Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 27, 2014 | Feb. 04, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TRANSCAT INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -25 | |
Entity Common Stock, Shares Outstanding | 6,835,591 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 99302 | |
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 | 27-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 27, 2014 | Dec. 28, 2013 |
Service Revenue | $12,603 | $11,516 | $37,336 | $34,727 |
Distribution Sales | 18,449 | 18,997 | 53,946 | 53,378 |
Total Revenue | 31,052 | 30,513 | 91,282 | 88,105 |
Cost of Service Revenue | 9,513 | 8,826 | 28,037 | 26,133 |
Cost of Distribution Sales | 14,545 | 14,549 | 42,656 | 40,799 |
Total Cost of Revenue | 24,058 | 23,375 | 70,693 | 66,932 |
Gross Profit | 6,994 | 7,138 | 20,589 | 21,173 |
Selling, Marketing and Warehouse Expenses | 3,602 | 3,678 | 10,506 | 10,674 |
Administrative Expenses | 2,015 | 2,118 | 6,431 | 6,724 |
Total Operating Expenses | 5,617 | 5,796 | 16,937 | 17,398 |
Operating Income | 1,377 | 1,342 | 3,652 | 3,775 |
Interest and Other Expense, net | 83 | 85 | 266 | 157 |
Income Before Income Taxes | 1,294 | 1,257 | 3,386 | 3,618 |
Provision for Income Taxes | 481 | 469 | 1,269 | 1,338 |
Net Income | $813 | $788 | $2,117 | $2,280 |
Basic Earnings Per Share (in Dollars per share) | $0.12 | $0.11 | $0.31 | $0.32 |
Average Shares Outstanding (in Shares) | 6,823 | 6,856 | 6,788 | 7,192 |
Diluted Earnings Per Share (in Dollars per share) | $0.11 | $0.11 | $0.30 | $0.31 |
Average Shares Outstanding (in Shares) | 7,081 | 7,125 | 7,061 | 7,421 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 27, 2014 | Dec. 28, 2013 |
Net Income | $813 | $788 | $2,117 | $2,280 |
Other Comprehensive (Loss) Income: | ||||
Currency Translation Adjustment | -166 | -3 | -346 | -2 |
Unrecognized Prior Service Cost, net of tax | 7 | 9 | 20 | 27 |
Unrecognized Gain on Other Asset, net of tax | -21 | 5 | -21 | 22 |
Total Other Comprehensive (Loss) Income | -180 | 11 | -347 | 47 |
Comprehensive Income | $633 | $799 | $1,770 | $2,327 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current period unaudited) (USD $) | Dec. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash | $19 | $23 |
Accounts Receivable, less allowance for doubtful accounts of $133 and $82 as of December 27, 2014 and March 29, 2014, respectively | 15,296 | 15,663 |
Other Receivables | 847 | 1,088 |
Inventory, net | 7,222 | 6,181 |
Prepaid Expenses and Other Current Assets | 1,565 | 1,180 |
Deferred Tax Asset | 1,034 | 1,396 |
Total Current Assets | 25,983 | 25,531 |
Property and Equipment, net | 8,876 | 7,089 |
Goodwill | 20,991 | 17,384 |
Intangible Assets, net | 4,035 | 2,651 |
Other Assets | 1,475 | 1,219 |
Total Assets | 61,360 | 53,874 |
Current Liabilities: | ||
Accounts Payable | 7,184 | 7,132 |
Accrued Compensation and Other Liabilities | 3,629 | 5,690 |
Income Taxes Payable | 1,035 | |
Total Current Liabilities | 10,813 | 13,857 |
Long-Term Debt | 14,837 | 7,593 |
Deferred Tax Liability | 1,106 | 607 |
Other Liabilities | 1,952 | 1,734 |
Total Liabilities | 28,708 | 23,791 |
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 6,827,103 and 6,716,350 shares issued and outstanding as of December 27, 2014 and March 29, 2014, respectively | 3,414 | 3,358 |
Capital in Excess of Par Value | 12,173 | 11,387 |
Accumulated Other Comprehensive Income | 220 | 567 |
Retained Earnings | 16,845 | 14,771 |
Total Shareholders' Equity | 32,652 | 30,083 |
Total Liabilities and Shareholders' Equity | $61,360 | $53,874 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current period unaudited) (Parentheticals) (USD $) | Dec. 27, 2014 | Mar. 29, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts Receivable, allowance for doubtful accounts (in Dollars) | $133 | $82 |
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 | 6,827,103 | 6,716,350 |
Common Stock, shares outstanding | 6,827,103 | 6,716,350 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Cash Flows from Operating Activities: | ||
Net Income | $2,117 | $2,280 |
Provided by Operating Activities: | ||
Loss (Gain) on Disposal of Property and Equipment | 4 | -31 |
Deferred Income Taxes | 152 | -157 |
Depreciation and Amortization | 2,268 | 2,231 |
Provision for Accounts Receivable and Inventory Reserves | 79 | 122 |
Stock-Based Compensation Expense | 474 | 400 |
Changes in Assets and Liabilities: | ||
