $729,000, and $1,161,300, respectively, of stock compensation expense. Provision for income taxes for the fiscal years ended March 26, 2017, March 27, 2016, and March 29, 2015 includes $181,900, $290,100, and $441,300, 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. On July 26, 2016, subsequent to the end of the Company’s first quarter of fiscal 2016, the Company’s shareholders approved the Third Amended and Restated 1994 Stock and Incentive Plan (the Third 1994 Plan), which amended and restated the Company’s Second Amended and Restated 1994 Stock and Incentive Plan, as previously amended (the Second 1994 Plan), in its entirety. We sometimes refer to the Second 1994 Plan as amended by and together with the Third Plan, as the 1994 Plan. The material amendments to the 1994 Plan reflected by the Amended and Restated Third 1994 Plan are as follows: · Extension of Plan Term. The date through which awards may be granted was extended to July 21, 2021. Prior to this extension, the Second 1994 Plan was scheduled to expire on July 21, 2016. · Increase in Aggregate Share Limit. The Third 1994 Plan increases the number of shares available for awards by 650,000 shares. The 1994 Plan had previously limited the aggregate number of shares of the Company’s common stock that may have been delivered pursuant to all awards granted under the Second 1994 Plan to 3,553,125 shares. The Third 1994 Plan increases the number of shares available for awards to 4,203,125 shares. · Elimination of Liberal Share Recycling. The Third 1994 Plan, at Section 5(a)(iii), now prohibits liberal share recycling in respect of shares tendered by participants in payment of the exercise price for awards, or for payroll tax withholding obligations, and provides that such tendered shares shall not be available for purposes of the Third 1994 Plan. Although the 1994 Plan could have been construed to permit it, the Company has not historically included such tendered shares as shares available for awards under the 1994 Plan. As of March 26, 2017, 567,450 shares were available for issue in respect of future awards under the 1994 Plan. Subsequent to the Company’s 2017 fiscal year end, on May 10, 2017, based on fiscal year 2017 results, 162,500 shares related to Performance Stock Units (PSUs) were canceled, and as a result, these shares were made available for future grants. On May 10, 2017, additional PSUs and restricted stock awards were made providing recipients with the opportunity to earn up to an aggregate of 76,000 and 18,000 additional shares, respectively of the Company’s common stock. Also, on April 12, 2017, the Compensation Committee of the Board of Directors with concurrence of the full Board of Directors, granted stock options to select key employees to purchase an aggregate of 190,000 shares of the Company’s common stock. The disclosure below for stock options includes these grants. Accordingly, as of May 30, 2017, an aggregate of 445,950 shares were available for issue pursuant to future awards. No additional awards can be made under the 1994 Plan after July 21, 2021, 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 has been generally focused on granting performance-based and time-vested stock grants, although over the last two fiscal years stock option grants have also been made to senior management. 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’s estimated forfeiture rate is approximately 0% which is estimated primarily based on historical experience and expectations of future forfeitures. The following table summarizes the activity under the Company’s PSU program for fiscal years 2017, 2016 and 2015: 2017 2016 2015 Weighted Weighted Weighted Average Fair Average Fair Average Fair Shares Value at Grant Shares Value at Grant Shares Value at Grant Unvested shares available for issue under outstanding PSUs, beginning of period 138,925 $ 21.46 203,841 $ 20.65 317,127 $ 15.96 PSU’s Granted 207,000 10.77 103,000 22.15 91,000 29.28 PSU’s Vested (27,671) 19.40 (87,648) 13.88 (125,347) 14.44 PSU’s Forfeited/Cancelled (148,154) 18.72 (80,268) 28.57 (78,939) 21.61 Unvested shares available for issue under outstanding PSUs, end of period 170,100 $ 11.17 138,925 $ 21.46 203,841 $ 20.65 As of March 26, 2017, the applicable performance targets were not met in relation to fiscal year 2017 PSUs. Therefore, there was no unrecognized compensation cost, as of March 26, 2017 related to PSUs earned. Total fair value of shares vested during fiscal years 2017, 2016 and 2015 was $628,200, $2,543,000 and $4,364,500, respectively. Of the 148,154 PSUs canceled during fiscal year 2017, 103,000 related to the fiscal year 2016 grant of PSUs and were canceled in May 2016. The PSUs were canceled because the applicable fiscal year 2016 performance targets were not fully satisfied. The remaining 45,154 PSUs were forfeited due to employee departures during fiscal year 2017. 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 PSUs outstanding at the end of fiscal year 2017 covering 170,100 non-vested shares, PSUs covering 162,500 shares were subsequently canceled in May 2017, based on fiscal year 2017 performance. These PSUs were canceled because fiscal year 2017 earnings per share did not fully reach the target performance set forth in the PSU award agreements. The remaining 7,600 shares covered by PSUs outstanding at the end of fiscal year 2017 were earned based on previous year performance, but were not yet vested as of March 26, 2017. Assuming the respective participants remain employed by, or affiliated with, these shares will vest on or about May 1 of 2018. Subsequent to the Company’s 2017 fiscal year end, on May 10, 2017, 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 76,000 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 2018. These PSUs have only one measurement year (fiscal year 2018), with any shares earned at the end of fiscal year 2018 to vest 25% on or about each of May 1 of 2018, 2019, 2020 and 2021. Pursuant to the typical PSU award agreement, however, performance metrics are deemed met upon the occurrence of a change in control, and shares earned are issued earlier upon the occurrence of a change in control, or death or disability of the participant, or upon termination of the participant’s employment without cause or by the participant for good reason, as those terms are defined in the agreement. 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 vested 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. The weighted average fair value for these shares at the grant date was $10.56. On March 27, 2016, 22,500 shares of restricted stock were released and vested. As of March 26, 2017, there were no remaining unvested shares related to restricted stock. On May 8, 2014, 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 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 26, 2017, 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 one years. 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 have vested or will vest, and shares have been or 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. As of March 26, 2017, 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 11, 2016, 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 the 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 2017, 2018, 2019 and 2020, 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 26, 2017, 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 three years. Subsequent to the Company’s 2017 fiscal year end, on May 10, 2017, the Compensation Committee, with the concurrence of the full Board of Directors, granted an aggregate of 18,000 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 2017, 2018, 2019 and 2020, 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. Stock Options: The grant date value of the Company’s stock options has been determined using the Black-Scholes-Merton pricing model, based upon facts and assumptions existing at the date of grant. Stock options granted have exercise prices equal to the market price of the Company’s stock on the grant date. The stock options vest 25% after one year and then 1/36 per month for the following three years. During fiscal 2017, stock options for 90,000 shares were forfeited due to employee departure during fiscal year 2017. The value of each option at the date of grant is amortized as compensation expense over the service period. This occurs without regard to subsequent changes in stock price, volatility or interest rates over time, provided the option remains outstanding. The following tables summarize the pertinent information for outstanding options. 2017 2016 Weighted Weighted Average Fair Average Fair Shares Value at Grant Shares Value at Grant Unvested shares available for issue under outstanding options, beginning of period 100,000 $ 3.43 — — Options Granted 410,000 1.85 100,000 — Options Vested (25,000) 3.55 — — Option’s Forfeited/Cancelled (90,000) 2.64 — — Unvested shares available for issue under outstanding Options, end of period 395,000 $ 1.96 100,000 $ — March 26, 2017 Grant Year Options Granted Option Exercise Price Options Outstanding Options Exercisable 410,000 $ 12.57 360,000 - 100,000 $ 22.42 60,000 25,000 Total 420,000 25,000 Grant Year Expected Stock Price Volatility Risk-Free Interest rate Expected Dividend Yield Average Expected Term Resulting Black Scholes Value 2017 % % % 4.0 $ 1.85 2016 % % % 4.0 $ 3.43 As of March 26, 2017, there was approximately $0.7 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. No options were exercised during fiscal 2017, 2016, or 2015. 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 26, 2017, March 27, 2016, and March 29, 2015 were $137,800, $48,900, and $67,300, respectively. During the fiscal years ended March 26, 2017, March 27, 2016, and March 29, 2015, 12,901, 9,113, and 8,547 shares were sold to employees under this plan, having a weighted average market value of $10.68, $16.86, and $22.93, respectively.

