Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Jun. 23, 2014 | Sep. 27, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'TRANSCAT INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--03-29 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,779,708 | ' |
Entity Public Float | ' | ' | $52,000,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000099302 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 29-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Distribution Sales | $70,324 | $71,641 |
Service Revenue | 48,184 | 40,655 |
Total Revenue | 118,508 | 112,296 |
Cost of Distribution Sales | 53,359 | 54,539 |
Cost of Services Sold | 35,359 | 30,353 |
Total Cost of Revenue | 88,718 | 84,892 |
Gross Profit | 29,790 | 27,404 |
Selling, Marketing and Warehouse Expenses | 14,039 | 13,001 |
Administrative Expenses | 9,046 | 8,457 |
Total Operating Expenses | 23,085 | 21,458 |
Operating Income | 6,705 | 5,946 |
Interest and Other Expense, net | 259 | 228 |
Income Before Income Taxes | 6,446 | 5,718 |
Provision for Income Taxes | 2,462 | 2,014 |
Net Income | $3,984 | $3,704 |
Basic Earnings Per Share (in Dollars per share) | $0.56 | $0.50 |
Average Shares Outstanding (in Shares) | 7,080 | 7,404 |
Diluted Earnings Per Share (in Dollars per share) | $0.54 | $0.49 |
Average Shares Outstanding (in Shares) | 7,357 | 7,592 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Net Income | $3,984 | $3,704 |
Other Comprehensive Income (Loss): | ' | ' |
Currency Translation Adjustment | -6 | 2 |
Unrecognized Prior Service Cost, net of tax | 64 | 1 |
Unrealized Gain on Other Asset, net of tax | 28 | 30 |
86 | 33 | |
Comprehensive Income | $4,070 | $3,737 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash | $23 | $406 |
Accounts Receivable, less allowance for doubtful accounts of $82 and $118 as of March 29, 2014 and March 30, 2013, respectively | 15,663 | 15,411 |
Other Receivables | 1,088 | 977 |
Inventory, net | 6,181 | 6,803 |
Prepaid Expenses and Other Current Assets | 1,180 | 1,134 |
Deferred Tax Asset | 1,396 | 1,087 |
Total Current Assets | 25,531 | 25,818 |
Property and Equipment, net | 7,089 | 6,885 |
Goodwill | 17,384 | 17,592 |
Intangible Assets, net | 2,651 | 3,691 |
Other Assets | 1,219 | 1,061 |
Total Assets | 53,874 | 55,047 |
Current Liabilities: | ' | ' |
Accounts Payable | 7,132 | 8,883 |
Accrued Compensation and Other Liabilities | 5,690 | 3,979 |
Income Taxes Payable | 1,035 | 465 |
Total Current Liabilities | 13,857 | 13,327 |
Long-Term Debt | 7,593 | 8,017 |
Deferred Tax Liability | 607 | 551 |
Other Liabilities | 1,734 | 1,502 |
Total Liabilities | 23,791 | 23,397 |
Shareholders' Equity: | ' | ' |
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 6,716,350 and 7,423,507 shares issued and outstanding as of March 29, 2014 and March 30, 2013, respectively | 3,358 | 3,712 |
Capital in Excess of Par Value | 11,387 | 10,616 |
Accumulated Other Comprehensive Income | 567 | 481 |
Retained Earnings | 14,771 | 16,841 |
Total Shareholders' Equity | 30,083 | 31,650 |
Total Liabilities and Shareholders' Equity | $53,874 | $55,047 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts Receivable, allowance for doubtful accounts (in Dollars) | $82 | $118 |
Common Stock, par value per share (in Dollars per share) | $0.50 | $0.50 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 6,716,350 | 7,423,507 |
Common Stock, shares outstanding | 6,716,350 | 7,423,507 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | ||
Cash Flows from Operating Activities: | ' | ' | ||
Net Income | $3,984 | $3,704 | ||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' | ||
Gain on Disposal of Property and Equipment | -34 | ' | ||
Deferred Income Taxes | -310 | 43 | ||
Depreciation and Amortization | 2,945 | [1] | 2,702 | [1] |
Provision for Accounts Receivable and Inventory Reserves | 1 | 162 | ||
Stock-Based Compensation Expense | 527 | 343 | ||
Changes in Assets and Liabilities, net of acquisitions: | ' | ' | ||
Accounts Receivable and Other Receivables | -424 | -842 | ||
Inventory | 681 | -294 | ||
Prepaid Expenses and Other Assets | -623 | -914 | ||
Accounts Payable | -1,751 | 1,389 | ||
Accrued Compensation and Other Liabilities | 2,047 | -1,070 | ||
Income Taxes Payable | 569 | 18 | ||
Net Cash Provided by Operating Activities | 7,612 | 5,241 | ||
Cash Flows from Investing Activities: | ' | ' | ||
Purchase of Property and Equipment | -1,961 | -2,657 | ||
Proceeds from Sale of Property and Equipment | 249 | ' | ||
Business Acquisitions, net of cash acquired | ' | -7,029 | ||
Net Cash Used in Investing Activities | -1,712 | -9,686 | ||
Cash Flows from Financing Activities: | ' | ' | ||
(Repayment of) Proceeds from Revolving Line of Credit, net | -424 | 4,652 | ||
Payment of Contingent Consideration | ' | -72 | ||
Issuance of Common Stock | 317 | 239 | ||
Repurchase of Common Stock | -6,482 | -110 | ||
Excess Tax Benefits Related to Stock-Based Compensation | 1 | 63 | ||
Net Cash (Used in) Provided by Financing Activities | -6,588 | 4,772 | ||
Effect of Exchange Rate Changes on Cash | 305 | 47 | ||
Net (Decrease) Increase in Cash | -383 | 374 | ||
Cash at Beginning of Fiscal Year | 406 | 32 | ||
Cash at End of Fiscal Year | 23 | 406 | ||
Cash paid during the fiscal year for: | ' | ' | ||
Interest | 121 | 118 | ||
Income Taxes, net | $2,189 | $1,890 | ||
[1] | Including amortization of catalog costs. |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Mar. 31, 2012 | $3,920 | $10,810 | $448 | $14,394 | ($2,194) | $27,378 |
Balance (in Shares) at Mar. 31, 2012 | 7,840,000 | ' | ' | ' | 499,000 | ' |
Issuance of Common Stock | 23 | 216 | ' | ' | ' | 239 |
Issuance of Common Stock (in Shares) | 46,000 | ' | ' | ' | ' | ' |
Retirement of Treasury Stock | -249 | -763 | ' | -1,182 | 2,194 | ' |
Retirement of Treasury Stock (in Shares) | -498,000 | ' | ' | ' | -499,000 | ' |
Repurchase of Common Stock | -8 | -27 | ' | -75 | ' | -110 |
Repurchase of Common Stock (in Shares) | -16,000 | ' | ' | ' | ' | ' |
Stock-Based Compensation | 26 | 317 | ' | ' | ' | 343 |
Stock-Based Compensation (in Shares) | 52,000 | ' | ' | ' | ' | ' |
Tax Benefit from Stock-Based Compensation | ' | 63 | ' | ' | ' | 63 |
Other Comprehensive Income | ' | ' | 33 | ' | ' | 33 |
Net Income | ' | ' | ' | 3,704 | ' | 3,704 |
Balance at Mar. 30, 2013 | 3,712 | 10,616 | 481 | 16,841 | ' | 31,650 |
Balance (in Shares) at Mar. 30, 2013 | 7,424,000 | ' | ' | ' | ' | 7,423,507 |
Issuance of Common Stock | 36 | 281 | ' | ' | ' | 317 |
Issuance of Common Stock (in Shares) | 72,000 | ' | ' | ' | ' | ' |
Retirement of Treasury Stock (in Shares) | ' | ' | ' | ' | ' | -800,000 |
Repurchase of Common Stock | -405 | -23 | ' | -6,054 | ' | -6,482 |
Repurchase of Common Stock (in Shares) | -810,000 | ' | ' | ' | ' | ' |
Stock-Based Compensation | 15 | 512 | ' | ' | ' | 527 |
Stock-Based Compensation (in Shares) | 30,000 | ' | ' | ' | ' | ' |
Tax Benefit from Stock-Based Compensation | ' | 1 | ' | ' | ' | 1 |
Other Comprehensive Income | ' | ' | 86 | ' | ' | 86 |
Net Income | ' | ' | ' | 3,984 | ' | 3,984 |
Balance at Mar. 29, 2014 | $3,358 | $11,387 | $567 | $14,771 | ' | $30,083 |
Balance (in Shares) at Mar. 29, 2014 | 6,716,000 | ' | ' | ' | ' | 6,716,350 |
Note_1_General
Note 1 - General | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||||||||||||||||||
NOTE 1 – GENERAL | |||||||||||||||||||||||||
Description of Business: Transcat, Inc. (“Transcat” or the “Company”) is a leading provider of accredited calibration, repair, inspection and compliance services and distributor of professional grade handheld test, measurement and control instrumentation primarily for the life science, biotechnology, medical device, pharmaceutical and other FDA-regulated industries, industrial manufacturing, energy and utilities, chemical manufacturing, and other industries. | |||||||||||||||||||||||||
Principles of Consolidation: The Consolidated Financial Statements of Transcat include the accounts of Transcat, Inc. and the Company’s wholly-owned subsidiaries, Transmation (Canada) Inc., United Scale & Engineering Corporation, WTT Real Estate Acquisition, LLC and Anacor Acquisition, LLC (“Anacor Acquisition”). All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Use of Estimates: The preparation of Transcat’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (“GAAP”) requires that the Company make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to, allowance for doubtful accounts and returns, inventory reserves, probability of achievement for performance-based restricted stock units, fair value of stock options, depreciable lives of fixed assets and estimated lives of major catalogs and intangible assets. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the operating environment changes. Actual results could differ from those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||
Fiscal Year: Transcat operates on a 52/53 week fiscal year, ending the last Saturday in March. In a 52-week fiscal year, each of the four quarters is a 13-week period. In a 53-week fiscal year, the last quarter is a 14-week period. The fiscal years ended March 29, 2014 (“fiscal year 2014”) and March 30, 2013 (“fiscal year 2013”) consisted of 52 weeks. | |||||||||||||||||||||||||
Accounts Receivable: Accounts receivable represent amounts due from customers in the ordinary course of business. These amounts are recorded net of the allowance for doubtful accounts and returns in the Consolidated Balance Sheets. The allowance for doubtful accounts is based upon the expected collectability of accounts receivable. Transcat applies a specific formula to its accounts receivable aging, which may be adjusted on a specific account basis where the formula may not appropriately reserve for loss exposure. After all attempts to collect a receivable have failed, the receivable is written-off against the allowance for doubtful accounts. The returns reserve is calculated based upon the historical rate of returns applied to revenues over a specific timeframe. The returns reserve will increase or decrease as a result of changes in the level of revenue and/or the historical rate of returns. | |||||||||||||||||||||||||
Inventory: Inventory consists of products purchased for resale and is valued at the lower of cost or market. Costs are determined using the average cost method of inventory valuation. Inventory is reduced by a reserve for items not saleable at or above cost by applying a specific loss factor, based on historical experience, to specific categories of inventory. The Company evaluates the adequacy of the reserve on a quarterly basis. At March 29, 2014 and March 30, 2013, the Company had reserves for inventory losses totaling $0.4 million and $0.5 million, respectively. | |||||||||||||||||||||||||
Property and Equipment, Depreciation and Amortization: Property and equipment are stated at cost. Depreciation and amortization are computed primarily under the straight-line method over the following estimated useful lives: | |||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
Machinery, Equipment and Software | 2 | – | 15 | ||||||||||||||||||||||
Furniture and Fixtures | 3 | – | 10 | ||||||||||||||||||||||
Leasehold Improvements | 2 | – | 10 | ||||||||||||||||||||||
Buildings | 39 | ||||||||||||||||||||||||
Property and equipment determined to have no value are written off at their then remaining net book value. Transcat capitalizes certain costs incurred in the procurement and development of computer software used for internal purposes. Leasehold improvements are amortized under the straight-line method over the estimated useful life or the lease term, whichever is shorter. Maintenance and repairs are expensed as incurred. See Note 2 for further information on property and equipment. | |||||||||||||||||||||||||
Goodwill and Intangible Assets: Goodwill represents costs in excess of fair values assigned to the underlying net assets of an acquired business. Other intangible assets, namely customer base and covenants not to compete, represent an allocation of purchase price to identifiable intangible assets of an acquired business. The Company estimates the fair value of its reporting units using the fair market value measurement requirement. | |||||||||||||||||||||||||
The Company tests goodwill for impairment on an annual basis, or immediately if conditions indicate that such impairment could exist. Other intangible assets are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company determined that no impairment was indicated as of March 29, 2014 and March 30, 2013. A summary of changes in the Company’s goodwill and intangible assets is as follows: | |||||||||||||||||||||||||
Goodwill | Intangible Assets | ||||||||||||||||||||||||
Distribution | Service | Total | Distribution | Service | Total | ||||||||||||||||||||
Net Book Value as of March 31, 2012 | $ | 8,031 | $ | 5,359 | $ | 13,390 | $ | 724 | $ | 1,725 | $ | 2,449 | |||||||||||||
Additions (see Note 9) | - | 4,234 | 4,234 | - | 2,062 | 2,062 | |||||||||||||||||||
Amortization | - | - | - | (239 | ) | (563 | ) | (802 | ) | ||||||||||||||||
Currency Translation Adjustment | - | (32 | ) | (32 | ) | - | (18 | ) | (18 | ) | |||||||||||||||
Net Book Value as of March 30, 2013 | 8,031 | 9,561 | 17,592 | 485 | 3,206 | 3,691 | |||||||||||||||||||
Amortization | - | - | - | (167 | ) | (743 | ) | (910 | ) | ||||||||||||||||
Currency Translation Adjustment | - | (208 | ) | (208 | ) | - | (130 | ) | (130 | ) | |||||||||||||||
