Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 02, 2023 | Jun. 15, 2023 | Sep. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000025895 | ||
Entity Registrant Name | CROWN CRAFTS INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-02 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 02, 2023 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 54,200,000 | ||
Entity Common Stock, Shares Outstanding | 10,154,307 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Baton Rouge, LA | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 02, 2023 | Apr. 03, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,742 | $ 1,598 |
Accounts receivable (net of allowances of $1,474 at April 2, 2023 and $945 at April 3, 2022): | ||
Due from factor | 20,740 | 21,093 |
Other | 2,068 | 2,133 |
Inventories | 34,211 | 20,653 |
Prepaid expenses | 1,614 | 1,031 |
Total current assets | 60,375 | 46,508 |
Operating lease right of use assets | 17,305 | 2,423 |
Property, plant and equipment - at cost: | ||
Vehicles | 182 | 182 |
Leasehold improvements | 473 | 425 |
Machinery and equipment | 4,333 | 3,581 |
Furniture and fixtures | 408 | 367 |
Property, plant and equipment - gross | 5,396 | 4,555 |
Less accumulated depreciation | 3,677 | 3,198 |
Property, plant and equipment - net | 1,719 | 1,357 |
Finite-lived intangible assets - at cost: | ||
Customer relationships | 8,174 | 7,374 |
Other finite-lived intangible assets | 4,766 | 4,266 |
Finite-lived intangible assets - gross | 12,940 | 11,640 |
Less accumulated amortization | 9,467 | 8,986 |
Finite-lived intangible assets - net | 3,473 | 2,654 |
Goodwill | 7,912 | 7,125 |
Other | 188 | 88 |
Total Assets | 90,972 | 60,155 |
Current liabilities: | ||
Accounts payable | 7,548 | 6,375 |
Accrued wages and benefits | 1,087 | 2,196 |
Accrued royalties | 614 | 462 |
Dividends payable | 815 | 827 |
Operating lease liabilities, current | 2,427 | 1,832 |
Other accrued liabilities | 566 | 94 |
Total current liabilities | 13,057 | 11,786 |
Non-current liabilities: | ||
Long-term debt | 12,674 | 0 |
Deferred income taxes | 815 | 1,020 |
Operating lease liabilities, noncurrent | 14,889 | 809 |
Reserve for unrecognized tax liabilities | 323 | 739 |
Total non-current liabilities | 28,701 | 2,568 |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at April 2, 2023 and April 3, 2022; Issued 13,051,814 shares at April 2, 2023 and 12,944,918 shares at April 3, 2022 | 131 | 129 |
Additional paid-in capital | 57,126 | 55,925 |
Treasury stock - at cost - 2,897,507 shares at April 2, 2023 and 2,864,698 shares at April 3, 2022 | (15,821) | (15,614) |
Retained Earnings | 7,778 | 5,361 |
Total shareholders' equity | 49,214 | 45,801 |
Total Liabilities and Shareholders' Equity | $ 90,972 | $ 60,155 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Apr. 02, 2023 | Apr. 03, 2022 |
Statement [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1,474 | $ 945 |
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) | 13,051,814 | 12,944,918 |
Treasury stock, shares (in shares) | 2,897,507 | 2,864,698 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Net sales | $ 75,053 | $ 87,360 |
Cost of products sold | 55,225 | 64,052 |
Gross profit | 19,828 | 23,308 |
Marketing and administrative expenses | 12,655 | 13,002 |
Income from operations | 7,173 | 10,306 |
Other (expense) income: | ||
Interest income - net of interest expense | 81 | (50) |
Gain on extinguishment of debt | 0 | 1,985 |
Gain on insurance proceeds received for damage to equipment | 34 | 0 |
Gain on sale of property, plant and equipment | 2 | 18 |
Other - net | 136 | 67 |
Income before income tax expense | 7,426 | 12,326 |
Income tax expense | 1,776 | 2,408 |
Net income | $ 5,650 | $ 9,918 |
Weighted average shares outstanding: | ||
Basic (in shares) | 10,102 | 10,055 |
Effect of dilutive securities (in shares) | 18 | 29 |
Diluted (in shares) | 10,120 | 10,084 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.56 | $ 0.99 |
Diluted (in dollars per share) | $ 0.56 | $ 0.98 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Common Stock [Member] | ||
Statement [Line Items] | ||
Balances (in shares) | 12,944,918 | 12,809,753 |
Balances | $ 129 | $ 128 |
Issuance of shares (in shares) | 106,896 | 135,165 |
Issuance of shares | $ 2 | $ 1 |
Acquisition of treasury stock (in shares) | 0 | 0 |
Acquisition of treasury stock | $ 0 | $ 0 |
Dividends declared on common stock | $ 0 | $ 0 |
Balances (in shares) | 13,051,814 | 12,944,918 |
Balances | $ 131 | $ 129 |
Treasury Stock, Common [Member] | ||
Statement [Line Items] | ||
Balances (in shares) | (2,864,698) | (2,811,446) |
Balances | $ (15,614) | $ (15,202) |
Issuance of shares (in shares) | 0 | |
Issuance of shares | $ 0 | |
Acquisition of treasury stock (in shares) | (32,809) | (53,252) |
Acquisition of treasury stock | $ (207) | $ (412) |
Net income | 0 | |
Dividends declared on common stock | $ 0 | $ 0 |
Balances (in shares) | (2,897,507) | (2,864,698) |
Balances | $ (15,821) | $ (15,614) |
Additional Paid-in Capital [Member] | ||
Statement [Line Items] | ||
Balances | 55,925 | 54,748 |
Issuance of shares | 96 | 343 |
Stock-based compensation | 1,105 | 834 |
Acquisition of treasury stock | 0 | 0 |
Net income | 0 | |
Dividends declared on common stock | 0 | 0 |
Balances | 57,126 | 55,925 |
Retained Earnings [Member] | ||
Statement [Line Items] | ||
Balances | 5,361 | 2,191 |
Issuance of shares | 0 | |
Acquisition of treasury stock | 0 | 0 |
Net income | 5,650 | 9,918 |
Dividends declared on common stock | (3,233) | (6,748) |
Balances | 7,778 | 5,361 |
Balances | 45,801 | 41,865 |
Issuance of shares | 98 | 344 |
Stock-based compensation | $ 1,105 | $ 834 |
Acquisition of treasury stock (in shares) | (33,000) | (53,000) |
Acquisition of treasury stock | $ (207) | $ (412) |
Net income | 5,650 | 9,918 |
Dividends declared on common stock | (3,233) | (6,748) |
Balances | $ 49,214 | $ 45,801 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Dividends declared, per share (in dollars per share) | $ 0.32 | $ 0.67 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Operating activities: | ||
Net income | $ 5,650 | $ 9,918 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 688 | 652 |
Amortization of intangibles | 481 | 509 |
Amortization of right of use assets | 2,121 | 1,762 |
Deferred income taxes | (205) | 1,726 |
Gain on extinguishment of debt | 0 | (1,985) |
Gain on insurance proceeds received for damage to equipment | (34) | 0 |
Gain on sale of property, plant and equipment | (2) | (18) |
Reserve for unrecognized tax liabilities | (416) | 109 |
Stock-based compensation | 1,105 | 834 |
Changes in assets and liabilities: | ||
Accounts receivable | 3,530 | (3,888) |
Inventories | (593) | (318) |
Prepaid expenses | (233) | 153 |
Other assets | (9) | 4 |
Lease liabilities | (2,265) | (1,919) |
Accounts payable | (854) | 793 |
Accrued liabilities | (1,226) | (68) |