Fair Value Disclosure

Fair Value Disclosure	12 Months Ended
	Mar. 26, 2017
Fair Value Disclosure
Fair Value Disclosure	Note 17. 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 26, 2017 and March 27, 2016, 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, our term loan, life insurance policies and other current liabilities approximate their fair values as of March 26, 2017 and March 27, 2016 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 26, 2017 and March 27, 2016 is estimated as follows: 2017 2016 Carrying Fair Carrying Fair Amount Value Amount Value Note payable to Baltimore County $ 56,300 $ 54,229 $ 82,600 $ 78,700

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Mar. 26, 2017
Supplemental Cash Flow Information
Supplemental Cash Flow Information	Note 18. Supplemental Cash Flow Information Cash paid for income taxes net of refunds, for fiscal years 2017, 2016, and 2015 totaled $55,600, $1,979,800, and $4,914,000, respectively. Cash paid for interest during fiscal years 2017, 2016, and 2015 totaled $60,600, $180,300, and $174,600, respectively. No interest was capitalized during fiscal years 2017 and 2016. Interest of $3,400 was capitalized during fiscal year 2015.

Concentration of Risk

Concentration of Risk	12 Months Ended
	Mar. 26, 2017
Concentration of Risk
Concentration of Risk	Note 19. 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 2017, 2016, and 2015, sales of products purchased from the Company's top ten vendors accounted for 41%, 42%, and 41% of total revenues, respectively. In fiscal year 2017, sales of product purchased from the Company’s largest vendor, Otter Products LLC, accounted for approximately 11% of total revenues and sales of product purchased from CommScope Inc. accounted for approximately 10%. In fiscal year 2016, sales of product purchased from the Company’s largest vendor, Otter Products LLC, accounted for approximately 15% of total revenues and sales of product purchased from CommScope Inc. accounted for approximately 11%. In fiscal year 2015, sales of product purchased from the Company’s largest vendor, CommScope Inc., accounted for approximately 14% of revenue. The Company is dependent on the ability of its vendors to provide products on a timely basis and on favorable pricing terms. The Company believes that alternative sources of supply are available for many of the product types it carries, but not for all products offered by the Company. The loss of certain principal suppliers, including Otter Products LLC and CommScope Inc., or of other suppliers whose products may be difficult to source on comparable terms elsewhere, or the loss of one or more of certain ongoing affinity relationships, would 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 2017, 2016, and 2015, sales of products to the Company's top ten customer relationships accounted for 26%, 22%, and 20% of total revenues, respectively. No customer accounted for more than 10% of total revenues in fiscal year 2017, 2016, and 2015.

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Mar. 26, 2017
Quarterly Results of Operations (Unaudited)
Quarterly Results of Operations (Unaudited)	Note 20. Quarterly Results of Operations (Unaudited) Summarized quarterly financial data for the fiscal years ended March 26, 2017 and March 27, 2016 is presented in the table below: Fiscal Year 2017 Quarters Ended Fiscal Year 2016 Quarters Ended March 26, December 25, September 25, June 26, March 27, December 27, September 27, June 28, 2017 2016 2016 2016 2016 2015 2015 2015 Revenues $ 122,602,900 $ 147,198,400 $ 134,633,800 $ 128,860,000 $ 114,154,100 $ 139,510,700 $ 142,353,300 $ 134,664,000 Cost of goods sold 96,665,300 117,229,800 105,878,200 101,754,000 91,135,200 110,057,300 111,841,600 105,682,100 Gross profit 25,937,600 29,968,600 28,755,600 27,106,000 23,018,900 29,453,400 30,511,700 28,981,900 Selling, general and administrative expenses 26,890,400 27,860,700 26,709,500 26,955,700 26,202,100 24,742,400 25,865,400 26,122,400 Restructuring charges 806,600 — — — — — — — Operating expenses 27,697,000 27,860,700 26,709,500 26,955,700 26,202,100 24,742,400 25,865,400 26,122,400 (Loss) income from operations (1,759,400) 2,107,900 2,046,100 150,300 (3,183,200) 4,711,000 4,646,300 2,859,500 Interest, net (7,100) 37,100 17,200 11,400 12,400 55,500 47,100 46,300 (Loss) income before provision for income taxes (1,752,300) 2,070,800 2,028,900 138,900 (3,195,600) 4,655,500 4,599,200 2,813,200 Provision for income taxes (895,000) 843,100 1,034,700 58,400 (1,205,800) 1,768,800 1,850,900 1,117,900 Net (loss) income $ (857,300) $ 1,227,700 $ 994,200 $ 80,500 $ (1,989,800) $ 2,886,700 $ 2,748,300 $ 1,695,300 Diluted (loss) earnings per share $ (0.10) $ 0.15 $ 0.12 $ 0.01 $ (0.24) $ 0.35 $ 0.33 $ 0.20 Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 26, 2017
Schedule II - Valuation and Qualifying Accounts
Schedule II - Valuation and Qualifying Accounts	Schedule II: Valuation and Qualifying Accounts For the fiscal years ended: 2017 2016 2015 Allowance for doubtful accounts: Balance, beginning of period $ 841,400 $ 661,900 $ 1,080,300 Provision for bad debts 674,200 637,100 943,300 Write-offs and other adjustments (733,400) (457,600) (1,361,700) Balance, end of period $ 782,200 $ 841,400 $ 661,900 2017 2016 2015 Inventory Reserve: Balance, beginning of period $ 6,071,100 $ 5,780,600 $ 4,086,100 Inventory reserve expense 3,193,200 3,412,000 4,303,000 Write-offs and other adjustments (2,903,700) (3,121,500) (2,608,500) Balance, end of period $ 6,360,600 $ 6,071,100 $ 5,780,600

