Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 30, 2024 | May 22, 2024 | Sep. 22, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000099302 | ||
Entity Registrant Name | TRANSCAT INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2024 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 30, 2024 | ||
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 | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large 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 | $ 733,400,000 | ||
Entity Common Stock, Shares Outstanding | 9,133,823 | ||
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. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Revenue | $ 259,481 | $ 230,569 | $ 204,959 |
Cost of Service Revenue | 175,675 | 162,214 | 146,520 |
Gross Profit | 83,806 | 68,355 | 58,439 |
Selling, Marketing and Warehouse Expenses | 28,710 | 24,761 | 20,649 |
General and Administrative Expenses | 35,315 | 27,346 | 23,647 |
Total Operating Expenses | 64,025 | 52,107 | 44,296 |
Operating Income | 19,781 | 16,248 | 14,143 |
Interest Expense, Operating and Nonoperating | 1,835 | 2,417 | 810 |
Interest Income | (808) | 0 | 0 |
Other Expense | 315 | 344 | 143 |
Total Interest and Other | 1,342 | 2,761 | 953 |
Income Before Provisions for Income Taxes | 18,439 | 13,487 | 13,190 |
Provision for Income Taxes | 4,792 | 2,799 | 1,810 |
Net Income | $ 13,647 | $ 10,688 | $ 11,380 |
Basic Earnings Per Share (in dollars per share) | $ 1.66 | $ 1.42 | $ 1.52 |
Average Shares Outstanding (in shares) | 8,239 | 7,551 | 7,496 |
Diluted Earnings Per Share (in dollars per share) | $ 1.63 | $ 1.4 | $ 1.5 |
Average Shares Outstanding (in shares) | 8,352 | 7,645 | 7,589 |
Service [Member] | |||
Revenue | $ 169,525 | $ 144,883 | $ 122,005 |
Cost of Service Revenue | 112,272 | 98,245 | 83,084 |
Distribution Service [Member] | |||
Revenue | 89,956 | 85,686 | 82,954 |
Cost of Service Revenue | $ 63,403 | $ 63,969 | $ 63,436 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Net Income | $ 13,647 | $ 10,688 | $ 11,380 |
Other Comprehensive (Loss) Income: | |||
Currency Translation Adjustment | 152 | (918) | (207) |
Other, net of tax effects of $(26), $14 and $(146) for the years ended March 30, 2024, March 25, 2023 and March 26, 2022 respectively. | 99 | (49) | 425 |
Total Other Comprehensive Income (Loss) | 251 | (967) | 218 |
Comprehensive Income | $ 13,898 | $ 9,721 | $ 11,598 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Tax effects | $ (26) | $ 14 | $ (146) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2024 | Mar. 25, 2023 |
Current Assets: | ||
Cash and Cash Equivalents | $ 19,646 | $ 1,531 |
Marketable Securities | 15,533 | 0 |
Accounts Receivable, less allowance for credit losses of $544 and $457 as of March 30, 2024 and March 25, 2023, respectively | 47,779 | 44,698 |
Other Receivables | 506 | 506 |
Inventory, net | 17,418 | 16,929 |
Prepaid Expenses and Other Current Assets | 4,276 | 3,935 |
Total Current Assets | 105,158 | 67,599 |
Property and Equipment, net | 38,944 | 29,064 |
Goodwill | 105,585 | 69,360 |
Intangible Assets, net | 19,987 | 13,799 |
Right to Use Assets, net | 16,823 | 14,876 |
Other Assets | 1,055 | 1,051 |
Total Assets | 287,552 | 195,749 |
Current Liabilities: | ||
Accounts Payable | 11,495 | 15,869 |
Accrued Compensation and Other Current Liabilities | 16,739 | 10,201 |
Income Taxes Payable | 2,926 | 0 |
Current Portion of Long-Term Debt | 2,339 | 2,248 |
Total Current Liabilities | 33,499 | 28,318 |
Long-Term Debt | 1,817 | 46,869 |
Deferred Tax Liabilities, net | 9,291 | 6,538 |
Lease Liabilities | 14,873 | 12,960 |
Other Liabilities | 2,903 | 1,434 |
Total Liabilities | 62,383 | 96,119 |
Shareholders' Equity: | ||
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 8,839,299 and 7,562,604 shares issued and outstanding as of March 30, 2024 and March 25, 2023, respectively | 4,420 | 3,781 |
Capital in Excess of Par Value | 141,624 | 27,886 |
Accumulated Other Comprehensive Loss | (949) | (1,200) |
Retained Earnings | 80,074 | 69,163 |
Total Shareholders' Equity | 225,169 | 99,630 |
Total Liabilities and Shareholders' Equity | $ 287,552 | $ 195,749 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 30, 2024 | Mar. 25, 2023 |
Accounts Receivable, allowance for doubtful accounts | $ 544 | $ 457 |
Common stock, par value (in dollars per share) | $ 0.5 | $ 0.5 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 8,839,299 | 7,562,604 |
Common stock, shares outstanding (in shares) | 8,839,299 | 7,562,604 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 13,647 | $ 10,688 | $ 11,380 |
Adjustments to Reconcile Net Income to Net Cash | |||
Net Loss on Disposal of Property and Equipment | 53 | 88 | 88 |
Deferred Income Taxes | (1,597) | (186) | 559 |
Depreciation and Amortization | 13,544 | 10,955 | 9,567 |
Provision for Accounts Receivable and Inventory Reserves | 406 | 74 | 34 |
Stock-Based Compensation Expense | 4,512 | 3,377 | 2,329 |
Changes in Assets and Liabilities, net of acquisitions: | |||
Accounts Receivable and Other Receivables | (1,259) | (5,226) | (3,392) |
Inventory | 2,318 | (3,377) | (122) |
Prepaid Expenses and Other Current Assets | (299) | 1,119 | (2,960) |
Accounts Payable | (5,005) | 1,600 | 1,901 |
Accrued Compensation and Other Current Liabilities | 3,397 | (2,161) | (1,113) |
Income Taxes Payable | 2,899 | 0 | (653) |
Net Cash Provided by Operating Activities | 32,616 | 16,951 | 17,618 |
Cash Flows from Investing Activities: | |||
Purchase of Property and Equipment | (13,280) | (9,414) | (10,152) |
Proceeds from Sale of Property and Equipment | 0 | 10 | 109 |
Business Acquisitions, net of cash acquired | (12,859) | (9,109) | (29,808) |
Purchases of Marketable Securities | (15,533) | 0 | 0 |
Net Cash Used in Investing Activities | (41,672) | (18,513) | (39,851) |
Cash Flows from Financing Activities: | |||
(Repayment of) Proceeds from Revolving Credit Facility, net | (42,713) | 2,786 | 31,005 |
Repayments of Term Loan | (2,248) | (2,121) | (2,114) |
Issuance of Common Stock, net of direct costs | 77,266 | 658 | 1,486 |
Repurchase of Common Stock | (4,906) | (447) | (6,683) |
Net Cash Provided by Financing Activities | 27,399 | 876 | 23,694 |
Effect of Exchange Rate Changes on Cash | (228) | 821 | (625) |
Net Increase in Cash and Cash Equivalents | 18,115 | 135 | 836 |
Cash and Cash Equivalents at Beginning of Fiscal Year | 1,531 | 1,396 | 560 |
Cash and Cash Equivalents at End of Fiscal Year | 19,646 | 1,531 | 1,396 |
Supplemental Disclosures of Cash Flow Activity: | |||
Interest | 1,240 | 2,263 | 780 |
Income Taxes, net | 3,099 | 1,116 | 3,900 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Common stock issued for acquisitions | 34,769 | 145 | 2,368 |
Assets Acquired and Liabilities Assumed in Business Combinations: | |||
Contingent consideration related to NEXA acquisition | 4,859 | 590 | 0 |
Accrued holdback consideration related to acquisitions | 4,859 | 590 | 0 |
Balance Sheet Reclassification of Property and Equipment, net to Inventory | 1,056 | 752 | 1,013 |
NEXA [Member] | |||
Assets Acquired and Liabilities Assumed in Business Combinations: | |||
Contingent consideration related to NEXA acquisition | 0 | 0 | 153 |
Accrued holdback consideration related to acquisitions | $ 0 | $ 0 | $ 153 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 27, 2021 | 7,458,000 | ||||
Balance at Mar. 27, 2021 | $ 3,729 | $ 19,287 | $ (451) | $ 52,513 | $ 75,078 |
Proceeds from Issuance of Common Stock (in shares) | 127,000 | ||||
Proceeds from Issuance of Common Stock | $ 64 | 3,790 | 0 | 0 | 3,854 |
Repurchase of Common Stock (in shares) | (111,000) | ||||
Repurchase of Common Stock | $ (56) | (1,478) | 0 | (5,149) | (6,683) |
Stock-Based Compensation (in shares) | 55,000 | ||||
Stock-Based Compensation | $ 28 | 2,301 | 0 | 2,329 | |
Other Comprehensive Income (Loss) | 0 | 0 | 218 | 0 | 218 |
Net Income | 0 | 0 | 0 | 11,380 | 11,380 |
Other Comprehensive Income | $ 0 | 0 | 218 | 0 | 218 |
Balance (in shares) at Mar. 26, 2022 | 7,529,000 | ||||
Balance at Mar. 26, 2022 | $ 3,765 | 23,900 | (233) | 58,744 | 86,176 |
Proceeds from Issuance of Common Stock (in shares) | 14,000 | ||||
Proceeds from 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) | 26,000 | ||||
Stock-Based Compensation | $ 13 | 3,364 | 0 | 3,377 | |
Other Comprehensive Income (Loss) | 0 | 0 | (967) | 0 | (967) |
Net Income | 0 | 0 | 0 | 10,688 | 10,688 |
Other Comprehensive Income | $ 0 | 0 | (967) | 0 | (967) |
Balance (in shares) at Mar. 25, 2023 | 7,562,000 | ||||
Balance at Mar. 25, 2023 | $ 3,781 | 27,886 | (1,200) | 69,163 | 99,630 |
Proceeds from Issuance of Common Stock (in shares) | 1,267,000 | ||||
Proceeds from Issuance of Common Stock | $ 634 | 116,724 | 0 | 0 | 117,358 |
Repurchase of Common Stock (in shares) | (50,000) | ||||
Repurchase of Common Stock | $ (25) | (2,145) | 0 | (2,736) | (4,906) |
Stock-Based Compensation (in shares) | 60,000 | ||||
Stock-Based Compensation | $ 30 | 4,482 | 0 | 4,512 | |
Other Comprehensive Income (Loss) | 0 | 0 | 251 | 0 | 251 |
Net Income | 0 | 0 | 0 | 13,647 | 13,647 |
Direct costs of Stock Offering | 0 | (5,323) | 0 | 0 | (5,323) |
Other Comprehensive Income | $ 0 | 0 | 251 | 0 | 251 |
Balance (in shares) at Mar. 30, 2024 | 8,839,000 | ||||
Balance at Mar. 30, 2024 | $ 4,420 | $ 141,624 | $ (949) | $ 80,074 | $ 225,169 |
Note 1 - General
Note 1 - General | 12 Months Ended |
Mar. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 GENERAL Description of Business: Principles of Consolidation: Transcat Canada, Inc., WTT Real Estate Acquisition, LLC, Cal OpEx Limited (d/b/a Use of Estimates: not may Fiscal Year: 52/53 March. 