Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Jan. 25, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | CROWN CRAFTS INC | |
Entity Central Index Key | 25,895 | |
Trading Symbol | crws | |
Current Fiscal Year End Date | --04-01 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 10,085,764 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2017 | Apr. 02, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 117,000 | $ 7,892,000 |
Accounts receivable (net of allowances of $657 at December 31, 2017 and $775 at April 2, 2017): | ||
Due from factor | 9,857,000 | 14,921,000 |
Other | 2,907,000 | 693,000 |
Inventories | 22,844,000 | 15,821,000 |
Prepaid expenses | 2,105,000 | 1,783,000 |
Total current assets | 37,830,000 | 41,110,000 |
Property, plant and equipment - at cost: | ||
Vehicles | 268,000 | 247,000 |
Leasehold improvements | 262,000 | 248,000 |
Machinery and equipment | 3,956,000 | 2,396,000 |
Furniture and fixtures | 807,000 | 789,000 |
Property, plant and equipment - gross | 5,293,000 | 3,680,000 |
Less accumulated depreciation | 3,422,000 | 3,239,000 |
Property, plant and equipment - net | 1,871,000 | 441,000 |
Finite-lived intangible assets - at cost: | ||
Customer relationships | 7,374,000 | 5,534,000 |
Other finite-lived intangible assets | 7,086,000 | 3,686,000 |
Finite-lived intangible assets gross | 14,460,000 | 9,220,000 |
Less accumulated amortization | 6,710,000 | 6,092,000 |
Finite-lived intangible assets - net | 7,750,000 | 3,128,000 |
Goodwill | 6,863,000 | 1,126,000 |
Deferred income taxes | 655,000 | 1,240,000 |
Other | 130,000 | 139,000 |
Total Assets | 55,099,000 | 47,184,000 |
Current liabilities: | ||
Accounts payable | 8,902,000 | 5,149,000 |
Accrued wages and benefits | 955,000 | 799,000 |
Accrued royalties | 1,803,000 | 353,000 |
Dividends payable | 807,000 | 803,000 |
Income taxes payable | 161,000 | 224,000 |
Other accrued liabilities | 459,000 | 245,000 |
Total current liabilities | 13,087,000 | 7,573,000 |
Non-current liabilities: | ||
Long-term debt | 2,311,000 | |
Reserve for unrecognized tax benefits | 956,000 | 688,000 |
Total non-current liabilities | 3,267,000 | 688,000 |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at December 31, 2017 and April 2, 2017; Issued 12,493,789 shares at December 31, 2017 and 12,423,539 shares at April 2, 2017 | 125,000 | 124,000 |
Additional paid-in capital | 52,741,000 | 52,220,000 |
Treasury stock - at cost - 2,408,025 shares at December 31, 2017 and 2,401,066 shares at April 2, 2017 | (12,231,000) | (12,175,000) |
Accumulated Deficit | (1,890,000) | (1,246,000) |
Total shareholders' equity | 38,745,000 | 38,923,000 |
Total Liabilities and Shareholders' Equity | $ 55,099,000 | $ 47,184,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 |
Allowance for doubtful accounts receivable | $ 657 | $ 775 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 12,493,789 | 12,423,539 |
Treasury stock, shares (in shares) | 2,408,025 | 2,401,066 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Net sales | $ 17,476 | $ 17,262 | $ 47,584 | $ 48,670 |
Cost of products sold | 12,207 | 11,623 | 33,691 | 34,435 |
Gross profit | 5,269 | 5,639 | 13,893 | 14,235 |
Marketing and administrative expenses | 3,656 | 2,576 | 10,364 | 8,176 |
Income from operations | 1,613 | 3,063 | 3,529 | 6,059 |
Other income (expense): | ||||
Interest expense | (47) | (13) | (85) | (55) |
Interest income | 11 | 40 | 80 | 103 |
Foreign exchange (loss) gain | (3) | (3) | 26 | |
Other - net | 1 | 1 | 3 | 3 |
Income before income tax expense | 1,578 | 3,088 | 3,524 | 6,136 |
Income tax expense | 1,047 | 1,227 | 1,750 | 2,173 |
Net income | $ 531 | $ 1,861 | $ 1,774 | $ 3,963 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 10,086 | 10,031 | 10,068 | 10,007 |
Effect of dilutive securities (in shares) | 4 | 27 | 7 | 33 |
Diluted (in shares) | 10,090 | 10,058 | 10,075 | 10,040 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.19 | $ 0.18 | $ 0.40 |
Diluted (in dollars per share) | 0.05 | 0.19 | 0.18 | 0.39 |
Cash dividends declared per share (in dollars per share) | $ 0.08 | $ 0.48 | $ 0.24 | $ 0.64 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Operating activities: | ||
Net income | $ 1,774 | $ 3,963 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 183 | 138 |
Amortization of intangibles | 618 | 566 |
Deferred income taxes | 585 | 669 |
Reserve for unrecognized tax benefits | 268 | 168 |
Stock-based compensation | 406 | 456 |
Changes in assets and liabilities: | ||
Accounts receivable | 2,850 | 6,343 |
Inventories | (2,759) | (1,590) |
Prepaid expenses | (198) | (1,519) |
Other assets | 9 | (17) |
Accounts payable | 3,435 | 2,967 |
Accrued liabilities | 1,463 | (192) |
Net cash provided by operating activities | 8,634 | 11,952 |
Investing activities: | ||
Capital expenditures for property, plant and equipment | (160) | (152) |
Payment for acquisitions, net of liabilities assumed | (15,245) | |
Net cash used in investing activities | (15,405) | (152) |
Financing activities: | ||
Repayments under revolving line of credit | (2,909) | |
Borrowings under revolving line of credit | 5,220 | |
Purchase of treasury stock | (56) | (861) |
Issuance of common stock | 786 | |
Payments on capital leases | (845) | |
Dividends paid | (2,414) | (4,905) |
Net cash used in financing activities | (1,004) | (4,980) |
Net (decrease) increase in cash and cash equivalents | (7,775) | 6,820 |
Cash and cash equivalents at beginning of period | 7,892 | 7,574 |
Cash and cash equivalents at end of period | 117 | 14,394 |
Supplemental cash flow information: | ||
Income taxes paid | 1,068 | 1,367 |
Interest paid | 8 | 2 |
Noncash financing activities: | ||
Dividends declared but unpaid | (807) | (4,816) |
Compensation paid as common stock | $ 116 | $ 108 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 – Summary of Significant Accounting Policies Basis of Presentation : not In the opinion of management, the interim unaudited consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of December 31, 2017 three nine December 31, 2017 not may April 1, 2018. 10 April 2, 2017. Fiscal Year: The Company’s fiscal year ends on the Sunday that is nearest to or on March 31. 2018” “2018” 52 April 1, 2018 2017” “2017” 52 April 2, 2017. Use of Estimates : Cash and Cash Equivalents: three The Company’s credit facility consists of a revolving line of credit under a financing agreement with The CIT Group/Commercial Services, Inc. (“CIT”), a subsidiary of CIT Group, Inc. The Company classifies a negative balance outstanding under this revolving line of credit as cash, as these amounts are legally owed to the Company and are immediately available to be drawn upon by the Company. There are no Financial Instruments : Advertising Cost s : $534,000 $168,000 three December 31, 2017 January 1, 2017, $1.1 $666,000 nine December 31, 2017 January 1, 2017, Segment and Related Information: The Company operates primarily in one three nine December 31, 2017 January 1, 2017 Three-Month Periods Ended Nine-Month Periods Ended December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Bedding, blankets and accessories $ 11,558 $ 11,445 $ 30,414 $ 31,847 Bibs, bath and disposable products 5,918 5,817 17,170 16,823 Total net sales $ 17,476 $ 17,262 $ 47,584 $ 48,670 Revenue Recognition: Sales made directly to consumers are recorded when shipped products have been received by customers. Sales made to retailers are recorded when products are shipped to customers and are reported net of allowances for estimated returns and allowances in the accompanying unaudited condensed consolidated statements of income. Allowances for returns are estimated based on historical rates. Allowances for returns, cooperative advertising allowances, warehouse allowances, placement fees, volume rebates, coupons and discounts are recorded commensurate with sales activity or using the straight-line method, as appropriate, and the cost of such allowances is netted against sales in reporting the results of operations. Shipping and handling costs, net of amounts reimbursed by customers, are not Allowances Against Accounts Receivable no To reduce the exposure to credit losses and to enhance the predictability of its cash flows, t he Company assigns the majority of its trade accounts receivable under factoring agreements with CIT. In the event a factored receivable becomes uncollectible due to creditworthiness, CIT bears the risk of loss. The Company’s management must make estimates of the uncollectibility of its non-factored accounts receivable to evaluate the adequacy of the Company’s allowance for doubtful accounts, which is accomplished by specifically analyzing accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in its customers’ payment terms. The Company’s bad debt expense is included in marketing and administrative expenses in the accompanying unaudited condensed consolidated statements of income. The Company did not 2017 $25,000 nine December 31, 2017. The Company ’s accounts receivable as of December 31, 2017 $12.8 $657,000. $9.9 Other