Accounts Receivable and Other Receivables | 916 | -12 |
Inventory | -1,059 | -827 |
Prepaid Expenses and Other Assets | -950 | -572 |
Accounts Payable | 77 | -163 |
Accrued Compensation and Other Liabilities | -1,953 | 1,347 |
Income Taxes Payable | -906 | -466 |
Net Cash Provided by Operating Activities | 1,219 | 4,152 |
Cash Flows from Investing Activities: | ||
Purchases of Property and Equipment | -2,709 | -1,158 |
Proceeds from Sale of Property and Equipment | 46 | 243 |
Business Acquisition, net of cash acquired | -6,681 | |
Net Cash Used in Investing Activities | -9,344 | -915 |
Cash Flows from Financing Activities: | ||
Proceeds from Revolving Credit Facility, net | 7,244 | 2,592 |
Issuance of Common Stock | 396 | 166 |
Repurchase of Common Stock | -71 | -6,425 |
Excess Tax benefit Related to Stock-Based Compensation | 1 | |
Net Cash Provided by (Used in) Financing Activities | 7,569 | -3,666 |
Effect of Exchange Rate Changes on Cash | 552 | 188 |
Net Decrease in Cash | -4 | -241 |
Cash at Beginning of Period | 23 | 406 |
Cash at End of Period | 19 | 165 |
Cash paid during the period for: | ||
Interest | 145 | 84 |
Income Taxes, net | $2,392 | $2,013 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | |||||
Balance at Mar. 29, 2014 | $3,358 | $11,387 | $567 | $14,771 | $30,083 |
Balance (Shares) (in Shares) at Mar. 29, 2014 | 6,716,000 | 6,716,350 | |||
Issuance of Common Stock | 35 | 361 | 396 | ||
Issuance of Common Stock (in Shares) | 69,000 | ||||
Repurchase of Common Stock | -4 | -24 | -43 | -71 | |
Repurchase of Common Stock (in Shares) | -8,000 | ||||
Stock-Based Compensation | 25 | 449 | 474 | ||
Stock-Based Compensation (in Shares) | 50,000 | ||||
Other Comprehensive Loss | -347 | -347 | |||
Net Income | 2,117 | 2,117 | |||
Balance at Dec. 27, 2014 | $3,414 | $12,173 | $220 | $16,845 | $32,652 |
Balance (Shares) (in Shares) at Dec. 27, 2014 | 6,827,000 | 6,827,103 |
Note_1_General
Note 1 - General | 9 Months Ended | ||||||||||||||||
Dec. 27, 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 and compliance services and distributor of professional grade handheld test, measurement and control instrumentation. The Company is focused on providing services and products to highly regulated industries, particularly healthcare, which includes companies in the pharmaceutical, medical device and bioscience industries. Additional industries served include industrial manufacturing, energy and utilities, chemical manufacturing and other industries that require accuracy in their processes and confirmation of the capabilities of their equipment. | |||||||||||||||||
Basis of Presentation: Transcat’s unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended March 29, 2014 (“fiscal year 2014”) contained in the Company’s 2014 Annual Report on Form 10-K filed with the SEC. | |||||||||||||||||
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 December 27, 2014 and March 29, 2014, investment assets totaled $1.0 million and $0.8 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 the first nine months of the fiscal year ending March 28, 2015 (“fiscal year 2015”) and the first nine months of fiscal year 2014, the Company recorded non-cash stock-based compensation cost of $0.5 million and $0.4 million, respectively, in the Consolidated Statements of Income. | |||||||||||||||||
Foreign Currency Translation and Transactions: The accounts of Transmation (Canada) Inc., a wholly-owned subsidiary of the Company, 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 in the first nine months of fiscal year 2015 and less than $0.1 million in the first nine months of fiscal year 2014. The Company continuously utilizes short-term foreign exchange forward contracts to reduce the risk that its earnings will be adversely affected by changes in currency exchange rates. The Company does not apply hedge accounting and therefore, the change in the fair value of the contracts, which totaled a gain of $0.4 million and $0.3 million during the first nine months of fiscal years 2015 and 2014, respectively, 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 of the underlying accounts receivables denominated in Canadian dollars being hedged. On December 27, 2014, the Company had a foreign exchange contract outstanding in the notional amount of $7.3 million. The Company does not use hedging arrangements for speculative purposes. | |||||||||||||||||