52 four 13 53 14 March 30, 2024 2024 53 2023 March 25, 2023 52 Cash and Cash Equivalents: three Marketable Securities: three Accounts Receivable: may may not March 26, 2022, Inventory: not g $0.3 mil March 30, 2024 March 25, 2023 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 no March 30, 2024 March 25, 2023 Intangible assets, namely customer base and covenants not may not Goodwill Intangible Assets Distribution Service Total Distribution Service Total 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 Additions 26,758 9,393 36,151 7,900 3,983 11,883 Amortization - - - (1,355 ) (4,342 ) (5,697 ) Currency Translation Adjustment - 74 74 - 2 2 Net Book Value as of March 30, 2024 $ 38,216 $ 67,369 $ 105,585 $ 6,993 $ 12,994 $ 19,987 The intangible assets are being amortized on an accelerated basis over their estimated useful lives of up to 15 years. Amortization expense relating to in tangible assets is expected to be $5.4 million in fiscal year 2025, 2026, 2027, 2028 2029. Catalog Costs: eighteen three no March 30, 2024. ts, were $0.1 million at March 25, 2023 . Deferred Taxes: not not 4 Fair Value of Financial Instruments: three 1 2 3, no 1 March 30, 2024 March 25, 2023 $0.2 mil Stock-Based Compensation: not 2024 2023 2022 ount of $4.5 million, $3.4 million and $2.3 million, respectively, in the Consolidated Statements of Income. Revenue Recognition: not Under Accounting Standards Codification ("ASC") Topic 606, 30 90 Revenue recognized from prior period performance obligations for fiscal year 2024 March 30, 2024 no one 606, March 30, 2024 March 25, 2023 7 The following table presents a summary of the Company's net sales by revenue recognition method as a percentage of total net sales: % of Total Net Sales 2024 2023 2022 Point-in-Time 89.7 % 91.0 % 91.1 % Over Time - Output Method 10.3 % 9.0 % 8.9 % Total 100.0 % 100.0 % 100.0 % Vendor Rebates: of $0.6 million, $0 .6 2024 2023 2022 Cooperative Advertising Income: of $1.1 millio 2024 2023 2022 Advertising Costs: ately $1.6 million, $1.2 m 2024 2023 2022 Shipping and Handling Costs: y $3.1 milli 2024 2023 2022 $0.5 million, $0 .7 2024 2023 2022 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 $0.1 million 2024 2023 2022 not n $0.1 million, a 2024 2023 2022 March 30, 2024 April 2024, of $1.8 millio not Other Comprehensive Income (Loss): 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 30, 2024 losses of $0.9 million, unrecognized prior service costs, net of tax, of less than $0.1 million and an unrealized gain on other assets, net of tax, of less than $0.1 million. At March 25, 2023 , accumulated other comprehensive loss consisted of cumulati Earnings Per Share: For the fiscal year 2024 a $(0.03) per s 2023 2022 a $(0.02) per s Fiscal Year Ended March 30, March 25, March 26, 2024 2023 2022 Average Shares Outstanding – Basic 8,239 7,551 7,496 Effect of Dilutive Common Stock Equivalents 113 94 93 Average Shares Outstanding – Diluted 8,352 7,645 7,589 Anti-dilutive Common Stock Equivalents 50 160 111 Other Liabilities: March 30, March 25, 2024 2023 Current Liabilities: Accrued Payroll and Employee Benefits $ 5,508 $ 3,243 Accrued Incentives 4,182 2,507 Current Portion of Lease Liabilities 2,510 2,333 Accrued Acquisition Holdbacks 2,577 252 Accrued Sales Tax 813 736 Accrued Contingent Consideration 529 - Other Current Liabilities 620 1,130 Accrued Compensation and Other Current Liabilities $ 16,739 $ 10,201 Non-Current Liabilities: Postretirement Benefit Obligation $ 1,134 $ 1,266 Accrued Acquisition Holdbacks 1,647 - Other Non-Current Liabilities 122 168 Other Liabilities $ 2,903 $ 1,434 Recently Adopted Accounting Pronouncements: In June 2016, 2016 13, 326 not December 15, 2022. 2016 13 March 26, 2023. not Recent Accounting Guidance Not In December 2023, 2023 09, 740 2023 09 2025, not Reclassification of Amounts: |
Note 2 - Property and Equipment
Note 2 - Property and Equipment | 12 Months Ended |
Mar. 30, 2024 | |
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 30, March 25, 2024 2023 Machinery, Equipment and Software $ 64,971 $ 59,689 Rental Equipment 19,773 10,000 Furniture and Fixtures 3,076 2,933 Leasehold Improvements 9,467 8,191 Total Property and Equipment 97,287 80,813 Less: Accumulated Depreciation and Amortization (58,343 ) (51,749 ) Total Property and Equipment, net $ 38,944 $ 29,064 Total depreciation and amortization expense relating to property and equipment amounted to $7.8 mill 2024 2023 2022 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
Mar. 30, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 3 LONG-TERM DEBT On July 7, 2021, The Credit Agreement provides for a revolving credit commitment (the “revolving credit facility”) of $80.0 million through June 2026, 2018 "2018 The Credit Agreement allows the Company to use up to $50.0 million under the revolving credit facility for acquisitions in any single fiscal year. The Credit Agreement restricts the Company's ability to complete acquisitions of businesses with a principal place of business located in the United Kingdom or the European Union to an aggregate purchase price of $40.0 million during the term of the Credit Agreement, if the acquisition is financed directly or indirectly with the revolving credit facility. Under the Credit Agreement, the Company may As of March 30, 2024 March 30, 2024 there were no amounts out 2024 three As of March 30, 2024 , million was outstanding on the 2018 million was included in current liabilities on the Consolidated Balance Sheets with the remainder included in long-term debt. The 2018 December 2025. Interest and Other Costs: July 1, 2023, 2024 2018 Covenants: 1.00, 1.00. 2024 2023 t, was at March 30, 2024 , compared with at March 25, 2023 Other Terms: |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Mar. 30, 2024 | |
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 2024 FY 2023 FY 2022 United States $ 15,064 $ 9,879 $ 10,417 Foreign 3,375 3,608 2,773 Total $ 18,439 $ 13,487 $ 13,190 The provision for income taxes for fiscal years 2024 2023 2022 FY 2024 FY 2023 FY 2022 Current Tax Provision: Federal $ 4,099 $ 1,938 $ 414 State 1,067 652 240 Foreign 1,185 395 752 $ 6,351 $ 2,985 $ 1,406 Deferred Tax (Benefit) Provision: Federal $ (809 ) $ (334 ) $ 456 State (316 ) (258 ) (10 ) Foreign (434 ) 406 (42 ) $ (1,559 ) $ (186 ) $ 404 Provision for Income Taxes $ 4,792 $ 2,799 $ 1,810 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 2024 (ETR) FY 2023 FY 2022 Federal Income Tax at Statutory Rate $ 3,872 21.0 % $ 2,832 $ 2,770 State Income Taxes, net of federal benefit 593 3.2 % 311 172 Federal, State and Foreign Tax Credits (87 ) -0.5 % (99 ) (182 ) Foreign Rate Differential 41 0.2 % 43 55 Tax Impact of Equity Awards (634 ) -3.4 % (416 ) (1,395 ) 162(m) Limitation 805 4.4 % - - Non-Deductible Acquisition Costs 71 0.4 % 6 206 GILTI and 78 Gross Up 112 0.6 % 83 161 Other, net 19 0.1 % 39 23 Total $ 4,792 26.0 % $ 2,799 $ 1,810 March 30, March 25, 2024 2023 Deferred Tax Assets: Accrued Liabilities $ 399 $ 362 Lease Liabilities 3,623 1,916 Performance-Based Stock Award Grants 1,094 720 Inventory Reserves 68 70 Non-Qualified Deferred Compensation Plan 12 62 Post-Retirement Health Care Plans 303 323 Stock-Based Compensation 897 570 Capitalized Inventory Costs 185 214 Other 270 314 Total Deferred Tax Assets $ 6,851 $ 4,551 Deferred Tax Liabilities: Goodwill and Intangible Assets $ (5,945 ) $ (3,504 ) Right of Use Assets (3,636 ) (1,957 ) Depreciation (6,498 ) (5,462 ) Other (63 ) (166 ) Total Deferred Tax Liabilities $ (16,142 ) $ (11,089 ) Net Deferred Tax Liabilities $ (9,291 ) $ (6,538 ) The Company files income tax returns with the U.S. government and various states as well as foreign governments. Open fiscal years subject to U.S. Government federal examination are 2021 2023. 2019 2023. 2020 2023; 2020 2023. no The Company’s policy regarding interest and/or penalties related to income tax matters is to recognize such items as a component of the income tax provision. The Company recognized no 2024 2023 2022 2024 2023 2022 The Company assesses its deferred tax assets annually for expected utilization. If deemed necessary, valuation allowances are established to reduce the deferred tax assets to their net realizable value to the extent it is more likely than not not 2024 2023 2022 |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 12 Months Ended |
Mar. 30, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 5 EMPLOYEE BENEFIT PLANS Defined Contribution Plan. 2024 2023 2022 first In the long-term savings portion of the Plan (the “401K three 401K ely $1.5 million, 2024 2023 2022 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 2024 2023 2022 Employee Stock Purchase Plan. second an $0.1 million i 2024 2023 2022 Non-Qualified Deferred Compensation Plan. may 401K three 2024 2023 2022 not $0.1 mill March 30, 2024 March 25, 2023 Post-retirement Health Care Plans. The change in the post-retirement benefit obligation is as follows (amounts in thousands): FY 2024 FY 2023 FY 2022 Post-retirement benefit obligation, at beginning of fiscal year $ 1,266 $ 1,326 $ 1,831 Service cost 14 17 96 Interest cost 60 45 52 Plan Amendments - 193 - Benefits paid (121 ) (136 ) (125 ) Actuarial (gain) loss (85 ) (179 ) (528 ) Post-retirement benefit obligation, at end of fiscal year 1,134 1,266 1,326 Fair value of plan assets, at end of fiscal year - - - Funded status, at end of fiscal year $ (1,134 ) $ (1,266 ) $ (1,326 ) Accumulated post-retirement benefit obligation, at end of fiscal year $ 1,134 $ 1,266 $ 1,326 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 2024 FY 2023 FY 2022 Net periodic post-retirement benefit cost: Service cost $ 14 $ 17 $ 96 Interest cost 60 45 52 Amortization of prior service cost 15 1 1 89 63 149 Benefit obligations recognized in other comprehensive income (loss): Amortization of prior service cost (15 ) (1 ) (1 ) Prior service cost - 193 - Net actuarial gain (85 ) (185 ) (583 ) (100 ) 7 (584 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (11 ) $ 70 $ (435 ) Amount recognized in accumulated other comprehensive income (loss), at end of fiscal year: Unrecognized prior service cost $ 63 $ 163 $ 156 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 2025 s than $0.1 million. The post-retirement benefit obligation was computed by an independent third March 30, March 25, 2024 2023 Weighted average discount rate 5.2 % 4.9 % Medical care cost trend rate: Trend rate assumed for next year 7.8 % 7.8 % Ultimate trend rate 4.0 % 4.0 % 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 % 3.5 % 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 2025 $ 103 2026 72 2027 83 2028 98 2029 113 Thereafter $ 665 Increasing the assumed health care cost trend rate by one ost by $0.1 million. A one st by $0.1 mill |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 12 Months Ended |
Mar. 30, 2024 | |
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 30, 2024 0.6 mi 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 2024 2023 2022 ere $0.7 million Restricted Stock Units: third On the date of each annual meeting of shareholders, the Company’s non-employee directors receive an annual grant of restricted stock units valued at $50,000 that vest after one 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 2024 38 ,000 2023 2022 The following table summarizes the restricted stock units vested and shares issued during fiscal years 2024 2023 2022 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 April 2020 April 2020 - March 2023 2 $ 26.25 Time Vested 2 April 2023 July 2020 July 2020 - July 2023 26 $ 27.08 Time Vested 26 July 2023 September 2020 September 2020 - July 2023 4 $ 28.54 Time Vested 4 July 2023 September 2020 September 2020 - July 2023 5 $ 29.76 Time Vested 5 July 2023 September 2022 September 2022 - September 2023 5 $ 73.80 Time Vested 5 September 2023 September 2020 September 2020 - September 2023 3 $ 29.76 Time Vested 3 September 2023 October 2018 October 2018 – September 2023 1 $ 20.81 Time Vested 1 October 2023 June 2021 June 2021 - March 2024 11 $ 53.17 Time Vested 11 March 2024 The following table summarizes the non-vested restricted stock units outstanding as of March 30, 2024 Total Grant Date Estimated Number Fair Level of Date Measurement of Units Value Achievement at Granted Period Granted Per Unit March 30, 2024 October 2018 October 2018 – September 2027 5 $ 20.81 Time Vested May 2021 May 2021 – May 2024 1 $ 54.21 Time Vested June 2021 June 2021 – March 2024 10 $ 53.17 136% of target level September 2021 September 2021 – September 2024 4 $ 67.76 Time Vested January 2022 January 2022 – March 2024 1 $ 90.92 136% of target level 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 55% 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 May 2023 May 2023 – March 2026 10 $ 89.70 150% of target level May 2023 May 2023 – March 2026 11 $ 89.70 Time Vested May 2023 May 2023 – May 2026 19 $ 89.70 Time Vested August 2023 August 2023 – August 2024 6 $ 90.56 Time Vested September 2023 September 2023 – September 2024 4 $ 109.55 Time Vested Total expense relating to restricted stock units, based on grant date fair value and the achievem ent criteria, was $3.2 million, $2.0 million and $1.6 million in fiscal years 2024 , 2023 and 2022 , respectively. As of March 30, 2024 , unearned compensation, to be recognized over the grants’ respective service periods, totaled $3.5 million based on estimated achievement levels as of March 30, 2024. 