Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 26, 2015 | Nov. 04, 2015 | |
Document and Entity Information [Abstract] | ||
Document Fiscal Period Focus | Q2 | |
Entity Common Stock, Shares Outstanding | 6,899,271 | |
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 | Sep. 26, 2015 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ||||
Service Revenue | $ 14,190 | $ 12,595 | $ 27,725 | $ 24,733 |
Distribution Sales | 15,286 | 18,516 | 31,421 | 35,497 |
Total Revenue | 29,476 | 31,111 | 59,146 | 60,230 |
Cost of Service Revenue | 10,729 | 9,323 | 20,733 | 18,524 |
Cost of Distribution Sales | 12,010 | 14,862 | 24,614 | 28,111 |
Total Cost of Revenue | 22,739 | 24,185 | 45,347 | 46,635 |
Gross Profit | 6,737 | 6,926 | 13,799 | 13,595 |
Selling, Marketing and Warehouse Expenses | 3,229 | 3,169 | 6,769 | 6,904 |
Administrative Expenses | 2,138 | 2,241 | 4,633 | 4,416 |
Total Operating Expenses | 5,367 | 5,410 | 11,402 | 11,320 |
Operating Income | 1,370 | 1,516 | 2,397 | 2,275 |
Interest and Other Expense, net | 36 | 138 | 131 | 183 |
Income Before Income Taxes | 1,334 | 1,378 | 2,266 | 2,092 |
Provision for Income Taxes | 456 | 519 | 787 | 788 |
Net Income | $ 878 | $ 859 | $ 1,479 | $ 1,304 |
Basic Earnings Per Share (in Dollars per share) | $ 0.13 | $ 0.13 | $ 0.22 | $ 0.19 |
Average Shares Outstanding (in Shares) | 6,886 | 6,802 | 6,868 | 6,772 |
Diluted Earnings Per Share (in Dollars per share) | $ 0.12 | $ 0.12 | $ 0.21 | $ 0.18 |
Average Shares Outstanding (in Shares) | 7,119 | 7,056 | 7,135 | 7,050 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net Income | $ 878 | $ 859 | $ 1,479 | $ 1,304 |
Other Comprehensive Income (Loss): | ||||
Currency Translation Adjustment | (313) | (170) | (221) | (180) |
Unrecognized Prior Service Cost, net of tax effects of $(7) and $(4) for the second quarters ended September 26, 2015 and September 27, 2014, respectively; and $(14) and $(8) for the six months ended September 26, 2015 and September 27, 2014, respectively. | 10 | 6 | 21 | $ 13 |
Unrealized Loss on Other Asset, net of tax effects of $27 and $7 for the second quarters ended September 26, 2015 and September 27, 2014, respectively; and $28 for the six months ended September 26, 2015. | (42) | (13) | (44) | |
Total Other Comprehensive Loss | (345) | (177) | (244) | $ (167) |
Comprehensive Income | $ 533 | $ 682 | $ 1,235 | $ 1,137 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Unrecognized Prior Service Cost, tax (expense) benefit | $ (7) | $ (4) | $ (14) | $ (8) |
Unrealized (Loss) Gain on Other Asset, tax expense (benefit) | $ 27 | $ 7 | $ 28 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Current Assets: | ||
Cash | $ 163 | $ 65 |
Accounts Receivable, less allowance for doubtful accounts of $103 and $111 as of September 26, 2015 and March 28, 2015, respectively | 15,004 | 16,899 |
Other Receivables | 1,355 | 1,171 |
Inventory, net | 6,269 | 6,750 |
Prepaid Expenses and Other Current Assets | 1,461 | 1,209 |
Deferred Tax Assets | 986 | 1,048 |
Total Current Assets | 25,238 | 27,142 |
Property and Equipment, net | 11,419 | 9,397 |
Goodwill | 22,652 | 20,923 |
Intangible Assets, net | 4,172 | 3,554 |
Other Assets | 959 | 1,133 |
Total Assets | 64,440 | 62,149 |
Current Liabilities: | ||
Accounts Payable | 8,438 | 7,695 |
Accrued Compensation and Other Liabilities | 4,318 | 4,195 |
Income Taxes Payable | 43 | |
Total Current Liabilities | 12,756 | 11,933 |
Long-Term Debt | 11,984 | 12,168 |
Deferred Tax Liabilities | 1,782 | 1,684 |
Other Liabilities | 1,922 | 2,046 |
Total Liabilities | 28,444 | 27,831 |
Shareholders' Equity: | ||
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 6,895,703 and 6,835,828 shares issued and outstanding as of September 26, 2015 and March 28, 2015, respectively | 3,448 | 3,418 |
Capital in Excess of Par Value | 12,764 | 12,289 |
Accumulated Other Comprehensive Loss | (387) | (143) |
Retained Earnings | 20,171 | 18,754 |
Total Shareholders' Equity | 35,996 | 34,318 |