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 26, 2017
Summary of Significant Accounting Policies
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 26, 2017, March 27, 2016, and March 29, 2015 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 26, 2017 and March 27, 2016, the Company had a reserve for excess and/or obsolete inventory of $6,360,600 and $6,071,100, 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 - 5 years Configuration, Fulfillment and Delivery technology system 7 years Furniture, telephone system, equipment and tooling - 10 years Building, building improvements and leasehold improvements - 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 future undiscounted cash flows are less than the carrying value of the asset group, the Company calculates the fair value of the asset group. 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 2017, 2016, or 2015. 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 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 determines 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 2017, 2016, or 2015. The methods of assessing fair value for our reporting unit 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 year 2017). 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 2017, 2016 and 2015. 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 2017, 2016, and 2015.
Vendor Programs	Vendor Programs Funds received from vendors for price protection, product rebates and marketing/promotion are recorded as a reduction in cost of goods sold in accordance with ASC 605-50-45: Customer’s Characterization of Certain Considerations Received from a Vendor.
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 $14,179,700, $13,642,700, and $13,700,000 for fiscal years 2017, 2016, and 2015, 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 13 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 August 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The new standard will change the classification of certain cash payments and receipts within the cash flow statement. Specifically, payments for debt prepayment or debt extinguishment costs, including third-party costs, premiums paid, and other fees paid to lenders that are directly related to the debt prepayment or debt extinguishment, excluding accrued interest, will now be classified as financing activities. Previously, these payments were classified as operating expenses. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, with early adoption permitted, and will be applied retrospectively. The Company does not expect that the adoption of this new standard will have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. This ASU requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The ASU also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation. The new standard will modify several aspects of the accounting and reporting for employee share-based payments and related tax accounting impacts, including the presentation in the statements of operations and cash flows of certain tax benefits or deficiencies and employee tax withholdings, as well as the accounting for award forfeitures over the vesting period. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. Under this new standard, all excess tax benefits and tax deficiencies related to employee share based payments should be recognized as income tax expense or benefit in the income statement. The standard also requires that these excess tax benefits be classified as an operating cash flow. The Company had no excess tax benefit from stock based compensation in fiscal year 2017. In fiscal year 2016, the company had an excess tax benefit from stock based compensation of $0.4 million. The company has elected to take the prospective method of adoption and is currently evaluating the impact the adoption of this new standard will have on its disclosures; however, the company does not expect the adoption of this standard to have a material impact on retained earnings. In July 2015, the FASB issued Accounting Standards Update (ASU) 2015-11, Simplifying the Measurement of Inventory, which changes the measurement principle for inventory for entities using first-in, first-out (FIFO) or average cost from the lower of cost or market to lower of cost and net realizable value. This standard defines net realizable value as estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. This standard should be applied prospectively and had no effect on the Company’s Financial Statements or related disclosures. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205 40), which provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. This amendment should reduce diversity in the timing and content of footnote disclosures. This ASU is effective for annual and interim reporting periods of beginning after December 15, 2016 and was adopted by the Company during fiscal 2017. The Company has evaluated our financial position including and found that there were no conditions or events, considered in the aggregate, that raised substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Therefore, the adoption of this new standard had no effect on the Company’s Financial Statements or related disclosures. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, as a revision to ASU 2014-09, which revised the effective date to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted but not prior to periods beginning after December 15, 2016 (i.e. the original adoption date per ASU 2014-09). In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations, which clarifies certain aspects of the principal-versus-agent guidance, including how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements, such as service transactions. The amendments also reframe the indicators to focus on evidence that an entity is acting as a principal rather than as an agent. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether it recognizes revenue over time or at a point in time. The amendments also clarify when a promised good or service is separately identifiable (i.e., distinct within the context of the contract) and allow entities to disregard items that are immaterial in the context of a contract. We continue to assess the impact this new standard may have on our ongoing financial reporting. We have identified our revenue streams both by contract and product type and are assessing each for potential impacts. For the revenue streams we have assessed, we do not anticipate a material impact in the timing or amount of revenue recognized. We may be required to adjust our accounting for our returns reserve. However, our returns have historically been less than 3% of revenue, and as such, we do not expect this to have a material impact on the Company’s Financial Statements. Based on this ongoing assessment, the company intends to adopt the standard on a modified retrospective basis on April 1, 2018, the first day of fiscal 2019.

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 26, 2017
Summary of Significant Accounting Policies
Property and Equipment Useful Life	Useful lives Information technology equipment and software - 5 years Configuration, Fulfillment and Delivery technology system 7 years Furniture, telephone system, equipment and tooling - 10 years Building, building improvements and leasehold improvements - 40 years

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 26, 2017
Property and Equipment
Property and Equipment	2017 2016 Land $ 4,740,800 $ 4,740,800 Building, building improvements and leasehold improvements 20,704,100 21,437,200 Information technology equipment and computer software 29,957,200 28,856,300 Furniture, telephone system, equipment and tooling 7,006,900 7,732,600 62,409,000 62,766,900 Less accumulated depreciation and amortization (44,319,900) (42,871,500) Property and equipment, net $ 18,089,100 $ 19,895,400

Accrued expenses and other cu31

Accrued expenses and other current liabilities (Tables)	12 Months Ended
	Mar. 26, 2017
Accrued expenses and other current liabilities
Accrued Expenses and Other Current Liabilities	March 26, 2017 March 27, 2016 Deferred Revenue $ 635,100 $ 2,136,600 Other Accrued Expenses 1,593,100 1,737,500 Total Accrued Expenses $ 2,228,200 $ 3,874,100

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Mar. 26, 2017
Long-Term Debt
Scheduled Annual Maturities of Long-Term Debt	As of March 26, 2017, scheduled annual maturities of long-term debt are as follows: Fiscal year: 2018 $ 26,700 2019 27,300 2020 2,300 2021 — 2022 — Thereafter — $ 56,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 26, 2017
Commitments and Contingencies
Minimum Future Obligations Under Operating Leases	The Company’s minimum future obligations as of March 26, 2017 under existing operating leases are as follows: Fiscal year: 2018 $ 2,910,900 2019 2,761,500 2020 2,677,900 2021 1,807,900 2022 — Thereafter — $ 10,158,200

Operating Segment (Tables)

Operating Segment (Tables)	12 Months Ended
	Mar. 26, 2017
Operating Segment
Revenue and Gross Profit by Market	Market activity for the fiscal years ended 2017, 2016 and 2015 is as follows (in thousands): March 26, 2017 March 27, 2016 March 29, 2015 Revenues Public Carriers, Contractors & Program Managers $ 82,015 $ 89,171 $ 127,426 Government System Operators 36,676 33,009 31,495 Private System Operators 93,869 85,563 86,725 Commercial Dealers & Resellers 126,326 129,986 134,195 Retailer, Independent Dealer Agents & Carriers 194,409 192,953 169,778 Total revenues $ 533,295 $ 530,682 $ 549,619 Gross Profit Public Carriers, Contractors & Program Managers $ 13,707 $ 15,155 $ 20,915 Government System Operators 8,235 7,713 7,535 Private System Operators 21,648 20,601 20,866 Commercial Dealers & Resellers 34,289 33,781 34,948 Retailer, Independent Dealer Agents & Carriers 33,889 34,716 33,375 Total gross profit $ 111,768 $ 111,966 $ 117,639
Revenue and Gross Profit by Product	Supplemental revenue and gross profit information by product category for the fiscal years 2017, 2016 and 2015 are as follows (in thousands): March 26, 2017 March 27, 2016 March 29, 2015 Revenues Base station infrastructure $ 209,869 $ 206,604 $ 224,135 Network systems 87,222 83,480 96,399 Installation, test and maintenance 31,851 34,936 41,790 Mobile device accessories 204,353 205,662 187,295 Total revenues $ 533,295 $ 530,682 $ 549,619 Gross Profit Base station infrastructure 54,280 51,610 55,732 Network systems 11,897 12,893 13,549 Installation, test and maintenance 5,921 6,607 8,351 Mobile device accessories 39,670 40,856 40,007 Total gross profit $ 111,768 $ 111,966 $ 117,639

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 26, 2017
Income Taxes
Effective Income Tax Rate Reconciliation	2017 2016 2015 Statutory federal rate % 34.0 % 34.2 % State taxes, net of federal benefit 4.5 4.1 Non-deductible expenses 2.1 0.9 Other (0.8) — Effective rate 41.9 % 39.8 % 39.2 %
Provision for Income Taxes	2017 2016 2015 Federal: Current $ 1,083,600 $ 2,350,000 $ 3,035,400 Deferred (69,100) 763,100 1,964,800 State: Current 53,100 345,100 398,500 Deferred (26,400) 73,600 178,100 Provision for income taxes $ 1,041,200 $ 3,531,800 $ 5,576,800
Deferred Tax Assets and Liabilities	2017 2016 Net deferred tax assets (liabilities): Deferred compensation $ 142,600 $ 357,500 Accrued vacation 566,900 534,200 Deferred rent 208,900 459,100 Allowance for doubtful accounts 259,300 266,300 Inventory reserves 2,338,800 2,264,500 Sales tax reserves 366,000 366,500 Other assets 800,000 475,200 Restricted Stock — — Tax contingency reserve 215,800 247,600 Depreciation and amortization (3,659,100) (3,646,200) Other liabilities (461,600) (374,100) Accrued compensation (286,300) (577,600) Prepaid expenses (878,100) (752,400) Net Deferred Tax Liability $ (386,800) $ (379,400)
Reconciliation of changes in unrecognized tax benefit amounts, net of interest	2017 2016 2015 Beginning balance of unrecognized tax benefit $ 290,400 $ 394,400 $ 1,665,000 Decrease due to reclassification to income tax payable — — (1,189,000) Increase related to prior period tax positions — — — Increases related to current period tax positions 3,100 3,800 10,600 Reductions as a result of a lapse in the applicable statute of limitations (89,000) (107,800) (92,200) Ending balance of unrecognized tax benefits $ 204,500 $ 290,400 $ 394,400

