Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 03, 2022 | Jun. 02, 2022 | Sep. 24, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000025895 | ||
Entity Registrant Name | CROWN CRAFTS INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-03 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 3, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-7604 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 58-0678148 | ||
Entity Address, Address Line One | 916 S. Burnside Ave | ||
Entity Address, City or Town | Gonzales | ||
Entity Address, State or Province | LA | ||
Entity Address, Postal Zip Code | 70737 | ||
City Area Code | 225 | ||
Local Phone Number | 647-9100 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CRWS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 65,100,000 | ||
Entity Common Stock, Shares Outstanding | 10,076,496 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Baton Rouge, LA | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 03, 2022 | Mar. 28, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,598,000 | $ 613,000 |
Accounts receivable (net of allowances of $945 at April 3, 2022 and $723 at March 28, 2021): | ||
Due from factor | 21,093,000 | 18,604,000 |
Other | 2,133,000 | 734,000 |
Inventories | 20,653,000 | 20,335,000 |
Prepaid expenses | 1,031,000 | 1,184,000 |
Total current assets | 46,508,000 | 41,470,000 |
Operating lease right of use assets | 2,423,000 | 4,068,000 |
Property, plant and equipment - at cost: | ||
Vehicles | 182,000 | 171,000 |
Leasehold improvements | 425,000 | 425,000 |
Machinery and equipment | 3,581,000 | 3,152,000 |
Furniture and fixtures | 367,000 | 345,000 |
Property, plant and equipment - gross | 4,555,000 | 4,093,000 |
Less accumulated depreciation | 3,198,000 | 2,635,000 |
Property, plant and equipment - net | 1,357,000 | 1,458,000 |
Finite-lived intangible assets - at cost: | ||
Customer relationships | 7,374,000 | 7,374,000 |
Other finite-lived intangible assets | 4,266,000 | 4,266,000 |
Finite-lived intangible assets - gross | 11,640,000 | 11,640,000 |
Less accumulated amortization | 8,986,000 | 8,477,000 |
Finite-lived intangible assets - net | 2,654,000 | 3,163,000 |
Goodwill | 7,125,000 | 7,125,000 |
Deferred income taxes | 0 | 706,000 |
Other | 88,000 | 92,000 |
Total Assets | 60,155,000 | 58,082,000 |
Current liabilities: | ||
Accounts payable | 6,375,000 | 5,539,000 |
Accrued wages and benefits | 2,196,000 | 2,216,000 |
Accrued royalties | 462,000 | 410,000 |
Dividends payable | 827,000 | 800,000 |
Operating lease liabilities, current | 1,832,000 | 1,802,000 |
Other accrued liabilities | 94,000 | 215,000 |
Current maturities of long-term debt | 0 | 1,964,000 |
Total current liabilities | 11,786,000 | 12,946,000 |
Non-current liabilities: | ||
Deferred income taxes | 1,020,000 | 0 |
Operating lease liabilities, noncurrent | 809,000 | 2,641,000 |
Reserve for unrecognized tax liabilities | 739,000 | 630,000 |
Total non-current liabilities | 2,568,000 | 3,271,000 |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at April 3, 2022 and March 28, 2021; Issued 12,944,918 shares at April 3, 2022 and 12,809,753 shares at March 28, 2021 | 129,000 | 128,000 |
Additional paid-in capital | 55,925,000 | 54,748,000 |
Treasury stock - at cost - 2,864,698 shares at April 3, 2022 and 2,811,446 shares at March 28, 2021 | (15,614,000) | (15,202,000) |
Retained Earnings | 5,361,000 | 2,191,000 |
Total shareholders' equity | 45,801,000 | 41,865,000 |
Total Liabilities and Shareholders' Equity | $ 60,155,000 | $ 58,082,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Apr. 03, 2022 | Mar. 28, 2021 |
Allowance for doubtful accounts receivable | $ 945 | $ 723 |
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) | 12,944,918 | 12,809,753 |
Treasury stock, shares (in shares) | 2,864,698 | 2,811,446 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Net sales | $ 87,360 | $ 79,164 |
Cost of products sold | 64,052 | 55,067 |
Gross profit | 23,308 | 24,097 |
Marketing and administrative expenses | 13,002 | 14,218 |
Loss from impairment of long-lived assets | 0 | 2,234 |
Income from operations | 10,306 | 7,645 |
Other (expense) income: | ||
Interest expense - net of interest income | (50) | 83 |
Gain on extinguishment of debt | 1,985 | 0 |
Gain (Loss) on sale of property, plant and equipment | 18 | (4) |
Other - net | 67 | (1) |
Income before income tax expense | 12,326 | 7,723 |
Income tax expense | 2,408 | 1,642 |
Net income | $ 9,918 | $ 6,081 |
Weighted average shares outstanding: | ||
Basic (in shares) | 10,055 | 10,144 |
Effect of dilutive securities (in shares) | 29 | 6 |
Diluted (in shares) | 10,084 | 10,150 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.99 | $ 0.60 |
Diluted (in dollars per share) | $ 0.98 | $ 0.60 |
Consolidated Statements of Chan
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 Mar. 29, 2020 | 12,603,301 | (2,436,494) | |||
Balances at Mar. 29, 2020 | $ 126 | $ (12,408) | $ 53,610 | $ 1,108 | $ 42,436 |
Issuance of shares (in shares) | 206,452 | ||||
Issuance of shares | $ 2 | 744 | 746 | ||
Stock-based compensation | 394 | $ 394 | |||
Acquisition of treasury stock (in shares) | 0 | (374,952) | (53,000) | ||
Acquisition of treasury stock | $ 0 | $ (2,794) | 0 | 0 | $ (2,794) |
Net income | $ 0 | 0 | 6,081 | 6,081 | |
Dividend declared on common stock | (4,998) | (4,998) | |||
Balances (in shares) at Mar. 28, 2021 | 12,809,753 | (2,811,446) | |||
Balances at Mar. 28, 2021 | $ 128 | $ (15,202) | 54,748 | 2,191 | 41,865 |
Issuance of shares (in shares) | 135,165 | ||||
Issuance of shares | $ 1 | 343 | 344 | ||
Stock-based compensation | 834 | $ 834 | |||
Acquisition of treasury stock (in shares) | (53,252) | (125,000) | |||
Acquisition of treasury stock | $ (412) | $ (412) | |||
Net income | 9,918 | 9,918 | |||
Dividend declared on common stock | (6,748) | (6,748) | |||
Balances (in shares) at Apr. 03, 2022 | 12,944,918 | (2,864,698) | |||
Balances at Apr. 03, 2022 | $ 129 | $ (15,614) | $ 55,925 | $ 5,361 | $ 45,801 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Dividends declared, per share (in dollars per share) | $ 0.67 | $ 0.49 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Operating activities: | ||
Net income | $ 9,918 | $ 6,081 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 652 | 741 |
Amortization of intangibles | 509 | 790 |
Amortization of right of use assets | 1,762 | 1,893 |
Deferred income taxes | 1,726 | (267) |
Gain on extinguishment of debt | (1,985) | 0 |
Loss from impairment of long-lived assets | 0 | 2,234 |
(Gain) loss on sale of property, plant and equipment | (18) | 4 |
Reserve for unrecognized tax liabilities | 109 | (91) |
Stock-based compensation | 834 | 394 |
Changes in assets and liabilities: | ||
Accounts receivable | (3,888) | (1,535) |
Inventories | (318) | (2,603) |
Prepaid expenses | 153 | 40 |
Other assets | 4 | 3 |
Lease liabilities | (1,919) | (1,800) |
Accounts payable | 793 | 2,519 |
Accrued liabilities | (68) | 335 |
Net cash provided by operating activities | 8,264 | 8,738 |
Cash used in investing activities: | ||
Capital expenditures for property, plant and equipment | (531) | (733) |
Proceeds from sale of property, plant and equipment | 41 | 0 |
Net cash used in investing activities | (490) | (733) |
Financing activities: | ||
Repayments under revolving line of credit | (25,158) | (22,290) |
Borrowings under revolving line of credit | 25,158 | 19,712 |
Proceeds from long-term debt | 0 | 1,964 |
Purchase of treasury stock from related parties | (412) | (2,794) |
Issuance of common stock | 344 | 746 |
Dividends paid | (6,721) | (5,012) |
Net cash used in financing activities | (6,789) | (7,674) |
Net increase in cash and cash equivalents | 985 | 331 |
Cash and cash equivalents at beginning of period | 613 | 282 |
Cash and cash equivalents at end of period | 1,598 | 613 |
Supplemental cash flow information: | ||
Income taxes paid | 1,948 | 1,972 |
Interest paid | 18 | 21 |
Noncash activities: | ||
Property, plant and equipment purchased but unpaid | (43) | (47) |
