Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 25, 2023 | Jun. 01, 2023 | Sep. 23, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000099302 | ||
Entity Registrant Name | TRANSCAT INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-25 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 25, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-03905 | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 16-0874418 | ||
Entity Address, Address Line One | 35 Vantage Point Drive | ||
Entity Address, City or Town | Rochester | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14624 | ||
City Area Code | 585 | ||
Local Phone Number | 352-7777 | ||
Title of 12(b) Security | Common Stock, $0.50 par value | ||
Trading Symbol | TRNS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 488,100,000 | ||
Entity Common Stock, Shares Outstanding | 7,642,916 | ||
Auditor Firm ID | 317 | ||
Auditor Name | Freed Maxick CPAs, P.C. | ||
Auditor Location | Rochester, New York |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Revenue | $ 230,569 | $ 204,959 | $ 173,335 |
Cost of Service Revenue | 162,214 | 146,520 | 127,217 |
Gross Profit | 68,355 | 58,439 | 46,118 |
Selling, Marketing and Warehouse Expenses | 24,761 | 20,649 | 17,743 |
General and Administrative Expenses | 27,346 | 23,647 | 17,302 |
Total Operating Expenses | 52,107 | 44,296 | 35,045 |
Operating Income | 16,248 | 14,143 | 11,073 |
Interest and Other Expense, net | 2,761 | 953 | 1,091 |
Total | 13,487 | 13,190 | 9,982 |
Provision for Income Taxes | 2,799 | 1,810 | 2,191 |
Net Income | $ 10,688 | $ 11,380 | $ 7,791 |
Basic Earnings Per Share (in dollars per share) | $ 1.42 | $ 1.52 | $ 1.05 |
Average Shares Outstanding (in shares) | 7,551 | 7,496 | 7,423 |
Diluted Earnings Per Share (in dollars per share) | $ 1.40 | $ 1.50 | $ 1.03 |
Average Shares Outstanding (in shares) | 7,645 | 7,589 | 7,548 |
Service [Member] | |||
Revenue | $ 144,883 | $ 122,005 | $ 101,274 |
Cost of Service Revenue | 98,245 | 83,084 | 70,579 |
Distribution Service [Member] | |||
Revenue | 85,686 | 82,954 | 72,061 |
Cost of Service Revenue | $ 63,969 | $ 63,436 | $ 56,638 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Net Income | $ 10,688 | $ 11,380 | $ 7,791 |
Other Comprehensive (Loss) Income: | |||
Currency Translation Adjustment | (918) | (207) | 662 |
Other, net of tax effects of $14, $(146) and $36 for the years ended March 25, 2023, March 26, 2022 and March 27, 2021 respectively. | (49) | 425 | (103) |
Total Other Comprehensive (Loss) Income | (967) | 218 | 559 |
Comprehensive Income | $ 9,721 | $ 11,598 | $ 8,350 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Other, tax effect | $ 14 | $ (146) | $ 36 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 25, 2023 | Mar. 26, 2022 |
Current Assets: | ||
Cash | $ 1,531 | $ 1,396 |
Accounts Receivable, less allowance for doubtful accounts of $457 and $460 as of March 25, 2023 and March 26, 2022, respectively | 44,698 | 39,737 |
Other Receivables | 506 | 558 |
Inventory, net | 16,929 | 12,712 |
Prepaid Expenses and Other Current Assets | 3,935 | 5,301 |
Total Current Assets | 67,599 | 59,704 |
Property and Equipment, net | 29,064 | 26,439 |
Goodwill | 69,360 | 65,074 |
Intangible Assets, net | 13,799 | 14,692 |
Right to Use Assets, net | 14,876 | 11,026 |
Other Assets | 1,051 | 827 |
Total Assets | 195,749 | 177,762 |
Current Liabilities: | ||
Accounts Payable | 15,869 | 14,171 |
Accrued Compensation and Other Current Liabilities | 10,201 | 11,378 |
Current Portion of Long-Term Debt | 2,248 | 2,161 |
Total Current Liabilities | 28,318 | 27,710 |
Long-Term Debt | 46,869 | 46,291 |
Deferred Tax Liabilities, net | 6,538 | 6,724 |
Lease Liabilities | 12,960 | 9,194 |
Other Liabilities | 1,434 | 1,667 |
Total Liabilities | 96,119 | 91,586 |
Shareholders' Equity: | ||
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 7,562,604 and 7,529,078 shares issued and outstanding as of March 25, 2023 and March 26, 2022, respectively | 3,781 | 3,765 |
Capital in Excess of Par Value | 27,886 | 23,900 |
Accumulated Other Comprehensive Loss | (1,200) | (233) |
Retained Earnings | 69,163 | 58,744 |
Total Shareholders' Equity | 99,630 | 86,176 |
Total Liabilities and Shareholders' Equity | $ 195,749 | $ 177,762 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 25, 2023 | Mar. 26, 2022 |
Accounts Receivable, allowance for doubtful accounts | $ 457 | $ 460 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 7,562,604 | 7,529,078 |
Common stock, shares outstanding (in shares) | 7,562,604 | 7,529,078 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | ||
Cash Flows from Operating Activities: | ||||
Net Income | $ 10,688 | $ 11,380 | $ 7,791 | |
Adjustments to Reconcile Net Income to Net Cash | ||||
Loss on Disposal of Property and Equipment | 88 | 88 | 136 | |
Deferred Income Taxes | (186) | 559 | 176 | |
Depreciation and Amortization | [1] | 10,955 | 9,567 | 7,580 |
Provision for Accounts Receivable and Inventory Reserves | 74 | 34 | 636 | |
Stock-Based Compensation Expense | 3,377 | 2,329 | 1,513 | |
Changes in Assets and Liabilities, net of acquisitions: | ||||
Accounts Receivable and Other Receivables | (5,226) | (3,392) | (1,796) | |
Inventory | (3,377) | (122) | 2,724 | |
Prepaid Expenses and Other Current Assets | 1,119 | (2,960) | (725) | |
Accounts Payable | 1,600 | 1,901 | 329 | |
Accrued Compensation and Other Current Liabilities | (2,161) | (1,113) | 4,943 | |
Income Taxes Payable | 0 | (653) | 332 | |
Net Cash Provided by Operating Activities | 16,951 | 17,618 | 23,639 | |
Cash Flows from Investing Activities: | ||||
Purchase of Property and Equipment | (9,414) | (10,152) | (6,617) | |
Proceeds from Sale of Property and Equipment | 10 | 109 | 17 | |
Business Acquisitions, net of cash acquired | (9,109) | (29,808) | (3,551) | |
Net Cash Used in Investing Activities | (18,513) | (39,851) | (10,151) | |
Cash Flows from Financing Activities: | ||||
Proceeds from (Repayment of) Revolving Credit Facility, net | 2,786 | 31,005 | (8,801) | |
Repayments of Term Loan | (2,121) | (2,114) | (1,982) | |
Issuance of Common Stock | 658 | 1,486 | 1,177 | |
Repurchase of Common Stock | (447) | (6,683) | (3,049) | |
Net Cash Provided by (Used In) Financing Activities | 876 | 23,694 | (12,655) | |
Effect of Exchange Rate Changes on Cash | 821 | (625) | (772) | |
Net Increase in Cash | 135 | 836 | 61 | |
Cash at Beginning of Fiscal Year | 1,396 | 560 | 499 | |
Cash at End of Fiscal Year | 1,531 | 1,396 | 560 | |
Supplemental Disclosures of Cash Flow Activity: | ||||
Interest | 2,263 | 780 | 860 | |
Income Taxes | 1,116 | 3,900 | 1,759 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||||
Common stock issued for acquisitions | 145 | 2,368 | 0 | |
NEXA [Member] | ||||
Assets acquired and liabilities assumed in business combinations: | ||||
Contingent consideration related to NEXA acquisition | 0 | 153 | 0 | |
Alliance [Member] | ||||
Assets acquired and liabilities assumed in business combinations: | ||||
Contingent consideration related to NEXA acquisition | $ 590 | $ 0 | $ 0 | |
[1]Including amortization of catalog costs and intangible assets. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 28, 2020 | 7,381 | ||||
Balance at Mar. 28, 2020 | $ 3,691 | $ 17,929 | $ (1,010) | $ 46,477 | $ 67,087 |
Issuance of Common Stock (in shares) | 57 | ||||
Issuance of Common Stock | $ 29 | 1,148 | 0 | 0 | 1,177 |
Repurchase of Common Stock (in shares) | (81) | ||||
Repurchase of Common Stock | $ (41) | (1,253) | 0 | (1,755) | (3,049) |
Stock-Based Compensation (in shares) | 101 | ||||
Stock-Based Compensation | $ 50 | 1,463 | 0 | 0 | 1,513 |
Other Comprehensive Income | 0 | 0 | 559 | 0 | 559 |
Net Income | $ 0 | 0 | 0 | 7,791 | 7,791 |
Balance (in shares) at Mar. 27, 2021 | 7,458 | ||||
Balance at Mar. 27, 2021 | $ 3,729 | 19,287 | (451) | 52,513 | 75,078 |
Issuance of Common Stock (in shares) | 127 | ||||
Issuance of Common Stock | $ 64 | 3,790 | 0 | 0 | 3,854 |
Repurchase of Common Stock (in shares) | (111) | ||||
Repurchase of Common Stock | $ (56) | (1,478) | 0 | (5,149) | (6,683) |
Stock-Based Compensation (in shares) | 55 | ||||
Stock-Based Compensation | $ 28 | 2,301 | 0 | 0 | 2,329 |
Other Comprehensive Income | 0 | 0 | 218 | 0 | 218 |
Net Income | $ 0 | 0 | 0 | 11,380 | 11,380 |
Balance (in shares) at Mar. 26, 2022 | 7,529 | ||||
Balance at Mar. 26, 2022 | $ 3,765 | 23,900 | (233) | 58,744 | 86,176 |
Issuance of Common Stock (in shares) | 14 | ||||
Issuance of Common Stock | $ 6 | 797 | 0 | 0 | 803 |
Repurchase of Common Stock (in shares) | (7) | ||||
Repurchase of Common Stock | $ (3) | (175) | 0 | (269) | (447) |
Stock-Based Compensation (in shares) | 26 | ||||
Stock-Based Compensation | $ 13 | 3,364 | 0 | 0 | 3,377 |
Other Comprehensive Income | 0 | 0 | (967) | 0 | (967) |
Net Income | $ 0 | 0 | 0 | 10,688 | 10,688 |
Balance (in shares) at Mar. 25, 2023 | 7,562 | ||||
Balance at Mar. 25, 2023 | $ 3,781 | $ 27,886 | $ (1,200) | $ 69,163 | $ 99,630 |
Note 1 - General
Note 1 - General | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 GENERAL Description of Business: Principles of Consolidation: Use of Estimates: not may Fiscal Year: 52/53 March. 52 four 13 53 14 March 25, 2023 2023 March 26, 2022 2022 March 27, 2021 2021" 52 Accounts Receivable: may may not Inventory: not March 25, 2023 March 26, 2022 Property and Equipment, Depreciation and Amortization: Years Machinery, Equipment and Software 2 – 15 Rental Equipment 5 – 8 Furniture and Fixtures 3 – 10 Leasehold Improvements 2 – 12 Property and equipment determined to have no 2 Business Acquisitions: third not one may not Goodwill and Intangible Assets: fourth not two March 25, 2023 March 26, 2022 The Company estimates the fair value of its reporting units using the fair market value measurement requirement. Intangible assets are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not Goodwill Intangible Assets Distribution Service Total Distribution Service Total Net Book Value as of March 28, 2020 $ 11,454 $ 30,086 $ 41,540 $ 1,297 $ 6,680 $ 7,977 Additions 4 1,075 1,079 - 2,030 2,030 Amortization - - - (377 ) (2,161 ) (2,538 ) Currency Translation Adjustment - 653 653 - 44 44 Net Book Value as of March 27, 2021 11,458 31,814 43,272 920 6,593 7,513 Additions - 21,749 21,749 - 11,060 11,060 Amortization - - - (273 ) (3,611 ) (3,884 ) Currency Translation Adjustment - 53 53 - 3 3 Net Book Value as of March 26, 2022 11,458 53,616 65,074 647 14,045 14,692 Additions - 5,094 5,094 - 3,576 3,576 Measurement Period Adjustments - (203 ) (203 ) - - - Amortization - - - (199 ) (4,255 ) (4,454 ) Currency Translation Adjustment - (605 ) (605 ) - (15 ) (15 ) Net Book Value as of March 25, 2023 $ 11,458 $ 57,902 $ 69,360 $ 448 $ 13,351 $ 13,799 The intangible assets are being amortized on an accelerated basis over their estimated useful lives of up to 15 years. Amortization expense relating to intangible assets is expected to be $3.8 million in fiscal year 2024, 2025, 2026, 2027 2028. Catalog Costs: eighteen three March 25, 2023 March 26, 2022 Deferred Taxes: not not 4 Fair Value of Financial Instruments: three 1 2 3, no 1 March 25, 2023 March 26, 2022 Stock-Based Compensation: not 2023 2022 2021 Revenue Recognition: not Under Topic 606 30 90 Revenue recognized from prior period performance obligations for fiscal year 2023 March 25, 2023 no one 606, March 25, 2023 March 26, 2022 7 Vendor Rebates: 2023 2022 2021 Cooperative Advertising Income: 2023 2022 2021 Advertising Costs: 2023 2022 2021 Shipping and Handling Costs: 2023 2022 2021 2023 2022 2021 Foreign Currency Translation and Transactions: Transcat records foreign currency gains and losses on business transactions denominated in foreign currency. The net foreign currency loss was $0.7 million in fiscal year 2023 2022 2021 not 2023 2022 2021 March 25, 2023 April 2022, not Other Comprehensive Income: The Company determines the expense and obligations for its post-retirement plans using assumptions related to discount rates, expected long-term rates of return on invested plan assets, and certain other factors. The Company determines the fair value of plan assets and benefit obligations as of the end of each fiscal year. The unrecognized portion of the gain or loss on plan assets is included in the consolidated balance sheets as a component of accumulated other comprehensive loss in shareholders’ equity and is recognized into the plans’ expense over time. See Note 5 The Company has a non-qualified deferred compensation plan for the benefit of certain management employees and non-employee directors. Investment assets, which fund the Company’s non-qualified deferred compensation plan, consist of mutual funds. The unrecognized portion of the gain or loss on plan assets is included in the Consolidated Statements of Income. At March 25, 2023 At March 26, 2022 Earnings per Share: For each of fiscal years 2023 2022 2021 Fiscal Year Ended March 25, March 26, March 27, 2023 2022 2021 Average Shares Outstanding – Basic 7,551 7,496 7,423 Effect of Dilutive Common Stock Equivalents 94 93 125 Average Shares Outstanding – Diluted 7,645 7,589 7,548 Anti-dilutive Common Stock Equivalents 160 111 - Shareholders Equity: 2023 2022 2021 2023 2022 2021 no 2023 2022 2021 Recently Issued Accounting Pronouncements: Credit Losses In June 2016, 2016 13, 326 not December 15, 2022. not not Reclassification of Amounts: |