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 2024 2023 2022 FY 2024 FY 2023 FY 2022 Risk-Free Interest Rate 4.08 % 2.65 % 1.01 % Volatility Factor 37.27 % 37.62 % 30.22 % Expected Term (in Years) 6.34 4.58 6.25 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 718, During fiscal year 2024 three five three five During fiscal year 2023 three five During fiscal year 2022 two five five three five three The expense related to all stock option awards w as $1.3 mi 2024 2023 2022 The following table summarizes the Company’s options for fiscal years 2024 2023 2022 Weighted Weighted Average Average Remaining Number Exercise Contractual Aggregate Of Price Per Term Intrinsic Options Option (in Years) Value 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 Granted 47 94.39 Exercised (25 ) 58.44 Forfeited (5 ) 68.13 Outstanding as of March 30, 2024 234 63.43 5 $ 11,095 Exercisable as of March 30, 2024 61 $ 32.96 5 $ 4,276 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 2024 March 30, 2024 Total unrecognized compensation cost related to non-vested stock options as of March 30, 2024 was $2.4 million, three 2024 2023 2022 was $1.3 million, $0.3 million and $5.3 million, respectively. Cash received from the exercise of options in fiscal years 2024 , 2023 and 2022 was $1.5 million, $0.1 milli |
Note 7 - Segment and Geographic
Note 7 - Segment and Geographic Data | 12 Months Ended |
Mar. 30, 2024 | |
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 no 2024 2023 2022 FY 2024 FY 2023 FY 2022 Revenue: Service $ 169,525 $ 144,883 $ 122,005 Distribution 89,956 85,686 82,954 Total 259,481 230,569 204,959 Gross Profit: Service 57,253 46,638 38,921 Distribution 26,553 21,717 19,518 Total 83,806 68,355 58,439 Operating Expenses: Service (1) 42,210 35,216 28,107 Distribution (1) 21,815 16,891 16,189 Total 64,025 52,107 44,296 Operating Income: Service 15,043 11,422 10,814 Distribution 4,738 4,826 3,329 Total 19,781 16,248 14,143 Unallocated Amounts: Interest and Other Expense, net 1,342 2,761 953 Provision for Income Taxes 4,792 2,799 1,810 Total 6,134 5,560 2,763 Net Income $ 13,647 $ 10,688 $ 11,380 Total Assets: Service $ 134,415 $ 118,568 $ 109,472 Distribution 96,602 52,340 46,107 Unallocated 56,535 24,841 22,183 Total $ 287,552 $ 195,749 $ 177,762 Continued on next page FY 2024 FY 2023 FY 2022 Depreciation and Amortization (2) Service $ 9,193 $ 8,800 $ 7,543 Distribution 4,284 2,155 2,024 Total $ 13,477 $ 10,955 $ 9,567 Capital Expenditures: Service $ 6,141 $ 5,569 $ 7,885 Distribution 7,139 3,845 2,267 Total $ 13,280 $ 9,414 $ 10,152 Geographic Data: Revenues to Unaffiliated Customers (3) United States (4) $ 235,117 $ 207,143 $ 187,165 Canada 16,666 16,468 14,623 Other International 7,698 6,958 3,171 Total $ 259,481 $ 230,569 $ 204,959 Property and Equipment: United States (4) $ 33,507 $ 24,721 $ 22,042 Canada 5,415 4,326 4,397 Other International 22 17 - Total $ 38,944 $ 29,064 $ 26,439 ( 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. 30, 2024 | |
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 30, 2024 one fifteen no 2024 2023 2022 4.1%, 3.9% and 4.2 eleven 12 not 2024 2023 2022 The components of lease expense for the current and prior-year comparative periods were as follows (dollars in thousands): FY 2024 FY 2023 FY 2022 Operating lease cost $ 5,948 $ 4,730 $ 3,687 Variable lease cost 666 608 619 Total lease cost $ 6,614 $ 5,338 $ 4,306 Supplemental cash flow information related to leases was as follows: FY 2024 FY 2023 FY 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 2,954 $ 2,469 $ 2,207 Right to Use Assets obtained in exchange for lease liabilities $ 4,965 $ 4,519 $ 3,874 Total rental expense was approximatel y $6.6 millio 2024 2023 2022 March 30, 2024 Fiscal Year Amount 2025 4.6 2026 3.9 2027 3.6 2028 2.9 2029 2.0 Thereafter 8.5 Total minimum lease payments 25.5 Less: Imputed interest 8.1 Present value of remaining lease payments 17.4 Term Loan: Effective December 2018, December 2025. 2018 2025 2026. Contingent Consideration: In connection with the acquisition of NEXA, there were potential earn-out payments of up to $7.5 million over the four March 25, 2023, During fiscal year 2024, 2023, 2024 2025 2024, 2023 March 30, 2024, 2023 March 30, 2024, 2024 2025 9. |
Note 9 - Business Acquisitions
Note 9 - Business Acquisitions | 12 Months Ended |
Mar. 30, 2024 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 BUSINESS ACQUISITIONS Axiom August 8, 2023, The Axiom goodwill is primarily attributable to the workforce acquired, as well as operational synergies and other intangibles that do not twelve not not The total purchase price for Axiom was approximately $38.7 million and was paid with $10.0 million in cash and the issuance of our common stock valued at $28.6 million. Pursuant to the asset purchase agreement, the Company held back approximately $3.9 million of the purchase price for certain potential post-closing adjustments. The following is a summary of the preliminary purchase price allocation, in the aggregate, to the fair value, based on Level 3 August 8, 2023 ( Goodwill $ 26,758 Intangible Assets – Customer Base & Contracts 7,900 34,658 Plus: Cash 161 Accounts Receivable 925 Inventory 1,796 Other Current Assets 40 Property and Equipment 4,965 Less: Current Liabilities (579 ) Deferred Tax Liability (3,242 ) Total Purchase Price $ 38,724 From the date of acquisition throu gh the end of fiscal year 2024, f $7.2 million and operating income of $0.7 million, which in SteriQual July 12, 2023, The SteriQual goodwill is primarily attributable to the workforce acquired, as well as operational synergies and other intangibles that do not fifteen not not The total purchase price for SteriQual was approximately $4.3 million and was paid by the issuance of our common stock. Pursuant to the asset purchase agreement, the Company held back approximately $0.9 million of the purchase price for certain potential post-closing adjustments. Pursuant to the asset purchase agreement, the purchase price is subject to reduction by $0.5 million if certain revenue targets are not July 12, 2024. December 23, 2023 not The following is a summary of the preliminary purchase price allocation, in the aggregate, to the fair value, based on Level 3 July 12, 2023 ( Goodwill $ 2,175 Intangible Assets – Customer Base & Contracts 1,062 Intangible Assets – Covenant Not to Compete 392 Intangible Assets – Sales Backlog 95 3,724 Plus: Accounts Receivable 666 Less: Current Liabilities (211 ) Deferred Tax Liability (395 ) Total Purchase Price $ 3,784 From the date of acquisitio n through the end of fiscal year 2024, TIC-MS March 27, 2023, The TIC-MS goodwill is primarily attributable to the workforce acquired, as well as operational synergies and other intangibles that do not fifteen not not The total purchase price for TIC-MS was approximately $9.7 million and was paid with $2.9 million in cash, including $0. 5 not March 27, 2024. March 30, 2024, not The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 March 27, 2023 ( Goodwill $ 7,218 Intangible Assets – Customer Base & Contracts 2,303 Intangible Assets – Covenant Not to Compete 132 9,653 Plus: Accounts Receivable 502 Property and Equipment 356 Less: Current Liabilities (124 ) Deferred Tax Liability (712 ) Total Purchase Price $ 9,675 From the date of acquisition through the end of fiscal year 2024, 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 goodwill is primarily attributable to the workforce acquired, as well as operational synergies and other intangibles that do not 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. As of March 30, 2024, no 3 February 2, 2023 ( Goodwill $ 820 Plus: Accounts Receivable 62 Total Purchase Price $ 882 Since this operation was integrated immediately into our existing operations, its separate contributed revenue and operating income is undeterminable. 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 ($3.19) per calibration performed by technology covered under this license agreement, with a royalty term of up to ten March 28, 2024. of 1.0851 to c March 30, 2024 March 30, 2024 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 During fiscal year 2024, 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, third 2024, March 30, 2024 no 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 During fiscal year 2024, 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 would have been subject to reduction by $0.5 million if a key customer relationship was not first 2024, 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 During fiscal year 2024, NEXA August 31, 2021, September 11, 2023, first August 31, 2021 ( May 20, 2024, second Pursuant to the Purchase Agreement, the Sellers were entitled to potential earn-out payments in an aggregate amount of up to $7.5 million for the calendar years ending December 31, 2022, 2023, 2024, 2025 70% 25% 2022 not Pursuant to the First Amendment, the Sellers were entitled to potential earn-out payments in an aggregate amount of up to $7.1 million for the remaining Earn-Out Years ( 2023, 2024 2025 70% 150% 30 two may As of March 25, 2023, 3 After entering into the First Amendment during the third 2024, September 23, 2023, 3 1 2 3 4 September 23, 2023. As of December 23, 2023, 2023 2024 2025 December 23, 2023. After reviewing the fiscal year 2025 2025, fourth 2024, March 30, 2024, 3 1 2 3 4 March 30, 2024. March 30, 2024, 2023 first 2025. Contingent consideration is remeasured quarterly. If, as a result of remeasurement, the value of the contingent consideration changes, any charges or income will be included in the Company’s Consolidated Statements of Income. Due to the uncertainty with utilizing these significant unobservable inputs for this Level 3 may Pursuant to the Second Amendment, the Company agreed to pay approximately $0.5 million for the 2023 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 Axiom, SteriQual, TIC-MS, Elite, Complete Calibrations, e2b 2022 not (Unaudited) Fiscal Year Ended March 30, March 25, March 26, (in thousands except per share information) 2024 2023 2022 Total Revenue $ 263,554 $ 252,835 $ 225,281 Net Income $ 14,254 $ 11,568 $ 12,242 Basic Earnings Per Share $ 1.73 $ 1.53 $ 1.63 Diluted Earnings Per Share $ 1.71 $ 1.51 $ 1.61 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 and at subsequent remeasurement periods, as applicable. As of March 30, 2024 $0.5 million of contingent consideration and $2.6 million of 1.6 mill 2024 $0.8 mi 2023 2022 During fiscal years 2024 2023 2022 ts of $1.2 million, $0.2 million and $0.9 million, respectively, were recorded as incurred as general and administrative expenses in the Consolidated Statements of Income. |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 12 Months Ended |