Dividends declared but unpaid | $ (827) | $ (800) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CROWN CRAFTS, INC. AND SUBSIDIARIES ANNUAL REPORT ON FORM 10 Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Balance at Beginning Charged to Balance at End of of Period Expenses Deductions Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended March 28, 2021 Allowance for customer deductions $ 530 $ 4,726 $ 4,533 $ 723 Year Ended April 3, 2022 Allowance for customer deductions $ 723 $ 6,052 $ 5,830 $ 945 |
Note 1- Description of Business
Note 1- Description of Business | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1 Description of Business Crown Crafts, Inc. (the “Company”) was originally formed as a Georgia corporation in 1957 2003. two The Company's fiscal year ends on the Sunday nearest to or on March 31. 2022” “2022” 53 April 3, 2022 2021” “2021” 52 March 28, 2021. During fiscal 2021 first 54 2022, May 21, 2021, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Basis of Presentation: Use of Estimates: ● Allowances related to accounts receivable for customer deductions for returns, allowances and disputes, ● Inventory reserves for discontinued finished goods, and ● A reserve for unrecognized tax liabilities in respect of the tax impact of state apportionment percentages. Actual results could differ materially from these estimates. Cash and Cash Equivalents: no Financial Instruments Segments and Related Information: one April 3, 2022 March 28, 2021 2022 2021 Bedding, blankets and accessories $ 45,341 $ 47,036 Bibs, bath, developmental toy, feeding, baby care and disposable products 42,019 32,128 Total net sales $ 87,360 $ 79,164 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 no 60 Allowances Against Accounts Receivable: no Uncollectible Accounts: not Credit Concentration: April 3, 2022 March 28, 2021 Other Accrued Liabilities: April 3, 2022 March 28, 2021, March 28, 2021, 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 differences would result in the valuation of the Company’s inventories and in 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 Leases: 12 may not Depreciation and Amortization: three eight five twenty Patent Costs: Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not Royalty Payments: 2022 2021, Provision for Income Taxes: April 3, 2022 April 3, 2022, March 28, 2021, March 29, 2020, March 31, 2019, April 1, 2018 April 2, 2017. 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 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 2022 2021 The Company’s policy is to accrue interest expense and penalties as appropriate on any estimated unrecognized tax liabilities as a charge to interest expense in the Company’s consolidated statements of income. During fiscal years 2022 2021, In August 2020, March 31, 2019, April 1, 2018 April 2, 2017. February 2021, April 2, 2017. one not Advertising Costs: 2022 2021, Earnings Per Share: Reclassifications: None 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 326 815 842 No. 2016 13 first December 15, 2022. No. 2016 13 April 3, 2023. not No. 2016 13, not In December 2019, No. 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes 740. 740 No. 2019 12 first December 15, 2020. No. 2019 12 March 29, 2021, not The Company has determined that all other ASU’s issued which had become effective as of June 2, 2022, not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 Inventories Major classes of inventory were as follows (in thousands): April 3, 2022 March 28, 2021 Raw Materials $ 28 $ 453 Work in Process - 19 Finished Goods 20,625 19,863 Total inventory $ 20,653 $ 20,335 |
Note 4 - Carousel Designs
Note 4 - Carousel Designs | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 4 Carousel Designs During fiscal 2021 first 54 2022, March 28, 2021, March 28, 2021, Impairment Amounts as of March 28, 2021 Loss Accumulated Fiscal Gross Depreciation Carrying Fair Value Year Amount or Amortization Value Amount 2021 Property, plant and equipment Vehicle $ 21 $ 16 $ 5 $ - $ 5 Leasehold improvements 5 4 1 - 1 Machinery and equipment 1,173 577 596 24 572 Total property, plant and equipment 1,199 597 602 24 578 Amortizable intangible assets: Tradename 1,100 269 831 - 831 Developed technology 1,100 403 697 - 697 Non-compete covenants 360 264 96 - 96 Total amortizable intangible assets 2,560 936 1,624 - 1,624 Operating lease liabilities, current 32 - 32 - 32 Total long-lived assets $ 3,791 $ 1,533 $ 2,258 $ 24 $ 2,234 On May 5, 2021, 19 May 21, 2021. During the fiscal year ended April 3, 2022, |
Note 5 - Financing Arrangements
Note 5 - Financing Arrangements | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 Factoring Agreements: CIT bears credit losses with respect to assigned accounts receivable from approved shipments, while the Company bears the responsibility for adjustments from customers related to returns, allowances, claims and discounts. CIT may may 2022 2021, April 3, 2022 March 28, 2021. Credit Facility: April 3, 2022 first May 13, 2021, The financing agreement was scheduled to mature on July 11, 2022, May 31, 2021 July 11, 2025 May 31, 2021. June 2, 2022 April 3, 2022, April 3, 2022. April 3, 2022. As of April 3, 2022 March 28, 2021, 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 April 3, 2022. Paycheck Protection Program Loan: April 19, 2020, 2020. $1,963,800 1.0% As authorized by the provisions of the CARES Act, the Company applied to the Lender for forgiveness of the PPP Loan. The Note would have matured on April 20, 2022, May 20, 2021, April 20, 2020 May 20, 2021. 2022, April 3, 2022, March 28, 2021. |
Note 6 - Retirement Plan
Note 6 - Retirement Plan | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 6 Retirement Plan The Company sponsors a defined contribution retirement savings plan with a cash or deferred arrangement (the “401 401 401 may 401 2022, 2021 2020, first 401 401 2022 2021, |
Note 7 - Goodwill, Customer Rel
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 7 Goodwill, Customer Relationships and Other Intangible Assets Goodwill: two one April 3, 2022 March 28, 2021 The Company measures for impairment the goodwill within its reporting units annually as of the first not 50% first not not On March 29, 2021, not Other Intangible Assets: April 3, 2022 March 28, 2021consisted April 3, 2022 March 28, 2021, April 3, 2022 March 28, 2021 Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended April 3, March 28, April 3, March 28, April 3, March 28, 2022 2021 2022 2021 2022 2021 Tradename and trademarks $ 2,567 $ 2,567 $ 1,885 $ 1,722 $ 163 $ 244 Developed technology - - - - - 110 Non-compete covenants 98 98 98 93 5 79 Patents 1,601 1,601 1,003 950 53 61 Customer relationships 7,374 7,374 6,000 5,712 288 296 Total other intangible assets $ 11,640 $ 11,640 $ 8,986 $ 8,477 $ 509 $ 790 Classification within the accompanying consolidated statements of income: Cost of products sold $ 5 $ 7 Marketing and administrative expenses 504 783 Total amortization expense $ 509 $ 790 The Company estimates that its amortization expense will be $481,000, $481,000, $417,000, $302,000 and $275,000 in fiscal years 2023, 2024, 2025, 2026 2027, |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8 Leases The Company made cash payments related to its recognized operating leases of $1.9 million and $1.8 million during the fiscal years ended April 3, 2022 March 28, 2021, April 3, 2022, During the fiscal years ended April 3, 2022 March 28, 2021, 2022 2021 Cost of products sold $ 1,598 $ 1,691 Marketing and administrative expenses 164 202 Total operating lease costs $ 1,762 $ 1,893 The maturities of the Company’s operating lease liabilities as of April 3, 2022 Fiscal Year 2023 $ 1,896 2024 491 2025 187 2026 158 Total undiscounted operating lease payments 2,732 Less imputed interest 91 Operating lease liabilities - net $ 2,641 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 Stock-based Compensation The Company has three 2006 “2006 2014 “2014 2021 “2021 2014 2014 2021 2021 may no 2006 2014 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 2021 may may may 2021 2021 not ten 10 April 3, 2022, 2021 may Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation Stock Compensation 2022 2021, April 3, 2022. Stock Options: 2022 2021: 2022 2021 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 6.84 567,500 $ 6.86 517,500 Granted 7.98 158,000 5.81 185,000 Exercised 7.72 (70,000 ) 7.27 (135,000 ) Forfeited 4.84 (20,000 ) - - Outstanding at End of Period 7.39 635,500 6.84 567,500 Exercisable at End of Period 7.50 390,000 7.84 320,000 As of April 3, 2022, not 2022 2021. may 2022 2021, March 28, 2021, 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 awarded to certain employees during fiscal years 2022 2021, two Fiscal Year Ended April 3, 2022 March 28, 2021 Number of options issued 158,000 75,000 110,000 Grant date June 9, 2021 January 4, 2021 June 10, 2020 Dividend yield 4.00 % 4.50 % 6.50 % Expected volatility 35.00 % 35.00 % 30.00 % Risk free interest rate 0.530 % 0.260 % 0.275 % Contractual term (years) 10.00 10.00 10.00 Expected term (years) 4.00 4.00 4.00 Forfeiture rate 5.00 % 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 7.98 $ 7.11 $ 4.92 Fair value per option $ 1.61 $ 1.30 $ 0.56 For the fiscal years ended April 3, 2022 March 28, 2021, Fiscal Year Ended April 3, 2022 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2020 $ 3 $ 4 $ 7 2021 14 64 78 2022 30 66 96 Total stock option compensation $ 47 $ 134 $ 181 Fiscal Year Ended March 28, 2021 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2019 $ 2 $ 3 $ 5 2020 10 15 25 2021 10 23 33 Total stock option compensation $ 22 $ 41 $ 63 A summary of stock options outstanding and exercisable as of April 3, 2022 Weighted- Weighted- Weighted- Avg. Exercise Avg. Exercise Number Avg. Remaining Price of Number Price of Exercise of Options Contractual Options of Options Options Price Outstanding Life in Years Outstanding Exercisable Exercisable $ 4.00 - 4.99 115,000 7.80 $ 4.86 65,000 $ 4.81 $ 5.00 - 5.99 20,000 6.20 $ 5.90 20,000 $ 5.90 $ 6.00 - 6.99 10,000 1.20 $ 6.14 10,000 $ 6.14 $ 7.00 - 7.99 365,500 7.22 $ 7.74 170,000 $ 7.65 $ 8.00 - 8.99 55,000 3.19 $ 8.38 55,000 $ 8.38 $ 9.00 - 9.99 70,000 4.18 $ 9.60 70,000 $ 9.60 635,500 6.51 $ 7.39 390,000 $ 7.50 As of April 3, 2022, Non-vested Stock Granted to Directors: Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 40,165 $ 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two 46,512 5.16 August 14, 2019 Two 28,000 5.43 August 8, 2018 Two These shares vest over the periods indicated, assuming continued service. The fair value of non-vested stock granted to the Company’s directors was based on the closing price of the Company’s common stock on the date of each grant. In August 2021 August 2020, Non-vested Stock Granted to Employees: Number of Shares Fair Value per Share Grant Date Vesting Date 25,000 $ 5.86 January 18, 2019 January 18, 2021 20,000 4.92 June 10, 2020 June 10, 2022 10,000 7.60 February 22, 2021 February 22, 2023 25,000 7.98 June 9, 2021 June 9, 2022 These shares vest on dates indicated, assuming continued service. The shares that were granted on January 18, 2019 January 18, 2021, Performance Award Shares: March 1, 2022, ten twenty March 1, 2027; ten twenty March 1, 2027. one third March 1, 2023; ( one third first one third second third For the fiscal years ended April 3, 2022 March 28, 2021, Stock Granted in Fiscal Year 2022 2021 2019 $ - $ 87 2020 40 120 2021 207 124 2022 406 - Total stock grant compensation $ 653 $ 331 As of April 3, 2022, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes The Company’s income tax provision for the fiscal years ended April 3, 2022 March 28, 2021 Fiscal year ended April 3, 2022 Current Deferred Total Income tax expense on current year income: Federal $ 542 $ 1,398 $ 1,940 State 194 328 522 Foreign 11 - 11 Total income tax expense on current year income 747 1,726 2,473 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits 59 - 59 Adjustment to prior year provision (41 ) - (41 ) Net excess tax benefit related to stock-based compensation (83 ) - (83 ) Income tax benefit - discrete items (65 ) - (65 ) Total income tax expense $ 682 $ 1,726 $ 2,408 Fiscal year ended March 28, 2021 Current Deferred Total Income tax expense on current year income: Federal $ 1,631 $ (216 ) $ 1,415 State 479 (51 ) 428 Foreign 10 - 10 Total income tax expense on current year income 2,120 (267 ) 1,853 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits (145 ) - (145 ) Adjustment to prior year provision (54 ) - (54 ) Net excess tax benefit related to stock-based compensation (12 ) - (12 ) Income tax benefit - discrete items (211 ) - (211 ) Total income tax expense $ 1,909 $ (267 ) $ 1,642 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of April 3, 2022 March 28, 2021 April 3, 2022 March 28, 2021 Deferred tax assets: Employee wage and benefit accruals $ 495 $ 532 Accounts receivable and inventory reserves 414 234 Operating lease liabilities 654 1,100 Intangible assets 322 172 State net operating loss carryforwards 755 736 Accrued interest and penalty on unrecognized tax liabilities 43 28 Stock-based compensation 289 195 Total gross deferred tax assets 2,972 2,997 Less valuation allowance (755 ) (736 ) Deferred tax assets after valuation allowance 2,217 2,261 Deferred tax liabilities: Prepaid expenses (607 ) (452 ) Operating lease right of use assets (600 ) (1,015 ) Intangible assets (1,725 ) - Property, plant and equipment (305 ) (88 ) Total deferred tax liabilities (3,237 ) (1,555 ) Net deferred income tax (liabilities) assets $ (1,020 ) $ 706 In assessing the probability that the Company’s deferred tax assets will be realized, management of the Company has considered whether it is more likely than not not April 3, 2022 March 28, 2021 not not The following table sets forth the reconciliation of the beginning and ending amounts of unrecognized tax liabilities for fiscal years 2022 2021 2022 2021 Balance at beginning of period $ 630 $ 721 Additions related to current year positions 59 88 Additions related to prior year positions 50 56 Revaluations due to change in enacted tax rates - - Reductions for tax positions of prior years - - Reductions due to lapses of the statute of limitations - (341 ) Additions pursuant to judgements and settlements - 106 Balance at end of period $ 739 $ 630 In December 2016, January 10, 2021, April 3, 2016 March 28, 2021 March 28, 2021. On March 3, 2021, March 30, 2014. no March 28, 2021. During the fiscal years ended April 3, 2022 March 28, 2021, During the fiscal years ended April 3, 2022 March 28, 2021, The Company’s provision for income taxes is based upon effective tax rates of 19.5% and 21.3% in fiscal years 2022 2021, The following table reconciles income tax expense on income from continuing operations at the U.S. federal income tax statutory rate to the net income tax provision reported for fiscal years 2022 2021 2022 2021 Federal statutory rate 21 % 21 % Tax expense at federal statutory rate $ 2,588 $ 1,622 State income taxes, net of Federal income tax benefit 413 338 Tax credits (136 ) (135 ) Discrete items (65 ) (211 ) Tax effect of book income not includible for tax purposes (486 ) - Other - net, including foreign 94 28 Income tax expense $ 2,408 $ 1,642 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11 Shareholders Equity Dividends: 2022 2021, 2022 2021 no Stock Repurchases: April 3, 2022 March 28, 2021 On December 16, 2020, 10 December 16, 2020. |
Note 12 - Related Party Transac
Note 12 - Related Party Transaction | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 12 Related Party Transaction See the information set forth above in Note 11 |
Note 13 - Major Customers
