Transcat (TRNS) 10-Q 8 Feb 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 26, 2015	Feb. 03, 2016
Document and Entity Information [Abstract]
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		6,906,010
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	Dec. 26, 2015

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Service Revenue	$ 13,922	$ 12,603	$ 41,647	$ 37,336
Distribution Sales	16,238	18,449	47,659	53,946
Total Revenue	30,160	31,052	89,306	91,282
Cost of Service Revenue	10,650	9,513	31,383	28,037
Cost of Distribution Sales	12,732	14,545	37,346	42,656
Total Cost of Revenue	23,382	24,058	68,729	70,693
Gross Profit	6,778	6,994	20,577	20,589
Selling, Marketing and Warehouse Expenses	3,199	3,602	9,968	10,506
Administrative Expenses	1,897	2,015	6,530	6,431
Total Operating Expenses	5,096	5,617	16,498	16,937
Operating Income	1,682	1,377	4,079	3,652
Interest and Other Expense, net	62	83	193	266
Income Before Income Taxes	1,620	1,294	3,886	3,386
Provision for Income Taxes	552	481	1,339	1,269
Net Income	$ 1,068	$ 813	$ 2,547	$ 2,117
Basic Earnings Per Share (in Dollars per share)	$ 0.15	$ 0.12	$ 0.37	$ 0.31
Average Shares Outstanding (in Shares)	6,900	6,823	6,878	6,788
Diluted Earnings Per Share (in Dollars per share)	$ 0.15	$ 0.11	$ 0.36	$ 0.30
Average Shares Outstanding (in Shares)	7,137	7,081	7,134	7,061

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net Income	$ 1,068	$ 813	$ 2,547	$ 2,117
Other Comprehensive Loss:
Currency Translation Adjustment	(133)	(166)	(354)	(346)
Unrecognized Prior Service Cost, net of tax effects of $(6) and $(4) for the third quarters ended December 26, 2015 and December 27, 2014, respectively; and $(20) and $(12) for the nine months ended December 26, 2015 and December 27, 2014, respectively.	12	7	33	20
Unrealized Loss on Other Asset, net of tax effects of $5 and $14 for the third quarters ended December 26, 2015 and December 27, 2014, respectively; and $33 and $14 for the nine months ended December 26, 2015 and December 27, 2014, respectively.	(10)	(21)	(54)	(21)
Total Other Comprehensive Loss	(131)	(180)	(375)	(347)
Comprehensive Income	$ 937	$ 633	$ 2,172	$ 1,770

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Unrecognized Prior Service Cost, tax (expense) benefit	$ (6)	$ (4)	$ (20)	$ (12)
Unrealized (Loss) Gain on Other Asset, tax expense (benefit)	$ 5	$ 14	$ 33	$ 14

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Current Assets:
Cash	$ 152	$ 65
Accounts Receivable, less allowance for doubtful accounts of $119 and $111 as of December 26, 2015 and March 28, 2015, respectively	14,925	16,899
Other Receivables	1,167	1,171
Inventory, net	5,798	6,750
Prepaid Expenses and Other Current Assets	1,214	1,209
Deferred Tax Assets	1,026	1,048
Total Current Assets	24,282	27,142
Property and Equipment, net	11,813	9,397
Goodwill	22,462	20,923
Intangible Assets, net	3,814	$ 3,554
Deferred Tax Assets	121
Other Assets	964	$ 1,133
Total Assets	63,456	62,149
Current Liabilities:
Accounts Payable	8,776	7,695
Accrued Compensation and Other Liabilities	$ 3,423	4,195
Income Taxes Payable		43
Total Current Liabilities	$ 12,199	11,933
Long-Term Debt	10,538	12,168
Deferred Tax Liabilities	1,768	1,684
Other Liabilities	1,945	2,046
Total Liabilities	26,450	27,831
Shareholders' Equity:
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 6,904,442 and 6,835,828 shares issued and outstanding as of December 26, 2015 and March 28, 2015, respectively	3,452	3,418
Capital in Excess of Par Value	12,835	12,289
Accumulated Other Comprehensive Loss	(518)	(143)
Retained Earnings	21,237	18,754
Total Shareholders' Equity	37,006	34,318
Total Liabilities and Shareholders' Equity	$ 63,456	$ 62,149

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
CONSOLIDATED BALANCE SHEETS [Abstract]
Accounts Receivable, allowance for doubtful accounts (in Dollars)	$ 119	$ 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	6,904,442	6,835,828
Common Stock, shares outstanding	6,904,442	6,835,828