Net Book Value as of March 29, 2014 | $ | 8,031 | $ | 9,353 | $ | 17,384 | $ | 318 | $ | 2,333 | $ | 2,651 | |||||||||||||
The intangible assets are being amortized on an accelerated basis over their estimated useful life of up to 10 years. Amortization expense relating to intangible assets is expected to be $0.7 million in the fiscal year ending March 28, 2015 (“fiscal year 2015”), $0.6 million in fiscal year 2016, $0.5 million in fiscal year 2017, $0.3 million in fiscal year 2018 and $0.2 million in fiscal year 2019. | |||||||||||||||||||||||||
Catalog Costs: Transcat capitalizes the cost of each Master Catalog mailed and amortizes the cost over the respective catalog’s estimated productive life. The Company reviews response results from catalog mailings on a continuous basis, and if warranted, modifies the period over which costs are recognized. The Company amortizes the cost of each Master Catalog over an eighteen month period and amortizes the cost of each catalog supplement over a three month period. Total unamortized catalog costs, included as a component of prepaid expenses and other current assets on the Consolidated Balance Sheets, were $0.3 million as of March 29, 2014 and March 30, 2013. | |||||||||||||||||||||||||
Deferred Taxes: Transcat accounts for certain income and expense items differently for financial reporting purposes than for income tax reporting purposes. Deferred taxes are provided in recognition of these temporary differences. If necessary, a valuation allowance on net deferred tax assets is provided for items for which it is more likely than not that the benefit of such items will not be realized based on an assessment of both positive and negative evidence. See Note 4 for further discussion on income taxes. | |||||||||||||||||||||||||
Fair Value of Financial Instruments: Transcat has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value due to variable interest rate pricing, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company’s non-qualified deferred compensation plan, consist of mutual funds and are valued based on Level 1 inputs. At March 29, 2014 and March 30, 2013, investment assets totaled $0.8 million and $0.6 million, respectively, and are included as a component of other assets (non-current) on the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Stock-Based Compensation: The Company measures the cost of services received in exchange for all equity awards granted, including stock options and restricted stock units, based on the fair market value of the award as of the grant date. The Company records compensation cost related to unvested equity awards by recognizing, on a straight line basis, the unamortized grant date fair value over the remaining service period of each award. Excess tax benefits from the exercise of equity awards are presented in the Consolidated Statements of Cash Flows as a financing activity. Excess tax benefits are realized benefits from tax deductions for exercised awards in excess of the deferred tax asset attributable to stock-based compensation costs for such awards. The Company did not capitalize any stock-based compensation costs as part of an asset. The Company estimates forfeiture rates based on its historical experience. During fiscal years 2014 and 2013, the Company recorded non-cash stock-based compensation cost in the amount of $0.5 million and $0.3 million, respectively, in the Consolidated Statements of Income. | |||||||||||||||||||||||||
The estimated fair value of options granted in fiscal year 2014 were calculated using the Black-Scholes-Merton pricing model (“Black-Scholes”), which produced a weighted average fair value of $4.05 per share. During fiscal year 2013, the Company did not grant any stock options. | |||||||||||||||||||||||||
The following are the weighted average assumptions used in the Black-Scholes model: | |||||||||||||||||||||||||
FY 2014 | |||||||||||||||||||||||||
Expected term (years) | 6 | ||||||||||||||||||||||||
Annualized volatility rate | 57.60% | ||||||||||||||||||||||||
Risk-free rate of return | 1.60% | ||||||||||||||||||||||||
Dividend rate | 0.00% | ||||||||||||||||||||||||
The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate of return for periods within the contractual life of the award was based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility was based on historical volatility of the Company’s stock. The expected option term represented the period that stock-based awards are expected to be outstanding based on the simplified method, which averages an award's weighted-average vesting period and expected term for "plain vanilla" share options. Options are considered to be "plain vanilla" if they have the following basic characteristics: granted "at-the-money"; exercisability is conditioned upon service through the vesting date; termination of service prior to vesting results in forfeiture; limited exercise period following termination of service; and options are non-transferable and non-hedgeable. The Company will continue to use the simplified method until it has the historical data necessary to provide a reasonable estimate of expected life. | |||||||||||||||||||||||||
Revenue Recognition: Distribution sales are recorded when an order’s title and risk of loss transfers to the customer. The Company recognizes the majority of its service revenue based upon when the calibration or other activity is performed and then shipped and/or delivered to the customer. Some service revenue is generated from managing customers’ calibration programs in which the Company recognizes revenue in equal amounts at fixed intervals. The Company generally invoices its customers for freight, shipping, and handling charges. Provisions for customer returns are provided for in the period the related revenue is recorded based upon historical data. | |||||||||||||||||||||||||
Vendor Rebates: Vendor rebates are generally based on specified cumulative level of purchases and/or incremental distribution sales and are recorded as a reduction of cost of distribution sales. Purchase rebates are calculated and recorded quarterly based upon our volume of purchases with specific vendors during the quarter. Point of sale rebate programs are based upon annual year-over-year sales performance on a calendar year basis and are recorded as earned, on a quarterly basis, based upon the expected level of annual achievement. The Company recorded vendor rebates of $2.1 million and $1.3 million in fiscal years 2014 and 2013, respectively. | |||||||||||||||||||||||||
Cooperative Advertising Income: Transcat records cash consideration received from a vendor for advertising as a reduction of cost of distribution sales as the related inventory is sold. The Company recorded consideration in the amount of $1.9 million and $1.8 million in fiscal years 2014 and 2013, respectively. | |||||||||||||||||||||||||
Shipping and Handling Costs: Freight expense and direct shipping costs are included in the cost of revenue. These costs totaled approximately $1.8 million in each of the fiscal years 2014 and 2013. Direct handling costs, the majority of which represent direct compensation of employees who pick, pack, and otherwise prepare, if necessary, merchandise for shipment to customers, are reflected in selling, marketing and warehouse expenses. Direct handling costs were $0.8 million in each of the fiscal years ended March 29, 2014 and March 30, 2013. | |||||||||||||||||||||||||
Foreign Currency Translation and Transactions: The accounts of Transmation (Canada) Inc. are maintained in the local currency and have been translated to U.S. dollars. Accordingly, the amounts representing assets and liabilities have been translated at the period-end rates of exchange and related revenue and expense accounts have been translated at an average rate of exchange during the period. Gains and losses arising from translation of Transmation (Canada) Inc.’s balance sheets into U.S. dollars are recorded directly to the accumulated other comprehensive income component of shareholders’ equity. | |||||||||||||||||||||||||
Transcat records foreign currency gains and losses on Canadian business transactions. The net foreign currency loss was $0.1 million for fiscal year 2014 and less than $0.1 million for fiscal year 2013. The Company utilizes foreign exchange forward contracts to reduce the risk that its earnings would be adversely affected by changes in currency exchange rates. The Company does not apply hedge accounting and therefore, the net change in the fair value of the contracts, which totaled a gain of $0.4 million in fiscal year 2014 and a gain of less than $0.1 million in fiscal year 2013, was recognized as a component of other expense in the Consolidated Statements of Income. The change in the fair value of the contracts is offset by the change in fair value on the underlying accounts receivables denominated in Canadian dollars being hedged. On March 29, 2014, the Company had a foreign exchange contract, which matured in April 2014, outstanding in the notional amount of $4.8 million. The Company does not use hedging arrangements for speculative purposes. | |||||||||||||||||||||||||
Comprehensive Income: Other comprehensive income is comprised of net income, currency translation adjustments, unrecognized prior service costs, net of tax and unrealized gains on other assets, net of tax. At March 29, 2014, accumulated other comprehensive income consisted of cumulative currency translation gains of $0.6 million, unrecognized prior service costs, net of tax, of $0.1 million and an unrealized gain on other assets, net of tax, of $0.1 million. At March 30, 2013, accumulated other comprehensive income consisted of cumulative currency translation gains of $0.6 million, unrecognized prior service costs, net of tax, of $0.2 million and an unrealized gain on other assets, net of tax, of less than $0.1 million. | |||||||||||||||||||||||||
Earnings Per Share: Basic earnings per share of common stock are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock reflect the assumed conversion of stock options and unvested restricted stock units using the treasury stock method in periods in which they have a dilutive effect. In computing the per share effect of assumed conversion, funds which would have been received from the exercise of options and unvested restricted stock units and the related tax benefits are considered to have been used to purchase shares of common stock at the average market prices during the period, and the resulting net additional shares of common stock are included in the calculation of average shares of common stock outstanding. | |||||||||||||||||||||||||
For fiscal years 2014 and 2013, the net additional common stock equivalents had a $.02 and $.01 per share effect, respectively, on the calculation of dilutive earnings per share. The average shares outstanding used to compute basic and diluted earnings per share are as follows: | |||||||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Average Shares Outstanding – Basic | 7,080 | 7,404 | |||||||||||||||||||||||
Effect of Dilutive Common Stock Equivalents | 277 | 188 | |||||||||||||||||||||||
Average Shares Outstanding – Diluted | 7,357 | 7,592 | |||||||||||||||||||||||
Anti-dilutive Common Stock Equivalents | 10 | 464 | |||||||||||||||||||||||
Shareholders’ Equity: During fiscal year 2014, the Company repurchased and subsequently retired 0.8 million shares of its common stock, including 0.7 million shares purchased from an unaffiliated shareholder in a privately-negotiated transaction for $5.6 million. | |||||||||||||||||||||||||
Reclassification of Amounts: Certain reclassifications of financial information for prior fiscal years have been made to conform to the presentation for the current fiscal year. | |||||||||||||||||||||||||
Note_2_Property_and_Equipment
Note 2 - Property and Equipment | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 2 – PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consist of: | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Machinery, Equipment and Software | $ | 23,226 | $ | 21,661 | |||||
Furniture and Fixtures | 2,096 | 2,065 | |||||||
Leasehold Improvements | 1,689 | 1,544 | |||||||
Buildings and Land | 500 | 675 | |||||||
Total Property and Equipment | 27,511 | 25,945 | |||||||
Less: Accumulated Depreciation and Amortization | (20,422 | ) | (19,060 | ) | |||||
Total Property and Equipment, net | $ | 7,089 | $ | 6,885 | |||||
Total depreciation and amortization expense relating to property and equipment amounted to $1.5 million in fiscal year 2014 and $1.4 million in fiscal year 2013. | |||||||||
Note_3_Debt
Note 3 - Debt | 12 Months Ended |
Mar. 29, 2014 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
NOTE 3 – DEBT | |
Description. On September 20, 2012, Transcat entered into a credit agreement with Manufacturers and Traders Trust Company (the “M&T Credit Agreement”). The M&T Credit Agreement provides for a three-year revolving credit facility in the amount of $20.0 million (the “M&T Revolving Credit Facility”) and replaced the credit agreement dated as of November 20, 2006, as amended, with JP Morgan Chase Bank, N.A. As of March 29, 2014, $7.6 million was outstanding under the M&T Revolving Credit Facility and is included in long-term debt on the Consolidated Balance Sheet. | |