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Mar. 26, 2017
Earnings Per Share
Calculation of Basic and Diluted Earnings Per Common Share	Amounts in thousands, except per share amounts Amounts in thousands, except per share amounts 2017 2016 2015 Earnings per share – Basic: Net earnings $ 1,445 $ 5,341 $ 8,634 Less: Distributed and undistributed earnings allocated to nonvested stock — (15) (47) Earnings available to common shareholders – Basic $ 1,445 $ 5,326 $ 8,587 Weighted average common shares outstanding – Basic 8,313 8,220 8,171 Earnings per common share – Basic $ 0.17 $ 0.65 $ 1.05 Earnings per share – Diluted: Net earnings $ 1,445 $ 5,341 $ 8,634 Less: Distributed and undistributed earnings allocated to nonvested stock — (1) (19) Earnings available to common shareholders – Diluted $ 1,445 $ 5,340 $ 8,615 Weighted average common shares outstanding – Basic 8,313 8,220 8,171 Effect of dilutive options 27 — 102 Weighted average common shares outstanding – Diluted 8,340 8,220 8,273 Earnings per common share – Diluted $ 0.17 $ 0.65 $ 1.04 Anti-dilutive equity awards not included above 60 100 —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Mar. 26, 2017
Stock-Based Compensation
Schedule of Performance Stock Unit activity	2017 2016 2015 Weighted Weighted Weighted Average Fair Average Fair Average Fair Shares Value at Grant Shares Value at Grant Shares Value at Grant Unvested shares available for issue under outstanding PSUs, beginning of period 138,925 $ 21.46 203,841 $ 20.65 317,127 $ 15.96 PSU’s Granted 207,000 10.77 103,000 22.15 91,000 29.28 PSU’s Vested (27,671) 19.40 (87,648) 13.88 (125,347) 14.44 PSU’s Forfeited/Cancelled (148,154) 18.72 (80,268) 28.57 (78,939) 21.61 Unvested shares available for issue under outstanding PSUs, end of period 170,100 $ 11.17 138,925 $ 21.46 203,841 $ 20.65
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	2017 2016 Weighted Weighted Average Fair Average Fair Shares Value at Grant Shares Value at Grant Unvested shares available for issue under outstanding options, beginning of period 100,000 $ 3.43 — — Options Granted 410,000 1.85 100,000 — Options Vested (25,000) 3.55 — — Option’s Forfeited/Cancelled (90,000) 2.64 — — Unvested shares available for issue under outstanding Options, end of period 395,000 $ 1.96 100,000 $ — March 26, 2017 Grant Year Options Granted Option Exercise Price Options Outstanding Options Exercisable 410,000 $ 12.57 360,000 - 100,000 $ 22.42 60,000 25,000 Total 420,000 25,000
Schedule of assumptions of Black-Scholes-Merton option pricing model	Grant Year Expected Stock Price Volatility Risk-Free Interest rate Expected Dividend Yield Average Expected Term Resulting Black Scholes Value 2017 % % % 4.0 $ 1.85 2016 % % % 4.0 $ 3.43

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	12 Months Ended
	Mar. 26, 2017
Fair Value Disclosure
Fair Value of Long-term Debt	2017 2016 Carrying Fair Carrying Fair Amount Value Amount Value Note payable to Baltimore County $ 56,300 $ 54,229 $ 82,600 $ 78,700

Quarterly Results of Operatio39

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Mar. 26, 2017
Quarterly Results of Operations (Unaudited)
Summarized Quarterly Financial Data	Fiscal Year 2017 Quarters Ended Fiscal Year 2016 Quarters Ended March 26, December 25, September 25, June 26, March 27, December 27, September 27, June 28, 2017 2016 2016 2016 2016 2015 2015 2015 Revenues $ 122,602,900 $ 147,198,400 $ 134,633,800 $ 128,860,000 $ 114,154,100 $ 139,510,700 $ 142,353,300 $ 134,664,000 Cost of goods sold 96,665,300 117,229,800 105,878,200 101,754,000 91,135,200 110,057,300 111,841,600 105,682,100 Gross profit 25,937,600 29,968,600 28,755,600 27,106,000 23,018,900 29,453,400 30,511,700 28,981,900 Selling, general and administrative expenses 26,890,400 27,860,700 26,709,500 26,955,700 26,202,100 24,742,400 25,865,400 26,122,400 Restructuring charges 806,600 — — — — — — — Operating expenses 27,697,000 27,860,700 26,709,500 26,955,700 26,202,100 24,742,400 25,865,400 26,122,400 (Loss) income from operations (1,759,400) 2,107,900 2,046,100 150,300 (3,183,200) 4,711,000 4,646,300 2,859,500 Interest, net (7,100) 37,100 17,200 11,400 12,400 55,500 47,100 46,300 (Loss) income before provision for income taxes (1,752,300) 2,070,800 2,028,900 138,900 (3,195,600) 4,655,500 4,599,200 2,813,200 Provision for income taxes (895,000) 843,100 1,034,700 58,400 (1,205,800) 1,768,800 1,850,900 1,117,900 Net (loss) income $ (857,300) $ 1,227,700 $ 994,200 $ 80,500 $ (1,989,800) $ 2,886,700 $ 2,748,300 $ 1,695,300 Diluted (loss) earnings per share $ (0.10) $ 0.15 $ 0.12 $ 0.01 $ (0.24) $ 0.35 $ 0.33 $ 0.20 Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20

Organization (Details)

Organization (Details)	12 Months Ended
	Mar. 26, 2017
US | Geographic Concentration Risk | Revenues
Concentration Risk
Concentration risk (as a percent)	98.00%

Summary of Significant Accoun41

Summary of Significant Accounting Policies - FY, Allowance for Doubtful Accounts and Inventory (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Fiscal Year
Fiscal year duration	364 days	364 days	364 days
Allowance for Doubtful Accounts
Payment period from large majority of commercial customers	30 days
Product Inventory
Reserves for excess or obsolescence inventory	$ 6,360,600	$ 6,071,100
Minimum
Fiscal Year
Fiscal year duration	364 days
Maximum
Fiscal Year
Fiscal year duration	371 days

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Property, Equipment and Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Impairment of Long-Lived Assets
Impairment charges	$ 0	$ 0	$ 0
Configuration, Fulfillment and Delivery technology system
Property and Equipment
Useful Lives	7 years
Minimum | Information technology equipment and software
Property and Equipment
Useful Lives	1 year
Minimum | Furniture, telephone system, equipment and tooling
Property and Equipment
Useful Lives	3 years
Minimum | Building, building improvements and leasehold improvements
Property and Equipment
Useful Lives	2 years
Maximum | Information technology equipment and software
Property and Equipment
Useful Lives	5 years
Maximum | Furniture, telephone system, equipment and tooling
Property and Equipment
Useful Lives	10 years
Maximum | Building, building improvements and leasehold improvements
Property and Equipment
Useful Lives	40 years