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 that 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. | |||||||||||||||||
The average shares outstanding used to compute basic and diluted earnings per share are as follows: | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
December 27, | December 28, | December 27, | December 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Average Shares Outstanding – Basic | 6,823 | 6,856 | 6,788 | 7,192 | |||||||||||||
Effect of Dilutive Common Stock Equivalents | 258 | 269 | 273 | 229 | |||||||||||||
Average Shares Outstanding – Diluted | 7,081 | 7,125 | 7,061 | 7,421 | |||||||||||||
Anti-dilutive Common Stock Equivalents | - | - | - | 225 | |||||||||||||
Note_2_Debt
Note 2 - Debt | 9 Months Ended |
Dec. 27, 2014 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | NOTE 2 – DEBT |
Description: Transcat, through its credit agreement, as amended, (the “Credit Agreement”), which matures September 20, 2018, has a revolving credit facility which allows for maximum borrowings of $30.0 million (the “Revolving Credit Facility”). As of December 27, 2014, $27.5 million was available under the Revolving Credit Facility, of which $14.8 million was outstanding and included in long-term debt on the Consolidated Balance Sheet. | |
Borrowings available under the Revolving Credit Facility for business acquisitions are limited to $15.0 million in any fiscal year. During the first nine months of fiscal year 2015, the Company borrowed $6.7 million for a business acquisition, leaving $8.3 million available for business acquisitions during the remainder of the fiscal year. | |
Interest and Other Costs: Interest on the 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 Revolving Credit Facility. Interest rate margins and commitment fees are determined on a quarterly basis based upon the Company’s calculated leverage ratio, as defined in the Credit Agreement. The one-month LIBOR as of December 27, 2014 was 0.2%. The Company’s interest rate for the first nine months of fiscal year 2015 ranged from 1.1% to 2.2%. | |
Covenants: The 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 the first nine months of fiscal year 2015. | |
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 Revolving Credit Facility. | |
Note_3_Stockbased_Compensation
Note 3 - Stock-based Compensation | 9 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 3 – 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 on the date of grant. At December 27, 2014, the number of shares available for future grant under the 2003 Plan totaled 1.4 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 Company achieved 114% of the target level for the performance-based restricted stock units granted in the fiscal year ended March 31, 2012 (“fiscal year 2012”) and as a result, issued 42 thousand shares of common stock to executive officers and certain key employees during the first quarter of fiscal year 2015. The following table summarizes the non-vested performance-based restricted stock units outstanding as of December 27, 2014: | |||||||||||||||||
Date | Measurement | Total | Grant Date | Estimated | |||||||||||||
Granted | Period | Number | Fair | Probability of | |||||||||||||
of Units | Value | Achievement at | |||||||||||||||
Granted | Per Unit | 27-Dec-14 | |||||||||||||||
Apr-12 | April 2012 | - | Mar-15 | 24 | $ | 13.11 | 75% of target level | ||||||||||
Apr-13 | April 2013 | - | Mar-16 | 99 | $ | 6.17 | 100% of target level | ||||||||||
Apr-14 | April 2014 | - | Mar-17 | 64 | $ | 9.28 | 100% of target level | ||||||||||
Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, in the first nine months of fiscal years 2015 and 2014 was $0.3 million and $0.4 million, respectively. As of December 27, 2014, unearned compensation, to be recognized over the grants’ remaining respective service periods, totaled $0.7 million. | |||||||||||||||||
During the first quarter of fiscal year 2015, the Company’s Board of Directors granted its Executive Chairman a stock award of ten thousand shares of common stock under the 2003 Plan. The award vested 50% on July 1, 2014, and the remaining 50% will vest on July 1, 2015. During the second quarter of fiscal year 2015, the Company’s Board of Directors granted a stock award of two thousand shares of common stock under the 2003 Plan to a retiring board member. The award vested in the second quarter of fiscal year 2015. Total expense relating to these stock awards, based on grant date fair value, was less than $0.1 million in the first nine months of fiscal year 2015. As of December 27, 2014, the unrecognized compensation cost for these awards expected to be recognized over the next six months was less than $0.1 million. | |||||||||||||||||