Note 13 - Major Customers | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure of Major Customers [Text Block] | Note 13 Major Customers The table below sets forth those customers that represented more than 10% April 3, 2022 March 28, 2021. 2022 2021 Walmart Inc. 52 % 43 % Amazon.com, Inc. 21 % 25 % |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 Commitments and Contingencies Total royalty expense amounted to $6.0 million and $5.7 million for fiscal years 2022 2021, April 3, 2022 2023 2024, The Company is, from time to time, involved in various legal proceedings relating to claims arising in the ordinary course of its business. Neither the Company nor any of its subsidiaries is a party to any such legal proceeding the outcome of which, individually or in the aggregate, is expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 Subsequent Events On June 2, 2022, April 3, 2022 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 03, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation: |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: ● Allowances related to accounts receivable for customer deductions for returns, allowances and disputes, ● Inventory reserves for discontinued finished goods, and ● A reserve for unrecognized tax liabilities in respect of the tax impact of state apportionment percentages. Actual results could differ materially from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: no |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments |
Segment Reporting, Policy [Policy Text Block] | Segments and Related Information: one April 3, 2022 March 28, 2021 2022 2021 Bedding, blankets and accessories $ 45,341 $ 47,036 Bibs, bath, developmental toy, feeding, baby care and disposable products 42,019 32,128 Total net sales $ 87,360 $ 79,164 |
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 no 60 |
Receivable [Policy Text Block] | Allowances Against Accounts Receivable: no Uncollectible Accounts: not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Concentration: April 3, 2022 March 28, 2021 |
Other Accrued Liabilities [Policy Text Block] | Other Accrued Liabilities: April 3, 2022 March 28, 2021, March 28, 2021, |
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 differences would result in the valuation of the Company’s inventories and in 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 |
Lessee, Leases [Policy Text Block] | Leases: 12 may not |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization: three eight five twenty |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patent Costs: |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Valuation of Long-Lived Assets and Identifiable Intangible Assets: may not |
Royalty Payments [Policy Text Block] | Royalty Payments: 2022 2021, |
Income Tax, Policy [Policy Text Block] | Provision for Income Taxes: April 3, 2022 April 3, 2022, March 28, 2021, March 29, 2020, March 31, 2019, April 1, 2018 April 2, 2017. 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 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 2022 2021 The Company’s policy is to accrue interest expense and penalties as appropriate on any estimated unrecognized tax liabilities as a charge to interest expense in the Company’s consolidated statements of income. During fiscal years 2022 2021, In August 2020, March 31, 2019, April 1, 2018 April 2, 2017. February 2021, April 2, 2017. one not |
Advertising Cost [Policy Text Block] | Advertising Costs: 2022 2021, |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share: |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications: None |
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 326 815 842 No. 2016 13 first December 15, 2022. No. 2016 13 April 3, 2023. not No. 2016 13, not In December 2019, No. 2019 12, Income Taxes (Topic 740 Simplifying the Accounting for Income Taxes 740. 740 No. 2019 12 first December 15, 2020. No. 2019 12 March 29, 2021, not The Company has determined that all other ASU’s issued which had become effective as of June 2, 2022, not |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Balance at Beginning Charged to Balance at End of of Period Expenses Deductions Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended March 28, 2021 Allowance for customer deductions $ 530 $ 4,726 $ 4,533 $ 723 Year Ended April 3, 2022 Allowance for customer deductions $ 723 $ 6,052 $ 5,830 $ 945 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2022 2021 Bedding, blankets and accessories $ 45,341 $ 47,036 Bibs, bath, developmental toy, feeding, baby care and disposable products 42,019 32,128 Total net sales $ 87,360 $ 79,164 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 3, 2022 March 28, 2021 Raw Materials $ 28 $ 453 Work in Process - 19 Finished Goods 20,625 19,863 Total inventory $ 20,653 $ 20,335 |
Note 4 - Carousel Designs (Tabl
Note 4 - Carousel Designs (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | Impairment Amounts as of March 28, 2021 Loss Accumulated Fiscal Gross Depreciation Carrying Fair Value Year Amount or Amortization Value Amount 2021 Property, plant and equipment Vehicle $ 21 $ 16 $ 5 $ - $ 5 Leasehold improvements 5 4 1 - 1 Machinery and equipment 1,173 577 596 24 572 Total property, plant and equipment 1,199 597 602 24 578 Amortizable intangible assets: Tradename 1,100 269 831 - 831 Developed technology 1,100 403 697 - 697 Non-compete covenants 360 264 96 - 96 Total amortizable intangible assets 2,560 936 1,624 - 1,624 Operating lease liabilities, current 32 - 32 - 32 Total long-lived assets $ 3,791 $ 1,533 $ 2,258 $ 24 $ 2,234 |
Note 7 - Goodwill, Customer R_2
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended April 3, March 28, April 3, March 28, April 3, March 28, 2022 2021 2022 2021 2022 2021 Tradename and trademarks $ 2,567 $ 2,567 $ 1,885 $ 1,722 $ 163 $ 244 Developed technology - - - - - 110 Non-compete covenants 98 98 98 93 5 79 Patents 1,601 1,601 1,003 950 53 61 Customer relationships 7,374 7,374 6,000 5,712 288 296 Total other intangible assets $ 11,640 $ 11,640 $ 8,986 $ 8,477 $ 509 $ 790 Classification within the accompanying consolidated statements of income: Cost of products sold $ 5 $ 7 Marketing and administrative expenses 504 783 Total amortization expense $ 509 $ 790 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2022 2021 Cost of products sold $ 1,598 $ 1,691 Marketing and administrative expenses 164 202 Total operating lease costs $ 1,762 $ 1,893 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year 2023 $ 1,896 2024 491 2025 187 2026 158 Total undiscounted operating lease payments 2,732 Less imputed interest 91 Operating lease liabilities - net $ 2,641 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2022 2021 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 6.84 567,500 $ 6.86 517,500 Granted 7.98 158,000 5.81 185,000 Exercised 7.72 (70,000 ) 7.27 (135,000 ) Forfeited 4.84 (20,000 ) - - Outstanding at End of Period 7.39 635,500 6.84 567,500 Exercisable at End of Period 7.50 390,000 7.84 320,000 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year Ended April 3, 2022 March 28, 2021 Number of options issued 158,000 75,000 110,000 Grant date June 9, 2021 January 4, 2021 June 10, 2020 Dividend yield 4.00 % 4.50 % 6.50 % Expected volatility 35.00 % 35.00 % 30.00 % Risk free interest rate 0.530 % 0.260 % 0.275 % Contractual term (years) 10.00 10.00 10.00 Expected term (years) 4.00 4.00 4.00 Forfeiture rate 5.00 % 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 7.98 $ 7.11 $ 4.92 Fair value per option $ 1.61 $ 1.30 $ 0.56 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal Year Ended April 3, 2022 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2020 $ 3 $ 4 $ 7 2021 14 64 78 2022 30 66 96 Total stock option compensation $ 47 $ 134 $ 181 Fiscal Year Ended March 28, 2021 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2019 $ 2 $ 3 $ 5 2020 10 15 25 2021 10 23 33 Total stock option compensation $ 22 $ 41 $ 63 Stock Granted in Fiscal Year 2022 2021 2019 $ - $ 87 2020 40 120 2021 207 124 2022 406 - Total stock grant compensation $ 653 $ 331 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Weighted- Weighted- Weighted- Avg. Exercise Avg. Exercise Number Avg. Remaining Price of Number Price of Exercise of Options Contractual Options of Options Options Price Outstanding Life in Years Outstanding Exercisable Exercisable $ 4.00 - 4.99 115,000 7.80 $ 4.86 65,000 $ 4.81 $ 5.00 - 5.99 20,000 6.20 $ 5.90 20,000 $ 5.90 $ 6.00 - 6.99 10,000 1.20 $ 6.14 10,000 $ 6.14 $ 7.00 - 7.99 365,500 7.22 $ 7.74 170,000 $ 7.65 $ 8.00 - 8.99 55,000 3.19 $ 8.38 55,000 $ 8.38 $ 9.00 - 9.99 70,000 4.18 $ 9.60 70,000 $ 9.60 635,500 6.51 $ 7.39 390,000 $ 7.50 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 40,165 $ 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two 46,512 5.16 August 14, 2019 Two 28,000 5.43 August 8, 2018 Two Number of Shares Fair Value per Share Grant Date Vesting Date 25,000 $ 5.86 January 18, 2019 January 18, 2021 20,000 4.92 June 10, 2020 June 10, 2022 10,000 7.60 February 22, 2021 February 22, 2023 25,000 7.98 June 9, 2021 June 9, 2022 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended April 3, 2022 Current Deferred Total Income tax expense on current year income: Federal $ 542 $ 1,398 $ 1,940 State 194 328 522 Foreign 11 - 11 Total income tax expense on current year income 747 1,726 2,473 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits 59 - 59 Adjustment to prior year provision (41 ) - (41 ) Net excess tax benefit related to stock-based compensation (83 ) - (83 ) Income tax benefit - discrete items (65 ) - (65 ) Total income tax expense $ 682 $ 1,726 $ 2,408 Fiscal year ended March 28, 2021 Current Deferred Total Income tax expense on current year income: Federal $ 1,631 $ (216 ) $ 1,415 State 479 (51 ) 428 Foreign 10 - 10 Total income tax expense on current year income 2,120 (267 ) 1,853 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits (145 ) - (145 ) Adjustment to prior year provision (54 ) - (54 ) Net excess tax benefit related to stock-based compensation (12 ) - (12 ) Income tax benefit - discrete items (211 ) - (211 ) Total income tax expense $ 1,909 $ (267 ) $ 1,642 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | April 3, 2022 March 28, 2021 Deferred tax assets: Employee wage and benefit accruals $ 495 $ 532 Accounts receivable and inventory reserves 414 234 Operating lease liabilities 654 1,100 Intangible assets 322 172 State net operating loss carryforwards 755 736 Accrued interest and penalty on unrecognized tax liabilities 43 28 Stock-based compensation 289 195 Total gross deferred tax assets 2,972 2,997 Less valuation allowance (755 ) (736 ) Deferred tax assets after valuation allowance 2,217 2,261 Deferred tax liabilities: Prepaid expenses (607 ) (452 ) Operating lease right of use assets (600 ) (1,015 ) Intangible assets (1,725 ) - Property, plant and equipment (305 ) (88 ) Total deferred tax liabilities (3,237 ) (1,555 ) Net deferred income tax (liabilities) assets $ (1,020 ) $ 706 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2022 2021 Balance at beginning of period $ 630 $ 721 Additions related to current year positions 59 88 Additions related to prior year positions 50 56 Revaluations due to change in enacted tax rates - - Reductions for tax positions of prior years - - Reductions due to lapses of the statute of limitations - (341 ) Additions pursuant to judgements and settlements - 106 Balance at end of period $ 739 $ 630 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Federal statutory rate 21 % 21 % Tax expense at federal statutory rate $ 2,588 $ 1,622 State income taxes, net of Federal income tax benefit 413 338 Tax credits (136 ) (135 ) Discrete items (65 ) (211 ) Tax effect of book income not includible for tax purposes (486 ) - Other - net, including foreign 94 28 Income tax expense $ 2,408 $ 1,642 |
Note 13 - Major Customers (Tabl
Note 13 - Major Customers (Tables) | 12 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2022 2021 Walmart Inc. 52 % 43 % Amazon.com, Inc. 21 % 25 % |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation And Qualifying Accounts (Details) - Allowance for Customer Deductions [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Balance at Beginning of Period | $ 723 | $ 530 |
Charged to Expenses | 6,052 | 4,726 |
Deductions | 5,830 | 4,533 |
Balance at End of Period | $ 945 | $ 723 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Apr. 03, 2022USD ($) | Mar. 28, 2021USD ($) | |
Number of Operating Segments | 1 | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 23,200,000 | $ 19,300,000 |
Accounts Receivable, Allowance for Credit Loss, Current | 945,000 | 723,000 |
Other Accrued Liabilities, Current | 94,000 | 215,000 |
Cost of Goods and Services Sold, Total | 64,052,000 | 55,067,000 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 59,000 | 88,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 50,000 | 56,000 |
Advertising Expense | 408,000 | 1,300,000 |
Royalty [Member] | ||
Cost of Goods and Services Sold, Total | $ 6,000,000 | 5,700,000 |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 8 years | |
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |
Other Accrued Liabilities [Member] | Up-front Payment Arrangement [Member] | ||
Contract with Customer, Liability, Current | $ 35,000 | 85,000 |
Other Accrued Liabilities [Member] | Customer Returns [Member] | ||
Contract with Customer, Liability, Current | 14,000 | |
Other Accrued Liabilities [Member] | Unredeemed Store Credits and Gift Certificates [Member] | ||
Contract with Customer, Liability, Current | 6,000 | |
Receivable Due from Factor [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 21,100,000 | 18,600,000 |
Negative Balance Outstanding Under Revolving Line of Credit [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 1,500,000 | 602,000 |
Receivable from Factor, and Negative Balance on Revolving Line of Credit [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 22,600,000 | $ 19,200,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Segment and Related Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Net sales | $ 87,360 | $ 79,164 |
Bedding, Blankets, And Accessories [Member] | ||
Net sales | 45,341 | 47,036 |
Bibs, Bath, And Disposable Products [Member] | ||
Net sales | $ 42,019 | $ 32,128 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Mar. 28, 2021 |
Raw Materials | $ 28 | $ 453 |
Work in Process | 0 | 19 |
Finished Goods | 20,625 | 19,863 |
Total inventory | $ 20,653 | $ 20,335 |
Note 4 - Carousel Designs (Deta
Note 4 - Carousel Designs (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Gross Profit, Total | $ 23,308,000 | $ 24,097,000 |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Sale of Inventory Below Cost [Member] | ||
Gross Profit, Total | (689,000) | |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Settlement With Supplier [Member] | ||
Gross Profit, Total | (334,000) | |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Liquidation of Inventory [Member] | ||
Gross Profit, Total | $ (265,000) |
Note 4 - Carousel Designs - Eva
Note 4 - Carousel Designs - Evaluation of Long-lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Total property, plant and equipment, gross | $ 4,555 | $ 4,093 |
Total property, plant and equipment, accumulated depreciation or amortization | 3,198 | 2,635 |
Total property, plant and equipment, carrying value | 1,357 | 1,458 |
Total amortizable intangible assets, gross | 11,640 | 11,640 |
Less accumulated amortization | 8,986 | 8,477 |
Operating lease liabilities, current | 2,423 | 4,068 |
Total long-lived assets, carrying value | 60,155 | 58,082 |
Total long-lived assets, impairment loss | 0 | 2,234 |
Noncompete Agreements [Member] | ||
Total amortizable intangible assets, gross | 98 | 98 |
Less accumulated amortization | $ 98 | 93 |
Carousel Designs, LLC [Member] | ||
Total property, plant and equipment, gross | 1,199 | |
Total property, plant and equipment, accumulated depreciation or amortization | 597 | |
Total property, plant and equipment, carrying value | 602 | |
Total property, plant and equipment, fair value | 24 | |
Total property, plant and equipment, impairment loss | 578 | |
Total amortizable intangible assets, gross | 2,560 | |
Less accumulated amortization | 936 | |
Total amortizable intangible assets, carrying value | 1,624 | |
Total amortizable intangible assets, fair value | 0 | |
Total amortizable intangible assets, impairment loss | 1,624 | |
Operating lease liabilities, current | 32 | |
Operating lease liabilities, current | 0 | |
Operating lease liabilities, current, impairment loss | 32 | |
