Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 29, 2019 | Jan. 30, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | CROWN CRAFTS INC | |
Entity Central Index Key | 0000025895 | |
Trading Symbol | crws | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 10,166,807 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 29, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 29, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 41,000 | $ 143,000 |
Accounts receivable (net of allowances of $665 at December 29, 2019 and $407 at March 31, 2019): | ||
Due from factor | 14,638,000 | 17,250,000 |
Other | 907,000 | 522,000 |
Inventories | 23,640,000 | 19,534,000 |
Prepaid expenses | 2,338,000 | 1,230,000 |
Total current assets | 41,564,000 | 38,679,000 |
Operating lease right of use assets | 5,416,000 | |
Property, plant and equipment - at cost: | ||
Vehicles | 246,000 | 323,000 |
Leasehold improvements | 315,000 | 282,000 |
Machinery and equipment | 4,427,000 | 4,269,000 |
Furniture and fixtures | 797,000 | 799,000 |
Property, plant and equipment - gross | 5,785,000 | 5,673,000 |
Less accumulated depreciation | 3,970,000 | 3,751,000 |
Property, plant and equipment - net | 1,815,000 | 1,922,000 |
Finite-lived intangible assets - at cost: | ||
Tradename and trademarks | 3,667,000 | 3,667,000 |
Customer relationships | 7,374,000 | 7,374,000 |
Other finite-lived intangible assets | 3,159,000 | 3,159,000 |
Finite-lived intangible assets gross | 14,200,000 | 14,200,000 |
Less accumulated amortization | 8,409,000 | 7,768,000 |
Finite-lived intangible assets - net | 5,791,000 | 6,432,000 |
Goodwill | 7,125,000 | 7,125,000 |
Deferred income taxes | 344,000 | 524,000 |
Other | 95,000 | 97,000 |
Total Assets | 62,150,000 | 54,779,000 |
Current liabilities: | ||
Accounts payable | 7,864,000 | 4,201,000 |
Accrued wages and benefits | 1,632,000 | 1,819,000 |
Accrued royalties | 896,000 | 398,000 |
Dividends payable | 3,355,000 | 810,000 |
Other accrued liabilities | 272,000 | 483,000 |
Total current liabilities | 14,019,000 | 7,711,000 |
Non-current liabilities: | ||
Long-term debt | 4,486,000 | |
Operating lease liabilities, noncurrent | 5,551,000 | |
Reserve for unrecognized tax liabilities | 1,017,000 | 1,194,000 |
Total non-current liabilities | 6,568,000 | 5,680,000 |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at December 29, 2019 and March 31, 2019; Issued 12,603,301 shares at December 29, 2019 and 12,546,789 shares at March 31, 2019 | 126,000 | 125,000 |
Additional paid-in capital | 53,532,000 | 53,251,000 |
Treasury stock - at cost - 2,436,494 shares at December 29, 2019 and 2,424,231 shares at March 31, 2019 | (12,408,000) | (12,326,000) |
Retained Earnings | 313,000 | 338,000 |
Total shareholders' equity | 41,563,000 | 41,388,000 |
Total Liabilities and Shareholders' Equity | $ 62,150,000 | $ 54,779,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 29, 2019 | Mar. 31, 2019 |
Allowance for doubtful accounts receivable | $ 665 | $ 407 |
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) | 12,603,301 | 12,546,789 |
Treasury stock, shares (in shares) | 2,436,494 | 2,424,231 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Net sales | $ 18,587 | $ 18,668 | $ 53,089 | $ 54,664 |
Cost of products sold | 12,766 | 13,071 | 36,848 | 38,569 |
Gross profit | 5,821 | 5,597 | 16,241 | 16,095 |
Marketing and administrative expenses | 3,416 | 3,446 | 10,344 | 10,958 |
Income from operations | 2,405 | 2,151 | 5,897 | 5,137 |
Other income (expense): | ||||
Interest expense - net of interest income | (34) | (62) | (28) | (249) |
Gain on sale of property, plant and equipment | 6 | 15 | ||
Other - net | 2 | 11 | 3 | |
Income before income tax expense | 2,377 | 2,091 | 5,895 | 4,891 |
Income tax expense | 282 | 537 | 942 | 1,264 |
Net income | $ 2,095 | $ 1,554 | $ 4,953 | $ 3,627 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 10,166 | 10,098 | 10,143 | 10,084 |
Effect of dilutive securities (in shares) | 11 | 1 | 1 | 2 |
Diluted (in shares) | 10,177 | 10,099 | 10,144 | 10,086 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.21 | $ 0.15 | $ 0.49 | $ 0.36 |
Diluted (in dollars per share) | $ 0.21 | $ 0.15 | $ 0.49 | $ 0.36 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Apr. 01, 2018 | 12,493,789 | (2,408,025) | |||
Balances at Apr. 01, 2018 | $ 125 | $ (12,231) | $ 52,874 | $ (1,450) | $ 39,318 |
Stock-based compensation | 281 | 281 | |||
Net income | 3,627 | 3,627 | |||
Dividends declared on common stock | (2,421) | (2,421) | |||
Issuance of shares (in shares) | 28,000 | ||||
Issuance of shares | |||||
Acquisition of treasury stock (in shares) | (16,206) | ||||
Acquisition of treasury stock | $ (95) | (95) | |||
Balances (in shares) at Dec. 30, 2018 | 12,521,789 | (2,424,231) | |||
Balances at Dec. 30, 2018 | $ 125 | $ (12,326) | 53,155 | (244) | 40,710 |
Balances (in shares) at Sep. 30, 2018 | 12,521,789 | (2,424,231) | |||
Balances at Sep. 30, 2018 | $ 125 | $ (12,326) | 53,071 | (991) | 39,879 |
Stock-based compensation | 84 | 84 | |||
Net income | 1,554 | 1,554 | |||
Dividends declared on common stock | (807) | (807) | |||
Balances (in shares) at Dec. 30, 2018 | 12,521,789 | (2,424,231) | |||
Balances at Dec. 30, 2018 | $ 125 | $ (12,326) | 53,155 | (244) | 40,710 |
Balances (in shares) at Mar. 31, 2019 | 12,546,789 | (2,424,231) | |||
Balances at Mar. 31, 2019 | $ 125 | $ (12,326) | 53,251 | 338 | 41,388 |
Stock-based compensation | 219 | 219 | |||
Net income | 4,953 | 4,953 | |||
Dividends declared on common stock | (4,978) | (4,978) | |||
Issuance of shares (in shares) | 56,512 | ||||
Issuance of shares | $ 1 | 62 | 63 | ||
Acquisition of treasury stock (in shares) | (12,263) | ||||
Acquisition of treasury stock | $ (82) | (82) | |||
Balances (in shares) at Dec. 29, 2019 | 12,603,301 | (2,436,494) | |||
Balances at Dec. 29, 2019 | $ 126 | $ (12,408) | 53,532 | 313 | 41,563 |
Balances (in shares) at Sep. 29, 2019 | 12,593,301 | (2,427,434) | |||
Balances at Sep. 29, 2019 | $ 126 | $ (12,343) | 53,391 | 1,573 | 42,747 |
Stock-based compensation | 79 | 79 | |||
Net income | 2,095 | 2,095 | |||
Dividends declared on common stock | (3,355) | (3,355) | |||
Issuance of shares (in shares) | 10,000 | ||||
Issuance of shares | 62 | 62 | |||
Acquisition of treasury stock (in shares) | (9,060) | ||||
Acquisition of treasury stock | $ (65) | (65) | |||
Balances (in shares) at Dec. 29, 2019 | 12,603,301 | (2,436,494) | |||