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 as of and for the nine months ended December 27, 2014: | |||||||||||||||||
Number | Weighted | Weighted Average | Aggregate | ||||||||||||||
of | Average | Remaining | Intrinsic | ||||||||||||||
Shares | Exercise | Contractual | Value | ||||||||||||||
Price Per | Term (in years) | ||||||||||||||||
Share | |||||||||||||||||
Outstanding as of March 29, 2014 | 609 | $ | 6.58 | ||||||||||||||
Exercised | (54 | ) | 4.53 | ||||||||||||||
Outstanding as of December 27, 2014 | 555 | 6.77 | 4 | $ | 1,652 | ||||||||||||
Exercisable as of December 27, 2014 | 455 | 6.6 | 3 | 1,434 | |||||||||||||
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 the third quarter of fiscal year 2015 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 December 27, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock. | |||||||||||||||||
During the first nine months of fiscal years 2015 and 2014, total expense relating to stock options was less than $0.1 million. Total unrecognized compensation cost related to non-vested stock options as of December 27, 2014 was $0.3 million, which is expected to be recognized over a weighted average period of two years. The aggregate intrinsic value of stock options exercised in the first nine months of fiscal year 2015 was $0.3 million. Cash received from the exercise of options in the first nine months of fiscal year 2015 was $0.2 million. | |||||||||||||||||
Note_4_Segment_Information
Note 4 - Segment Information | 9 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 4 – SEGMENT INFORMATION | ||||||||||||||||
Transcat has two reportable segments: Service and Distribution. The Company has no inter-segment sales. The following table presents segment information for the third quarter and the nine months ended December 27, 2014 and December 28, 2013: | |||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||
December 27, | December 28, | December 27, | December 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total Revenue: | |||||||||||||||||
Service Revenue | $ | 12,603 | $ | 11,516 | $ | 37,336 | $ | 34,727 | |||||||||
Distribution Sales | 18,449 | 18,997 | 53,946 | 53,378 | |||||||||||||
Total | 31,052 | 30,513 | 91,282 | 88,105 | |||||||||||||
Gross Profit: | |||||||||||||||||
Service | 3,090 | 2,690 | 9,299 | 8,594 | |||||||||||||
Distribution | 3,904 | 4,448 | 11,290 | 12,579 | |||||||||||||
Total | 6,994 | 7,138 | 20,589 | 21,173 | |||||||||||||
Operating Expenses: | |||||||||||||||||
Service (1) | 2,528 | 2,539 | 7,805 | 7,722 | |||||||||||||
Distribution (1) | 3,089 | 3,257 | 9,132 | 9,676 | |||||||||||||
Total | 5,617 | 5,796 | 16,937 | 17,398 | |||||||||||||
Operating Income: | |||||||||||||||||
Service | 562 | 151 | 1,494 | 872 | |||||||||||||
Distribution | 815 | 1,191 | 2,158 | 2,903 | |||||||||||||
Total | 1,377 | 1,342 | 3,652 | 3,775 | |||||||||||||
Unallocated Amounts: | |||||||||||||||||
Interest and Other Expense, net | 83 | 85 | 266 | 157 | |||||||||||||
Provision for Income Taxes | 481 | 469 | 1,269 | 1,338 | |||||||||||||
Total | 564 | 554 | 1,535 | 1,495 | |||||||||||||
Net Income | $ | 813 | $ | 788 | $ | 2,117 | $ | 2,280 | |||||||||
(1) Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management’s estimates. | |||||||||||||||||
Note_5_Business_Acquisitions
Note 5 - Business Acquisitions | 9 Months Ended | ||||||||
Dec. 27, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | NOTE 5 – BUSINESS ACQUISITIONS | ||||||||
On August 29, 2014, Transcat, through Transmation (Canada) Inc., acquired, effective as of August 31, 2014, Ulrich Metrology Inc. (“Ulrich”), pursuant to a Share Purchase Agreement for a cash purchase price of approximately $6.7 million, net of $0.1 million cash acquired. | |||||||||
Ulrich is a provider of accredited and commercial calibrations headquartered in Montreal, Quebec that specializes in providing custom metrology solutions for the aerospace and defense, industrial manufacturing and life science industries. | |||||||||