Note 2 - Property and Equipment
Note 2 - Property and Equipment | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2 PROPERTY AND EQUIPMENT Property and equipment consists of (amounts in thousands): March 25, March 26, 2023 2022 Machinery, Equipment and Software $ 59,689 $ 55,220 Rental Equipment 10,000 8,214 Furniture and Fixtures 2,933 2,788 Leasehold Improvements 8,191 7,222 Total Property and Equipment 80,813 73,444 Less: Accumulated Depreciation and Amortization (51,749 ) (47,005 ) Total Property and Equipment, net $ 29,064 $ 26,439 Total depreciation and amortization expense relating to property and equipment amounted to $6.5 million, $5.7 million and $5.0 million in fiscal years 2023 2022 2021 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 3 LONG-TERM DEBT On July 7, 2021, “2021 October 30, 2017, 1 December 10, 2018 2 May 18, 2020 ( The 2021 June 2026. 2021 two 2021 may 2022 2023 2021 In addition, the 2021 no may 2021 2021 2021 “2018 The 2021 October 20, 2022 Amendment Two had modified the definition of the applicable rate used to determine interest charges on outstanding and unused borrowings under the revolving credit facility and it amended the definition of permitted acquisitions to amend borrowings available under the revolving credit facility for acquisitions. In addition, Amendment Two had amended the definition of restricted payments to exclude amounts up to $2.5 million during each fiscal year used to pay certain employee tax obligations associated with share-based payment and stock option activity, and modified certain restrictions to the Company’s ability to repurchase its shares and pay dividends. Amendment Two also had modified the leverage ratio and fixed charge coverage ratio covenants with which the Company was required to comply and limited capital expenditures to $5.5 million for fiscal year 2021. As of March 25, 2023 2023 four As of March 25, 2023 2018 2018 December 2025. Interest and Other Costs: one first 2022 2018 first 2022 2023 Covenants: 2021 2023 2022 2021 March 25, 2023 March 26, 2022 Pursuant to the Prior Credit Agreement, we were required to comply with a fixed charge ratio covenant and a leverage ratio covenant, which were modified by the 2021 first 2022 four twelve first 2022, 2021 Other Terms: |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 4 INCOME TAXES Transcat’s income before income taxes on the Consolidated Statements of Income is as follows (amounts in thousands): FY 2023 FY 2022 FY 2021 United States $ 9,879 $ 10,417 $ 9,187 Foreign 3,608 2,773 795 Total $ 13,487 $ 13,190 $ 9,982 The provision for income taxes for fiscal years 2023 2022 2021 FY 2023 FY 2022 FY 2021 Current Tax Provision: Federal $ 1,938 $ 414 $ 1,449 State 652 240 428 Foreign 395 752 103 $ 2,985 $ 1,406 $ 1,980 Deferred Tax (Benefit) Provision: Federal $ (334 ) $ 456 $ 96 State (258 ) (10 ) (22 ) Foreign 406 (42 ) 137 $ (186 ) $ 404 $ 211 Provision for Income Taxes $ 2,799 $ 1,810 $ 2,191 A reconciliation of the income tax provision computed by applying the statutory U.S. federal income tax rate and the income tax provision reflected in the Consolidated Statements of Income is as follows (amounts in thousands): FY 2023 FY 2022 FY 2021 Federal Income Tax at Statutory Rate $ 2,832 $ 2,770 $ 2,096 State Income Taxes, net of federal benefit 311 172 282 Foreign Taxes and Federal, State and Foreign Tax Credits (56 ) (127 ) 9 Tax Impact of Equity Awards (416 ) (1,395 ) (274 ) Non-Deductible Acquisition Costs 6 206 - GILTI and 78 Gross Up 83 161 - Other, net 39 23 78 Total $ 2,799 $ 1,810 $ 2,191 March 25, March 26, 2023 2022 Deferred Tax Assets: Accrued Liabilities $ 362 $ 384 Lease Liabilities 1,916 2,622 Performance-Based Stock Award Grants 720 443 Inventory Reserves 70 100 Non-Qualified Deferred Compensation Plan 62 92 Post-Retirement Health Care Plans 323 333 Stock-Based Compensation 570 225 Capitalized Inventory Costs 214 158 Other 314 233 Total Deferred Tax Assets $ 4,551 $ 4,590 Deferred Tax Liabilities: Goodwill and Intangible Assets $ (3,504 ) $ (3,812 ) Right of Use Assets (1,957 ) (2,623 ) Depreciation (5,462 ) (4,767 ) Other (166 ) (112 ) Total Deferred Tax Liabilities $ (11,089 ) $ (11,314 ) Net Deferred Tax Liabilities $ (6,538 ) $ (6,724 ) The Company files income tax returns in the U.S. federal jurisdiction, various states, Canada and Ireland. The Company is no 2019 2017 2017 2018 no During fiscal years 2023 2022 2021 2023 2022 2021 March 25, 2023 March 26, 2022 The Company’s effective tax rate for fiscal years 2023 2022 2021 , may not 2023 2022 2021 The Company expects to receive certain federal, state and Canadian tax credits in future years. The Company also expects to receive discrete tax benefits related to share-based compensation awards in fiscal year 2024. 2024 |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 5 EMPLOYEE BENEFIT PLANS Defined Contribution Plan. 2023 2022 first 19 first six 2021 second six 2021 first In the long-term savings portion of the Plan (the “401K three 401K 2023 2022 2021 In the deferred profit sharing portion of the Plan, Company contributions are made at the discretion of the Company’s Board of Directors. The Company made no 2023 2022 2021 Employee Stock Purchase Plan. second 2023 2022 2021 Non-Qualified Deferred Compensation Plan. may 401K three 2023 2022 2021 not March 25, 2023 March 26, 2022 Post-retirement Health Care Plans. The change in the post-retirement benefit obligation is as follows (amounts in thousands): FY 2023 FY 2022 FY 2021 Post-retirement benefit obligation, at beginning of fiscal year $ 1,326 $ 1,831 $ 1,509 Service cost 17 96 84 Interest cost 45 52 48 Plan Amendments 193 - - Benefits paid (136 ) (125 ) (95 ) Actuarial (gain) loss (179 ) (528 ) 285 Post-retirement benefit obligation, at end of fiscal year 1,266 1,326 1,831 Fair value of plan assets, at end of fiscal year - - - Funded status, at end of fiscal year $ (1,266 ) $ (1,326 ) $ (1,831 ) Accumulated post-retirement benefit obligation, at end of fiscal year $ 1,266 $ 1,326 $ 1,831 The accumulated post-retirement benefit obligation is included as a component of other liabilities (non-current) in the Consolidated Balance Sheets. The components of net periodic post-retirement benefit cost and other amounts recognized in other comprehensive income are as follows (amounts in thousands): FY 2023 FY 2022 FY 2021 Net periodic post-retirement benefit cost: Service cost $ 17 $ 96 $ 84 Interest cost 45 52 48 Amortization of prior service cost 1 1 1 63 149 133 Benefit obligations recognized in other comprehensive income: Amortization of prior service cost (1 ) (1 ) (1 ) Prior service cost 193 - - Net actuarial (gain) loss (185 ) (583 ) 233 7 (584 ) 232 Total recognized in net periodic benefit cost and other comprehensive income $ 70 $ (435 ) $ 365 Amount recognized in accumulated other comprehensive income, at end of fiscal year: Unrecognized prior service cost $ 163 $ 156 $ 739 The prior service cost is amortized over the average remaining life expectancy of active participants in the Officer Plan. The estimated prior service cost that will be amortized from accumulated other comprehensive income into net periodic post-retirement benefit cost during fiscal year 2024 The post-retirement benefit obligation was computed by an independent third March 25, March 26, 2023 2022 Weighted average discount rate 4.9 % 3.6 % Medical care cost trend rate: Trend rate assumed for next year 7.8 % 7.0 % Ultimate trend rate 4.0 % 3.8 % Year that rate reaches ultimate trend rate 2075 2075 Dental care cost trend rate: Trend rate assumed for next year and remaining at that level thereafter 3.5 % 3.0 % Benefit payments are funded by the Company as needed. Payments toward the cost of a retiree’s medical and dental coverage are initially determined as a percentage of a base coverage plan in the year of retirement and are limited to increase at a rate of no 50% Fiscal Year Amount 2024 $ 121 2025 113 2026 80 2027 92 2028 109 Thereafter $ 751 Increasing the assumed health care cost trend rate by one one |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 6 STOCK-BASED COMPENSATION In September 2021, 2021 “2021 2021 2003 “2003 2021 2003 2003 not 2021 March 25, 2023 2021 The Company receives an excess tax benefit related to restricted stock vesting and stock options exercised and redeemed. The discrete benefits related to share-based compensation and stock option activity in fiscal years 2023 2022 2021 Restricted Stock Units: third The Company’s non-employee directors receive an annual grant of restricted stock units valued at $50,000 that vest after one 2023 2022 2021 September 2022, September 2021 September 2020, Compensation cost ultimately recognized for performance-based restricted stock units will equal the grant date fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, the Company records compensation cost based on the estimated level of achievement of the performance conditions. The expense relating to the time vested restricted stock units is recognized on a straight-line basis over the requisite service period for the entire award. During fiscal year 2023 2022 2021 The following table summarizes the restricted stock units vested and shares issued during fiscal years 2023 2022 2021 Total Grant Date Number Number Fair Target Of Date Date Measurement of Units Value Level Shares Shares Granted Period Granted Per Unit Achieved Issued Issued April 2018 April 2018 – March 2020 1 $ 15.65 Time Vested 1 April 2020 April 2017 April 2017 – March 2020 62 $ 12.90 79% 49 May 2020 July 2020 July 2020 1 $ 27.08 Time Vested 1 July 2020 September 2019 September 2019 – September 2020 18 $ 22.77 Time Vested 18 September 2020 October 2018 October 2018 – September 2020 1 $ 20.81 Time Vested 1 October 2020 January 2021 January 2021 3 $ 34.68 Time Vested 3 January 2021 May 2018 April 2018 – March 2021 29 $ 15.30 Time Vested 29 March 2021 April 2018 April 2018 – March 2021 1 $ 15.65 Time Vested 1 April 2021 May 2018 April 2018 – March 2021 29 $ 15.30 64% 19 May 2021 September 2020 September 2020 – September 2021 14 $ 28.52 Time Vested 14 September 2021 October 2018 October 2018 – September 2021 1 $ 20.81 Time Vested 1 October 2021 April 2019 April 2019 – March 2022 20 $ 23.50 Time Vested 20 March 2022 April 2019 April 2019 – March 2022 20 $ 23.50 82% 16 May 2022 July 2022 July 2022 1 $ 59.33 Time Vested 1 July 2022 September 2021 September 