Accrued Liabilities : $459,000 December 31, 2017. $199,000 December 31, 2017 $13,000 $27,000. two Depreciation and Amortization: The accompanying condensed consolidated balance sheets reflect property, plant and equipment, and certain intangible assets at cost less accumulated depreciation or amortization. The Company capitalizes additions and improvements and expenses maintenance and repairs as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are three eight five twenty Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not Inventory Valuation: The preparation of the Company's financial statements requires careful determination of the appropriate value of the Company's inventory balances. Such amounts are presented as a current asset in the accompanying condensed consolidated balance sheets and are a direct determinant of cost of products sold in the accompanying consolidated statements of income and, therefore, have a significant impact on the amount of net income in the accounting periods reported. The basis of accounting for inventories is cost, which for products that have been contracted to be manufactured includes the direct supplier acquisition cost, duties, taxes and freight, and the indirect costs incurred to design, develop, source and store the products until they are sold. A portion of the Company’s products are manufactured by a wholly-owned subsidiary of the Company. Because most of these products are made to order and are shipped immediately after production has been completed, the Company’s aggregate inventory cost for this subsidiary is primarily related to raw materials. Once cost has been determined, the Company’s inventory is then stated at the lower of cost or net realizable value, with cost determined under the assumption that inventory quantities are sold in the order in which they are acquired (the first first The indirect costs allocated to inventory are done so as a percentage of projected annual supplier purchases and can impact the Company’s results of operations as purchase volumes fluctuate from quarter to quarter and year to year. The difference between indirect costs incurred and the indirect costs allocated to inventory creates a burden variance, which is generally favorable when actual inventory purchases exceed planned inventory purchases, and is generally unfavorable when actual inventory purchases are lower than planned inventory purchases. The determination of the indirect charges and their allocation to the Company's finished products inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then differences would result in the valuation of the Company's inventories, the amount and timing of the Company's cost of products sold and the resulting net income for any accounting period. On a periodic basis, management reviews the Company’s inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not no may not may Royalty Payments: The Company has entered into agreements that provide for royalty payments based on a percentage of sales with certain minimum guaranteed amounts. These royalties are accrued based upon historical sales rates adjusted for current sales trends by customers. Royalty expense is included in cost of products sold in the accompanying unaudited condensed consolidated statements of income and amounted to $1.8 $1.9 three December 31, 2017 January 1, 2017, $5.0 $5.2 nine December 31, 2017 January 1, 2017, Provision for Income Taxes: The Company’s provision for income taxes includes all currently payable federal, state, local and foreign taxes and is based upon the Company’s estimated annual effective tax rate, which is based on the Company’s forecasted annual pre-tax income, as adjusted for certain expenses within the consolidated statements of income that will never be deductible on the Company’s tax returns and certain charges expected to be deducted on the Company’s tax returns that will never be deducted on the consolidated statements of income, multiplied by the statutory tax rates for the various jurisdictions in which the Company operates and reduced by certain anticipated tax credits. The Company’s provision for income taxes for fiscal year 2018 33.0%. The Company ’s policy is to recognize the effect that a change in enacted tax rates would have on net deferred income tax assets and liabilities in the period in which the tax rates are changed. On December 22, 2017, 21% January 1, 2018. 2018 April 1, 2018, 30.75% 2018. October 2, 2017 April 2, 2017 37.5% 23.5%, $409,000 three nine December 31, 2017. required ma nagement judgment with respect to estimates of the financial statement and tax differences that would be established or reversed during the three April 1, 2018, 33.0% ctual results may may accounting to recognize the effect of the TCJA on the Company’s net deferred income tax assets. Management evaluates items of income, deductions and credits reported on the Company ’s various federal and state income tax returns filed and recognizes the effect of positions taken on those income tax returns only if those positions are more likely than not 740 10 25, 50% During fiscal year 2016, evaluation was made of the Company’s process regarding the calculation of the state portion of its income tax provision. This evaluation resulted in the Company taking a tax position that reflected opportunities for the application of more favorable state apportionment percentages for several prior fiscal years. After considering all relevant information, the Company believes that the technical merits of this tax position would more likely than not three nine December 31, 2017 $31,000 $60,000, $65,000 $115,000 three nine January 1, 2017, 21% $132,000 three nine December 31, 2017. The Company ’s policy is to accrue interest expense and penalties as appropriate on estimated unrecognized tax benefits as a charge to interest expense in the Company’s consolidated statements of income. Interest expense or penalties are not three nine December 31, 2017 $16,000 $52,000, $13,000 $53,000 three nine January 1, 2017, $25,000 three nine December 31, 2017. The revaluation s of the Company’s net deferred income tax assets and its reserve for unrecognized tax benefits was the primary factor in the increase in the overall provision for income taxes to 66.3% 49.7% three nine December 31, 2017, The Company files income tax returns in the many jurisdictions within which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations for the Company’s filed income tax returns varies by jurisdiction; tax years open to federal or state examination or other adjustment as of December 31, 2017 April 2, 2017, April 3, 2016, March 29, 2015, March 30, 2014, March 31, 2013, April 1, 2012 April 3, 2011. E arnings Per Share: Recently-Issued Accounting Standards : 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 December 15, 2016, August 12, 2015 No. 2015 14, Revenue from Contrac ts with Customers (Topic 606 Deferral of the Effective Date one No. 2014 09. not No. 2014 09, No. 2015 14 first December 15, 2016. 2018. not No. 2014 09 I n July 2015, No. 2015 11, Inventory (Topic 330 : Simplifying the Measurement of Inventory first December 15, 2016, No. 2015 11 April 3, 2017, not On February 25, 2016, No. 2016 02, Leases (Topic 842 No. 2016 02, first December 15, 2018. not On June 16, 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 not No. 2016 13 first December 15, 2019. may first December 15, 2018. Although the Company has not whether to adopt ASU No. 2016 13 not No. 2016 13 On J anuary 26, 2017, No. 2017 04, Goodwill and Other (Topic 350 first assessing qualitative factors to determine whether it was more likely than not in a two first one second second The intent of ASU No. 2017 04 s to simplify this process by eliminating the second not The ASU is to be applied on a prospective basis and was to have become effective for the first December 15, 2019, first January 1, 2017. April 3, 2017, not The Company has determined that all other ASUs which had become effective as of December 31, 2017, not |
Note 2 - Acquisition
