Tessco (TESS) 10-Q 9 Nov 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	TESSCO TECHNOLOGIES INC
Entity Central Index Key	927,355
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		8,453,098
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Apr. 01, 2018
Current assets:
Cash and cash equivalents		$ 19,400
Trade accounts receivable, net of allowance for doubtful accounts of $1,912,800 and $1,094,900, respectively	$ 97,895,300	87,862,300
Product inventory, net	89,669,300	72,323,000
Prepaid expenses and other current assets	4,918,000	4,489,100
Total current assets	192,482,600	164,693,800
Property and equipment, net	13,775,200	13,662,800
Goodwill, net	11,677,700	11,677,700
Deferred tax assets	715,800	710,500
Other long-term assets	8,377,300	8,678,900
Total assets	227,028,600	199,423,700
Current liabilities:
Trade accounts payable	87,662,400	67,041,100
Payroll, benefits and taxes	6,027,700	8,291,100
Income and sales tax liabilities	1,139,400	2,339,200
Accrued expenses and other current liabilities	2,935,100	1,370,300
Revolving line of credit	19,741,400	10,835,400
Current portion of long-term debt	16,000	27,300
Total current liabilities	117,522,000	89,904,400
Long-term debt, net of current portion		2,300
Other long-term liabilities	1,470,100	1,465,400
Total liabilities	118,992,100	91,372,100
Shareholders' equity:
Preferred stock, $0.01 par value per share, 500,000 shares authorized and no shares issued and outstanding
Common stock, $0.01 par value per share, 15,000,000 shares authorized, 14,161,026 shares issued and 8,439,528 shares outstanding as of September 30, 2018, and 14,111,703 shares issued and 8,396,537 shares outstanding as of April 1, 2018	99,500	99,000
Additional paid-in capital	61,729,400	60,611,900
Treasury stock, at cost, 5,721,498 shares as of September 30, 2018 and 5,715,166 shares as of April 1, 2018	(57,614,100)	(57,503,000)
Retained earnings	103,821,700	104,843,700
Total shareholders' equity	108,036,500	108,051,600
Total liabilities and shareholders' equity	$ 227,028,600	$ 199,423,700

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2018	Apr. 01, 2018
Current assets:
Trade accounts receivable, allowance for doubtful accounts	$ 1,912,800	$ 1,094,900
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars shares)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	14,161,026	14,111,703
Common stock, outstanding (in shares)	8,439,528	8,396,537
Treasury stock (in shares)	5,721,498	5,715,166

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017	Sep. 30, 2018	Sep. 24, 2017
Consolidated Statements of Income
Revenues	$ 158,636,100	$ 145,083,500	$ 309,555,500	$ 285,094,300
Cost of goods sold	127,241,400	115,160,400	247,462,700	226,004,400
Gross profit	31,394,700	29,923,100	62,092,800	59,089,900
Selling, general and administrative expenses	29,477,300	26,674,400	58,438,600	54,555,900
Income from operations	1,917,400	3,248,700	3,654,200	4,534,000
Interest expense, net	244,800	156,500	419,200	225,100
Income before provision for income taxes	1,672,600	3,092,200	3,235,000	4,308,900
Provision for income taxes	481,800	1,318,300	885,800	1,852,100
Net income	$ 1,190,800	$ 1,773,900	$ 2,349,200	$ 2,456,800
Basic earnings per share (in dollars per share)	$ 0.14	$ 0.21	$ 0.28	$ 0.29
Diluted earnings per share (in dollars per share)	$ 0.14	$ 0.21	$ 0.27	$ 0.29
Basic weighted-average common shares outstanding (in shares)	8,429,678	8,365,383	8,420,293	8,357,213
Effect of dilutive options and other equity instruments (in shares)	166,571	27,614	180,182	40,643
Diluted weighted-average common shares outstanding (in shares)	8,596,249	8,392,997	8,600,475	8,397,856
Cash dividends declared per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.40	$ 0.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,349,200	$ 2,456,800
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1,838,000	2,031,000
Non-cash stock-based compensation expense	705,300	501,900
Deferred income taxes and other	666,400	218,800
Change in trade accounts receivable	(10,033,000)	(28,205,300)
Change in product inventory	(17,346,300)	(9,244,700)
Change in prepaid expenses and other current assets	(428,900)	(565,100)
Change in trade accounts payable	20,621,300	15,589,200
Change in payroll, benefits and taxes	(2,263,400)	63,900
Change in income and sales tax liabilities	(1,199,800)	391,400
Change in accrued expenses and other current liabilities	1,840,300	(37,800)
Net cash used in operating activities	(3,250,900)	(16,799,900)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment	(887,300)	(284,100)
Purchases of internal use software licenses	(1,428,500)	(1,179,000)
Net cash used in investing activities	(2,315,800)	(1,463,100)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings from revolving line of credit	8,906,000	13,278,600
Proceeds from note receivable		38,300
Payments on long-term debt	(13,600)	(13,300)
Proceeds from issuance of common stock	137,200	76,400
Cash dividends paid	(3,371,200)	(3,346,600)
Purchases of treasury stock and repurchases of stock from employees	(111,100)	(64,800)
Net cash provided by financing activities	5,547,300	9,968,600
Net decrease in cash and cash equivalents	(19,400)	(8,294,400)
CASH AND CASH EQUIVALENTS, beginning of period	$ 19,400	8,540,100
CASH AND CASH EQUIVALENTS, end of period		$ 245,700