Total Liabilities and Shareholders' Equity | $ 64,440 | $ 62,149 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts Receivable, allowance for doubtful accounts (in Dollars) | $ 103 | $ 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 | 6,895,703 | 6,835,828 |
Common Stock, shares outstanding | 6,895,703 | 6,835,828 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 1,479 | $ 1,304 |
AdjAdjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | ||
Loss on Disposal of Property and Equipment | 34 | 4 |
Deferred Income Taxes | (33) | 409 |
Depreciation and Amortization | 1,742 | 1,371 |
Provision for Accounts Receivable and Inventory Reserves | 83 | 48 |
Stock-Based Compensation Expense | 280 | 389 |
Changes in Assets and Liabilities: | ||
Accounts Receivable and Other Receivables | 1,839 | 241 |
Inventory | 459 | (1,345) |
Prepaid Expenses and Other Assets | (146) | (871) |
Accounts Payable | (309) | 1,026 |
Accrued Compensation and Other Liabilities | (580) | (2,081) |
Income Taxes Payable | 466 | (906) |
Net Cash Provided by (Used in) Operating Activities | 5,314 | (411) |
Cash Flows from Investing Activities: | ||
Purchases of Property and Equipment, net | (2,723) | (1,832) |
Business Acquisitions, net of cash acquired | (2,918) | (6,681) |
Net Cash Used in Investing Activities | (5,641) | (8,513) |
Cash Flows from Financing Activities: | ||
(Repayment of) Proceeds from Revolving Credit Facility, net | (184) | 8,734 |
Issuance of Common Stock | 234 | 327 |
Repurchase of Common Stock | (71) | (71) |
Net Cash (Used in) Provided by Financing Activities | (21) | 8,990 |
Effect of Exchange Rate Changes on Cash | 446 | 174 |
Net Increase in Cash | 98 | 240 |
Cash at Beginning of Period | 65 | 23 |
Cash at End of Period | 163 | 263 |
Cash paid during the period for: | ||
Interest | 101 | 71 |
Income Taxes, net | 669 | $ 1,783 |
Non-Cash Investing and Financing Activities: | ||
Contingent Consideration Related to Business Acquisition | 300 | |
Holdback Amounts Related to Business Acquisitions | $ 413 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 6 months ended Sep. 26, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital In Excess of Par Value [Member] | Accumulated Other Comprehensive 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 | $ 234 | $ 21 | 213 | ||
Issuance of Common Stock (in Shares) | 42,000 | ||||
Repurchase of Common Stock | (71) | $ (4) | (5) | $ (62) | |
Repurchase of Common Stock (in shares) | (8,000) | ||||
Stock-Based Compensation | 280 | $ 13 | $ 267 | ||
Stock-Based Compensation (in Shares) | 26,000 | ||||
Other Comprehensive Loss | (244) | $ (244) | |||
Net Income | 1,479 | $ 1,479 | |||
Balance at Sep. 26, 2015 | $ 35,996 | $ 3,448 | $ 12,764 | $ (387) | $ 20,171 |
Balance (in Shares) at Sep. 26, 2015 | 6,895,703 | 6,896,000 |
GENERAL
GENERAL | 6 Months Ended |
Sep. 26, 2015 | |
GENERAL [Abstract] | |
GENERAL | NOTE 1 GENERAL Description of Business: Basis of Presentation: Fair Value of Financial Instruments: 0.8 0.9 Stock-Based Compensation: 0.3 0.4 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 0.3 0.1 5.3 Earnings Per Share: For the second quarters and first six months of fiscal years 2016 and 2015, the net additional common stock equivalents had a $ .01 Second Quarter Ended Six Months Ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Average Shares Outstanding Basic 6,886 6,802 6,868 6,772 Effect of Dilutive Common Stock Equivalents 233 254 267 278 Average Shares Outstanding Diluted 7,119 7,056 7,135 7,050 Anti-dilutive Common Stock Equivalents 10 - - - Recently Issued Accounting Pronouncements: In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-011 to Topic 330, Inventory. This ASU requires entities using inventory costing methods other than last-in-first-out and retail inventory method to value their inventory at the lower of cost and net realizable value. This ASU is effective for fiscal years beginning after December 15, 2016 and is to be applied prospectively. Early adoption of this ASU is permitted. The Company does not expect adoption of this ASU to have a material impact on its Consolidated Financial Statements. In September 2015, FASB issued ASU 2015-016 to