2021 – September 2022 7 $ 66.09 Time Vested 7 September 2022 September 2022 September 2022 1 $ 73.30 Time Vested 1 September 2022 October 2018 October 2018 – September 2022 1 $ 20.81 Time Vested 1 October 2022 The following table summarizes the non-vested restricted stock units outstanding as of March 25, 2023 Total Grant Date Estimated Number Fair Level of Date Measurement of Units Value Achievement at Granted Period Granted Per Unit March 25, 2023 October 2018 October 2018 – September 2027 6 $ 20.81 Time Vested April 2020 April 2020 – March 2023 2 $ 26.25 Time Vested July 2020 July 2020 – July 2023 26 $ 27.08 Time Vested September 2020 September 2020 – July 2023 4 $ 28.54 Time Vested September 2020 September 2020 – July 2023 5 $ 29.76 Time Vested September 2020 September 2020 – September 2023 3 $ 29.76 Time Vested May 2021 May 2021 – May 2024 1 $ 54.21 Time Vested June 2021 June 2021 – March 2024 10 $ 53.17 133% of target level June 2021 June 2021 – March 2024 11 $ 53.17 Time Vested September 2021 September 2021 – September 2024 4 $ 67.76 Time Vested January 2022 January 2022 – March 2024 1 $ 90.92 133% of target level January 2022 January 2022 – March 2024 1 $ 90.92 Time Vested January 2022 January 2022 – January 2025 1 $ 90.41 Time Vested March 2022 March 2022 – March 2025 1 $ 76.31 Time Vested May 2022 May 2022 - March 2025 11 $ 63.17 52% of target level May 2022 May 2022 - March 2025 12 $ 63.17 Time Vested August 2022 August 2022 - August 2025 1 $ 78.04 Time Vested September 2022 September 2022 – September 2023 5 $ 73.80 Time Vested December 2022 December 2022 - December 2025 1 $ 81.26 Time Vested December 2022 December 2022 - December 2025 1 $ 67.48 Time Vested Total expense relating to restricted stock units, based on grant date fair value and the achievement criteria, was $2.0 million, $1.6 million and $1.4 million in fiscal years 2023 2022 2021 March 25, 2023 three Stock Options: five five ten We calculate the fair value of the stock options granted using the Black-Scholes model. The following weighted-average assumptions were used to value options granted during fiscal years 2023 2022 2021 FY 2023 FY 2022 FY 2021 Risk-Free Interest Rate 2.65 % 1.01 % 0.22 % Volatility Factor 37.62 % 30.22 % 25.83 % Expected Term (in Years) 4.58 6.25 3.25 Annual Dividend Rate 0.00 % 0.00 % 0.00 % We calculate expected volatility for stock options by taking an average of historical volatility over the expected term. The computation of expected term was determined based on safe harbor rules, giving consideration to the contractual terms of the stock-based awards and vesting schedules. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield in effect at the time of grant. We assume no expected dividends. Under FASB ASC Topic 718, During fiscal year 2023 three five During fiscal year 2022 two five five three five three During fiscal year 2021 three The expense related to all stock option awards was $1.4 million in fiscal year 2023 2022 2021 The following table summarizes the Company’s options for fiscal years 2023 2022 2021 Weighted Weighted Average Average Remaining Number Exercise Contractual Aggregate Of Price Per Term Intrinsic Options Option (in Years) Value Outstanding as of March 28, 2020 150 $ 14.63 Granted 20 27.48 Exercised (45 ) 18.01 Outstanding as of March 27, 2021 125 15.47 Granted 131 61.29 Exercised (85 ) 12.00 Forfeited (6 ) 24.10 Outstanding as of March 26, 2022 165 53.27 Granted 56 62.46 Exercised (4 ) 6.19 Forfeited - - Outstanding as of March 25, 2023 217 56.25 7 $ 6,628 Exercisable as of March 25, 2023 30 $ 56.23 8 $ 917 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of fiscal year 2023 March 25, 2023 Total unrecognized compensation cost related to non-vested stock options as of March 25, 2023 three 2023 2022 2021 2023 2022 2021 |
Note 7 - Segment and Geographic
Note 7 - Segment and Geographic Data | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 7 SEGMENT AND GEOGRAPHIC DATA The basis for determining our operating segments is the manner in which financial information is used in monitoring our operations. Transcat has two reportable segments: Service and Distribution. Through our Service segment, we offer calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting and other related services. Through our Distribution segment, we sell and rent national and proprietary brand instruments to customers globally. The Company has no 2023 2022 2021 FY 2023 FY 2022 FY 2021 Revenue: Service $ 144,883 $ 122,005 $ 101,274 Distribution 85,686 82,954 72,061 Total 230,569 204,959 173,335 Gross Profit: Service 46,638 38,921 30,695 Distribution 21,717 19,518 15,423 Total 68,355 58,439 46,118 Operating Expenses: Service (1) 35,216 28,107 20,254 Distribution (1) 16,891 16,189 14,791 Total 52,107 44,296 35,045 Operating Income: Service 11,422 10,814 10,441 Distribution 4,826 3,329 632 Total 16,248 14,143 11,073 Unallocated Amounts: Interest and Other Expense, net 2,761 953 1,091 Provision for Income Taxes 2,799 1,810 2,191 Total 5,560 2,763 3,282 Net Income $ 10,688 $ 11,380 $ 7,791 Total Assets: Service $ 118,568 $ 109,472 Distribution 52,340 46,107 Unallocated 24,841 22,183 Total $ 195,749 $ 177,762 Continued on next page FY 2023 FY 2022 FY 2021 Depreciation and Amortization (2) Service $ 8,800 $ 7,543 $ 5,597 Distribution 2,155 2,024 1,983 Total $ 10,955 $ 9,567 $ 7,580 Capital Expenditures: Service $ 5,569 $ 7,885 $ 4,236 Distribution 3,845 2,267 2,381 Total $ 9,414 $ 10,152 $ 6,617 Geographic Data: Revenues to Unaffiliated Customers (3) United States (4) $ 207,143 $ 187,165 $ 159,270 Canada 16,468 14,623 13,040 Other International 6,958 3,171 1,025 Total $ 230,569 $ 204,959 $ 173,335 Property and Equipment: United States (4) $ 24,721 $ 22,042 $ 19,897 Canada 4,326 4,397 2,306 Other International 17 - - Total $ 29,064 $ 26,439 $ 22,203 ( 1 Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management’s estimates. ( 2 Including amortization of catalog costs and intangible assets. ( 3 Revenues are attributed to the countries based on the destination of a product shipment or the location where service is rendered. ( 4 United States includes Puerto Rico. |
Note 8 - Commitments
Note 8 - Commitments | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 COMMITMENTS Leases: The Company determines if an arrangement is a lease at inception. Our lease agreements generally contain lease and non-lease components. Historically, non-lease components such as utilities have been immaterial. Payments under our lease arrangements are primarily fixed. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in our leases is not Transcat leases facilities, equipment, and vehicles under various non-cancelable operating leases. As of March 25, 2023 one fifteen no 2023 2022 2021 eleven 12 not 2023 2022 2021 The components of lease expense for the current and prior-year comparative periods were as follows (dollars in thousands): FY 2023 FY 2022 FY 2021 Operating lease cost $ 4,730 $ 3,687 $ 3,206 Variable lease cost $ 608 $ 619 $ 577 Total lease cost $ 5,338 $ 4,306 $ 3,783 Supplemental cash flow information related to leases was as follows: FY 2023 FY 2022 FY 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 440 $ 2,207 $ 2,153 Right to Use Assets obtained in exchange for lease liabilities $ 4,519 $ 3,874 $ 2,945 Total rental expense was approximately $5.3 million, $4.3 million and $3.8 million in fiscal years 2023 2022 2021 March 25, 2023 Fiscal Year Amount 2024 $ 4.3 2025 3.2 2026 2.6 2027 1.9 2028 1.4 Thereafter 7.8 Total minimum lease payments $ 21.2 Less: Imputed interest 5.9 Present value of remaining lease payments $ 15.3 Term Loan: Effective December 2018, December 2025. 2018 2024, 2025 2026. Contingent Consideration: In connection with the acquisition of NEXA, there are potential earn-out payments of up to $7.5 million over the four August 31, 2021 March 26, 2022, 9. second 2023, no second 2023. |
Note 9 - Business Acquisitions
Note 9 - Business Acquisitions | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 BUSINESS ACQUISITIONS Elite February 2, 2023, All the goodwill related to the Elite acquisition has been allocated to the Service segment. Amortization of goodwill related to the Elite acquisition is deductible for tax purposes. The total purchase price for the assets of Elite was approximately $0.9 million, of which $0.8 million was paid in cash. Pursuant to the asset purchase agreement, the Company held back $0.1 million of the purchase price for certain potential post-closing adjustments. The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 February 2, 2023 ( Goodwill $ 820 Plus: Accounts Receivable 62 Total Purchase Price $ 882 From the date of acquisition through the end of fiscal year 2023, Complete Calibrations September 28, 2022, All the goodwill related to the Complete Calibrations acquisition has been allocated to the Service segment. Amortization of goodwill related to the Complete Calibrations acquisition is not not The total purchase price paid for Complete Calibrations was approximately $1.2 million in cash. In connection with this transaction, the Company also entered into a Technology License Agreement with Calibration Robots Limited, an Irish company and related party to Complete Calibrations, for the use of their proprietary robotics in completing calibrations. The Technology License Agreement includes transactional royalties in the amount of 3 Euros (approximately $3.23) per calibration performed by technology covered under this license agreement, with a royalty term of up to ten March 28, 2024. March 25, 2023 The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 September 28, 2022 ( Goodwill $ 1,123 Plus: Cash 10 Inventory 44 Total Purchase Price $ 1,177 From the date of acquisition through the end of fiscal year 2023, e2b September 27, 2022, e2b “e2b” The e2b not e2b e2b fifteen e2b The total purchase price paid for the assets of e2b third 2023, March 25, 2023, The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 e2b’s September 27, 2022 ( Goodwill $ 1,367 Intangible Assets – Customer Base & Contracts 746 Intangible Assets – Covenant Not to Compete 396 2,509 Plus: Accounts Receivable 361 Other Current Assets 24 Property and Equipment 326 Less: Current Liabilities (121 ) Total Purchase Price $ 3,099 From the date of acquisition through the end of fiscal year 2023, e2b Alliance May 31, 2022, The Alliance goodwill is primarily attributable to the workforce acquired, as well as operational synergies and other intangibles that do not fifteen The purchase price for Alliance was approximately $4.7 million and was paid with $4.0 million in cash and the issuance of 2,284 shares of our common stock valued at $0.1 million. Pursuant to the asset purchase agreement, the Company held back $0.5 million of the purchase price for certain potential post-closing adjustments, and the purchase price will be subject to reduction by $0.5 million if a key customer relationship is not The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 May 31, 2022 ( Goodwill $ 1,783 Intangible Assets – Customer Base & Contracts 2,320 Intangible Assets – Covenant Not to Compete 114 4,217 Plus: Accounts Receivable 343 Property and Equipment 170 Less: Current Liabilities (27 ) Total Purchase Price $ 4,703 From the date of acquisition through the end of fiscal year 2023, Tangent December 31, 2021, The Tangent goodwill is primarily attributable to the workforce acquired, as well as operational synergies and other intangibles that do not fifteen not The purchase price for Tangent was approximately $8.9 million, all paid in cash, and is subject to certain customary holdback provisions and a portion of which was placed in escrow to secure the sellers’ obligations in the event that a key employee terminates employment with Tangent on or before the first During the second 2023, second 2023, October 2022 September 2023. fourth 2023, not During the second 2023, no second 2023. 