Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 27, 2015 | Aug. 04, 2015 | |
Document and Entity Information [Abstract] | ||
Document Fiscal Period Focus | Q1 | |
Entity Common Stock, Shares Outstanding | 6,884,103 | |
Entity Central Index Key | 99,302 | |
Current Fiscal Year End Date | --03-26 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Entity Registrant Name | TRANSCAT INC | |
Document Fiscal Year Focus | 2,016 | |
Trading Symbol | TRNS | |
Amendment Flag | false | |
Document Period End Date | Jun. 27, 2015 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ||
Service Revenue | $ 13,535 | $ 12,138 |
Distribution Sales | 16,135 | 16,981 |
Total Revenue | 29,670 | 29,119 |
Cost of Service Revenue | 10,004 | 9,201 |
Cost of Distribution Sales | 12,604 | 13,249 |
Total Cost of Revenue | 22,608 | 22,450 |
Gross Profit | 7,062 | 6,669 |
Selling, Marketing and Warehouse Expenses | 3,540 | 3,735 |
Administrative Expenses | 2,495 | 2,175 |
Total Operating Expenses | 6,035 | 5,910 |
Operating Income | 1,027 | 759 |
Interest and Other Expense, net | 95 | 45 |
Income Before Income Taxes | 932 | 714 |
Provision for Income Taxes | 331 | 269 |
Net Income | $ 601 | $ 445 |
Basic Earnings Per Share (in Dollars per share) | $ 0.09 | $ 0.07 |
Average Shares Outstanding (in Shares) | 6,851 | 6,746 |
Diluted Earnings Per Share (in Dollars per share) | $ 0.08 | $ 0.06 |
Average Shares Outstanding (in Shares) | 7,132 | 7,025 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net Income | $ 601 | $ 445 |
Other Comprehensive Income (Loss): | ||
Currency Translation Adjustment | 92 | (10) |
Unrecognized Prior Service Cost, net of tax effects of $(7) and $(4) for the first quarters ended June 27, 2015 and June 28, 2014, respectively | 11 | 7 |
Unrealized (Loss) Gain on Other Asset, net of tax effects of $1 and $(7) for the first quarters ended June 27, 2015 and June 28, 2014, respectively | (2) | 13 |
Total Other Comprehensive Income | 101 | 10 |
Comprehensive Income | $ 702 | $ 455 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Unrecognized Prior Service Cost, tax (expense) benefit | $ (7) | $ (4) |
Unrealized (Loss) Gain on Other Asset, tax expense (benefit) | $ 1 | $ (7) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Current Assets: | ||
Cash | $ 50 | $ 65 |
Accounts Receivable, less allowance for doubtful accounts of $113 and $111 as of June 27, 2015 and March 28, 2015, respectively | 14,514 | 16,899 |
Other Receivables | 776 | 1,171 |
Inventory, net | 6,583 | 6,750 |
Prepaid Expenses and Other Current Assets | 1,180 | 1,209 |
Deferred Tax Assets | 976 | 1,048 |
Total Current Assets | 24,079 | 27,142 |
Property and Equipment, net | 9,953 | 9,397 |
Goodwill | 21,660 | 20,923 |
Intangible Assets, net | 3,841 | 3,554 |
Other Assets | 1,151 | 1,133 |
Total Assets | 60,684 | 62,149 |
Current Liabilities: | ||
Accounts Payable | 6,533 | 7,695 |
Accrued Compensation and Other Liabilities | 3,435 | 4,195 |
Income Taxes Payable | 410 | 43 |
Total Current Liabilities | 10,378 | 11,933 |
Long-Term Debt | 11,471 | 12,168 |
Deferred Tax Liabilities | 1,501 | 1,684 |
Other Liabilities | 2,103 | 2,046 |
Total Liabilities | 25,453 | 27,831 |
Shareholders' Equity: | ||
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 6,870,869 and 6,835,828 shares issued and outstanding as of June 27, 2015 and March 28, 2015, respectively | 3,435 | 3,418 |
Capital in Excess of Par Value | 12,540 | 12,289 |
Accumulated Other Comprehensive Loss | (42) | (143) |
Retained Earnings | 19,298 | 18,754 |
Total Shareholders' Equity | 35,231 | 34,318 |