Net cash provided by operating activities | 7,738 | 8,264 |
Cash used in investing activities: | ||
Capital expenditures for property, plant and equipment | (813) | (531) |
Insurance proceeds received for damage to equpment | 34 | 0 |
Proceeds from sale of property, plant and equipment | 2 | 41 |
Payment to acquire Manhattan and MTE, net of cash acquired | (16,136) | 0 |
Net cash used in investing activities | (16,913) | (490) |
Financing activities: | ||
Repayments under revolving line of credit | (1,746) | (25,158) |
Borrowings under revolving line of credit | 14,420 | 25,158 |
Purchase of treasury stock from related parties | (207) | (412) |
Issuance of common stock | 98 | 344 |
Dividends paid | (3,246) | (6,721) |
Net cash provided by (used in) financing activities | 9,319 | (6,789) |
Net increase in cash and cash equivalents | 144 | 985 |
Cash and cash equivalents at beginning of period | 1,598 | 613 |
Cash and cash equivalents at end of period | 1,742 | 1,598 |
Supplemental cash flow information: | ||
Income taxes paid | 1,142 | 1,948 |
Interest paid | 45 | 18 |
Noncash activities: | ||
Property, plant and equipment purchased but unpaid | (43) | (43) |
Dividends declared but unpaid | $ (815) | $ (827) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II 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 Charged to Balance at End of of Period Expenses Deductions Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended April 3, 2022 Allowance for customer deductions $ 723 $ 6,052 $ 5,830 $ 945 Year Ended April 2, 2023 Allowance for customer deductions $ 945 $ 5,746 $ 5,217 $ 1,474 |
Note 1- Description of Business
Note 1- Description of Business | 12 Months Ended |
Apr. 02, 2023 | |
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. four www.manhattantoy.com The Company's fiscal year ends on the Sunday nearest to or on March 31. 2023” “2023” 52 April 2, 2023, 2022” “2022” 53 April 3, 2022. On March 17, 2023 ( During the first 54 2022, May 5, 2021, May 21, 2021. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 02, 2023 | |
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 2, 2023 April 3, 2022 2023 2022 Bedding, blankets and accessories $ 36,747 $ 45,341 Bibs, bath, developmental toy, feeding, baby care and disposable products 38,306 42,019 Total net sales $ 75,053 $ 87,360 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 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 Allowances Against Accounts Receivable: no Uncollectible Accounts: not Credit Concentration: April 2, 2023 April 3, 2022 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: 2023 2022, Provision for Income Taxes: April 3, 2022 April 2, 2023, April 3, 2022, March 28, 2021, March 29, 2020, March 31, 2019 April 1, 2018. 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 2023 2022 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 2023 2022, In August 2020, April 2, 2017, April 1, 2018 March 31, 2019. May 30, 2023, May 31, 2023. April 2, 2023, April 2, 2023 2023. 2023, In February 2021, April 2, 2017. March 15, 2023, April 2, 2017, 2023. Although management believes that the calculations and positions taken on its filed income tax returns are reasonable and justifiable, the outcome of an examination could result in an adjustment to the position that the Company took on such income tax returns. Such adjustment could also lead to adjustments to one not Advertising Costs: 2023 2022, Business Combinations: 805, Business Combinations may third Earnings Per Share: Recently-Issued Accounting Standards: June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 not 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 The Company has determined that all other ASU’s issued which had become effective as of June 15, 2023, not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 Inventories Major classes of inventory were as follows (in thousands): April 2, 2023 April 3, 2022 Raw Materials $ 1 $ 28 Finished Goods 34,210 20,625 Total inventory $ 34,211 $ 20,653 |
Note 4 - Acquisition
Note 4 - Acquisition | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4 Acquisition On the Closing Date, the Company completed the Manhattan Acquisition for a purchase price of $17.0 million, subject to adjustments for cash as of the Closing Date and to the extent that actual net working capital as of the Closing Date differs from target net working capital of $13.75 million. The Manhattan Acquisition was funded with cash available on the Closing Date and borrowings under the Company’s revolving line of credit with CIT. The Manhattan Acquisition has been accounted for in accordance with FASB ASC Topic 805, Business Combinations. third not The acquisition cost paid on the Closing Date amounted to $17.4 million, which included an estimate for cash as of the Closing Date and an estimate for the net working capital acquired. The following table represents the Company’s preliminary allocation of the acquisition cost (in thousands) to the identifiable assets acquired and the liabilities assumed based on their respective estimated fair values as of the acquisition date. The excess of the acquisition cost over the estimated fair value of the identifiable net assets acquired is reflected as goodwill. Tangible assets: Cash and cash equivalents $ 1,270 Accounts receivable 3,112 Inventories 12,965 Prepaid expenses 350 Other assets 91 Operating lease right of use assets 1,009 Property, plant and equipment 194 Total tangible assets 18,991 Amortizable intangible assets: Tradename 300 Licensing relationships 200 Customer relationships 800 Total amortizable intangible assets 1,300 Goodwill 787 Total acquired assets 21,078 Liabilities assumed: Accounts payable 1,984 Accrued wages and benefits 370 Operating lease liabilities, current 226 Other accrued liabilities 308 Operating lease liabilities, noncurrent 783 Total liabilities assumed 3,671 Net acquisition cost $ 17,407 The Company expects to complete the acquisition cost allocation during the 12 may Based upon the preliminary allocation of the acquisition cost, the Company has recognized $787,000 of goodwill, the entirety of which has been assigned to the reporting unit of the Company that produces and markets infant and toddler bibs, developmental toys, bath care and disposable products, and the entirety of which is expected to be deductible for income tax purposes. The Manhattan Acquisition resulted in net sales of $773,000 of developmental toy, feeding and baby care products during fiscal year 2023. The Company has determined, on a pro forma basis, that the combined net sales of the Company and Manhattan, giving effect to the Manhattan Acquisition as if it had been completed on March 29, 2021, 2023 2022, 2023 2022 2023 2022 December 31, 2022 December 31, 2021, not may may |
Note 5 - Carousel Designs
Note 5 - Carousel Designs | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 5 Carousel Designs During the first 54 2022, May 5, 2021, 19 May 21, 2021. During the fiscal year ended April 3, 2022, |