This transaction aligns 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 acquisition was accounted for using the acquisition method of accounting. Goodwill, calculated as the excess of the purchase price paid over the fair value of the underlying net assets of the business acquired, generally represents expected future economic benefits arising from the reputation of the acquired business, the assembled workforce, expected synergies and other assets acquired that could not be individually identified and separately recognized. 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 Ulrich acquisition are not deductible for tax purposes. | |||||||||
The following is a summary of the preliminary purchase price allocation to the estimated fair value, based on level three inputs, of assets and liabilities acquired. These estimates may be revised based on working capital adjustments or other information related to the Ulrich acquisition. | |||||||||
Goodwill | $ | 3,980 | |||||||
Intangible Assets – Customer Base | 2,179 | ||||||||
Intangible Assets – Covenants Not to Compete | 114 | ||||||||
Deferred Tax Liability | (685 | ) | |||||||
5,588 | |||||||||
Plus: | Current Assets | 937 | |||||||
Non-Current Assets | 379 | ||||||||
Less: | Current Liabilities | (223 | ) | ||||||
Total Purchase Price | $ | 6,681 | |||||||
Acquisition costs of $0.1 million were recorded as incurred, during the first nine months of fiscal year 2015, as administrative expenses in the Consolidated Statement of Income. | |||||||||
The results of Ulrich are included in Transcat’s consolidated operating results as of the date the business was acquired. The following unaudited pro forma information presents the Company’s results of operations as if the Ulrich acquisition had occurred at the beginning of the respective fiscal year. The pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transaction had occurred at the beginning of each period presented or what the Company’s operating results will be in future periods. | |||||||||
(Unaudited) | |||||||||
Nine Months Ended | |||||||||
December 27, | December 28, | ||||||||
2014 | 2013 | ||||||||
Total Revenue | $ | 92,953 | $ | 90,458 | |||||
Net Income | 2,221 | 2,535 | |||||||
Basic Earnings Per Share | 0.33 | 0.35 | |||||||
Diluted Earnings Per Share | 0.31 | 0.34 | |||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Dec. 27, 2014 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation: Transcat’s unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended March 29, 2014 (“fiscal year 2014”) contained in the Company’s 2014 Annual Report on Form 10-K filed with the SEC. |
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 December 27, 2014 and March 29, 2014, investment assets totaled $1.0 million and $0.8 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 the first nine months of the fiscal year ending March 28, 2015 (“fiscal year 2015”) and the first nine months of fiscal year 2014, the Company recorded non-cash stock-based compensation cost of $0.5 million and $0.4 million, respectively, in the Consolidated Statements of Income. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions: The accounts of Transmation (Canada) Inc., a wholly-owned subsidiary of the Company, 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 in the first nine months of fiscal year 2015 and less than $0.1 million in the first nine months of fiscal year 2014. The Company continuously utilizes short-term foreign exchange forward contracts to reduce the risk that its earnings will be adversely affected by changes in currency exchange rates. The Company does not apply hedge accounting and therefore, the change in the fair value of the contracts, which totaled a gain of $0.4 million and $0.3 million during the first nine months of fiscal years 2015 and 2014, respectively, 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 of the underlying accounts receivables denominated in Canadian dollars being hedged. On December 27, 2014, the Company had a foreign exchange contract outstanding in the notional amount of $7.3 million. The Company does not use hedging arrangements for speculative purposes. | |
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 that 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. |
Note_1_General_Tables
Note 1 - General (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | Third Quarter Ended | Nine Months Ended | |||||||||||||||
December 27, | December 28, | December 27, | December 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Average Shares Outstanding – Basic | 6,823 | 6,856 | 6,788 | 7,192 | |||||||||||||