Note 2 - Acquisition | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 s Carousel: On August 4, 2017, August 11, 2017, The Company anticipates that certain synergies , including administrative and capital efficiencies, may $8.7 $35,000 $299,000 three nine December 31, 2017, The Carousel Acquisition has been accounted for as a business combination in accordance with FA SB ASC Topic 805, Business Combinations. third not not The following table represents the Company’s preliminary allocation of the acquisition cost (in thousands) to the identifiable assets acquired and the liabilities assumed based on their respective estimated fair values as of the acquisition date. The excess of the acquisition cost over the estimated fair value of the identifiable net assets acquired is reflected as goodwill. Tangible assets: Inventory $ 967 Prepaid expenses 5 Fixed assets 1,068 Total tangible assets 2,040 Amortizable intangible assets: Tradename 1,400 Developed technology 1,100 Non-compete covenants 360 Total amortizable intangible assets 2,860 Goodwill 5,379 Total acquired assets 10,279 Liabilities assumed: Accounts payable 319 Accrued wages and benefits 59 Unearned revenue 271 Other accrued liabilities 60 Capital leases 845 Total liabilities assumed 1,554 Net acquisition cost $ 8,725 The Company expects to complete the acquisition cost allocation during the 12 acquisition date, during which time the values of the assets acquired and liabilities assumed, including the goodwill, may In connection with the Carousel Acquisition, Carousel paid off capital leases amounting to $845,000 Based upon the preliminary allocation of the acquisition cost, the Company has recognized $5.4 The Carousel Acquisition resulted in net sales of $1. 8 $3.0 three December 31, 2017 December 31, 2017, $63,000 $115,000 three December 31, 2017 December 31, 2017, 15 10 5 12 S a ssy : December 15, 2017, 14, The Company anticipates that certain synergies, including administrative and capital efficiencies, may ’s acquisition of the Sassy product line and that the Company will benefit from the added diversity to the Company’s portfolio of products. The Company further anticipates that the Sassy Acquisition will strengthen the Company’s overall position in the infant and juvenile products market. Hamco paid an acquisition cost of $6.5 $125,000 three nine December 31, 2017, The Sassy Acquisition has been accounted for as a business combination in accordance with FA SB ASC Topic 805, Business Combinations. third not not The following table represents the Company ’s preliminary allocation of the acquisition cost (in thousands) to the identifiable assets acquired and the liabilities assumed based on their respective estimated fair values as of the acquisition date. The excess of the acquisition cost over the estimated fair value of the identifiable net assets acquired is reflected as goodwill. Tangible assets: Inventory $ 3,297 Prepaid expenses 119 Fixed assets 385 Total tangible assets 3,801 Amortizable intangible assets: Tradename 540 Customer Relationships 1,840 Total amortizable intangible assets 2,380 Goodwill 359 Total acquired assets 6,540 Liabilities assumed: Accrued wages 20 Net acquisition cost $ 6,520 The Company expects to complete the acquisition cost allocation during the 12 may Based upon the preliminary allocation of the acquisition cost, the Company has recognized $ 359,000 $20,000 developmental toy, feeding and baby care products during the period from the acquisition date through December 31, 2017. |
Note 3 - Goodwill, Customer Rel
Note 3 - Goodwill, Customer Relationships and Other Intangible Assets | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 3 – Goodwill , Customer Relationships and Other Intangible Assets Goodwill: Goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in business combinations. For the purpose of presenting and measuring for the impairment of goodwill, the Company has two one that produces and markets infant and toddler bedding, blankets and accessories and another that produces and markets infant and toddler bibs, developmental toys, bath care and disposable products . The goodwill of the reporting units of the Company as of April 2, 2017 $24.0 $5.4 $359,000 December 31, 2017, $29.8 $22.9 $6.9 As disclosed in Note 1, April 3, 2017, No. 2017 04, The Company measures for impairment the goodwill within its reporting units annually as of the first not (defined as having a likelihood of greater than 50% fallen below its carrying value. The annual or interim measurement for impairment is performed by first assessing qualitative factors to determine whether it is more likely than not by calculating an estimate of the fair value of each reporting unit and comparing the estimated fair value to the carrying value of the reporting unit. If the carrying value exceeds the estimated fair value of the reporting unit, then an impairment charge is calculated as the difference between the carrying value of the reporting unit and its estimated fair value, not On April 3, 2017, he Company performed the annual measurement for impairment of the goodwill of its reporting units and concluded that the estimated fair value of each of the Company’s reporting units substantially exceeded their carrying values, and thus the goodwill of the Company’s reporting units was not Other Intangible Assets: Other intangible assets as of December 31, 2017 April 2, 2017 consisted primarily of the fair value of identifiable assets acquired in business combinations other than tangible assets and goodwill. The gross amount and accumulated amortization of the Company’s other intangible assets as of December 31, 2017 April 2, 2017 , the amortization expense for the three nine December 31, 2017 January 1, 2017 Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended Nine-Month Periods Ended December 31, April 2, December 31, April 2, December 31, January 1, December 31, January 1, 2017 2017 2017 2017 2017 2017 2017 2017 Tradename and trademarks $ 3,927 $ 1,987 $ 1,204 $ 1,066 $ 50 $ 33 $ 138 $ 100 Developed technology 1,100 - 46 - 28 - 46 - Non-compete covenants 458 98 102 67 20 2 35 5 Patents 1,601 1,601 646 565 27 27 81 81 Customer relationships 7,374 5,534 4,712 4,394 64 127 318 380 Total other intangible assets $ 14,460 $ 9,220 $ 6,710 $ 6,092 $ 189 $ 189 $ 618 $ 566 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 2 $ 2 $ 5 $ 5 Marketing and administrative expenses 187 187 613 561 Total amortization expense $ 189 $ 189 $ 618 $ 566 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 – Inventories Major classes of inventory were as follows (in thousands): December 31, 2017 April 2, 2017 Raw Materials $ 1,074 $ 42 Finished Goods 21,770 15,779 Total inventory $ 22,844 $ 15,821 |
Note 5 - Financing Arrangements
Note 5 - Financing Arrangements | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 – Financing Arrangements Master Stand-by Claims Purchase Agreement s : May 16, 2017, September 20, 2018 1.65% $1.8 September 18, 2017, 11 11 $866,000 $755,000 December 31, 2017 nine December 31, 2017, $480,000 On September 19, 2017, 11 7 March 31, 2018 1.50% $1.8 December 31, 2017, $1.3 three nine December 31, 2017, $81,000 $92,000, Factoring Agreement s: CIT bears credit losses with respect to assigned accounts receivable from approved customers that are within approved credit limits, while the Company bears the responsibility for adjustments from customers related to returns, allowances, claims and discounts. CIT may or limitation occurs, the Company either assumes (and may $49,000 $101,000 three December 31, 2017 January 1, 2017, $164,000 $307,000 nine December 31, 2017 January 1, 2017, Credit Facility: The Company’s credit facility at December 31, 2017 $26.0 $1.5 0.50% 2.00%. July 11, 2019 first December 31, 2017, 3.37% December 31, 2017. 2.00% At December 31, 2017, $2.3 no April 2, 2017, no no December 31, 2017 April 2, 2017, $18.9 $21.4 The financing agreement for the revolving line of credit contains usual and customary covenants for agreements of that type, including limitations on other indebtedness, liens, transfers of assets, investments and acquisitions, merge r or consolidation transactions, transactions with affiliates and changes in or amendments to the organizational documents for the Company and its subsidiaries. The Company was in compliance with these covenants as of December 31, 2017. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | N ote 6 – S tock-based Compensation T he Company has two 2006 “2006 2014 “2014 2014 2014 may no 2006 The Company believes that awards of long-term, equity-based incentive compensation will attract and retain directors, officers and employees of the Company and will encourage these individuals to contribute to the successful performance of the Company, which will lead to the achievement of the Company’s overall goal of increasing stockholder value. Awards granted under the 2014 may may may 2014 2014 2014 672,000 2014 December 31, 2017. Stock-based compensation expense is calculated according to FASB ASC Topic 718, Compensation – Stock Compensation $129,000 $149,000 three December 31, 2017 January 1, 2017, $406,000 $456,000 nine December 31, 2017 January 1, 2017, No December 31, 2017. Stock Options: The following table represents stock option activity for the nine December 31, 2017 January 1, 2017: Nine-Month Period Ended Nine-Month Period Ended December 31, 2017 January 1, 2017 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 8.35 322,500 $ 7.64 305,000 Granted 7.35 140,000 9.60 120,000 Exercised - - 7.67 (102,500 ) Forfeited 9.05 (67,500 ) - - Outstanding at End of Period 7.93 395,000 8.35 322,500 Exercisable at End of Period 7.94 220,000 7.33 147,500 As of December 31, 2017, $53,000 $35,000, no nine December 31, 2017. three nine January 1, 2017 $45,000 $214,000, not three nine January 1, 2017. may $14,000 $75,000 three nine January 1, 2017, To determine the estimated fair value of stock options granted, the Company uses the Black-Scholes-Merton valuation formula, which is a closed-form model that uses an equation