Note 6 - Financing Arrangements
Note 6 - Financing Arrangements | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 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 2023 2022, April 2, 2023 April 3, 2022. Credit Facility: April 2, 2023 first The financing agreement was scheduled to mature on July 11, 2025, March 17, 2023 July 11, 2028. April 2, 2023, April 2, 2023. As of April 2, 2023, April 3, 2022, April 2, 2023. Paycheck Protection Program Loan: April 19, 2020, 2020. 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, |
Note 7 - Retirement Plan
Note 7 - Retirement Plan | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 7 Retirement Plan The Company sponsors a defined contribution retirement savings plan with a cash or deferred arrangement (the “401 401 401 may 401 For calendar years 2023, 2022 2021, first 401 401 2023 2022, |
Note 8 - Goodwill, Customer Rel
Note 8 - Goodwill, Customer Relationships and Other Intangible Assets | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 8 Goodwill, Customer Relationships and Other Intangible Assets Goodwill: two one April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022, The amount of goodwill reported by the Company increased by $787,000 during fiscal year 2023, The Company measures for impairment the goodwill within its reporting units annually as of the first not 50% first not not On April 4, 2022, not Other Intangible Assets: April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022, April 2, 2023 April 3, 2022 Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended April 2, April 3, April 2, April 3, April 2, April 3, 2023 2022 2023 2022 2023 2022 Tradename and trademarks $ 2,867 $ 2,567 $ 2,025 $ 1,885 $ 140 $ 163 Non-compete covenants 98 98 98 98 - 5 Patents 1,601 1,601 1,055 1,003 52 52 Customer relationships 8,174 7,374 6,289 6,000 289 289 Licensing relationships 200 - - - - - Total other intangible assets $ 12,940 $ 11,640 $ 9,467 $ 8,986 $ 481 $ 509 Classification within the accompanying consolidated statements of income: Cost of products sold $ - $ 5 Marketing and administrative expenses 481 505 Total amortization expense $ 481 $ 509 The Company estimates that its amortization expense will be $591,000, $527,000, $412,000, $385,000 and $385,000 in fiscal years 2024, 2025, 2026, 2027 2028, |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9 Leases During fiscal year 2023, 2022. April 2, 2023 April 3, 2022, April 2, 2023 April 2, 2022, April 2, 2023 April 3, 2022, During the fiscal years ended April 2, 2023 April 3, 2022, 2023 2022 Cost of products sold $ 1,938 $ 1,598 Marketing and administrative expenses 183 164 Total operating lease costs $ 2,121 $ 1,762 The maturities of the Company’s operating lease liabilities as of April 2, 2023 Fiscal Year April 2, 2023 2024 $ 3,396 2025 4,027 2026 4,108 2027 4,086 2028 3,952 2029 663 Total undiscounted operating lease payments 20,232 Less imputed interest 2,916 Operating lease liabilities - net $ 17,316 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 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 2, 2023, 2021 may Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation Stock Compensation 2023 2022, April 2, 2023. Stock Options: 2023 2022: 2023 2022 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.39 635,500 $ 6.84 567,500 Granted 6.54 120,000 7.98 158,000 Exercised 4.92 (20,000 ) 7.72 (70,000 ) Forfeited - - 4.84 (20,000 ) Outstanding at End of Period 7.32 735,500 7.39 635,500 Exercisable at End of Period 7.40 536,500 7.50 390,000 As of April 2, 2023, April 2, 2023 April 3, 2022 not 2023 2022. may 2023 2022, April 3, 2022, 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 2023 2022, two Fiscal Year Ended April 2, 2023 April 3, 2022 Number of options issued 120,000 158,000 Grant date June 7, 2022 June 9, 2021 Dividend yield 4.89 % 4.00 % Expected volatility 30.00 % 35.00 % Risk free interest rate 2.950 % 0.530 % 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 $ 6.54 $ 7.98 Fair value per option $ 0.90 $ 1.61 For the fiscal years ended April 2, 2023 April 3, 2022, Fiscal Year Ended April 2, 2023 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2021 $ 4 $ 41 $ 45 2022 40 86 126 2023 17 24 41 Total stock option compensation $ 61 $ 151 $ 212 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 A summary of stock options outstanding and exercisable as of April 2, 2023 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 95,000 6.72 $4.84 95,000 $4.84 $5.00 - 5.99 20,000 5.20 $5.90 20,000 $5.90 $6.00 - 6.99 130,000 8.49 $6.51 10,000 $6.14 $7.00 - 7.99 365,500 6.25 $7.74 286,500 $7.67 $8.00 - 8.99 55,000 2.20 $8.38 55,000 $8.38 $9.00 - 9.99 70,000 3.18 $9.60 70,000 $9.60 735,500 5.63 $6.39 536,500 $5.45 As of April 2, 2023, Non-vested Stock Granted to Directors: Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 46,896 $6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two 46,512 5.16 August 14, 2019 Two The fair value of the 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. The non-vested stock granted on August 11, 2021 8,033 May 1, 2022, In August 2022 August 2021, The non-vested stock granted on August 16, 2022 11,724 2001. February 21, 2023, The remaining shares set forth above will vest over the periods indicated, assuming continued service. Non-vested Stock Granted to Employees: Number of Shares Fair Value per Share Grant Date Vesting Date 40,000 $5.85 March 21, 2023 March 21, 2025 25,000 7.98 June 9, 2021 June 9, 2022 10,000 7.60 February 22, 2021 February 22, 2023 20,000 4.92 June 10, 2020 June 10, 2022 These shares vest on the dates indicated, assuming continued service. In June 2022 February 2023, 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 2, 2023 April 3, 2022, Stock Granted in Fiscal Year 2023 2022 2020 $ - $ 40 2021 48 207 2022 576 406 2023 269 - Total stock grant compensation $ 893 $ 653 As of April 2, 2023, |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11 Income Taxes The Company’s income tax provision for the fiscal years ended April 2, 2023 April 3, 2022 Fiscal year ended April 2, 2023 Current Deferred Total Income tax expense (benefit) on current year income: Federal $ 1,540 $ (169 ) $ 1,371 State 381 (36 ) 345 Foreign 10 - 10 Total income tax expense (benefit) on current year income 1,931 (205 ) 1,726 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits (7 ) - (7 ) Adjustment to prior year provision 51 - 51 Net tax shortfall related to stock-based compensation 6 - 6 Income tax expense - discrete items 50 - 50 Total income tax expense (benefit) $ 1,981 $ (205 ) $ 1,776 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 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022 Deferred tax assets: Employee wage and benefit accruals $ 186 $ 495 Accounts receivable and inventory reserves 557 414 Operating lease liabilities 4,286 654 Intangible assets 