Total long-lived assets, carrying value | 3,791 | |
Total long-lived assets, accumulated depreciation or amortization | 1,533 | |
Total long-lived assets, carrying value | 2,258 | |
Total long-lived assets | 24 | |
Total long-lived assets, impairment loss | 2,234 | |
Carousel Designs, LLC [Member] | Trade Names [Member] | ||
Total amortizable intangible assets, gross | 1,100 | |
Less accumulated amortization | 269 | |
Total amortizable intangible assets, carrying value | 831 | |
Total amortizable intangible assets, fair value | 0 | |
Total amortizable intangible assets, impairment loss | 831 | |
Carousel Designs, LLC [Member] | Developed Technology Rights [Member] | ||
Total amortizable intangible assets, gross | 1,100 | |
Less accumulated amortization | 403 | |
Total amortizable intangible assets, carrying value | 697 | |
Total amortizable intangible assets, fair value | 0 | |
Total amortizable intangible assets, impairment loss | 697 | |
Carousel Designs, LLC [Member] | Noncompete Agreements [Member] | ||
Total amortizable intangible assets, gross | 360 | |
Less accumulated amortization | 264 | |
Total amortizable intangible assets, carrying value | 96 | |
Total amortizable intangible assets, fair value | 0 | |
Total amortizable intangible assets, impairment loss | 96 | |
Vehicles [Member] | Carousel Designs, LLC [Member] | ||
Total property, plant and equipment, gross | 21 | |
Total property, plant and equipment, accumulated depreciation or amortization | 16 | |
Total property, plant and equipment, carrying value | 5 | |
Total property, plant and equipment, fair value | 0 | |
Total property, plant and equipment, impairment loss | 5 | |
Leasehold Improvements [Member] | Carousel Designs, LLC [Member] | ||
Total property, plant and equipment, gross | 5 | |
Total property, plant and equipment, accumulated depreciation or amortization | 4 | |
Total property, plant and equipment, carrying value | 1 | |
Total property, plant and equipment, fair value | 0 | |
Total property, plant and equipment, impairment loss | 1 | |
Machinery and Equipment [Member] | Carousel Designs, LLC [Member] | ||
Total property, plant and equipment, gross | 1,173 | |
Total property, plant and equipment, accumulated depreciation or amortization | 577 | |
Total property, plant and equipment, carrying value | 596 | |
Total property, plant and equipment, fair value | 24 | |
Total property, plant and equipment, impairment loss | $ 572 |
Note 5 - Financing Arrangemen_2
Note 5 - Financing Arrangements (Details Textual) - USD ($) | Jun. 02, 2022 | Apr. 03, 2022 | May 31, 2021 | May 20, 2021 | Apr. 19, 2020 | Apr. 03, 2022 | Mar. 28, 2021 |
Selling, General and Administrative Expense, Total | $ 13,002,000 | $ 14,218,000 | |||||
Long-term Line of Credit, Total | $ 0 | 0 | 0 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 26,000,000 | 26,000,000 | 26,000,000 | ||||
Proceeds from (Repayments of) Notes Payable, Total | 0 | 1,964,000 | |||||
Gain (Loss) on Extinguishment of Debt, Total | 1,985,000 | 0 | |||||
Paycheck Protection Program CARES Act [Member] | |||||||
Proceeds from (Repayments of) Notes Payable, Total | $ 1,963,800 | ||||||
Debt Instrument, Decrease, Forgiveness | $ 1,963,800 | ||||||
Interest Payable | $ 21,000 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | 1,985,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000,000 | $ 26,000,000 | |||||
Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||
Debt Instrument Basis Spread Below Variable Rate | 1.00% | 0.50% | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | 1.50% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.75% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.95% | 1.95% | |||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Subsequent Event [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||||||
Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | $ 1,500,000 | |||||
Factoring Agreements [Member] | |||||||
Selling, General and Administrative Expense, Total | 344,000 | 291,000 | |||||
Long-Term Debt, Total | $ 0 | $ 0 | $ 0 |
Note 6 - Retirement Plan (Detai
Note 6 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 289,000 | $ 266,000 |
First 2% Employee Contributions [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | |
Defined Contribution Plan Employee Contribution Percent | 2.00% | |
Next 3% Employee Contributions [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | |
Defined Contribution Plan Employee Contribution Percent | 3.00% |
Note 7 - Goodwill, Customer R_3
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets (Details Textual) | 12 Months Ended | |
Apr. 03, 2022USD ($) | Mar. 28, 2021USD ($) | |
Number of Reportable Segments | 2 | |
Goodwill, Gross | $ 30,000,000 | |
Goodwill, Impaired, Accumulated Impairment Loss | 22,900,000 | |
Goodwill, Ending Balance | 7,125,000 | $ 7,125,000 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 481,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 481,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 417,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 302,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 275,000 |
Note 7 - Goodwill, Customer R_4
Note 7 - Goodwill, Customer Relationships and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Finite-lived intangible assets, gross amount | $ 11,640 | $ 11,640 |
Finite-lived intangible assets, accumulated amortization | 8,986 | 8,477 |
Amortization expense | 509 | 790 |
Cost of Sales [Member] | ||
Amortization expense | 5 | 7 |
Selling, General and Administrative Expenses [Member] | ||
Amortization expense | 504 | 783 |
Trademarks and Trade Names [Member] | ||
Finite-lived intangible assets, gross amount | 2,567 | 2,567 |
Finite-lived intangible assets, accumulated amortization | 1,885 | 1,722 |
Amortization expense | 163 | 244 |
Developed Technology [Member] | ||
Finite-lived intangible assets, gross amount | 0 | 0 |
Finite-lived intangible assets, accumulated amortization | 0 | 0 |
Amortization expense | 0 | 110 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross amount | 98 | 98 |
Finite-lived intangible assets, accumulated amortization | 98 | 93 |
Amortization expense | 5 | 79 |
Patents [Member] | ||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 |
Finite-lived intangible assets, accumulated amortization | 1,003 | 950 |
Amortization expense | 53 | 61 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross amount | 7,374 | 7,374 |
Finite-lived intangible assets, accumulated amortization | 6,000 | 5,712 |
Amortization expense | $ 288 | $ 296 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Operating Lease, Payments | $ 1.9 | $ 1.8 |
Operating Lease, Weighted Average Discount Rate, Percent | 3.60% | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 9 months 18 days |
Note 8 - Leases - Classificatio
Note 8 - Leases - Classification of Operating Lease Costs in Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Operating Lease Costs | $ 1,762 | $ 1,893 |
Cost of Sales [Member] | ||
Operating Lease Costs | 1,598 | 1,691 |
Selling, General and Administrative Expenses [Member] | ||
Operating Lease Costs | $ 164 | $ 202 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Apr. 03, 2022USD ($) |
2023 | $ 1,896 |
2024 | 491 |
2025 | 187 |
2026 | 158 |
Total undiscounted operating lease payments | 2,732 |
Less imputed interest | 91 |
Operating lease liabilities - net | $ 2,641 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | Mar. 01, 2022 | Jan. 18, 2019 | Aug. 31, 2021 | Aug. 31, 2020 | Apr. 03, 2022 | Mar. 28, 2021 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 972,000 | |||||
Share-Based Payment Arrangement, Expense | $ 834,000 | $ 394,000 | ||||
Share-based Payment Arrangement, Amount Capitalized | 0 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | 205,000 | 668,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 126,000 | 139,000 | ||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 67,000 | 162,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 15 months 9 days | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 941,000 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 181,000 | $ 63,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | 2 years | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 202,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 7 months 3 days | |||||