3 December 31, 2021 ( Goodwill $ 5,385 Intangible Assets – Customer Base & Contracts 4,150 Intangible Assets – Covenant Not to Compete 220 9,755 Plus: Cash 26 Accounts Receivable 187 Other Current Assets 16 Property and Equipment 203 Less: Current Liabilities (68 ) Deferred Tax Liability (1,195 ) Total Purchase Price $ 8,924 During fiscal year 2023, NEXA August 31, 2021, The NEXA goodwill is primarily attributable to the workforce acquired, as well as operational synergies and other intangibles that do not five not The purchase price for NEXA was approximately $26.2 million and was paid with $23.9 million in cash and the issuance of 34,943 shares of our common stock valued at $2.4 million. Additionally, there are potential earn-out payments of up to $7.5 million over the four August 31, 2021 March 26, 2022, 3 1 2 3 4 During the second 2023, no second 2023. 2022 first not no The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 August 31, 2021 ( Goodwill $ 15,679 Intangible Assets – Customer Base & Contracts 5,600 Intangible Assets – Backlog 490 Intangible Assets – Covenant Not to Compete 600 22,369 Plus: Cash 3,732 Accounts Receivable 2,434 Non-Current Assets 38 Less: Current Liabilities (572 ) Deferred Tax Liability (1,769 ) Total Purchase Price $ 26,232 During fiscal year 2023, Upstate Metrology April 29, 2021, All the goodwill related to the Upstate Metrology acquisition has been allocated to the Service segment. Amortization of goodwill related to the Upstate Metrology acquisition is deductible for tax purposes. The total purchase price for the assets of Upstate Metrology was approximately $0.9 million. The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 April 29, 2021 ( Goodwill $ 483 Plus: Current Assets 189 Non-Current Assets 270 Less: Current Liabilities (11 ) Total Purchase Price $ 931 Since this operation was integrated immediately into our existing operations, its separate contributed revenue and operating income is undeterminable. BioTek: December 16, 2020, All of the goodwill and intangible assets relating to the BioTek acquisition has been allocated to the Service segment. Intangible assets related to the BioTek acquisition are being amortized for financial reporting purposes on an accelerated basis over the estimated useful life of up to 10 years and are deductible for tax purposes. Amortization of goodwill related to the BioTek acquisition is deductible for tax purposes. The total purchase price for the assets of BioTek was approximately $3.5 million. $0.4 million of the purchase price had been put into escrow for indemnification claims, if any. This escrow was released during the fourth 2022. 3 Goodwill $ 1,063 Intangible Assets – Customer Base & Contracts 1,930 Intangible Assets – Covenant Not to Compete 100 3,093 Plus: Current Assets 406 Non-Current Assets 8 Total Purchase Price $ 3,507 The results of acquired businesses are included in Transcat’s consolidated operating results as of the dates the businesses were acquired. The following unaudited pro forma information presents the Company’s results of operations as if the acquisitions of Elite, Complete Calibration, e2b, 2021. not (Unaudited) Fiscal Year Ended March 25, March 26, March 27, (in thousands except per share information) 2023 2022 2021 Total Revenue $ 233,098 $ 217,000 $ 189,730 Net Income $ 11,419 $ 12,052 $ 6,901 Basic Earnings Per Share $ 1.51 $ 1.61 $ 0.93 Diluted Earnings Per Share $ 1.49 $ 1.59 $ 0.91 Certain of the Company’s acquisition agreements include provisions for contingent consideration and other holdback amounts. The Company accrues for contingent consideration and holdback provisions based on their estimated fair value at the date of acquisition. As of March 25, 2023, March 26, 2022, 2023, 2022 2021, During fiscal years 2023, 2022 2021, |
Note 10 - Subsequent Event
Note 10 - Subsequent Event | 12 Months Ended |
Mar. 25, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10 Effective March 27, 2023, not The purchase price allocation has not 10 10 June 24, 2023. 10 June 24, 2023. not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 25, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of Business: |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: not may |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year: 52/53 March. 52 four 13 53 14 March 25, 2023 2023 March 26, 2022 2022 March 27, 2021 2021" 52 |
Accounts Receivable [Policy Text Block] | Accounts Receivable: may may not |
Inventory, Policy [Policy Text Block] | Inventory: not March 25, 2023 March 26, 2022 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, Depreciation and Amortization: Years Machinery, Equipment and Software 2 – 15 Rental Equipment 5 – 8 Furniture and Fixtures 3 – 10 Leasehold Improvements 2 – 12 Property and equipment determined to have no 2 |
Business Combinations Policy [Policy Text Block] | Business Acquisitions: third not one may not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets: fourth not two March 25, 2023 March 26, 2022 The Company estimates the fair value of its reporting units using the fair market value measurement requirement. Intangible assets are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not Goodwill Intangible Assets Distribution Service Total Distribution Service Total Net Book Value as of March 28, 2020 $ 11,454 $ 30,086 $ 41,540 $ 1,297 $ 6,680 $ 7,977 Additions 4 1,075 1,079 - 2,030 2,030 Amortization - - - (377 ) (2,161 ) (2,538 ) Currency Translation Adjustment - 653 653 - 44 44 Net Book Value as of March 27, 2021 11,458 31,814 43,272 920 6,593 7,513 Additions - 21,749 21,749 - 11,060 11,060 Amortization - - - (273 ) (3,611 ) (3,884 ) Currency Translation Adjustment - 53 53 - 3 3 Net Book Value as of March 26, 2022 11,458 53,616 65,074 647 14,045 14,692 Additions - 5,094 5,094 - 3,576 3,576 Measurement Period Adjustments - (203 ) (203 ) - - - Amortization - - - (199 ) (4,255 ) (4,454 ) Currency Translation Adjustment - (605 ) (605 ) - (15 ) (15 ) Net Book Value as of March 25, 2023 $ 11,458 $ 57,902 $ 69,360 $ 448 $ 13,351 $ 13,799 The intangible assets are being amortized on an accelerated basis over their estimated useful lives of up to 15 years. Amortization expense relating to intangible assets is expected to be $3.8 million in fiscal year 2024, 2025, 2026, 2027 2028. |
Catalog Costs [Policy Text Block] | Catalog Costs: eighteen three March 25, 2023 March 26, 2022 |
Income Tax, Policy [Policy Text Block] | Deferred Taxes: not not 4 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: three 1 2 3, no 1 March 25, 2023 March 26, 2022 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation: not 2023 2022 2021 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: not Under Topic 606 30 90 Revenue recognized from prior period performance obligations for fiscal year 2023 March 25, 2023 no one 606, March 25, 2023 March 26, 2022 7 |
Vendor Rebates [Policy Text Block] | Vendor Rebates: 2023 2022 2021 |
Cooperative Advertising Income [Policy Text Block] | Cooperative Advertising Income: 2023 2022 2021 |
Advertising Cost [Policy Text Block] | Advertising Costs: 2023 2022 2021 |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs: 2023 2022 2021 2023 2022 2021 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions: Transcat records foreign currency gains and losses on business transactions denominated in foreign currency. The net foreign currency loss was $0.7 million in fiscal year 2023 2022 2021 not 2023 2022 2021 March 25, 2023 April 2022, not |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income: The Company determines the expense and obligations for its post-retirement plans using assumptions related to discount rates, expected long-term rates of return on invested plan assets, and certain other factors. The Company determines the fair value of plan assets and benefit obligations as of the end of each fiscal year. The unrecognized portion of the gain or loss on plan assets is included in the consolidated balance sheets as a component of accumulated other comprehensive loss in shareholders’ equity and is recognized into the plans’ expense over time. See Note 5 The Company has a non-qualified deferred compensation plan for the benefit of certain management employees and non-employee directors. Investment assets, which fund the Company’s non-qualified deferred compensation plan, consist of mutual funds. The unrecognized portion of the gain or loss on plan assets is included in the Consolidated Statements of Income. At March 25, 2023 At March 26, 2022 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share: For each of fiscal years 2023 2022 2021 Fiscal Year Ended March 25, March 26, March 27, 2023 2022 2021 Average Shares Outstanding – Basic 7,551 7,496 7,423 Effect of Dilutive Common Stock Equivalents 94 93 125 Average Shares Outstanding – Diluted 7,645 7,589 7,548 Anti-dilutive Common Stock Equivalents 160 111 - |
Stockholders' Equity, Policy [Policy Text Block] | Shareholders Equity: 2023 2022 2021 2023 2022 2021 no 2023 2022 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements: Credit Losses In June 2016, 2016 13, 326 not December 15, 2022. not not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification of Amounts: |
Note 1 - General (Tables)
Note 1 - General (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Machinery, Equipment and Software 2 – 15 Rental Equipment 5 – 8 Furniture and Fixtures 3 – 10 Leasehold Improvements 2 – 12 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill Intangible Assets Distribution Service Total Distribution Service Total Net Book Value as of March 28, 2020 $ 11,454 $ 30,086 $ 41,540 $ 1,297 $ 6,680 $ 7,977 Additions 4 1,075 1,079 - 2,030 2,030 Amortization - - - (377 ) (2,161 ) (2,538 ) Currency Translation Adjustment - 653 653 - 44 44 Net Book Value as of March 27, 2021 11,458 31,814 43,272 920 6,593 7,513 Additions - 21,749 21,749 - 11,060 11,060 Amortization - - - (273 ) (3,611 ) (3,884 ) Currency Translation Adjustment - 53 53 - 3 3 Net Book Value as of March 26, 2022 11,458 53,616 65,074 647 14,045 14,692 Additions - 5,094 5,094 - 3,576 3,576 Measurement Period Adjustments - (203 ) (203 ) - - - Amortization - - - (199 ) (4,255 ) (4,454 ) Currency Translation Adjustment - (605 ) (605 ) - (15 ) (15 ) Net Book Value as of March 25, 2023 $ 11,458 $ 57,902 $ 69,360 $ 448 $ 13,351 $ 13,799 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended March 25, March 26, March 27, 2023 2022 2021 Average Shares Outstanding – Basic 7,551 7,496 7,423 Effect of Dilutive Common Stock Equivalents 94 93 125 Average Shares Outstanding – Diluted 7,645 7,589 7,548 Anti-dilutive Common Stock Equivalents 160 111 - |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 25, March 26, 2023 2022 Machinery, Equipment and Software $ 59,689 $ 55,220 Rental Equipment 10,000 8,214 Furniture and Fixtures 2,933 2,788 Leasehold Improvements 8,191 7,222 Total Property and Equipment 80,813 73,444 Less: Accumulated Depreciation and Amortization (51,749 ) (47,005 ) Total Property and Equipment, net $ 29,064 $ 26,439 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | FY 2023 FY 2022 FY 2021 United States $ 9,879 $ 10,417 $ 9,187 Foreign 3,608 2,773 795 Total $ 13,487 $ 13,190 $ 9,982 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | FY 2023 FY 2022 FY 2021 Current Tax Provision: Federal $ 1,938 $ 414 $ 1,449 State 652 240 428 Foreign 395 752 103 $ 2,985 $ 1,406 $ 1,980 Deferred Tax (Benefit) Provision: Federal $ (334 ) $ 456 $ 96 State (258 ) (10 ) (22 ) Foreign 406 (42 ) 137 $ (186 ) $ 404 $ 211 Provision for Income Taxes $ 2,799 $ 1,810 $ 2,191 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | FY 2023 FY 2022 FY 2021 Federal Income Tax at Statutory Rate $ 2,832 $ 2,770 $ 2,096 State Income Taxes, net of federal benefit 311 172 282 Foreign Taxes and Federal, State and Foreign Tax Credits (56 ) (127 ) 9 Tax Impact of Equity Awards (416 ) (1,395 ) (274 ) Non-Deductible Acquisition Costs 6 206 - GILTI and 78 Gross Up 83 161 - Other, net 39 23 78 Total $ 2,799 $ 1,810 $ 2,191 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 25, March 26, 2023 2022 Deferred Tax Assets: Accrued Liabilities $ 362 $ 384 Lease Liabilities 1,916 2,622 Performance-Based Stock Award Grants 720 443 Inventory Reserves 70 100 Non-Qualified Deferred Compensation Plan 62 92 Post-Retirement Health Care Plans 323 333 Stock-Based Compensation 570 225 Capitalized Inventory Costs 214 158 Other 314 233 Total Deferred Tax Assets $ 4,551 $ 4,590 Deferred Tax Liabilities: Goodwill and Intangible Assets $ (3,504 ) $ (3,812 ) Right of Use Assets (1,957 ) (2,623 ) Depreciation (5,462 ) (4,767 ) Other (166 ) (112 ) Total Deferred Tax Liabilities $ (11,089 ) $ (11,314 ) Net Deferred Tax Liabilities $ (6,538 ) $ (6,724 ) |