224 322 State net operating loss carryforwards 706 755 Accrued interest and penalty on unrecognized tax liabilities 54 43 Stock-based compensation 378 289 Total gross deferred tax assets 6,391 2,972 Less valuation allowance (706 ) (755 ) Deferred tax assets after valuation allowance 5,685 2,217 Deferred tax liabilities: Prepaid expenses (610 ) (607 ) Operating lease right of use assets (4,283 ) (600 ) Intangible assets (1,390 ) (1,725 ) Property, plant and equipment (217 ) (305 ) Total deferred tax liabilities (6,500 ) (3,237 ) Net deferred income tax liabilities $ (815 ) $ (1,020 ) 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 2, 2023 April 3, 2022 not not The following table sets forth the reconciliation of the beginning and ending amounts of unrecognized tax liabilities for fiscal years 2023 2022 2023 2022 Balance at beginning of period $ 739 $ 630 Additions related to current year positions 73 59 Additions related to prior year positions 45 50 Revaluations due to change in enacted tax rates - - Reductions for tax positions of prior years - - Reductions due to lapses of the statute of limitations - - Reductions pursuant to judgements and settlements (534 ) - Balance at end of period $ 323 $ 739 In August 2020, April 2, 2017, April 1, 2018 March 31, 2019. May 30, 2023, May 31, 2023. April 2, 2023, April 2, 2023 2023. 2023, In February 2021, April 2, 2017. March 15, 2023, April 2, 2017, 2023. During the fiscal year ended April 2, 2023, April 3, 2022, The Company’s provision for income taxes is based upon effective tax rates of 23.9% and 19.5% in fiscal years 2023 2022, 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 2023 2022 2023 2022 Federal statutory rate 21 % $ 21% Tax expense at federal statutory rate $ 1,560 2,588 State income taxes, net of Federal income tax benefit 272 413 Tax credits (135 ) (136 ) Discrete items 50 (65 ) Tax effect of book income not includible for tax purposes - (486 ) Other - net, including foreign 29 94 Income tax expense $ 1,776 $ 2,408 |
Note 12 - Shareholders' Equity
Note 12 - Shareholders' Equity | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 12 Shareholders Equity Dividends: 2023 2022, 2022 no 2023. no Stock Repurchases: April 2, 2023 April 3, 2022 |
Note 13 - Major Customers
Note 13 - Major Customers | 12 Months Ended |
Apr. 02, 2023 | |
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 2, 2023 April 3, 2022. Fiscal Year 2023 2022 Walmart Inc. 51 % 52 % Amazon.com, Inc. 20 % 21 % |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 Commitments and Contingencies Total royalty expense amounted to $5.2 million and $6.0 million for fiscal years 2023 2022, April 2, 2023 2024, 2025, 2026, 2027 2028, 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. 02, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 Subsequent Events On May 30, 2023, April 2, 2017, April 1, 2018 March 31, 2019. April 2, 2023, April 2, 2023 2023. The Company has evaluated events that have occurred between April 2, 2023 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 02, 2023 | |
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 2, 2023 April 3, 2022 2023 2022 Bedding, blankets and accessories $ 36,747 $ 45,341 Bibs, bath, developmental toy, feeding, baby care and disposable products 38,306 42,019 Total net sales $ 75,053 $ 87,360 |
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 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 |
Receivable [Policy Text Block] | Allowances Against Accounts Receivable: no Uncollectible Accounts: not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Concentration: April 2, 2023 April 3, 2022 |
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: 2023 2022, |
Income Tax, Policy [Policy Text Block] | Provision for Income Taxes: April 3, 2022 April 2, 2023, April 3, 2022, March 28, 2021, March 29, 2020, March 31, 2019 April 1, 2018. 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 2023 2022 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 2023 2022, In August 2020, April 2, 2017, April 1, 2018 March 31, 2019. May 30, 2023, May 31, 2023. April 2, 2023, April 2, 2023 2023. 2023, In February 2021, April 2, 2017. March 15, 2023, April 2, 2017, 2023. Although management believes that the calculations and positions taken on its filed income tax returns are reasonable and justifiable, the outcome of an examination could result in an adjustment to the position that the Company took on such income tax returns. Such adjustment could also lead to adjustments to one not |
Advertising Cost [Policy Text Block] | Advertising Costs: 2023 2022, |
Business Combinations Policy [Policy Text Block] | Business Combinations: 805, Business Combinations may third |
Earnings Per Share, Policy [Policy Text Block] | Earnings 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 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 The Company has determined that all other ASU’s issued which had become effective as of June 15, 2023, not |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
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 Charged to Balance at End of of Period Expenses Deductions Period (in thousands) Accounts Receivable Valuation Accounts: Year Ended April 3, 2022 Allowance for customer deductions $ 723 $ 6,052 $ 5,830 $ 945 Year Ended April 2, 2023 Allowance for customer deductions $ 945 $ 5,746 $ 5,217 $ 1,474 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 2022 Bedding, blankets and accessories $ 36,747 $ 45,341 Bibs, bath, developmental toy, feeding, baby care and disposable products 38,306 42,019 Total net sales $ 75,053 $ 87,360 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 2, 2023 April 3, 2022 Raw Materials $ 1 $ 28 Finished Goods 34,210 20,625 Total inventory $ 34,211 $ 20,653 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Tangible assets: Cash and cash equivalents $ 1,270 Accounts receivable 3,112 Inventories 12,965 Prepaid expenses 350 Other assets 91 Operating lease right of use assets 1,009 Property, plant and equipment 194 Total tangible assets 18,991 Amortizable intangible assets: Tradename 300 Licensing relationships 200 Customer relationships 800 Total amortizable intangible assets 1,300 Goodwill 787 Total acquired assets 21,078 Liabilities assumed: Accounts payable 1,984 Accrued wages and benefits 370 Operating lease liabilities, current 226 Other accrued liabilities 308 Operating lease liabilities, noncurrent 783 Total liabilities assumed 3,671 Net acquisition cost $ 17,407 |
Note 8 - Goodwill, Customer R_2