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Sep. 30, 2018
Description of Business and Basis of Presentation
Description of Business and Basis of Presentation	Note 1. Description of Business and Basis of Presentation 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. In management’s opinion, the accompanying interim Consolidated Financial Statements of the Company include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair presentation of the Company’s financial position for the interim periods presented. These statements are presented in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been omitted from these statements, as permitted under the applicable rules and regulations. The results of operations presented in the accompanying interim Consolidated Financial Statements are not necessarily representative of operations for an entire year. The information included in this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 1, 2018.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Sep. 30, 2018
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	Note 2. Recently Issued Accounting Pronouncements Recently issued accounting pronouncements not yet adopted: In February 2016, the FASB issued Accounting Standards Update (ASU) 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 has identified the full population of leases and does not expect the adoption of the standard to have a material impact on the Consolidated Financial Statements. The standard will be adopted on the first day of the Company’s 2020 fiscal year. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. This ASU is effective for periods beginning after December 15, 2019. The company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements and will adopt the standard on the first day of the Company’s 2021 fiscal year. In August 2016, the FASB issued 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, on the first day of the Company’s 2020 fiscal year, will have a material impact on its Consolidated Financial Statements. Recently issued accounting pronouncements adopted: Effective April 2, 2018, the Company adopted the FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date, which deferred the effective date of ASU 2014-09 by one year. ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The adoption of ASU 2014-09, using the modified retrospective approach, had no significant impact on the timing of revenue recognition, our results of operations, cash flows, or financial position. Revenue continues to be recognized at a point in time for our product sales when products are shipped to or received by the customer depending on the shipping terms. The Company has changed the presentation of its returns reserve. The amount of expected returns are now recognized as a refund liability within the Accrued Expenses line item of the balance sheet. This liability represents the obligation to return customer consideration. The value of the expected goods returned by customers is now recognized as a return asset within the inventory line item of the balance sheet. The return asset value is initially measured at the former carrying amount in inventory, less any expected costs to recover the goods. The Company expects products returned by customers to be in new and salable condition, as required by our standard terms and conditions, and therefore impairment of the return asset is unlikely. Changes to the return liability are recorded as revenue adjustments and changes to the inventory asset are recorded as cost of goods sold. As of September 30, 2018, the return asset and refund liability amounts were $1.6 million and $2.0 million, respectively. Prior periods were not adjusted to reflect this change . On December 22, 2017 President Trump signed into law the “Tax Cut and Jobs Act” (the “Tax Act”). In December 2017, the Securities Exchange Commission (SEC) staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), in response to the Tax Act. SAB 118 allows registrants to include a provisional amount to account for the implications of the Tax Act where a reasonable estimate can be made and requires the completion of the accounting no later than one year from the date of enactment of the Tax Act or December 22, 2018. In its financial statements for the year ended April 1 2018, the Company included a provisional tax benefit estimate of approximately $0.2 million for the re-measurement of its U.S. deferred tax assets and liabilities to a 21% effective tax rate. We continue to evaluate the implications of the Tax Act and have not made any adjustments to the provisional amounts recorded in the prior year. Additional tax impacts from the Tax Act will be recorded as they are identified in the measurement period which will not extend past December 22, 2018. The final impact of the Tax Act may differ from the provisional amounts that have been recognized, due to, among other things, changes in the Company’s interpretation of the Tax Act, legislative or administrative actions to clarify the intent of the statutory language provided that differ from the Company’s current interpretation, or any updates or changes to estimates utilized to calculate the tax impacts, including changes to estimates for permanently disallowed expenses, of the Tax Act. Additionally, the Company intends to file its 2017 U.S. income tax return in the second half of 2018, which may change our tax basis in temporary differences, and other elements of the income tax effects of the Tax Act estimated as of April 1, 2018. This may result in an adjustment to the tax provision and be reflected as a re-measurement amount recorded in the financial statements during the quarter in which the U.S. tax return is filed.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Sep. 30, 2018
Stock-Based Compensation
Stock-Based Compensation	Note 3. Stock-Based Compensation The Company’s selling, general and administrative expenses for the fiscal quarter and six months ended September 30, 2018 includes $384,800 and $705,300, respectively, of non-cash stock-based compensation expense. The Company’s selling, general and administrative expenses for the fiscal quarter and six months ended September 24, 2017 included $254,300 and $501,900, respectively, of non-cash stock-based compensation expense. Stock-based compensation expense is primarily related to our Performance Stock Units (PSUs), Restricted Stock Units (RSUs) and Stock Options, granted or outstanding under the Company’s Third Amended and Restated Stock and Incentive Plan (the “1994 Plan”). Performance Stock Units: The following table summarizes the activity under the Company’s PSU program under the 1994 Plan, for the first six months of fiscal 2019: Six Months Weighted Ended Average Fair September 30, Value at Grant 2018 Date (per unit) Unvested shares available for issue under outstanding PSUs, beginning of period 67,000 $ 12.65 PSU’s Granted 71,000 15.58 PSU’s Vested (14,257) 12.66 PSU’s Forfeited/Cancelled (25,437) 13.46 Unvested shares available for issue under outstanding PSUs, end of period 98,306 $ 14.55 During the first quarter of fiscal 2019, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved the grant of PSUs to select key employees, providing them with the opportunity to earn up to 71,000 shares of the Company’s common stock in the aggregate, depending upon whether and to the extent which certain earnings per share targets and other Company and individual performance metrics are met. These not-yet-earned PSUs have a one-year measurement period (fiscal 2019), and assuming the performance metrics are met to a sufficient extent, any shares earned at the end of fiscal 2019 will vest 25% and be issued ratably on or about each of May 1 of 2019, 2020, 2021 and 2022, provided that the respective employees remain employed by the Company on each such date. The PSUs cancelled during fiscal 2019 primarily related to the fiscal 2018 grant of PSUs, which had a one-year measurement period (fiscal 2018). These PSUs were cancelled because the applicable fiscal 2018 performance targets were not fully satisfied. Per the provisions of the 1994 Plan, the shares related to these forfeited and cancelled PSUs were added back to the 1994 Plan and became available for future issuance under the 1994 Plan. If all PSUs granted thus far in fiscal 2019 are assumed to be earned on account of the applicable performance metrics being fully met, total unrecognized compensation costs on these PSUs plus all earned but unvested PSU’s would be approximately $1.0 million, as of September 30, 2018, and would be expensed through fiscal 2022. To the extent the maximum number of PSUs granted in fiscal 2019 are not earned, stock-based compensation related to these awards will differ from this amount. Restricted Stock Units: The Company has made annual RSU awards under the 1994 Plan to its non-employee directors over recent years. On May 10, 2018, the Compensation Committee approved the grant of an aggregate of 18,000 RSUs, ratably to the then five non-employee directors of the Company, and to Robert B. Barnhill, Jr. In addition to this, effective June 6, 2018, Paul J. Gaffney was appointed to the Board of Directors and was granted 3,000 RSUs. These RSU awards to non-employee directors and to Mr. Barnhill provide for the issuance of shares of the Company’s common stock in four equal installments, beginning on May 1 of the year following the award and continuing on May first of each of the following three years, provided that the director remains associated with the Company (or meets other criteria as prescribed in the applicable award agreement) on each date. On August 8, 2017, the Compensation Committee approved the grant of an aggregate of up to 56,000 RSUs to several senior executives. The number of shares earned by a recipient will be determined by multiplying the number of RSUs covered by the award by a fraction, the numerator of which is the cumulative amount of dividends (regular, ordinary and special) declared and paid, per share, on the Common Stock, over an earnings period of up to four years, and the denominator of which is $3.20. Subject to earlier issuance upon the occurrence of certain events (as described in the applicable award agreement), any earned shares are issued and distributed to the recipient upon the fourth anniversary of the award date. As of September 30, 2018, 8,000 of these 56,000 RSUs have been canceled due to employee departures, leaving 48,000 of these RSUs outstanding. As of September 30, 2018, there was approximately $0.9 million of total unrecognized compensation cost related to all outstanding RSUs, assuming all shares are earned. Unrecognized compensation costs are expected to be recognized ratably over a weighted average period of approximately three years. PSUs and RSUs are expensed based on the grant date fair value, calculated as the closing price of TESSCO common stock as reported by NASDAQ on the date of grant minus the present value of dividends expected to be paid on the common stock before the award vests, because dividends or dividend-equivalent amounts do not accrue and are not paid on unvested PSUs and RSUs. The Company now accounts for forfeitures as they occur rather than estimate expected forfeitures. To the extent that forfeitures occur, stock based compensation related to the restricted awards may be different from the Company’s expectations. Stock Options: As summarized below, in the first six months of fiscal 2019, stock options for an aggregate of 49,000 shares of common stock were granted, all under the 1994 Plan. These stock options have exercise prices equal to the market price of the Company’s stock on the grant date, and the terms thereof provide for 25% vesting after one year and then 1/36 per month over the following three years. The grant date value of the Company’s stock options is determined using the Black-Scholes-Merton pricing model, based upon facts and assumptions existing at the date of grant. 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. Six Months Weighted Ended Average Fair September 30, Value at Grant 2018 Date (per unit) Unvested options, beginning of period 392,500 $ 2.21 Options Granted 49,000 4.70 Options Vested (96,042) 2.20 Options Forfeited/Cancelled (15,000) 4.57 Unvested options, end of period 330,458 $ 2.48 September 30, 2018 Grant Fiscal Year Options Granted Option Exercise Price Options Outstanding Options Exercisable 49,000 $ 17.55 44,000 - 230,000 $ 15.12 160,000 49,792 410,000 $ 12.57 330,000 160,833 100,000 $ 22.64 40,000 31,667 Total 574,000 242,292 Grant Fiscal Year Expected Stock Price Volatility Risk-Free Interest rate Expected Dividend Yield Average Expected Term Resulting Black Scholes Value 2019 % % % 4.0 $ 4.70 2018 % % % 4.0 $ 2.57 2017 % % % 4.0 $ 1.85 2016 % % % 4.0 $ 3.43 As of September 30, 2018, there was approximately $0.8 million of total unrecognized compensation costs, related to these awards. These unrecognized compensation costs are expected to be recognized ratably over a period of approximately three years.