Interest and Other Costs. Interest on the M&T Revolving Credit Facility accrues, at Transcat’s election, at either the one-month London Interbank Offered Rate (“LIBOR”), adjusting daily, or a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Commitment fees accrue based on the average daily amount of unused credit available on the M&T Revolving Credit Facility. Commitment fees and interest rate margins are determined on a quarterly basis based upon the Company’s calculated leverage ratio, as defined in the M&T Credit Agreement. The one-month LIBOR as of March 29, 2014 was 0.2%. The Company’s interest rate for fiscal year 2014 ranged from 1.1% to 1.7%. | |
Covenants. The M&T Credit Agreement has certain covenants with which the Company has to comply, including a fixed charge ratio covenant and a leverage ratio covenant. The Company was in compliance with all loan covenants and requirements throughout fiscal year 2014. | |
Other Terms. The Company has pledged all of its U.S. tangible and intangible personal property, the equity interests of its U.S.-based subsidiaries, and a majority of the common stock of Transmation (Canada) Inc. as collateral security for the loans made under the M&T Revolving Credit Facility. | |
Note_4_Income_Taxes
Note 4 - Income Taxes | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 4 – INCOME TAXES | |||||||||
Transcat’s net income before income taxes on the Consolidated Statements of Income is as follows: | |||||||||
FY 2014 | FY 2013 | ||||||||
United States | $ | 6,642 | $ | 6,188 | |||||
Foreign | (196 | ) | (470 | ) | |||||
Total | $ | 6,446 | $ | 5,718 | |||||
The net provision for income taxes for fiscal years 2014 and 2013 is as follows: | |||||||||
FY 2014 | FY 2013 | ||||||||
Current Tax Provision: | |||||||||
Federal | $ | 2,415 | $ | 1,701 | |||||
State | 357 | 270 | |||||||
2,772 | 1,971 | ||||||||
Deferred Tax (Benefit) Provision: | |||||||||
Federal | (277 | ) | 113 | ||||||
State | (33 | ) | (70 | ) | |||||
(310 | ) | 43 | |||||||
Provision for Income Taxes | $ | 2,462 | $ | 2,014 | |||||
A reconciliation of the income tax provision computed by applying the statutory United States federal income tax rate and the income tax provision reflected in the Consolidated Statements of Income is as follows: | |||||||||
FY 2014 | FY 2013 | ||||||||
Federal Income Tax at Statutory Rate | $ | 2,192 | $ | 1,944 | |||||
State Income Taxes, net of Federal benefit | 258 | 229 | |||||||
Other, net | 12 | (159 | ) | ||||||
Total | $ | 2,462 | $ | 2,014 | |||||
The components of the net deferred tax assets (liabilities) are as follows: | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Current Deferred Tax Assets: | |||||||||
Accrued Liabilities | $ | 366 | $ | 333 | |||||
Performance-Based Grants | 809 | 483 | |||||||
Other | 221 | 271 | |||||||
Total Current Deferred Tax Assets | 1,396 | 1,087 | |||||||
Non-Current Deferred Tax Assets (Liabilities): | |||||||||
Goodwill and Intangible Assets | (1,334 | ) | (1,449 | ) | |||||
Depreciation | (971 | ) | (777 | ) | |||||
Stock-Based Compensation | 816 | 780 | |||||||
Other Liabilities | 630 | 556 | |||||||
Other | 252 | 339 | |||||||
Total Non-Current Deferred Tax Liabilities | (607 | ) | (551 | ) | |||||
Net Deferred Tax Assets | $ | 789 | $ | 536 | |||||
Deferred U.S. income taxes have not been recorded for basis differences related to the investments in the Company’s foreign subsidiary. The Company considers undistributed earnings, if any, as permanently reinvested in the subsidiary. Therefore, the determination of a deferred tax liability on unremitted earnings would not be practicable because such liability, if any, would depend on circumstances existing if and when remittance occurs. As of March 29, 2014, the Company has net operating loss carry forwards, relating to its foreign subsidiary, of $0.7 million, which are available to offset future taxable income of the subsidiary through March 2033. | |||||||||
The Company files income tax returns in the U.S. federal jurisdiction, various states and Canada. The Company is no longer subject to examination by U.S. federal income tax authorities for the fiscal years 2010 and prior, state tax authorities for the fiscal years 2008 and prior, and by Canadian tax authorities for the fiscal years 2006 and prior. During the first quarter of fiscal year 2015, the Internal Revenue Service (the “IRS”) notified the Company that it will be examining the Company’s U.S. federal income tax return for the tax year ended March 30, 2013. To date, the IRS has not proposed any adjustments to the tax return under examination. There are no tax years currently under examination by state or Canadian tax authorities. | |||||||||
During fiscal years 2014 and 2013, there were no uncertain tax positions, and the Company expects no material uncertain tax positions within the next twelve months. The Company recognizes interest and penalties, if any, related to uncertain tax positions in the provision for income taxes. No interest or penalties related to uncertain tax positions were recognized in fiscal years 2014 and 2013 or were accrued at March 29, 2014 and March 30, 2013. | |||||||||
Note_5_Employee_Benefit_Plans
Note 5 - Employee Benefit Plans | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||
NOTE 5 – EMPLOYEE BENEFIT PLANS | |||||||||
Defined Contribution Plan. All of Transcat’s U.S. based employees are eligible to participate in a defined contribution plan, the Long-Term Savings and Deferred Profit Sharing Plan (the “Plan”), provided certain qualifications are met. | |||||||||
In the long-term savings portion of the Plan (the “401K Plan”), plan participants are entitled to a distribution of their vested account balance upon termination of employment or retirement. Plan participants are fully vested in their contributions while Company contributions are fully vested after three years of service. The Company’s matching contributions to the 401K Plan were $0.4 million and $0.5 million in fiscal years 2014 and 2013, respectively. | |||||||||
In the deferred profit sharing portion of the Plan, Company contributions are made at the discretion of the board of directors. The Company made no profit sharing contributions in fiscal years 2014 and 2013. | |||||||||
Non-Qualified Deferred Compensation Plan. The Company has available a non-qualified deferred compensation plan (the “NQDC Plan”) for directors and officers. Participants are fully vested in their contributions. At its discretion, the Company may elect to match employee contributions, subject to legal limitations in conjunction with the 401K Plan, which fully vest after three years of service. During fiscal year 2014, the Company did not match any employee contributions, and in fiscal year 2013, the Company made matching contributions of less than $0.1 million. Participant accounts are adjusted to reflect performance, whether positive or negative, of selected investment options chosen by each participant during the deferral period. In the event of bankruptcy, the assets of the NQDC Plan are available to satisfy the claims of general creditors. The liability for compensation deferred under the NQDC Plan was $0.8 million as of March 29, 2014 and $0.6 million as of March 30, 2013 and is included as a component of other liabilities (non-current) on the Consolidated Balance Sheets. | |||||||||
Postretirement Health Care Plans. The Company has a defined benefit postretirement health care plan which provides long-term care insurance benefits, medical and dental insurance benefits and medical premium reimbursement benefits to eligible retired corporate officers and their eligible spouses (the “Officer Plan”). | |||||||||
The change in the postretirement benefit obligation is as follows: | |||||||||
FY 2014 | FY 2013 | ||||||||
Postretirement benefit obligation, at beginning of fiscal year | $ | 887 | $ | 780 | |||||
Service cost | 32 | 59 | |||||||
Interest cost | 38 | 41 | |||||||
Benefits paid | (29 | ) | (68 | ) | |||||
Actuarial (gain) loss | (46 | ) | 75 | ||||||
Postretirement benefit obligation, at end of fiscal year | 882 | 887 | |||||||
Fair value of plan assets, at end of fiscal year | - | - | |||||||
Funded status, at end of year | $ | (882 | ) | $ | (887 | ) | |||
Accumulated postretirement benefit obligation, at end of fiscal year | $ | 882 | $ | 887 | |||||
The accumulated postretirement benefit obligation is included as a component of other liabilities (non-current) in the Consolidated Balance Sheets. The components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income are as follows: | |||||||||
FY 2014 | FY 2013 | ||||||||
Net periodic postretirement benefit cost: | |||||||||
Service cost | $ | 32 | $ | 59 | |||||
Interest cost | 38 | 41 | |||||||
Amortization of prior service cost | 58 | 58 | |||||||
128 | 158 | ||||||||
Benefit obligations recognized in other comprehensive income: | |||||||||
Amortization of prior service cost | (58 | ) | (58 | ) | |||||
Net loss | (46 | ) | 58 | ||||||
(104 | ) | - | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 24 | $ | 158 | |||||
Amount recognized in accumulated other comprehensive income, at end of fiscal year: | |||||||||
Unrecognized prior service cost | $ | 154 | $ | 258 | |||||
The prior service cost is amortized over the average remaining life expectancy of active participants for the Officer Plan. The estimated prior service cost that will be amortized from accumulated other comprehensive gain into net periodic postretirement benefit cost during fiscal year 2015 is less than $0.1 million. | |||||||||
The postretirement benefit obligation was computed by an independent third party actuary. Assumptions used to determine the postretirement benefit obligation and the net periodic postretirement benefit cost were as follows: | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Weighted average discount rate | 4.50% | 4.50% | |||||||
Medical care cost trend rate: | |||||||||
Trend rate assumed for next year | 8.00% | 8.00% | |||||||
Ultimate trend rate | 5.00% | 5.00% | |||||||
Year that rate reaches ultimate trend rate | 2022 | 2021 | |||||||
Dental care cost trend rate: | |||||||||
Trend rate assumed for next year and remaining at that level thereafter | 5.00% | 5.00% | |||||||
Benefit payments are funded by the Company as needed. Payments toward the cost of a retiree’s medical and dental coverage are initially determined as a percentage of a base coverage plan in the year of retirement and are limited to increase at a rate of no more than 50% of the annual increase in medical and dental costs, as defined in the plan document. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows: | |||||||||
Fiscal | Amount | ||||||||
Year | |||||||||
2015 | $ | 39 | |||||||
2016 | 68 | ||||||||
2017 | 54 | ||||||||
2018 | 47 | ||||||||
2019 | 64 | ||||||||
Thereafter | 610 | ||||||||
Increasing the assumed health care cost trend rate by one percentage point would increase the accumulated postretirement benefit obligation and the annual net periodic postretirement benefit cost by $0.1 million. A one percentage point decrease in the healthcare cost trend would decrease the accumulated postretirement benefit obligation and the annual net periodic postretirement benefit cost by $0.1 million. | |||||||||
Note_6_StockBased_Compensation
Note 6 - Stock-Based Compensation | 12 Months Ended | |||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||
NOTE 6 – STOCK-BASED COMPENSATION | ||||||||||||||||||
The Transcat, Inc. 2003 Incentive Plan, as Amended and Restated (the “2003 Plan”), provides for, among other awards, grants of restricted stock units and stock options to directors, officers and key employees at the fair market value at the date of grant. At March 29, 2014, the number of shares available for future grant under the 2003 Plan totaled 1.5 million. | ||||||||||||||||||
Restricted Stock: The Company grants performance-based restricted stock units as a primary component of executive compensation. The units generally vest following the third fiscal year from the date of grant subject to certain cumulative diluted earnings per share growth targets over the eligible period. Compensation cost ultimately recognized for performance-based restricted stock units will equal the grant date fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, the Company records compensation cost based on an assessment of the probability of achieving the performance conditions. | ||||||||||||||||||
The following table summarizes the performance-based restricted stock units vested and shares issued during fiscal years 2013 and 2014: | ||||||||||||||||||
Date | Measurement | Total | Grant Date | Target | Number | Date | ||||||||||||
Granted | Period | Number | Fair | Level | of | Shares | ||||||||||||
of Units | Value | Achieved | Shares | Issued | ||||||||||||||
Granted | Per Unit | Issued | ||||||||||||||||
Apr-09 | April 2009 - March 2012 | 70 | $ | 5 | 75% | 52 | May-12 | |||||||||||
Apr-10 | April 2010 - March 2013 | 37 | $ | 7 | 75% | 28 | May-13 | |||||||||||
The following table summarizes the non-vested performance-based restricted stock units outstanding as of March 29, 2014: | ||||||||||||||||||
Date | Measurement | Total | Grant Date | Estimated | ||||||||||||||
Granted | Period | Number | Fair | Probability of | ||||||||||||||
of Units | Value | Achievement at | ||||||||||||||||
Granted | Per Unit | 29-Mar-14 | ||||||||||||||||
Apr-11 | April 2011 - March 2014 (1) | 37 | $ | 8.44 | 114% | of target level | ||||||||||||
Apr-12 | April 2012 - March 2015 | 24 | $ | 13.11 | 100% | of target level | ||||||||||||
Apr-13 | April 2013 - March 2016 | 102 | $ | 6.17 | 100% | of target level | ||||||||||||
-1 | Transcat achieved 114% of the target level. As a result, 42 shares were issued in May 2014. | |||||||||||||||||
Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, was $0.4 million in fiscal year 2014 and $0.3 million in fiscal year 2013. Unearned compensation totaled $0.5 million as of March 29, 2014. | ||||||||||||||||||
Stock Options: Options generally vest over a period of up to four years, using either a graded schedule or on a straight-line basis, and expire ten years from the date of grant. The expense relating to options is recognized on a straight-line basis over the requisite service period for the entire award. | ||||||||||||||||||
The following table summarizes the Company’s options for fiscal years 2014 and 2013: | ||||||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||||
of | Average | Average | Intrinsic | |||||||||||||||
Shares | Exercise | Remaining | Value | |||||||||||||||
Price Per | Contractual | |||||||||||||||||
Share | Term (in Years) | |||||||||||||||||
Outstanding as of March 31, 2012 | 597 | $ | 5.94 | |||||||||||||||
Exercised | (21 | ) | 3.08 | |||||||||||||||
Forfeited | (22 | ) | 6.57 | |||||||||||||||
Outstanding as of March 30, 2013 | 554 | 6.02 | ||||||||||||||||
Granted | 110 | 7.64 | ||||||||||||||||
Exercised | (52 | ) | 3.04 | |||||||||||||||
Forfeited | (3 | ) | 4.93 | |||||||||||||||
Outstanding as of March 29, 2014 | 609 | 6.58 | 4 | $ | 1,645 | |||||||||||||
Exercisable as of March 29, 2014 | 509 | 6.38 | 3 | 1,474 | ||||||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of fiscal year 2014 and the exercise price, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all holders exercised their options on March 29, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock. | ||||||||||||||||||
Total unrecognized compensation cost related to non-vested stock options as of March 29, 2014 was $0.4 million, which is expected to be recognized over a weighted average period of two years. The aggregate intrinsic value of stock options exercised in fiscal years 2014 and 2013 was $0.3 million and less than $0.1 million, respectively. Cash received from the exercise of options in fiscal year 2014 was $0.2 million and was less than $0.1 million in fiscal year 2013. | ||||||||||||||||||
Note_7_Segment_and_Geographic_
Note 7 - Segment and Geographic Data | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
NOTE 7 – SEGMENT AND GEOGRAPHIC DATA | |||||||||
Transcat has two reportable segments: Distribution and Service. The accounting policies of the reportable segments are the same as those described above in Note 1 of the Consolidated Financial Statements. The Company has no inter-segment sales. The following table presents segment and geographic data for fiscal years 2014 and 2013: | |||||||||
FY 2014 | FY 2013 | ||||||||
Revenue: | |||||||||
Distribution | $ | 70,324 | $ | 71,641 | |||||
Service | 48,184 | 40,655 | |||||||
Total | 118,508 | 112,296 | |||||||
Gross Profit: | |||||||||
Distribution | 16,965 | 17,102 | |||||||
Service | 12,825 | 10,302 | |||||||
Total | 29,790 | 27,404 | |||||||
Operating Expenses: | |||||||||
Distribution (1) | 12,639 | 12,467 | |||||||
Service (1) | 10,446 | 8,991 | |||||||
Total | 23,085 | 21,458 | |||||||
Operating Income: | |||||||||
Distribution | 4,326 | 4,635 | |||||||
Service | 2,379 | 1,311 | |||||||
Total | 6,705 | 5,946 | |||||||
Unallocated Amounts: | |||||||||
Interest and Other Expense, net | 259 | 228 | |||||||
Provision for Income Taxes | 2,462 | 2,014 | |||||||
Total | 2,721 | 2,242 | |||||||
Net Income | $ | 3,984 | $ | 3,704 | |||||
FY 2014 | FY 2013 | ||||||||
Total Assets: | |||||||||
Distribution | $ | 24,715 | $ | 25,932 | |||||
Service | 24,902 | 24,785 | |||||||
Unallocated | 4,257 | 4,330 | |||||||
Total | $ | 53,874 | $ | 55,047 | |||||
Depreciation and Amortization (2): | |||||||||
Distribution | $ | 801 | $ | 962 | |||||
Service | 2,144 | 1,740 | |||||||
Total | $ | 2,945 | $ | 2,702 | |||||
Capital Expenditures: | |||||||||
Distribution | $ | 441 | $ | 193 | |||||
Service | 1,520 | 2,464 | |||||||
Total | $ | 1,961 | $ | 2,657 | |||||
Geographic Data: | |||||||||
Revenues to Unaffiliated Customers (3): | |||||||||
United States (4) | $ | 107,007 | $ | 101,850 | |||||
Canada | 9,235 | 7,873 | |||||||
Other International | 2,266 | 2,573 | |||||||
Total | $ | 118,508 | $ | 112,296 | |||||
Long-Lived Assets: | |||||||||
United States (4) | $ | 6,635 | $ | 6,400 | |||||
Canada | 454 | 485 | |||||||
Total | $ | 7,089 | $ | 6,885 | |||||
(1) | Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management’s estimates. | ||||||||
-2 | Including amortization of catalog costs. | ||||||||
(3) | Revenues are attributed to the countries based on the destination of a product shipment or the location where service is rendered. | ||||||||
-4 | United States includes Puerto Rico. | ||||||||
Note_8_Commitments
Note 8 - Commitments | 12 Months Ended | ||||||
Mar. 29, 2014 | |||||||
Leases, Operating [Abstract] | ' | ||||||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | ||||||
NOTE 8 – COMMITMENTS | |||||||
Leases: Transcat leases facilities, equipment, and vehicles under non-cancelable operating leases. Total rental expense was approximately $2.0 million in fiscal year 2014 and $1.8 million in fiscal year 2013. The minimum future annual rental payments under the non-cancelable leases at March 29, 2014 are as follows (in millions): | |||||||
Fiscal Year | |||||||
2015 | $ | 1.6 | |||||
2016 | 1.4 | ||||||
2017 | 1.1 | ||||||
2018 | 1 | ||||||
2019 | 0.8 | ||||||
Thereafter | 0.6 | ||||||
Total minimum lease payments | $ | 6.5 | |||||
Note_9_Business_Acquisitions
Note 9 - Business Acquisitions | 12 Months Ended | |||||
Mar. 29, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Business Combination Disclosure [Text Block] | ' | |||||
NOTE 9 – BUSINESS ACQUISITIONS | ||||||
The Company has engaged in a number of business acquisitions. During fiscal year 2013, Transcat completed the following: | ||||||
· | On January 25, 2013, the Company, through Transmation (Canada) Inc., acquired 7506155 Canada Inc. and its operating subsidiary, Cal-Matrix Metrology Inc. (collectively “Cal-Matrix”). Cal-Matrix is a provider of commercial and accredited calibration and coordinate measurement inspection services to customers throughout Canada and has locations in Burlington, Ontario and Montreal, Quebec. | |||||
· | On July 16, 2012, the Company, through Anacor Acquisition, acquired substantially all of the assets of Anacor Compliance Services, Inc. (“Anacor”), a nationally recognized provider of specialized analytical, calibration, validation and remediation services to the life science sector. | |||||
These transactions align with the Company’s acquisition strategy of targeting service businesses that expand the Company’s geographic reach and leverage its infrastructure while also increasing the depth and breadth of the Company’s service capabilities. | ||||||
The acquisitions were accounted for using the acquisition method of accounting. Goodwill represents the excess of the purchase price paid over the fair value of the underlying net assets of the businesses acquired. Other intangible assets, namely customer base and covenants not to compete, represent an allocation of a portion of the purchase price to identifiable intangible assets of the acquired businesses. Intangible assets are being amortized for financial reporting purposes on an accelerated basis over the estimated useful life of up to 10 years. Goodwill and the intangible assets relating to the Anacor acquisition are deductible for tax purposes. Goodwill and the intangible assets relating to the Cal-Matrix acquisition are not deductible for tax purposes. | ||||||
The total purchase price paid for the businesses acquired in fiscal year 2013 was approximately $7.0 million. The following is a summary of the purchase price allocation, in the aggregate, for the businesses acquired in fiscal year 2013: | ||||||
Allocation of Purchase Price: | ||||||
Goodwill | $ | 4,234 | ||||
Intangible Assets – Customer Base | 1,493 | |||||
Intangible Assets – Covenants Not to Compete | 569 | |||||
Deferred Tax Liability | (375 | ) | ||||
5,921 | ||||||
Plus: | Current Assets | 1,184 | ||||
Non-Current Assets | 331 | |||||
Less: | Current Liabilities | (407 | ) | |||
Total Purchase Price | $ | 7,029 | ||||
Acquisition costs of $0.4 million in fiscal year 2013 were recorded as incurred as an administrative expense in the Consolidated Statement of Income. | ||||||
The results of operations of the acquired businesses are included in Transcat’s consolidated operating results as of the date the businesses were acquired. The following unaudited pro forma information presents the Company’s results of operations as if the business acquisitions completed in fiscal year 2013 had occurred at the beginning of the fiscal year. | ||||||
(Unaudited) | ||||||
FY 2013 | ||||||
Total Revenue | $ | 115,708 | ||||
Net Income | $ | 4,382 | ||||
Basic Earnings Per Share | $ | 0.59 | ||||
Diluted Earnings Per Share | $ | 0.58 | ||||
Note_10_Quarterly_Data_Unaudit
Note 10 - Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
NOTE 10 – QUARTERLY DATA (Unaudited) | |||||||||||||||||||||
The following table presents a summary of certain unaudited quarterly financial data for fiscal years 2014 and 2013: | |||||||||||||||||||||
Total | Gross | Net | Basic | Diluted | |||||||||||||||||
Revenues | Profit | Income | Earnings | Earnings | |||||||||||||||||
Per Share (a) | Per Share (a) | ||||||||||||||||||||
FY 2014: | |||||||||||||||||||||
Fourth Quarter | $ | 30,403 | $ | 8,617 | $ | 1,704 | $ | 0.25 | $ | 0.24 | |||||||||||
Third Quarter | 30,513 | 7,138 | 788 | 0.11 | 0.11 | ||||||||||||||||
Second Quarter | 28,882 | 6,821 | 771 | 0.1 | 0.1 | ||||||||||||||||
First Quarter | 28,710 | 7,214 | 721 | 0.1 | 0.09 | ||||||||||||||||
FY 2013: | |||||||||||||||||||||
Fourth Quarter | $ | 31,087 | $ | 8,489 | $ | 1,816 | $ | 0.24 | $ | 0.24 | |||||||||||
Third Quarter | 29,324 | 6,630 | 782 | 0.11 | 0.1 | ||||||||||||||||
Second Quarter | 26,788 | 6,078 | 745 | 0.1 | 0.1 | ||||||||||||||||
First Quarter | 25,097 | 6,207 | 361 | 0.05 | 0.05 | ||||||||||||||||
(a) | Earnings per share calculations for each quarter include the weighted average effect of stock issuances and common stock equivalents for the quarter; therefore, the sum of quarterly earnings per share amounts may not equal full-year earnings per share amounts, which reflect the weighted average effect on an annual basis. Diluted earnings per share calculations for each quarter include the effect of stock options and non-vested restricted stock units, when dilutive to the quarter. In addition, basic earnings per share and diluted earnings per share may not add due to rounding. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Business Description and Basis of Presentation [Text Block] | ' | ||||||||||||||||||||||||
Description of Business: Transcat, Inc. (“Transcat” or the “Company”) is a leading provider of accredited calibration, repair, inspection and compliance services and distributor of professional grade handheld test, measurement and control instrumentation primarily for the life science, biotechnology, medical device, pharmaceutical and other FDA-regulated industries, industrial manufacturing, energy and utilities, chemical manufacturing, and other industries. | |||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Principles of Consolidation: The Consolidated Financial Statements of Transcat include the accounts of Transcat, Inc. and the Company’s wholly-owned subsidiaries, Transmation (Canada) Inc., United Scale & Engineering Corporation, WTT Real Estate Acquisition, LLC and Anacor Acquisition, LLC (“Anacor Acquisition”). All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Use of Estimates: The preparation of Transcat’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (“GAAP”) requires that the Company make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to, allowance for doubtful accounts and returns, inventory reserves, probability of achievement for performance-based restricted stock units, fair value of stock options, depreciable lives of fixed assets and estimated lives of major catalogs and intangible assets. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the operating environment changes. Actual results could differ from those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||
Fiscal Period, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Fiscal Year: Transcat operates on a 52/53 week fiscal year, ending the last Saturday in March. In a 52-week fiscal year, each of the four quarters is a 13-week period. In a 53-week fiscal year, the last quarter is a 14-week period. The fiscal years ended March 29, 2014 (“fiscal year 2014”) and March 30, 2013 (“fiscal year 2013”) consisted of 52 weeks. | |||||||||||||||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Accounts Receivable: Accounts receivable represent amounts due from customers in the ordinary course of business. These amounts are recorded net of the allowance for doubtful accounts and returns in the Consolidated Balance Sheets. The allowance for doubtful accounts is based upon the expected collectability of accounts receivable. Transcat applies a specific formula to its accounts receivable aging, which may be adjusted on a specific account basis where the formula may not appropriately reserve for loss exposure. After all attempts to collect a receivable have failed, the receivable is written-off against the allowance for doubtful accounts. The returns reserve is calculated based upon the historical rate of returns applied to revenues over a specific timeframe. The returns reserve will increase or decrease as a result of changes in the level of revenue and/or the historical rate of returns. | |||||||||||||||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Inventory: Inventory consists of products purchased for resale and is valued at the lower of cost or market. Costs are determined using the average cost method of inventory valuation. Inventory is reduced by a reserve for items not saleable at or above cost by applying a specific loss factor, based on historical experience, to specific categories of inventory. The Company evaluates the adequacy of the reserve on a quarterly basis | |||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Property and Equipment, Depreciation and Amortization: Property and equipment are stated at cost. Depreciation and amortization are computed primarily under the straight-line method over the following estimated useful lives: | |||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