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Intangible Assets
Impairment loss on goodwill or other indefinite lived intangible assets	$ 0	$ 0	$ 0
Minimum
Intangible Assets
Useful Life	4 years
Maximum
Intangible Assets
Useful Life	6 years

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Revenue Recognition, Expenses and Shipping and Handling Costs (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Selling, general and administrative expenses
Shipping and Handling Costs
Shipping costs	$ 14,179,700	$ 13,642,700	$ 13,700,000
Maximum
Revenue Recognition
Revenue recorded on net fee basis (as a percent)	1.00%
Service revenue (as a percent)	1.00%	1.00%	1.00%

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Impact of Recently Issued Accounting Standards (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Recently Issued Accounting Pronouncements
Excess tax benefit from stock-based compensation		$ 381,400	$ 830,300
Maximum
Recently Issued Accounting Pronouncements
Sales returns as a percent of revenue	3.00%

Property and Equipment - (Detai

Property and Equipment - (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Property and Equipment
Property and equipment, gross	$ 62,409,000	$ 62,766,900
Less: Accumulated depreciation and amortization	(44,319,900)	(42,871,500)
Property and equipment, net	18,089,100	19,895,400
Depreciation and amortization	4,238,900	4,730,000	$ 4,583,600
Land
Property and Equipment
Property and equipment, gross	4,740,800	4,740,800
Property and equipment
Property and Equipment
Depreciation and amortization	4,238,900	4,730,000	4,583,600
Building, building improvements and leasehold improvements
Property and Equipment
Property and equipment, gross	20,704,100	21,437,200
Information technology equipment and software
Property and Equipment
Property and equipment, gross	29,957,200	28,856,300
Capitalized computer software	2,427,800	2,212,400
Amortization of capitalized computer software	1,355,000	1,194,200	$ 797,800
Furniture, telephone system, equipment and tooling
Property and Equipment
Property and equipment, gross	$ 7,006,900	$ 7,732,600

Goodwill and Other Intangible47

Goodwill and Other Intangible Assets - (Details) - USD ($)	Mar. 26, 2017	Mar. 27, 2016
Other long-term assets
Goodwill and Other Intangible Assets
Other intangible assets	$ 795,400	$ 795,400

Accrued expenses and other cu48

Accrued expenses and other current liabilities - (Details) - USD ($)	Mar. 26, 2017	Mar. 27, 2016
Accrued expenses and other current liabilities
Deferred Revenue	$ 635,100	$ 2,136,600
Other Accrued Expenses	1,593,100	1,737,500
Total Accrued Expenses	$ 2,228,200	$ 3,874,100

Borrowings Under Revolving Cr49

Borrowings Under Revolving Credit Facility (Details) - USD ($)	Jun. 24, 2016	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015	Jun. 23, 2016
Credit Facility
Maturity period	5 years
Revolving Credit Facility
Credit Facility
Maximum borrowing capacity	$ 35,000,000
Outstanding principal balance		$ 0
Maximum aggregate commitment amount	$ 50,000,000
Borrowing base as a percent of Eligible Receivables minus Reserves	85.00%
Borrowing availability threshold	$ 10,000,000
Available borrowing capacity		35,000,000
Interest expense		45,500
Average borrowings during period		2,118,500
Maximum borrowings during period		$ 13,473,200
Commitment fee on unused portion of revolving credit facility (as a percent)		0.25%
Standby letters of credit
Credit Facility
Maximum borrowing capacity	5,000,000
Swingline loan
Credit Facility
Maximum borrowing capacity	$ 10,000,000
Minimum | Eurodollar rate | Revolving Credit Facility
Credit Facility
Interest rate spread on variable rate basis (as a percent)	1.50%
Maximum | Eurodollar rate | Revolving Credit Facility
Credit Facility
Interest rate spread on variable rate basis (as a percent)	1.75%
Revolving Credit Facility, Wells Fargo Bank, National Association and SunTrust Bank
Credit Facility
Maximum borrowing capacity					$ 35,000,000
Outstanding principal balance			$ 0		$ 0
Available borrowing capacity			$ 35,000,000
Weighted average interest rate (as a percent)		1.69%	1.65%
Interest expense			$ 59,000	$ 78,200
Average borrowings during period			3,454,500	4,672,300
Maximum borrowings during period			$ 12,301,100	$ 17,331,900
Revolving Credit Facility, Wells Fargo Bank, National Association and SunTrust Bank | Minimum | LIBOR
Credit Facility
Interest rate spread on variable rate basis (as a percent)		1.50%
Revolving Credit Facility, Wells Fargo Bank, National Association and SunTrust Bank | Maximum | LIBOR
Credit Facility
Interest rate spread on variable rate basis (as a percent)		2.50%

Extinguishment of Debt (Details

Extinguishment of Debt (Details) $ in Millions	Jun. 23, 2016USD ($)
Revolving Credit Facility, Wells Fargo Bank, National Association and SunTrust Bank
Extinguishment of Debt
Maximum borrowing capacity	$ 35
Term Loan, Wells Fargo Bank, National Association and SunTrust Bank
Extinguishment of Debt
Original principal amount	4.5
Principal balance	$ 1.9

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Jun. 23, 2016	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015	Mar. 31, 2009	Jun. 30, 2004
Scheduled annual maturities of long-term debt
2,018		$ 26,700
2,019		27,300
2,020		2,300
Total		$ 56,300
Term Loan, Wells Fargo Bank, National Association and SunTrust Bank
Debt Instrument [Line Items]
Principal balance			$ 1,875,000			$ 4,500,000
Weighted average interest rate (as a percent)		2.40%	2.21%	2.19%
Interest expense		$ 11,000	$ 43,900	$ 48,400
Term Loan, Baltimore County Economic Development Revolving Loan Fund
Debt Instrument [Line Items]
Principal balance		56,300	82,600		$ 250,000
Interest expense		1,300	$ 2,000	$ 2,400
Monthly principal and interest payments		$ 2,300
Interest rate (as a percent)		2.00%
LIBOR | Term Loan, Wells Fargo Bank, National Association and SunTrust Bank
Debt Instrument [Line Items]
Interest rate spread on variable rate basis (as a percent)	2.00%

Commitments and Contingencies52

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Commitments and contingencies
Rent expense	$ 3,047,500	$ 3,035,600	$ 2,970,300
Minimum future obligations
2,018	2,910,900
2,019	2,761,500
2,020	2,677,900
2,021	1,807,900
Total	10,158,200
Leased office space in Timonium, Maryland | Minimum
Commitments and contingencies
Base rental rate per month	169,400
Leased office space in Timonium, Maryland | Maximum
Commitments and contingencies
Base rental rate per month	185,100
Leased office and warehouse space in Hunt Valley, Maryland | Minimum
Commitments and contingencies
Base rental rate per month	35,700
Leased office and warehouse space in Hunt Valley, Maryland | Maximum
Commitments and contingencies
Base rental rate per month	39,300
Leased office and warehouse space in San Antonio, Texas | Minimum
Commitments and contingencies
Base rental rate per month	16,400
Leased office and warehouse space in San Antonio, Texas | Maximum
Commitments and contingencies
Base rental rate per month	$ 16,900