to estimate fair value. The following table sets forth the assumptions used to determine the fair value of the non-qualified stock options that were awarded to certain employees during fiscal years 2018 2017, two Stock Options Issued to Employees During Fiscal Years 2018 2017 Number of options issued 10,000 20,000 110,000 120,000 Grant date December 18, 2017 August 4, 2017 June 8, 2017 June 8, 2016 Dividend yield 4.92 % 5.77 % 4.13 % 3.33 % Expected volatility 25.00 % 25.00 % 25.00 % 20.00 % Risk free interest rate 1.94 % 1.51 % 1.47 % 0.93 % Contractual term (years) 10.00 10.00 10.00 10.00 Expected term (years) 3.00 3.00 3.00 3.00 Forfeiture rate 5.00 % 5.00 % 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 6.50 $ 5.55 $ 7.75 $ 9.60 Fair value per option $ 0.59 $ 0.50 $ 0.85 $ 0.94 For the three nine December 31, 2017 January 1, 2017, Three-Month Period Ended December 31, 2017 Three-Month Period Ended January 1, 2017 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2016 $ - $ - $ - $ 5 $ 5 $ 10 2017 4 4 8 8 5 13 2018 5 6 11 - - - Total stock option compensation $ 9 $ 10 $ 19 $ 13 $ 10 $ 23 Nine-Month Period Ended December 31, 2017 Nine-Month Period Ended January 1, 2017 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2015 $ - $ - $ - $ 14 $ 12 $ 26 2016 6 1 7 17 15 32 2017 20 11 31 18 12 30 2018 11 13 24 - - - Total stock option compensation $ 37 $ 25 $ 62 $ 49 $ 39 $ 88 As of December 31, 2017, $97,000, 10.3 Non-vested Stock Granted to Non-Employee Directors: Number of Shares Fair Value per Share Grant Date 28,000 $ 5.50 August 9, 2017 28,000 10.08 August 10, 2016 28,000 8.20 August 12, 2015 28,000 7.97 August 11, 2014 These shares vest over a two August 2017 2016, 28,000 $157,000 $281,000, Performance Bonus Plan: The Company maintains a performance bonus plan for certain executive officers that provides for awards of shares of common stock in the event that the aggregate average market value of the common stock during the relevant fiscal year, plus the amount of cash dividends paid in respect of the common stock during such period, increases. These individuals may provides that shares of common stock that may two three two In connection with the performance bonus plan, the Company granted shares of common stock and recognized or will recognize compensation expense as set forth below: Fair Fiscal Fiscal Value Year Shares Year Per Compensation expense recognized during fiscal year Earned Granted Granted Share 2015 2016 2017 2018 2019 2015 58,532 2016 $ 7.180 $ 140,000 $ 140,000 $ 140,000 $ - $ - 2016 41,205 2017 7.865 - 108,000 108,000 108,000 - 2017 42,250 2018 8.271 - - 116,000 116,000 116,000 The table below sets forth the vesting of shares issued in connection with the grants of shares set forth in the above table. Each of the individuals holding shares that vested surrendered to the Company the number of shares necessary to satisfy the income tax withholding obligations that arose from the vesting of the shares. The table below also sets forth the taxes remitted to the appropriate taxing authorities on behalf of such individuals . Vesting of shares during the three-month periods ended Fiscal July 2, 2017 July 3, 2016 Year Shares Shares Aggregate Taxes Shares Aggregate Taxes Granted Granted Vested Value Remitted Vested Value Remitted 201 7 41,205 20,604 $ 167,000 $ 56,000 - $ - $ - For the three and nine December 31, 2017 January 1, 2017, Three-Month Period Ended December 31, 2017 Three-Month Period Ended January 1, 2017 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2015 $ - $ - $ - $ - $ - $ - 2016 - - - 35 29 64 2017 27 35 62 27 35 62 2018 29 19 48 - - - Total stock grant compensation $ 56 $ 54 $ 110 $ 62 $ 64 $ 126 Nine-Month Period Ended December 31, 2017 Nine-Month Period Ended January 1, 2017 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2015 $ - $ - $ - $ - $ 37 $ 37 2016 - 38 38 105 86 191 2017 81 106 187 81 59 140 2018 87 32 119 - - - Total stock grant compensation $ 168 $ 176 $ 344 $ 186 $ 182 $ 368 As of December 31, 2017, $377,000, 8.7 |
Note 7 - Related Party Transact
Note 7 - Related Party Transaction | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 7 – Related Party Transaction On August 4, 2017, entered into a lease of the Carousel facilities in Douglasville, Georgia with JST Capital, LLC (“JST”), a wholly-owned subsidiary of Pritech, Inc., which is owned by the Chief Executive Officer and President of Carousel. Carousel made lease payments of $24,000 $39,000 three nine December 31, 2017, three nine December 31, 2017, $21,000 $34,000, $3,000 $5,000, |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | N ote 8 – Subsequent Event s The Company has evaluated events which have occurred between December 31, 2017 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation : not In the opinion of management, the interim unaudited consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of December 31, 2017 three nine December 31, 2017 not may April 1, 2018. 10 April 2, 2017. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year: The Company’s fiscal year ends on the Sunday that is nearest to or on March 31. 2018” “2018” 52 April 1, 2018 2017” “2017” 52 April 2, 2017. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates : |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: three The Company’s credit facility consists of a revolving line of credit under a financing agreement with The CIT Group/Commercial Services, Inc. (“CIT”), a subsidiary of CIT Group, Inc. The Company classifies a negative balance outstanding under this revolving line of credit as cash, as these amounts are legally owed to the Company and are immediately available to be drawn upon by the Company. There are no |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments : |
Advertising Costs, Policy [Policy Text Block] | Advertising Cost s : $534,000 $168,000 three December 31, 2017 January 1, 2017, $1.1 $666,000 nine December 31, 2017 January 1, 2017, |
Segment Reporting, Policy [Policy Text Block] | Segment and Related Information: The Company operates primarily in one three nine December 31, 2017 January 1, 2017 Three-Month Periods Ended Nine-Month Periods Ended December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Bedding, blankets and accessories $ 11,558 $ 11,445 $ 30,414 $ 31,847 Bibs, bath and disposable products 5,918 5,817 17,170 16,823 Total net sales $ 17,476 $ 17,262 $ 47,584 $ 48,670 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Sales made directly to consumers are recorded when shipped products have been received by customers. Sales made to retailers are recorded when products are shipped to customers and are reported net of allowances for estimated returns and allowances in the accompanying unaudited condensed consolidated statements of income. Allowances for returns are estimated based on historical rates. Allowances for returns, cooperative advertising allowances, warehouse allowances, placement fees, volume rebates, coupons and discounts are recorded commensurate with sales activity or using the straight-line method, as appropriate, and the cost of such allowances is netted against sales in reporting the results of operations. Shipping and handling costs, net of amounts reimbursed by customers, are not |
Receivables, Policy [Policy Text Block] | Allowances Against Accounts Receivable no To reduce the exposure to credit losses and to enhance the predictability of its cash flows, t he Company assigns the majority of its trade accounts receivable under factoring agreements with CIT. In the event a factored receivable becomes uncollectible due to creditworthiness, CIT bears the risk of loss. The Company’s management must make estimates of the uncollectibility of its non-factored accounts receivable to evaluate the adequacy of the Company’s allowance for doubtful accounts, which is accomplished by specifically analyzing accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in its customers’ payment terms. The Company’s bad debt expense is included in marketing and administrative expenses in the accompanying unaudited condensed consolidated statements of income. The Company did not 2017 $25,000 nine December 31, 2017. The Company ’s accounts receivable as of December 31, 2017 $12.8 $657,000. $9.9 |
Other Accrued Liabilities [Policy Text Block] | Other Accrued Liabilities : $459,000 December 31, 2017. $199,000 December 31, 2017 $13,000 $27,000. two |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization: The accompanying condensed consolidated balance sheets reflect property, plant and equipment, and certain intangible assets at cost less accumulated depreciation or amortization. The Company capitalizes additions and improvements and expenses maintenance and repairs as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are three eight five twenty |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not |