Balances at Dec. 29, 2019 | $ 126 | $ (12,408) | $ 53,532 | $ 313 | $ 41,563 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Retained Earnings [Member] | ||||
Dividends declared, per share (in dollars per share) | $ 0.33 | $ 0.08 | $ 0.49 | $ 0.24 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Operating activities: | ||
Net income | $ 4,953 | $ 3,627 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 536 | 460 |
Amortization of intangibles | 641 | 628 |
Amortization of right of use assets | 1,110 | |
Deferred income taxes | 180 | 173 |
Gain on sale of property, plant and equipment | (15) | |
Reserve for unrecognized tax liabilities | (177) | 133 |
Stock-based compensation | 219 | 281 |
Changes in assets and liabilities: | ||
Accounts receivable | 2,227 | 3,489 |
Inventories | (4,106) | (2,377) |
Prepaid expenses | (1,108) | (313) |
Other assets | 2 | 23 |
Lease liabilities | (1,076) | |
Accounts payable | 3,601 | 3,869 |
Accrued liabilities | 200 | 522 |
Net cash provided by operating activities | 7,187 | 10,515 |
Investing activities: | ||
Capital expenditures for property, plant and equipment | (379) | (560) |
Proceeds from sale of property, plant and equipment | 27 | |
Net cash used in investing activities | (352) | (560) |
Financing activities: | ||
Repayments under revolving line of credit | (35,302) | (47,080) |
Borrowings under revolving line of credit | 30,816 | 39,487 |
Purchase of treasury stock | (82) | (95) |
Issuance of common stock | 63 | |
Dividends paid | (2,432) | (2,419) |
Net cash used in financing activities | (6,937) | (10,107) |
Net decrease in cash and cash equivalents | (102) | (152) |
Cash and cash equivalents at beginning of period | 143 | 215 |
Cash and cash equivalents at end of period | 41 | 63 |
Supplemental cash flow information: | ||
Income taxes paid | 1,060 | 900 |
Interest paid | 47 | 174 |
Noncash financing activities: | ||
Property, plant and equipment purchased but unpaid | (62) | (48) |
Dividends declared but unpaid | $ (3,355) | $ (808) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 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 29, 2019 three nine December 29, 2019 not may March 29, 2020. 10 March 31, 2019. Fiscal Year: March 31. 2020” “2020” 52 March 29, 2020 2019” “2019” 52 March 31, 2019. Reclassifications: None 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 : $261,000 $295,000 three December 29, 2019 December 30, 2018, $805,000 $968,000 nine December 29, 2019 December 30, 2018, Revenue Recognition: A provision for anticipated returns, which are based upon historical returns and claims, is provided through a reduction of net sales and cost of products sold in the reporting period within which the related sales are recorded. Actual returns and claims experienced in a future period may may The Company recognizes revenue associated with unredeemed store credits and gift certificates at the earlier of their redemption by customers, their expiration or when their likelihood of redemption becomes remote, which is generally two Revenue from sales made directly to consumers is recorded when the shipped products have been received by customers, and excludes sales taxes collected on behalf of governmental entities. Revenue from sales made to retailers is recorded when legal title has been passed to the customer based upon the terms of the customer’s purchase order, the Company’s sales invoice, or other associated relevant documents. Such terms usually stipulate that legal title will pass when the shipped products are no 60 “ Segment and Related Information ” 1. Allowances Against Accounts Receivable: no Uncollectible Accounts: not Credit Concentration: December 29, 2019 $15.5 $665,000. $14.6 $25,000 $14.7 Other Accrued Liabilities : $272,000 December 29, 2019. $119,000 December 29, 2019 $14,000 $12,000. Segment and Related Information: one three nine December 29, 2019 December 30, 2018 Three-Month Periods Ended Nine-Month Periods Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Bedding, blankets and accessories $ 9,605 $ 9,817 $ 27,682 $ 29,873 Bibs, bath, developmental toy, feeding, baby care and disposable products 8,982 8,851 25,407 24,791 Total net sales $ 18,587 $ 18,668 $ 53,089 $ 54,664 Inventory Valuation: first first The determination of the indirect charges and their allocation to the Company's finished goods inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then such differences would result in a change in the valuation of the Company's inventories and the amount and timing of the Company's cost of products sold and the resulting net income for the reporting period. On a periodic basis, management reviews its 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: $1.3 three December 29, 2019 December 30, 2018, $3.5 $3.7 nine December 29, 2019 December 30, 2018, Depreciation and Amortization: three eight five twenty Valuation of Long-Lived Assets and Identifiable Intangible Assets : may not Patent Costs: Provision for Income Taxes: nine December 29, 2019 December 30, 2018 23.3% 24.2%, The Company files income tax returns in the many jurisdictions in which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations varies by jurisdiction; tax years open to examination or other adjustment as of December 29, 2019 March 31, 2019, April 1, 2018, April 2, 2017, April 3, 2016, March 29, 2015 March 30, 2014. 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% After considering all relevant information regarding the calculation of the state portion of its income tax provision, the Company believes that the technical merits of the tax position that the Company has taken with respect to state apportionment percentages would more likely than not $29,000 $7,000 three December 29, 2019 December 30, 2018, $71,000 $66,000 nine December 29, 2019 December 30, 2018, The Company’s policy is to accrue interest expense and penalties as appropriate on estimated unrecognized tax liabilities as a charge to interest expense in the Company’s consolidated statements of income. The Company accrued interest and penalties associated with its reserve for unrecognized tax liabilities during the three December 29, 2019 December 30, 2018 $18,000 $22,000, nine December 29, 2019 December 30, 2018 $62,000 $68,000, No In December 2016, March 30, 2014, March 31, 2013, April 1, 2012 April 3, 2011. On July 31, 2019, no March 31, 2013, April 1, 2012 April 3, 2011. $232,000 