Borrowings Under Revolving Cred

Borrowings Under Revolving Credit Facility	6 Months Ended
	Sep. 30, 2018
Borrowings Under Revolving Credit Facility
Borrowings Under Revolving Credit Facility	Note 4. 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 and Lender, and Wells Fargo Bank, National Association, as a Lender, for a senior asset based secured revolving credit facility of up to $35 million (the “Revolving Credit Facility”). This replaced our then 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 secured Revolving Credit Facility, as it was initially established, included terms providing for its maturity after five years, on June 24, 2021, and for a $5.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swing line loans. Borrowing Availability under the secured Revolving Credit Facility as it was initially established was determined in part in accordance with a Borrowing Base, defined in the Credit Agreement, generally, as 85% of Eligible Receivables minus Reserves, as those terms were defined in the Credit Agreement. The Credit Agreement included financial and other covenants, and pursuant to a related Guaranty and Security Agreement by and among the Company, the other Company affiliate borrowers under the Credit Agreement and other subsidiaries of the Company, referred to collectively as the Loan Parties, and SunTrust Bank, as Administrative Agent, the Loan Parties’ obligations, which included the obligations under the Credit Agreement, were guaranteed by those 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 in all documents, instruments, general intangibles, letter of credit rights and chattel paper, in each case to the extent relating to inventory and accounts, and all proceeds of the foregoing. The security interests were 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. On October 19, 2017, the Company and its primary operating subsidiaries, as co-borrowers, and SunTrust Bank, as Administrative Agent and Lender, and Wells Fargo Bank, National Association, as a Lender, entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”). Pursuant to the Amended and Restated Credit Agreement, the Credit Agreement for the secured Revolving Credit Facility was amended and restated in order to, among other things, increase the Company’s borrowing limit from up to $35 million to up to $75 million. Capitalized terms used but not otherwise defined in this and the following three paragraphs have the meanings ascribed to each in the Amended and Restated Credit Agreement. In addition to expanding the Company’s borrowing limit, the secured Revolving Credit Facility maturity date was extended to October 19, 2021. The Amended and Restated Credit Agreement otherwise includes representations, warranties, affirmative and negative covenants (including restrictions) and other terms generally consistent with those applicable to the facility as existing prior to the execution and delivery of the Amended and Restated Credit Agreement, but with certain modifications. Borrowings under the Amended and Restated Credit Agreement initially accrue interest from the applicable borrowing date at an Applicable Rate equal to the Eurodollar Rate plus the Applicable Margin. The Eurodollar Rate is the rate per annum obtained by dividing (i) LIBOR by (ii) a percentage equal to 1.00 minus the Eurodollar Reserve Percentage. When the Applicable Rate is the Eurodollar Rate plus the Applicable Margin, the Applicable Margin is 1.50% if Average Availability is greater than or equal to $15 million, and 1.75% otherwise. On September 30, 2018, the interest rate applicable to borrowings under the secured Revolving Credit Facility was 3.61%. Under certain circumstances, the Applicable Rate is subject to change at the Lenders’ option from the Eurodollar Rate plus the Applicable Margin to the Base Rate plus the Applicable Margin. Following an Event of Default, in addition to changing the Applicable Rate to the Base Rate plus the Applicable Margin, the Lenders’ may at their option set the Applicable Margin at 0.50% if the Base Rate applies or 1.75% if the Eurodollar Rate applies, and increase the Applicable Rate by an additional 200 basis points. The Applicable Rate adjusts on the first Business Day of each calendar month. The Company is required to pay a monthly Commitment Fee on the average daily unused portion of the Revolving Credit Facility provided for pursuant to the Amended and Restated Credit Agreement, at a per annum rate equal to 0.25%. In connection with the entering into of the Amended and Restated Credit Agreement, the Company and other Loan Parties, executed and delivered to SunTrust Bank, as Administrative Agent, a Reaffirmation Agreement, pursuant to which the obligations of the Loan Parties under the Guaranty and Security Agreement delivered by them in connection with the secured Revolving Credit Facility as previously existing (including the previously existing guaranty by the Loan Parties not otherwise Borrowers and the previously existing grant by the Company and the other Loan Parties of a continuing first priority security interest in inventory, accounts receivable and deposit accounts, and on all documents, instruments, general intangibles, letter of credit rights, and all proceeds) were ratified and confirmed as respects the Obligations arising under the Amended and Restated Credit Facility from time to time. Borrowings may be used for working capital and other general corporate purposes, and as further provided in, and subject to the applicable terms of, the Amended and Restated Credit Agreement. As of September 30, 2018, borrowings under this Revolving Credit Facility totaled $19.7 million and, therefore, the Company had $55.3 million available for borrowing as of September 30, 2018, subject to the Borrowing Base limitation and compliance with the other applicable terms of the Amended and Restated Credit Agreement, including the covenants referenced above. The line of credit has a lockbox arrangement associated with it and therefore the outstanding balance is classified as a current liability on our balance sheet. As of April 1, 2018, borrowings under this Revolving Credit Facility totaled $10.8 million and, therefore, the Company had $64.2 million available on its revolving line of credit facility as of April 1, 2018.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2018
Income Taxes
Income Taxes	Note 5. Income Taxes As of September 30, 2018, the Company had a gross amount of unrecognized tax benefits of $116,200 ($91,800 net of federal benefit). As of April 1, 2018, the Company had a gross amount of unrecognized tax benefits of $112,700 ($87,200 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 part of the provision for income taxes. The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for the first six months of fiscal 2019 was an expense of $19,800 (net of federal benefit). The cumulative amount included in the consolidated balance sheet as of September 30, 2018 was $265,600 (net of federal benefit). The total amount of interest and penalties related to tax uncertainties recognized in the consolidated statement of income for the first six months of fiscal 2018 was an expense of $24,200 (net of federal benefit). The cumulative amount of interest and penalties included as a liability in the consolidated balance sheet as of April 1, 2018 was $250,500 (net of federal benefit). A reconciliation of the changes in the gross balance of unrecognized tax benefits, excluding interest, is as follows: Beginning balance at April 1, 2018 of unrecognized tax benefit $ 112,700 Increases related to current period tax positions 3,500 Reductions as a result of a lapse in the applicable statute of limitations — Ending balance at September 30, 2018 of unrecognized tax benefits $ 116,200