Total Liabilities and Shareholders' Equity | $ 60,684 | $ 62,149 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts Receivable, allowance for doubtful accounts (in Dollars) | $ 113 | $ 111 |
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 | 6,870,869 | 6,835,828 |
Common Stock, shares outstanding | 6,870,869 | 6,835,828 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 601 | $ 445 |
AdjAdjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | ||
Loss on Disposal of Property and Equipment | 25 | 1 |
Deferred Income Taxes | (139) | 447 |
Depreciation and Amortization | 840 | 624 |
Provision for Accounts Receivable and Inventory Reserves | 52 | 34 |
Stock-Based Compensation Expense | 171 | 155 |
Changes in Assets and Liabilities: | ||
Accounts Receivable and Other Receivables | 2,896 | 1,457 |
Inventory | 161 | (2,042) |
Prepaid Expenses and Other Assets | (26) | (182) |
Accounts Payable | (1,162) | 182 |
Accrued Compensation and Other Liabilities | (1,172) | (2,500) |
Income Taxes Payable | 389 | (1,035) |
Net Cash Provided by (Used in) Operating Activities | 2,636 | (2,414) |
Cash Flows from Investing Activities: | ||
Purchase of Property and Equipment | (1,089) | $ (703) |
Business Acquisition | (700) | |
Net Cash Used in Investing Activities | (1,789) | $ (703) |
Cash Flows from Financing Activities: | ||
(Repayment of) Proceeds from Revolving Credit Facility, net | (697) | 3,228 |
Issuance of Common Stock | 127 | 228 |
Repurchase of Common Stock | (65) | $ (69) |
Excess Tax Benefits Related to Stock-Based Compensation | (22) | |
Net Cash (Used in) Provided by Financing Activities | (657) | $ 3,387 |
Effect of Exchange Rate Changes on Cash | (205) | (125) |
Net (Decrease) Increase in Cash | (15) | 145 |
Cash at Beginning of Period | 65 | 23 |
Cash at End of Period | 50 | 168 |
Cash paid during the period for: | ||
Interest | 54 | 37 |
Income Taxes, net | 117 | $ 1,164 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Contingent Consideration Related to Business Acquisition | $ 300 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 3 months ended Jun. 27, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Balance at Mar. 28, 2015 | $ 34,318 | $ 3,418 | $ 12,289 | $ (143) | $ 18,754 |
Balance (in Shares) at Mar. 28, 2015 | 6,835,828 | 6,836,000 | |||
Issuance of Common Stock | $ 127 | $ 11 | 116 | ||
Issuance of Common Stock (in Shares) | 22,000 | ||||
Repurchase of Common Stock | (65) | $ (3) | (5) | $ (57) | |
Repurchase of Common Stock (in shares) | (6,000) | ||||
Stock-Based Compensation | 171 | $ 9 | 162 | ||
Stock-Based Compensation (in Shares) | 18,000 | ||||
Tax-Effect of Stock-Based Compensation | (22) | $ (22) | |||
Other Comprehensive Income | 101 | $ 101 | |||
Net Income | 601 | $ 601 | |||
Balance at Jun. 27, 2015 | $ 35,231 | $ 3,435 | $ 12,540 | $ (42) | $ 19,298 |
Balance (in Shares) at Jun. 27, 2015 | 6,870,869 | 6,870,000 |
GENERAL
GENERAL | 3 Months Ended |
Jun. 27, 2015 | |
GENERAL [Abstract] | |
GENERAL | NOTE 1 GENERAL Description of Business: Basis of Presentation: Fair Value of Financial Instruments: 1.0 0.9 Stock-Based Compensation: 0.2 Foreign Currency Translation and Transactions: Transcat records foreign currency gains and losses on Canadian business transactions. The net foreign currency loss was less than $ 0.1 0.2 5.6 Earnings Per Share: For the first quarter of fiscal years 2016 and 2015, the net additional common stock equivalents had a $ .01 First Quarter Ended June 27, June 28, 2015 2014 Average Shares Outstanding Basic 6,851 6,746 Effect of Dilutive Common Stock Equivalents 281 279 Average Shares Outstanding Diluted 7,132 7,025 Anti-dilutive Common Stock Equivalents - - |