Inventory, Policy [Policy Text Block] | Inventory Valuation: The preparation of the Company's financial statements requires careful determination of the appropriate value of the Company's inventory balances. Such amounts are presented as a current asset in the accompanying condensed consolidated balance sheets and are a direct determinant of cost of products sold in the accompanying consolidated statements of income and, therefore, have a significant impact on the amount of net income in the accounting periods reported. The basis of accounting for inventories is cost, which for products that have been contracted to be manufactured includes the direct supplier acquisition cost, duties, taxes and freight, and the indirect costs incurred to design, develop, source and store the products until they are sold. A portion of the Company’s products are manufactured by a wholly-owned subsidiary of the Company. Because most of these products are made to order and are shipped immediately after production has been completed, the Company’s aggregate inventory cost for this subsidiary is primarily related to raw materials. Once cost has been determined, the Company’s inventory is then stated at the lower of cost or net realizable value, with cost determined under the assumption that inventory quantities are sold in the order in which they are acquired (the first first The indirect costs allocated to inventory are done so as a percentage of projected annual supplier purchases and can impact the Company’s results of operations as purchase volumes fluctuate from quarter to quarter and year to year. The difference between indirect costs incurred and the indirect costs allocated to inventory creates a burden variance, which is generally favorable when actual inventory purchases exceed planned inventory purchases, and is generally unfavorable when actual inventory purchases are lower than planned inventory purchases. The determination of the indirect charges and their allocation to the Company's finished products inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then differences would result in the valuation of the Company's inventories, the amount and timing of the Company's cost of products sold and the resulting net income for any accounting period. On a periodic basis, management reviews the Company’s inventory quantities on hand for obsolescence, physical deterioration, changes in price levels and the existence of quantities on hand which may not no may not may |
Revenue Recognition, Services, Royalty Fees [Policy Text Block] | Royalty Payments: The Company has entered into agreements that provide for royalty payments based on a percentage of sales with certain minimum guaranteed amounts. These royalties are accrued based upon historical sales rates adjusted for current sales trends by customers. Royalty expense is included in cost of products sold in the accompanying unaudited condensed consolidated statements of income and amounted to $1.8 $1.9 three December 31, 2017 January 1, 2017, $5.0 $5.2 nine December 31, 2017 January 1, 2017, |
Income Tax, Policy [Policy Text Block] | Provision for Income Taxes: The Company’s provision for income taxes includes all currently payable federal, state, local and foreign taxes and is based upon the Company’s estimated annual effective tax rate, which is based on the Company’s forecasted annual pre-tax income, as adjusted for certain expenses within the consolidated statements of income that will never be deductible on the Company’s tax returns and certain charges expected to be deducted on the Company’s tax returns that will never be deducted on the consolidated statements of income, multiplied by the statutory tax rates for the various jurisdictions in which the Company operates and reduced by certain anticipated tax credits. The Company’s provision for income taxes for fiscal year 2018 33.0%. The Company ’s policy is to recognize the effect that a change in enacted tax rates would have on net deferred income tax assets and liabilities in the period in which the tax rates are changed. On December 22, 2017, 21% January 1, 2018. 2018 April 1, 2018, 30.75% 2018. October 2, 2017 April 2, 2017 37.5% 23.5%, $409,000 three nine December 31, 2017. required ma nagement judgment with respect to estimates of the financial statement and tax differences that would be established or reversed during the three April 1, 2018, 33.0% ctual results may may accounting to recognize the effect of the TCJA on the Company’s net deferred income tax assets. Management evaluates items of income, deductions and credits reported on the Company ’s various federal and state income tax returns filed and recognizes the effect of positions taken on those income tax returns only if those positions are more likely than not 740 10 25, 50% During fiscal year 2016, evaluation was made of the Company’s process regarding the calculation of the state portion of its income tax provision. This evaluation resulted in the Company taking a tax position that reflected opportunities for the application of more favorable state apportionment percentages for several prior fiscal years. After considering all relevant information, the Company believes that the technical merits of this tax position would more likely than not three nine December 31, 2017 $31,000 $60,000, $65,000 $115,000 three nine January 1, 2017, 21% $132,000 three nine December 31, 2017. The Company ’s policy is to accrue interest expense and penalties as appropriate on estimated unrecognized tax benefits as a charge to interest expense in the Company’s consolidated statements of income. Interest expense or penalties are not three nine December 31, 2017 $16,000 $52,000, $13,000 $53,000 three nine January 1, 2017, $25,000 three nine December 31, 2017. The revaluation s of the Company’s net deferred income tax assets and its reserve for unrecognized tax benefits was the primary factor in the increase in the overall provision for income taxes to 66.3% 49.7% three nine December 31, 2017, The Company files income tax returns in the many jurisdictions within which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations for the Company’s filed income tax returns varies by jurisdiction; tax years open to federal or state examination or other adjustment as of December 31, 2017 April 2, 2017, April 3, 2016, March 29, 2015, March 30, 2014, March 31, 2013, April 1, 2012 April 3, 2011. |
Earnings Per Share, Policy [Policy Text Block] | E arnings Per Share: |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently-Issued Accounting Standards : 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 December 15, 2016, August 12, 2015 No. 2015 14, Revenue from Contrac ts with Customers (Topic 606 Deferral of the Effective Date one No. 2014 09. not No. 2014 09, No. 2015 14 first December 15, 2016. 2018. not No. 2014 09 I n July 2015, No. 2015 11, Inventory (Topic 330 : Simplifying the Measurement of Inventory first December 15, 2016, No. 2015 11 April 3, 2017, not On February 25, 2016, No. 2016 02, Leases (Topic 842 No. 2016 02, first December 15, 2018. not On June 16, 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 not No. 2016 13 first December 15, 2019. may first December 15, 2018. Although the Company has not whether to adopt ASU No. 2016 13 not No. 2016 13 On J anuary 26, 2017, No. 2017 04, Goodwill and Other (Topic 350 first assessing qualitative factors to determine whether it was more likely than not in a two first one second second The intent of ASU No. 2017 04 s to simplify this process by eliminating the second not The ASU is to be applied on a prospective basis and was to have become effective for the first December 15, 2019, first January 1, 2017. April 3, 2017, not The Company has determined that all other ASUs which had become effective as of December 31, 2017, not |
Note 1 - Summary of Significa15
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three-Month Periods Ended Nine-Month Periods Ended December 31, 2017 January 1, 2017 December 31, 2017 January 1, 2017 Bedding, blankets and accessories $ 11,558 $ 11,445 $ 30,414 $ 31,847 Bibs, bath and disposable products 5,918 5,817 17,170 16,823 Total net sales $ 17,476 $ 17,262 $ 47,584 $ 48,670 |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Sassy Acquisition [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Tangible assets: Inventory $ 3,297 Prepaid expenses 119 Fixed assets 385 Total tangible assets 3,801 Amortizable intangible assets: Tradename 540 Customer Relationships 1,840 Total amortizable intangible assets 2,380 Goodwill 359 Total acquired assets 6,540 Liabilities assumed: Accrued wages 20 Net acquisition cost $ 6,520 |
Carousel Designs, LLC. Acquisition [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Tangible assets: Inventory $ 967 Prepaid expenses 5 Fixed assets 1,068 Total tangible assets 2,040 Amortizable intangible assets: Tradename 1,400 Developed technology 1,100 Non-compete covenants 360 Total amortizable intangible assets 2,860 Goodwill 5,379 Total acquired assets 10,279 Liabilities assumed: Accounts payable 319 Accrued wages and benefits 59 Unearned revenue 271 Other accrued liabilities 60 Capital leases 845 Total liabilities assumed 1,554 Net acquisition cost $ 8,725 |