Note 8 - Goodwill, Customer Relationships and Other Intangible Assets (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortization Expense Gross Amount Accumulated Amortization Fiscal Year Ended April 2, April 3, April 2, April 3, April 2, April 3, 2023 2022 2023 2022 2023 2022 Tradename and trademarks $ 2,867 $ 2,567 $ 2,025 $ 1,885 $ 140 $ 163 Non-compete covenants 98 98 98 98 - 5 Patents 1,601 1,601 1,055 1,003 52 52 Customer relationships 8,174 7,374 6,289 6,000 289 289 Licensing relationships 200 - - - - - Total other intangible assets $ 12,940 $ 11,640 $ 9,467 $ 8,986 $ 481 $ 509 Classification within the accompanying consolidated statements of income: Cost of products sold $ - $ 5 Marketing and administrative expenses 481 505 Total amortization expense $ 481 $ 509 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2023 2022 Cost of products sold $ 1,938 $ 1,598 Marketing and administrative expenses 183 164 Total operating lease costs $ 2,121 $ 1,762 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Year April 2, 2023 2024 $ 3,396 2025 4,027 2026 4,108 2027 4,086 2028 3,952 2029 663 Total undiscounted operating lease payments 20,232 Less imputed interest 2,916 Operating lease liabilities - net $ 17,316 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2023 2022 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.39 635,500 $ 6.84 567,500 Granted 6.54 120,000 7.98 158,000 Exercised 4.92 (20,000 ) 7.72 (70,000 ) Forfeited - - 4.84 (20,000 ) Outstanding at End of Period 7.32 735,500 7.39 635,500 Exercisable at End of Period 7.40 536,500 7.50 390,000 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year Ended April 2, 2023 April 3, 2022 Number of options issued 120,000 158,000 Grant date June 7, 2022 June 9, 2021 Dividend yield 4.89 % 4.00 % Expected volatility 30.00 % 35.00 % Risk free interest rate 2.950 % 0.530 % 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 $ 6.54 $ 7.98 Fair value per option $ 0.90 $ 1.61 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal Year Ended April 2, 2023 Cost of Marketing & Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense 2021 $ 4 $ 41 $ 45 2022 40 86 126 2023 17 24 41 Total stock option compensation $ 61 $ 151 $ 212 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 Stock Granted in Fiscal Year 2023 2022 2020 $ - $ 40 2021 48 207 2022 576 406 2023 269 - Total stock grant compensation $ 893 $ 653 |
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 95,000 6.72 $4.84 95,000 $4.84 $5.00 - 5.99 20,000 5.20 $5.90 20,000 $5.90 $6.00 - 6.99 130,000 8.49 $6.51 10,000 $6.14 $7.00 - 7.99 365,500 6.25 $7.74 286,500 $7.67 $8.00 - 8.99 55,000 2.20 $8.38 55,000 $8.38 $9.00 - 9.99 70,000 3.18 $9.60 70,000 $9.60 735,500 5.63 $6.39 536,500 $5.45 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 46,896 $6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two 46,512 5.16 August 14, 2019 Two Number of Shares Fair Value per Share Grant Date Vesting Date 40,000 $5.85 March 21, 2023 March 21, 2025 25,000 7.98 June 9, 2021 June 9, 2022 10,000 7.60 February 22, 2021 February 22, 2023 20,000 4.92 June 10, 2020 June 10, 2022 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended April 2, 2023 Current Deferred Total Income tax expense (benefit) on current year income: Federal $ 1,540 $ (169 ) $ 1,371 State 381 (36 ) 345 Foreign 10 - 10 Total income tax expense (benefit) on current year income 1,931 (205 ) 1,726 Income tax expense (benefit) - discrete items: Reserve for unrecognized tax benefits (7 ) - (7 ) Adjustment to prior year provision 51 - 51 Net tax shortfall related to stock-based compensation 6 - 6 Income tax expense - discrete items 50 - 50 Total income tax expense (benefit) $ 1,981 $ (205 ) $ 1,776 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 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | April 2, 2023 April 3, 2022 Deferred tax assets: Employee wage and benefit accruals $ 186 $ 495 Accounts receivable and inventory reserves 557 414 Operating lease liabilities 4,286 654 Intangible assets 224 322 State net operating loss carryforwards 706 755 Accrued interest and penalty on unrecognized tax liabilities 54 43 Stock-based compensation 378 289 Total gross deferred tax assets 6,391 2,972 Less valuation allowance (706 ) (755 ) Deferred tax assets after valuation allowance 5,685 2,217 Deferred tax liabilities: Prepaid expenses (610 ) (607 ) Operating lease right of use assets (4,283 ) (600 ) Intangible assets (1,390 ) (1,725 ) Property, plant and equipment (217 ) (305 ) Total deferred tax liabilities (6,500 ) (3,237 ) Net deferred income tax liabilities $ (815 ) $ (1,020 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2023 2022 Balance at beginning of period $ 739 $ 630 Additions related to current year positions 73 59 Additions related to prior year positions 45 50 Revaluations due to change in enacted tax rates - - Reductions for tax positions of prior years - - Reductions due to lapses of the statute of limitations - - Reductions pursuant to judgements and settlements (534 ) - Balance at end of period $ 323 $ 739 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Federal statutory rate 21 % $ 21% Tax expense at federal statutory rate $ 1,560 2,588 State income taxes, net of Federal income tax benefit 272 413 Tax credits (135 ) (136 ) Discrete items 50 (65 ) Tax effect of book income not includible for tax purposes - (486 ) Other - net, including foreign 29 94 Income tax expense $ 1,776 $ 2,408 |
Note 13 - Major Customers (Tabl
Note 13 - Major Customers (Tables) | 12 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Fiscal Year 2023 2022 Walmart Inc. 51 % 52 % Amazon.com, Inc. 20 % 21 % |
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. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Balance at Beginning of Period | $ 945 | $ 723 |
Charged to Expenses | 5,746 | 6,052 |
Deductions | 5,217 | 5,830 |
Balance at End of Period | $ 1,474 | $ 945 |
Note 1- Description of Busine_2
Note 1- Description of Business (Details Textual) - Manhattan Acquisition [Member] $ in Thousands | Mar. 17, 2023 USD ($) |
Statement [Line Items] | |
Business Combination, Consideration Transferred | $ 17,000 |
Business Combination, Net Working Capital Adjustments | $ 13,750 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 15, 2023 | Apr. 02, 2023 | Apr. 03, 2022 | Aug. 31, 2020 | |
Statement [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 22,800,000 | $ 23,200,000 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 1,500,000 | 945,000 | ||
Cost of Goods and Services Sold | 55,225,000 | 64,052,000 | ||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 73,000 | 59,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 45,000 | 50,000 | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | (442,000) | $ (442,000) | ||
Income Tax Examination, Discrete Income Tax Benefit, Net of Federal Income Tax | 81,000 | |||
Income Tax Examination, Increase (Decrease) in Interest Expense | (86,000) | |||
Income Tax Examination, Refund Claim, Disallowed | $ 81,000 | 81,000 | ||
Advertising Expense | 422,000 | 408,000 | ||
Royalty [Member] | ||||
Statement [Line Items] | ||||
Cost of Goods and Services Sold | 5,200,000 | $ 6,000,000 | ||
Minimum [Member] | ||||
Statement [Line Items] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||