nine December 29, 2019 $78,000 nine December 29, 2019. As of January 30, 2020, March 30, 2014 not one not During each of the three nine December 29, 2019, $276,000 During the three nine December 29, 2019, $1,000 $5,000, $12,000 nine December 30, 2018 The ETR on continuing operations and the discrete income tax charges and benefits set forth above resulted in an overall provision for income taxes of 16.0% 25.8% nine December 29, 2019 December 30, 2018, E arnings Per Share: Recently-Issued Accounting Standards : June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 not No. 2016 13 ASU No. 2016 13 December 15, 2018. No. 2016 13 no December 15, 2019, November 15, 2019, No. 2019 10, Financial Instruments – Credit Losses (Topic 326 , Derivatives and Hedging (Topi c 815 842 ) : Effective Dates No. 2016 13 first December 15, 2022. No. 2016 13 April 3, 2023. not No. 2016 13, not The Company has determined that all other ASUs which had become effective as of December 29, 2019, not |
Note 2 - Financing Arrangements
Note 2 - Financing Arrangements | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 2 – Financing Arrangements Factoring Agreement s: may may $75,000 $64,000 three December 29, 2019 December 30, 2018, $188,000 $192,000 nine December 29, 2019 December 30, 2018, Credit Facility: December 29, 2019 $26.0 $1.5 0.50% 1.75%. July 11, 2022 first December 29, 2019, 3.44% December 29, 2019. 2.0%, 2.75% December 29, 2019, As of December 29, 2019, no no $23.7 March 31, 2019, $4.5 no $19.4 The financing agreement contains usual and customary covenants for agreements of that type, including limitations on other indebtedness, liens, transfers of assets, investments and acquisitions, merger or consolidation transactions, transactions with affiliates, and changes in or amendments to the organizational documents for the Company and its subsidiaries. The Company believes it was in compliance with these covenants as of December 29, 2019. |
Note 3 - Goodwill
Note 3 - Goodwill | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 3 – 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 December 29, 2019 March 31, 2019 $30.0 $22.9 $7.1 The Company measures for impairment the goodwill within its reporting units annually as of the first not 50% first not not On April 1, 2019, not |
Note 4 - Other Intangible Asset
Note 4 - Other Intangible Assets | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 4 – Other Intangible Assets Other intangible assets as of December 29, 2019 March 31, 2019 December 29, 2019 March 31, 2019, three nine December 29, 2019 December 30, 2018 Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended Nine-Month Periods Ended December 29, March 31, December 29, March 31, December 29, December 30, December 29, December 30, 2019 2019 2019 2019 2019 2018 2019 2018 Tradename and trademarks $ 3,667 $ 3,667 $ 1,685 $ 1,501 $ 62 $ 62 $ 184 $ 171 Developed technology 1,100 1,100 266 183 28 28 83 83 Non-compete covenants 458 458 258 200 19 19 58 58 Patents 1,601 1,601 862 781 27 27 81 81 Customer relationships 7,374 7,374 5,338 5,103 78 78 235 235 Total other intangible assets $ 14,200 $ 14,200 $ 8,409 $ 7,768 $ 214 $ 214 $ 641 $ 628 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 2 $ 2 $ 5 $ 5 Marketing and administrative expenses 212 212 636 623 Total amortization expense $ 214 $ 214 $ 641 $ 628 |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 5 – Inventories Major classes of inventory were as follows (in thousands): December 29, 2019 March 31, 2019 Raw Materials $ 642 $ 617 Work in Process 33 56 Finished Goods 22,965 18,861 Total inventory $ 23,640 $ 19,534 |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | N ote 6 – Leases On April 1, 2019, 842, L ease s 842” 842. 12 In its initial application of Topic 842, $1.9 April 1, 2019 $99,000 not 842. The Company is a party to various operating leases for offices, warehousing facilities and certain office equipment. The leases expire at various dates, have varying options to renew and cancel, and may not Subsequent to the Company’s recognition of operating lease liabilities of $1.9 April 1, 2019, $362,000 $1.1 three nine December 29, 2019, During the three nine December 29, 2019, Periods Ended December 29, 2019 Three-Month Period Nine-Month Period Cost of products sold $ 382 $ 957 Marketing and administrative expenses 53 153 Total operating lease costs $ 435 $ 1,110 The Company’s operating leases have a weighted-average remaining lease term of 3.2 3.84%. The following table represents the maturities of the Company’s operating lease liabilities as of December 29, 2019 ( Fiscal Year 2020 $ 362 2021 1,869 2022 1,726 2023 1,685 2024 280 Total undiscounted operating lease payments 5,922 Imputed interest (371 ) Total operating lease liabilities $ 5,551 The following table represents the Company’s commitment for minimum guaranteed rental payments under its lease agreements as of March 31, 2019 ( Fiscal Year 2020 $ 1,406 2021 497 2022 42 Total $ 1,945 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | N ote 7 – S tock-based Compensation The 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 not ten December 29, 2019, 440,000 2014 may Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation – Stock Compensation $79,000 $84,000 three December 29, 2019 December 30, 2018, $219,000 $281,000 nine December 29, 2019 December 30, 2018, No December 29, 2019. Stock Options: nine December 29, 2019 December 30, 2018: Nine-Month Periods Ended December 29, 2019 December 30, 2018 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.45 457,500 $ 7.93 395,000 Granted 4.76 125,000 5.90 110,000 Exercised 6.20 (10,000 ) - - Forfeited 7.07 (55,000 ) 7.83 (47,500 ) Outstanding at End of Period 6.86 517,500 7.45 457,500 Exercisable at End of Period 7.74 347,500 8.03 292,500 As of December 29, 2019, $205,000 $28,000, not three nine December 29, 2019. may $3,000 three nine December 29, 2019. no three nine December 30, 2018. 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 the nine December 29, 2019 December 30, 2018, two Nine-Month Periods Ended December 29, 2019 December 30, 2018 Number of options issued 125,000 110,000 Grant date June 13, 2019 June 13, 2018 Dividend yield 6.72 % 5.42 % Expected volatility 25.00 % 25.00 % Risk free interest rate 1.81 % 2.78 % Contractual term (years) 10.00 10.00 Expected term (years) 4.00 4.