Topic 805, Business Combinations. This ASU requires that an acquirer recognize adjustments to provisional amounts of assets and liabilities that are identified during the measurement period and the effect on earnings, if any, that result from the change to the provisional amounts in the reporting period in which the adjustment amounts are determined. This ASU is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted. This ASU is to be applied prospectively to adjustments to provisional amounts that occur after adoption, regardless of the date of acquisition. The Company elected early adoption of this ASU, and there was no material impact to its Consolidated Financial Statements. |
DEBT
DEBT | 6 Months Ended |
Sep. 26, 2015 | |
DEBT [Abstract] | |
DEBT | NOTE 2 DEBT Description: September 20, 2018 30.0 2.75 four $ 29.5 12.0 Borrowings available under the Revolving Credit Facility for business acquisitions are limited to $ 15.0 2.9 Interest and Other Costs: September 26, 2015 was 0.2 1.7 1.8 Covenants: Other Terms: Transcat Canada |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Sep. 26, 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 September 26, 2015, the number of shares available for future grant under the 2003 Plan totaled 1.3 Restricted Stock: The Company achieved 75 eighteen Total Grant Date Estimated Number Fair Level of Date Measurement of Units Value Achievement at Granted Period Granted Per Unit September 26, 2015 April 2013 April 2013 - March 2016 99 $ 6.17 75 April 2014 April 2014 - March 2017 64 $ 9.28 50 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, in the first six months of fiscal years 2016 and 2015 was $ 0.2 0.3 0.8 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 two 0.1 Stock Options: four ten The following table summarizes the Company's options as of and for the six months ended September 26, 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 (32 ) 4.38 Forfeited (1 ) 4.26 Outstanding as of September 26, 2015 528 6.99 3 $ 1,345 Exercisable as of September 26, 2015 448 6.88 2 $ 1,188 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 second quarter of fiscal year 2016 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 September 26, 2015. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock. Total expense related to stock options was less than $ 0.1 0.2 two 0.2 0.1 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Sep. 26, 2015 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | NOTE 4 SEGMENT INFORMATION Transcat has two Second Quarter Ended Six Months Ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Revenue: Service $ 14,190 $ 12,595 $ 27,725 $ 24,733 Distribution 15,286 18,516 31,421 35,497 Total 29,476 31,111 59,146 60,230 Gross Profit: Service 3,461 3,272 6,992 6,209 Distribution 3,276 3,654 6,807 7,386 Total 6,737 6,926 13,799 13,595 Operating Expenses: Service (1) 2,623 2,607 5,508 5,277 Distribution (1) 2,744 2,803 5,894 6,043 Total 5,367 5,410 11,402 11,320 Operating Income: Service 838 665 1,484 932 Distribution 532 851 913 1,343 Total 1,370 1,516 2,397 2,275 Unallocated Amounts: Interest and Other Expense, net 36 138 131 183 Provision for Income Taxes 456 519 787 788 Total 492 657 918 971 Net Income $ 878 $ 859 $ 1,479 $ 1,304 (1) Operating expense allocations between segments were based on actual amounts, a percentage of revenues, headcount, and management's estimates. |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 6 Months Ended |
Sep. 26, 2015 | |
BUSINESS ACQUISITIONS [Abstract] | |