Maximum [Member] | ||||
Statement [Line Items] | ||||
Property, Plant and Equipment, Useful Life (Year) | 8 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||
Receivable Due from Factor [Member] | ||||
Statement [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 20,700,000 | $ 21,100,000 | ||
Negative Balance Outstanding Under Revolving Line of Credit [Member] | ||||
Statement [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | 1,500,000 | |||
Receivable from Factor, and Negative Balance on Revolving Line of Credit [Member] | ||||
Statement [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 22,600,000 |
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. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Net sales | $ 75,053 | $ 87,360 |
Bedding, Blankets, And Accessories [Member] | ||
Statement [Line Items] | ||
Net sales | 36,747 | 45,341 |
Bibs, Bath, And Disposable Products [Member] | ||
Statement [Line Items] | ||
Net sales | $ 38,306 | $ 42,019 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Apr. 02, 2023 | Apr. 03, 2022 |
Statement [Line Items] | ||
Raw Materials | $ 1 | $ 28 |
Finished Goods | 34,210 | 20,625 |
Total inventory | $ 34,211 | $ 20,653 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 17, 2023 | Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | |||
Goodwill | $ 7,912,000 | $ 7,125,000 | |
Manhattan Acquisition [Member] | |||
Statement [Line Items] | |||
Business Acquisition, Pro Forma Revenue | 100,800,000 | 115,800,000 | |
Business Acquisition, Pro Forma Net Income (Loss) | $ 2,800,000 | $ 9,100,000 | |
Manhattan Acquisition [Member] | |||
Statement [Line Items] | |||
Business Combination, Consideration Transferred | $ 17,000,000 | ||
Business Combination, Net Working Capital Adjustments | 13,750,000 | ||
Business Combination, Consideration Transferred, Including Net Working Capital Adjustment | 17,400,000 | ||
Goodwill | $ 787,000 | ||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 11 years | ||
Manhattan Acquisition [Member] | Trade Names [Member] | |||
Statement [Line Items] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | ||
Manhattan Acquisition [Member] | Customer and Licensing Relationships [Member] | |||
Statement [Line Items] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||
Manhattan Acquisition [Member] | Developmental Toy, Feeding and Baby Care Products [Member] | |||
Statement [Line Items] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 773,000 |
Note 4 - Acquisition - Estimate
Note 4 - Acquisition - Estimated Fair Value of Identifiable Net Assets (Details) - USD ($) | Apr. 02, 2023 | Mar. 17, 2023 | Apr. 03, 2022 |
Statement [Line Items] | |||
Goodwill | $ 7,912,000 | $ 7,125,000 | |
Manhattan Acquisition [Member] | |||
Statement [Line Items] | |||
Cash and cash equivalents | $ 1,270,000 | ||
Accounts receivable | 3,112,000 | ||
Inventories | 12,965,000 | ||
Prepaid expenses | 350,000 | ||
Other assets | 91,000 | ||
Operating lease right of use assets | 1,009,000 | ||
Property, plant and equipment | 194,000 | ||
Total tangible assets | 18,991,000 | ||
Amortizable intangible assets: | 1,300,000 | ||
Goodwill | 787,000 | ||
Total acquired assets | 21,078,000 | ||
Accounts payable | 1,984,000 | ||
Accrued wages and benefits | 370,000 | ||
Operating lease liabilities, current | 226,000 | ||
Other accrued liabilities | 308,000 | ||
Operating lease liabilities, noncurrent | 783,000 | ||
Total liabilities assumed | 3,671,000 | ||
Net acquisition cost | 17,407,000 | ||
Manhattan Acquisition [Member] | Trade Names [Member] | |||
Statement [Line Items] | |||
Amortizable intangible assets: | 300,000 | ||
Manhattan Acquisition [Member] | Licensing Agreements [Member] | |||
Statement [Line Items] | |||
Amortizable intangible assets: | 200,000 | ||
Manhattan Acquisition [Member] | Customer Relationships [Member] | |||
Statement [Line Items] | |||
Amortizable intangible assets: | $ 800,000 |
Note 5 - Carousel Designs (Deta
Note 5 - Carousel Designs (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Gross Profit, Total | $ 19,828,000 | $ 23,308,000 |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Total Gross Loss [Member] | ||
Statement [Line Items] | ||
Gross Profit, Total | (689,000) | |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Settlement With Supplier [Member] | ||
Statement [Line Items] | ||
Gross Profit, Total | (334,000) | |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | Carousel Designs, LLC [Member] | Liquidation of Inventory [Member] | ||
Statement [Line Items] | ||
Gross Profit, Total | $ (265,000) |
Note 6 - Financing Arrangemen_2
Note 6 - Financing Arrangements (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
May 20, 2021 | Apr. 19, 2020 | Jun. 27, 2021 | Apr. 02, 2023 | Apr. 03, 2022 | Apr. 20, 2021 | |
Statement [Line Items] | ||||||
Selling, General and Administrative Expense | $ 12,655,000 | $ 13,002,000 | ||||
Long-Term Line of Credit | 12,700,000 | 0 | ||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 20,000,000 | 26,000,000 | ||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | 1,985,000 | ||||
Paycheck Protection Program CARES Act [Member] | ||||||
Statement [Line Items] | ||||||
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] | ||||||
Statement [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | |||||
Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||
Statement [Line Items] | ||||||
Debt Instrument Basis Spread Below Variable Rate | 0.50% | |||||
Debt Instrument, Interest Received on Daily Negative Balances, Basis Spread Below Variable Rate | 2% | |||||
Debt Instrument, Interest Received on Daily Negative Balances, Effective Percentage | 6% | |||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Statement [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 6.40% | |||||
Letter of Credit [Member] | ||||||
Statement [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |||||
Factoring Agreements [Member] | ||||||
Statement [Line Items] | ||||||
Selling, General and Administrative Expense | 287,000 | 344,000 | ||||
Long-Term Debt | $ 0 | $ 0 |
Note 7 - Retirement Plan (Detai
Note 7 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 293,000 | $ 289,000 |
First 2% Employee Contributions [Member] | ||
Statement [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100% | |
Defined Contribution Plan Employee Contribution Percent | 2% | |
Next 3% Employee Contributions [Member] | ||
Statement [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50% | |
Defined Contribution Plan Employee Contribution Percent | 3% |
Note 8 - Goodwill, Customer R_3
Note 8 - Goodwill, Customer Relationships and Other Intangible Assets (Details Textual) | 12 Months Ended | |
Apr. 02, 2023 USD ($) | Apr. 03, 2022 USD ($) | |
Statement [Line Items] | ||
Number of Reportable Segments | 2 | |
Goodwill, Gross | $ 30,800,000 | $ 30,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 22,900,000 | |