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 4.76 $ 5.90 Fair value per option $ 0.39 $ 0.49 During the three December 29, 2019 December 30, 2018, Three-Month Period Ended December 29, 2019 Three-Month Period Ended December 30, 2018 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2018 $ - $ - $ - $ 4 $ 6 $ 10 2019 2 4 6 2 4 6 2020 2 3 5 - - - Total stock option compensation $ 4 $ 7 $ 11 $ 6 $ 10 $ 16 During the nine December 29, 2019 December 30, 2018, Nine-Month Period Ended December 29, 2019 Nine-Month Period Ended December 30, 2018 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2017 $ - $ - $ - $ 6 $ 5 $ 11 2018 5 1 6 14 19 33 2019 7 6 13 5 8 13 2020 5 7 12 - - - Total stock option compensation $ 17 $ 14 $ 31 $ 25 $ 32 $ 57 As of December 29, 2019, $48,000, 9.9 Non-vested Stock Granted to Non - e mployee Directors: Number of Shares Fair Value per Share Grant Date 46,512 $ 5.16 August 14, 2019 28,000 5.43 August 8, 2018 28,000 5.50 August 9, 2017 28,000 10.08 August 10, 2016 These shares vest over a two August 2019 2018, 28,000 $135,000 $151,000, Non-vested Stock Granted to Employees: January 18, 2019, 25,000 January 18, 2021, $5.86 Performance Bonus Plan: may may two three two No 2019 2020 2019 $116,000 2018 2017. The table below sets forth the vesting of shares granted under the performance bonus plan, as well as the number of shares surrendered to the Company to satisfy the income tax withholding obligations that arose from the vesting of the shares and the taxes remitted to the appropriate taxing authorities on behalf of such individuals. Vesting of shares during the nine -month periods ended Fiscal Dec ember 29, 201 9 Dec ember 30 , 2018 Year Shares Shares Aggregate Taxes Shares Aggregate Taxes Granted Granted Vested Value Remitted Vested Value Remitted 2017 41,205 - $ - $ - 20,601 $ 122,000 $ 39,000 2018 42,250 21,125 109,000 17,000 21,125 124,000 56,000 Total 21,125 $ 109,000 $ 17,000 41,726 $ 246,000 $ 95,000 For the three December 29, 2019 December 30, 2018, Three-Month Period Ended December 29, 2019 Three-Month Period Ended December 30, 2018 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2018 $ - $ - $ - $ 29 $ 19 $ 48 2019 19 19 38 - 20 20 2020 - 30 30 - - - Total stock grant compensation $ 19 $ 49 $ 68 $ 29 $ 39 $ 68 For the nine December 29, 2019 December 30, 2018, Nine-Month Period Ended December 29, 2019 Nine-Month Period Ended December 30, 2018 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2017 $ - $ - $ - $ - $ 47 $ 47 2018 - 26 26 87 58 145 2019 55 57 112 - 32 32 2020 - 50 50 - - - Total stock grant compensation $ 55 $ 133 $ 188 $ 87 $ 137 $ 224 As of December 29, 2019, $313,000, 12.3 |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 9 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | N ote 8 – Subsequent Event s On January 7, 2020, March 29, 2015 $212,000 three March 29, 2020. March 29, 2015, $84,000 three March 29, 2020. The Company has evaluated all other events which have occurred between December 29, 2019 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 29, 2019 | |
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 29, 2019 three nine December 29, 2019 not may March 29, 2020. 10 March 31, 2019. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year: March 31. 2020” “2020” 52 March 29, 2020 2019” “2019” 52 March 31, 2019. |
Reclassification, Policy [Policy Text Block] | Reclassifications: None |
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 Cost [Policy Text Block] | Advertising Cost s : $261,000 $295,000 three December 29, 2019 December 30, 2018, $805,000 $968,000 nine December 29, 2019 December 30, 2018, |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: A provision for anticipated returns, which are based upon historical returns and claims, is provided through a reduction of net sales and cost of products sold in the reporting period within which the related sales are recorded. Actual returns and claims experienced in a future period may may The Company recognizes revenue associated with unredeemed store credits and gift certificates at the earlier of their redemption by customers, their expiration or when their likelihood of redemption becomes remote, which is generally two Revenue from sales made directly to consumers is recorded when the shipped products have been received by customers, and excludes sales taxes collected on behalf of governmental entities. Revenue from sales made to retailers is recorded when legal title has been passed to the customer based upon the terms of the customer’s purchase order, the Company’s sales invoice, or other associated relevant documents. Such terms usually stipulate that legal title will pass when the shipped products are no 60 “ Segment and Related Information ” 1. |
Receivable [Policy Text Block] | Allowances Against Accounts Receivable: no Uncollectible Accounts: not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Concentration: December 29, 2019 $15.5 $665,000. $14.6 $25,000 $14.7 |
Other Accrued Liabilities [Policy Text Block] | Other Accrued Liabilities : $272,000 December 29, 2019. $119,000 December 29, 2019 $14,000 $12,000. |
Segment Reporting, Policy [Policy Text Block] | Segment and Related Information: one three nine December 29, 2019 December 30, 2018 Three-Month Periods Ended Nine-Month Periods Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Bedding, blankets and accessories $ 9,605 $ 9,817 $ 27,682 $ 29,873 Bibs, bath, developmental toy, feeding, baby care and disposable products 8,982 8,851 25,407 24,791 Total net sales $ 18,587 $ 18,668 $ 53,089 $ 54,664 |
Inventory, Policy [Policy Text Block] | Inventory Valuation: first first The determination of the indirect charges and their allocation to the Company's finished goods inventories is complex and requires significant management judgment and estimates. If management made different judgments or utilized different estimates, then such differences would result in a change in the valuation of the Company's inventories and the amount and timing of the Company's cost of products sold and the resulting net income for the reporting period. On a periodic basis, management reviews its 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 [Policy Text Block] | Royalty Payments: $1.3 three December 29, 2019 December 30, 2018, $3.5 $3.7 nine December 29, 2019 December 30, 2018, |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization: three eight five twenty |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Long-Lived Assets and Identifiable Intangible Assets : may not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patent Costs: |