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
Cash Flows from Operating Activities:
Net Income	$ 2,547	$ 2,117
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Loss on Disposal of Property and Equipment	37	4
Deferred Income Tax (Benefit)	(206)	152
Depreciation and Amortization	2,711	2,268
Provision for Accounts Receivable and Inventory Reserves	129	79
Stock-Based Compensation Expense	284	474
Changes in Assets and Liabilities:
Accounts Receivable and Other Receivables	1,945	916
Inventory	914	(1,059)
Prepaid Expenses and Other Assets	(122)	(950)
Accounts Payable	(271)	77
Accrued Compensation and Other Liabilities	(1,027)	(1,953)
Income Taxes Payable	462	(906)
Net Cash Provided by Operating Activities	7,403	1,219
Cash Flows from Investing Activities:
Purchases of Property and Equipment, net	(3,731)	(2,663)
Business Acquisitions, net of cash acquired	(2,918)	(6,681)
Net Cash Used in Investing Activities	(6,649)	(9,344)
Cash Flows from Financing Activities:
(Repayment of) Proceeds from Revolving Credit Facility, net	(1,630)	7,244
Issuance of Common Stock	305	396
Repurchase of Common Stock	(73)	(71)
Net Cash (Used in) Provided by Financing Activities	(1,398)	7,569
Effect of Exchange Rate Changes on Cash	731	552
Net Increase in Cash	87	(4)
Cash at Beginning of Period	65	23
Cash at End of Period	152	19
Cash paid during the period for:
Interest	155	145
Income Taxes, net	1,241	$ 2,392
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 - 9 months ended Dec. 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	$ 305	$ 25	280
Issuance of Common Stock (in Shares)		50,000
Repurchase of Common Stock	(73)	$ (4)	(5)		$ (64)
Repurchase of Common Stock (in shares)		(8,000)
Stock-Based Compensation	284	$ 13	$ 271
Stock-Based Compensation (in Shares)		26,000
Other Comprehensive Loss	(375)			$ (375)
Net Income	2,547				$ 2,547
Balance at Dec. 26, 2015	$ 37,006	$ 3,452	$ 12,835	$ (518)	$ 21,237
Balance (in Shares) at Dec. 26, 2015	6,904,442	6,904,000

GENERAL

GENERAL	9 Months Ended
	Dec. 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 0.5 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 0.4 5.0 Earnings Per Share: For the third quarter and first nine months of fiscal year 2016, the net additional common stock equivalents had no per share effect and a $ .01 .01 Third Quarter Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Average Shares Outstanding – Basic 6,900 6,823 6,878 6,788 Effect of Dilutive Common Stock Equivalents 237 258 256 273 Average Shares Outstanding – Diluted 7,137 7,081 7,134 7,061 Anti-dilutive Common Stock Equivalents - - - - Recently Issued Accounting Pronouncements: In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2015-017 to Topic 740, Income Taxes. This ASU requires entities to record all deferred tax liabilities and assets as noncurrent in the Consolidated Balance Sheet. This ASU is effective for fiscal years beginning after December 15, 2017 and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. 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. Subsequent Events: 17.0 15.0 Effective December 31, 2015, the Company acquired substantially all of the assets of Spectrum Technologies, Inc. ("Spectrum") for a cash purchase price of $ 11.8 10.1 1.7 Effective January 18, 2016, the Company acquired Dispersion Laboratory Inc. ("Dispersion"), through its wholly owned subsidiary, Transcat Canada Inc., for less than $ 1.0 For the above acquisitions, the allocation of the respective purchase prices to the fair value of the net assets acquired has not been completed. The results of operations of these acquisitions will be included with the results of the Company from their respective dates of acquisition.

DEBT

DEBT	9 Months Ended
	Dec. 26, 2015
DEBT [Abstract]
DEBT	NOTE 2 – DEBT Description: September 20, 2018 30.0 2.75 four $ 30.0 10.5 10.1 Except as otherwise provided for in Amendment 2 to the Credit Agreement and as described in Note 1, borrowings available under the Credit Agreement for business acquisitions are limited to $ 15.0 2.9 Interest and Other Costs: December 26, 2015 was 0.4 1.7 1.9 Covenants: Other Terms: Transcat Canada

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 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 December 26, 2015, 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 December 26, 2015 April 2013 April 2013 - March 2016 99 $ 6.17 50 April 2014 April 2014 - March 2017 61 $ 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 nine months of fiscal years 2016 and 2015 was $ 0.2 0.3 0.7 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 nine months ended December 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 (36 ) 4.74 Forfeited (1 ) 4.26 Outstanding as of December 26, 2015 524 6.98 3 $ 963 Exercisable as of December 26, 2015 444 6.87 2 $ 865 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 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 December 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 0.1 0.2