Effect of Dilutive Common Stock Equivalents | 258 | 269 | 273 | 229 | |||||||||||||
Average Shares Outstanding – Diluted | 7,081 | 7,125 | 7,061 | 7,421 | |||||||||||||
Anti-dilutive Common Stock Equivalents | - | - | - | 225 |
Note_3_Stockbased_Compensation1
Note 3 - Stock-based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
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 | 27-Dec-14 | |||||||||||||||
Apr-12 | April 2012 | - | Mar-15 | 24 | $ | 13.11 | 75% of target level | ||||||||||
Apr-13 | April 2013 | - | Mar-16 | 99 | $ | 6.17 | 100% of target level | ||||||||||
Apr-14 | April 2014 | - | Mar-17 | 64 | $ | 9.28 | 100% of target level | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number | Weighted | Weighted Average | Aggregate | |||||||||||||
of | Average | Remaining | Intrinsic | ||||||||||||||
Shares | Exercise | Contractual | Value | ||||||||||||||
Price Per | Term (in years) | ||||||||||||||||
Share | |||||||||||||||||
Outstanding as of March 29, 2014 | 609 | $ | 6.58 | ||||||||||||||
Exercised | (54 | ) | 4.53 | ||||||||||||||
Outstanding as of December 27, 2014 | 555 | 6.77 | 4 | $ | 1,652 | ||||||||||||
Exercisable as of December 27, 2014 | 455 | 6.6 | 3 | 1,434 |
Note_4_Segment_Information_Tab
Note 4 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Third Quarter Ended | Nine Months Ended | |||||||||||||||
December 27, | December 28, | December 27, | December 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total Revenue: | |||||||||||||||||
Service Revenue | $ | 12,603 | $ | 11,516 | $ | 37,336 | $ | 34,727 | |||||||||
Distribution Sales | 18,449 | 18,997 | 53,946 | 53,378 | |||||||||||||
Total | 31,052 | 30,513 | 91,282 | 88,105 | |||||||||||||
Gross Profit: | |||||||||||||||||
Service | 3,090 | 2,690 | 9,299 | 8,594 | |||||||||||||
Distribution | 3,904 | 4,448 | 11,290 | 12,579 | |||||||||||||
Total | 6,994 | 7,138 | 20,589 | 21,173 | |||||||||||||
Operating Expenses: | |||||||||||||||||
Service (1) | 2,528 | 2,539 | 7,805 | 7,722 | |||||||||||||
Distribution (1) | 3,089 | 3,257 | 9,132 | 9,676 | |||||||||||||
Total | 5,617 | 5,796 | 16,937 | 17,398 | |||||||||||||
Operating Income: | |||||||||||||||||
Service | 562 | 151 | 1,494 | 872 | |||||||||||||
Distribution | 815 | 1,191 | 2,158 | 2,903 | |||||||||||||
Total | 1,377 | 1,342 | 3,652 | 3,775 | |||||||||||||
Unallocated Amounts: | |||||||||||||||||
Interest and Other Expense, net | 83 | 85 | 266 | 157 | |||||||||||||
Provision for Income Taxes | 481 | 469 | 1,269 | 1,338 | |||||||||||||
Total | 564 | 554 | 1,535 | 1,495 | |||||||||||||
Net Income | $ | 813 | $ | 788 | $ | 2,117 | $ | 2,280 |
Note_5_Business_Acquisitions_T
Note 5 - Business Acquisitions (Tables) (Ulrich Acquisition [Member]) | 9 Months Ended | ||||||||
Dec. 27, 2014 | |||||||||
Ulrich Acquisition [Member] | |||||||||
Note 5 - Business Acquisitions (Tables) [Line Items] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Goodwill | $ | 3,980 | ||||||
Intangible Assets – Customer Base | 2,179 | ||||||||
Intangible Assets – Covenants Not to Compete | 114 | ||||||||
Deferred Tax Liability | (685 | ) | |||||||
5,588 | |||||||||
Plus: | Current Assets | 937 | |||||||
Non-Current Assets | 379 | ||||||||
Less: | Current Liabilities | (223 | ) | ||||||
Total Purchase Price | $ | 6,681 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited) | ||||||||
Nine Months Ended | |||||||||
December 27, | December 28, | ||||||||
2014 | 2013 | ||||||||
Total Revenue | $ | 92,953 | $ | 90,458 | |||||
Net Income | 2,221 | 2,535 | |||||||
Basic Earnings Per Share | 0.33 | 0.35 | |||||||
Diluted Earnings Per Share | 0.31 | 0.34 |
Note_1_General_Details
Note 1 - General (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Mar. 29, 2014 |
Note 1 - General (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | $0.50 | $0.40 | |
Foreign Currency Transaction Gain (Loss), Realized | -0.1 | ||
Other Expense [Member] | Less Than [Member] | |||
Note 1 - General (Details) [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0.4 | 0.3 | |
Foreign Exchange Contract [Member] | |||
Note 1 - General (Details) [Line Items] | |||
Derivative Asset, Notional Amount | 7.3 | ||
Less Than [Member] | |||
Note 1 - General (Details) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | -0.1 | ||
Other Assets [Member] | |||
Note 1 - General (Details) [Line Items] | |||