Operating Segment - Market Acti

Operating Segment - Market Activity (Details)	3 Months Ended								12 Months Ended			30 Months Ended
	Mar. 26, 2017USD ($)	Dec. 25, 2016USD ($)	Sep. 25, 2016USD ($)	Jun. 26, 2016USD ($)	Mar. 27, 2016USD ($)	Dec. 27, 2015USD ($)	Sep. 27, 2015USD ($)	Jun. 28, 2015USD ($)	Mar. 26, 2017USD ($)segmentproduct	Mar. 27, 2016USD ($)	Mar. 29, 2015USD ($)	Mar. 26, 2017item
Operating Segment
Number of reportable segment | segment									1
Number of system operator markets reported | item												2
Number of product categories | product									4
Market unit activity
Revenues	$ 122,602,900	$ 147,198,400	$ 134,633,800	$ 128,860,000	$ 114,154,100	$ 139,510,700	$ 142,353,300	$ 134,664,000	$ 533,295,100	$ 530,682,100	$ 549,619,000
Gross Profit	$ 25,937,600	$ 29,968,600	$ 28,755,600	$ 27,106,000	$ 23,018,900	$ 29,453,400	$ 30,511,700	$ 28,981,900	111,767,800	111,965,900	117,638,500
Public Carriers, Contractors & Program Managers
Market unit activity
Revenues									82,015,000	89,171,000	127,426,000
Gross Profit									13,707,000	15,155,000	20,915,000
Government System Operators
Market unit activity
Revenues									36,676,000	33,009,000	31,495,000
Gross Profit									8,235,000	7,713,000	7,535,000
Private System Operators
Market unit activity
Revenues									93,869,000	85,563,000	86,725,000
Gross Profit									21,648,000	20,601,000	20,866,000
Commercial Dealers & Resellers
Market unit activity
Revenues									126,326,000	129,986,000	134,195,000
Gross Profit									34,289,000	33,781,000	34,948,000
Retailer, Independent Dealer Agents & Carriers
Market unit activity
Revenues									194,409,000	192,953,000	169,778,000
Gross Profit									$ 33,889,000	$ 34,716,000	$ 33,375,000

Operating Segment - Product Cat

Operating Segment - Product Category (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 26, 2017	Dec. 25, 2016	Sep. 25, 2016	Jun. 26, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 28, 2015	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Revenue and Gross Profit from External Customers
Revenues	$ 122,602,900	$ 147,198,400	$ 134,633,800	$ 128,860,000	$ 114,154,100	$ 139,510,700	$ 142,353,300	$ 134,664,000	$ 533,295,100	$ 530,682,100	$ 549,619,000
Gross Profit	$ 25,937,600	$ 29,968,600	$ 28,755,600	$ 27,106,000	$ 23,018,900	$ 29,453,400	$ 30,511,700	$ 28,981,900	111,767,800	111,965,900	117,638,500
Base station infrastructure
Revenue and Gross Profit from External Customers
Revenues									209,869,000	206,604,000	224,135,000
Gross Profit									54,280,000	51,610,000	55,732,000
Network systems
Revenue and Gross Profit from External Customers
Revenues									87,222,000	83,480,000	96,399,000
Gross Profit									11,897,000	12,893,000	13,549,000
Installation, test and maintenance
Revenue and Gross Profit from External Customers
Revenues									31,851,000	34,936,000	41,790,000
Gross Profit									5,921,000	6,607,000	8,351,000
Mobile device accessories
Revenue and Gross Profit from External Customers
Revenues									204,353,000	205,662,000	187,295,000
Gross Profit									$ 39,670,000	$ 40,856,000	$ 40,007,000

Restructuring Charge (Details)

Restructuring Charge (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 26, 2017	Mar. 26, 2017	Mar. 29, 2015
Restructuring Charge
Restructuring charges	$ 806,600	$ 806,600	$ 573,400

Stock Buyback (Details)

Stock Buyback (Details) - USD ($)	Apr. 23, 2014	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015	Mar. 30, 2014
Stock Buyback
Shares repurchased		$ 192,400	$ 937,300	$ 6,223,300
Tax withholding for share based compensation		$ 192,400	$ 937,300	$ 1,612,900
Stock Buyback Program
Stock Buyback
Stock repurchase period	24 months
Number of shares repurchased (in shares)			0	157,954	0
Shares repurchased				$ 4,600,000
Average cost per share (in dollars per share)				$ 29.17
Maximum | Stock Buyback Program
Stock Buyback
Stock authorized to purchase on non-accelerated basis	$ 10,000,000

Income Taxes - Reconciliation.

Income Taxes - Reconciliation. Provision and Deferred Taxes (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 26, 2017	Dec. 25, 2016	Sep. 25, 2016	Jun. 26, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 28, 2015	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Effective income tax rate reconciliation
Statutory federal rate (as a percent)									34.00%	34.00%	34.20%
State taxes, net of federal benefit (as a percent)									4.60%	4.50%	4.10%
Non-deductible expenses (as a percent)									5.40%	2.10%	0.90%
Other (as a percent)									(2.10%)	(0.80%)
Effective rate (as a percent)									41.90%	39.80%	39.20%
Federal
Current									$ 1,083,600	$ 2,350,000	$ 3,035,400
Deferred									(69,100)	763,100	1,964,800
State
Current									53,100	345,100	398,500
Deferred									(26,400)	73,600	178,100
Provision for income taxes	$ (895,000)	$ 843,100	$ 1,034,700	$ 58,400	$ (1,205,800)	$ 1,768,800	$ 1,850,900	$ 1,117,900	1,041,200	3,531,800	$ 5,576,800
Net deferred tax assets (liabilities)
Deferred compensation	142,600				357,500				142,600	357,500
Accrued vacation	566,900				534,200				566,900	534,200
Deferred rent	208,900				459,100				208,900	459,100
Allowance for doubtful accounts	259,300				266,300				259,300	266,300
Inventory reserves	2,338,800				2,264,500				2,338,800	2,264,500
Sales tax reserves	366,000				366,500				366,000	366,500
Other assets	800,000				475,200				800,000	475,200
Tax contingency reserve	215,800				247,600				215,800	247,600
Depreciation and amortization	(3,659,100)				(3,646,200)				(3,659,100)	(3,646,200)
Other liabilities	(461,600)				(374,100)				(461,600)	(374,100)
Accrued compensation	(286,300)				(577,600)				(286,300)	(577,600)
Prepaid expenses	(878,100)				(752,400)				(878,100)	(752,400)
Net Deferred Tax Liability	(386,800)				(379,400)				(386,800)	(379,400)
Valuation allowance	$ 0				$ 0				$ 0	$ 0

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015	Mar. 26, 2017	Mar. 27, 2016
Income Taxes
Gross amount of unrecognized tax benefits	$ 290,400	$ 394,400	$ 1,665,000	$ 204,500	$ 290,400
Unrecognized tax benefits, net of federal benefit	147,800	188,800
Amount of interest and penalties expense (benefit) related to tax uncertainties recognized, net of federal expense/benefit	(10,000)	16,600	(31,600)
Cumulative amount of interest and penalties related to tax uncertainties, net of federal expense/benefit				314,296	$ 399,800
Net unrecognized tax benefits, inclusive of indirect tax benefits and deferred tax benefits	147,800
Associated penalties and interest of net unrecognized tax benefits	314,300
Unrecognized tax benefits that would impact effective tax rate				$ 462,100
Reconciliation of unrecognized tax benefit amounts
Beginning balance of unrecognized tax benefit	290,400	394,400	1,665,000
Decrease due to reclassification to income tax payable			(1,189,000)
Increases related to current period tax positions	3,100	3,800	10,600
Reductions as a result of a lapse in the applicable statute of limitations	(89,000)	(107,800)	(92,200)
Ending balance of unrecognized tax benefits	$ 204,500	$ 290,400	$ 394,400

Retirement Plans - 401(k) (Deta

Retirement Plans - 401(k) (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Retirement Plans
Defined contribution plan expense	$ 621,600	$ 635,500	$ 524,200
Common stock shares included in plan assets (in shares)	145,205

Retirement Plans - Supplemental

Retirement Plans - Supplemental Plan (Details) - Supplemental Executive Retirement Plan - USD ($)	Mar. 26, 2017	Mar. 27, 2016
Other long-term assets
Defined Benefit Plan
Cash surrender value of life insurance policy	$ 2,128,200	$ 1,966,400
Other long-term liabilities
Defined Benefit Plan
Net present value of benefit obligation	$ 883,400	$ 966,400