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 30, 2018
Earnings Per Share
Earnings Per Share	Note 6. Earnings Per Share The Company presents the computation of earnings per share (“EPS”) on a basic and diluted basis. Basic EPS is computed by dividing net income by the weighted average number of shares outstanding during the reported period. Diluted earnings per share are computed similarly to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential additional common shares that were dilutive had been issued. Common shares are excluded from the calculation if they are determined to be anti-dilutive. At September 30, 2018, stock options with respect to 574,000 shares of common stock were outstanding, of which 50,000 were anti-dilutive. At September 24, 2017, stock options with respect to 630,000 shares of common stock were outstanding, of which 290,000 were anti-dilutive. There were no anti-dilutive PSUs or RSUs outstanding as of September 30, 2018 or September 24, 2017, respectively.

Business Segments

Business Segments	6 Months Ended
	Sep. 30, 2018
Business Segments
Business Segments	Note 7. Business Segments The Company evaluates its business within two segments: commercial and retail. The commercial segment consists of the following customer markets: (1) public carriers, that are generally responsible for building and maintaining the infrastructure system and provide airtime service to individual subscribers; and (2) integrators and value-added resellers, which is a newly identified market within our internal structure resulting from the Company’s recent implementation of an enhanced go-to-market strategy and the consolidation of our previously identified value-added resellers, government channels and private system operator markets. This new strategy and the corresponding consolidation of these customer markets is expected to increase sales opportunities across the consolidated group as well as provide better coverage to customers and better align territories with supplier partners. In conjunction with our identification of the integrators and value-added resellers as a newly identified market, as described above, market revenue and gross profit as reported for the prior periods reflected in this Quarterly Report on Form 10 Q have been reclassified accordingly. The retail segment consists of the retail market which includes retailers, independent dealer agents and carriers. To provide investors with better visibility, the Company also discloses revenue and gross profit by its four product categories: · Base station infrastructure products are used to build, repair and upgrade wireless telecommunications systems. Products include base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, miscellaneous hardware, and mobile antennas. Base station infrastructure service offerings include connector installation, custom jumper assembly, site kitting and logistics integration. · Network systems products are used to build and upgrade computing and internet networks. Products include fixed and mobile broadband equipment, distributed antenna systems (DAS), wireless networking, filtering systems, two-way radios and security and surveillance products. This product category also includes training classes, technical support and engineering design services. · Installation, test and maintenance products are used to install, tune, maintain and repair wireless communications equipment. Products include sophisticated analysis equipment and various frequency, voltage- and power-measuring devices, as well as an assortment of tools, hardware, GPS, safety and replacement and component parts and supplies required by service technicians. · Mobile device accessories include cellular phone and data device accessories such as replacement batteries, cases, speakers, mobile amplifiers, power supplies, headsets, mounts, car antennas, music accessories and data and memory cards. Retail merchandising displays, promotional programs, customized order fulfillment services and affinity-marketing programs, including private label internet sites, complement our mobile devices and accessory product offering. The Company evaluates revenue, gross profit, and income before provision for income taxes at the segment level. Certain cost of sales and other applicable expenses have been allocated to each segment based on a percentage of revenues and/or gross profit, where appropriate. Segment activity for the second quarter and first six months of fiscal years 2019 and 2018 are as follows (in thousands): Three Months Ended September 30, 2018 September 24, 2017 Commercial Retail Commercial Retail Segment Segment Total Segment Segment Total Revenues Public Carrier $ 39,694 $ — $ 39,694 $ 27,423 $ — $ 27,423 Integrators and value-added resellers 68,650 — 68,650 70,183 — 70,183 Retail — 50,292 50,292 — 47,478 47,478 Total revenues $ 108,344 $ 50,292 $ 158,636 $ 97,606 $ 47,478 $ 145,084 Gross Profit Public Carrier $ 4,780 $ — $ 4,780 $ 3,777 $ — $ 3,777 Integrators and value-added resellers 16,912 — 16,912 16,408 — 16,408 Retail — 9,703 9,703 — 9,738 9,738 Total gross profit $ 21,692 $ 9,703 $ 31,395 $ 20,185 $ 9,738 $ 29,923 Directly allocable expenses 8,562 4,544 13,106 7,796 3,716 11,512 Segment net profit contribution $ 13,130 $ 5,159 18,289 $ 12,389 $ 6,022 18,411 Corporate support expenses 16,616 15,319 Income before provision for income taxes $ 1,673 $ 3,092 Six Months Ended September 30, 2018 September 24, 2017 Commercial Retail Commercial Retail Segment Segment Total Segment Segment Total Revenues Public Carrier $ 80,054 $ — $ 80,054 $ 54,021 $ — $ 54,021 Integrators and value-added resellers 134,197 — 134,197 134,709 — 134,709 Retail — 95,304 95,304 — 96,364 96,364 Total revenues $ 214,251 $ 95,304 $ 309,555 $ 188,730 $ 96,364 $ 285,094 Gross Profit Public Carrier $ 10,406 $ — $ 10,406 $ 7,905 $ — $ 7,905 Integrators and value-added resellers 32,829 — 32,829 31,980 — 31,980 Retail — 18,858 18,858 — 19,205 19,205 Total gross profit $ 43,235 $ 18,858 $ 62,093 $ 39,885 $ 19,205 $ 59,090 Directly allocable expenses 16,643 8,353 24,996 16,318 7,466 23,784 Segment net profit contribution $ 26,592 $ 10,505 37,097 $ 23,567 $ 11,739 35,306 Corporate support expenses 33,862 30,997 Income before provision for income taxes $ 3,235 $ 4,309 Supplemental revenue and gross profit information by product category for the second quarter and first six months of fiscal years 2019 and 2018 are as follows (in thousands): Three Months Ended September 30, 2018 September 24, 2017 Revenues Base station infrastructure $ 75,515 $ 59,448 Network systems 22,564 29,180 Installation, test and maintenance 8,891 7,679 Mobile device accessories 51,666 48,777 Total revenues $ 158,636 $ 145,084 Gross Profit Base station infrastructure $ 15,534 $ 14,086 Network systems 3,561 3,921 Installation, test and maintenance 1,803 1,433 Mobile device accessories 10,497 10,483 Total gross profit $ 31,395 $ 29,923 Six Months Ended September 30, 2018 September 24, 2017 Revenues Base station infrastructure $ 149,829 $ 118,518 Network systems 45,341 53,017 Installation, test and maintenance 16,322 14,671 Mobile device accessories 98,063 98,888 Total revenues $ 309,555 $ 285,094 Gross Profit Base station infrastructure $ 31,250 $ 28,143 Network systems 7,224 7,750 Installation, test and maintenance 3,276 2,852 Mobile device accessories 20,343 20,345 Total gross profit $ 62,093 $ 59,090