Investments | $1 | $0.80 |
Note_1_General_Details_Weighte
Note 1 - General (Details) - Weighted Average Shares Outstanding Used to Compute Basic and Diluted Earnings Per Share | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 27, 2014 | Dec. 28, 2013 |
Weighted Average Shares Outstanding Used to Compute Basic and Diluted Earnings Per Share [Abstract] | ||||
Average Shares Outstanding b Basic | 6,823 | 6,856 | 6,788 | 7,192 |
Effect of Dilutive Common Stock Equivalents | 258 | 269 | 273 | 229 |
Average Shares Outstanding b Diluted | 7,081 | 7,125 | 7,061 | 7,421 |
Anti-dilutive Common Stock Equivalents | 225 |
Note_2_Debt_Details
Note 2 - Debt (Details) (Revolving Credit Facility [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 27, 2014 |
Note 2 - Debt (Details) [Line Items] | |
Line of Credit Facility, Remaining Borrowing Capacity | $27.50 |
Long-term Line of Credit | 14.8 |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 1.10% |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 2.20% |
Borrowngs for Business Acquisitions [Member] | Amendment [Member] | |
Note 2 - Debt (Details) [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 15 |
Line of Credit Facility, Remaining Borrowing Capacity | 8.3 |
Long-term Line of Credit | 6.7 |
Amendment [Member] | |
Note 2 - Debt (Details) [Line Items] | |
Line of Credit Facility, Expiration Date | 20-Sep-18 |
Line of Credit Facility, Maximum Borrowing Capacity | $30 |
London Interbank Offered Rate (LIBOR) [Member] | |
Note 2 - Debt (Details) [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.20% |
Note_3_Stockbased_Compensation2
Note 3 - Stock-based Compensation (Details) (USD $) | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jul. 01, 2014 | Sep. 27, 2014 |
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Restricted Stock or Unit Expense | $0.30 | $0.40 | |||
Allocated Share-based Compensation Expense | 0.5 | 0.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.3 | ||||
Proceeds from Stock Options Exercised | 0.2 | ||||
Restricted Stock [Member] | Vesting July 1, 2015 [Member] | Board of Directors Chairman [Member] | 2003 Plan [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
Restricted Stock [Member] | Executive Officers and Certain Key Employees [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 42,000 | ||||
Restricted Stock [Member] | Board of Directors Chairman [Member] | 2003 Plan [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 10,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
Restricted Stock [Member] | Retiring Board Member [Member] | 2003 Plan [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 2,000 | ||||
Restricted Stock [Member] | 2003 Plan [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0.1 | ||||
Allocated Share-based Compensation Expense | 0.1 | ||||
Restricted Stock [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0.7 | ||||
Employee Stock Option [Member] | Maximum [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Employee Stock Option [Member] | Weighted Average [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Employee Stock Option [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Allocated Share-based Compensation Expense | 0.1 | 0.1 | |||
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 | $0.30 | ||||
2003 Plan [Member] | |||||
Note 3 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,400,000 |
Note_3_Stockbased_Compensation3
Note 3 - Stock-based Compensation (Details) - Non-Vested Performance-Based Restricted Stock Units (USD $) | Dec. 27, 2014 |
In Thousands, except Per Share data, unless otherwise specified | |
Performance Based Restricted Stock Awards Granted in April 2012 [Member] | |
Note 3 - 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 | $13.11 |
Performance Based Restricted Stock Awards Granted in April 2013 [Member] | |
Note 3 - Stock-based Compensation (Details) - Non-Vested Performance-Based Restricted Stock Units [Line Items] | |
Total Number of Units Granted | 99 |
Grant Date Fair Value Per Unit | $6.17 |
Performance Based Restricted Stock Awards Granted in April 2014 [Member] | |
Note 3 - Stock-based Compensation (Details) - Non-Vested Performance-Based Restricted Stock Units [Line Items] | |
Total Number of Units Granted | 64 |
Grant Date Fair Value Per Unit | $9.28 |
Note_3_Stockbased_Compensation4
Note 3 - Stock-based Compensation (Details) - Stock Options (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 |