Note 5 - Employee Benefit Pla_2
Note 5 - Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | FY 2023 FY 2022 FY 2021 Post-retirement benefit obligation, at beginning of fiscal year $ 1,326 $ 1,831 $ 1,509 Service cost 17 96 84 Interest cost 45 52 48 Plan Amendments 193 - - Benefits paid (136 ) (125 ) (95 ) Actuarial (gain) loss (179 ) (528 ) 285 Post-retirement benefit obligation, at end of fiscal year 1,266 1,326 1,831 Fair value of plan assets, at end of fiscal year - - - Funded status, at end of fiscal year $ (1,266 ) $ (1,326 ) $ (1,831 ) Accumulated post-retirement benefit obligation, at end of fiscal year $ 1,266 $ 1,326 $ 1,831 |
Schedule of Net Benefit Costs [Table Text Block] | FY 2023 FY 2022 FY 2021 Net periodic post-retirement benefit cost: Service cost $ 17 $ 96 $ 84 Interest cost 45 52 48 Amortization of prior service cost 1 1 1 63 149 133 Benefit obligations recognized in other comprehensive income: Amortization of prior service cost (1 ) (1 ) (1 ) Prior service cost 193 - - Net actuarial (gain) loss (185 ) (583 ) 233 7 (584 ) 232 Total recognized in net periodic benefit cost and other comprehensive income $ 70 $ (435 ) $ 365 Amount recognized in accumulated other comprehensive income, at end of fiscal year: Unrecognized prior service cost $ 163 $ 156 $ 739 |
Defined Benefit Plan, Assumptions [Table Text Block] | March 25, March 26, 2023 2022 Weighted average discount rate 4.9 % 3.6 % Medical care cost trend rate: Trend rate assumed for next year 7.8 % 7.0 % Ultimate trend rate 4.0 % 3.8 % Year that rate reaches ultimate trend rate 2075 2075 Dental care cost trend rate: Trend rate assumed for next year and remaining at that level thereafter 3.5 % 3.0 % |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Year Amount 2024 $ 121 2025 113 2026 80 2027 92 2028 109 Thereafter $ 751 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Total Grant Date Number Number Fair Target Of Date Date Measurement of Units Value Level Shares Shares Granted Period Granted Per Unit Achieved Issued Issued April 2018 April 2018 – March 2020 1 $ 15.65 Time Vested 1 April 2020 April 2017 April 2017 – March 2020 62 $ 12.90 79% 49 May 2020 July 2020 July 2020 1 $ 27.08 Time Vested 1 July 2020 September 2019 September 2019 – September 2020 18 $ 22.77 Time Vested 18 September 2020 October 2018 October 2018 – September 2020 1 $ 20.81 Time Vested 1 October 2020 January 2021 January 2021 3 $ 34.68 Time Vested 3 January 2021 May 2018 April 2018 – March 2021 29 $ 15.30 Time Vested 29 March 2021 April 2018 April 2018 – March 2021 1 $ 15.65 Time Vested 1 April 2021 May 2018 April 2018 – March 2021 29 $ 15.30 64% 19 May 2021 September 2020 September 2020 – September 2021 14 $ 28.52 Time Vested 14 September 2021 October 2018 October 2018 – September 2021 1 $ 20.81 Time Vested 1 October 2021 April 2019 April 2019 – March 2022 20 $ 23.50 Time Vested 20 March 2022 April 2019 April 2019 – March 2022 20 $ 23.50 82% 16 May 2022 July 2022 July 2022 1 $ 59.33 Time Vested 1 July 2022 September 2021 September 2021 – September 2022 7 $ 66.09 Time Vested 7 September 2022 September 2022 September 2022 1 $ 73.30 Time Vested 1 September 2022 October 2018 October 2018 – September 2022 1 $ 20.81 Time Vested 1 October 2022 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Total Grant Date Estimated Number Fair Level of Date Measurement of Units Value Achievement at Granted Period Granted Per Unit March 25, 2023 October 2018 October 2018 – September 2027 6 $ 20.81 Time Vested April 2020 April 2020 – March 2023 2 $ 26.25 Time Vested July 2020 July 2020 – July 2023 26 $ 27.08 Time Vested September 2020 September 2020 – July 2023 4 $ 28.54 Time Vested September 2020 September 2020 – July 2023 5 $ 29.76 Time Vested September 2020 September 2020 – September 2023 3 $ 29.76 Time Vested May 2021 May 2021 – May 2024 1 $ 54.21 Time Vested June 2021 June 2021 – March 2024 10 $ 53.17 133% of target level June 2021 June 2021 – March 2024 11 $ 53.17 Time Vested September 2021 September 2021 – September 2024 4 $ 67.76 Time Vested January 2022 January 2022 – March 2024 1 $ 90.92 133% of target level January 2022 January 2022 – March 2024 1 $ 90.92 Time Vested January 2022 January 2022 – January 2025 1 $ 90.41 Time Vested March 2022 March 2022 – March 2025 1 $ 76.31 Time Vested May 2022 May 2022 - March 2025 11 $ 63.17 52% of target level May 2022 May 2022 - March 2025 12 $ 63.17 Time Vested August 2022 August 2022 - August 2025 1 $ 78.04 Time Vested September 2022 September 2022 – September 2023 5 $ 73.80 Time Vested December 2022 December 2022 - December 2025 1 $ 81.26 Time Vested December 2022 December 2022 - December 2025 1 $ 67.48 Time Vested |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | FY 2023 FY 2022 FY 2021 Risk-Free Interest Rate 2.65 % 1.01 % 0.22 % Volatility Factor 37.62 % 30.22 % 25.83 % Expected Term (in Years) 4.58 6.25 3.25 Annual Dividend Rate 0.00 % 0.00 % 0.00 % |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Number Exercise Contractual Aggregate Of Price Per Term Intrinsic Options Option (in Years) Value Outstanding as of March 28, 2020 150 $ 14.63 Granted 20 27.48 Exercised (45 ) 18.01 Outstanding as of March 27, 2021 125 15.47 Granted 131 61.29 Exercised (85 ) 12.00 Forfeited (6 ) 24.10 Outstanding as of March 26, 2022 165 53.27 Granted 56 62.46 Exercised (4 ) 6.19 Forfeited - - Outstanding as of March 25, 2023 217 56.25 7 $ 6,628 Exercisable as of March 25, 2023 30 $ 56.23 8 $ 917 |
Note 7 - Segment and Geograph_2
Note 7 - Segment and Geographic Data (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | FY 2023 FY 2022 FY 2021 Revenue: Service $ 144,883 $ 122,005 $ 101,274 Distribution 85,686 82,954 72,061 Total 230,569 204,959 173,335 Gross Profit: Service 46,638 38,921 30,695 Distribution 21,717 19,518 15,423 Total 68,355 58,439 46,118 Operating Expenses: Service (1) 35,216 28,107 20,254 Distribution (1) 16,891 16,189 14,791 Total 52,107 44,296 35,045 Operating Income: Service 11,422 10,814 10,441 Distribution 4,826 3,329 632 Total 16,248 14,143 11,073 Unallocated Amounts: Interest and Other Expense, net 2,761 953 1,091 Provision for Income Taxes 2,799 1,810 2,191 Total 5,560 2,763 3,282 Net Income $ 10,688 $ 11,380 $ 7,791 Total Assets: Service $ 118,568 $ 109,472 Distribution 52,340 46,107 Unallocated 24,841 22,183 Total $ 195,749 $ 177,762 FY 2023 FY 2022 FY 2021 Depreciation and Amortization (2) Service $ 8,800 $ 7,543 $ 5,597 Distribution 2,155 2,024 1,983 Total $ 10,955 $ 9,567 $ 7,580 Capital Expenditures: Service $ 5,569 $ 7,885 $ 4,236 Distribution 3,845 2,267 2,381 Total $ 9,414 $ 10,152 $ 6,617 Geographic Data: Revenues to Unaffiliated Customers (3) United States (4) $ 207,143 $ 187,165 $ 159,270 Canada 16,468 14,623 13,040 Other International 6,958 3,171 1,025 Total $ 230,569 $ 204,959 $ 173,335 Property and Equipment: United States (4) $ 24,721 $ 22,042 $ 19,897 Canada 4,326 4,397 2,306 Other International 17 - - Total $ 29,064 $ 26,439 $ 22,203 |
Note 8 - Commitments (Tables)
Note 8 - Commitments (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | FY 2023 FY 2022 FY 2021 Operating lease cost $ 4,730 $ 3,687 $ 3,206 Variable lease cost $ 608 $ 619 $ 577 Total lease cost $ 5,338 $ 4,306 $ 3,783 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | FY 2023 FY 2022 FY 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 440 $ 2,207 $ 2,153 Right to Use Assets obtained in exchange for lease liabilities $ 4,519 $ 3,874 $ 2,945 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Year Amount 2024 $ 4.3 2025 3.2 2026 2.6 2027 1.9 2028 1.4 Thereafter 7.8 Total minimum lease payments $ 21.2 Less: Imputed interest 5.9 Present value of remaining lease payments $ 15.3 |
Note 9 - Business Acquisitions
Note 9 - Business Acquisitions (Tables) | 12 Months Ended |
Mar. 25, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Goodwill $ 820 Plus: Accounts Receivable 62 Total Purchase Price $ 882 Goodwill $ 1,123 Plus: Cash 10 Inventory 44 Total Purchase Price $ 1,177 Goodwill $ 1,367 Intangible Assets – Customer Base & Contracts 746 Intangible Assets – Covenant Not to Compete 396 2,509 Plus: Accounts Receivable 361 Other Current Assets 24 Property and Equipment 326 Less: Current Liabilities (121 ) Total Purchase Price $ 3,099 Goodwill $ 1,783 Intangible Assets – Customer Base & Contracts 2,320 Intangible Assets – Covenant Not to Compete 114 4,217 Plus: Accounts Receivable 343 Property and Equipment 170 Less: Current Liabilities (27 ) Total Purchase Price $ 4,703 Goodwill $ 5,385 Intangible Assets – Customer Base & Contracts 4,150 Intangible Assets – Covenant Not to Compete 220 9,755 Plus: Cash 26 Accounts Receivable 187 Other Current Assets 16 Property and Equipment 203 Less: Current Liabilities (68 ) Deferred Tax Liability (1,195 ) Total Purchase Price $ 8,924 Goodwill $ 15,679 Intangible Assets – Customer Base & Contracts 5,600 Intangible Assets – Backlog 490 Intangible Assets – Covenant Not to Compete 600 22,369 Plus: Cash 3,732 Accounts Receivable 2,434 Non-Current Assets 38 Less: Current Liabilities (572 ) Deferred Tax Liability (1,769 ) Total Purchase Price $ 26,232 Goodwill $ 483 Plus: Current Assets 189 Non-Current Assets 270 Less: Current Liabilities (11 ) Total Purchase Price $ 931 Goodwill $ 1,063 Intangible Assets – Customer Base & Contracts 1,930 Intangible Assets – Covenant Not to Compete 100 3,093 Plus: Current Assets 406 Non-Current Assets 8 Total Purchase Price $ 3,507 |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited) Fiscal Year Ended March 25, March 26, March 27, (in thousands except per share information) 2023 2022 2021 Total Revenue $ 233,098 $ 217,000 $ 189,730 Net Income $ 11,419 $ 12,052 $ 6,901 Basic Earnings Per Share $ 1.51 $ 1.61 $ 0.93 Diluted Earnings Per Share $ 1.49 $ 1.59 $ 0.91 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | |||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 29, 2021 | Mar. 27, 2021 | |
Inventory Valuation Reserves | $ 300 | $ 500 | ||
Goodwill, Impairment Loss | 0 | 0 | $ 0 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3,800 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 3,200 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 2,400 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1,100 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 800 | |||
Investments | 200 | |||
Share-Based Payment Arrangement, Expense | 3,400 | 2,300 | 1,500 | |
Vendor Rebates | 600 | 1,000 | 700 | |
Cooperative Advertising Amount | 1,000 | 800 | 600 | |
Advertising Expense | 1,200 | 1,100 | 900 | |
Cost of Goods and Services Sold | 162,214 | 146,520 | 127,217 | |
Realized Gain (Loss), Foreign Currency Transaction, before Tax | (700) | 100 | (100) | |
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax | 400 | (100) | $ (100) | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (1,100) | 100 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 100 | 100 | ||
AOCI, Debt Securities, Available-for-Sale, Adjustment, after Tax | $ 100 | $ 100 | ||