Note 3 - Goodwill, Customer R17
Note 3 - Goodwill, Customer Relationships and Other Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended Nine-Month Periods Ended December 31, April 2, December 31, April 2, December 31, January 1, December 31, January 1, 2017 2017 2017 2017 2017 2017 2017 2017 Tradename and trademarks $ 3,927 $ 1,987 $ 1,204 $ 1,066 $ 50 $ 33 $ 138 $ 100 Developed technology 1,100 - 46 - 28 - 46 - Non-compete covenants 458 98 102 67 20 2 35 5 Patents 1,601 1,601 646 565 27 27 81 81 Customer relationships 7,374 5,534 4,712 4,394 64 127 318 380 Total other intangible assets $ 14,460 $ 9,220 $ 6,710 $ 6,092 $ 189 $ 189 $ 618 $ 566 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 2 $ 2 $ 5 $ 5 Marketing and administrative expenses 187 187 613 561 Total amortization expense $ 189 $ 189 $ 618 $ 566 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2017 April 2, 2017 Raw Materials $ 1,074 $ 42 Finished Goods 21,770 15,779 Total inventory $ 22,844 $ 15,821 |
Note 6 - Stock-based Compensa19
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Nine-Month Period Ended Nine-Month Period Ended December 31, 2017 January 1, 2017 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 8.35 322,500 $ 7.64 305,000 Granted 7.35 140,000 9.60 120,000 Exercised - - 7.67 (102,500 ) Forfeited 9.05 (67,500 ) - - Outstanding at End of Period 7.93 395,000 8.35 322,500 Exercisable at End of Period 7.94 220,000 7.33 147,500 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Options Issued to Employees During Fiscal Years 2018 2017 Number of options issued 10,000 20,000 110,000 120,000 Grant date December 18, 2017 August 4, 2017 June 8, 2017 June 8, 2016 Dividend yield 4.92 % 5.77 % 4.13 % 3.33 % Expected volatility 25.00 % 25.00 % 25.00 % 20.00 % Risk free interest rate 1.94 % 1.51 % 1.47 % 0.93 % Contractual term (years) 10.00 10.00 10.00 10.00 Expected term (years) 3.00 3.00 3.00 3.00 Forfeiture rate 5.00 % 5.00 % 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 6.50 $ 5.55 $ 7.75 $ 9.60 Fair value per option $ 0.59 $ 0.50 $ 0.85 $ 0.94 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three-Month Period Ended December 31, 2017 Three-Month Period Ended January 1, 2017 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2016 $ - $ - $ - $ 5 $ 5 $ 10 2017 4 4 8 8 5 13 2018 5 6 11 - - - Total stock option compensation $ 9 $ 10 $ 19 $ 13 $ 10 $ 23 Nine-Month Period Ended December 31, 2017 Nine-Month Period Ended January 1, 2017 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2015 $ - $ - $ - $ 14 $ 12 $ 26 2016 6 1 7 17 15 32 2017 20 11 31 18 12 30 2018 11 13 24 - - - Total stock option compensation $ 37 $ 25 $ 62 $ 49 $ 39 $ 88 |
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date 28,000 $ 5.50 August 9, 2017 28,000 10.08 August 10, 2016 28,000 8.20 August 12, 2015 28,000 7.97 August 11, 2014 |
Schedule of Nonvested Share Activity [Table Text Block] | Three-Month Period Ended December 31, 2017 Three-Month Period Ended January 1, 2017 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2015 $ - $ - $ - $ - $ - $ - 2016 - - - 35 29 64 2017 27 35 62 27 35 62 2018 29 19 48 - - - Total stock grant compensation $ 56 $ 54 $ 110 $ 62 $ 64 $ 126 Nine-Month Period Ended December 31, 2017 Nine-Month Period Ended January 1, 2017 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2015 $ - $ - $ - $ - $ 37 $ 37 2016 - 38 38 105 86 191 2017 81 106 187 81 59 140 2018 87 32 119 - - - Total stock grant compensation $ 168 $ 176 $ 344 $ 186 $ 182 $ 368 |
Performance Shares [Member] | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Fair Fiscal Fiscal Value Year Shares Year Per Compensation expense recognized during fiscal year Earned Granted Granted Share 2015 2016 2017 2018 2019 2015 58,532 2016 $ 7.180 $ 140,000 $ 140,000 $ 140,000 $ - $ - 2016 41,205 2017 7.865 - 108,000 108,000 108,000 - 2017 42,250 2018 8.271 - - 116,000 116,000 116,000 Vesting of shares during the three-month periods ended Fiscal July 2, 2017 July 3, 2016 Year Shares Shares Aggregate Taxes Shares Aggregate Taxes Granted Granted Vested Value Remitted Vested Value Remitted 201 7 41,205 20,604 $ 167,000 $ 56,000 - $ - $ - |
Note 1 - Summary of Significa20
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 01, 2018 | Apr. 02, 2017 | Apr. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 01, 2018 | Apr. 02, 2017 |
Number of Operating Segments | 1 | ||||||||
Provision for Doubtful Accounts | $ 25,000 | $ 0 | |||||||
Accounts Receivable, Net, Current | $ 12,800,000 | 12,800,000 | |||||||
Allowance for Doubtful Accounts Receivable, Current | 657,000 | 657,000 | |||||||
Due From Factor | $ 14,921,000 | 9,857,000 | 9,857,000 | 14,921,000 | |||||
Other Accrued Liabilities, Current | $ 245,000 | 459,000 | $ 459,000 | $ 245,000 | |||||
Effective Income Tax Rate Reconciliation, Composite Rate, Percent | 37.50% | 23.50% | |||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 409,000 | $ 409,000 | |||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 31,000 | $ 65,000 | 60,000 | $ 115,000 | |||||
Income Tax Expense (Benefit), Reserve for Unrecognized Tax Benefits, Net Discrete Charge | 132,000 | 132,000 | |||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 16,000 | 13,000 | 52,000 | 53,000 | |||||
Reserve for Unrecognized Tax Benefits, Additional Income Tax Penalties and Interest Accrued | $ 25,000 | $ 25,000 | |||||||
Effective Income Tax Rate Reconciliation, Percent | 66.30% | 49.70% | |||||||
Subsequent Event [Member] | |||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||||||
Scenario, Forecast [Member] | |||||||||
Estimated Effective Income Tax Rate Reconciliation, Percent | 33.00% | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30.75% | ||||||||
Minimum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||
Maximum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 8 years | ||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||
Other Accrued Liabilities [Member] | Up-front Payment Arrangement [Member] | |||||||||
Deferred Revenue, Current | $ 199,000 | $ 199,000 | |||||||
Other Accrued Liabilities [Member] | Customer Returns [Member] | |||||||||
Deferred Revenue, Current | 13,000 | 13,000 | |||||||
Other Accrued Liabilities [Member] | Store Credits and Gift Certificates [Member] | |||||||||
Deferred Revenue, Current | 27,000 | 27,000 | |||||||
Selling, General and Administrative Expenses [Member] | |||||||||
Advertising Expense | 534,000 | 168,000 | 1,100,000 | 666,000 | |||||
Cost of Sales [Member] | |||||||||
Direct Operating Cost, Royalty Expense | $ 1,800,000 | $ 1,900,000 | $ 5,000,000 | $ 5,200,000 |
Note 1 - Summary of Significa21
Note 1 - Summary of Significant Accounting Policies - Segment and Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Net sales | $ 17,476 | $ 17,262 | $ 47,584 | $ 48,670 |
Bedding, Blankets, And Accessories [Member] | ||||
Net sales | 11,558 | 11,445 | 30,414 | 31,847 |
Bibs, Bath, And Disposable Products [Member] | ||||
Net sales | $ 5,918 | $ 5,817 | $ 17,170 | $ 16,823 |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - USD ($) | Dec. 15, 2017 | Aug. 04, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 |
Payments to Acquire Businesses, Gross | $ 15,245,000 | ||||||||
Repayments of Long-term Capital Lease Obligations | 845,000 | ||||||||
Goodwill | $ 6,863,000 | $ 6,863,000 | $ 6,863,000 | 6,863,000 | $ 1,126,000 | ||||
Amortization of Intangible Assets | 189,000 | $ 189,000 | 618,000 | 566,000 | |||||
Noncompete Agreements [Member] | |||||||||
Amortization of Intangible Assets | 20,000 | 2,000 | 35,000 | 5,000 | |||||
Selling, General and Administrative Expenses [Member] | |||||||||
Amortization of Intangible Assets | 187,000 | $ 187,000 | 613,000 | $ 561,000 | |||||
Carousel Designs, LLC. Acquisition [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 8,700,000 | ||||||||
Repayments of Long-term Capital Lease Obligations | 845,000 | ||||||||
Goodwill | $ 5,379,000 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,800,000 | $ 3,000,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||||
Carousel Designs, LLC. Acquisition [Member] | Trade Names [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||
Carousel Designs, LLC. Acquisition [Member] | Developed Technology Rights [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||
Carousel Designs, LLC. Acquisition [Member] | Noncompete Agreements [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||
Carousel Designs, LLC. Acquisition [Member] | Selling, General and Administrative Expenses [Member] | |||||||||
Business Combination, Acquisition Related Costs | 35,000 | 299,000 | |||||||
Amortization of Intangible Assets | 63,000 | $ 115,000 | |||||||
Sassy Acquisition [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 6,500,000 | ||||||||
Goodwill | $ 359,000 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 20,000 | ||||||||
Sassy Acquisition [Member] | Selling, General and Administrative Expenses [Member] | |||||||||
Business Combination, Acquisition Related Costs | $ 125,000 | $ 125,000 |