Mar. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 10 SHAREHOLDERS' EQUITY On September 21, 2023, September 25, 2023 During fiscal years 2024 2023 2022 n 0.1 mill aling $4.9 million i 2024 2023 2022 no 2024 2023 2022 |
Note 11 - Subsequent Event
Note 11 - Subsequent Event | 12 Months Ended |
Mar. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 SUBSEQUENT EVENT Effective April 15, 2024, 9001:2015 Pursuant to the Agreement, the Company acquired Becnel for approximately $50.8 million, consisting of a combination of (i) $17.5 million in cash and (ii) approximately $33.3 million of common stock, or 301,707 shares of common stock. Of the acquisition consideration, approximately $1.5 million in cash and approximately $1.0 million in shares of common stock, or 9,283 shares, are subject to certain customary holdback provisions. The purchase price allocation has not 10 10 June 29, 2024. 10 June 29, 2024. not On May 20, 2024, 9 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of Business: |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: Transcat Canada, Inc., WTT Real Estate Acquisition, LLC, Cal OpEx Limited (d/b/a |
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 30, 2024 2024 53 2023 March 25, 2023 52 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: three |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities: three |
Accounts Receivable [Policy Text Block] | Accounts Receivable: may may not March 26, 2022, |
Inventory, Policy [Policy Text Block] | Inventory: not g $0.3 mil March 30, 2024 March 25, 2023 |
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 no March 30, 2024 March 25, 2023 Intangible assets, namely customer base and covenants not may not Goodwill Intangible Assets Distribution Service Total Distribution Service Total 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 Additions 26,758 9,393 36,151 7,900 3,983 11,883 Amortization - - - (1,355 ) (4,342 ) (5,697 ) Currency Translation Adjustment - 74 74 - 2 2 Net Book Value as of March 30, 2024 $ 38,216 $ 67,369 $ 105,585 $ 6,993 $ 12,994 $ 19,987 The intangible assets are being amortized on an accelerated basis over their estimated useful lives of up to 15 years. Amortization expense relating to in tangible assets is expected to be $5.4 million in fiscal year 2025, 2026, 2027, 2028 2029. |
Catalog Costs [Policy Text Block] | Catalog Costs: eighteen three no March 30, 2024. ts, were $0.1 million at March 25, 2023 . |
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 30, 2024 March 25, 2023 $0.2 mil |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation: not 2024 2023 2022 ount of $4.5 million, $3.4 million and $2.3 million, respectively, in the Consolidated Statements of Income. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: not Under Accounting Standards Codification ("ASC") Topic 606, 30 90 Revenue recognized from prior period performance obligations for fiscal year 2024 March 30, 2024 no one 606, March 30, 2024 March 25, 2023 7 The following table presents a summary of the Company's net sales by revenue recognition method as a percentage of total net sales: % of Total Net Sales 2024 2023 2022 Point-in-Time 89.7 % 91.0 % 91.1 % Over Time - Output Method 10.3 % 9.0 % 8.9 % Total 100.0 % 100.0 % 100.0 % |
Vendor Rebates [Policy Text Block] | Vendor Rebates: of $0.6 million, $0 .6 2024 2023 2022 |
Cooperative Advertising Income [Policy Text Block] | Cooperative Advertising Income: of $1.1 millio 2024 2023 2022 |
Advertising Cost [Policy Text Block] | Advertising Costs: ately $1.6 million, $1.2 m 2024 2023 2022 |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs: y $3.1 milli 2024 2023 2022 $0.5 million, $0 .7 2024 2023 2022 |
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 $0.1 million 2024 2023 2022 not n $0.1 million, a 2024 2023 2022 March 30, 2024 April 2024, of $1.8 millio not |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss): 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 30, 2024 losses of $0.9 million, unrecognized prior service costs, net of tax, of less than $0.1 million and an unrealized gain on other assets, net of tax, of less than $0.1 million. At March 25, 2023 , accumulated other comprehensive loss consisted of cumulati |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share: For the fiscal year 2024 a $(0.03) per s 2023 2022 a $(0.02) per s Fiscal Year Ended March 30, March 25, March 26, 2024 2023 2022 Average Shares Outstanding – Basic 8,239 7,551 7,496 Effect of Dilutive Common Stock Equivalents 113 94 93 Average Shares Outstanding – Diluted 8,352 7,645 7,589 Anti-dilutive Common Stock Equivalents 50 160 111 |
Other Liabilities Policy [Policy Text Block] | Other Liabilities: March 30, March 25, 2024 2023 Current Liabilities: Accrued Payroll and Employee Benefits $ 5,508 $ 3,243 Accrued Incentives 4,182 2,507 Current Portion of Lease Liabilities 2,510 2,333 Accrued Acquisition Holdbacks 2,577 252 Accrued Sales Tax 813 736 Accrued Contingent Consideration 529 - Other Current Liabilities 620 1,130 Accrued Compensation and Other Current Liabilities $ 16,739 $ 10,201 Non-Current Liabilities: Postretirement Benefit Obligation $ 1,134 $ 1,266 Accrued Acquisition Holdbacks 1,647 - Other Non-Current Liabilities 122 168 Other Liabilities $ 2,903 $ 1,434 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements: In June 2016, 2016 13, 326 not December 15, 2022. 2016 13 March 26, 2023. not Recent Accounting Guidance Not In December 2023, 2023 09, 740 2023 09 2025, not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification of Amounts: |
Note 1 - General (Tables)
Note 1 - General (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
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 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 Additions 26,758 9,393 36,151 7,900 3,983 11,883 Amortization - - - (1,355 ) (4,342 ) (5,697 ) Currency Translation Adjustment - 74 74 - 2 2 Net Book Value as of March 30, 2024 $ 38,216 $ 67,369 $ 105,585 $ 6,993 $ 12,994 $ 19,987 |
Disaggregation of Revenue [Table Text Block] | % of Total Net Sales 2024 2023 2022 Point-in-Time 89.7 % 91.0 % 91.1 % Over Time - Output Method 10.3 % 9.0 % 8.9 % Total 100.0 % 100.0 % 100.0 % |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended March 30, March 25, March 26, 2024 2023 2022 Average Shares Outstanding – Basic 8,239 7,551 7,496 Effect of Dilutive Common Stock Equivalents 113 94 93 Average Shares Outstanding – Diluted 8,352 7,645 7,589 Anti-dilutive Common Stock Equivalents 50 160 111 |
Schedule of Accrued Liabilities [Table Text Block] | March 30, March 25, 2024 2023 Current Liabilities: Accrued Payroll and Employee Benefits $ 5,508 $ 3,243 Accrued Incentives 4,182 2,507 Current Portion of Lease Liabilities 2,510 2,333 Accrued Acquisition Holdbacks 2,577 252 Accrued Sales Tax 813 736 Accrued Contingent Consideration 529 - Other Current Liabilities 620 1,130 Accrued Compensation and Other Current Liabilities $ 16,739 $ 10,201 Non-Current Liabilities: Postretirement Benefit Obligation $ 1,134 $ 1,266 Accrued Acquisition Holdbacks 1,647 - Other Non-Current Liabilities 122 168 Other Liabilities $ 2,903 $ 1,434 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 30, March 25, 2024 2023 Machinery, Equipment and Software $ 64,971 $ 59,689 Rental Equipment 19,773 10,000 Furniture and Fixtures 3,076 2,933 Leasehold Improvements 9,467 8,191 Total Property and Equipment 97,287 80,813 Less: Accumulated Depreciation and Amortization (58,343 ) (51,749 ) Total Property and Equipment, net $ 38,944 $ 29,064 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | FY 2024 FY 2023 FY 2022 United States $ 15,064 $ 9,879 $ 10,417 Foreign 3,375 3,608 2,773 Total $ 18,439 $ 13,487 $ 13,190 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | FY 2024 FY 2023 FY 2022 Current Tax Provision: Federal $ 4,099 $ 1,938 $ 414 State 1,067 652 240 Foreign 1,185 395 752 $ 6,351 $ 2,985 $ 1,406 Deferred Tax (Benefit) Provision: Federal $ (809 ) $ (334 ) $ 456 State (316 ) (258 ) (10 ) Foreign (434 ) 406 (42 ) $ (1,559 ) $ (186 ) $ 404 Provision for Income Taxes $ 4,792 $ 2,799 $ 1,810 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | FY 2024 (ETR) FY 2023 FY 2022 Federal Income Tax at Statutory Rate $ 3,872 21.0 % $ 2,832 $ 2,770 State Income Taxes, net of federal benefit 593 3.2 % 311 172 Federal, State and Foreign Tax Credits (87 ) -0.5 % (99 ) (182 ) Foreign Rate Differential 41 0.2 % 43 55 Tax Impact of Equity Awards (634 ) -3.4 % (416 ) (1,395 ) 162(m) Limitation 805 4.4 % - - Non-Deductible Acquisition Costs 71 0.4 % 6 206 GILTI and 78 Gross Up 112 0.6 % 83 161 Other, net 19 0.1 % 39 23 Total $ 4,792 26.0 % $ 2,799 $ 1,810 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 30, March 25, 2024 2023 Deferred Tax Assets: Accrued Liabilities $ 399 $ 362 Lease Liabilities 3,623 1,916 Performance-Based Stock Award Grants 1,094 720 Inventory Reserves 68 70 Non-Qualified Deferred Compensation Plan 12 62 Post-Retirement Health Care Plans 303 323 Stock-Based Compensation 897 570 Capitalized Inventory Costs 185 214 Other 270 314 Total Deferred Tax Assets $ 6,851 $ 4,551 Deferred Tax Liabilities: Goodwill and Intangible Assets $ (5,945 ) $ (3,504 ) Right of Use Assets (3,636 ) (1,957 ) Depreciation (6,498 ) (5,462 ) Other (63 ) (166 ) Total Deferred Tax Liabilities $ (16,142 ) $ (11,089 ) Net Deferred Tax Liabilities $ (9,291 ) $ (6,538 ) |
Note 5 - Employee Benefit Pla_2
Note 5 - Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | FY 2024 FY 2023 FY 2022 Post-retirement benefit obligation, at beginning of fiscal year $ 1,266 $ 1,326 $ 1,831 Service cost 14 17 96 Interest cost 60 45 52 Plan Amendments - 193 - Benefits paid (121 ) (136 ) (125 ) Actuarial (gain) loss (85 ) (179 ) (528 ) Post-retirement benefit obligation, at end of fiscal year 1,134 1,266 1,326 Fair value of plan assets, at end of fiscal year - - - Funded status, at end of fiscal year $ (1,134 ) $ (1,266 ) $ (1,326 ) Accumulated post-retirement benefit obligation, at end of fiscal year $ 1,134 $ 1,266 $ 1,326 |
Schedule of Net Benefit Costs [Table Text Block] | FY 2024 FY 2023 FY 2022 Net periodic post-retirement benefit cost: Service cost $ 14 $ 17 $ 96 Interest cost 60 45 52 Amortization of prior service cost 15 1 1 89 63 149 Benefit obligations recognized in other comprehensive income (loss): Amortization of prior service cost (15 ) (1 ) (1 ) Prior service cost - 193 - Net actuarial gain (85 ) (185 ) (583 ) (100 ) 7 (584 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (11 ) $ 70 $ (435 ) Amount recognized in accumulated other comprehensive income (loss), at end of fiscal year: Unrecognized prior service cost $ 63 $ 163 $ 156 |