Dilutive Securities, Effect Per Share on Earnings (in dollars per share) | $ 0.02 | $ 0.02 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | 0.1 | 0.1 | 0.1 | |
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 400 | $ 6,700 | $ 3,100 | |
Foreign Exchange Contract [Member] | ||||
Derivative Asset, Notional Amount | 2,500 | |||
Cargo and Freight [Member] | ||||
Cost of Goods and Services Sold | 2,900 | 2,700 | $ 2,400 | |
Shipping and Handling [Member] | ||||
Cost of Goods and Services Sold | 700 | 800 | $ 800 | |
Prepaid Expenses and Other Current Assets [Member] | ||||
Unamortized Catalog Costs | $ 100 | $ 100 | ||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 1 - General - Useful Lives
Note 1 - General - Useful Lives of Property and Equipment (Details) | Mar. 25, 2023 |
Machinery Equipment and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 2 years |
Machinery Equipment and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 8 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 2 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 12 years |
Note 1 - General - Summary of C
Note 1 - General - Summary of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Net Book Value, goodwill | $ 65,074 | $ 43,272 | $ 41,540 |
Net Book Value, intangible assets | 14,692 | 7,513 | 7,977 |
Additions, goodwill | 5,094 | 21,749 | 1,079 |
Additions, intangible assets | 3,576 | 11,060 | 2,030 |
Amortization, goodwill | 0 | 0 | 0 |
Amortization, intangible assets | (4,454) | (3,884) | (2,538) |
Currency Translation Adjustment, goodwill | (605) | 53 | 653 |
Currency Translation Adjustment, intangible assets | (15) | 3 | 44 |
Measurement Period Adjustments | (203) | ||
Net Book Value, goodwill | 69,360 | 65,074 | 43,272 |
Net Book Value, intangible assets | 13,799 | 14,692 | 7,513 |
Distribution Segment [Member] | |||
Net Book Value, goodwill | 11,458 | 11,458 | 11,454 |
Net Book Value, intangible assets | 647 | 920 | 1,297 |
Additions, goodwill | 0 | 0 | 4 |
Additions, intangible assets | 0 | 0 | 0 |
Amortization, goodwill | 0 | 0 | 0 |
Amortization, intangible assets | (199) | (273) | (377) |
Currency Translation Adjustment, goodwill | 0 | 0 | 0 |
Currency Translation Adjustment, intangible assets | 0 | 0 | 0 |
Measurement Period Adjustments | 0 | ||
Net Book Value, goodwill | 11,458 | 11,458 | 11,458 |
Net Book Value, intangible assets | 448 | 647 | 920 |
Service Segment [Member] | |||
Net Book Value, goodwill | 53,616 | 31,814 | 30,086 |
Net Book Value, intangible assets | 14,045 | 6,593 | 6,680 |
Additions, goodwill | 5,094 | 21,749 | 1,075 |
Additions, intangible assets | 3,576 | 11,060 | 2,030 |
Amortization, goodwill | 0 | 0 | 0 |
Amortization, intangible assets | (4,255) | (3,611) | (2,161) |
Currency Translation Adjustment, goodwill | (605) | 53 | 653 |
Currency Translation Adjustment, intangible assets | (15) | 3 | 44 |
Measurement Period Adjustments | (203) | ||
Net Book Value, goodwill | 57,902 | 53,616 | 31,814 |
Net Book Value, intangible assets | $ 13,351 | $ 14,045 | $ 6,593 |
Note 1 - General - Computation
Note 1 - General - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Average Shares Outstanding – Basic (in shares) | 7,551 | 7,496 | 7,423 |
Effect of Dilutive Common Stock Equivalents (in shares) | 94 | 93 | 125 |
Average Shares Outstanding – Diluted (in shares) | 7,645 | 7,589 | 7,548 |
Anti-dilutive Common Stock Equivalents (in shares) | 160 | 111 | 0 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 6.5 | $ 5.7 | $ 5 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 |
Property, Plant and Equipment, Gross | $ 80,813 | $ 73,444 | |
Less: Accumulated Depreciation and Amortization | (51,749) | (47,005) | |
Total Property and Equipment, net | 29,064 | 26,439 | $ 22,203 |
Machinery Equipment and Software [Member] | |||
Property, Plant and Equipment, Gross | 59,689 | 55,220 | |
Equipment [Member] | |||
Property, Plant and Equipment, Gross | 10,000 | 8,214 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Gross | 2,933 | 2,788 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Gross | $ 8,191 | $ 7,222 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May 18, 2020 USD ($) | Jun. 25, 2022 | Mar. 25, 2023 USD ($) | Mar. 25, 2023 USD ($) | Mar. 26, 2022 USD ($) | Sep. 26, 2021 | Jul. 07, 2021 USD ($) | Jun. 26, 2021 | |
Long-Term Debt, Current Maturities, Total | $ 2,248 | $ 2,248 | $ 2,161 | |||||
The 2018 Term Loan [Member] | ||||||||
Debt Instrument, Face Amount | $ 15,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 3.90% | 3.90% | 4.15% | ||||
Long-Term Debt | 6,400 | 6,400 | ||||||
Long-Term Debt, Current Maturities, Total | $ 2,200 | 2,200 | ||||||
Debt Instrument, Periodic Payment, Total | $ 200 | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | $ 80,000 | ||||||
Debt Instrument, Covenant, Restriction to Repurchase Shares and Pay Dividends, Aggregate | 25,000 | 10,000 | ||||||
Debt Instrument, Covenant, Restriction to Repurchase Shares and Pay Dividends, Per Year | $ 10,000 | $ 3,000 | ||||||
LIBOR Floor | 1% | 0.25% | 0.25% | 0.25% | 1% | |||
Debt Instrument, Covenant, Maximum Excluded Restricted Payments | $ 2,500 | |||||||
Debt Instrument, Covenant, Maximum Capital Expenditures Per Year | $ 5,500 | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 80,000 | $ 80,000 | ||||||
Long-Term Line of Credit | 42,700 | 42,700 | ||||||
Business Acquisition, Transaction Costs | $ 9,100 | $ 9,100 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.60% | 1.60% | 1.74% | |||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio | 4 | 3 | ||||||
Debt Instrument, Maturity Date | Oct. 20, 2022 | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument, Permitted Acquisition, Aggregate Purchase Price | $ 1,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.60% | 1.60% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument, Permitted Acquisition, Aggregate Purchase Price | $ 50,000 | $ 50,000 | $ 65,000 | |||||
Debt Instrument, Permitted Acquisition, Additional Aggregate Purchase Price | $ 40,000 | $ 40,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | 6.50% | ||||||
Letter of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | $ 10,000 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 28, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 20.80% | 13.70% | 21.90% | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount | $ (416) | $ (1,395) | $ (274) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | ||
Forecast [Member] | Minimum [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent | 21% | |||
Forecast [Member] | Maximum [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent | 23% |
Note 4 - Income Taxes - Schedul
Note 4 - Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
United States | $ 9,879 | $ 10,417 | $ 9,187 |
Foreign | 3,608 | 2,773 | 795 |
Total | $ 13,487 | $ 13,190 | $ 9,982 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Federal | $ 1,938 | $ 414 | $ 1,449 |
State | 652 | 240 | 428 |
Foreign | 395 | 752 | 103 |
Current Income Tax Expense (Benefit) | 2,985 | 1,406 | 1,980 |
Federal | (334) | 456 | 96 |
State | (258) | (10) | (22) |
Foreign | 406 | (42) | 137 |
Deferred Income Tax Expense (Benefit) | (186) | 404 | 211 |
Total | $ 2,799 | $ 1,810 | $ 2,191 |
Note 4 - Income Taxes - Effecti
Note 4 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Federal Income Tax at Statutory Rate | $ 2,832 | $ 2,770 | $ 2,096 |
State Income Taxes, net of federal benefit | 311 | 172 | 282 |
Foreign Taxes and Federal, State and Foreign Tax Credits | (56) | (127) | (9) |
Foreign Taxes and Federal, State and Foreign Tax Credits | 56 | 127 | 9 |
Tax Impact of Equity Awards | (416) | (1,395) | (274) |
Non-Deductible Acquisition Costs | 6 | 206 | 0 |
GILTI and 78 Gross Up | 83 | 161 | 0 |
Other, net | 39 | 23 | 78 |
Total | $ 2,799 | $ 1,810 | $ 2,191 |
Note 4 - Income Taxes - Deferre
Note 4 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 25, 2023 | Mar. 26, 2022 |
Accrued Liabilities | $ 362 | $ 384 |
Lease Liabilities | 1,916 | 2,622 |
Performance-Based Stock Award Grants | 720 | 443 |
Inventory Reserves | 70 | 100 |
Non-Qualified Deferred Compensation Plan | 62 | 92 |
Post-Retirement Health Care Plans | 323 | 333 |
Stock-Based Compensation | 570 | 225 |
Capitalized Inventory Costs | 214 | 158 |
Other | 314 | 233 |
Total Deferred Tax Assets | 4,551 | 4,590 |
Goodwill and Intangible Assets | (3,504) | (3,812) |
Right of Use Assets | (1,957) | (2,623) |
Depreciation | (5,462) | (4,767) |
Other | (166) | (112) |
Total Deferred Tax Liabilities | (11,089) | (11,314) |
Net Deferred Tax Liabilities | $ (6,538) | $ (6,724) |
Note 5 - Employee Benefit Pla_3
Note 5 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Mar. 26, 2022 | Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | 6% | ||
Share-Based Payment Arrangement, Expense | $ 3.4 | $ 2.3 | $ 1.5 | |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Effect of One-Percentage-Point Increase on Accumulated Postretirement Benefit Obligation | 0.1 | |||
Defined Benefit Plan, Effect of One-Percentage-Point Decrease on Accumulated Postretirement Benefit Obligation | 0.1 | |||
Maximum [Member] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | $ 0.1 | |||
Employee Stock Purchase Plan [Member] | ||||
Percentage of Market Price | 85% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 650,000 | |||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 0.1 | 0.1 | 0.1 | |
The 401K Plan [Member] | ||||
Defined Contribution Plan, Cost | 1.2 | 1.1 | $ 0.4 | |
N Q D C Plan [Member] | Other Liabilities [Member] | ||||
Deferred Compensation Liability, Classified, Noncurrent | $ 0.2 | $ 0.2 | $ 0.2 |
Note 5 - Employee Benefit Pla_4
Note 5 - Employee Benefit Plans - The Changes in the Post-retirement Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Post-retirement benefit obligation, at beginning of fiscal year | $ 1,326 | $ 1,831 | $ 1,509 |
Service cost | 17 | 96 | 84 |
Interest cost | 45 | 52 | 48 |
Plan Amendments | 193 | 0 | 0 |
Benefits paid | (136) | (125) | (95) |
Actuarial (gain) loss | (179) | (528) | 285 |
Post-retirement benefit obligation, at end of fiscal year | 1,266 | 1,326 | 1,831 |
Fair value of plan assets, at end of fiscal year | 0 | 0 | 0 |
Funded status, at end of fiscal year | (1,266) | (1,326) | (1,831) |
Accumulated post-retirement benefit obligation, at end of fiscal year | $ 1,266 | $ 1,326 | $ 1,831 |
Note 5 - Employee Benefit Pla_5
Note 5 - Employee Benefit Plans - The Components of Net Periodic Post-retirement Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Service cost | $ 17 | $ 96 | $ 84 |
Interest cost | 45 | 52 | 48 |
Amortization of prior service cost | 1 | 1 | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 63 | 149 | 133 |
Amortization of prior service cost | (1) | (1) | (1) |
Prior service cost | 193 | 0 | 0 |
Net actuarial (gain) loss | (185) | (583) | 233 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 7 | (584) | 232 |
Total recognized in net periodic benefit cost and other comprehensive income | 70 | (435) | 365 |
Unrecognized prior service cost | $ 163 | $ 156 | $ 739 |
Note 5 - Employee Benefit Pla_6
Note 5 - Employee Benefit Plans - Assumptions Used to Determine the Post-retirement Benefit Obligation and the Net Periodic Postretirement Benefit Cost (Details) | Mar. 25, 2023 | Mar. 26, 2022 |
Medical Care Cost [Member] | ||
Trend rate assumed for next year | 7.80% | 7% |
Ultimate trend rate | 4% | 3.80% |
Dental Care Cost [Member] | ||
Trend rate assumed for next year | 3.50% | 3% |
Weighted Average [Member] | ||
Weighted average discount rate | 4.90% | 3.60% |
Note 5 - Employee Benefit Pla_7
Note 5 - Employee Benefit Plans - Expected Future Service Payments (Details) $ in Thousands | Mar. 25, 2023 USD ($) |
2024 | $ 121 |
2025 | 113 |
2026 | 80 |
2027 | 92 |
2028 | 109 |