Shares Withheld

Shares Withheld	6 Months Ended
	Sep. 30, 2018
Shares Withheld
Shares Withheld	Note 8. Shares Withheld The Company withholds shares of common stock from its employees and directors at their request, equal to the minimum federal and state tax withholdings related to vested PSUs, stock option exercises and vested RSUs. For the six months ended September 30, 2018 and September 24, 2017, the aggregate value of the shares withheld totaled $111,100 and $64,800, respectively.

Concentration of Risk

Concentration of Risk	6 Months Ended
	Sep. 30, 2018
Concentration of Risk
Concentration of Risk	Note 9. Concentration of Risk The Company’s future results could be negatively impacted by the loss of certain customer and/or vendor relationships. For the fiscal quarters and six months ended September 30, 2018 and September 24, 2017, no customer accounted for more than 10.0% of total consolidated revenues. For the fiscal quarter ended September 30, 2018, sales of products purchased from the Company’s largest wireless infrastructure supplier and mobile device accessories supplier accounted for 17.0% and 7.8% of consolidated revenue, respectively. For the fiscal quarter ended September 24, 2017, sales of products purchased from the Company’s largest wireless infrastructure supplier and largest mobile device accessories supplier accounted for 10.3% and 7.9% of consolidated revenue, respectively. For the six months ended September 30, 2018, sales of products from the Company’s largest wireless infrastructure supplier and mobile device accessories supplier accounted for 15.6% and 7.9% of consolidated revenue, respectively. For the six months ended September 24, 2017, sales of products from the Company’s largest wireless infrastructure supplier and largest mobile device accessories supplier accounted for 11.0% and 10.5% of consolidated revenue, respectively.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Sep. 30, 2018
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements not yet adopted: In February 2016, the FASB issued Accounting Standards Update (ASU) 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 has identified the full population of leases and does not expect the adoption of the standard to have a material impact on the Consolidated Financial Statements. The standard will be adopted on the first day of the Company’s 2020 fiscal year. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. This ASU is effective for periods beginning after December 15, 2019. The company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements and will adopt the standard on the first day of the Company’s 2021 fiscal year. In August 2016, the FASB issued 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, on the first day of the Company’s 2020 fiscal year, will have a material impact on its Consolidated Financial Statements. Recently issued accounting pronouncements adopted: Effective April 2, 2018, the Company adopted the FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date, which deferred the effective date of ASU 2014-09 by one year. ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The adoption of ASU 2014-09, using the modified retrospective approach, had no significant impact on the timing of revenue recognition, our results of operations, cash flows, or financial position. Revenue continues to be recognized at a point in time for our product sales when products are shipped to or received by the customer depending on the shipping terms. The Company has changed the presentation of its returns reserve. The amount of expected returns are now recognized as a refund liability within the Accrued Expenses line item of the balance sheet. This liability represents the obligation to return customer consideration. The value of the expected goods returned by customers is now recognized as a return asset within the inventory line item of the balance sheet. The return asset value is initially measured at the former carrying amount in inventory, less any expected costs to recover the goods. The Company expects products returned by customers to be in new and salable condition, as required by our standard terms and conditions, and therefore impairment of the return asset is unlikely. Changes to the return liability are recorded as revenue adjustments and changes to the inventory asset are recorded as cost of goods sold. As of September 30, 2018, the return asset and refund liability amounts were $1.6 million and $2.0 million, respectively. Prior periods were not adjusted to reflect this change . On December 22, 2017 President Trump signed into law the “Tax Cut and Jobs Act” (the “Tax Act”). In December 2017, the Securities Exchange Commission (SEC) staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), in response to the Tax Act. SAB 118 allows registrants to include a provisional amount to account for the implications of the Tax Act where a reasonable estimate can be made and requires the completion of the accounting no later than one year from the date of enactment of the Tax Act or December 22, 2018. In its financial statements for the year ended April 1 2018, the Company included a provisional tax benefit estimate of approximately $0.2 million for the re-measurement of its U.S. deferred tax assets and liabilities to a 21% effective tax rate. We continue to evaluate the implications of the Tax Act and have not made any adjustments to the provisional amounts recorded in the prior year. Additional tax impacts from the Tax Act will be recorded as they are identified in the measurement period which will not extend past December 22, 2018. The final impact of the Tax Act may differ from the provisional amounts that have been recognized, due to, among other things, changes in the Company’s interpretation of the Tax Act, legislative or administrative actions to clarify the intent of the statutory language provided that differ from the Company’s current interpretation, or any updates or changes to estimates utilized to calculate the tax impacts, including changes to estimates for permanently disallowed expenses, of the Tax Act. Additionally, the Company intends to file its 2017 U.S. income tax return in the second half of 2018, which may change our tax basis in temporary differences, and other elements of the income tax effects of the Tax Act estimated as of April 1, 2018. This may result in an adjustment to the tax provision and be reflected as a re-measurement amount recorded in the financial statements during the quarter in which the U.S. tax return is filed.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2018
Stock-Based Compensation
Schedule of Performance Stock Unit activity	Six Months Weighted Ended Average Fair September 30, Value at Grant 2018 Date (per unit) Unvested shares available for issue under outstanding PSUs, beginning of period 67,000 $ 12.65 PSU’s Granted 71,000 15.58 PSU’s Vested (14,257) 12.66 PSU’s Forfeited/Cancelled (25,437) 13.46 Unvested shares available for issue under outstanding PSUs, end of period 98,306 $ 14.55
Schedule of Stock Options	Six Months Weighted Ended Average Fair September 30, Value at Grant 2018 Date (per unit) Unvested options, beginning of period 392,500 $ 2.21 Options Granted 49,000 4.70 Options Vested (96,042) 2.20 Options Forfeited/Cancelled (15,000) 4.57 Unvested options, end of period 330,458 $ 2.48 September 30, 2018 Grant Fiscal Year Options Granted Option Exercise Price Options Outstanding Options Exercisable 49,000 $ 17.55 44,000 - 230,000 $ 15.12 160,000 49,792 410,000 $ 12.57 330,000 160,833 100,000 $ 22.64 40,000 31,667 Total 574,000 242,292
Schedule of assumptions of Black-Scholes-Merton option pricing model	Grant Fiscal Year Expected Stock Price Volatility Risk-Free Interest rate Expected Dividend Yield Average Expected Term Resulting Black Scholes Value 2019 % % % 4.0 $ 4.70 2018 % % % 4.0 $ 2.57 2017 % % % 4.0 $ 1.85 2016 % % % 4.0 $ 3.43