Defined Benefit Plan, Assumptions [Table Text Block] | March 30, March 25, 2024 2023 Weighted average discount rate 5.2 % 4.9 % Medical care cost trend rate: Trend rate assumed for next year 7.8 % 7.8 % Ultimate trend rate 4.0 % 4.0 % 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 % 3.5 % |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Year Amount 2025 $ 103 2026 72 2027 83 2028 98 2029 113 Thereafter $ 665 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
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 April 2020 April 2020 - March 2023 2 $ 26.25 Time Vested 2 April 2023 July 2020 July 2020 - July 2023 26 $ 27.08 Time Vested 26 July 2023 September 2020 September 2020 - July 2023 4 $ 28.54 Time Vested 4 July 2023 September 2020 September 2020 - July 2023 5 $ 29.76 Time Vested 5 July 2023 September 2022 September 2022 - September 2023 5 $ 73.80 Time Vested 5 September 2023 September 2020 September 2020 - September 2023 3 $ 29.76 Time Vested 3 September 2023 October 2018 October 2018 – September 2023 1 $ 20.81 Time Vested 1 October 2023 June 2021 June 2021 - March 2024 11 $ 53.17 Time Vested 11 March 2024 |
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 30, 2024 October 2018 October 2018 – September 2027 5 $ 20.81 Time Vested May 2021 May 2021 – May 2024 1 $ 54.21 Time Vested June 2021 June 2021 – March 2024 10 $ 53.17 136% of target level September 2021 September 2021 – September 2024 4 $ 67.76 Time Vested January 2022 January 2022 – March 2024 1 $ 90.92 136% of target level 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 55% 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 May 2023 May 2023 – March 2026 10 $ 89.70 150% of target level May 2023 May 2023 – March 2026 11 $ 89.70 Time Vested May 2023 May 2023 – May 2026 19 $ 89.70 Time Vested August 2023 August 2023 – August 2024 6 $ 90.56 Time Vested September 2023 September 2023 – September 2024 4 $ 109.55 Time Vested |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | FY 2024 FY 2023 FY 2022 Risk-Free Interest Rate 4.08 % 2.65 % 1.01 % Volatility Factor 37.27 % 37.62 % 30.22 % Expected Term (in Years) 6.34 4.58 6.25 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 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 Granted 47 94.39 Exercised (25 ) 58.44 Forfeited (5 ) 68.13 Outstanding as of March 30, 2024 234 63.43 5 $ 11,095 Exercisable as of March 30, 2024 61 $ 32.96 5 $ 4,276 |
Note 7 - Segment and Geograph_2
Note 7 - Segment and Geographic Data (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | FY 2024 FY 2023 FY 2022 Revenue: Service $ 169,525 $ 144,883 $ 122,005 Distribution 89,956 85,686 82,954 Total 259,481 230,569 204,959 Gross Profit: Service 57,253 46,638 38,921 Distribution 26,553 21,717 19,518 Total 83,806 68,355 58,439 Operating Expenses: Service (1) 42,210 35,216 28,107 Distribution (1) 21,815 16,891 16,189 Total 64,025 52,107 44,296 Operating Income: Service 15,043 11,422 10,814 Distribution 4,738 4,826 3,329 Total 19,781 16,248 14,143 Unallocated Amounts: Interest and Other Expense, net 1,342 2,761 953 Provision for Income Taxes 4,792 2,799 1,810 Total 6,134 5,560 2,763 Net Income $ 13,647 $ 10,688 $ 11,380 Total Assets: Service $ 134,415 $ 118,568 $ 109,472 Distribution 96,602 52,340 46,107 Unallocated 56,535 24,841 22,183 Total $ 287,552 $ 195,749 $ 177,762 FY 2024 FY 2023 FY 2022 Depreciation and Amortization (2) Service $ 9,193 $ 8,800 $ 7,543 Distribution 4,284 2,155 2,024 Total $ 13,477 $ 10,955 $ 9,567 Capital Expenditures: Service $ 6,141 $ 5,569 $ 7,885 Distribution 7,139 3,845 2,267 Total $ 13,280 $ 9,414 $ 10,152 Geographic Data: Revenues to Unaffiliated Customers (3) United States (4) $ 235,117 $ 207,143 $ 187,165 Canada 16,666 16,468 14,623 Other International 7,698 6,958 3,171 Total $ 259,481 $ 230,569 $ 204,959 Property and Equipment: United States (4) $ 33,507 $ 24,721 $ 22,042 Canada 5,415 4,326 4,397 Other International 22 17 - Total $ 38,944 $ 29,064 $ 26,439 |
Note 8 - Commitments (Tables)
Note 8 - Commitments (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | FY 2024 FY 2023 FY 2022 Operating lease cost $ 5,948 $ 4,730 $ 3,687 Variable lease cost 666 608 619 Total lease cost $ 6,614 $ 5,338 $ 4,306 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | FY 2024 FY 2023 FY 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 2,954 $ 2,469 $ 2,207 Right to Use Assets obtained in exchange for lease liabilities $ 4,965 $ 4,519 $ 3,874 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Year Amount 2025 4.6 2026 3.9 2027 3.6 2028 2.9 2029 2.0 Thereafter 8.5 Total minimum lease payments 25.5 Less: Imputed interest 8.1 Present value of remaining lease payments 17.4 |
Note 9 - Business Acquisitions
Note 9 - Business Acquisitions (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Goodwill $ 26,758 Intangible Assets – Customer Base & Contracts 7,900 34,658 Plus: Cash 161 Accounts Receivable 925 Inventory 1,796 Other Current Assets 40 Property and Equipment 4,965 Less: Current Liabilities (579 ) Deferred Tax Liability (3,242 ) Total Purchase Price $ 38,724 Goodwill $ 2,175 Intangible Assets – Customer Base & Contracts 1,062 Intangible Assets – Covenant Not to Compete 392 Intangible Assets – Sales Backlog 95 3,724 Plus: Accounts Receivable 666 Less: Current Liabilities (211 ) Deferred Tax Liability (395 ) Total Purchase Price $ 3,784 Goodwill $ 7,218 Intangible Assets – Customer Base & Contracts 2,303 Intangible Assets – Covenant Not to Compete 132 9,653 Plus: Accounts Receivable 502 Property and Equipment 356 Less: Current Liabilities (124 ) Deferred Tax Liability (712 ) Total Purchase Price $ 9,675 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 |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited) Fiscal Year Ended March 30, March 25, March 26, (in thousands except per share information) 2024 2023 2022 Total Revenue $ 263,554 $ 252,835 $ 225,281 Net Income $ 14,254 $ 11,568 $ 12,242 Basic Earnings Per Share $ 1.73 $ 1.53 $ 1.63 Diluted Earnings Per Share $ 1.71 $ 1.51 $ 1.61 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Accounts Receivable, after Allowance for Credit Loss | $ 39,700 | ||
Inventory Valuation Reserves | $ 300 | $ 300 | |
Goodwill and Intangible Asset Impairment | 0 | 0 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 5,400 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 4,200 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 2,600 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 2,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 900 | ||
Unamortized Catalog Costs | 0 | ||
Investments | 100 | 200 | |
Share-Based Payment Arrangement, Expense | 4,500 | 3,400 | 2,300 |
Vendor Rebates | 600 | 600 | 1,000 |
Cooperative Advertising Amount | 1,100 | 1,000 | 800 |
Advertising Expense | 1,600 | 1,200 | 1,100 |
Cost of Goods and Services Sold | 175,675 | 162,214 | 146,520 |
Realized Gain (Loss), Foreign Currency Transaction, before Tax | 100 | 700 | 100 |
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax | 100 | 400 | $ 100 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 900 | 1,100 | |
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 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.5 | $ 0.5 | |
Dilutive Securities, Effect Per Share on Earnings (in dollars per share) | $ 0.03 | $ 0.02 | $ 0.02 |
Foreign Exchange Contract [Member] | |||
Derivative Asset, Notional Amount | $ 1,800 | ||
Cargo and Freight [Member] | |||
Cost of Goods and Services Sold | 3,100 | $ 2,900 | $ 2,700 |
Shipping and Handling [Member] | |||
Cost of Goods and Services Sold | $ 500 | 700 | $ 800 |
Prepaid Expenses and Other Current Assets [Member] | |||
Unamortized Catalog Costs | $ 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. 30, 2024 |
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. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Net Book Value, goodwill | $ 69,360 | $ 65,074 | $ 43,272 |
Net Book Value, intangible assets | 13,799 | 14,692 | 7,513 |
Additions, goodwill | 36,151 | 5,094 | 21,749 |
Additions, intangible assets | 11,883 | 3,576 | 11,060 |
Amortization, goodwill | 0 | 0 | 0 |
Amoritization, intangible assets | (5,697) | (4,454) | (3,884) |
Currency Translation Adjustment, goodwill | 74 | (605) | 53 |
Currency Translation Adjustment, intangible assets | 2 | (15) | 3 |
Measurement Period Adjustments, goodwill | (203) | ||
Net Book Value, goodwill | 105,585 | 69,360 | 65,074 |
Net Book Value, intangible assets | 19,987 | 13,799 | 14,692 |
Distribution Segment [Member] | |||
Net Book Value, goodwill | 11,458 | 11,458 | 11,458 |
Net Book Value, intangible assets | 448 | 647 | 920 |
Additions, goodwill | 26,758 | 0 | 0 |
Additions, intangible assets | 7,900 | 0 | 0 |
Amortization, goodwill | 0 | 0 | 0 |
Amoritization, intangible assets | (1,355) | (199) | (273) |
Currency Translation Adjustment, goodwill | 0 | 0 | 0 |
Currency Translation Adjustment, intangible assets | 0 | 0 | 0 |
Measurement Period Adjustments, goodwill | 0 | ||
Net Book Value, goodwill | 38,216 | 11,458 | 11,458 |
Net Book Value, intangible assets | 6,993 | 448 | 647 |
Service Segment [Member] | |||
Net Book Value, goodwill | 57,902 | 53,616 | 31,814 |
Net Book Value, intangible assets | 13,351 | 14,045 | 6,593 |
Additions, goodwill | 9,393 | 5,094 | 21,749 |
Additions, intangible assets | 3,983 | 3,576 | 11,060 |
Amortization, goodwill | 0 | 0 | 0 |
Amoritization, intangible assets | (4,342) | (4,255) | (3,611) |
Currency Translation Adjustment, goodwill | 74 | (605) | 53 |
Currency Translation Adjustment, intangible assets | 2 | (15) | 3 |
Measurement Period Adjustments, goodwill | (203) | ||
Net Book Value, goodwill | 67,369 | 57,902 | 53,616 |
Net Book Value, intangible assets | $ 12,994 | $ 13,351 | $ 14,045 |
Note 1 - General - Summary of N
Note 1 - General - Summary of Net Sales by Revenue Recognition Method as a Percentage of Total Sales (Details) | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Point-in-Time | 100% | 100% | 100% |
Transferred at Point in Time [Member] | |||
Point-in-Time | 89.70% | 91% | 91.10% |
Transferred over Time [Member] | |||
Point-in-Time | 10.30% | 9% | 8.90% |
Note 1 - General - Computation
Note 1 - General - Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Average Shares Outstanding – Basic (in shares) | 8,239 | 7,551 | 7,496 |
Effect of Dilutive Common Stock Equivalents (in shares) | 113 | 94 | 93 |
Average Shares Outstanding – Diluted (in shares) | 8,352 | 7,645 | 7,589 |
Anti-dilutive Common Stock Equivalents (in shares) | 50 | 160 | 111 |
Note 1 - General - Summary of L
Note 1 - General - Summary of Liabilities Current and Non-current (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Mar. 25, 2023 |
Accrued Payroll and Employee Benefits | $ 5,508 | $ 3,243 |
Accrued Incentives | 4,182 | 2,507 |
Current Portion of Lease Liabilities | 2,510 | 2,333 |
Accrued Acquisition Holdbacks | 2,577 | 252 |
Accrued Sales Tax | 813 | 736 |