Thereafter | $ 751 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) Pure in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 400,000 | $ 1,400,000 | $ 300,000 |
Share-Based Payment Arrangement, Expense | $ 3,400,000 | $ 2,300,000 | $ 1,500,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 56,000 | 131,000 | 20,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 300,000 | $ 5,300,000 | $ 1,600,000 |
Proceeds from Stock Options Exercised | $ 100,000 | $ 1,000,000 | 800,000 |
Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 46,000 | ||
Board of Directors Member [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 10,000 | 20,000 | |
Each Board of Directors Member [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 10,000 | ||
Each of Five Employees [Member] | Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,000 | ||
Five Employees [Member] | Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 10,000 | ||
Performance-based Restricted Stock Units [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,000 | 15,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Expense | $ 2,000,000 | $ 1,600,000 | $ 1,400,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,900,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Non-employee Director [Member] | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 50,000 | ||
Time-vested Restricted Stock Units [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 19,000 | 30,000 | 80,000 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-Based Payment Arrangement, Expense | $ 1,400,000 | $ 700,000 | $ 100,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,900,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | 0% |
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 90,000 | 15,000 | |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | ||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||
Share-Based Payment Arrangement, Option [Member] | Board of Directors Member [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-Based Payment Arrangement, Option [Member] | Five Employees [Member] | Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Payment Arrangement, Option [Member] | Company Employees, Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 6,000 | 5,000 | |
The 2022 Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 700,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Mar. 25, 2023 $ / shares shares | |
April 2018, First Issuance [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 15.65 |
Number of shares issued (in shares) | 1 |
April 2017 [Member] | |
Number of units granted (in shares) | 62 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 12.90 |
Number of shares issued (in shares) | 49 |
July 2020 [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 27.08 |
Number of shares issued (in shares) | 1 |
September 2019 [Member] | |
Number of units granted (in shares) | 18 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 22.77 |
Number of shares issued (in shares) | 18 |
October 2018 [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 20.81 |
Number of shares issued (in shares) | 1 |
January 2021 [Member] | |
Number of units granted (in shares) | 3 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 34.68 |
Number of shares issued (in shares) | 3 |
May 2018, First Issuance [Member] | |
Number of units granted (in shares) | 29 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 15.30 |
Number of shares issued (in shares) | 29 |
April 2018, Second Issuance [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 15.65 |
Number of shares issued (in shares) | 1 |
May 2018, Second Issuance [Member] | |
Number of units granted (in shares) | 29 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 15.30 |
Number of shares issued (in shares) | 19 |
September 2020, First Issuance [Member] | |
Number of units granted (in shares) | 14 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 28.52 |
Number of shares issued (in shares) | 14 |
October 2018, Second Issuance [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 20.81 |
Number of shares issued (in shares) | 1 |
April 2019 [Member] | |
Number of units granted (in shares) | 20 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 23.50 |
Number of shares issued (in shares) | 20 |
April 2019, Second Issuance [Member] | |
Number of units granted (in shares) | 20 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 23.50 |
Number of shares issued (in shares) | 16 |
July 2022 [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 59.33 |
Number of shares issued (in shares) | 1 |
September 2021 [Member] | |
Number of units granted (in shares) | 7 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 66.09 |
Number of shares issued (in shares) | 7 |
September 2022 [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 73.30 |
Number of shares issued (in shares) | 1 |
October 2018, Third Issuance [Member] | |
Number of units granted (in shares) | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 20.81 |
Number of shares issued (in shares) | 1 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Summary of Non-vested Restricted Stock Units (Details) - Performance-based Restricted Stock Units [Member] shares in Thousands | Mar. 25, 2023 $ / shares shares |
October 2018 [Member] | |
Total number of units outstanding (in shares) | shares | 6 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 20.81 |
April 2020 [Member] | |
Total number of units outstanding (in shares) | shares | 2 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 26.25 |
July 2020 [Member] | |
Total number of units outstanding (in shares) | shares | 26 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 27.08 |
September 2020, First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 4 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 28.54 |
September 2020, Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 5 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 29.76 |
September 2020, Third Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 3 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 29.76 |
May 2021 [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 54.21 |
June 2021, First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 10 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 53.17 |
June 2021, Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 11 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 53.17 |
September 2021, First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 4 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 67.76 |
January 2022 [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 90.92 |
January 2022, Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 90.92 |
January 2022, Third Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 90.41 |
March 2022 [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 76.31 |
May 2022, First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 11 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 63.17 |
May 2022, Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 12 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 63.17 |
August 2022 Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 78.04 |
September 2022 [Member] | |
Total number of units outstanding (in shares) | shares | 5 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 73.80 |
December 2022 First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 81.26 |
December 2022 Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 67.48 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Weighted Average Assumptions (Details) | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Annual Dividend Rate | 0% | ||
Share-Based Payment Arrangement, Option [Member] | |||
Risk-Free Interest Rate | 2.65% | 1.01% | 0.22% |
Volatility Factor | 37.62% | 30.22% | 25.83% |
Expected Term (in Years) (Year) | 4 years 6 months 29 days | 6 years 3 months | 3 years 3 months |
Annual Dividend Rate | 0% | 0% | 0% |
Note 6 - Stock-based Compensa_7
Note 6 - Stock-based Compensation - Summary of Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Outstanding, number of options (in shares) | 165 | 125 | 150 |
Outstanding, weighted average exercise price (in dollars per share) | $ 53.27 | $ 15.47 | $ 14.63 |
Granted, number of options (in shares) | 56 | 131 | 20 |
Granted, weighted average exercise price (in dollars per share) | $ 62.46 | $ 61.29 | $ 27.48 |
Exercised, number of options (in shares) | (4) | (85) | (45) |
Exercised, weighted average exercise price (in dollars per share) | $ 6.19 | $ 12 | $ 18.01 |
Forfeited, number of options (in shares) | 0 | (6) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | $ 24.10 | |
Outstanding, number of options (in shares) | 217 | 165 | 125 |
Outstanding, weighted average exercise price (in dollars per share) | $ 56.25 | $ 53.27 | $ 15.47 |
Outstanding, weighted average remaining contractual term (Year) | 7 years | ||
Outstanding, aggregate intrinsic value | $ 6,628 | ||
Exercisable, number of options (in shares) | 30 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 56.23 | ||
Exercisable, weighted average remaining contractual term (Year) | 8 years | ||
Exercisable, aggregate intrinsic value | $ 917 |
Note 7 - Segment and Geograph_3
Note 7 - Segment and Geographic Data (Details Textual) | 12 Months Ended |
Mar. 25, 2023 | |
Number of Reportable Segments | 2 |
Note 7 - Segment and Geograph_4
Note 7 - Segment and Geographic Data - Segment and Geographic Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | ||
Revenue | $ 230,569 | $ 204,959 | $ 173,335 | |
Gross Profit | 68,355 | 58,439 | 46,118 | |
Operating Expenses | 52,107 | 44,296 | 35,045 | |
Operating Income | 16,248 | 14,143 | 11,073 | |
Interest and Other Expense, net | 2,761 | 953 | 1,091 | |
Provision for Income Taxes | 2,799 | 1,810 | 2,191 | |
Total | 5,560 | 2,763 | 3,282 | |
Net Income | 10,688 | 11,380 | 7,791 | |
Total Assets | 195,749 | 177,762 | ||
Depreciation and Amortization | [1] | 10,955 | 9,567 | 7,580 |
Capital Expenditures | 9,414 | 10,152 | 6,617 | |
Property and Equipment | 29,064 | 26,439 | 22,203 | |
UNITED STATES | ||||
Revenue | [2],[3] | 207,143 | 187,165 | 159,270 |
Property and Equipment | [3] | 24,721 | 22,042 | 19,897 |
CANADA | ||||
Revenue | [2] | 16,468 | 14,623 | 13,040 |
Property and Equipment | 4,326 | 4,397 | 2,306 | |
Other International [Member] | ||||
Revenue | [2] | 6,958 | 3,171 | 1,025 |
Property and Equipment | 17 | 0 | 0 | |
Segment Reconciling Items [Member] | ||||
Total Assets | 24,841 | 22,183 | ||
Service Segment [Member] | Operating Segments [Member] | ||||
Revenue | 144,883 | 122,005 | 101,274 | |
Gross Profit | 46,638 | 38,921 | 30,695 | |
Operating Expenses | [4] | 35,216 | 28,107 | 20,254 |
Operating Income | 11,422 | 10,814 | 10,441 | |
Total Assets | 118,568 | 109,472 | ||
Depreciation and Amortization | [1] | 8,800 | 7,543 | 5,597 |
Capital Expenditures | 5,569 | 7,885 | 4,236 | |
Distribution Segment [Member] | Operating Segments [Member] | ||||
Revenue | 85,686 | 82,954 | 72,061 | |
Gross Profit | 21,717 | 19,518 | 15,423 | |
Operating Expenses | [4] | 16,891 | 16,189 | 14,791 |
Operating Income | 4,826 | 3,329 | 632 | |
Total Assets | 52,340 | 46,107 | ||
Depreciation and Amortization | [1] | 2,155 | 2,024 | 1,983 |
Capital Expenditures | $ 3,845 | $ 2,267 | $ 2,381 | |
[1]Including amortization of catalog costs and intangible assets.[2]Revenues are attributed to the countries based on the destination of a product shipment or the location where service is rendered.[3]United States includes Puerto Rico.[4]Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management’s estimates. |
Note 8 - Commitments (Details T
Note 8 - Commitments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Aug. 31, 2021 | Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | Aug. 31, 2022 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 4.15% | 4.15% | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 11 years | ||||