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Sep. 30, 2018
Income Taxes
Reconciliation of changes in unrecognized tax benefit amounts, net of interest	Beginning balance at April 1, 2018 of unrecognized tax benefit $ 112,700 Increases related to current period tax positions 3,500 Reductions as a result of a lapse in the applicable statute of limitations — Ending balance at September 30, 2018 of unrecognized tax benefits $ 116,200

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Sep. 30, 2018
Business Segments
Schedule of Revenue and Gross Profit by Market	Segment activity for the second quarter and first six months of fiscal years 2019 and 2018 are as follows (in thousands): Three Months Ended September 30, 2018 September 24, 2017 Commercial Retail Commercial Retail Segment Segment Total Segment Segment Total Revenues Public Carrier $ 39,694 $ — $ 39,694 $ 27,423 $ — $ 27,423 Integrators and value-added resellers 68,650 — 68,650 70,183 — 70,183 Retail — 50,292 50,292 — 47,478 47,478 Total revenues $ 108,344 $ 50,292 $ 158,636 $ 97,606 $ 47,478 $ 145,084 Gross Profit Public Carrier $ 4,780 $ — $ 4,780 $ 3,777 $ — $ 3,777 Integrators and value-added resellers 16,912 — 16,912 16,408 — 16,408 Retail — 9,703 9,703 — 9,738 9,738 Total gross profit $ 21,692 $ 9,703 $ 31,395 $ 20,185 $ 9,738 $ 29,923 Directly allocable expenses 8,562 4,544 13,106 7,796 3,716 11,512 Segment net profit contribution $ 13,130 $ 5,159 18,289 $ 12,389 $ 6,022 18,411 Corporate support expenses 16,616 15,319 Income before provision for income taxes $ 1,673 $ 3,092 Six Months Ended September 30, 2018 September 24, 2017 Commercial Retail Commercial Retail Segment Segment Total Segment Segment Total Revenues Public Carrier $ 80,054 $ — $ 80,054 $ 54,021 $ — $ 54,021 Integrators and value-added resellers 134,197 — 134,197 134,709 — 134,709 Retail — 95,304 95,304 — 96,364 96,364 Total revenues $ 214,251 $ 95,304 $ 309,555 $ 188,730 $ 96,364 $ 285,094 Gross Profit Public Carrier $ 10,406 $ — $ 10,406 $ 7,905 $ — $ 7,905 Integrators and value-added resellers 32,829 — 32,829 31,980 — 31,980 Retail — 18,858 18,858 — 19,205 19,205 Total gross profit $ 43,235 $ 18,858 $ 62,093 $ 39,885 $ 19,205 $ 59,090 Directly allocable expenses 16,643 8,353 24,996 16,318 7,466 23,784 Segment net profit contribution $ 26,592 $ 10,505 37,097 $ 23,567 $ 11,739 35,306 Corporate support expenses 33,862 30,997 Income before provision for income taxes $ 3,235 $ 4,309
Schedule of Revenue and Gross Profit by Product	Supplemental revenue and gross profit information by product category for the second quarter and first six months of fiscal years 2019 and 2018 are as follows (in thousands): Three Months Ended September 30, 2018 September 24, 2017 Revenues Base station infrastructure $ 75,515 $ 59,448 Network systems 22,564 29,180 Installation, test and maintenance 8,891 7,679 Mobile device accessories 51,666 48,777 Total revenues $ 158,636 $ 145,084 Gross Profit Base station infrastructure $ 15,534 $ 14,086 Network systems 3,561 3,921 Installation, test and maintenance 1,803 1,433 Mobile device accessories 10,497 10,483 Total gross profit $ 31,395 $ 29,923 Six Months Ended September 30, 2018 September 24, 2017 Revenues Base station infrastructure $ 149,829 $ 118,518 Network systems 45,341 53,017 Installation, test and maintenance 16,322 14,671 Mobile device accessories 98,063 98,888 Total revenues $ 309,555 $ 285,094 Gross Profit Base station infrastructure $ 31,250 $ 28,143 Network systems 7,224 7,750 Installation, test and maintenance 3,276 2,852 Mobile device accessories 20,343 20,345 Total gross profit $ 62,093 $ 59,090

Description of Business and B_2

Description of Business and Basis of Presentation (Details)	6 Months Ended
	Sep. 30, 2018
US | Geographic Concentration Risk | Revenue
Concentration Risk
Concentration risk (as a percent)	98.00%

Recently Issued Accounting Pr_3

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 01, 2018	Apr. 01, 2018	Sep. 30, 2018
Recently Issued Accounting Pronouncements
Return asset			$ 1.6
Refund liability			$ 2
Income tax benefit to re-measure deferred tax liabilities		$ 0.2
Federal statutory rate (as a percent)	21.00%