Accrued Contingent Consideration | 529 | 0 |
Other Current Liabilities | 620 | 1,130 |
Accrued Compensation and Other Current Liabilities | 16,739 | 10,201 |
Postretirement Benefit Obligation | 1,134 | 1,266 |
Accrued Acquisition Holdbacks | 1,647 | 0 |
Other Non-Current Liabilities | 122 | 168 |
Other Liabilities | $ 2,903 | $ 1,434 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 7.8 | $ 6.5 | $ 5.7 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 |
Property, Plant and Equipment, Gross | $ 97,287 | $ 80,813 | |
Less: Accumulated Depreciation and Amortization | (58,343) | (51,749) | |
Total Property and Equipment, net | 38,944 | 29,064 | $ 26,439 |
Machinery Equipment and Software [Member] | |||
Property, Plant and Equipment, Gross | 64,971 | 59,689 | |
Equipment [Member] | |||
Property, Plant and Equipment, Gross | 19,773 | 10,000 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Gross | 3,076 | 2,933 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Gross | $ 9,467 | $ 8,191 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 USD ($) | Mar. 25, 2023 USD ($) | Jul. 07, 2021 USD ($) | |
Long-Term Debt, Current Maturities | $ 2,339 | $ 2,248 | |
The 2018 Term Loan [Member] | |||
Debt Instrument, Face Amount | $ 15,000 | ||
Long-Term Debt, Current Maturities | 2,300 | ||
Debt Instrument, Periodic Payment, Total | $ 200 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 80,000 | ||
Debt Instrument, Covenant, Restriction to Repurchase Shares and Pay Dividends, Aggregate | $ 25,000 | 10,000 | |
Line of Credit Facility, Current Borrowing Capacity | 80,000 | ||
Long-Term Line of Credit | 0 | ||
Business Acquisition, Transaction Costs | 12,900 | ||
Long-Term Debt | $ 4,200 | ||
LIBOR Floor | 0.25% | ||
Debt Instrument, Covenant, Maximum Fixed Charge Ratio | 1.15 | ||
Debt Instrument, Covenant, Maximum Total Leverage Ratio | 3 | ||
Total Leverage Ratio | 0.1 | 1.6 | |
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument, Permitted Acquisition, Aggregate Purchase Price | $ 50,000 | ||
Debt Instrument, Permitted Acquisition, Additional Aggregate Purchase Price | $ 40,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 7.10% | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.40% | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 | $ 0 |
Liability for Uncertainty in Income Taxes, Current | 0 | 0 | 0 |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 | $ 0 |
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. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
United States | $ 15,064 | $ 9,879 | $ 10,417 |
Foreign | 3,375 | 3,608 | 2,773 |
Income Before Provisions for Income Taxes | $ 18,439 | $ 13,487 | $ 13,190 |
Note 4 - Income Taxes - Sched_2
Note 4 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Federal, Current | $ 4,099 | $ 1,938 | $ 414 |
State. Current | 1,067 | 652 | 240 |
Foreign, Current | 1,185 | 395 | 752 |
Current | 6,351 | 2,985 | 1,406 |
Federal. Deferred | (809) | (334) | 456 |
State, Deferred | (316) | (258) | (10) |
Foreign. Deferred | (434) | 406 | (42) |
Deferred | (1,559) | (186) | 404 |
Total | $ 4,792 | $ 2,799 | $ 1,810 |
Note 4 - Income Taxes - Sched_3
Note 4 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Federal Income Tax at Statutory Rate | $ 3,872 | $ 2,832 | $ 2,770 |
Federal Income Tax at Statutory Rate, percent | 21% | ||
State Income Taxes, net of federal benefit | $ 593 | 311 | 172 |
State Income Taxes, net of federal benefit, percent | 3.20% | ||
Federal, State and Foreign Tax Credits | $ (87) | (99) | (182) |
Federal, State and Foreign Tax Credits, percent | (0.50%) | ||
Foreign Rate Differential | $ 41 | 43 | 55 |
Foreign Rate Differential, percent | 0.20% | ||
Tax Impact of Equity Awards | $ 634 | 416 | 1,395 |
Tax Impact of Equity Awards, percent | (3.40%) | ||
162(m) Limitation | $ 805 | 0 | 0 |
162(m) Limitation, percent | 4.40% | ||
Non-Deductible Acquisition Costs | $ 71 | 6 | 206 |
Non-Deductible Acquisition Costs, percent | 0.40% | ||
GILTI and 78 Gross Up | $ 112 | 83 | 161 |
GILTI and 78 Gross Up, percent | 0.60% | ||
Other, net | $ 19 | 39 | 23 |
Other, net, percent | 0.10% | ||
Total | $ 4,792 | $ 2,799 | $ 1,810 |
Total, percent | 26% |
Note 4 - Income Taxes - Sched_4
Note 4 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Mar. 25, 2023 |
Accrued Liabilities | $ 399 | $ 362 |
Lease Liabilities | 3,623 | 1,916 |
Performance-Based Stock Award Grants | 1,094 | 720 |
Inventory Reserves | 68 | 70 |
Non-Qualified Deferred Compensation Plan | 12 | 62 |
Post-Retirement Health Care Plans | 303 | 323 |
Stock-Based Compensation | 897 | 570 |
Capitalized Inventory Costs | 185 | 214 |
Other | 270 | 314 |
Total Deferred Tax Assets | 6,851 | 4,551 |
Goodwill and Intangible Assets | (5,945) | (3,504) |
Right of Use Assets | (3,636) | (1,957) |
Depreciation | (6,498) | (5,462) |
Other | (63) | (166) |
Total Deferred Tax Liabilities | (16,142) | (11,089) |
Net Deferred Tax Liabilities | $ (9,291) | $ (6,538) |
Note 5 - Employee Benefit Pla_3
Note 5 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | 50% | 50% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | 6% | 6% |
Share-Based Payment Arrangement, Expense | $ 4.5 | $ 3.4 | $ 2.3 |
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 | 1.5 | 1.2 | $ 1.1 |
N Q D C Plan [Member] | |||
Deferred Compensation Liability, Classified, Noncurrent | $ 0.1 | $ 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. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Post-retirement benefit obligation, at beginning of fiscal year | $ 1,266 | $ 1,326 | $ 1,831 |
Service cost | 14 | 17 | 96 |
Interest cost | 60 | 45 | 52 |
Plan Amendments | 0 | 193 | 0 |
Benefits paid | (121) | (136) | (125) |
Actuarial (gain) loss | (85) | (179) | (528) |
Post-retirement benefit obligation, at end of fiscal year | 1,134 | 1,266 | 1,326 |
Fair value of plan assets, at end of fiscal year | 0 | 0 | 0 |
Funded status, at end of fiscal year | (1,134) | (1,266) | (1,326) |
Accumulated post-retirement benefit obligation, at end of fiscal year | $ 1,134 | $ 1,266 | $ 1,326 |
Note 5 - Employee Benefit Pla_5
Note 5 - Employee Benefit Plans - The Changes in the Post-retirement Benefit Obligations (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Income Statement [Abstract] | |||
Interest Expense, Operating and Nonoperating | $ 1,835 | $ 2,417 | $ 810 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Operating and Nonoperating | Interest Expense, Operating and Nonoperating | Interest Expense, Operating and Nonoperating |
Note 5 - Employee Benefit Pla_6
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. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Service cost | $ 14 | $ 17 | $ 96 |
Interest cost | 60 | 45 | 52 |
Amortization of prior service cost | 15 | 1 | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 89 | 63 | 149 |
Amortization of prior service cost | (15) | (1) | (1) |
Prior service cost | 0 | 193 | 0 |
Net actuarial gain | (85) | (185) | (583) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (100) | 7 | (584) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (11) | 70 | (435) |
Unrecognized prior service cost | $ 63 | $ 163 | $ 156 |
Note 5 - Employee Benefit Pla_7
Note 5 - Employee Benefit Plans - The Components of Net Periodic Post-retirement Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Income Statement [Abstract] | |||
Interest Expense, Operating and Nonoperating | $ 1,835 | $ 2,417 | $ 810 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Operating and Nonoperating | Interest Expense, Operating and Nonoperating | Interest Expense, Operating and Nonoperating |
Note 5 - Employee Benefit Pla_8
Note 5 - Employee Benefit Plans - Assumptions Used to Determine the Post-retirement Benefit Obligation and the Net Periodic Postretirement Benefit Cost (Details) | Mar. 30, 2024 | Mar. 25, 2023 |
Medical Care Cost [Member] | ||
Trend rate assumed for next year | 7.80% | 7.80% |
Ultimate trend rate | 4% | 4% |
Dental Care Cost [Member] | ||
Trend rate assumed for next year | 3.50% | 3.50% |
Weighted Average [Member] | ||
Weighted average discount rate | 5.20% | 4.90% |
Note 5 - Employee Benefit Pla_9
Note 5 - Employee Benefit Plans - Expected Future Service Payments (Details) $ in Thousands | Mar. 30, 2024 USD ($) |
2025 | $ 103 |
2026 | 72 |
2027 | 83 |
2028 | 98 |
2029 | 113 |
Thereafter | $ 665 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) Pure in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 700,000 | $ 400,000 | $ 1,400,000 |
Share-Based Payment Arrangement, Expense | $ 4,500,000 | $ 3,400,000 | $ 2,300,000 |
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) | 47,000 | 56,000 | 131,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,300,000 | $ 300,000 | $ 5,300,000 |
Proceeds from Stock Options Exercised | $ 1,500,000 | $ 100,000 | $ 1,000,000 |
Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 7,000 | ||
Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 10,000 | ||
Director [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) | 30,000 | 10,000 | |
Each Board of Directors Member [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 10,000 | 10,000 | |
Board of Directors Member [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 20,000 | ||
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) | 10,000 | 11,000 | 15,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Expense | $ 3,200,000 | $ 2,000,000 | $ 1,600,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 3,500,000 | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 3,700,000 | ||
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) | 38,000 | 19,000 | 30,000 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | 3 years | |
Share-Based Payment Arrangement, Expense | $ 1,300,000 | $ 1,400,000 | $ 700,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,400,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | 0% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 46,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
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 | ||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting 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] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | ||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 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 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 6,000 | ||
The 2021 Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 600,000 |
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. 30, 2024 $ / 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 | $ 12.9 |
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 | $ 15.3 |
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 | $ 15.3 |
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 | $ 23.5 |
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 | $ 23.5 |
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 | $ 73.3 |
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 |
April 2020 [Member] | |
Number of units granted (in shares) | 2 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 26.25 |