BUSINESS ACQUISITIONS | NOTE 5 BUSINESS ACQUISITIONS During the first six months of fiscal year 2016, Transcat completed three 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, calculated as the excess of the purchase price paid over the fair value of the underlying net assets of the businesses 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 bases 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 The total purchase price paid for the acquired businesses was approximately $ 3.6 0.2 Goodwill $ 2,032 Intangible Assets Customer Base 1,031 Intangible Assets Covenants Not to Compete 250 Deferred Tax Liabilities (208 ) 3,105 Plus: Current Assets 430 Non-Current Assets 945 Less: Current Liabilities (208 ) Non-Current Liabilities (641 ) Total Purchase Price $ 3,631 The business acquisitions completed in the first six months of fiscal year 2016 contain holdback provisions, as defined by the respective purchase agreements. The Company accrued contingent consideration, based on its estimated fair value at the date of acquisition, in addition to other amounts relating to the holdback provisions. No contingent consideration or other holdback amounts were paid during the first six months of fiscal year 2016. As of September 26, 2015, $ 0.3 0.4 During the first six months of fiscal year 2016, acquisition costs of $ 0.2 The results of the acquired businesses are included in Transcat's consolidated operating results as of the dates the businesses were acquired. (Unaudited) Six Months Ended September 26, 2015 September 27, 2014 Total Revenue $ 60,520 $ 61,959 Net Income 1,642 1,506 Basic Earnings Per Share 0.24 0.22 Diluted Earnings Per Share 0.23 0.21 |
GENERAL (Policy)
GENERAL (Policy) | 6 Months Ended |
Sep. 26, 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: 0.8 0.9 |
Stock-Based Compensation | Stock-Based Compensation: 0.3 0.4 |
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 0.3 0.1 5.3 |
Earnings Per Share | Earnings Per Share: For the second quarters and first six months of fiscal years 2016 and 2015, the net additional common stock equivalents had a $ .01 Second Quarter Ended Six Months Ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Average Shares Outstanding Basic 6,886 6,802 6,868 6,772 Effect of Dilutive Common Stock Equivalents 233 254 267 278 Average Shares Outstanding Diluted 7,119 7,056 7,135 7,050 Anti-dilutive Common Stock Equivalents 10 - - - |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements: In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-011 to Topic 330, Inventory. This ASU requires entities using inventory costing methods other than last-in-first-out and retail inventory method to value their inventory at the lower of cost and net realizable value. This ASU is effective for fiscal years beginning after December 15, 2016 and is to be applied prospectively. Early adoption of this ASU is permitted. The Company does not expect adoption of this ASU to have a material impact on its Consolidated Financial Statements. In September 2015, FASB issued ASU 2015-016 to Topic 805, Business Combinations. This ASU requires that an acquirer recognize adjustments to provisional amounts of assets and liabilities that are identified during the measurement period and the effect on earnings, if any, that result from the change to the provisional amounts in the reporting period in which the adjustment amounts are determined. This ASU is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted. This ASU is to be applied prospectively to adjustments to provisional amounts that occur after adoption, regardless of the date of acquisition. The Company elected early adoption of this ASU, and there was no material impact to its Consolidated Financial Statements. |
GENERAL (Tables)
GENERAL (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
GENERAL [Abstract] | |
Schedule of Weighted Average Number of Shares | Second Quarter Ended Six Months Ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Average Shares Outstanding Basic 6,886 6,802 6,868 6,772 Effect of Dilutive Common Stock Equivalents 233 254 267 278 Average Shares Outstanding Diluted 7,119 7,056 7,135 7,050 Anti-dilutive Common Stock Equivalents 10 - - - |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Sep. 26, 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 September 26, 2015 April 2013 April 2013 - March 2016 99 $ 6.17 75 April 2014 April 2014 - March 2017 64 $ 9.28 50 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 (32 ) 4.38 Forfeited (1 ) 4.26 Outstanding as of September 26, 2015 528 6.99 3 $ 1,345 Exercisable as of September 26, 2015 448 6.88 2 $ 1,188 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Sep. 26, 2015 | |