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 26, 2017	Dec. 25, 2016	Sep. 25, 2016	Jun. 26, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 28, 2015	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Earnings per share - Basic
Net earnings	$ (857,300)	$ 1,227,700	$ 994,200	$ 80,500	$ (1,989,800)	$ 2,886,700	$ 2,748,300	$ 1,695,300	$ 1,445,100	$ 5,340,500	$ 8,634,300
Less: Distributed and undistributed earnings allocated to nonvested stock										(15,000)	(47,000)
Earnings available to common shareholders - Basic									$ 1,445,000	$ 5,326,000	$ 8,587,000
Weighted average common shares outstanding - Basic (in shares)									8,312,731	8,220,023	8,171,235
Basic earnings per share (in dollars per share)									$ 0.17	$ 0.65	$ 1.05
Earnings per share - Diluted
Net earnings	$ (857,300)	$ 1,227,700	$ 994,200	$ 80,500	$ (1,989,800)	$ 2,886,700	$ 2,748,300	$ 1,695,300	$ 1,445,100	$ 5,340,500	$ 8,634,300
Less: Distributed and undistributed earnings allocated to nonvested stock										(1,000)	(19,000)
Earnings available to common shareholders – Diluted									$ 1,445,000	$ 5,340,000	$ 8,615,000
Weighted average common shares outstanding - Basic (in shares)									8,312,731	8,220,023	8,171,235
Effect of dilutive options (in shares)									27,686		101,571
Diluted weighted-average common shares outstanding (in shares)									8,340,417	8,220,023	8,272,806
Diluted earnings per share (in dollars per share)	$ (0.10)	$ 0.15	$ 0.12	$ 0.01	$ (0.24)	$ 0.35	$ 0.33	$ 0.20	$ 0.17	$ 0.65	$ 1.04
Anti-dilutive equity awards (in shares)									60,000	100,000
Stock Options
Earnings per share - Diluted
Anti-dilutive equity awards (in shares)											0
Options outstanding (in shares)	420,000				100,000				420,000	100,000
Performance Stock Units
Earnings per share - Diluted
Anti-dilutive equity awards (in shares)									0	0	0
Restricted Stock
Earnings per share - Diluted
Anti-dilutive equity awards (in shares)									0	0	0

Stock-Based Compensation - Plan

Stock-Based Compensation - Plan (Details) - USD ($)	May 10, 2017	Apr. 12, 2017	Jul. 26, 2016	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015	May 30, 2017	Jul. 25, 2016
Stock-based compensation
Income tax benefit from share-based compensation (in dollars)				$ 181,900	$ 290,100	$ 441,300
Options Granted (in shares)				410,000	100,000
Performance Stock Units
Stock-based compensation
PSUs forfeited/cancelled (in shares)				148,154	80,268	78,939
Granted (in shares)				207,000	103,000	91,000
Stock Options
Stock-based compensation
Options Granted (in shares)				510,000
1994 Plan
Stock-based compensation
Number of additional shares authorized (in shares)			650,000
Number of shares authorized (in shares)			4,203,125					3,553,125
Number of shares available for grant (in shares)				567,450
Selling, general and administrative expenses
Stock-based compensation
Stock-based compensation (in dollars)				$ 434,400	$ 729,000	$ 1,161,300
Subsequent Event | Performance Stock Units
Stock-based compensation
PSUs forfeited/cancelled (in shares)	162,500
Subsequent Event | 1994 Plan
Stock-based compensation
Number of shares available for grant (in shares)							445,950
Subsequent Event | Select Key Employees | Stock Options
Stock-based compensation
Options Granted (in shares)		190,000
Subsequent Event | Award Date May 10, 2017 | Performance Stock Units
Stock-based compensation
Granted (in shares)	76,000
Subsequent Event | Award Date May 10, 2017 | Non-employee director | RSU awards
Stock-based compensation
Granted (in shares)	18,000

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units (Details) - USD ($)	May 10, 2017	May 31, 2017	May 31, 2016	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Performance Stock Units
Stock-based compensation
Measurement period				1 year
Calculated estimated forfeiture rate (as a percent)				0.00%
PSU Activity
Unvested shares available for issue under outstanding PSUs, beginning of period (in shares)				138,925	203,841	317,127
Granted (in shares)				207,000	103,000	91,000
Vested (in shares)				(27,671)	(87,648)	(125,347)
Forfeited/cancelled (in shares)				(148,154)	(80,268)	(78,939)
Unvested shares available for issue under outstanding PSUs, end of period (in shares)				170,100	138,925	203,841
Unvested PSUs, Weighted-Average Fair Value at Grant Date
Unvested shares available for issue under outstanding PSUs, beginning of period (in dollars per share)				$ 21.46	$ 20.65	$ 15.96
Granted (in dollars per share)				10.77	22.15	29.28
Vested (in dollars per share)				19.40	13.88	14.44
Forfeited/cancelled (in dollars per share)				18.72	28.57	21.61
Unvested shares available for issue under outstanding PSUs, end of period (in dollars per share)				$ 11.17	$ 21.46	$ 20.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Unrecognized compensation costs (in dollars)				$ 0
Total fair value of shares vested during period (in dollars)				$ 628,200	$ 2,543,000	$ 4,364,500
Canceled shares, performance targets not fully satisfied (in shares)			103,000
Canceled shares, employee departures (in shares)				45,154
Shares earned, but not yet vested (in shares)				7,600
Performance Stock Units | Subsequent Event
PSU Activity
Forfeited/cancelled (in shares)	(162,500)
Performance Stock Units | Subsequent Event | Forecast
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Canceled shares, performance targets not fully satisfied (in shares)		162,500
Stock Options | Senior management
Stock-based compensation
Number of fiscal years over which stock option grants have been made to senior management				2 years
Award Date May 10, 2017 | Performance Stock Units | Subsequent Event
Stock-based compensation
Measurement period	1 year
PSU Activity
Granted (in shares)	76,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Annual vesting percentage	25.00%