Income Tax, Policy [Policy Text Block] | Provision for Income Taxes: nine December 29, 2019 December 30, 2018 23.3% 24.2%, The Company files income tax returns in the many jurisdictions in which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations varies by jurisdiction; tax years open to examination or other adjustment as of December 29, 2019 March 31, 2019, April 1, 2018, April 2, 2017, April 3, 2016, March 29, 2015 March 30, 2014. 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% After considering all relevant information regarding the calculation of the state portion of its income tax provision, the Company believes that the technical merits of the tax position that the Company has taken with respect to state apportionment percentages would more likely than not $29,000 $7,000 three December 29, 2019 December 30, 2018, $71,000 $66,000 nine December 29, 2019 December 30, 2018, The Company’s policy is to accrue interest expense and penalties as appropriate on estimated unrecognized tax liabilities as a charge to interest expense in the Company’s consolidated statements of income. The Company accrued interest and penalties associated with its reserve for unrecognized tax liabilities during the three December 29, 2019 December 30, 2018 $18,000 $22,000, nine December 29, 2019 December 30, 2018 $62,000 $68,000, No In December 2016, March 30, 2014, March 31, 2013, April 1, 2012 April 3, 2011. On July 31, 2019, no March 31, 2013, April 1, 2012 April 3, 2011. $232,000 nine December 29, 2019 $78,000 nine December 29, 2019. As of January 30, 2020, March 30, 2014 not one not During each of the three nine December 29, 2019, $276,000 During the three nine December 29, 2019, $1,000 $5,000, $12,000 nine December 30, 2018 The ETR on continuing operations and the discrete income tax charges and benefits set forth above resulted in an overall provision for income taxes of 16.0% 25.8% nine December 29, 2019 December 30, 2018, |
Earnings Per Share, Policy [Policy Text Block] | E arnings Per Share: |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently-Issued Accounting Standards : June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 not No. 2016 13 ASU No. 2016 13 December 15, 2018. No. 2016 13 no December 15, 2019, November 15, 2019, No. 2019 10, Financial Instruments – Credit Losses (Topic 326 , Derivatives and Hedging (Topi c 815 842 ) : Effective Dates No. 2016 13 first December 15, 2022. No. 2016 13 April 3, 2023. not No. 2016 13, not The Company has determined that all other ASUs which had become effective as of December 29, 2019, not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three-Month Periods Ended Nine-Month Periods Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Bedding, blankets and accessories $ 9,605 $ 9,817 $ 27,682 $ 29,873 Bibs, bath, developmental toy, feeding, baby care and disposable products 8,982 8,851 25,407 24,791 Total net sales $ 18,587 $ 18,668 $ 53,089 $ 54,664 |
Note 4 - Other Intangible Ass_2
Note 4 - Other Intangible Assets (Tables) | 9 Months Ended |
Dec. 29, 2019 | |
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 29, March 31, December 29, March 31, December 29, December 30, December 29, December 30, 2019 2019 2019 2019 2019 2018 2019 2018 Tradename and trademarks $ 3,667 $ 3,667 $ 1,685 $ 1,501 $ 62 $ 62 $ 184 $ 171 Developed technology 1,100 1,100 266 183 28 28 83 83 Non-compete covenants 458 458 258 200 19 19 58 58 Patents 1,601 1,601 862 781 27 27 81 81 Customer relationships 7,374 7,374 5,338 5,103 78 78 235 235 Total other intangible assets $ 14,200 $ 14,200 $ 8,409 $ 7,768 $ 214 $ 214 $ 641 $ 628 Classification within the accompanying unaudited condensed consolidated statements of income: Cost of products sold $ 2 $ 2 $ 5 $ 5 Marketing and administrative expenses 212 212 636 623 Total amortization expense $ 214 $ 214 $ 641 $ 628 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 29, 2019 March 31, 2019 Raw Materials $ 642 $ 617 Work in Process 33 56 Finished Goods 22,965 18,861 Total inventory $ 23,640 $ 19,534 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Periods Ended December 29, 2019 Three-Month Period Nine-Month Period Cost of products sold $ 382 $ 957 Marketing and administrative expenses 53 153 Total operating lease costs $ 435 $ 1,110 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year 2020 $ 362 2021 1,869 2022 1,726 2023 1,685 2024 280 Total undiscounted operating lease payments 5,922 Imputed interest (371 ) Total operating lease liabilities $ 5,551 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Fiscal Year 2020 $ 1,406 2021 497 2022 42 Total $ 1,945 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Nine-Month Periods Ended December 29, 2019 December 30, 2018 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.45 457,500 $ 7.93 395,000 Granted 4.76 125,000 5.90 110,000 Exercised 6.20 (10,000 ) - - Forfeited 7.07 (55,000 ) 7.83 (47,500 ) Outstanding at End of Period 6.86 517,500 7.45 457,500 Exercisable at End of Period 7.74 347,500 8.03 292,500 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine-Month Periods Ended December 29, 2019 December 30, 2018 Number of options issued 125,000 110,000 Grant date June 13, 2019 June 13, 2018 Dividend yield 6.72 % 5.42 % Expected volatility 25.00 % 25.00 % Risk free interest rate 1.81 % 2.78 % Contractual term (years) 10.00 10.00 Expected term (years) 4.00 4.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 4.76 $ 5.90 Fair value per option $ 0.39 $ 0.49 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three-Month Period Ended December 29, 2019 Three-Month Period Ended December 30, 2018 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2018 $ - $ - $ - $ 4 $ 6 $ 10 2019 2 4 6 2 4 6 2020 2 3 5 - - - Total stock option compensation $ 4 $ 7 $ 11 $ 6 $ 10 $ 16 Nine-Month Period Ended December 29, 2019 Nine-Month Period Ended December 30, 2018 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2017 $ - $ - $ - $ 6 $ 5 $ 11 2018 5 1 6 14 19 33 2019 7 6 13 5 8 13 2020 5 7 12 - - - Total stock option compensation $ 17 $ 14 $ 31 $ 25 $ 32 $ 57 |
Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date 46,512 $ 5.16 August 14, 2019 28,000 5.43 August 8, 2018 28,000 5.50 August 9, 2017 28,000 10.08 August 10, 2016 |