Number of shares issued (in shares) | 2 |
July 2020, Second Issuance [Member] | |
Number of units granted (in shares) | 26 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 27.08 |
Number of shares issued (in shares) | 26 |
September 2020, Second Issuance [Member] | |
Number of units granted (in shares) | 4 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 28.54 |
Number of shares issued (in shares) | 4 |
September 2020, Third Issuance [Member] | |
Number of units granted (in shares) | 5 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 29.76 |
Number of shares issued (in shares) | 5 |
September 2022, Second Issuance [Member] | |
Number of units granted (in shares) | 5 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 73.8 |
Number of shares issued (in shares) | 5 |
September 2020, Fourth Issuance [Member] | |
Number of units granted (in shares) | 3 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 29.76 |
Number of shares issued (in shares) | 3 |
October 2018, Fourth 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 |
June 2021, First Issuance [Member] | |
Number of units granted (in shares) | 11 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 53.17 |
Number of shares issued (in shares) | 11 |
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. 30, 2024 $ / shares shares |
October 2018 [Member] | |
Total number of units outstanding (in shares) | shares | 5 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 20.81 |
July 2020 [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 54.21 |
September 2020, 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 |
September 2020, Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 4 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 67.76 |
September 2020, Third Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 90.92 |
June 2021, First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 90.41 |
June 2021, Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 76.31 |
September 2021 [Member] | |
Total number of units outstanding (in shares) | shares | 11 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 63.17 |
January 2022, First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 12 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 63.17 |
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 | $ 78.04 |
January 2022, Third Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 5 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 73.8 |
March 2022 [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 81.26 |
May 2022, First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 1 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 67.48 |
May 2022, Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 10 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 89.7 |
August 2022 Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 11 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 89.7 |
September 2022 [Member] | |
Total number of units outstanding (in shares) | shares | 19 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 89.7 |
December 2022 First Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 6 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 90.56 |
December 2022 Second Issuance [Member] | |
Total number of units outstanding (in shares) | shares | 4 |
Grant date fair value per unit (in dollars per share) | $ / shares | $ 109.55 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Weighted Average Assumptions (Details) | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Annual Dividend Rate | 0% | ||
Share-Based Payment Arrangement, Option [Member] | |||
Risk-Free Interest Rate | 4.08% | 2.65% | 1.01% |
Volatility Factor | 37.27% | 37.62% | 30.22% |
Expected Term (in Years) (Year) | 6 years 4 months 2 days | 4 years 6 months 29 days | 6 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 | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Outstanding, number of options (in shares) | 217 | 165 | 125 |
Outstanding, weighted average exercise price (in dollars per share) | $ 56.25 | $ 53.27 | $ 15.47 |
Granted, number of options (in shares) | 47 | 56 | 131 |
Granted, weighted average exercise price (in dollars per share) | $ 94.39 | $ 62.46 | $ 61.29 |
Exercised, number of options (in shares) | (25) | (4) | (85) |
Exercised, weighted average exercise price (in dollars per share) | $ 58.44 | $ 6.19 | $ 12 |
Forfeited, number of options (in shares) | (5) | 0 | (6) |
Forfeited, weighted average exercise price (in dollars per share) | $ 68.13 | $ 0 | $ 24.1 |
Outstanding, number of options (in shares) | 234 | 217 | 165 |
Outstanding, weighted average exercise price (in dollars per share) | $ 63.43 | $ 56.25 | $ 53.27 |
Outstanding, weighted average remaining contractual term (Year) | 5 years | ||
Oustanding, aggregate intrinsic value | $ 11,095 | ||
Exercisable, number of options (in shares) | 61 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 32.96 | ||
Exercisable, weighted average remaining contractual term (Year) | 5 years | ||
Exercisable, aggregate intrinsic value | $ 4,276,000 |
Note 7 - Segment and Geograph_3
Note 7 - Segment and Geographic Data (Details Textual) | 12 Months Ended |
Mar. 30, 2024 | |
Number of Reportable Segments | 2 |
Note 7 - Segment and Geograph_4
Note 7 - Segment and Geographic Data - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | ||
Revenue | $ 259,481 | $ 230,569 | $ 204,959 | |
Gross Profit | 83,806 | 68,355 | 58,439 | |
Operating Expenses | 64,025 | 52,107 | 44,296 | |
Operating Income | 19,781 | 16,248 | 14,143 | |
Interest and Other Expense, net | 1,342 | 2,761 | 953 | |
Provision for Income Taxes | 4,792 | 2,799 | 1,810 | |
Total | 6,134 | 5,560 | 2,763 | |
Net Income | 13,647 | 10,688 | 11,380 | |
Service | 287,552 | 195,749 | 177,762 | |
Depreciation and Amortization | 13,544 | 10,955 | 9,567 | |
Capital Expenditures | 13,280 | 9,414 | 10,152 | |
Revenue | 259,481 | 230,569 | 204,959 | |
Property and Equipment | 38,944 | 29,064 | 26,439 | |
UNITED STATES | ||||
Revenue | [1],[2] | 235,117 | 207,143 | 187,165 |
Revenue | [1],[2] | 235,117 | 207,143 | 187,165 |
Property and Equipment | [2] | 33,507 | 24,721 | 22,042 |
CANADA | ||||
Revenue | [1] | 16,666 | 16,468 | 14,623 |
Revenue | [1] | 16,666 | 16,468 | 14,623 |
Property and Equipment | 5,415 | 4,326 | 4,397 | |
Other International [Member] | ||||
Revenue | [1] | 7,698 | 6,958 | 3,171 |
Revenue | [1] | 7,698 | 6,958 | 3,171 |
Property and Equipment | 22 | 17 | 0 | |
Excluding Amortization Outside of EBITDA [Member] | ||||
Depreciation and Amortization | [3] | 13,477 | 10,955 | 9,567 |
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | ||||
Service | 56,535 | 24,841 | 22,183 | |
Service Segment [Member] | Operating Segments [Member] | ||||
Revenue | 169,525 | 144,883 | 122,005 | |
Gross Profit | 57,253 | 46,638 | 38,921 | |
Operating Expenses | [4] | 42,210 | 35,216 | 28,107 |
Operating Income | 15,043 | 11,422 | 10,814 | |
Service | 134,415 | 118,568 | 109,472 | |
Capital Expenditures | 6,141 | 5,569 | 7,885 | |
Revenue | 169,525 | 144,883 | 122,005 | |
Service Segment [Member] | Operating Segments [Member] | Excluding Amortization Outside of EBITDA [Member] | ||||
Depreciation and Amortization | [3] | 9,193 | 8,800 | 7,543 |
Distribution Segment [Member] | Operating Segments [Member] | ||||
Revenue | 89,956 | 85,686 | 82,954 | |
Gross Profit | 26,553 | 21,717 | 19,518 | |
Operating Expenses | [4] | 21,815 | 16,891 | 16,189 |
Operating Income | 4,738 | 4,826 | 3,329 | |
Service | 96,602 | 52,340 | 46,107 | |
Capital Expenditures | 7,139 | 3,845 | 2,267 | |
Revenue | 89,956 | 85,686 | 82,954 | |
Distribution Segment [Member] | Operating Segments [Member] | Excluding Amortization Outside of EBITDA [Member] | ||||
Depreciation and Amortization | [3] | $ 4,284 | $ 2,155 | $ 2,024 |
[1]Revenues are attributed to the countries based on the destination of a product shipment or the location where service is rendered.[2]United States includes Puerto Rico.[3]Including amortization of catalog costs and intangible assets.[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 Millions | 12 Months Ended | |||||||
Mar. 31, 2024 | Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | Dec. 23, 2023 | Sep. 23, 2023 | Sep. 23, 2022 | Aug. 31, 2021 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 3.90% | 4.20% | |||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 11 years | |||||||
Operating Lease, Expense | $ 6.6 | $ 5.3 | $ 4.3 | |||||
NEXA [Member] | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 7.1 | $ 7.1 | $ 7.1 | $ 7.1 | $ 0.4 | $ 7.5 | ||
Business Combination, Contingent Consideration Arrangements, Period (Year) | 4 years | |||||||
Business Combination, Contingent Consideration, Liability | $ 0.5 | $ 2.9 | $ 2.8 | |||||
NEXA [Member] | Subsequent Event [Member] | ||||||||
Business Combination, Consideration Transferred | $ 0.5 | |||||||
Loan Payable [Member] | Term Loan 2018 [Member] | ||||||||
Debt Instrument, Periodic Payment, Total | 0.2 | |||||||
Long-Term Debt, Maturity, Year Two | 2.3 | |||||||
Long-Term Debt, Maturity, Year Three | $ 1.8 | |||||||
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. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Operating lease cost | $ 5,948 | $ 4,730 | $ 3,687 |
Variable lease cost | 666 | 608 | 619 |
Total lease cost | $ 6,614 | $ 5,338 | $ 4,306 |
Note 8 - Commitments - Suppleme
Note 8 - Commitments - Supplemental Cash Flow Information Related to Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Operating cash flow from operating leases | $ 2,954 | $ 2,469 | $ 2,207 |
Right to Use Assets obtained in exchange for lease liabilities | $ 4,965 | $ 4,519 | $ 3,874 |
Note 8 - Commitments - The Mini
Note 8 - Commitments - The Minimum Future Annual Rental Payments Under Leases (Details) $ in Millions | Mar. 30, 2024 USD ($) |
2025 | $ 4.6 |
2026 | 3.9 |
2027 | 3.6 |
2028 | 2.9 |
2029 | 2 |
Thereafter | 8.5 |
Total minimum lease payments | 25.5 |
Less: Imputed interest | 8.1 |
Present value of remaining lease payments | $ 17.4 |
Note 9 - Business Acquisition_2
Note 9 - Business Acquisitions (Details Textual) | 3 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2024 USD ($) | Dec. 23, 2023 USD ($) | Aug. 08, 2023 USD ($) | Jul. 12, 2023 USD ($) | Mar. 27, 2023 USD ($) shares | Feb. 02, 2023 USD ($) | Sep. 28, 2022 USD ($) | Sep. 28, 2022 EUR (€) | Sep. 27, 2022 USD ($) | May 31, 2022 USD ($) shares | Mar. 30, 2024 USD ($) | Dec. 23, 2023 USD ($) | Jun. 24, 2023 USD ($) | Dec. 24, 2022 USD ($) | Sep. 23, 2023 USD ($) $ / shares | Mar. 30, 2024 USD ($) | Mar. 30, 2024 USD ($) | Mar. 30, 2024 USD ($) | Mar. 30, 2024 USD ($) | Mar. 25, 2023 USD ($) | Mar. 26, 2022 USD ($) | Sep. 23, 2022 USD ($) | Aug. 31, 2021 USD ($) | |
Revenues | $ 259,481,000 | $ 230,569,000 | $ 204,959,000 | ||||||||||||||||||||
Operating Income (Loss) | 19,781,000 | 16,248,000 | 14,143,000 | ||||||||||||||||||||
Share-Based Payment Arrangement, Expense | 4,500,000 | 3,400,000 | 2,300,000 | ||||||||||||||||||||
Other Expense [Member] | |||||||||||||||||||||||