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Dec. 26, 2015
SEGMENT INFORMATION [Abstract]
SEGMENT INFORMATION	NOTE 4 – SEGMENT INFORMATION Transcat has two Third Quarter Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Revenue: Service $ 13,922 $ 12,603 $ 41,647 $ 37,336 Distribution 16,238 18,449 47,659 53,946 Total 30,160 31,052 89,306 91,282 Gross Profit: Service 3,272 3,090 10,264 9,299 Distribution 3,506 3,904 10,313 11,290 Total 6,778 6,994 20,577 20,589 Operating Expenses: Service (1) 2,473 2,528 7,981 7,805 Distribution (1) 2,623 3,089 8,517 9,132 Total 5,096 5,617 16,498 16,937 Operating Income: Service 799 562 2,283 1,494 Distribution 883 815 1,796 2,158 Total 1,682 1,377 4,079 3,652 Unallocated Amounts: Interest and Other Expense, net 62 83 193 266 Provision for Income Taxes 552 481 1,339 1,269 Total 614 564 1,532 1,535 Net Income $ 1,068 $ 813 $ 2,547 $ 2,117 (1) Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	9 Months Ended
	Dec. 26, 2015
BUSINESS ACQUISITIONS [Abstract]
BUSINESS ACQUISITIONS	NOTE 5 – BUSINESS ACQUISITIONS During the first nine months of fiscal year 2016, the Company completed three • On June 22, 2015, Transcat acquired substantially all of the assets of Calibration Technologies, Inc., a regional provider of analytical instrument services including qualification, validation, repair and installation, headquartered in Morris Plains, New Jersey. • Effective August 24, 2015, Transcat acquired Anmar Metrology, Inc. (“Anmar”), a calibration and repair service provider with significant focus on the life science and defense market, headquartered in San Diego, California. • On August 25, 2015, Transcat acquired Nordcal Calibration Inc. (“Nordcal”), a provider of radio frequency and electronic calibration and repair services, located in Montreal, Quebec. 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 an 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 Bases 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 nine months of fiscal year 2016 contain holdback provisions, as defined by the respective purchase agreements. The Company accrues contingent consideration, if any, 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 nine months of fiscal year 2016. As of December 26, 2015, $ 0.3 0.4 During the first nine months of fiscal year 2016, acquisition costs of $ 0.4 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) Nine Months Ended December 26, 2015 December 27, 2014 Total Revenue $ 90,680 $ 93,894 Net Income 2,710 2,418 Basic Earnings Per Share 0.39 0.36 Diluted Earnings Per Share 0.38 0.34

GENERAL (Policy)

GENERAL (Policy)	9 Months Ended
	Dec. 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 0.5
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 0.4 5.0
Earnings Per Share	Earnings Per Share: For the third quarter and first nine months of fiscal year 2016, the net additional common stock equivalents had no per share effect and a $ .01 .01 Third Quarter Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Average Shares Outstanding – Basic 6,900 6,823 6,878 6,788 Effect of Dilutive Common Stock Equivalents 237 258 256 273 Average Shares Outstanding – Diluted 7,137 7,081 7,134 7,061 Anti-dilutive Common Stock Equivalents - - - -
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2015-017 to Topic 740, Income Taxes. This ASU requires entities to record all deferred tax liabilities and assets as noncurrent in the Consolidated Balance Sheet. This ASU is effective for fiscal years beginning after December 15, 2017 and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. 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.
Subsequent Events	Subsequent Events: 17.0 15.0 Effective December 31, 2015, the Company acquired substantially all of the assets of Spectrum Technologies, Inc. ("Spectrum") for a cash purchase price of $ 11.8 10.1 1.7 Effective January 18, 2016, the Company acquired Dispersion Laboratory Inc. ("Dispersion"), through its wholly owned subsidiary, Transcat Canada Inc., for less than $ 1.0 For the above acquisitions, the allocation of the respective purchase prices to the fair value of the net assets acquired has not been completed. The results of operations of these acquisitions will be included with the results of the Company from their respective dates of acquisition.