DEBT
DEBT | 3 Months Ended |
Jun. 27, 2015 | |
DEBT [Abstract] | |
DEBT | NOTE 2 DEBT Description: September 20, 2018 30.0 2.75 four June 27, 2015 , $ 29.5 11.5 Borrowings available under the Revolving Credit Facility for business acquisitions are limited to $ 15.0 0.7 Interest and Other Costs: June 27, 2015 was 0.2 1.7 1.8 Covenants: Other Terms: Transcat Canada |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Jun. 27, 2015 | |
STOCK-BASED COMPENSATION [Abstract] | |
STOCK-BASED COMPENSATION | 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 at the date of grant. At June 27, 2015, the number of shares available for future grant under the 2003 Plan totaled 1.3 Restricted Stock: The Company achieved 75 18 Total Grant Date Estimated Number Fair Level of Date Measurement of Units Value Achievement at Granted Period Granted Per Unit June 27, 2015 April 2013 April 2013 - March 2016 99 $ 6.17 75 April 2014 April 2014 - March 2017 64 $ 9.28 75 April 2015 April 2015 March 2018 73 $ 9.59 100 Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, was $ 0.1 1.0 During the first quarter of fiscal year 2015, the Company's Board of Directors granted its Executive Chairman a stock award of ten 50 50 Stock Options: four ten The following table summarizes the Company's options as of and for the first quarter ended June 27, 2015: Weighted Weighted Average Average Number Exercise Remaining Aggregate of Price Per Contractual Intrinsic Shares Share Term (in years) Value Outstanding as of March 28, 2015 561 $ 6.83 Exercised (19 ) 4.30 Outstanding as of June 27, 2015 542 6.92 3 $ 1,494 Exercisable as of June 27, 2015 442 6.77 2 $ 1,284 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 first quarter of fiscal year 2016 Total expense related to stock options was less than $ 0.1 0.2 two 0.1 0.1 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 27, 2015 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | NOTE 4 SEGMENT INFORMATION Transcat has two First Quarter Ended June 27, June 28, 2015 2014 Revenue: Service Revenue $ 13,535 $ 12,138 Distribution Sales 16,135 16,981 Total 29,670 29,119 Gross Profit: Service 3,531 2,937 Distribution 3,531 3,732 Total 7,062 6,669 Operating Expenses: Service (1) 2,885 2,670 Distribution (1) 3,150 3,240 Total 6,035 5,910 Operating Income: Service (1) 646 267 Distribution (1) 381 492 Total 1,027 759 Unallocated Amounts: Interest and Other Expense, net 95 45 Provision for Income Taxes 331 269 Total 426 314 Net Income $ 601 $ 445 (1) Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management's estimates. |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 3 Months Ended |
Jun. 27, 2015 | |
BUSINESS ACQUISITIONS [Abstract] | |
BUSINESS ACQUISITIONS | NOTE 5 BUSINESS ACQUISITIONS On June 22, 2015, Transcat acquired substantially all of the assets of Calibration Technologies, Inc. (Calibration Technologies), a regional provider of analytical instrument services including qualification, validation, repair and installation, headquartered in Morris Plaines, New Jersey. 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 an 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 covenant not to compete, represent an allocation of a portion of the purchase price to identifiable intangible assets of the acquired business. Intangible assets are being amortized for financial reporting purposes on an accelerated basis over the estimated useful life of up to 10 The total purchase price paid for the business acquired was approximately $ 1.0 Goodwill $ 603 Intangible Assets Customer Base 291 Intangible Assets Covenants Not to Compete 199 1,093 Plus: Current Assets 73 Less: Current Liabilities (166 ) Total Purchase Price $ 1,000 The acquisition of Calibration Technologies contains a holdback provision, as defined in the purchase agreement. The Company accrued contingent consideration relating to the holdback provision based on its estimated fair value at the date of acquisition. No contingent consideration was paid during the first quarter of fiscal year 2016. As of June 27, 2015, $ 0.3 During first quarter of fiscal year 2016, acquisition costs of less than $ 0.1 In connection with a business acquisition completed in fiscal year 2015, the Company entered into an incentive agreement with the former owner of the acquired business. The Company recorded no expense related to this incentive agreement during the first quarter of fiscal year 2016 and had no unpaid amounts accrued at June 27, 2015. |
GENERAL (Policy)
GENERAL (Policy) | 3 Months Ended |
Jun. 27, 2015 | |
GENERAL [Abstract] | |
Description of Business | Description of Business: |
Basis of Presentation | Basis of Presentation: |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: 1.0 0.9 |
Stock-Based Compensation | Stock-Based Compensation: 0.2 |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions: Transcat records foreign currency gains and losses on Canadian business transactions. The net foreign currency loss was less than $ 0.1 0.2 5.6 |
Earnings Per Share | Earnings Per Share: For the first quarter of fiscal years 2016 and 2015, the net additional common stock equivalents had a $ .01 First Quarter Ended June 27, June 28, 2015 2014 Average Shares Outstanding Basic 6,851 6,746 Effect of Dilutive Common Stock Equivalents 281 279 Average Shares Outstanding Diluted 7,132 7,025 Anti-dilutive Common Stock Equivalents - - |
GENERAL (Tables)
GENERAL (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
GENERAL [Abstract] | |
Schedule of Weighted Average Number of Shares | First Quarter Ended June 27, June 28, 2015 2014 Average Shares Outstanding Basic 6,851 6,746 Effect of Dilutive Common Stock Equivalents 281 279 Average Shares Outstanding Diluted 7,132 7,025 Anti-dilutive Common Stock Equivalents - - |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
STOCK-BASED COMPENSATION [Abstract] | |
Schedule of Restricted Stock Units Award Activity | Total Grant Date Estimated Number Fair Level of Date Measurement of Units Value Achievement at Granted Period Granted Per Unit June 27, 2015 April 2013 April 2013 - March 2016 99 $ 6.17 75 April 2014 April 2014 - March 2017 64 $ 9.28 75 April 2015 April 2015 March 2018 73 $ 9.59 100 |
Schedule of Stock Options Activity | Weighted Weighted Average Average Number Exercise Remaining Aggregate of Price Per Contractual Intrinsic Shares Share Term (in years) Value Outstanding as of March 28, 2015 561 $ 6.83 Exercised (19 ) 4.30 Outstanding as of June 27, 2015 542 6.92 3 $ 1,494 Exercisable as of June 27, 2015 442 6.77 2 $ 1,284 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
SEGMENT INFORMATION [Abstract] | |
Schedule of Segment Information | First Quarter Ended June 27, June 28, 2015 2014 Revenue: Service Revenue $ 13,535 $ 12,138 Distribution Sales 16,135 16,981 Total 29,670 29,119 Gross Profit: Service 3,531 2,937 Distribution 3,531 3,732 Total 7,062 6,669 Operating Expenses: Service (1) 2,885 2,670 Distribution (1) 3,150 3,240 Total 6,035 5,910 Operating Income: Service (1) 646 267 Distribution (1) 381 492 Total 1,027 759 Unallocated Amounts: Interest and Other Expense, net 95 45 Provision for Income Taxes 331 269 Total 426 314 Net Income $ 601 $ 445 (1) Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management's estimates. |