Machinery, Equipment and Software | 2 | – | 15 | ||||||||||||||||||||||
Furniture and Fixtures | 3 | – | 10 | ||||||||||||||||||||||
Leasehold Improvements | 2 | – | 10 | ||||||||||||||||||||||
Buildings | 39 | ||||||||||||||||||||||||
Property and equipment determined to have no value are written off at their then remaining net book value. Transcat capitalizes certain costs incurred in the procurement and development of computer software used for internal purposes. Leasehold improvements are amortized under the straight-line method over the estimated useful life or the lease term, whichever is shorter. Maintenance and repairs are expensed as incurred. See Note 2 for further information on property and equipment. | |||||||||||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets: Goodwill represents costs in excess of fair values assigned to the underlying net assets of an acquired business. Other intangible assets, namely customer base and covenants not to compete, represent an allocation of purchase price to identifiable intangible assets of an acquired business. The Company estimates the fair value of its reporting units using the fair market value measurement requirement. | |||||||||||||||||||||||||
The Company tests goodwill for impairment on an annual basis, or immediately if conditions indicate that such impairment could exist. Other intangible assets are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company determined that no impairment was indicated as of March 29, 2014 and March 30, 2013. A summary of changes in the Company’s goodwill and intangible assets is as follows: | |||||||||||||||||||||||||
Goodwill | Intangible Assets | ||||||||||||||||||||||||
Distribution | Service | Total | Distribution | Service | Total | ||||||||||||||||||||
Net Book Value as of March 31, 2012 | $ | 8,031 | $ | 5,359 | $ | 13,390 | $ | 724 | $ | 1,725 | $ | 2,449 | |||||||||||||
Additions (see Note 9) | - | 4,234 | 4,234 | - | 2,062 | 2,062 | |||||||||||||||||||
Amortization | - | - | - | (239 | ) | (563 | ) | (802 | ) | ||||||||||||||||
Currency Translation Adjustment | - | (32 | ) | (32 | ) | - | (18 | ) | (18 | ) | |||||||||||||||
Net Book Value as of March 30, 2013 | 8,031 | 9,561 | 17,592 | 485 | 3,206 | 3,691 | |||||||||||||||||||
Amortization | - | - | - | (167 | ) | (743 | ) | (910 | ) | ||||||||||||||||
Currency Translation Adjustment | - | (208 | ) | (208 | ) | - | (130 | ) | (130 | ) | |||||||||||||||
Net Book Value as of March 29, 2014 | $ | 8,031 | $ | 9,353 | $ | 17,384 | $ | 318 | $ | 2,333 | $ | 2,651 | |||||||||||||
The intangible assets are being amortized on an accelerated basis over their estimated useful life of up to 10 years. Amortization expense relating to intangible assets is expected to be $0.7 million in the fiscal year ending March 28, 2015 (“fiscal year 2015”), $0.6 million in fiscal year 2016, $0.5 million in fiscal year 2017, $0.3 million in fiscal year 2018 and $0.2 million in fiscal year 2019. | |||||||||||||||||||||||||
Capitalized Costs [Policy Text Block] | ' | ||||||||||||||||||||||||
Catalog Costs: Transcat capitalizes the cost of each Master Catalog mailed and amortizes the cost over the respective catalog’s estimated productive life. The Company reviews response results from catalog mailings on a continuous basis, and if warranted, modifies the period over which costs are recognized. The Company amortizes the cost of each Master Catalog over an eighteen month period and amortizes the cost of each catalog supplement over a three month period. Total unamortized catalog costs, included as a component of prepaid expenses and other current assets on the Consolidated Balance Sheets, were $0.3 million as of March 29, 2014 and March 30, 2013. | |||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Deferred Taxes: Transcat accounts for certain income and expense items differently for financial reporting purposes than for income tax reporting purposes. Deferred taxes are provided in recognition of these temporary differences. If necessary, a valuation allowance on net deferred tax assets is provided for items for which it is more likely than not that the benefit of such items will not be realized based on an assessment of both positive and negative evidence. See Note 4 for further discussion on income taxes | |||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Fair Value of Financial Instruments: Transcat has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value due to variable interest rate pricing, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company’s non-qualified deferred compensation plan, consist of mutual funds and are valued based on Level 1 inputs. At March 29, 2014 and March 30, 2013, investment assets totaled $0.8 million and $0.6 million, respectively, and are included as a component of other assets (non-current) on the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Stock-Based Compensation: The Company measures the cost of services received in exchange for all equity awards granted, including stock options and restricted stock units, based on the fair market value of the award as of the grant date. The Company records compensation cost related to unvested equity awards by recognizing, on a straight line basis, the unamortized grant date fair value over the remaining service period of each award. Excess tax benefits from the exercise of equity awards are presented in the Consolidated Statements of Cash Flows as a financing activity. Excess tax benefits are realized benefits from tax deductions for exercised awards in excess of the deferred tax asset attributable to stock-based compensation costs for such awards. The Company did not capitalize any stock-based compensation costs as part of an asset. The Company estimates forfeiture rates based on its historical experience. During fiscal years 2014 and 2013, the Company recorded non-cash stock-based compensation cost in the amount of $0.5 million and $0.3 million, respectively, in the Consolidated Statements of Income. | |||||||||||||||||||||||||
The estimated fair value of options granted in fiscal year 2014 were calculated using the Black-Scholes-Merton pricing model (“Black-Scholes”), which produced a weighted average fair value of $4.05 per share. During fiscal year 2013, the Company did not grant any stock options. | |||||||||||||||||||||||||
The following are the weighted average assumptions used in the Black-Scholes model: | |||||||||||||||||||||||||
FY 2014 | |||||||||||||||||||||||||
Expected term (years) | 6 | ||||||||||||||||||||||||
Annualized volatility rate | 57.60% | ||||||||||||||||||||||||
Risk-free rate of return | 1.60% | ||||||||||||||||||||||||
Dividend rate | 0.00% | ||||||||||||||||||||||||
The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate of return for periods within the contractual life of the award was based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility was based on historical volatility of the Company’s stock. The expected option term represented the period that stock-based awards are expected to be outstanding based on the simplified method, which averages an award's weighted-average vesting period and expected term for "plain vanilla" share options. Options are considered to be "plain vanilla" if they have the following basic characteristics: granted "at-the-money"; exercisability is conditioned upon service through the vesting date; termination of service prior to vesting results in forfeiture; limited exercise period following termination of service; and options are non-transferable and non-hedgeable. The Company will continue to use the simplified method until it has the historical data necessary to provide a reasonable estimate of expected life. | |||||||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Revenue Recognition: Distribution sales are recorded when an order’s title and risk of loss transfers to the customer. The Company recognizes the majority of its service revenue based upon when the calibration or other activity is performed and then shipped and/or delivered to the customer. Some service revenue is generated from managing customers’ calibration programs in which the Company recognizes revenue in equal amounts at fixed intervals. The Company generally invoices its customers for freight, shipping, and handling charges. Provisions for customer returns are provided for in the period the related revenue is recorded based upon historical data. | |||||||||||||||||||||||||
Revenue Recognition, Rebates [Policy Text Block] | ' | ||||||||||||||||||||||||
Vendor Rebates: Vendor rebates are generally based on specified cumulative level of purchases and/or incremental distribution sales and are recorded as a reduction of cost of distribution sales. Purchase rebates are calculated and recorded quarterly based upon our volume of purchases with specific vendors during the quarter. Point of sale rebate programs are based upon annual year-over-year sales performance on a calendar year basis and are recorded as earned, on a quarterly basis, based upon the expected level of annual achievement. The Company recorded vendor rebates of $2.1 million and $1.3 million in fiscal years 2014 and 2013, respectively. | |||||||||||||||||||||||||
Cooperative Advertising Income [Policy Text Block] | ' | ||||||||||||||||||||||||
Cooperative Advertising Income: Transcat records cash consideration received from a vendor for advertising as a reduction of cost of distribution sales as the related inventory is sold. The Company recorded consideration in the amount of $1.9 million and $1.8 million in fiscal years 2014 and 2013, respectively. | |||||||||||||||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Shipping and Handling Costs: Freight expense and direct shipping costs are included in the cost of revenue. These costs totaled approximately $1.8 million in each of the fiscal years 2014 and 2013. Direct handling costs, the majority of which represent direct compensation of employees who pick, pack, and otherwise prepare, if necessary, merchandise for shipment to customers, are reflected in selling, marketing and warehouse expenses. Direct handling costs were $0.8 million in each of the fiscal years ended March 29, 2014 and March 30, 2013. | |||||||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Foreign Currency Translation and Transactions: The accounts of Transmation (Canada) Inc. are maintained in the local currency and have been translated to U.S. dollars. Accordingly, the amounts representing assets and liabilities have been translated at the period-end rates of exchange and related revenue and expense accounts have been translated at an average rate of exchange during the period. Gains and losses arising from translation of Transmation (Canada) Inc.’s balance sheets into U.S. dollars are recorded directly to the accumulated other comprehensive income component of shareholders’ equity. | |||||||||||||||||||||||||
Transcat records foreign currency gains and losses on Canadian business transactions. The net foreign currency loss was $0.1 million for fiscal year 2014 and less than $0.1 million for fiscal year 2013. The Company utilizes foreign exchange forward contracts to reduce the risk that its earnings would be adversely affected by changes in currency exchange rates. The Company does not apply hedge accounting and therefore, the net change in the fair value of the contracts, which totaled a gain of $0.4 million in fiscal year 2014 and a gain of less than $0.1 million in fiscal year 2013, was recognized as a component of other expense in the Consolidated Statements of Income. The change in the fair value of the contracts is offset by the change in fair value on the underlying accounts receivables denominated in Canadian dollars being hedged. On March 29, 2014, the Company had a foreign exchange contract, which matured in April 2014, outstanding in the notional amount of $4.8 million. The Company does not use hedging arrangements for speculative purposes. | |||||||||||||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Comprehensive Income: Other comprehensive income is comprised of net income, currency translation adjustments, unrecognized prior service costs, net of tax and unrealized gains on other assets, net of tax. At March 29, 2014, accumulated other comprehensive income consisted of cumulative currency translation gains of $0.6 million, unrecognized prior service costs, net of tax, of $0.1 million and an unrealized gain on other assets, net of tax, of $0.1 million. At March 30, 2013, accumulated other comprehensive income consisted of cumulative currency translation gains of $0.6 million, unrecognized prior service costs, net of tax, of $0.2 million and an unrealized gain on other assets, net of tax, of less than $0.1 million. | |||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Earnings Per Share: Basic earnings per share of common stock are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock reflect the assumed conversion of stock options and unvested restricted stock units using the treasury stock method in periods in which they have a dilutive effect. In computing the per share effect of assumed conversion, funds which would have been received from the exercise of options and unvested restricted stock units and the related tax benefits are considered to have been used to purchase shares of common stock at the average market prices during the period, and the resulting net additional shares of common stock are included in the calculation of average shares of common stock outstanding. | |||||||||||||||||||||||||