GENERAL (Tables)

GENERAL (Tables)	9 Months Ended
	Dec. 26, 2015
GENERAL [Abstract]
Schedule of Weighted Average Number of Shares	Third Quarter Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Average Shares Outstanding – Basic 6,900 6,823 6,878 6,788 Effect of Dilutive Common Stock Equivalents 237 258 256 273 Average Shares Outstanding – Diluted 7,137 7,081 7,134 7,061 Anti-dilutive Common Stock Equivalents - - - -

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 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 December 26, 2015 April 2013 April 2013 - March 2016 99 $ 6.17 50 April 2014 April 2014 - March 2017 61 $ 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 (36 ) 4.74 Forfeited (1 ) 4.26 Outstanding as of December 26, 2015 524 6.98 3 $ 963 Exercisable as of December 26, 2015 444 6.87 2 $ 865

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Dec. 26, 2015
SEGMENT INFORMATION [Abstract]
Schedule of Segment Information	Third Quarter Ended Nine Months Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Revenue: Service $ 13,922 $ 12,603 $ 41,647 $ 37,336 Distribution 16,238 18,449 47,659 53,946 Total 30,160 31,052 89,306 91,282 Gross Profit: Service 3,272 3,090 10,264 9,299 Distribution 3,506 3,904 10,313 11,290 Total 6,778 6,994 20,577 20,589 Operating Expenses: Service (1) 2,473 2,528 7,981 7,805 Distribution (1) 2,623 3,089 8,517 9,132 Total 5,096 5,617 16,498 16,937 Operating Income: Service 799 562 2,283 1,494 Distribution 883 815 1,796 2,158 Total 1,682 1,377 4,079 3,652 Unallocated Amounts: Interest and Other Expense, net 62 83 193 266 Provision for Income Taxes 552 481 1,339 1,269 Total 614 564 1,532 1,535 Net Income $ 1,068 $ 813 $ 2,547 $ 2,117 (1) Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.

BUSINESS ACQUISITIONS (Tables)

BUSINESS ACQUISITIONS (Tables)	9 Months Ended
	Dec. 26, 2015
BUSINESS ACQUISITIONS [Abstract]
Schedule of Purchase Price Allocation	Goodwill $ 2,032 Intangible Assets – Customer Bases 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) Nine Months Ended December 26, 2015 December 27, 2014 Total Revenue $ 90,680 $ 93,894 Net Income 2,710 2,418 Basic Earnings Per Share 0.39 0.36 Diluted Earnings Per Share 0.38 0.34

GENERAL (Narrative) (Details)

GENERAL (Narrative) (Details) - USD ($)	Dec. 31, 2015	Jan. 18, 2016	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014	Mar. 27, 2016	Dec. 30, 2015	Mar. 28, 2015
General [Line Items]
Investments			$ 800,000		$ 800,000				$ 900,000
Allocated Share-based Compensation Expense					300,000	$ 500,000
Foreign Currency Transaction Gain (Loss), Realized					(100,000)	(100,000)
Foreign Currency Transaction Gain (Loss), Unrealized					400,000	$ 400,000
Derivative Asset, Notional Amount			$ 5,000,000		$ 5,000,000
Dilutive Securities Effect Per Share on Earnings (in Dollars per share)			$ 0	$ 0.01	$ 0.01	$ 0.01
Cash paid					$ 2,918,000	$ 6,681,000
Revolving Credit Facility [Member]
General [Line Items]
Amount available			$ 30,000,000		$ 30,000,000
Subsequent Event [Member] | Spectrum Technologies, Inc. [Member]
General [Line Items]
Total Purchase Price	$ 11,800,000
Cash paid	10,100,000
Other holdback amounts unpaid	$ 1,700,000
Subsequent Event [Member] | Dispersion Laboratory Inc. [Member]
General [Line Items]
Total Purchase Price		$ 1,000
Subsequent Event [Member] | Borrowings for Business Acquisitions [Member] | Revolving Credit Facility [Member]
General [Line Items]
Amount available							$ 15,000,000	$ 17,000,000

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		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
GENERAL [Abstract]
Average Shares Outstanding - Basic	6,900	6,823	6,878	6,788
Effect of Dilutive Common Stock Equivalents	237	258	256	273
Average Shares Outstanding - Diluted	7,137	7,081	7,134	7,061
Anti-dilutive Common Stock Equivalents

DEBT (Details)