Payments for Other Holdbacks | 800,000 | 0 | 0 | ||||||||||||||||||||
General and Administrative Expense [Member] | |||||||||||||||||||||||
Business Combination, Acquisition Related Costs | 1,200,000 | 200,000 | 900,000 | ||||||||||||||||||||
Current Liabilities [Member] | |||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | 500,000 | ||||||||||||||||||
Unpaid Amounts for Other Holdbacks | 2,600,000 | 2,600,000 | 2,600,000 | 2,600,000 | 2,600,000 | ||||||||||||||||||
Other Liabilities [Member] | |||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | 1,600,000 | ||||||||||||||||||
Complete Calibrations [Member] | |||||||||||||||||||||||
Revenues | 400,000 | ||||||||||||||||||||||
Operating Income (Loss) | $ (100,000) | ||||||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 1.0851 | 1.0851 | 1.0851 | 1.0851 | 1.0851 | ||||||||||||||||||
Axiom [Member] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 38,700,000 | ||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 10,000,000 | ||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 28,600,000 | ||||||||||||||||||||||
Business Combination, Payment Withheld for Potential Post-closing Adjustments | $ 3,900,000 | ||||||||||||||||||||||
Revenues | $ 7,200,000 | ||||||||||||||||||||||
Operating Income (Loss) | 700,000 | ||||||||||||||||||||||
SteriQual, Inc. [Member] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 3,800,000 | $ 4,300,000 | |||||||||||||||||||||
Revenues | $ 2,600,000 | ||||||||||||||||||||||
Operating Income (Loss) | 300,000 | ||||||||||||||||||||||
Business Combination, Consideration Held Back | 900,000 | ||||||||||||||||||||||
Business Combination, Consideration Subject to Reduction | $ 500,000 | ||||||||||||||||||||||
TIC-MS, Inc. [Member] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 9,700,000 | ||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 2,900,000 | ||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 6,900,000 | ||||||||||||||||||||||
Revenues | $ 3,200,000 | ||||||||||||||||||||||
Operating Income (Loss) | 1,300,000 | ||||||||||||||||||||||
Business Combination, Consideration Subject to Reduction | $ 500,000 | ||||||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | ||||||||||||||||||||||
Escrow Deposit | $ 500,000 | ||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 77,387 | ||||||||||||||||||||||
Business Combination, Potential Purchase Price Adjustment for Failure to Retain Key Customer Relationships | $ 500,000 | ||||||||||||||||||||||
Elite [Member] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 900,000 | ||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 800,000 | ||||||||||||||||||||||
Business Combination, Payment Withheld for Potential Post-closing Adjustments | $ 100,000 | ||||||||||||||||||||||
Complete Calibrations [Member] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 1,200,000 | ||||||||||||||||||||||
Complete Calibrations [Member] | Technology License Agreement [Member] | |||||||||||||||||||||||
Royalties Per Technology Calibration | $ 3.19 | € 3 | |||||||||||||||||||||
Technology License Agreement, Term (Year) | 10 years | 10 years | |||||||||||||||||||||
Cumulative License Revenue | $ 800,000 | € 750,000 | |||||||||||||||||||||
Annual Royalty Fee, Amount | $ 110,000 | € 100,000 | |||||||||||||||||||||
e2b [Member] | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 3,100,000 | ||||||||||||||||||||||
Revenues | $ 3,100,000 | ||||||||||||||||||||||
Operating Income (Loss) | 400,000 | ||||||||||||||||||||||
Business Combination, Consideration Held Back | $ 900,000 | ||||||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | ||||||||||||||||||||||
Escrow Deposit | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Escrow Released to Sellers | $ 300,000 | $ 600,000 | |||||||||||||||||||||
Alliance [Member] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 4,700,000 | ||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 4,000,000 | ||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 100,000 | ||||||||||||||||||||||
Revenues | 2,400,000 | ||||||||||||||||||||||
Operating Income (Loss) | 700,000 | ||||||||||||||||||||||
Business Combination, Consideration Held Back | 500,000 | ||||||||||||||||||||||
Business Combination, Consideration Subject to Reduction | $ 500,000 | $ 500,000 | |||||||||||||||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | ||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 2,284 | ||||||||||||||||||||||
NEXA [Member] | |||||||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7,100,000 | $ 7,100,000 | 7,100,000 | 7,100,000 | 7,100,000 | 7,100,000 | $ 7,100,000 | $ 7,100,000 | $ 400,000 | $ 7,500,000 | |||||||||||||
Business Combination, Contingent Consideration, Maximum Price Per Share for Cash Earn Out Payment (in dollars per share) | $ / shares | $ 45.07 | ||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 2,900,000 | 500,000 | 2,900,000 | $ 2,800,000 | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | |||||||||||||||
Share-Based Payment Arrangement, Expense | $ 2,400,000 | $ 100,000 | $ 2,800,000 | ||||||||||||||||||||
NEXA [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 500,000 | ||||||||||||||||||||||
NEXA [Member] | Measurement Input, Cost to Sell [Member] | |||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.12 | 0.09 | 0.12 | 0.12 | 0.12 | 0.12 | |||||||||||||||||
NEXA [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.047 | 0.05 | 0.047 | 0.047 | 0.047 | 0.047 | |||||||||||||||||
NEXA [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.225 | 0.25 | 0.225 | 0.225 | 0.225 | 0.225 |
Note 9 - Business Acquisition_3
Note 9 - Business Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Aug. 08, 2023 | Jul. 12, 2023 | Mar. 27, 2023 | Mar. 25, 2023 | Feb. 02, 2023 | Sep. 28, 2022 | Sep. 27, 2022 | May 31, 2022 | Mar. 26, 2022 | Mar. 27, 2021 |
Goodwill | $ 105,585 | $ 69,360 | $ 65,074 | $ 43,272 | |||||||
Axiom [Member] | |||||||||||
Goodwill | $ 26,758 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 34,658 | ||||||||||
Plus: Cash | 161 | ||||||||||
Accounts Receivable | 925 | ||||||||||
Inventory | 1,796 | ||||||||||
Other Current Assets | 40 | ||||||||||
Property and Equipment | 4,965 | ||||||||||
Less: Current Liabilities | (579) | ||||||||||
Deferred Tax Liability | (3,242) | ||||||||||
Total Purchase Price | 38,724 | ||||||||||
Plus: Accounts Receivable | 925 | ||||||||||
Property and Equipment | 4,965 | ||||||||||
Plus: Cash | 161 | ||||||||||
Inventory | 1,796 | ||||||||||
Less: Current Liabilities | (579) | ||||||||||
Axiom [Member] | Customer-Related Intangible Assets [Member] | |||||||||||
Intangible Assets | $ 7,900 | ||||||||||
SteriQual, Inc. [Member] | |||||||||||
Goodwill | $ 2,175 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 3,724 | ||||||||||
Accounts Receivable | 666 | ||||||||||
Less: Current Liabilities | (211) | ||||||||||
Deferred Tax Liability | (395) | ||||||||||
Total Purchase Price | 3,784 | ||||||||||
Plus: Accounts Receivable | 666 | ||||||||||
Less: Current Liabilities | (211) | ||||||||||
SteriQual, Inc. [Member] | Customer-Related Intangible Assets [Member] | |||||||||||
Intangible Assets | 1,062 | ||||||||||
SteriQual, Inc. [Member] | Noncompete Agreements [Member] | |||||||||||
Intangible Assets | 392 | ||||||||||
SteriQual, Inc. [Member] | Sales Backlog [Member] | |||||||||||
Intangible Assets | $ 95 | ||||||||||
TIC-MS, Inc. [Member] | |||||||||||
Goodwill | $ 7,218 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 9,653 | ||||||||||
Accounts Receivable | 502 | ||||||||||
Property and Equipment | 356 | ||||||||||
Less: Current Liabilities | (124) | ||||||||||
Deferred Tax Liability | (712) | ||||||||||
Total Purchase Price | 9,675 | ||||||||||
Plus: Accounts Receivable | 502 | ||||||||||
Property and Equipment | 356 | ||||||||||
Less: Current Liabilities | (124) | ||||||||||
TIC-MS, Inc. [Member] | Customer-Related Intangible Assets [Member] | |||||||||||
Intangible Assets | 2,303 | ||||||||||
TIC-MS, Inc. [Member] | Noncompete Agreements [Member] | |||||||||||
Intangible Assets | $ 132 | ||||||||||
Elite [Member] | |||||||||||
Goodwill | $ 820 | ||||||||||
Accounts Receivable | 62 | ||||||||||
Total Purchase Price | 882 | ||||||||||
Plus: Accounts Receivable | $ 62 | ||||||||||
Complete Calibrations [Member] | |||||||||||
Goodwill | $ 1,123 | ||||||||||
Plus: Cash | 10 | ||||||||||
Inventory | 44 | ||||||||||
Total Purchase Price | 1,177 | ||||||||||
Plus: Cash | 10 | ||||||||||
Inventory | $ 44 | ||||||||||
e2b [Member] | |||||||||||
Goodwill | $ 1,367 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 2,509 | ||||||||||
Accounts Receivable | 361 | ||||||||||
Other Current Assets | 24 | ||||||||||
Property and Equipment | 326 | ||||||||||
Less: Current Liabilities | (121) | ||||||||||
Total Purchase Price | 3,099 | ||||||||||
Plus: Accounts Receivable | 361 | ||||||||||
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 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, Intangibles and Deferred Taxes | 4,217 | ||||||||||
Accounts Receivable | 343 | ||||||||||
Property and Equipment | 170 | ||||||||||
Less: Current Liabilities | (27) | ||||||||||
Total Purchase Price | 4,703 | ||||||||||
Plus: Accounts Receivable | 343 | ||||||||||
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 |
Note 9 - Business Acquisition_4
Note 9 - Business Acquisitions - Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Total Revenue | $ 263,554 | $ 252,835 | $ 225,281 |
Net Income | $ 14,254 | $ 11,568 | $ 12,242 |
Basic Earnings Per Share (in dollars per share) | $ 1.73 | $ 1.53 | $ 1.63 |
Diluted Earnings Per Share (in dollars per share) | $ 1.71 | $ 1.51 | $ 1.61 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Sep. 25, 2023 | Mar. 30, 2024 | Mar. 25, 2023 | Mar. 26, 2022 | |
Common Stock, Shares, Issued (in shares) | 8,839,299 | 7,562,604 | ||
Proceeds from Issuance of Common Stock | $ 80,500 | |||
Proceeds From Issuance of Common Stock, Net | $ 75,200 | $ 77,266 | $ 658 | $ 1,486 |
Stock Repurchased and Retired During Period, Shares (in shares) | 100,000 | 100,000 | 100,000 | |
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 4,900 | $ 400 | $ 6,700 | |
Stock Option Redemptions | $ 0 | $ 0 | $ 0 | |
The Offering [Member] | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 95 | |||
Common Stock, Shares, Issued (in shares) | 847,371 | |||
Shares, Issued (in shares) | 110,526 |
Note 11 - Subsequent Event (Det
Note 11 - Subsequent Event (Details Textual) - Becnel Rental Tools, LLC [Member] - Subsequent Event [Member] $ in Millions | Apr. 15, 2024 USD ($) shares |
Business Combination, Consideration Transferred | $ 50.8 |
Payments to Acquire Businesses, Gross | 17.5 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 33.3 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 301,707 |
Cash Consideration [Member] | |
Business Combination, Contingent Consideration, Liability | $ 1.5 |
Common Shares Consideration [Member] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 9,283 |
Business Combination, Contingent Consideration, Liability | $ 1 |