Schedule of Nonvested Share Activity [Table Text Block] | Three-Month Period Ended December 29, 2019 Three-Month Period Ended December 30, 2018 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2018 $ - $ - $ - $ 29 $ 19 $ 48 2019 19 19 38 - 20 20 2020 - 30 30 - - - Total stock grant compensation $ 19 $ 49 $ 68 $ 29 $ 39 $ 68 Nine-Month Period Ended December 29, 2019 Nine-Month Period Ended December 30, 2018 Non-employee Total Non-employee Total Stock Granted in Fiscal Year Employees Directors Expense Employees Directors Expense 2017 $ - $ - $ - $ - $ 47 $ 47 2018 - 26 26 87 58 145 2019 55 57 112 - 32 32 2020 - 50 50 - - - Total stock grant compensation $ 55 $ 133 $ 188 $ 87 $ 137 $ 224 |
Performance Shares [Member] | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Vesting of shares during the nine -month periods ended Fiscal Dec ember 29, 201 9 Dec ember 30 , 2018 Year Shares Shares Aggregate Taxes Shares Aggregate Taxes Granted Granted Vested Value Remitted Vested Value Remitted 2017 41,205 - $ - $ - 20,601 $ 122,000 $ 39,000 2018 42,250 21,125 109,000 17,000 21,125 124,000 56,000 Total 21,125 $ 109,000 $ 17,000 41,726 $ 246,000 $ 95,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Mar. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 15,500,000 | $ 15,500,000 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 665,000 | 665,000 | |||
Other Accrued Liabilities, Current | 272,000 | $ 272,000 | $ 483,000 | ||
Number of Operating Segments | 1 | ||||
Cost of Goods and Services Sold, Total | 12,766,000 | $ 13,071,000 | $ 36,848,000 | $ 38,569,000 | |
Estimated Effective Income Tax Rate Reconciliation, Continuing Operations, Before Discrete Changes, Percent | 23.30% | 24.20% | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 29,000 | 7,000 | $ 71,000 | $ 66,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 18,000 | 22,000 | 62,000 | 68,000 | |
Tax Adjustments, Settlements, and Unusual Provisions | (232,000) | ||||
Interest Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (78,000) | ||||
Income Tax Expense (Benefit), Discrete Effect From Tax Credits | (276,000) | (276,000) | |||
Discrete Income Tax Charge, Shortfall from Vesting of Non-vested Stock | (1,000) | $ 5,000 | $ 12,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 16.00% | 25.80% | |||
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 | ||||
Royalty [Member] | |||||
Cost of Goods and Services Sold, Total | 1,300,000 | 1,300,000 | $ 3,500,000 | $ 3,700,000 | |
Other Accrued Liabilities [Member] | Up-front Payment Arrangement [Member] | |||||
Deferred Revenue, Current, Total | 119,000 | 119,000 | |||
Other Accrued Liabilities [Member] | Customer Returns [Member] | |||||
Deferred Revenue, Current, Total | 14,000 | 14,000 | |||
Other Accrued Liabilities [Member] | Unredeemed Store Credits and Gift Certificates [Member] | |||||
Deferred Revenue, Current, Total | 12,000 | 12,000 | |||
Receivable Due from Factor [Member] | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 14,600,000 | 14,600,000 | |||
Negative Balance Outstanding Under Revolving Line of Credit [Member] | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 25,000 | 25,000 | |||
Receivable from Factor, and Negative Balance on Revolving Line of Credit [Member] | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 14,700,000 | 14,700,000 | |||
Selling, General and Administrative Expenses [Member] | |||||
Advertising Expense | $ 261,000 | $ 295,000 | $ 805,000 | $ 968,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Segment and Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Net sales | $ 18,587 | $ 18,668 | $ 53,089 | $ 54,664 |
Bedding, Blankets, And Accessories [Member] | ||||
Net sales | 9,605 | 9,817 | 27,682 | 29,873 |
Bibs, Bath, And Disposable Products [Member] | ||||
Net sales | $ 8,982 | $ 8,851 | $ 25,407 | $ 24,791 |
Note 2 - Financing Arrangemen_2
Note 2 - Financing Arrangements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Mar. 31, 2019 | |
Selling, General and Administrative Expense, Total | $ 3,416,000 | $ 3,446,000 | $ 10,344,000 | $ 10,958,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 23,700,000 | 23,700,000 | $ 19,400,000 | ||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 26,000,000 | 26,000,000 | |||
Long-term Line of Credit, Total | 0 | 0 | 4,500,000 | ||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 | $ 0 | ||
Revolving Credit Facility [Member] | Prime Rate [Member] | |||||
Debt Instrument Basis Spread Below Variable Rate | 0.50% | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.75% | 2.75% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.44% | 3.44% | |||
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, Total | $ 75,000 | $ 64,000 | $ 188,000 | $ 192,000 |
Note 3 - Goodwill (Details Text
Note 3 - Goodwill (Details Textual) - USD ($) $ in Thousands | Dec. 29, 2019 | Apr. 01, 2019 | Mar. 31, 2019 |
Goodwill, Gross | $ 30,000 | $ 30,000 | |
Goodwill, Impaired, Accumulated Impairment Loss | 22,900 | $ 0 | 22,900 |
Goodwill, Ending Balance | $ 7,125 | $ 7,125 |
Note 4 - Other Intangible Ass_3
Note 4 - Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Mar. 31, 2019 | |
Finite-lived intangible assets, gross amount | $ 14,200 | $ 14,200 | $ 14,200 | ||
Finite-lived intangible assets, accumulated amortization | 8,409 | 8,409 | 7,768 | ||
Amortization expense | 214 | $ 214 | 641 | $ 628 | |
Cost of Sales [Member] | |||||
Amortization expense | 2 | 2 | 5 | 5 | |
Selling, General and Administrative Expenses [Member] | |||||
Amortization expense | 212 | 212 | 636 | 623 | |
Trademarks and Trade Names [Member] | |||||
Finite-lived intangible assets, gross amount | 3,667 | 3,667 | 3,667 | ||
Finite-lived intangible assets, accumulated amortization | 1,685 | 1,685 | 1,501 | ||
Amortization expense | 62 | 62 | 184 | 171 | |
Developed Technology [Member] | |||||
Finite-lived intangible assets, gross amount | 1,100 | 1,100 | 1,100 | ||
Finite-lived intangible assets, accumulated amortization | 266 | 266 | 183 | ||
Amortization expense | 28 | 28 | 83 | 83 | |
Noncompete Agreements [Member] | |||||
Finite-lived intangible assets, gross amount | 458 | 458 | 458 | ||
Finite-lived intangible assets, accumulated amortization | 258 | 258 | 200 | ||
Amortization expense | 19 | 19 | 58 | 58 | |
Patents [Member] | |||||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 | 1,601 | ||
Finite-lived intangible assets, accumulated amortization | 862 | 862 | 781 | ||