DEBT (Details) $ in Millions	Dec. 31, 2015USD ($)	Dec. 26, 2015USD ($)item	Mar. 27, 2016USD ($)	Dec. 30, 2015USD ($)
Spectrum Technologies, Inc. [Member] | Subsequent Event [Member]
DEBT [Line Items]
Proceeds from Lines of Credit	$ 10.1
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
Debt Instrument, Interest Rate, Stated Percentage		0.40%
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum		1.70%
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum		1.90%
Maturity date		Sep. 20, 2018
Amount available		$ 30
Amount outstanding		10.5
Revolving Credit Facility [Member] | Borrowings for Business Acquisitions [Member]
DEBT [Line Items]
Maximum borrowing capacity		15
Proceeds from Lines of Credit		$ 2.9
Revolving Credit Facility [Member] | Borrowings for Business Acquisitions [Member] | Subsequent Event [Member]
DEBT [Line Items]
Amount available			$ 15	$ 17

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	Jul. 01, 2015	Jul. 01, 2014	Sep. 26, 2015	Dec. 26, 2015	Dec. 27, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				$ 0.3	$ 0.5
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				$ 0.2	$ 0.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 0.7
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
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				$ 0.2
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	9 Months Ended
	Dec. 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) | $ / shares	$ 6.17
Estimated Level of Achievement	50.00%
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	61
Grant Date Fair Value Per Unit (in Dollars per share) | $ / shares	$ 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) | $ / shares	$ 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	9 Months Ended
	Dec. 26, 2015USD ($)$ / sharesshares
Number of Shares
Outstanding, beginning balance | shares	561
Exercised | shares	(36)
Forfeited | shares	(1)
Outstanding, ending balance | shares	524
Exercisable | shares	444
Weighted Average Exercise Price Per Share
Outstanding, beginning balance | $ / shares	$ 6.83
Exercised | $ / shares	4.74
Forfeited | $ / shares	4.26
Outstanding, ending balance | $ / shares	6.98
Exercisable | $ / shares	$ 6.87
Weighted Average Remaining Contractual Term (in Years)
Outstanding	3 years
Exercisable	2 years
Aggregate Intrinsic Value
Outstanding | $	$ 963
Exercisable | $	$ 865

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 26, 2015USD ($)	Dec. 27, 2014USD ($)	Dec. 26, 2015USD ($)item	Dec. 27, 2014USD ($)
SEGMENT INFORMATION [Abstract]
Number of Reportable Segments | item				2
Revenue:
Revenue		$ 30,160	$ 31,052	$ 89,306	$ 91,282
Gross Profit:
Gross Profit		6,778	6,994	20,577	20,589
Operating Expenses:
Operating Expenses		5,096	5,617	16,498	16,937
Operating Income:
Operating Income		1,682	1,377	4,079	3,652
Unallocated Amounts:
Interest and Other Expense, net		62	83	193	266
Provision for Income Taxes		552	481	1,339	1,269
Net Income		1,068	813	2,547	2,117
Segment Reconciling Items [Member]
Unallocated Amounts:
Interest and Other Expense, net		62	83	193	266
Provision for Income Taxes		552	481	1,339	1,269
Unallocated Amounts		614	564	1,532	1,535
Service Segment [Member]
Revenue:
Revenue		13,922	12,603	41,647	37,336
Gross Profit:
Gross Profit		3,272	3,090	10,264	9,299
Operating Expenses:
Operating Expenses	[1]	2,473	2,528	7,981	7,805
Operating Income:
Operating Income		799	562	2,283	1,494
Distribution [Member]
Revenue:
Revenue		16,238	18,449	47,659	53,946
Gross Profit:
Gross Profit		3,506	3,904	10,313	11,290
Operating Expenses:
Operating Expenses	[1]	2,623	3,089	8,517	9,132
Operating Income:
Operating Income		$ 883	$ 815	$ 1,796	$ 2,158
[1]	Operating expense allocations between segments are 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	3 Months Ended	9 Months Ended
	Sep. 26, 2015USD ($)	Dec. 26, 2015USD ($)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	$ 0.4

BUSINESS ACQUISITIONS (Purchase

BUSINESS ACQUISITIONS (Purchase Price Paid for Businesses Acquired) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Allocation of Purchase Price:
Goodwill	$ 22,462	$ 20,923
Fiscal 2016 Acquisitions [Member]
Allocation of Purchase Price:
Goodwill	2,032
Deferred Tax Liabilities	(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 Bases [Member] | Fiscal 2016 Acquisitions [Member]
Allocation of Purchase Price:
Intangible Assets	1,031
Covenants 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	9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
BUSINESS ACQUISITIONS [Abstract]
Total Revenue	$ 90,680	$ 93,894
Net Income	$ 2,710	$ 2,418
Basic Earnings Per Share	$ 0.39	$ 0.36
Diluted Earnings Per Share	$ 0.38	$ 0.34