Non-vested Stock Grants [Member] | Non Employee Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 43,984 | 37,256 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 182,000 | $ 327,000 | $ 179,000 | |||
Performance Shares [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instrument Other Than Options Grants In Period Total Grant Date Fair Value | $ 734,000 | |||||
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Performance Shares [Member] | Executive Officer [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 187,500 | |||||
Performance Shares [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 75,000 | |||||
Share Based Compensation, Grant Conditions, Minimum Per-Share Price (in dollars per share) | $ 8 | |||||
Share Based Compensation, Grant Conditions, Trading Period (Day) | 10 days | |||||
Performance Shares [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 112,500 | |||||
Share Based Compensation, Grant Conditions, Minimum Per-Share Price (in dollars per share) | $ 9 | |||||
Share Based Compensation, Grant Conditions, Trading Period (Day) | 10 days |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share) | $ 6.84 | $ 6.86 |
Outstanding, Shares, beginning balance (in shares) | 567,500 | 517,500 |
Granted, Weighted-average exercise price (in dollars per share) | $ 7.98 | $ 5.81 |
Number of options issued (in shares) | 158,000 | 185,000 |
Exercised, Weighted-average exercise price (in dollars per share) | $ 7.72 | $ 7.27 |
Exercised, Shares (in shares) | (70,000) | (135,000) |
Forfeited, Weighted-average exercise price (in dollars per share) | $ 4.84 | $ 0 |
Forfeited, Shares (in shares) | (20,000) | 0 |
Outstanding, Weighted-average exercise price, ending balance (in dollars per share) | $ 7.39 | $ 6.84 |
Outstanding, Shares, ending balance (in shares) | 635,500 | 567,500 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 7.50 | $ 7.84 |
Exercisable, Shares (in shares) | 390,000 | 320,000 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 12 Months Ended | ||
Apr. 03, 2022 | Mar. 28, 2021 | Mar. 29, 2020 | |
Number of options issued (in shares) | 158,000 | 185,000 | |
June 9, 2021 [Member] | |||
Number of options issued (in shares) | 158,000 | ||
Grant date | Jun. 9, 2021 | ||
Dividend yield | 4.00% | ||
Expected volatility | 35.00% | ||
Risk free interest rate | 0.53% | ||
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) | $ 7.98 | ||
Fair value per option (in dollars per share) | $ 1.61 | ||
June 10, 2020 [Member] | |||
Number of options issued (in shares) | 75,000 | 110,000 | |
Grant date | Jan. 4, 2021 | Jun. 10, 2020 | |
Dividend yield | 4.50% | 6.50% | |
Expected volatility | 35.00% | 30.00% | |
Risk free interest rate | 0.26% | 0.275% | |
Contractual term (years) (Year) | 10 years | 10 years | |
Expected term (years) (Year) | 4 years | 4 years | |
Forfeiture rate | 5.00% | 5.00% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 7.11 | $ 4.92 | |
Fair value per option (in dollars per share) | $ 1.30 | $ 0.56 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($) | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Allocated Share Based Compensation Expense | $ 834,000 | $ 394,000 |
Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 181,000 | 63,000 |
Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 7,000 | 25,000 |
Fiscal Year 2019 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 5,000 | |
Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 78,000 | 33,000 |
Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 96,000 | |
Cost of Sales [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 47,000 | 22,000 |
Cost of Sales [Member] | Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 3,000 | 10,000 |
Cost of Sales [Member] | Fiscal Year 2019 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 2,000 | |
Cost of Sales [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 14,000 | 10,000 |
Cost of Sales [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 30,000 | |
Marketing and Administrative Expenses [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 134,000 | 41,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 4,000 | 15,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2019 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 3,000 | |
Marketing and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 64,000 | 23,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Expense | 66,000 | |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 653,000 | 331,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2020 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 40,000 | 120,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2019 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 0 | 87,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | 207,000 | 124,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Non-vested Stock Grants [Member] | ||
Allocated Share Based Compensation Expense | $ 406,000 | $ 0 |
Note 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation - Stock Options by Exercise Prices Range (Details) | 12 Months Ended |
Apr. 03, 2022$ / sharesshares | |
Number of Options Outstanding (in shares) | shares | 635,500 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 6 years 6 months 3 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 7.39 |
Number of Options Exercisable (in shares) | shares | 390,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 7.50 |
Price Range 1 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 4 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 4.99 |
Number of Options Outstanding (in shares) | shares | 115,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 7 years 9 months 18 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 4.86 |
Number of Options Exercisable (in shares) | shares | 65,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 4.81 |
Price Range 2 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 5 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 5.99 |
Number of Options Outstanding (in shares) | shares | 20,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 6 years 2 months 12 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 5.90 |
Number of Options Exercisable (in shares) | shares | 20,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 5.90 |
Price Range 3 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 6 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 6.99 |
Number of Options Outstanding (in shares) | shares | 10,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 1 year 2 months 12 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 6.14 |
Number of Options Exercisable (in shares) | shares | 10,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 6.14 |
Price Range 4 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 7 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 7.99 |
Number of Options Outstanding (in shares) | shares | 365,500 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 7 years 2 months 19 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 7.74 |
Number of Options Exercisable (in shares) | shares | 170,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 7.65 |
Price Range 5 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 8 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 8.99 |
Number of Options Outstanding (in shares) | shares | 55,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 3 years 2 months 8 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 8.38 |
Number of Options Exercisable (in shares) | shares | 55,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 8.38 |
Price Range 6 [Member] | |
Exercise Price Range, Lower Range Limit (in dollars per share) | 9 |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 9.99 |