Note 2 - Acquisition - Assets A
Note 2 - Acquisition - Assets Acquired and Liabilities Assumed for Carousel Designs LLC (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Aug. 04, 2017 | Apr. 02, 2017 |
Goodwill | $ 6,863 | $ 1,126 | |
Carousel Designs, LLC. Acquisition [Member] | |||
Inventory | $ 967 | ||
Prepaid expenses | 5 | ||
Fixed assets | 1,068 | ||
Total tangible assets | 2,040 | ||
Amortizable intangible assets | 2,860 | ||
Goodwill | 5,379 | ||
Total acquired assets | 10,279 | ||
Liabilities assumed: | |||
Accounts payable | 319 | ||
Accrued wages and benefits | 59 | ||
Unearned revenue | 271 | ||
Other accrued liabilities | 60 | ||
Capital leases | 845 | ||
Total liabilities assumed | 1,554 | ||
Net acquisition cost | 8,725 | ||
Carousel Designs, LLC. Acquisition [Member] | Trade Names [Member] | |||
Amortizable intangible assets | 1,400 | ||
Carousel Designs, LLC. Acquisition [Member] | Developed Technology Rights [Member] | |||
Amortizable intangible assets | 1,100 | ||
Carousel Designs, LLC. Acquisition [Member] | Noncompete Agreements [Member] | |||
Amortizable intangible assets | $ 360 |
Note 2 - Acquisition - Assets24
Note 2 - Acquisition - Assets Acquired and Liabilities Assumed for Sassy (Details) - USD ($) | Dec. 31, 2017 | Dec. 15, 2017 | Apr. 02, 2017 |
Goodwill | $ 6,863,000 | $ 1,126,000 | |
Sassy Acquisition [Member] | |||
Inventory | $ 3,297,000 | ||
Prepaid expenses | 119,000 | ||
Fixed assets | 385,000 | ||
Total tangible assets | 3,801,000 | ||
Amortizable intangible assets | 2,380,000 | ||
Goodwill | 359,000 | ||
Total acquired assets | 6,540,000 | ||
Accrued wages | 20,000 | ||
Net acquisition cost | 6,520,000 | ||
Sassy Acquisition [Member] | Trade Names [Member] | |||
Amortizable intangible assets | 540,000 | ||
Sassy Acquisition [Member] | Customer Relationships [Member] | |||
Amortizable intangible assets | $ 1,840,000 |
Note 3 - Goodwill, Customer R25
Note 3 - Goodwill, Customer Relationships and Other Intangible Assets (Details Textual) | 9 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 15, 2017USD ($) | Aug. 04, 2017USD ($) | Apr. 02, 2017USD ($) | |
Number of Reportable Segments | 2 | |||
Goodwill, Gross | $ 29,800,000 | $ 24,000,000 | ||
Goodwill | 6,863,000 | 1,126,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 22,900,000 | $ 22,900,000 | ||
Carousel Designs, LLC. Acquisition [Member] | ||||
Goodwill | $ 5,379,000 | |||
Sassy Acquisition [Member] | ||||
Goodwill | $ 359,000 |
Note 3 - Goodwill, Customer R26
Note 3 - Goodwill, Customer Relationships and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 | |
Finite-lived intangible assets, gross amount | $ 14,460 | $ 14,460 | $ 9,220 | ||
Finite-lived intangible assets, accumulated amortization | 6,710 | 6,710 | 6,092 | ||
Amortization expense | 189 | $ 189 | 618 | $ 566 | |
Cost of Sales [Member] | |||||
Amortization expense | 2 | 2 | 5 | 5 | |
Selling, General and Administrative Expenses [Member] | |||||
Amortization expense | 187 | 187 | 613 | 561 | |
Trademarks and Trade Names [Member] | |||||
Finite-lived intangible assets, gross amount | 3,927 | 3,927 | 1,987 | ||
Finite-lived intangible assets, accumulated amortization | 1,204 | 1,204 | 1,066 | ||
Amortization expense | 50 | 33 | 138 | 100 | |
Developed Technology [Member] | |||||
Finite-lived intangible assets, gross amount | 1,100 | 1,100 | |||
Finite-lived intangible assets, accumulated amortization | 46 | 46 | |||
Amortization expense | 28 | 46 | |||
Noncompete Agreements [Member] | |||||
Finite-lived intangible assets, gross amount | 458 | 458 | 98 | ||
Finite-lived intangible assets, accumulated amortization | 102 | 102 | 67 | ||
Amortization expense | 20 | 2 | 35 | 5 | |
Patents [Member] | |||||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 | 1,601 | ||
Finite-lived intangible assets, accumulated amortization | 646 | 646 | 565 | ||
Amortization expense | 27 | 27 | 81 | 81 | |
Customer Relationships [Member] | |||||
Finite-lived intangible assets, gross amount | 7,374 | 7,374 | 5,534 | ||
Finite-lived intangible assets, accumulated amortization | 4,712 | 4,712 | $ 4,394 | ||
Amortization expense | $ 64 | $ 127 | $ 318 | $ 380 |
Note 4 - Inventories - Componen
Note 4 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 02, 2017 |
Raw Materials | $ 1,074 | $ 42 |
Finished Goods | 21,770 | 15,779 |
Total inventory | $ 22,844 | $ 15,821 |
Note 5 - Financing Arrangemen28
Note 5 - Financing Arrangements (Details Textual) - USD ($) | Sep. 19, 2017 | May 16, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 |
Selling, General and Administrative Expense | $ 3,656,000 | $ 2,576,000 | $ 10,364,000 | $ 8,176,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 18,900,000 | 18,900,000 | $ 21,400,000 | ||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000,000 | $ 26,000,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.37% | 3.37% | |||||
Long-term Line of Credit | $ 2,300,000 | $ 2,300,000 | 0 | ||||
Letters of Credit Outstanding, Amount | 0 | $ 0 | $ 0 | ||||
Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||
Debt Instrument Basis Spread Below Variable Rate | 0.50% | ||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000 | $ 1,500,000 | |||||
Factoring Fees [Member] | |||||||
Selling, General and Administrative Expense | 49,000 | $ 101,000 | 164,000 | $ 307,000 | |||
Chase Bank N.A. [Member] | Master Stand-by Claims Purchase Agreement [Member] | |||||||
Purchase Agreement, Monthly Fee, Percentage of Accounts Receivable | 1.65% | ||||||
Purchase Agreement, Limit of Accounts Receivable Used in Determination of Monthly Fee | $ 1,800,000 | ||||||
Selling, General and Administrative Expense | 480,000 | ||||||
Chase Bank N.A. [Member] | Master Stand-by Claims Purchase Agreement [Member] | Other Accounts Receivable [Member] | |||||||
Accounts Receivable, Net | 755,000 | 755,000 | |||||
Chase Bank N.A. [Member] | Master Stand by Claims Second Purchase Agreement [Member] | |||||||
Purchase Agreement, Monthly Fee, Percentage of Accounts Receivable | 1.50% | ||||||
Purchase Agreement, Limit of Accounts Receivable Used in Determination of Monthly Fee | $ 1,800,000 | ||||||
Accounts Receivable, Net | 1,300,000 | 1,300,000 | |||||
Selling, General and Administrative Expense | $ 81,000 | $ 92,000 |
Note 6 - Stock-based Compensa29
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2017 | Aug. 31, 2016 | Dec. 31, 2017 | Jul. 02, 2017 | Jan. 01, 2017 | Jul. 03, 2016 | Dec. 31, 2017 | Jan. 01, 2017 | |
Common Stock, Capital Shares Reserved for Future Issuance | 672,000 | 672,000 | ||||||
Allocated Share-based Compensation Expense | $ 129,000 | $ 149,000 | $ 406,000 | $ 456,000 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 53,000 | 53,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 35,000 | 35,000 | ||||||
Proceeds from Stock Options Exercised | 0 | $ 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 45,000 | 214,000 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 56,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 261 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 20,604 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 167,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 377,000 | $ 377,000 | ||||||
Employee Stock Option [Member] | ||||||||
Allocated Share-based Compensation Expense | 19,000 | 23,000 | $ 62,000 | 88,000 | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 14,000 | $ 75,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 97,000 | $ 97,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 309 days | |||||||
Restricted Stock [Member] | Non Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 28,000 | 28,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 157,000 | $ 281,000 | ||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years |
Note 6 - Stock-based Compensa30
Note 6 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 | |
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share) | $ 8.35 | $ 7.64 | $ 7.64 |
Outstanding, Shares, beginning balance (in shares) | 322,500 | 305,000 | 305,000 |
Granted, Weighted-average exercise price (in dollars per share) | $ 7.35 | $ 9.60 | |
Number of options issued (in shares) | 140,000 | 120,000 | |
Exercised, Weighted-average exercise price (in dollars per share) | $ 7.67 | ||
Exercised, Shares (in shares) | (102,500) | ||
Forfeited, Weighted-average exercise price (in dollars per share) | $ 9.05 | ||
Forfeited, Shares (in shares) | (67,500) | ||
Outstanding, Weighted-average exercise price, ending balance (in dollars per share) | $ 7.93 | $ 8.35 | $ 8.35 |
Outstanding, Shares, ending balance (in shares) | 395,000 | 322,500 | 322,500 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 7.94 | $ 7.33 | |
Exercisable, Shares (in shares) | 220,000 | 147,500 |
Note 6 - Stock-based Compensa31
Note 6 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | Apr. 02, 2017 | |
Number of options issued (in shares) | 140,000 | 120,000 | |
December 18, 2017 [Member] | |||
Number of options issued (in shares) | 10,000 | ||
Grant date | Dec. 18, 2017 | ||