Amortization expense | 27 | 27 | 81 | 81 | |
Customer Relationships [Member] | |||||
Finite-lived intangible assets, gross amount | 7,374 | 7,374 | 7,374 | ||
Finite-lived intangible assets, accumulated amortization | 5,338 | 5,338 | $ 5,103 | ||
Amortization expense | $ 78 | $ 78 | $ 235 | $ 235 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Mar. 31, 2019 |
Raw Materials | $ 642 | $ 617 |
Work in Process | 33 | 56 |
Finished Goods | 22,965 | 18,861 |
Total inventory | $ 23,640 | $ 19,534 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2019 | Dec. 29, 2019 | Apr. 01, 2019 | Mar. 31, 2019 | |
Operating Lease, Right-of-Use Asset | $ 5,416,000 | $ 5,416,000 | $ 1,900,000 | |
Reclassification from Deferred Rent to Operating Lease, Right-of-Use Asset | 99,000 | |||
Operating Lease, Liability, Total | 5,551,000 | 5,551,000 | $ 1,900,000 | |
Operating Lease, Payments | $ 362,000 | $ 1,100,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 73 days | 3 years 73 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.84% | 3.84% |
Note 6 - Leases - Classificatio
Note 6 - Leases - Classification of Operating Lease Costs in Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 29, 2019 | Dec. 29, 2019 | |
Operating Lease Costs | $ 435 | $ 1,110 |
Cost of Sales [Member] | ||
Operating Lease Costs | 382 | 957 |
Selling, General and Administrative Expenses [Member] | ||
Operating Lease Costs | $ 53 | $ 153 |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) | Dec. 29, 2019 | Apr. 01, 2019 |
2020 | $ 362,000 | |
2021 | 1,869,000 | |
2022 | 1,726,000 | |
2023 | 1,685,000 | |
2024 | 280,000 | |
Total undiscounted operating lease payments | 5,922,000 | |
Imputed interest | (371,000) | |
Total operating lease liabilities | $ 5,551,000 | $ 1,900,000 |
Note 6 - Leases - Minimum Guara
Note 6 - Leases - Minimum Guaranteed Rental Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2020 | $ 1,406 |
2021 | 497 |
2022 | 42 |
Total | $ 1,945 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | Aug. 14, 2019 | Aug. 08, 2019 | Jan. 18, 2019 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Mar. 31, 2019 |
Common Stock, Capital Shares Reserved for Future Issuance | 440,000 | 440,000 | ||||||
Share-based Payment Arrangement, Expense | $ 79,000 | $ 84,000 | $ 219,000 | $ 281,000 | ||||
Share-based Payment Arrangement, Amount Capitalized | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 205,000 | 205,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 28,000 | 28,000 | ||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 3,000 | $ 3,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 10,000 | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 days | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 313,000 | $ 313,000 | ||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Expense | 11,000 | $ 16,000 | $ 31,000 | $ 57,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | 2 years | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 48,000 | $ 48,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 297 days | |||||||
Non-vested Stock Grants [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 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 135,000 | $ 151,000 | ||||||
Restricted Stock [Member] | Subsidiary CEO And President [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 25,000 | |||||||
Share Base Compensation Arrangement by Share Based Payment Award Equity Instrument Other Than Options Grants in Period Total Grant Date Fair Value | $ 5.86 | |||||||
Performance Shares [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 116,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | ||||||
The 2014 Omnibus Equity Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share) | $ 7.45 | $ 7.93 | ||
Outstanding, Shares, beginning balance (in shares) | 457,500 | 395,000 | ||
Granted, Weighted-average exercise price (in dollars per share) | $ 4.76 | $ 5.90 | ||
Number of options issued (in shares) | 125,000 | 110,000 | ||
Exercised, Weighted-average exercise price (in dollars per share) | $ 6.20 | |||
Exercised, Shares (in shares) | 0 | 0 | (10,000) | 0 |
Forfeited, Weighted-average exercise price (in dollars per share) | $ 7.07 | $ 7.83 | ||
Forfeited, Shares (in shares) | (55,000) | (47,500) | ||
Outstanding, Weighted-average exercise price, ending balance (in dollars per share) | $ 6.86 | $ 7.45 | $ 6.86 | $ 7.45 |
Outstanding, Shares, ending balance (in shares) | 517,500 | 457,500 | 517,500 | 457,500 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 7.74 | $ 8.03 | $ 7.74 | $ 8.03 |
Exercisable, Shares (in shares) | 347,500 | 292,500 | 347,500 | 292,500 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 9 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Number of options issued (in shares) | 125,000 | 110,000 |
June 13, 2019 [Member] | ||
Number of options issued (in shares) | 125,000 | |
Grant date | Jun. 13, 2019 | |
Dividend yield | 6.72% | |
Expected volatility | 25.00% | |
Risk free interest rate | 1.81% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 4 years | |
Forfeiture rate | 5.00% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 4.76 | |
Fair value per option (in dollars per share) | $ 0.39 | |
June 13, 2018 [Member] | ||
Number of options issued (in shares) | 110,000 | |
Grant date | Jun. 13, 2018 | |
Dividend yield | 5.42% | |
Expected volatility | 25.00% | |
Risk free interest rate | 2.78% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 4 years | |
Forfeiture rate | 5.00% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 5.90 | |
Fair value per option (in dollars per share) | $ 0.49 |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Allocated share-based compensation | $ 79,000 | $ 84,000 | $ 219,000 | $ 281,000 |
Share-based Payment Arrangement, Option [Member] | ||||
Allocated share-based compensation | 11,000 | 16,000 | 31,000 | 57,000 |
Share-based Payment Arrangement, Option [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 4,000 | 6,000 | 17,000 | 25,000 |
Share-based Payment Arrangement, Option [Member] | Marketing and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 7,000 | 10,000 | 14,000 | 32,000 |
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2018 [Member] | ||||
Allocated share-based compensation | 10,000 | 6,000 | 33,000 | |
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2018 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 4,000 | 5,000 | 14,000 | |