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017	Sep. 30, 2018	Sep. 24, 2017
Selling, general and administrative expenses
Stock-based compensation
Stock-based compensation (in dollars)	$ 384,800	$ 254,300	$ 705,300	$ 501,900

Stock-Based Compensation - PSUs

Stock-Based Compensation - PSUs (Details) - Performance Stock Units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 01, 2018	Sep. 30, 2018	Apr. 01, 2018
PSU Activity
Unvested shares available for issue under outstanding PSUs, beginning of period (in shares)	67,000	67,000
Granted (in shares)	71,000	71,000
Vested (in shares)		(14,257)
Forfeited/cancelled (in shares)		(25,437)
Unvested shares available for issue under outstanding PSUs, end of period (in shares)		98,306	67,000
Unvested PSUs, Weighted-Average Fair Value at Grant Date
Unvested shares available for issue under outstanding PSUs, beginning of period (in dollars per share)	$ 12.65	$ 12.65
Granted (in dollars per share)		15.58
Vested (in dollars per share)		12.66
Forfeited/cancelled (in dollars per share)		13.46
Unvested shares available for issue under outstanding PSUs, end of period (in dollars per share)		$ 14.55	$ 12.65
Additional stock based compensation information
Measurement period	1 year		1 year
Annual vesting percentage	25.00%
Unrecognized compensation costs (in dollars)		$ 1

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs (Details) - RSU awards $ / shares in Units, $ in Millions	Jun. 06, 2018shares	May 10, 2018itemindividualshares	Aug. 08, 2017$ / sharesshares	Sep. 30, 2018USD ($)shares	Sep. 30, 2018USD ($)shares
Stock-based compensation
Unrecognized compensation costs (in dollars) | $				$ 0.9	$ 0.9
Unrecognized compensation costs, period for recognition				3 years
Non-employee directors and Executive Chairman
Stock-based compensation
Granted (in shares)		18,000
Number of equal installments of vesting | item		4
Number of anniversaries after first vesting date on which share-based compensation awards vest | item		3
Non-employee directors
Stock-based compensation
Granted (in shares)	3,000
Number of individuals that received stock awards | individual		5
Senior executives
Stock-based compensation
Granted (in shares)			56,000
Denominator in fraction used to calculate number of awards earned | $ / shares			$ 3.20
Senior executives | Maximum
Stock-based compensation
Vesting period			4 years
Award Date August 8, 2017 | Senior executives
Stock-based compensation
Cancelled (in shares)					8,000
Shares outstanding (in shares)				48,000	48,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Sep. 30, 2018	Apr. 01, 2018	Mar. 26, 2017	Mar. 27, 2016
Shares
Unvested options, beginning of period	392,500
Options Granted (in shares)	49,000
Options Vested (in shares)	(96,042)
Options Forfeited/Cancelled (in shares)	(15,000)
Unvested options, end of period	330,458	392,500
Weighted Average Fair Value at Grant
Unvested shares available for issue under outstanding options, beginning of period	$ 2.21
Options Granted	4.70
Options Vested	2.20
Options Forfeited/Cancelled	4.57
Unvested shares available for issue under outstanding options, end of period	$ 2.48	$ 2.21
Additional Disclosures
Options Outstanding (in shares)	574,000
Options Exercisable (in shares)	242,292
Valuation assumptions
Resulting Black Scholes Value (in dollars per share)	$ 4.70
Grant Fiscal Year 2019
Shares
Options Granted (in shares)	49,000
Weighted Average Fair Value at Grant
Options Granted	$ 4.70
Additional Disclosures
Option Exercise Price (in dollars per share)	$ 17.55
Options Outstanding (in shares)	44,000
Valuation assumptions
Expected Stock Price Volatility (as a percent)	35.80%
Risk-Free Interest rate (as a percent)	3.04%
Expected Dividend Yield (as a percent)	4.56%
Average Expected Term	4 years
Resulting Black Scholes Value (in dollars per share)	$ 4.70
Grant Fiscal Year 2018
Shares
Options Granted (in shares)		230,000
Weighted Average Fair Value at Grant
Options Granted		$ 2.57
Additional Disclosures
Option Exercise Price (in dollars per share)		$ 15.12
Options Outstanding (in shares)	160,000
Options Exercisable (in shares)	49,792
Valuation assumptions
Expected Stock Price Volatility (as a percent)		32.63%
Risk-Free Interest rate (as a percent)		1.96%
Expected Dividend Yield (as a percent)		5.34%
Average Expected Term		4 years
Resulting Black Scholes Value (in dollars per share)		$ 2.57
Grant Fiscal Year 2017
Shares
Options Granted (in shares)			410,000
Weighted Average Fair Value at Grant
Options Granted			$ 1.85
Additional Disclosures
Option Exercise Price (in dollars per share)			$ 12.57
Options Outstanding (in shares)	330,000
Options Exercisable (in shares)	160,833
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 (in dollars per share)			$ 1.85
Grant Fiscal Year 2016
Shares
Options Granted (in shares)				100,000
Weighted Average Fair Value at Grant
Options Granted				$ 3.43
Additional Disclosures
Option Exercise Price (in dollars per share)				$ 22.64
Options Outstanding (in shares)	40,000
Options Exercisable (in shares)	31,667
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 (in dollars per share)				$ 3.43
Stock Options
Stock Options:
Unrecognized compensation costs (in dollars)	$ 0.8
Unrecognized compensation costs, period for recognition	3 years
First year vesting | Stock Options | Grant Fiscal Year 2019
Stock Options:
Vesting percentage	25.00%
Vesting period	1 year
Monthly vesting over 36 months | Stock Options | Grant Fiscal Year 2019
Stock Options:
Monthly percentage of vesting of share based compensation	2.78%
Additional vesting period after the initial period	3 years

Borrowings Under Revolving Cr_2

Borrowings Under Revolving Credit Facility (Details) - USD ($) $ in Millions	Oct. 19, 2017	Jun. 24, 2016	Sep. 30, 2018	Apr. 01, 2018	Oct. 18, 2017	Jun. 23, 2016
Previous Revolving Credit Facility
Credit Facility
Maximum borrowing capacity						$ 35
Outstanding principal balance						$ 0
Revolving Credit Facility
Credit Facility
Maximum borrowing capacity	$ 75	$ 35			$ 35
Maturity period		5 years
Borrowing base as a percent of eligible receivables		85.00%
Value from which Eurodollar Reserve Percentage is subtracted	1
Interest rate spread on variable rate when average availability is greater or equal to $15 million	1.50%
Average availability threshold	$ 15
Interest rate spread on variable rate when average availability otherwise	1.75%
Interest rate (as a percent)			3.61%
Increase of applicable rate upon event of default (as a percent)	2.00%
Fee commitment (as a percent)	0.25%
Outstanding principal balance			$ 19.7	$ 10.8
Available borrowing capacity			$ 55.3	$ 64.2
Revolving Credit Facility | Base rate
Credit Facility
Interest rate spread on variable rate basis upon event of default (as a percent)	0.50%
Revolving Credit Facility | Eurodollar rate
Credit Facility
Interest rate spread on variable rate basis upon event of default (as a percent)	1.75%
Revolving Credit Facility | Standby letters of credit
Credit Facility
Maximum borrowing capacity		$ 5
Revolving Credit Facility | Swingline loan
Credit Facility
Maximum borrowing capacity		$ 10