For fiscal years 2014 and 2013, the net additional common stock equivalents had a $.02 and $.01 per share effect, respectively, on the calculation of dilutive earnings per share. The average shares outstanding used to compute basic and diluted earnings per share are as follows: | |||||||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Average Shares Outstanding – Basic | 7,080 | 7,404 | |||||||||||||||||||||||
Effect of Dilutive Common Stock Equivalents | 277 | 188 | |||||||||||||||||||||||
Average Shares Outstanding – Diluted | 7,357 | 7,592 | |||||||||||||||||||||||
Anti-dilutive Common Stock Equivalents | 10 | 464 | |||||||||||||||||||||||
Stockholders' Equity, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Shareholders’ Equity: During fiscal year 2014, the Company repurchased and subsequently retired 0.8 million shares of its common stock, including 0.7 million shares purchased from an unaffiliated shareholder in a privately-negotiated transaction for $5.6 million. | |||||||||||||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||||||||||||||
Reclassification of Amounts: Certain reclassifications of financial information for prior fiscal years have been made to conform to the presentation for the current fiscal year. |
Note_1_General_Tables
Note 1 - General (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | ' | ||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
Machinery, Equipment and Software | 2 | – | 15 | ||||||||||||||||||||||
Furniture and Fixtures | 3 | – | 10 | ||||||||||||||||||||||
Leasehold Improvements | 2 | – | 10 | ||||||||||||||||||||||
Buildings | 39 | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||
Goodwill | Intangible Assets | ||||||||||||||||||||||||
Distribution | Service | Total | Distribution | Service | Total | ||||||||||||||||||||
Net Book Value as of March 31, 2012 | $ | 8,031 | $ | 5,359 | $ | 13,390 | $ | 724 | $ | 1,725 | $ | 2,449 | |||||||||||||
Additions (see Note 9) | - | 4,234 | 4,234 | - | 2,062 | 2,062 | |||||||||||||||||||
Amortization | - | - | - | (239 | ) | (563 | ) | (802 | ) | ||||||||||||||||
Currency Translation Adjustment | - | (32 | ) | (32 | ) | - | (18 | ) | (18 | ) | |||||||||||||||
Net Book Value as of March 30, 2013 | 8,031 | 9,561 | 17,592 | 485 | 3,206 | 3,691 | |||||||||||||||||||
Amortization | - | - | - | (167 | ) | (743 | ) | (910 | ) | ||||||||||||||||
Currency Translation Adjustment | - | (208 | ) | (208 | ) | - | (130 | ) | (130 | ) | |||||||||||||||
Net Book Value as of March 29, 2014 | $ | 8,031 | $ | 9,353 | $ | 17,384 | $ | 318 | $ | 2,333 | $ | 2,651 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||
FY 2014 | |||||||||||||||||||||||||
Expected term (years) | 6 | ||||||||||||||||||||||||
Annualized volatility rate | 57.60% | ||||||||||||||||||||||||
Risk-free rate of return | 1.60% | ||||||||||||||||||||||||
Dividend rate | 0.00% | ||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||||||||||||||
For the Years Ended | |||||||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Average Shares Outstanding – Basic | 7,080 | 7,404 | |||||||||||||||||||||||
Effect of Dilutive Common Stock Equivalents | 277 | 188 | |||||||||||||||||||||||
Average Shares Outstanding – Diluted | 7,357 | 7,592 | |||||||||||||||||||||||
Anti-dilutive Common Stock Equivalents | 10 | 464 |
Note_2_Property_and_Equipment_
Note 2 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Machinery, Equipment and Software | $ | 23,226 | $ | 21,661 | |||||
Furniture and Fixtures | 2,096 | 2,065 | |||||||
Leasehold Improvements | 1,689 | 1,544 | |||||||
Buildings and Land | 500 | 675 | |||||||
Total Property and Equipment | 27,511 | 25,945 | |||||||
Less: Accumulated Depreciation and Amortization | (20,422 | ) | (19,060 | ) | |||||
Total Property and Equipment, net | $ | 7,089 | $ | 6,885 |
Note_4_Income_Taxes_Tables
Note 4 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||
FY 2014 | FY 2013 | ||||||||
United States | $ | 6,642 | $ | 6,188 | |||||
Foreign | (196 | ) | (470 | ) | |||||
Total | $ | 6,446 | $ | 5,718 | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
FY 2014 | FY 2013 | ||||||||
Current Tax Provision: | |||||||||
Federal | $ | 2,415 | $ | 1,701 | |||||
State | 357 | 270 | |||||||
2,772 | 1,971 | ||||||||
Deferred Tax (Benefit) Provision: | |||||||||
Federal | (277 | ) | 113 | ||||||
State | (33 | ) | (70 | ) | |||||
(310 | ) | 43 | |||||||
Provision for Income Taxes | $ | 2,462 | $ | 2,014 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
FY 2014 | FY 2013 | ||||||||
Federal Income Tax at Statutory Rate | $ | 2,192 | $ | 1,944 | |||||
State Income Taxes, net of Federal benefit | 258 | 229 | |||||||
Other, net | 12 | (159 | ) | ||||||
Total | $ | 2,462 | $ | 2,014 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Current Deferred Tax Assets: | |||||||||
Accrued Liabilities | $ | 366 | $ | 333 | |||||
Performance-Based Grants | 809 | 483 | |||||||
Other | 221 | 271 | |||||||
Total Current Deferred Tax Assets | 1,396 | 1,087 | |||||||
Non-Current Deferred Tax Assets (Liabilities): | |||||||||
Goodwill and Intangible Assets | (1,334 | ) | (1,449 | ) | |||||
Depreciation | (971 | ) | (777 | ) | |||||
Stock-Based Compensation | 816 | 780 | |||||||
Other Liabilities | 630 | 556 | |||||||
Other | 252 | 339 | |||||||
Total Non-Current Deferred Tax Liabilities | (607 | ) | (551 | ) | |||||
Net Deferred Tax Assets | $ | 789 | $ | 536 |
Note_5_Employee_Benefit_Plans_
Note 5 - Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||
FY 2014 | FY 2013 | ||||||||
Postretirement benefit obligation, at beginning of fiscal year | $ | 887 | $ | 780 | |||||
Service cost | 32 | 59 | |||||||
Interest cost | 38 | 41 | |||||||
Benefits paid | (29 | ) | (68 | ) | |||||
Actuarial (gain) loss | (46 | ) | 75 | ||||||
Postretirement benefit obligation, at end of fiscal year | 882 | 887 | |||||||
Fair value of plan assets, at end of fiscal year | - | - | |||||||
Funded status, at end of year | $ | (882 | ) | $ | (887 | ) | |||
Accumulated postretirement benefit obligation, at end of fiscal year | $ | 882 | $ | 887 | |||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
FY 2014 | FY 2013 | ||||||||
Net periodic postretirement benefit cost: | |||||||||
Service cost | $ | 32 | $ | 59 | |||||
Interest cost | 38 | 41 | |||||||
Amortization of prior service cost | 58 | 58 | |||||||
128 | 158 | ||||||||
Benefit obligations recognized in other comprehensive income: | |||||||||
Amortization of prior service cost | (58 | ) | (58 | ) | |||||
Net loss | (46 | ) | 58 | ||||||
(104 | ) | - | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 24 | $ | 158 | |||||
Amount recognized in accumulated other comprehensive income, at end of fiscal year: | |||||||||
Unrecognized prior service cost | $ | 154 | $ | 258 | |||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Weighted average discount rate | 4.50% | 4.50% | |||||||
Medical care cost trend rate: | |||||||||
Trend rate assumed for next year | 8.00% | 8.00% | |||||||
Ultimate trend rate | 5.00% | 5.00% | |||||||
Year that rate reaches ultimate trend rate | 2022 | 2021 | |||||||
Dental care cost trend rate: | |||||||||
Trend rate assumed for next year and remaining at that level thereafter | 5.00% | 5.00% | |||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||
Fiscal | Amount | ||||||||
Year | |||||||||
2015 | $ | 39 | |||||||
2016 | 68 | ||||||||
2017 | 54 | ||||||||
2018 | 47 | ||||||||
2019 | 64 | ||||||||
Thereafter | 610 |
Note_6_StockBased_Compensation1
Note 6 - Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||
Date | Measurement | Total | Grant Date | Target | Number | Date | ||||||||||||
Granted | Period | Number | Fair | Level | of | Shares | ||||||||||||
of Units | Value | Achieved | Shares | Issued | ||||||||||||||
Granted | Per Unit | Issued | ||||||||||||||||
Apr-09 | April 2009 - March 2012 | 70 | $ | 5 | 75% | 52 | May-12 | |||||||||||
Apr-10 | April 2010 - March 2013 | 37 | $ | 7 | 75% | 28 | May-13 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||||||
Date | Measurement | Total | Grant Date | Estimated | ||||||||||||||
Granted | Period | Number | Fair | Probability of | ||||||||||||||
of Units | Value | Achievement at | ||||||||||||||||
Granted | Per Unit | 29-Mar-14 | ||||||||||||||||
Apr-11 | April 2011 - March 2014 (1) | 37 | $ | 8.44 | 114% | of target level | ||||||||||||
Apr-12 | April 2012 - March 2015 | 24 | $ | 13.11 | 100% | of target level | ||||||||||||
Apr-13 | April 2013 - March 2016 | 102 | $ | 6.17 | 100% | of target level | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||||
of | Average | Average | Intrinsic | |||||||||||||||
Shares | Exercise | Remaining | Value | |||||||||||||||
Price Per | Contractual | |||||||||||||||||
Share | Term (in Years) | |||||||||||||||||
Outstanding as of March 31, 2012 | 597 | $ | 5.94 | |||||||||||||||
Exercised | (21 | ) | 3.08 | |||||||||||||||
Forfeited | (22 | ) | 6.57 | |||||||||||||||
Outstanding as of March 30, 2013 | 554 | 6.02 | ||||||||||||||||
Granted | 110 | 7.64 | ||||||||||||||||
Exercised | (52 | ) | 3.04 | |||||||||||||||
Forfeited | (3 | ) | 4.93 | |||||||||||||||
Outstanding as of March 29, 2014 | 609 | 6.58 | 4 | $ | 1,645 | |||||||||||||
Exercisable as of March 29, 2014 | 509 | 6.38 | 3 | 1,474 |
Note_7_Segment_and_Geographic_1
Note 7 - Segment and Geographic Data (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
FY 2014 | FY 2013 | ||||||||
Revenue: | |||||||||
Distribution | $ | 70,324 | $ | 71,641 | |||||
Service | 48,184 | 40,655 | |||||||
Total | 118,508 | 112,296 | |||||||
Gross Profit: | |||||||||
Distribution | 16,965 | 17,102 | |||||||
Service | 12,825 | 10,302 | |||||||
Total | 29,790 | 27,404 | |||||||
Operating Expenses: | |||||||||
Distribution (1) | 12,639 | 12,467 | |||||||
Service (1) | 10,446 | 8,991 | |||||||
Total | 23,085 | 21,458 | |||||||
Operating Income: | |||||||||
Distribution | 4,326 | 4,635 | |||||||
Service | 2,379 | 1,311 | |||||||
Total | 6,705 | 5,946 | |||||||
Unallocated Amounts: | |||||||||
Interest and Other Expense, net | 259 | 228 | |||||||
Provision for Income Taxes | 2,462 | 2,014 | |||||||
Total | 2,721 | 2,242 | |||||||
Net Income | $ | 3,984 | $ | 3,704 | |||||
FY 2014 | FY 2013 | ||||||||
Total Assets: | |||||||||
Distribution | $ | 24,715 | $ | 25,932 | |||||
Service | 24,902 | 24,785 | |||||||
Unallocated | 4,257 | 4,330 | |||||||
Total | $ | 53,874 | $ | 55,047 | |||||
Depreciation and Amortization (2): | |||||||||
Distribution | $ | 801 | $ | 962 | |||||
Service | 2,144 | 1,740 | |||||||
Total | $ | 2,945 | $ | 2,702 | |||||
Capital Expenditures: | |||||||||
Distribution | $ | 441 | $ | 193 | |||||
Service | 1,520 | 2,464 | |||||||
Total | $ | 1,961 | $ | 2,657 | |||||
Geographic Data: | |||||||||
Revenues to Unaffiliated Customers (3): | |||||||||
United States (4) | $ | 107,007 | $ | 101,850 | |||||
Canada | 9,235 | 7,873 | |||||||
Other International | 2,266 | 2,573 | |||||||
Total | $ | 118,508 | $ | 112,296 | |||||
Long-Lived Assets: | |||||||||
United States (4) | $ | 6,635 | $ | 6,400 | |||||
Canada | 454 | 485 | |||||||
Total | $ | 7,089 | $ | 6,885 |
Note_8_Commitments_Tables
Note 8 - Commitments (Tables) | 12 Months Ended | ||||||
Mar. 29, 2014 | |||||||
Leases, Operating [Abstract] | ' | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||
Fiscal Year | |||||||
2015 | $ | 1.6 | |||||
2016 | 1.4 | ||||||
2017 | 1.1 | ||||||
2018 | 1 | ||||||
2019 | 0.8 | ||||||
Thereafter | 0.6 | ||||||
Total minimum lease payments | $ | 6.5 |
Note_9_Business_Acquisitions_T
Note 9 - Business Acquisitions (Tables) | 12 Months Ended | |||||
Mar. 29, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Business Combination, Separately Recognized Transactions [Table Text Block] | ' | |||||
Allocation of Purchase Price: | ||||||
Goodwill | $ | 4,234 | ||||
Intangible Assets – Customer Base | 1,493 | |||||
Intangible Assets – Covenants Not to Compete | 569 | |||||
Deferred Tax Liability | (375 | ) | ||||
5,921 | ||||||
Plus: | Current Assets | 1,184 | ||||
Non-Current Assets | 331 | |||||
Less: | Current Liabilities | (407 | ) | |||
Total Purchase Price | $ | 7,029 | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||
(Unaudited) | ||||||
FY 2013 | ||||||
Total Revenue | $ | 115,708 | ||||
Net Income | $ | 4,382 | ||||
Basic Earnings Per Share | $ | 0.59 | ||||
Diluted Earnings Per Share | $ | 0.58 |
Note_10_Quarterly_Data_Unaudit1
Note 10 - Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