SEGMENT INFORMATION [Abstract] | |
Schedule of Segment Information | Second Quarter Ended Six Months Ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Revenue: Service $ 14,190 $ 12,595 $ 27,725 $ 24,733 Distribution 15,286 18,516 31,421 35,497 Total 29,476 31,111 59,146 60,230 Gross Profit: Service 3,461 3,272 6,992 6,209 Distribution 3,276 3,654 6,807 7,386 Total 6,737 6,926 13,799 13,595 Operating Expenses: Service (1) 2,623 2,607 5,508 5,277 Distribution (1) 2,744 2,803 5,894 6,043 Total 5,367 5,410 11,402 11,320 Operating Income: Service 838 665 1,484 932 Distribution 532 851 913 1,343 Total 1,370 1,516 2,397 2,275 Unallocated Amounts: Interest and Other Expense, net 36 138 131 183 Provision for Income Taxes 456 519 787 788 Total 492 657 918 971 Net Income $ 878 $ 859 $ 1,479 $ 1,304 (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) | 6 Months Ended |
Sep. 26, 2015 | |
BUSINESS ACQUISITIONS [Abstract] | |
Schedule of Purchase Price Allocation | Goodwill $ 2,032 Intangible Assets Customer Base 1,031 Intangible Assets Covenants Not to Compete 250 Deferred Tax Liabilities (208 ) 3,105 Plus: Current Assets 430 Non-Current Assets 945 Less: Current Liabilities (208 ) Non-Current Liabilities (641 ) Total Purchase Price $ 3,631 |
Schedule of Pro Forma Information | (Unaudited) Six Months Ended September 26, 2015 September 27, 2014 Total Revenue $ 60,520 $ 61,959 Net Income 1,642 1,506 Basic Earnings Per Share 0.24 0.22 Diluted Earnings Per Share 0.23 0.21 |
GENERAL (Narrative) (Details)
GENERAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Mar. 28, 2015 | |
General [Line Items] | |||||
Investments | $ 0.8 | $ 0.8 | $ 0.9 | ||
Allocated Share-based Compensation Expense | 0.3 | $ 0.4 | |||
Foreign Currency Transaction Gain (Loss), Realized | (0.1) | (0.1) | |||
Foreign Currency Transaction Gain (Loss), Unrealized | 0.3 | $ 0.1 | |||
Derivative Asset, Notional Amount | $ 5.3 | $ 5.3 | |||
Dilutive Securities Effect Per Share on Earnings (in Dollars per share) | $ 0.01 | $ 0.01 | $ 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 | 6 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
GENERAL [Abstract] | ||||
Average Shares Outstanding - Basic | 6,886 | 6,802 | 6,868 | 6,772 |
Effect of Dilutive Common Stock Equivalents | 233 | 254 | 267 | 278 |
Average Shares Outstanding - Diluted | 7,119 | 7,056 | 7,135 | 7,050 |
Anti-dilutive Common Stock Equivalents | 10 |
DEBT (Details)
DEBT (Details) - Revolving Credit Facility [Member] $ in Millions | 6 Months Ended |
Sep. 26, 2015USD ($)item | |
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 |
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% |
Maturity date | Sep. 20, 2018 |
Amount available | $ 29.5 |
Amount outstanding | 12 |
Borrowings for Business Acquisitions [Member] | |
DEBT [Line Items] | |
Maximum borrowing capacity | 15 |
Proceeds from Lines of Credit | $ 2.9 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | Jul. 01, 2015 | Jul. 01, 2014 | Sep. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 0.3 | $ 0.4 | |||
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 | 1,300 | |||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock or Unit Expense | $ 0.2 | $ 0.3 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.8 | $ 0.8 | |||
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% | |||
Restricted Stock [Member] | Retiring Board Member [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock or Unit Expense | $ 0.1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 2 | ||||
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 | $ 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 | $ 0.2 | ||||
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) - Performance Shares [Member] shares in Thousands | 6 Months Ended |
Sep. 26, 2015$ / sharesshares | |
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 | shares | 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 | shares | 64 |
Grant Date Fair Value Per Unit (in Dollars per share) | $ 9.28 |
Estimated Level of Achievement | 50.00% |