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017	Apr. 01, 2018
Income Taxes
Gross amount of unrecognized tax benefits	$ 116,200		$ 112,700
Unrecognized tax benefits, net of federal benefit	91,800		87,200
Amount of interest and penalties expense (benefit) related to tax uncertainties recognized, net of federal expense/benefit	19,800	$ 24,200
Cumulative amount of interest and penalties related to tax uncertainties, net of federal expense/benefit	$ 265,600		$ 250,500

Income Taxes - Changes in unrec

Income Taxes - Changes in unrecognized tax benefits (Details)	6 Months Ended
	Sep. 30, 2018USD ($)
Reconciliation of unrecognized tax benefit amounts
Beginning balance of unrecognized tax benefit	$ 112,700
Increases related to current period tax positions	3,500
Ending balance of unrecognized tax benefits	$ 116,200

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017
Antidilutive Securities
Options outstanding (in shares)	574,000	630,000
Stock Options
Antidilutive Securities
Anti-dilutive equity awards (in shares)	50,000	290,000
Performance Stock Units
Antidilutive Securities
Anti-dilutive equity awards (in shares)	0	0
RSU awards
Antidilutive Securities
Anti-dilutive equity awards (in shares)	0	0

Business Segments - Segment Act

Business Segments - Segment Activity (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2018USD ($)	Sep. 24, 2017USD ($)	Sep. 30, 2018USD ($)segmentproduct	Sep. 24, 2017USD ($)
Business Segments
Number of reportable segment | segment			2
Number of product categories | product			4
Market unit activity
Revenues	$ 158,636,100	$ 145,083,500	$ 309,555,500	$ 285,094,300
Gross Profit	31,394,700	29,923,100	62,092,800	59,089,900
Income before provision for income taxes	1,672,600	3,092,200	3,235,000	4,308,900
Segments
Market unit activity
Directly allocable expenses	13,106,000	11,512,000	24,996,000	23,784,000
Income before provision for income taxes	18,289,000	18,411,000	37,097,000	35,306,000
Corporate
Market unit activity
Directly allocable expenses	16,616,000	15,319,000	33,862,000	30,997,000
Public Carrier
Market unit activity
Revenues	39,694,000	27,423,000	80,054,000	54,021,000
Gross Profit	4,780,000	3,777,000	10,406,000	7,905,000
Integrators and value-added resellers
Market unit activity
Revenues	68,650,000	70,183,000	134,197,000	134,709,000
Gross Profit	16,912,000	16,408,000	32,829,000	31,980,000
Retail
Market unit activity
Revenues	50,292,000	47,478,000	95,304,000	96,364,000
Gross Profit	9,703,000	9,738,000	18,858,000	19,205,000
Commercial Segment
Market unit activity
Revenues	108,344,000	97,606,000	214,251,000	188,730,000
Gross Profit	21,692,000	20,185,000	43,235,000	39,885,000
Commercial Segment | Segments
Market unit activity
Directly allocable expenses	8,562,000	7,796,000	16,643,000	16,318,000
Income before provision for income taxes	13,130,000	12,389,000	26,592,000	23,567,000
Commercial Segment | Public Carrier
Market unit activity
Revenues	39,694,000	27,423,000	80,054,000	54,021,000
Gross Profit	4,780,000	3,777,000	10,406,000	7,905,000
Commercial Segment | Integrators and value-added resellers
Market unit activity
Revenues	68,650,000	70,183,000	134,197,000	134,709,000
Gross Profit	16,912,000	16,408,000	32,829,000	31,980,000
Retail Segment
Market unit activity
Revenues	50,292,000	47,478,000	95,304,000	96,364,000
Gross Profit	9,703,000	9,738,000	18,858,000	19,205,000
Retail Segment | Segments
Market unit activity
Directly allocable expenses	4,544,000	3,716,000	8,353,000	7,466,000
Income before provision for income taxes	5,159,000	6,022,000	10,505,000	11,739,000
Retail Segment | Retail
Market unit activity
Revenues	50,292,000	47,478,000	95,304,000	96,364,000
Gross Profit	$ 9,703,000	$ 9,738,000	$ 18,858,000	$ 19,205,000

Business Segments - Product Cat

Business Segments - Product Category (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017	Sep. 30, 2018	Sep. 24, 2017
Revenue and Gross Profit from External Customers
Revenues	$ 158,636,100	$ 145,083,500	$ 309,555,500	$ 285,094,300
Gross Profit	31,394,700	29,923,100	62,092,800	59,089,900
Base station infrastructure
Revenue and Gross Profit from External Customers
Revenues	75,515,000	59,448,000	149,829,000	118,518,000
Gross Profit	15,534,000	14,086,000	31,250,000	28,143,000
Network systems
Revenue and Gross Profit from External Customers
Revenues	22,564,000	29,180,000	45,341,000	53,017,000
Gross Profit	3,561,000	3,921,000	7,224,000	7,750,000
Installation, test and maintenance
Revenue and Gross Profit from External Customers
Revenues	8,891,000	7,679,000	16,322,000	14,671,000
Gross Profit	1,803,000	1,433,000	3,276,000	2,852,000
Mobile device accessories
Revenue and Gross Profit from External Customers
Revenues	51,666,000	48,777,000	98,063,000	98,888,000
Gross Profit	$ 10,497,000	$ 10,483,000	$ 20,343,000	$ 20,345,000

Shares Withheld (Details)

Shares Withheld (Details) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017
Shares Withheld
Tax withholding for share based compensation	$ 111,100	$ 64,800

Concentration of Risk (Details)

Concentration of Risk (Details) - Revenue - Supplier Concentration Risk	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 24, 2017	Sep. 30, 2018	Sep. 24, 2017
Largest wireless infrastructure suppliers
Concentration Risk
Concentration risk (as a percent)	17.00%	10.30%	15.60%	11.00%
Largest mobile device accessories suppliers
Concentration Risk
Concentration risk (as a percent)	7.80%	7.90%	7.90%	10.50%