Total | Gross | Net | Basic | Diluted | |||||||||||||||||
Revenues | Profit | Income | Earnings | Earnings | |||||||||||||||||
Per Share (a) | Per Share (a) | ||||||||||||||||||||
FY 2014: | |||||||||||||||||||||
Fourth Quarter | $ | 30,403 | $ | 8,617 | $ | 1,704 | $ | 0.25 | $ | 0.24 | |||||||||||
Third Quarter | 30,513 | 7,138 | 788 | 0.11 | 0.11 | ||||||||||||||||
Second Quarter | 28,882 | 6,821 | 771 | 0.1 | 0.1 | ||||||||||||||||
First Quarter | 28,710 | 7,214 | 721 | 0.1 | 0.09 | ||||||||||||||||
FY 2013: | |||||||||||||||||||||
Fourth Quarter | $ | 31,087 | $ | 8,489 | $ | 1,816 | $ | 0.24 | $ | 0.24 | |||||||||||
Third Quarter | 29,324 | 6,630 | 782 | 0.11 | 0.1 | ||||||||||||||||
Second Quarter | 26,788 | 6,078 | 745 | 0.1 | 0.1 | ||||||||||||||||
First Quarter | 25,097 | 6,207 | 361 | 0.05 | 0.05 |
Note_1_General_Details
Note 1 - General (Details) (USD $) | 12 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Note 1 - General (Details) [Line Items] | ' | ' |
Inventory Valuation Reserves | $400,000 | $500,000 |
Finite-Lived Intangible Asset, Useful Life | '10 years | '10 years |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 700,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 600,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 500,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 300,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 200,000 | ' |
Prepaid Expense and Other Assets, Current | 1,180,000 | 1,134,000 |
Investments | 800,000 | 600,000 |
Allocated Share-based Compensation Expense | 500,000 | 300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $4.05 | ' |
Vendor Rebates | 2,100,000 | 1,300,000 |
Foreign Currency Transaction Gain (Loss), Realized | -100,000 | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | 400,000 | ' |
Derivative Asset, Notional Amount | 4,800,000 | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 600,000 | 600,000 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | 100,000 | 200,000 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 100,000 | 100,000 |
Dilutive Securities Effect Per Share on Earnings (in Dollars per share) | $0.02 | $0.01 |
Stock Repurchased and Retired During Period, Shares (in Shares) | 800 | ' |
Stock Repurchased During Period, Value | 6,482,000 | 110,000 |
Unaffiliated Shareholder [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Stock Repurchased During Period, Shares (in Shares) | 700 | ' |
Stock Repurchased During Period, Value | 5,600,000 | ' |
Master Catalog Costs [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Catalog Costs Term | '18 months | ' |
Catalog Supplement [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Catalog Costs Term | '3 months | ' |
Cooperative Advertising Income [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Cooperative Advertising Amount | 1,900,000 | 1,800,000 |
Freight Expense and Direct Shipping Costs [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Shipping, Handling and Transportation Costs | 1,800,000 | 1,800,000 |
Direct Handling Costs [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Shipping, Handling and Transportation Costs | 800,000 | 800,000 |
Catalog Costs [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Prepaid Expense and Other Assets, Current | 300,000 | 300,000 |
Less Than [Member] | ' | ' |
Note 1 - General (Details) [Line Items] | ' | ' |
Foreign Currency Transaction Gain (Loss), Realized | ' | -100,000 |
Foreign Currency Transaction Gain (Loss), Unrealized | ' | $100,000 |
Note_1_General_Details_Propert
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives | 12 Months Ended |
Mar. 29, 2014 | |
Machinery, Equipment, and Software [Member] | Minimum [Member] | ' |
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives [Line Items] | ' |
Property, Plant, and Equipment Useful Lives | '2 years |
Machinery, Equipment, and Software [Member] | Maximum [Member] | ' |
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives [Line Items] | ' |
Property, Plant, and Equipment Useful Lives | '15 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives [Line Items] | ' |
Property, Plant, and Equipment Useful Lives | '3 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives [Line Items] | ' |
Property, Plant, and Equipment Useful Lives | '10 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives [Line Items] | ' |
Property, Plant, and Equipment Useful Lives | '2 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives [Line Items] | ' |
Property, Plant, and Equipment Useful Lives | '10 years |
Building and Building Improvements [Member] | ' |
Note 1 - General (Details) - Property and Equipment, Estimated Useful Lives [Line Items] | ' |
Property, Plant, and Equipment Useful Lives | '39 years |
Note_1_General_Details_Goodwil
Note 1 - General (Details) - Goodwill and Intangible Assets (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Goodwill, Distribution [Member] | Goodwill, Distribution [Member] | Goodwill, Distribution [Member] | Goodwill, Service [Member] | Goodwill, Service [Member] | Intangible Assets, Distribution [Member] | Intangible Assets, Distribution [Member] | Intangible Assets, Service [Member] | Intangible Assets, Service [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Net Book Value | $17,592 | $13,390 | $8,031 | $8,031 | $8,031 | $9,561 | $5,359 | ' | ' | ' | ' |
Intangible Assets, Net Book Value | 3,691 | 2,449 | ' | ' | ' | ' | ' | 485 | 724 | 3,206 | 1,725 |
Additions (see Note 9) | ' | 4,234 | ' | ' | ' | ' | 4,234 | ' | ' | ' | ' |
Additions (see Note 9) | ' | 2,062 | ' | ' | ' | ' | ' | ' | ' | ' | 2,062 |
Intangible Assets, Amortization | -910 | -802 | ' | ' | ' | ' | ' | -167 | -239 | -743 | -563 |
Goodwill, Currency Translation Adjustment | -208 | -32 | ' | ' | ' | -208 | -32 | ' | ' | ' | ' |
Intangible Assets, Currency Translation Adjustment | -130 | -18 | ' | ' | ' | ' | ' | ' | ' | -130 | -18 |
Goodwill, Net Book Value | 17,384 | 17,592 | 8,031 | 8,031 | 8,031 | 9,353 | 9,561 | ' | ' | ' | ' |
Intangible Assets, Net Book Value | $2,651 | $3,691 | ' | ' | ' | ' | ' | $318 | $485 | $2,333 | $3,206 |
Note_1_General_Details_Assumpt
Note 1 - General (Details) - Assumptions Used in the Black-Scholes Model | 12 Months Ended |
Mar. 29, 2014 | |
Assumptions Used in the Black-Scholes Model [Abstract] | ' |
Expected term (years) | '6 years |
Annualized volatility rate | 57.60% |
Risk-free rate of return | 1.60% |
Dividend rate | 0.00% |
Note_1_General_Details_Average
Note 1 - General (Details) - Average Shares Outstanding Used to Compute Basic and Diluted Earnings per Share | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Average Shares Outstanding Used to Compute Basic and Diluted Earnings per Share [Abstract] | ' | ' |
Average Shares Outstanding b Basic | 7,080 | 7,404 |
Effect of Dilutive Common Stock Equivalents | 277 | 188 |
Average Shares Outstanding b Diluted | 7,357 | 7,592 |
Anti-dilutive Common Stock Equivalents | 10 | 464 |
Note_2_Property_and_Equipment_1
Note 2 - Property and Equipment (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction | $1.50 | $1.40 |
Note_2_Property_and_Equipment_2
Note 2 - Property and Equipment (Details) - Property and Equipment (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment [Abstract] | ' | ' |
Machinery, Equipment and Software | $23,226 | $21,661 |
Furniture and Fixtures | 2,096 | 2,065 |
Leasehold Improvements | 1,689 | 1,544 |
Buildings and Land | 500 | 675 |
Total Property and Equipment | 27,511 | 25,945 |
Less: Accumulated Depreciation and Amortization | -20,422 | -19,060 |
Total Property and Equipment, net | $7,089 | $6,885 |
Note_3_Debt_Details
Note 3 - Debt (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 |
Note 3 - Debt (Details) [Line Items] | ' |
Line Of Credit Facility Term | '3 years |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $20 |
Debt Instrument, Interest Rate, Stated Percentage | 0.20% |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 1.10% |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 1.70% |
Revolving Credit Facility [Member] | ' |
Note 3 - Debt (Details) [Line Items] | ' |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases (in Dollars) | $7.60 |
Note_4_Income_Taxes_Details
Note 4 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Operating Loss Carryforwards | $700,000 | ' |
Unrecognized Tax Benefits | 0 | 0 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 | $0 |
Note_4_Income_Taxes_Details_Ne
Note 4 - Income Taxes (Details) - Net Income Before Income Taxes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Net Income Before Income Taxes [Abstract] | ' | ' |
United States | $6,642 | $6,188 |
Foreign | -196 | -470 |
Total | $6,446 | $5,718 |
Note_4_Income_Taxes_Details_Ne1
Note 4 - Income Taxes (Details) - Net Provision for Income Taxes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Current Tax Provision: | ' | ' |
Federal | $2,415 | $1,701 |
State | 357 | 270 |
2,772 | 1,971 | |
Deferred Tax (Benefit) Provision: | ' | ' |
Federal | -277 | 113 |
State | -33 | -70 |
-310 | 43 | |
Provision for Income Taxes | $2,462 | $2,014 |
Note_4_Income_Taxes_Details_Re
Note 4 - Income Taxes (Details) - Reconciliation of the Income Tax Provision (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Reconciliation of the Income Tax Provision [Abstract] | ' | ' |
Federal Income Tax at Statutory Rate | $2,192 | $1,944 |
State Income Taxes, net of Federal benefit | 258 | 229 |
Other, net | 12 | -159 |
Total | $2,462 | $2,014 |
Note_4_Income_Taxes_Details_Co
Note 4 - Income Taxes (Details) - Components of the Net Deferred Tax Assets (Liabilities) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Deferred Tax Assets: | ' | ' |
Accrued Liabilities | $366 | $333 |
Performance-Based Grants | 809 | 483 |
Other | 221 | 271 |
Total Current Deferred Tax Assets | 1,396 | 1,087 |
Non-Current Deferred Tax Assets (Liabilities): | ' | ' |
Goodwill and Intangible Assets | -1,334 | -1,449 |
Depreciation | -971 | -777 |
Stock-Based Compensation | 816 | 780 |
Other Liabilities | 630 | 556 |
Other | 252 | 339 |
Total Non-Current Deferred Tax Liabilities | -607 | -551 |
Net Deferred Tax Assets | $789 | $536 |
Note_5_Employee_Benefit_Plans_1
Note 5 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Note 5 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan Vested Term | '3 years | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $400,000 | $500,000 |
Deferred Profit Sharing Contribution [Member] | ' | ' |
Note 5 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | 0 |
NQDC Plan [Member] | ' | ' |
Note 5 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | ' |
Deferred Compensation Arrangement With Individual Service Term | '3 years | ' |
Deferred Compensation Liability, Current and Noncurrent | 800,000 | 600,000 |
NQDC Plan [Member] | Less Than [Member] | ' | ' |
Note 5 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | ' | 100,000 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Note 5 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 50.00% | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 100,000 | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 100,000 | ' |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 100,000 | ' |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 100,000 | ' |
Less Than [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Note 5 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $100,000 | ' |
Note_5_Employee_Benefit_Plans_2
Note 5 - Employee Benefit Plans (Details) - Change in the Postretirement Benefit Obligation (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Change in the Postretirement Benefit Obligation [Abstract] | ' | ' |
Postretirement benefit obligation, at beginning of fiscal year | $887 | $780 |
Service cost | 32 | 59 |
Interest cost | 38 | 41 |
Benefits paid | -29 | -68 |
Actuarial (gain) loss | -46 | 75 |
Postretirement benefit obligation, at end of fiscal year | 882 | 887 |
Funded status, at end of year | -882 | -887 |
Accumulated postretirement benefit obligation, at end of fiscal year | $882 | $887 |
Note_5_Employee_Benefit_Plans_3
Note 5 - Employee Benefit Plans (Details) - Components of Net Periodic Postretirement Benefit Cost (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Net periodic postretirement benefit cost: | ' | ' |
Service cost | $32 | $59 |
Interest cost | 38 | 41 |
Amortization of prior service cost | 58 | 58 |
128 | 158 | |
Benefit obligations recognized in other comprehensive income: | ' | ' |
Amortization of prior service cost | -58 | -58 |
Net loss | -46 | 58 |
-104 | ' | |
Total recognized in net periodic benefit cost and other comprehensive income | 24 | 158 |
Amount recognized in accumulated other comprehensive income, at end of fiscal year: | ' | ' |
Unrecognized prior service cost | $154 | $258 |
Note_5_Employee_Benefit_Plans_4
Note 5 - Employee Benefit Plans (Details) - Assumptions Used to Determine the Postretirement Benefit Obligation and the Net Periodic Benefit Cost | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Note 5 - Employee Benefit Plans (Details) - Assumptions Used to Determine the Postretirement Benefit Obligation and the Net Periodic Benefit Cost [Line Items] | ' | ' |
Weighted average discount rate | 4.50% | 4.50% |
Medical care cost trend rate: | ' | ' |
Ultimate trend rate | 5.00% | 5.00% |
Year that rate reaches ultimate trend rate | '2022 | '2021 |
Medical Care Cost [Member] | ' | ' |
Medical care cost trend rate: | ' | ' |
Trend rate assumed for next year | 8.00% | 8.00% |