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs (Details) - USD ($) $ / shares in Units, $ in Millions	May 10, 2017	May 11, 2016	May 11, 2015	May 08, 2014	Sep. 24, 2006	Mar. 26, 2017	Mar. 27, 2016
Restricted Stock
Stock-based compensation
Unvested shares outstanding (in shares)						0
Restricted Stock | President and Chief Executive Officer
Stock-based compensation
Granted (in shares)					225,000
Vesting period					10 years
Weighted-average grant date fair value (in dollars per share)					$ 10.56
Vested (in shares)						22,500	22,500
Award Date May 8, 2014 | RSU awards | Non-employee director
Stock-based compensation
Granted (in shares)				10,000
Annual vesting percentage				25.00%
Unrecognized compensation costs (in dollars)						$ 0.1
Unrecognized compensation costs, period for recognition						1 year
Award Date May 11, 2015 | RSU awards | Non-employee director
Stock-based compensation
Granted (in shares)			10,000
Annual vesting percentage			25.00%
Unrecognized compensation costs (in dollars)						$ 0.1
Unrecognized compensation costs, period for recognition						2 years
Award Date May 11, 2016 | RSU awards
Stock-based compensation
Annual vesting percentage		25.00%
Award Date May 11, 2016 | RSU awards | Non-employee director
Stock-based compensation
Granted (in shares)		10,000
Unrecognized compensation costs (in dollars)						$ 0.1
Subsequent Event | Award Date May 10, 2017 | RSU awards | Non-employee director
Stock-based compensation
Granted (in shares)	18,000
Annual vesting percentage	25.00%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Shares
Unvested shares available for issue under outstanding options, beginning of period	100,000
Options Granted (in shares)	410,000	100,000
Options Vested (in shares)	(25,000)
Options Forfeited/Cancelled (in shares)	(90,000)
Unvested shares available for issue under outstanding options, end of period	395,000	100,000
Weighted Average Fair Value at Grant
Unvested shares available for issue under outstanding options, beginning of period	$ 3.43
Options Granted	1.85
Options Vested	3.55
Options Forfeited/Cancelled	2.64
Unvested shares available for issue under outstanding options, end of period	$ 1.96	$ 3.43
Additional Disclosures
Options Granted (in shares)	410,000	100,000
Valuation assumptions
Resulting Black Scholes Value	$ 1.85
Stock Options
Stock Options:
Unrecognized compensation costs (in dollars)	$ 0.7
Shares
Options Granted (in shares)	510,000
Additional Disclosures
Options Granted (in shares)	510,000
Options Outstanding	420,000
Options Exercisable	25,000
Stock Options Granted 2017 [Member]
Shares
Options Granted (in shares)	410,000
Weighted Average Fair Value at Grant
Options Granted	$ 1.85
Additional Disclosures
Options Granted (in shares)	410,000
Option Exercise Price	$ 12.57
Options Outstanding	360,000
Valuation assumptions
Expected Stock Price Volatility (as a percent)	32.85%
Risk-Free Interest rate (as a percent)	1.32%
Expected Dividend Yield (as a percent)	6.30%
Average Expected Term	4 years
Resulting Black Scholes Value	$ 1.85
Stock Options Granted 2016 [Member]
Shares
Options Granted (in shares)	100,000
Weighted Average Fair Value at Grant
Options Granted		$ 3.43
Additional Disclosures
Options Granted (in shares)	100,000
Option Exercise Price	$ 22.42
Options Outstanding	60,000
Options Exercisable	25,000
Valuation assumptions
Expected Stock Price Volatility (as a percent)		26.40%
Risk-Free Interest rate (as a percent)		1.67%
Expected Dividend Yield (as a percent)		3.50%
Average Expected Term		4 years
Resulting Black Scholes Value		$ 3.43
First year vesting | Stock Options
Stock Options:
Vesting percentage	25.00%
Vesting period	1 year
Monthly vesting over 36 months | Stock Options
Stock Options:
Monthly percentage of vesting of share based compensation	2.78%
Additional vesting period after the initial period	3 years

Stock-Based Compensation - St66

Stock-Based Compensation - Stock Purchase Plan (Details) - Team Member Stock Purchase - Team Member Stock Purchase Plan - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Stock-based compensation
Number of shares authorized (in shares)	450,000
Purchase price of common stock (as a percent)	85.00%
Stock-based compensation (in dollars)	$ 137,800	$ 48,900	$ 67,300
Shares sold to employees (in shares)	12,901	9,113	8,547
Weighted-average market value (in dollars per share)	$ 10.68	$ 16.86	$ 22.93

Fair Value Disclosure (Details)

Fair Value Disclosure (Details) - Term Loan, Baltimore County Economic Development Revolving Loan Fund - USD ($)	Mar. 26, 2017	Mar. 27, 2016
Carrying Amount
Fair Value
Long-term debt, fair value	$ 56,300	$ 82,600
Level 2 | Fair Value
Fair Value
Long-term debt, fair value	$ 54,229	$ 78,700

Supplemental Cash Flow Inform68

Supplemental Cash Flow Information (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Supplemental Cash Flow Information
Cash paid for income taxes, net of refunds	$ 55,600	$ 1,979,800	$ 4,914,000
Cash paid for interest	60,600	180,300	174,600
Interest capitalized	$ 0	$ 0	$ 3,400

Concentration of Risk (Details)

Concentration of Risk (Details) - item	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Concentration Risk
Maximum amount of revenue from the top single customer threshold	10.00%	10.00%	10.00%
Revenues | Customer Concentration Risk | Top ten customers
Concentration Risk
Concentration risk (as a percent)	26.00%	22.00%	20.00%
Revenues | Supplier Concentration Risk | Top ten vendors
Concentration Risk
Number of vendors	10	10	10
Concentration risk (as a percent)	41.00%	42.00%	41.00%
Revenues | Supplier Concentration Risk | Otter Products LLC
Concentration Risk
Concentration risk (as a percent)	11.00%	15.00%
Revenues | Supplier Concentration Risk | CommScope Incorporated
Concentration Risk
Concentration risk (as a percent)	10.00%	11.00%	14.00%

Quarterly Results of Operatio70

Quarterly Results of Operations (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 26, 2017	Dec. 25, 2016	Sep. 25, 2016	Jun. 26, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 28, 2015	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Summarized quarterly financial data
Revenues	$ 122,602,900	$ 147,198,400	$ 134,633,800	$ 128,860,000	$ 114,154,100	$ 139,510,700	$ 142,353,300	$ 134,664,000	$ 533,295,100	$ 530,682,100	$ 549,619,000
Cost of goods sold	96,665,300	117,229,800	105,878,200	101,754,000	91,135,200	110,057,300	111,841,600	105,682,100	421,527,300	418,716,200	431,980,500
Gross profit	25,937,600	29,968,600	28,755,600	27,106,000	23,018,900	29,453,400	30,511,700	28,981,900	111,767,800	111,965,900	117,638,500
Selling, general and administrative expenses	26,890,400	27,860,700	26,709,500	26,955,700	26,202,100	24,742,400	25,865,400	26,122,400	108,416,300	102,932,300	102,686,700
Restructuring charges	806,600								806,600		573,400
Operating expenses	27,697,000	27,860,700	26,709,500	26,955,700	26,202,100	24,742,400	25,865,400	26,122,400
Income from operations	(1,759,400)	2,107,900	2,046,100	150,300	(3,183,200)	4,711,000	4,646,300	2,859,500	2,544,900	9,033,600	14,378,400
Interest, net	(7,100)	37,100	17,200	11,400	12,400	55,500	47,100	46,300	58,600	161,300	167,300
Income before provision for income taxes	(1,752,300)	2,070,800	2,028,900	138,900	(3,195,600)	4,655,500	4,599,200	2,813,200	2,486,300	8,872,300	14,211,100
Provision for income taxes	(895,000)	843,100	1,034,700	58,400	(1,205,800)	1,768,800	1,850,900	1,117,900	1,041,200	3,531,800	5,576,800
Net income	$ (857,300)	$ 1,227,700	$ 994,200	$ 80,500	$ (1,989,800)	$ 2,886,700	$ 2,748,300	$ 1,695,300	$ 1,445,100	$ 5,340,500	$ 8,634,300
Diluted (loss) earnings per share (in dollars per share)	$ (0.10)	$ 0.15	$ 0.12	$ 0.01	$ (0.24)	$ 0.35	$ 0.33	$ 0.20	$ 0.17	$ 0.65	$ 1.04
Cash dividends declared per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.80	$ 0.80	$ 0.80

Schedule II - Valuation and Q71

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)	12 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Mar. 29, 2015
Allowance for doubtful accounts:
Change in valuation allowances and reserves
Balance, beginning of period	$ 841,400	$ 661,900	$ 1,080,300
Provision for bad debts	674,200	637,100	943,300
Write-offs and other adjustments	(733,400)	(457,600)	(1,361,700)
Balance, end of period	782,200	841,400	661,900
Inventory Reserve:
Change in valuation allowances and reserves
Balance, beginning of period	6,071,100	5,780,600	4,086,100
Inventory reserve expense	3,193,200	3,412,000	4,303,000
Write-offs and other adjustments	(2,903,700)	(3,121,500)	(2,608,500)
Balance, end of period	$ 6,360,600	$ 6,071,100	$ 5,780,600