Goodwill | 7,912,000 | $ 7,125,000 |
Goodwill, Period Increase (Decrease) | 787,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 591,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 527,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 412,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 385,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 385,000 |
Note 8 - Goodwill, Customer R_4
Note 8 - Goodwill, Customer Relationships and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Finite-lived intangible assets, gross amount | $ 12,940 | $ 11,640 |
Finite-lived intangible assets, accumulated amortization | 9,467 | 8,986 |
Amortization expense | 481 | 509 |
Cost of Sales [Member] | ||
Statement [Line Items] | ||
Amortization expense | 0 | 5 |
Selling, General and Administrative Expenses [Member] | ||
Statement [Line Items] | ||
Amortization expense | 481 | 505 |
Trademarks and Trade Names [Member] | ||
Statement [Line Items] | ||
Finite-lived intangible assets, gross amount | 2,867 | 2,567 |
Finite-lived intangible assets, accumulated amortization | 2,025 | 1,885 |
Amortization expense | 140 | 163 |
Noncompete Agreements [Member] | ||
Statement [Line Items] | ||
Finite-lived intangible assets, gross amount | 98 | 98 |
Finite-lived intangible assets, accumulated amortization | 98 | 98 |
Amortization expense | 0 | 5 |
Patents [Member] | ||
Statement [Line Items] | ||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 |
Finite-lived intangible assets, accumulated amortization | 1,055 | 1,003 |
Amortization expense | 52 | 52 |
Customer Relationships [Member] | ||
Statement [Line Items] | ||
Finite-lived intangible assets, gross amount | 8,174 | 7,374 |
Finite-lived intangible assets, accumulated amortization | 6,289 | 6,000 |
Amortization expense | 289 | 289 |
Licensing Agreements [Member] | ||
Statement [Line Items] | ||
Finite-lived intangible assets, gross amount | 200 | 0 |
Finite-lived intangible assets, accumulated amortization | 0 | 0 |
Amortization expense | $ 0 | $ 0 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Capitalized Operating Lease Obligations as Right of Use Assets | $ 17,300,000 | $ 0 |
Operating Lease, Payments | 2,300,000 | 1,900,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 224,000 | $ 131,000 |
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | 3.60% |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years | 1 year 9 months 18 days |
Note 9 - Leases - Classificatio
Note 9 - Leases - Classification of Operating Lease Costs in Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Operating Lease Costs | $ 2,121 | $ 1,762 |
Cost of Sales [Member] | ||
Statement [Line Items] | ||
Operating Lease Costs | 1,938 | 1,598 |
Selling, General and Administrative Expenses [Member] | ||
Statement [Line Items] | ||
Operating Lease Costs | $ 183 | $ 164 |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Apr. 02, 2023 USD ($) |
Statement [Line Items] | |
2024 | $ 3,396 |
2025 | 4,027 |
2026 | 4,108 |
2027 | 4,086 |
2028 | 3,952 |
2029 | 663 |
Total undiscounted operating lease payments | 20,232 |
Less imputed interest | 2,916 |
Operating lease liabilities - net | $ 17,316 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Feb. 21, 2023 | May 01, 2022 | Mar. 01, 2022 | Feb. 28, 2023 | Aug. 31, 2022 | Jun. 30, 2022 | Aug. 31, 2021 | Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 765,000 | ||||||||
Share-Based Payment Arrangement, Expense | $ 1,100,000 | $ 834,000 | |||||||
Share-Based Payment Arrangement, Amount Capitalized | 0 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | 87,000 | 205,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 127,000 | 541,000 | |||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | 10,000 | 67,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 87,000 | 126,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 11 months 9 days | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 561,000 | ||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Statement [Line Items] | |||||||||
Share-Based Payment Arrangement, Expense | $ 212,000 | $ 181,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 98,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 5 months 24 days | ||||||||
Non-vested Stock Grants [Member] | Non Employee Directors [Member] | |||||||||
Statement [Line Items] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) | 11,724 | 8,033 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 67,000 | $ 50,000 | $ 331,000 | $ 327,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 52,856 | 43,984 | |||||||
Non-vested Stock Grants [Member] | Employee [Member] | |||||||||
Statement [Line Items] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 57,000 | $ 293,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 10,000 | 45,000 | |||||||
Performance Shares [Member] | |||||||||
Statement [Line Items] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instrument Other Than Options Grants In Period Total Grant Date Fair Value | $ 732,000 | ||||||||
Performance Shares [Member] | Executive Officer [Member] | |||||||||
Statement [Line Items] | |||||||||
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] | |||||||||
Statement [Line Items] | |||||||||
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] | |||||||||
Statement [Line Items] | |||||||||
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 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share) | $ 7.39 | $ 6.84 |
Outstanding, Shares, beginning balance (in shares) | 635,500 | 567,500 |
Granted, Weighted-average exercise price (in dollars per share) | $ 6.54 | $ 7.98 |
Number of options issued (in shares) | 120,000 | 158,000 |
Exercised, Weighted-average exercise price (in dollars per share) | $ 4.92 | $ 7.72 |
Exercised, Shares (in shares) | (20,000) | (70,000) |
Forfeited, Weighted-average exercise price (in dollars per share) | $ 0 | $ 4.84 |
Forfeited, Shares (in shares) | 0 | (20,000) |
Outstanding, Weighted-average exercise price, ending balance (in dollars per share) | $ 7.32 | $ 7.39 |
Outstanding, Shares, ending balance (in shares) | 735,500 | 635,500 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 7.40 | $ 7.50 |
Exercisable, Shares (in shares) | 536,500 | 390,000 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Number of options issued (in shares) | 120,000 | 158,000 |
June 7, 2022 [Member] | ||
Statement [Line Items] | ||
Number of options issued (in shares) | 120,000 | |
Grant date | Jun. 07, 2022 | |
Dividend yield | 4.89% | |
Expected volatility | 30% | |
Risk free interest rate | 2.95% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 4 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 6.54 | |
Fair value per option (in dollars per share) | $ 0.90 | |
June 9, 2021 [Member] | ||
Statement [Line Items] | ||
Number of options issued (in shares) | 158,000 | |
Grant date | Jun. 09, 2021 | |
Dividend yield | 4% | |