Dental Care Cost [Member] | ' | ' |
Medical care cost trend rate: | ' | ' |
Trend rate assumed for next year | 5.00% | 5.00% |
Note_5_Employee_Benefit_Plans_5
Note 5 - Employee Benefit Plans (Details) - Future Benefit Payments (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Future Benefit Payments [Abstract] | ' |
2015 | $39 |
2016 | 68 |
2017 | 54 |
2018 | 47 |
2019 | 64 |
Thereafter | $610 |
Note_6_StockBased_Compensation2
Note 6 - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 29, 2014 | 31-May-14 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 |
Subsequent Event [Member] | Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Less Than [Member] | ||
Restricted Stock [Member] | Less Than [Member] | |||||||
Note 6 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Percent of Target Level Achieved | ' | ' | 114.00% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | ' | 42 | ' | ' | ' | ' | ' | ' |
Restricted Stock or Unit Expense | ' | ' | ' | $0.40 | $0.30 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | 0.5 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | '4 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | '10 years | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | ' | ' | ' | 0.4 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | '2 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.3 | ' | ' | ' | ' | ' | ' | 0.1 |
Proceeds from Stock Options Exercised | $0.20 | ' | ' | ' | ' | ' | ' | $0.10 |
Note_6_StockBased_Compensation3
Note 6 - Stock-Based Compensation (Details) - Performance-Based Restricted Stock Units (USD $) | 12 Months Ended |
Mar. 29, 2014 | |
Performance Based Restricted Stock Awards Granted in 2009 [Member] | ' |
Note 6 - Stock-Based Compensation (Details) - Performance-Based Restricted Stock Units [Line Items] | ' |
Total Number of Units Granted | 70 |
Grant Date Fair Value Per Unit (in Dollars per share) | $5 |
Target Level Achieved | 75.00% |
Number of Shares Issued | 52 |
Performance-Based Restricted Stock Awards Granted In 2010 [Member] | ' |
Note 6 - Stock-Based Compensation (Details) - Performance-Based Restricted Stock Units [Line Items] | ' |
Total Number of Units Granted | 37 |
Grant Date Fair Value Per Unit (in Dollars per share) | $7 |
Target Level Achieved | 75.00% |
Number of Shares Issued | 28 |
Note_6_StockBased_Compensation4
Note 6 - Stock-Based Compensation (Details) - Non-Vested Performance-Based Restricted Stock Units (USD $) | 12 Months Ended | |
Mar. 29, 2014 | ||
Performance-Based Restricted Stock Awards Granted In 2011 [Member] | ' | |
Note 6 - Stock-Based Compensation (Details) - Non-Vested Performance-Based Restricted Stock Units [Line Items] | ' | |
Total Number of Units Granted | 37 | [1] |
Grant Date Fair Value per Unit (in Dollars per share) | $8.44 | [1] |
Estimated Probably of Achievement | 114.00% | [1] |
Performance-Based Restricted Stock Awards Granted In 2012 [Member] | ' | |
Note 6 - Stock-Based Compensation (Details) - Non-Vested Performance-Based Restricted Stock Units [Line Items] | ' | |
Total Number of Units Granted | 24 | |
Grant Date Fair Value per Unit (in Dollars per share) | $13.11 | |
Estimated Probably of Achievement | 100.00% | |
Performance-Based Restricted Stock Awards Granted in 2013 [Member] | ' | |
Note 6 - Stock-Based Compensation (Details) - Non-Vested Performance-Based Restricted Stock Units [Line Items] | ' | |
Total Number of Units Granted | 102 | |
Grant Date Fair Value per Unit (in Dollars per share) | $6.17 | |
Estimated Probably of Achievement | 100.00% | |
[1] | Transcat achieved 114% of the target level. As a result, 42 shares were issued in May 2014. |
Note_6_StockBased_Compensation5
Note 6 - Stock-Based Compensation (Details) - Stock Options (USD $) | 12 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Stock Options [Abstract] | ' | ' |
Outstanding as of March 31, 2012 | 554 | 597 |
Outstanding as of March 31, 2012 | $6.02 | $5.94 |
Number of Shares Outstanding | 609 | 554 |
Weighted Average Exercise Price per Share | $6.58 | $6.02 |
Weighted Average Remaining Contractual Term (in Years) | '4 years | ' |
Aggregate Intrinsic Value | $1,645 | ' |
Exercisable as of March 29, 2014 | 509 | ' |
Exercisable as of March 29, 2014 | $6.38 | ' |
Exercisable as of March 29, 2014 | '3 years | ' |
Exercisable as of March 29, 2014 | $1,474,000 | ' |
Granted | 110 | ' |
Granted | $7.64 | ' |
Number of Shares Exercised | -52 | -21 |
Weighted Average Exercise Price per Share | $3.04 | $3.08 |
Number of Shares Forfeited | -3 | -22 |
Weighted Average Exercise Price per Share | $4.93 | $6.57 |
Note_7_Segment_and_Geographic_2
Note 7 - Segment and Geographic Data (Details) | 12 Months Ended |
Mar. 29, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 2 |
Note_7_Segment_and_Geographic_3
Note 7 - Segment and Geographic Data (Details) - Segment and Geographic Data (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | ||||
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenue | $30,403 | $30,513 | $28,882 | $28,710 | $31,087 | $29,324 | $26,788 | $25,097 | $118,508 | $112,296 | ||||
Gross Profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gross Profit | 8,617 | 7,138 | 6,821 | 7,214 | 8,489 | 6,630 | 6,078 | 6,207 | 29,790 | 27,404 | ||||
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 23,085 | 21,458 | ||||
Operating Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 6,705 | 5,946 | ||||
Unallocated Amounts: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unallocated Amounts | ' | ' | ' | ' | ' | ' | ' | ' | 2,721 | 2,242 | ||||
Net Income | 1,704 | 788 | 771 | 721 | 1,816 | 782 | 745 | 361 | 3,984 | 3,704 | ||||
Total Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 53,874 | ' | ' | ' | 55,047 | ' | ' | ' | 53,874 | 55,047 | ||||
Depreciation and Amortization (2): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,945 | [1] | 2,702 | [1] | ||
Capital Expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Capital Expenditrures | 1,961 | ' | ' | ' | 2,657 | ' | ' | ' | 1,961 | 2,657 | ||||
Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 70,324 | 71,641 | ||||
Gross Profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 16,965 | 17,102 | ||||
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,639 | [2] | 12,467 | [2] | ||
Operating Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 4,326 | 4,635 | ||||
Total Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 24,715 | ' | ' | ' | 25,932 | ' | ' | ' | 24,715 | 25,932 | ||||
Depreciation and Amortization (2): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 801 | [1] | 962 | [1] | ||
Capital Expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Capital Expenditrures | 441 | ' | ' | ' | 193 | ' | ' | ' | 441 | 193 | ||||
Service Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 48,184 | 40,655 | ||||
Gross Profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 12,825 | 10,302 | ||||
Operating Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,446 | [2] | 8,991 | [2] | ||
Operating Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 2,379 | 1,311 | ||||
Total Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 24,902 | ' | ' | ' | 24,785 | ' | ' | ' | 24,902 | 24,785 | ||||
Depreciation and Amortization (2): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,144 | [1] | 1,740 | [1] | ||
Capital Expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Capital Expenditrures | 1,520 | ' | ' | ' | 2,464 | ' | ' | ' | 1,520 | 2,464 | ||||
Unallocated Interest and Other Expense, Net [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unallocated Amounts: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unallocated Amounts | ' | ' | ' | ' | ' | ' | ' | ' | 259 | 228 | ||||
Unallocated Provision for Income Taxes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unallocated Amounts: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unallocated Amounts | ' | ' | ' | ' | ' | ' | ' | ' | 2,462 | 2,014 | ||||
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 4,257 | ' | ' | ' | 4,330 | ' | ' | ' | 4,257 | 4,330 | ||||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues to Unaffiliated Customers (3): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Geographic Data | ' | ' | ' | ' | ' | ' | ' | ' | 107,007 | [3] | 101,850 | [3] | ||
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues to Unaffiliated Customers (3): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Geographic Data | ' | ' | ' | ' | ' | ' | ' | ' | 9,235 | [3],[4] | 7,873 | [3],[4] | ||
Other International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues to Unaffiliated Customers (3): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Geographic Data | ' | ' | ' | ' | ' | ' | ' | ' | 2,266 | [3] | 2,573 | [3] | ||
Total [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues to Unaffiliated Customers (3): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Geographic Data | ' | ' | ' | ' | ' | ' | ' | ' | 118,508 | [3] | 112,296 | [3] | ||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-Lived Assets | 6,635 | [4] | ' | ' | ' | 6,400 | [4] | ' | ' | ' | 6,635 | [4] | 6,400 | [4] |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-Lived Assets | 454 | ' | ' | ' | 485 | ' | ' | ' | 454 | 485 | ||||
Total [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-Lived Assets | $7,089 | ' | ' | ' | $6,885 | ' | ' | ' | $7,089 | $6,885 | ||||
[1] | Including amortization of catalog costs. | |||||||||||||
[2] | Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management's estimates. | |||||||||||||
[3] | Revenues are attributed to the countries based on the destination of a product shipment or the location where service is rendered. | |||||||||||||
[4] | United States includes Puerto Rico. |
Note_8_Commitments_Details
Note 8 - Commitments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Leases, Operating [Abstract] | ' | ' |
Operating Leases, Rent Expense | $2 | $1.80 |
Note_8_Commitments_Details_Min
Note 8 - Commitments (Details) - Minimum Future Annual Rental Payments Under the Non-Cancelable Leases (USD $) | Mar. 29, 2014 |
In Millions, unless otherwise specified | |
Minimum Future Annual Rental Payments Under the Non-Cancelable Leases [Abstract] | ' |
2015 | $1.60 |
2016 | 1.4 |
2017 | 1.1 |
2018 | 1 |
2019 | 0.8 |
Thereafter | 0.6 |
Total minimum lease payments | $6.50 |
Note_9_Business_Acquisitions_D
Note 9 - Business Acquisitions (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Note 9 - Business Acquisitions (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | '10 years |
Business Combination, Consideration Transferred | ' | $7,029,000 |
Business Combination, Acquisition Related Costs | ' | 400,000 |
Fiscal Year 2013 Acquisitions [Member] | ' | ' |
Note 9 - Business Acquisitions (Details) [Line Items] | ' | ' |
Business Combination, Consideration Transferred | ' | $7,000,000 |
Note_9_Business_Acquisitions_D1
Note 9 - Business Acquisitions (Details) - Purchase Price Paid for Businesses Acquired (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 31, 2012 |
Allocation of Purchase Price: | ' | ' | ' |
Goodwill | $17,592 | $17,384 | $13,390 |
Deferred Tax Liability | -375 | ' | ' |
5,921 | ' | ' | |
Plus: Current Assets | 1,184 | ' | ' |
Non-Current Assets | 331 | ' | ' |
Less: Current Liabilities | -407 | ' | ' |
Total Purchase Price | 7,029 | ' | ' |
Goodwill [Member] | ' | ' | ' |
Allocation of Purchase Price: | ' | ' | ' |
Goodwill | 4,234 | ' | ' |
Customer Contracts [Member] | ' | ' | ' |
Allocation of Purchase Price: | ' | ' | ' |
Intangible Assets | 1,493 | ' | ' |
Covenant Not To Compete [Member] | ' | ' | ' |
Allocation of Purchase Price: | ' | ' | ' |
Intangible Assets | $569 | ' | ' |
Note_9_Business_Acquisitions_D2
Note 9 - Business Acquisitions (Details) - Proforma Information for Business Acquisitions (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2013 |
Proforma Information for Business Acquisitions [Abstract] | ' |
Total Revenue | $115,708 |
Net Income | $4,382 |
Basic Earnings Per Share | $0.59 |
Diluted Earnings Per Share | $0.58 |
Note_10_Quarterly_Data_Unaudit2
Note 10 - Quarterly Data (Unaudited) (Details) - Unaudited Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | ||||||||
FY 2014: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net Revenues | $30,403 | $30,513 | $28,882 | $28,710 | $31,087 | $29,324 | $26,788 | $25,097 | $118,508 | $112,296 | ||||||||
Gross Profit | 8,617 | 7,138 | 6,821 | 7,214 | 8,489 | 6,630 | 6,078 | 6,207 | 29,790 | 27,404 | ||||||||
Net Income | $1,704 | $788 | $771 | $721 | $1,816 | $782 | $745 | $361 | $3,984 | $3,704 | ||||||||
Basic Earnings per Share (in Dollars per share) | $0.25 | [1] | $0.11 | [1] | $0.10 | [1] | $0.10 | [1] | $0.24 | [1] | $0.11 | [1] | $0.10 | [1] | $0.05 | [1] | $0.56 | $0.50 |
Diluted Earnings per Share (in Dollars per share) | $0.24 | [1] | $0.11 | [1] | $0.10 | [1] | $0.09 | [1] | $0.24 | [1] | $0.10 | [1] | $0.10 | [1] | $0.05 | [1] | $0.54 | $0.49 |
[1] | Earnings per share calculations for each quarter include the weighted average effect of stock issuances and common stock equivalents for the quarter; therefore, the sum of quarterly earnings per share amounts may not equal full-year earnings per share amounts, which reflect the weighted average effect on an annual basis. Diluted earnings per share calculations for each quarter include the effect of stock options and non-vested restricted stock units, when dilutive to the quarter. In addition, basic earnings per share and diluted earnings per share may not add due to rounding. |