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2018 [Member] | Marketing and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 6,000 | 1,000 | 19,000 | |
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2017 [Member] | ||||
Allocated share-based compensation | 11,000 | |||
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2017 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 6,000 | |||
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2017 [Member] | Marketing and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 5,000 | |||
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2019 [Member] | ||||
Allocated share-based compensation | 6,000 | 6,000 | 13,000 | 13,000 |
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2019 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 2,000 | 2,000 | 7,000 | 5,000 |
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2019 [Member] | Marketing and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 4,000 | 4,000 | 6,000 | 8,000 |
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2020 [Member] | ||||
Allocated share-based compensation | 5,000 | 12,000 | ||
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2020 [Member] | Cost of Sales [Member] | ||||
Allocated share-based compensation | 2,000 | 5,000 | ||
Share-based Payment Arrangement, Option [Member] | Fiscal Year 2020 [Member] | Marketing and Administrative Expenses [Member] | ||||
Allocated share-based compensation | $ 3,000 | $ 7,000 |
Note 7 - Stock-based Compensa_7
Note 7 - Stock-based Compensation - Non-vested Stock to Directors (Details) - Non Employee Directors [Member] - Non-vested Stock Grants [Member] | 9 Months Ended |
Dec. 29, 2019$ / sharesshares | |
August 14, 2019 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.16 |
Number of Shares (in shares) | shares | 46,512 |
August 8, 2018 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.43 |
Number of Shares (in shares) | shares | 28,000 |
August 9 2017 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.50 |
Number of Shares (in shares) | shares | 28,000 |
August 10, 2016 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 10.08 |
Number of Shares (in shares) | shares | 28,000 |
Note 7 - Stock-based Compensa_8
Note 7 - 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. 29, 2019 | Dec. 29, 2019 | Dec. 30, 2018 | Mar. 31, 2019 | |
Shares Vested, Taxes Remitted | $ 3,000 | $ 3,000 | ||
Performance Bonus Plan [Member] | ||||
Shares Vested (in shares) | 21,125 | 41,726 | ||
Shares Vested, Aggregate Value | $ 109,000 | $ 246,000 | ||
Shares Vested, Taxes Remitted | $ 17,000 | $ 95,000 | ||
Performance Shares [Member] | ||||
Number of Shares (in shares) | 0 | 0 | ||
Performance Shares [Member] | Earned in Fiscal Year 2016, Granted in Fiscal Year 2017 [Member] | Performance Bonus Plan [Member] | ||||
Number of Shares (in shares) | 41,205 | |||
Shares Vested (in shares) | 20,601 | |||
Shares Vested, Aggregate Value | $ 122,000 | |||
Shares Vested, Taxes Remitted | $ 39,000 | |||
Performance Shares [Member] | Earned in Fiscal Year 2017, Granted in Fiscal Year 2018 [Member] | Performance Bonus Plan [Member] | ||||
Number of Shares (in shares) | 42,250 | |||
Shares Vested (in shares) | 21,125 | 21,125 | ||
Shares Vested, Aggregate Value | $ 109,000 | $ 124,000 | ||
Shares Vested, Taxes Remitted | $ 17,000 | $ 56,000 |
Note 7 - Stock-based Compensa_9
Note 7 - Stock-based Compensation - Compensation Expense Associated with Non-vested Stock Grants (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Allocated share-based compensation | $ 79,000 | $ 84,000 | $ 219,000 | $ 281,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||||
Allocated share-based compensation | 68,000 | 68,000 | 188,000 | 224,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | ||||
Allocated share-based compensation | 48,000 | 26,000 | 145,000 | |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | ||||
Allocated share-based compensation | 47,000 | |||
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2019 [Member] | ||||
Allocated share-based compensation | 38,000 | 20,000 | 112,000 | 32,000 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2020 [Member] | ||||
Allocated share-based compensation | 30,000 | 50,000 | ||
Selling, General and Administrative Expenses [Member] | Employee [Member] | Non-vested Stock Grants [Member] | ||||
Allocated share-based compensation | 19,000 | 29,000 | 55,000 | 87,000 |
Selling, General and Administrative Expenses [Member] | Employee [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | ||||
Allocated share-based compensation | 29,000 | 87,000 | ||
Selling, General and Administrative Expenses [Member] | Employee [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | ||||
Allocated share-based compensation | ||||
Selling, General and Administrative Expenses [Member] | Employee [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2019 [Member] | ||||
Allocated share-based compensation | 19,000 | 55,000 | ||
Selling, General and Administrative Expenses [Member] | Employee [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2020 [Member] | ||||
Allocated share-based compensation | ||||
Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member] | Non-vested Stock Grants [Member] | ||||
Allocated share-based compensation | 49,000 | 39,000 | 133,000 | 137,000 |
Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2018 [Member] | ||||
Allocated share-based compensation | 19,000 | 26,000 | 58,000 | |
Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2017 [Member] | ||||
Allocated share-based compensation | 47,000 | |||
Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2019 [Member] | ||||
Allocated share-based compensation | 19,000 | 20,000 | 57,000 | 32,000 |
Selling, General and Administrative Expenses [Member] | Non Employee Directors [Member] | Non-vested Stock Grants [Member] | Fiscal Year 2020 [Member] | ||||
Allocated share-based compensation | $ 30,000 | $ 50,000 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - State and Local Jurisdiction [Member] - California Franchise Tax Board [Member] - Subsequent Event [Member] - Fiscal Year Ended March 29, 2015 [Member] | Jan. 07, 2020USD ($) |
Income Tax Expense (Benefit), Discrete Items, Reserve for Unrecognized Tax Benefits | $ (212,000) |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 84,000 |