Number of Options Outstanding (in shares) | shares | 70,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 4 years 2 months 4 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 9.60 |
Number of Options Exercisable (in shares) | shares | 70,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 9.60 |
Note 9 - Stock-based Compensa_8
Note 9 - Stock-based Compensation - Non-vested Stock to Directors and Employees (Details) - Non-vested Stock Grants [Member] | 12 Months Ended |
Apr. 03, 2022$ / sharesshares | |
January 18, 2019 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Number of Shares (in shares) | shares | 25,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.86 |
June 10, 2020 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Number of Shares (in shares) | shares | 20,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.92 |
February 22, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Number of Shares (in shares) | shares | 10,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.60 |
June 9, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Number of Shares (in shares) | shares | 25,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.98 |
Non Employee Directors [Member] | August 11, 2021 [Member] | |
Number of Shares (in shares) | shares | 40,165 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.47 |
Non Employee Directors [Member] | August 12, 2020 [Member] | |
Number of Shares (in shares) | shares | 41,452 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.79 |
Non Employee Directors [Member] | August 14, 2019 [Member] | |
Number of Shares (in shares) | shares | 46,512 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.16 |
Non Employee Directors [Member] | August 8, 2018 [Member] | |
Number of Shares (in shares) | shares | 28,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.43 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | Mar. 03, 2021 | Apr. 03, 2022 | Mar. 28, 2021 |
Income Tax Expense (Benefit), Reserve for Unrecognized Tax Benefits, Net Discrete Charge | $ (233,000) | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Reversed | 108,000 | ||
Effective Income Tax Rate Reconciliation, Aggregate Effect of Certain Tax Credits, Amount | $ 34,000 | 74,000 | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount | $ (83,000) | $ (12,000) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.50% | 21.30% | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||
Income Tax Examination, Percentage of Refund Claim from Settlement with Taxing Authority | 30.00% | ||
Income Tax Examination, Refund Claim | $ 448,000 | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | (134,000) | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority, Interest | $ (7,000) |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Income tax expense on current year income, Federal, Current | $ 542 | $ 1,631 |
Income tax expense on current year income, Federal, Deferred | 1,398 | (216) |
Income tax expense on current year income, Federal, Total | 1,940 | 1,415 |
Income tax expense on current year income, State, Current | 194 | 479 |
Income tax expense on current year income, State, Deferred | 328 | (51) |
Income tax expense on current year income, State, Total | 522 | 428 |
Income tax expense on current year income, Foreign, Current | 11 | 10 |
Income tax expense on current year income, Foreign, Deferred | 0 | 0 |
Income tax expense on current year income, Foreign, Total | 11 | 10 |
Total income tax expense on current year income, Current | 747 | 2,120 |
Total income tax expense on current year income, Deferred | 1,726 | (267) |
Total income tax expense on current year income | 2,473 | 1,853 |
Reserve for unrecognized tax benefits, Current | 59 | (145) |
Reserve for unrecognized tax benefits, Deferred | 0 | 0 |
Reserve for unrecognized tax benefits, Total | 59 | (145) |
Adjustment to prior year provision, Current | (41) | (54) |
Adjustment to prior year provision, Deferred | 0 | 0 |
Adjustment to prior year provision, Total | (41) | (54) |
Net excess tax benefit related to stock-based compensation | (83) | (12) |
Net excess tax benefit related to stock-based compensation | 0 | 0 |
Net excess tax benefit related to stock-based compensation | (83) | (12) |
Income tax benefit - discrete items | (65) | (211) |
Income tax benefit - discrete items | 0 | 0 |
Discrete items | (65) | (211) |
Total income tax expense, Current | 682 | 1,909 |
Deferred income taxes | 1,726 | (267) |
Total income tax expense | $ 2,408 | $ 1,642 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 03, 2022 | Mar. 28, 2021 |
Employee wage and benefit accruals | $ 495 | $ 532 | |
Accounts receivable and inventory reserves | 414 | 234 | |
Operating lease liabilities | 654 | 1,100 | |
Intangible assets | 322 | 172 | |
State net operating loss carryforwards | 755 | 736 | |
Accrued interest and penalty on unrecognized tax liabilities | 43 | 28 | |
Stock-based compensation | 289 | 195 | |
Total gross deferred tax assets | 2,972 | 2,997 | |
Less valuation allowance | (755) | (736) | |
Deferred tax assets after valuation allowance | 2,217 | 2,261 | |
Prepaid expenses | (607) | (452) | |
Operating lease right of use assets | (600) | (1,015) | |
Intangible assets | (1,725) | 0 | |
Property, plant and equipment | (305) | (88) | |
Total deferred tax liabilities | (3,237) | (1,555) | |
Net deferred income tax liabilities | $ (1,020) | $ (1,020) | 0 |
Net deferred income tax assets | $ 706 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Balance at beginning of period | $ 630,000 | $ 721,000 |
Additions related to current year positions | 59,000 | 88,000 |
Additions related to prior year positions | 50,000 | 56,000 |
Revaluations due to change in enacted tax rates | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 |
Reductions due to lapses of the statute of limitations | 0 | (341,000) |
Additions pursuant to judgements and settlements | 0 | 106,000 |
Balance at end of period | $ 739,000 | $ 630,000 |
Note 10 - Income Taxes - Reco_2
Note 10 - Income Taxes - Reconciliation of Federal Statutory Provision to the Provision for Financial Reporting Purposes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Federal statutory rate | 21.00% | 21.00% |
Tax expense at federal statutory rate | $ 2,588 | $ 1,622 |
State income taxes, net of Federal income tax benefit | 413 | 338 |
Tax credits | (136) | (135) |
Discrete items | (65) | (211) |
Tax effect of book income not includible for tax purposes | (486) | 0 |
Other - net, including foreign | 94 | 28 |
Income tax expense | $ 2,408 | $ 1,642 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 16, 2020 | Apr. 03, 2022 | Mar. 28, 2021 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.67 | $ 0.49 | |
Dividends, Common Stock, Total | $ 6,748 | $ 4,998 | |
Treasury Stock, Shares, Acquired (in shares) | 125,000 | 53,000 | |
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 7.72 | $ 7.27 | |
Chief Executive Officer [Member] | |||
Treasury Stock, Shares, Acquired (in shares) | 250,000 | ||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 7.5435 | ||
Special Cash Dividend [Member] | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.35 | $ 0.25 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transaction (Details Textual) - shares | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Treasury Stock, Shares, Acquired (in shares) | 125,000 | 53,000 |
Chief Executive Officer [Member] | ||
Treasury Stock, Shares, Acquired (in shares) | 250,000 |
Note 13 - Major Customers - Sum
Note 13 - Major Customers - Summary of Major Customers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Wal-Mart Stores, Inc. [Member] | ||
Sales, percent | 52.00% | 43.00% |
Amazon.com, Inc. [Member] | ||
Sales, percent | 21.00% | 25.00% |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 03, 2022 | Mar. 28, 2021 | |
Royalty Expense | $ 6 | $ 5.7 |
Royalty Expense Due | 4.4 | |
Royalty Expense Due in Next Twelve Months | 2.9 | |
Royalty Expense Due in Two Years | $ 1.5 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) | Jun. 02, 2022 |
Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.60% |