Stock Options [Abstract] | |
Number of Shares | 609 |
Weighted Average Exercise Price Per Share | $6.58 |
Weighted Average Remaining Contractual Term (in years) | 4 years |
Exercisable as of December 27, 2014 | 455 |
Exercisable as of December 27, 2014 | $6.60 |
Exercisable as of December 27, 2014 | 3 years |
Exercisable as of December 27, 2014 | $1,434 |
Exercised | -54 |
Exercised | $4.53 |
Number of Shares | 555 |
Weighted Average Exercise Price Per Share | $6.77 |
Aggregate Intrinsic Value | $1,652 |
Note_4_Segment_Information_Det
Note 4 - Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | |
Note 4 - Segment Information (Details) [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Intersegment Eliminations [Member] | ||||
Note 4 - Segment Information (Details) [Line Items] | ||||
Revenues | $0 | $0 | $0 | $0 |
Note_4_Segment_Information_Det1
Note 4 - Segment Information (Details) - Segment Information (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | ||||
Total Revenue: | ||||||||
Total Revenue | $31,052 | $30,513 | $91,282 | $88,105 | ||||
Gross Profit: | ||||||||
Gross Profit | 6,994 | 7,138 | 20,589 | 21,173 | ||||
Operating Expenses: | ||||||||
Operating Expenses | 5,617 | 5,796 | 16,937 | 17,398 | ||||
Operating Income: | ||||||||
Operating Income | 1,377 | 1,342 | 3,652 | 3,775 | ||||
Unallocated Amounts: | ||||||||
Interest and Other Expense, net | 83 | 85 | 266 | 157 | ||||
Provision for Income Taxes | 481 | 469 | 1,269 | 1,338 | ||||
Total | 564 | 554 | 1,535 | 1,495 | ||||
Net Income | 813 | 788 | 2,117 | 2,280 | ||||
Service Segment [Member] | ||||||||
Total Revenue: | ||||||||
Total Revenue | 12,603 | 11,516 | 37,336 | 34,727 | ||||
Gross Profit: | ||||||||
Gross Profit | 3,090 | 2,690 | 9,299 | 8,594 | ||||
Operating Expenses: | ||||||||
Operating Expenses | 2,528 | [1] | 2,539 | [1] | 7,805 | [1] | 7,722 | [1] |
Operating Income: | ||||||||
Operating Income | 562 | 151 | 1,494 | 872 | ||||
Distribution Sales [Member] | ||||||||
Total Revenue: | ||||||||
Total Revenue | 18,449 | 18,997 | 53,946 | 53,378 | ||||
Gross Profit: | ||||||||
Gross Profit | 3,904 | 4,448 | 11,290 | 12,579 | ||||
Operating Expenses: | ||||||||
Operating Expenses | 3,089 | [1] | 3,257 | [1] | 9,132 | [1] | 9,676 | [1] |
Operating Income: | ||||||||
Operating Income | $815 | $1,191 | $2,158 | $2,903 | ||||
[1] | Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management's estimates |
Note_5_Business_Acquisitions_D
Note 5 - Business Acquisitions (Details) (Ulrich Acquisition [Member], USD $) | 0 Months Ended | 9 Months Ended |
Aug. 29, 2014 | Dec. 27, 2014 | |
Ulrich Acquisition [Member] | ||
Note 5 - Business Acquisitions (Details) [Line Items] | ||
Business Combination, Consideration Transferred | $6,700,000 | $6,681,000 |
Cash Acquired from Acquisition | 100,000 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Business Combination, Acquisition Related Costs | $100,000 |
Note_5_Business_Acquisitions_D1
Note 5 - Business Acquisitions (Details) - Preliminary Purchase Price Allocation (USD $) | 0 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 29, 2014 | Dec. 27, 2014 | Mar. 29, 2014 |
Note 5 - Business Acquisitions (Details) - Preliminary Purchase Price Allocation [Line Items] | |||
Goodwill | $20,991 | $17,384 | |
Customer Relationships [Member] | Ulrich Acquisition [Member] | |||
Note 5 - Business Acquisitions (Details) - Preliminary Purchase Price Allocation [Line Items] | |||
Intangible Assets | 2,179 | ||
Noncompete Agreements [Member] | Ulrich Acquisition [Member] | |||
Note 5 - Business Acquisitions (Details) - Preliminary Purchase Price Allocation [Line Items] | |||
Intangible Assets | 114 | ||
Ulrich Acquisition [Member] | |||
Note 5 - Business Acquisitions (Details) - Preliminary Purchase Price Allocation [Line Items] | |||
Goodwill | 3,980 | ||
Deferred Tax Liability | -685 | ||
5,588 | |||
Plus: Current Assets | 937 | ||
Non-Current Assets | 379 | ||
Less: Current Liabilities | -223 | ||
Total Purchase Price | $6,700 | $6,681 |
Note_5_Business_Acquisitions_D2
Note 5 - Business Acquisitions (Details) - Unaudited Pro Forma Information (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Sep. 28, 2013 |
Unaudited Pro Forma Information [Abstract] | ||
Total Revenue | $92,953 | $90,458 |
Net Income | $2,221 | $2,535 |
Basic Earnings Per Share | $0.33 | $0.35 |
Diluted Earnings Per Share | $0.31 | $0.34 |