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 | shares | 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) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Sep. 26, 2015USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding, beginning balance | shares | 561 |
Exercised | shares | (32) |
Forfeited | shares | (1) |
Outstanding, ending balance | shares | 528 |
Exercisable | shares | 448 |
Weighted Average Exercise Price Per Share | |
Outstanding, beginning balance | $ 6.83 |
Exercised | 4.38 |
Forfeited | 4.26 |
Outstanding, ending balance | 6.99 |
Exercisable | $ 6.88 |
Weighted Average Remaining Contractual Term (in Years) | |
Outstanding | 3 years |
Exercisable | 2 years |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 1,345 |
Exercisable | $ | $ 1,188 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 26, 2015USD ($)item | Sep. 27, 2014USD ($) | ||
SEGMENT INFORMATION [Abstract] | |||||
Number of Reportable Segments | item | 2 | ||||
Revenue: | |||||
Revenue | $ 29,476 | $ 31,111 | $ 59,146 | $ 60,230 | |
Gross Profit: | |||||
Gross Profit | 6,737 | 6,926 | 13,799 | 13,595 | |
Operating Expenses: | |||||
Operating Expenses | 5,367 | 5,410 | 11,402 | 11,320 | |
Operating Income: | |||||
Operating Income | 1,370 | 1,516 | 2,397 | 2,275 | |
Unallocated Amounts: | |||||
Interest and Other Expense, net | 36 | 138 | 131 | 183 | |
Provision for Income Taxes | 456 | 519 | 787 | 788 | |
Net Income | 878 | 859 | 1,479 | 1,304 | |
Segment Reconciling Items [Member] | |||||
Unallocated Amounts: | |||||
Interest and Other Expense, net | 36 | 138 | 131 | 183 | |
Provision for Income Taxes | 456 | 519 | 787 | 788 | |
Unallocated Amounts | 492 | 657 | 918 | 971 | |
Service Segment [Member] | |||||
Revenue: | |||||
Revenue | 14,190 | 12,595 | 27,725 | 24,733 | |
Gross Profit: | |||||
Gross Profit | 3,461 | 3,272 | 6,992 | 6,209 | |
Operating Expenses: | |||||
Operating Expenses | [1] | 2,623 | 2,607 | 5,508 | 5,277 |
Operating Income: | |||||
Operating Income | 838 | 665 | 1,484 | 932 | |
Distribution [Member] | |||||
Revenue: | |||||
Revenue | 15,286 | 18,516 | 31,421 | 35,497 | |
Gross Profit: | |||||
Gross Profit | 3,276 | 3,654 | 6,807 | 7,386 | |
Operating Expenses: | |||||
Operating Expenses | [1] | 2,744 | 2,803 | 5,894 | 6,043 |
Operating Income: | |||||
Operating Income | $ 532 | $ 851 | $ 913 | $ 1,343 | |
[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) - Fiscal 2016 Acquisitions [Member] $ in Millions | 6 Months Ended |
Sep. 26, 2015USD ($)item | |
BUSINESS ACQUISITIONS [Line Items] | |
Number of Businesses Acquired | item | 3 |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Business Combination, Consideration Transferred | $ 3.6 |
Cash Acquired from Acquisition | 0.2 |
Business Combination, Contingent Consideration, Liability, Current | 0.3 |
Other holdback amounts unpaid | 0.4 |
Business Combination, Acquisition Related Costs | $ 0.2 |
BUSINESS ACQUISITIONS (Purchase
BUSINESS ACQUISITIONS (Purchase Price Paid for Businesses Acquired) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Mar. 28, 2015 |
Allocation of Purchase Price: | ||
Goodwill | $ 22,652 | $ 20,923 |
Fiscal 2016 Acquisitions [Member] | ||
Allocation of Purchase Price: | ||
Goodwill | 2,032 | |
Deferred Tax Liability | (208) | |
Total | 3,105 | |
Plus: Current Assets | 430 | |
Non-Current Assets | 945 | |
Less: Current Liabilities | (208) | |
Non-Current Liabilities | (641) | |
Total Purchase Price | 3,631 | |
Customer Contracts [Member] | Fiscal 2016 Acquisitions [Member] | ||
Allocation of Purchase Price: | ||
Intangible Assets | 1,031 | |
Covenant Not To Compete [Member] | Fiscal 2016 Acquisitions [Member] | ||
Allocation of Purchase Price: | ||
Intangible Assets | $ 250 |
BUSINESS ACQUISITIONS (Proforma
BUSINESS ACQUISITIONS (Proforma Information for Business Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
BUSINESS ACQUISITIONS [Abstract] | ||
Total Revenue | $ 60,520 | $ 61,959 |
Net Income | $ 1,642 | $ 1,506 |
Basic Earnings Per Share | $ 0.24 | $ 0.22 |
Diluted Earnings Per Share | $ 0.23 | $ 0.21 |