BUSINESS ACQUISITIONS (Tables)
BUSINESS ACQUISITIONS (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
BUSINESS ACQUISITIONS [Abstract] | |
Schedule of Purchase Price Allocation | Goodwill $ 603 Intangible Assets Customer Base 291 Intangible Assets Covenants Not to Compete 199 1,093 Plus: Current Assets 73 Less: Current Liabilities (166 ) Total Purchase Price $ 1,000 |
GENERAL (Narrative) (Details)
GENERAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | |
General [Line Items] | |||
Investments | $ 1 | $ 0.9 | |
Allocated Share-based Compensation Expense | 0.2 | $ 0.2 | |
Foreign Currency Transaction Gain (Loss), Realized | (0.1) | (0.1) | |
Foreign Currency Transaction Gain (Loss), Unrealized | (0.2) | $ (0.2) | |
Derivative Asset, Notional Amount | $ 5.6 | ||
Dilutive Securities Effect Per Share on Earnings (in Dollars per share) | $ 0.01 | $ 0.01 |
GENERAL (Average Shares Outstan
GENERAL (Average Shares Outstanding Used to Compute Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
GENERAL [Abstract] | ||
Average Shares Outstanding - Basic | 6,851 | 6,746 |
Effect of Dilutive Common Stock Equivalents | 281 | 279 |
Average Shares Outstanding - Diluted | 7,132 | 7,025 |
Anti-dilutive Common Stock Equivalents |
DEBT (Details)
DEBT (Details) - Jun. 27, 2015 $ in Millions | USD ($)item |
DEBT [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 0.20% |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 1.70% |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 1.80% |
Revolving Credit Facility [Member] | |
DEBT [Line Items] | |
Maximum borrowing capacity | $ 30 |
Ratio of consolidated EBITDA subject to a maximum borrowing restriction | 2.75 |
Number of consecutive quarters for which ratio of EBITDA subject to maximum borrowing restriction is required to be maintained under financial covenants | item | 4 |
Maturity date | Sep. 20, 2018 |
Amount available | $ 29.5 |
Amount outstanding | 11.5 |
Revolving Credit Facility [Member] | Borrowings for Business Acquisitions [Member] | |
DEBT [Line Items] | |
Maximum borrowing capacity | 15 |
Proceeds from Lines of Credit | $ 0.7 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | Jul. 01, 2015 | Jul. 01, 2014 | Jun. 27, 2015 | Jun. 28, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 0.2 | $ 0.2 | ||
2003 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,300 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock or Unit Expense | $ 0.1 | $ 0.1 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1 | |||
Performance Shares [Member] | Awards Granted in 2013 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of Target Level Achieved | 75.00% | |||
Number of Shares Issued | 18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 99 | |||
Restricted Stock [Member] | Board of Directors [Member] | 2003 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 10 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [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 | $ 0.2 | |||
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 | $ 0.1 | |||
Proceeds from Stock Options Exercised | $ 0.1 | |||
Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
STOCK-BASED COMPENSATION (Non-V
STOCK-BASED COMPENSATION (Non-Vested Performance-Based Restricted Stock Units) (Details) - 3 months ended Jun. 27, 2015 - Performance Shares [Member] - $ / shares shares in Thousands | Total |
Awards Granted in 2013 [Member] | |
Schedule of 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 (in Dollars per share) | $ 6.17 |
Estimated Level of Achievement | 75.00% |
Awards Granted in 2014 [Member] | |