Dividend yield | 4.92% | ||
Expected volatility | 25.00% | ||
Risk free interest rate | 1.94% | ||
Contractual term (years) (Year) | 10 years | ||
Expected term (years) (Year) | 3 years | ||
Forfeiture rate | 5.00% | ||
Exercise price (grant-date closing price) per option (in dollars per share) | $ 6.50 | ||
Fair value per option (in dollars per share) | $ 0.59 | ||
August 4 2017 [Member] | |||
Number of options issued (in shares) | 20,000 | ||
Grant date | Aug. 4, 2017 | ||
Dividend yield | 5.77% | ||
Expected volatility | 25.00% | ||
Risk free interest rate | 1.51% | ||
Contractual term (years) (Year) | 10 years | ||
Expected term (years) (Year) | 3 years | ||
Forfeiture rate | 5.00% | ||
Exercise price (grant-date closing price) per option (in dollars per share) | $ 5.55 | ||
Fair value per option (in dollars per share) | $ 0.50 | ||
June 8 2017 [Member] | |||
Number of options issued (in shares) | 110,000 | ||
Grant date | Jun. 8, 2017 | ||
Dividend yield | 4.13% | ||
Expected volatility | 25.00% | ||
Risk free interest rate | 1.47% | ||
Contractual term (years) (Year) | 10 years | ||
Expected term (years) (Year) | 3 years | ||
Forfeiture rate | 5.00% | ||
Exercise price (grant-date closing price) per option (in dollars per share) | $ 7.75 | ||
Fair value per option (in dollars per share) | $ 0.85 | ||
June 8, 2016 [Member] | |||
Number of options issued (in shares) | 120,000 | ||
Grant date | Jun. 8, 2016 | ||
Dividend yield | 3.33% | ||
Expected volatility | 20.00% | ||
Risk free interest rate | 0.93% | ||
Contractual term (years) (Year) | 10 years | ||
Expected term (years) (Year) | 3 years | ||
Forfeiture rate | 5.00% | ||
Exercise price (grant-date closing price) per option (in dollars per share) | $ 9.60 | ||
Fair value per option (in dollars per share) | $ 0.94 |
Note 6 - Stock-based Compensa32
Note 6 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Allocated share-based compensation | $ 129,000 | $ 149,000 | $ 406,000 | $ 456,000 |
Employee Stock Option [Member] | ||||
Allocated share-based compensation | 19,000 | 23,000 | 62,000 | 88,000 |
Employee Stock Option [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 9,000 | 13,000 | 37,000 | 49,000 |
Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 10,000 | 10,000 | 25,000 | 39,000 |
Employee Stock Option [Member] | Fiscal Year 2016 [Member] | ||||
Allocated share-based compensation | 10,000 | 7,000 | 32,000 | |
Employee Stock Option [Member] | Fiscal Year 2016 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 5,000 | 6,000 | 17,000 | |
Employee Stock Option [Member] | Fiscal Year 2016 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 5,000 | 1,000 | 15,000 | |
Employee Stock Option [Member] | Fiscal Year 2015 [Member] | ||||
Allocated share-based compensation | 26,000 | |||
Employee Stock Option [Member] | Fiscal Year 2015 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 14,000 | |||
Employee Stock Option [Member] | Fiscal Year 2015 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 12,000 | |||
Employee Stock Option [Member] | Fiscal Year 2017 [Member] | ||||
Allocated share-based compensation | 8,000 | 13,000 | 31,000 | 30,000 |
Employee Stock Option [Member] | Fiscal Year 2017 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 4,000 | 8,000 | 20,000 | 18,000 |
Employee Stock Option [Member] | Fiscal Year 2017 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 4,000 | 5,000 | 11,000 | 12,000 |
Employee Stock Option [Member] | Fiscal Year 2018 [Member] | ||||
Allocated share-based compensation | 11,000 | 24,000 | ||
Employee Stock Option [Member] | Fiscal Year 2018 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 5,000 | 11,000 | ||
Employee Stock Option [Member] | Fiscal Year 2018 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation | $ 6,000 | $ 13,000 |
Note 6 - Stock-based Compensa33
Note 6 - Stock-based Compensation - Non-vested Stock to Directors (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Apr. 03, 2016 | |
Grant Date (in shares) | 41,205 | |
Non Employee Directors [Member] | August 9 2017 [Member] | ||
Fair Value Per Share (in dollars per share) | $ 5.50 | |
Grant Date (in shares) | 28,000 | |
Non Employee Directors [Member] | August 10, 2016 [Member] | ||
Fair Value Per Share (in dollars per share) | $ 10.08 | |
Grant Date (in shares) | 28,000 | |
Non Employee Directors [Member] | August 12, 2015 [Member] | ||
Fair Value Per Share (in dollars per share) | $ 8.20 | |
Grant Date (in shares) | 28,000 | |
Non Employee Directors [Member] | August 11, 2014 [Member] | ||
Fair Value Per Share (in dollars per share) | $ 7.97 | |
Grant Date (in shares) | 28,000 |
Note 6 - Stock-based Compensa34
Note 6 - Stock-based Compensation - Grants and Compensation Expense in Connection With the Performance Bonus Plan (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Jul. 02, 2017 | Jan. 01, 2017 | Jul. 03, 2016 | Dec. 31, 2017 | Jan. 01, 2017 | Mar. 31, 2019 | Apr. 01, 2018 | Apr. 02, 2017 | Apr. 03, 2016 | Mar. 29, 2015 | |
Grant Date (in shares) | 41,205 | ||||||||||
Allocated share-based compensation | $ 129,000 | $ 149,000 | $ 406,000 | $ 456,000 | |||||||
Shares Vested (in shares) | 20,604 | ||||||||||
Shares Vested, Aggregate Value | $ 167,000 | ||||||||||
Shares Vested, Taxes Remitted | $ 56,000 | ||||||||||
Performance Shares [Member] | Earned in Fiscal Year 2015, Granted in Fiscal Year 2016 [Member] | |||||||||||
Grant Date (in shares) | 58,532 | ||||||||||
Fair Value Per Share (in dollars per share) | $ 7.18 | ||||||||||
Allocated share-based compensation | $ 140,000 | $ 140,000 | $ 140,000 | ||||||||
Performance Shares [Member] | Earned in Fiscal Year 2016, Granted in Fiscal Year 2017 [Member] | |||||||||||
Grant Date (in shares) | 41,205 | ||||||||||
Fair Value Per Share (in dollars per share) | $ 7.865 | ||||||||||
Allocated share-based compensation | $ 108,000 | $ 108,000 | $ 108,000 | ||||||||
Performance Shares [Member] | Earned in Fiscal Year 2017, Granted in Fiscal Year 2018 [Member] | |||||||||||
Grant Date (in shares) | 42,250 | ||||||||||
Fair Value Per Share (in dollars per share) | $ 8.271 | ||||||||||
Allocated share-based compensation | $ 116,000 | $ 116,000 | $ 116,000 |
Note 6 - Stock-based Compensa35
Note 6 - Stock-based Compensation - Compensation Expense Associated with Non-vested Stock Grants (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 | |
Allocated share-based compensation | $ 129,000 | $ 149,000 | $ 406,000 | $ 456,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||||
Allocated share-based compensation | 110,000 | 126,000 | 344,000 | 368,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Employee [Member] | ||||
Allocated share-based compensation | 56,000 | 62,000 | 168,000 | 186,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Non Employee Directors [Member] | ||||
Allocated share-based compensation | 54,000 | 64,000 | 176,000 | 182,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | ||||
Allocated share-based compensation | 37,000 | |||
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | Employee [Member] | ||||
Allocated share-based compensation | ||||
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2015 [Member] | Non Employee Directors [Member] | ||||
Allocated share-based compensation | 37,000 | |||
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | ||||
Allocated share-based compensation | 64,000 | 38,000 | 191,000 | |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | Employee [Member] | ||||
Allocated share-based compensation | 35,000 | 105,000 | ||
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2016 [Member] | Non Employee Directors [Member] | ||||
Allocated share-based compensation | 29,000 | 38,000 | 86,000 | |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | ||||
Allocated share-based compensation | 62,000 | 62,000 | 187,000 | 140,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | Employee [Member] | ||||
Allocated share-based compensation | 27,000 | 27,000 | 81,000 | 81,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | Non Employee Directors [Member] | ||||
Allocated share-based compensation | 35,000 | 35,000 | 106,000 | 59,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | ||||
Allocated share-based compensation | 48,000 | 119,000 | ||
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | Employee [Member] | ||||
Allocated share-based compensation | 29,000 | 87,000 | ||
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | Non Employee Directors [Member] | ||||
Allocated share-based compensation | $ 19,000 | $ 32,000 |
Note 7 - Related Party Transa36
Note 7 - Related Party Transaction (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Operating Leases, Rent Expense, Net | $ 24,000 | $ 39,000 |
JST Capital LLC [Member] | Cost of Sales [Member] | Carousel Facilities [Member] | ||
Operating Leases, Rent Expense, Net | 21,000 | 34,000 |
JST Capital LLC [Member] | Selling, General and Administrative Expenses [Member] | Carousel Facilities [Member] | ||
Operating Leases, Rent Expense, Net | $ 3,000 | $ 5,000 |