Operating Lease, Expense | $ 5,300 | $ 4,300 | $ 3,800 | ||
NEXA [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 7,500 | $ 7,500 | |||
Business Combination, Contingent Consideration Arrangements, Period (Year) | 4 years | 4 years | |||
Business Combination, Contingent Consideration, Liability | $ 200 | $ 200 | $ 0 | ||
Loan Payable [Member] | Term Loan 2018 [Member] | |||||
Debt Instrument, Periodic Payment, Total | $ 200 | ||||
Long-Term Debt, Maturity, Year One | 2,200 | ||||
Long-Term Debt, Maturity, Year Two | 2,300 | ||||
Long-Term Debt, Maturity, Year Three | $ 1,800 | ||||
Minimum [Member] | |||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | ||||
Maximum [Member] | |||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 15 years |
Note 8 - Commitments - The Comp
Note 8 - Commitments - The Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Operating lease cost | $ 4,730 | $ 3,687 | $ 3,206 |
Variable lease cost | 608 | 619 | 577 |
Total lease cost | $ 5,338 | $ 4,306 | $ 3,783 |
Note 8 - Commitments - Suppleme
Note 8 - Commitments - Supplemental Cash Flow Information Related to Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Operating cash flow from operating leases | $ 440 | $ 2,207 | $ 2,153 |
Right to Use Assets obtained in exchange for lease liabilities | $ 4,519 | $ 3,874 | $ 2,945 |
Note 8 - Commitments - The Mini
Note 8 - Commitments - The Minimum Future Annual Rental Payments Under Leases (Details) | Mar. 25, 2023 USD ($) |
2024 | $ 4,300 |
2025 | 3,200 |
2026 | 2,600 |
2027 | 1,900 |
2028 | 1,400 |
Thereafter | 7,800 |
Total minimum lease payments | 21,200 |
Less: Imputed interest | 5,900 |
Present value of remaining lease payments | $ 15,300 |
Note 9 - Business Acquisition_2
Note 9 - Business Acquisitions (Details Textual) € in Thousands, $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 02, 2023 USD ($) | Sep. 28, 2022 USD ($) | Sep. 28, 2022 EUR (€) | Sep. 27, 2022 USD ($) | May 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Aug. 31, 2021 USD ($) shares | Apr. 29, 2021 USD ($) | Dec. 16, 2020 USD ($) | Mar. 25, 2023 USD ($) | Mar. 25, 2023 USD ($) | Dec. 24, 2022 USD ($) | Sep. 24, 2022 USD ($) | Mar. 25, 2023 USD ($) | Mar. 25, 2023 USD ($) | Mar. 25, 2023 USD ($) | Mar. 25, 2023 USD ($) | Mar. 26, 2022 USD ($) | Mar. 27, 2021 USD ($) | Aug. 31, 2022 USD ($) | |
Revenues | $ 230,569 | $ 204,959 | $ 173,335 | |||||||||||||||||
Operating Income (Loss) | 16,248 | 14,143 | 11,073 | |||||||||||||||||
Payment for Contingent Consideration Liability, Financing Activities | 0 | 0 | 0 | |||||||||||||||||
General and Administrative Expense [Member] | ||||||||||||||||||||
Business Combination, Acquisition Related Costs | 200 | 900 | $ 100 | |||||||||||||||||
Current Liabilities [Member] | ||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 200 | |||||||||||||
Unpaid Amounts for Other Holdbacks | 600 | 600 | 600 | 600 | 600 | 600 | 100 | |||||||||||||
Elite [Member] | ||||||||||||||||||||
Revenues | 100 | |||||||||||||||||||
Complete Calibrations [Member] | ||||||||||||||||||||
Revenues | 200 | |||||||||||||||||||
Operating Income (Loss) | 100 | |||||||||||||||||||
e2b [Member] | ||||||||||||||||||||
Revenues | 1,800 | |||||||||||||||||||
Operating Income (Loss) | 300 | |||||||||||||||||||
Alliance [Member] | ||||||||||||||||||||
Revenues | 2,000 | |||||||||||||||||||
Operating Income (Loss) | 300 | |||||||||||||||||||
Tangent [Member] | ||||||||||||||||||||
Revenues | 2,400 | |||||||||||||||||||
Operating Income (Loss) | 300 | |||||||||||||||||||
NEXA [Member] | ||||||||||||||||||||
Revenues | 13,200 | |||||||||||||||||||
Operating Income (Loss) | 100 | |||||||||||||||||||
Elite [Member] | ||||||||||||||||||||
Business Combination, Consideration Transferred | $ 900 | |||||||||||||||||||
Payments to Acquire Businesses, Gross | 800 | |||||||||||||||||||
Business Combination, Payment Withheld for Potential Post-closing Adjustments | $ 100 | |||||||||||||||||||
Complete Calibrations [Member] | ||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 1,200 | |||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 1.0762 | 1.0762 | ||||||||||||||||||
Complete Calibrations [Member] | Technology License Agreement [Member] | ||||||||||||||||||||
Royalties Per Technology Calibration | $ 3,230 | € 3,000 | ||||||||||||||||||
Technology License Agreement, Term (Year) | 10 years | 10 years | ||||||||||||||||||
Cumulative License Revenue | $ 810 | € 750 | ||||||||||||||||||
Annual Royalty Fee, Amount | $ 110 | € 100 | ||||||||||||||||||
e2b [Member] | ||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 3,100 | |||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | |||||||||||||||||||
Business Combination, Consideration Held Back | $ 900 | |||||||||||||||||||
Escrow Released to Sellers | $ 600 | |||||||||||||||||||
Escrow Deposit | 300 | 300 | 300 | 300 | 300 | 300 | ||||||||||||||
Alliance [Member] | ||||||||||||||||||||
Business Combination, Consideration Transferred | $ 4,700 | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 4,000 | |||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | |||||||||||||||||||
Business Combination, Consideration Held Back | $ 500 | |||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 2,284 | |||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 100 | |||||||||||||||||||
Business Combination, Consideration Subject to Reduction | $ 500 | |||||||||||||||||||
Tangent [Member] | ||||||||||||||||||||
Business Combination, Consideration Transferred | $ 8,900 | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 7,900 | |||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | |||||||||||||||||||
Escrow Deposit | $ 1,000 | $ 300 | ||||||||||||||||||
Cash Out of Escrow Account | 200 | $ 200 | ||||||||||||||||||
NEXA [Member] | ||||||||||||||||||||
Business Combination, Consideration Transferred | $ 26,200 | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 23,900 | |||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 5 years | |||||||||||||||||||
Escrow Deposit | $ 100 | |||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 34,943 | |||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,400 | |||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Period (Year) | 4 years | 4 years | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 200 | $ 200 | $ 0 | |||||||||||||||||
NEXA [Member] | Measurement Input, Cost to Sell [Member] | ||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0660 | |||||||||||||||||||
NEXA [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0058 | |||||||||||||||||||
NEXA [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.2000 | |||||||||||||||||||
Upstate Metrology [Member] | ||||||||||||||||||||
Business Combination, Consideration Transferred | $ 900 | |||||||||||||||||||
Bio Tek Services Inc [Member] | ||||||||||||||||||||
Business Combination, Consideration Transferred | $ 3,500 | |||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | |||||||||||||||||||
Escrow Deposit | $ 400 |
Note 9 - Business Acquisition_3
Note 9 - Business Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 25, 2023 | Feb. 02, 2023 | Sep. 28, 2022 | Sep. 27, 2022 | May 31, 2022 | Mar. 26, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | Apr. 29, 2021 | Mar. 27, 2021 | Dec. 16, 2020 | Mar. 28, 2020 |
Goodwill | $ 69,360 | $ 65,074 | $ 43,272 | $ 41,540 | ||||||||
Elite [Member] | ||||||||||||
Goodwill | $ 820 | |||||||||||
Plus: Accounts Receivable | 62 | |||||||||||
Total Purchase Price | $ 882 | |||||||||||
Complete Calibrations [Member] | ||||||||||||
Goodwill | $ 1,123 | |||||||||||
Total Purchase Price | 1,177 | |||||||||||
Plus: Cash | 10 | |||||||||||
Inventory | $ 44 | |||||||||||
e2b [Member] | ||||||||||||
Goodwill | $ 1,367 | |||||||||||
Plus: Accounts Receivable | 361 | |||||||||||
Total Purchase Price | 3,099 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 2,509 | |||||||||||
Other Current Assets | 24 | |||||||||||
Property and Equipment | 326 | |||||||||||
Less: Current Liabilities | (121) | |||||||||||
e2b [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||
Intangible Assets | 746 | |||||||||||
e2b [Member] | Noncompete Agreements [Member] | ||||||||||||
Intangible Assets | $ 396 | |||||||||||
Alliance [Member] | ||||||||||||
Goodwill | $ 1,783 | |||||||||||
Plus: Accounts Receivable | 343 | |||||||||||
Total Purchase Price | 4,703 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 4,217 | |||||||||||
Property and Equipment | 170 | |||||||||||
Less: Current Liabilities | (27) | |||||||||||
Alliance [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||
Intangible Assets | 2,320 | |||||||||||
Alliance [Member] | Noncompete Agreements [Member] | ||||||||||||
Intangible Assets | $ 114 | |||||||||||
Tangent [Member] | ||||||||||||
Goodwill | $ 5,385 | |||||||||||
Plus: Accounts Receivable | 187 | |||||||||||
Total Purchase Price | 8,924 | |||||||||||
Plus: Cash | 26 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 9,755 | |||||||||||
Other Current Assets | 16 | |||||||||||
Property and Equipment | 203 | |||||||||||
Less: Current Liabilities | (68) | |||||||||||
Deferred Tax Liability | (1,195) | |||||||||||
Tangent [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||
Intangible Assets | 4,150 | |||||||||||
Tangent [Member] | Noncompete Agreements [Member] | ||||||||||||
Intangible Assets | $ 220 | |||||||||||
NEXA [Member] | ||||||||||||
Goodwill | $ 15,679 | |||||||||||
Plus: Accounts Receivable | 2,434 | |||||||||||
Total Purchase Price | 26,232 | |||||||||||
Plus: Cash | 3,732 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 22,369 | |||||||||||
Less: Current Liabilities | (572) | |||||||||||
Deferred Tax Liability | (1,769) | |||||||||||
Non-Current Assets | 38 | |||||||||||
NEXA [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||
Intangible Assets | 5,600 | |||||||||||
NEXA [Member] | Noncompete Agreements [Member] | ||||||||||||
Intangible Assets | 600 | |||||||||||
NEXA [Member] | Order or Production Backlog [Member] | ||||||||||||
Intangible Assets | $ 490 | |||||||||||
Upstate Metrology [Member] | ||||||||||||
Goodwill | $ 483 | |||||||||||
Total Purchase Price | 931 | |||||||||||
Less: Current Liabilities | (11) | |||||||||||
Non-Current Assets | 270 | |||||||||||
Plus: Current Assets | $ 189 | |||||||||||
Bio Tek Services Inc [Member] | ||||||||||||
Goodwill | $ 1,063 | |||||||||||
Total Purchase Price | 3,507 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 3,093 | |||||||||||
Non-Current Assets | 8 | |||||||||||
Plus: Current Assets | 406 | |||||||||||
Bio Tek Services Inc [Member] | Customer-Related Intangible Assets [Member] | ||||||||||||
Intangible Assets | 1,930 | |||||||||||
Bio Tek Services Inc [Member] | Noncompete Agreements [Member] | ||||||||||||
Intangible Assets | $ 100 |
Note 9 - Business Acquisition_4
Note 9 - Business Acquisitions - Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 25, 2023 | Mar. 26, 2022 | Mar. 27, 2021 | |
Total Revenue | $ 233,098 | $ 217,000 | $ 189,730 |
Net Income | $ 11,419 | $ 12,052 | $ 6,901 |
Basic Earnings Per Share (in dollars per share) | $ 1.51 | $ 1.61 | $ 0.93 |
Diluted Earnings Per Share (in dollars per share) | $ 1.49 | $ 1.59 | $ 0.91 |
Note 10 - Subsequent Event (Det
Note 10 - Subsequent Event (Details Textual) - Subsequent Event [Member] - TIC-MS, Inc. [Member] $ in Millions | Mar. 27, 2023 USD ($) shares |
Business Combination, Consideration Transferred | $ 9.8 |
Payments to Acquire Businesses, Gross | 2.9 |
Escrow Deposit | $ 0.5 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 77,387 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 6.8 |
Scenario, Adjustment [Member] | |
Business Combination, Potential Purchase Price Adjustment for Failure to Retain Key Customer Relationships | $ 0.5 |