Schedule of 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 (in Dollars per share) | $ 9.28 |
Estimated Level of Achievement | 75.00% |
Awards Granted in 2015 [Member] | |
Schedule of Stock Based Compensation Details Non Vested Performance Based Restricted Stock Units [Line Items] | |
Total Number of Units Granted | 73 |
Grant Date Fair Value Per Unit (in Dollars per share) | $ 9.59 |
Estimated Level of Achievement | 100.00% |
STOCK-BASED COMPENSATION (Stock
STOCK-BASED COMPENSATION (Stock Options) (Details) - Jun. 27, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total |
Number of Shares | |
Outstanding, beginning balance | 561 |
Exercised | (19) |
Outstanding, ending balance | 542 |
Exercisable | 442 |
Weighted Average Exercise Price Per Share | |
Outstanding, beginning balance | $ 6.83 |
Exercised | 4.30 |
Outstanding, ending balance | 6.92 |
Exercisable | $ 6.77 |
Weighted Average Remaining Contractual Term (in Years) | |
Outstanding | 3 years |
Exercisable | 2 years |
Aggregate Intrinsic Value | |
Outstanding | $ 1,494 |
Exercisable | $ 1,284 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | ||
Jun. 27, 2015USD ($)item | Jun. 28, 2014USD ($) | ||
SEGMENT INFORMATION [Abstract] | |||
Number of Reportable Segments | item | 2 | ||
Revenue: | |||
Revenue | $ 29,670 | $ 29,119 | |
Gross Profit: | |||
Gross Profit | 7,062 | 6,669 | |
Operating Expenses: | |||
Operating Expenses | 6,035 | 5,910 | |
Operating Income: | |||
Operating Income | 1,027 | 759 | |
Unallocated Amounts: | |||
Interest and Other Expense, net | 95 | 45 | |
Provision for Income Taxes | 331 | 269 | |
Net Income | 601 | 445 | |
Segment Reconciling Items [Member] | |||
Unallocated Amounts: | |||
Interest and Other Expense, net | 95 | 45 | |
Provision for Income Taxes | 331 | 269 | |
Unallocated Amounts | 426 | 314 | |
Service Segment [Member] | |||
Revenue: | |||
Revenue | 13,535 | 12,138 | |
Gross Profit: | |||
Gross Profit | 3,531 | 2,937 | |
Operating Expenses: | |||
Operating Expenses | [1] | 2,885 | 2,670 |
Operating Income: | |||
Operating Income | [1] | 646 | 267 |
Distribution [Member] | |||
Revenue: | |||
Revenue | 16,135 | 16,981 | |
Gross Profit: | |||
Gross Profit | 3,531 | 3,732 | |
Operating Expenses: | |||
Operating Expenses | [1] | 3,150 | 3,240 |
Operating Income: | |||
Operating Income | [1] | $ 381 | $ 492 |
[1] | Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management's estimates. |
BUSINESS ACQUISITIONS (Narrativ
BUSINESS ACQUISITIONS (Narrative) (Details) - Calibration Technologies, Inc. [Member] - USD ($) $ in Millions | Jun. 22, 2015 | Jun. 27, 2015 |
BUSINESS ACQUISITIONS [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Business Combination, Consideration Transferred | $ 1 | |
Business Combination, Contingent Consideration, Liability, Current | $ 0.3 | |
Business Combination, Acquisition Related Costs | $ 0.1 |
BUSINESS ACQUISITIONS (Purchase
BUSINESS ACQUISITIONS (Purchase Price Paid for Businesses Acquired) (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Jun. 22, 2015 | Mar. 28, 2015 |
Allocation of Purchase Price: | |||
Goodwill | $ 21,660 | $ 20,923 | |
Calibration Technologies, Inc. [Member] | |||
Allocation of Purchase Price: | |||
Goodwill | $ 603 | ||
Total | 1,093 | ||
Plus: Current Assets | 73 | ||
Less: Current Liabilities | (166) | ||
Total Purchase Price | 1,000 | ||
Customer Contracts [Member] | Calibration Technologies, Inc. [Member] | |||
Allocation of Purchase Price: | |||
Intangible Assets | 291 | ||
Covenant Not To Compete [Member] | Calibration Technologies, Inc. [Member] | |||
Allocation of Purchase Price: | |||
Intangible Assets | $ 199 |