Expected volatility | 35% | |
Risk free interest rate | 0.53% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 4 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 7.98 | |
Fair value per option (in dollars per share) | $ 1.61 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($) | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | $ 1,100,000 | $ 834,000 |
Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 212,000 | 181,000 |
Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 45,000 | 78,000 |
Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 7,000 | |
Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 126,000 | 96,000 |
Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 41,000 | |
Cost of Sales [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 61,000 | 47,000 |
Cost of Sales [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 4,000 | 14,000 |
Cost of Sales [Member] | Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 3,000 | |
Cost of Sales [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 40,000 | 30,000 |
Cost of Sales [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 17,000 | |
Marketing and Administrative Expenses [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 151,000 | 134,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 41,000 | 64,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2020 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 4,000 | |
Marketing and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 86,000 | 66,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 24,000 | |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 893,000 | 653,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Non-vested Stock Grants [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 48,000 | 207,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2020 [Member] | Non-vested Stock Grants [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 0 | 40,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Non-vested Stock Grants [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | 576,000 | 406,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Non-vested Stock Grants [Member] | ||
Statement [Line Items] | ||
Allocated Share Based Compensation Expense | $ 269,000 | $ 0 |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation - Stock Options by Exercise Prices Range (Details) | 12 Months Ended |
Apr. 02, 2023 $ / shares shares | |
Statement [Line Items] | |
Number of Options Outstanding (in shares) | shares | 735,500 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 5 years 7 months 17 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 6.39 |
Number of Options Exercisable (in shares) | shares | 536,500 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 5.45 |
Price Range 1 [Member] | |
Statement [Line Items] | |
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 | 95,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 6 years 8 months 19 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 4.84 |
Number of Options Exercisable (in shares) | shares | 95,000 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 4.84 |
Price Range 2 [Member] | |
Statement [Line Items] | |
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) | 5 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] | |
Statement [Line Items] | |
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 | 130,000 |
Weighted- Avg. Remaining Contractual Life in Years (Year) | 8 years 5 months 26 days |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 6.51 |
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] | |
Statement [Line Items] | |
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) | 6 years 3 months |
Weighted- Avg. Exercise Price of Options Outstanding (in dollars per share) | $ 7.74 |
Number of Options Exercisable (in shares) | shares | 286,500 |
Weighted- Avg. Exercise Price of Options Exercisable (in dollars per share) | $ 7.67 |
Price Range 5 [Member] | |
Statement [Line Items] | |
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) | 2 years 2 months 12 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] | |
Statement [Line Items] | |
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) | 3 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 10 - Stock-based Compens_8
Note 10 - Stock-based Compensation - Non-vested Stock to Directors and Employees (Details) - Non-vested Stock Grants [Member] | 12 Months Ended |
Apr. 02, 2023 $ / shares shares | |
March 21, 2023 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 40,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.85 |
June 9, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 25,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.98 |
February 22, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 10,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.60 |
June 10, 2020 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 20,000 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.92 |
Non Employee Directors [Member] | August 16, 2022 [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 46,896 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 6.65 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 11, 2021 [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 40,165 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.47 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 12, 2020 [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 41,452 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.79 |
Vesting Period (Year) | 2 years |
Non Employee Directors [Member] | August 14, 2019 [Member] | |
Statement [Line Items] | |
Number of Shares (in shares) | shares | 46,512 |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.16 |
Vesting Period (Year) | 2 years |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 15, 2023 | Apr. 02, 2023 | Apr. 03, 2022 | Aug. 31, 2020 | |
Statement [Line Items] | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ (442,000) | $ (442,000) | ||
Income Tax Examination, Discrete Income Tax Benefit, Net of Federal Income Tax | 81,000 | |||
Income Tax Examination, Increase (Decrease) in Interest Expense | (86,000) | |||
Income Tax Examination, Refund Claim, Disallowed | $ 81,000 | 81,000 | ||
Discrete Income Tax Charge, Shortfall from Vesting of Non-vested Stock | 6,000 | |||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount | $ (83,000) | |||
Effective Income Tax Rate Reconciliation, Percent | 23.90% | 19.50% |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Income tax expense on current year income, Federal, Current | $ 1,540 | $ 542 |
Income tax expense on current year income, Federal, Deferred | (169) | 1,398 |
Income tax expense on current year income, Federal, Total | 1,371 | 1,940 |
Income tax expense on current year income, State, Current | 381 | 194 |
Income tax expense on current year income, State, Deferred | (36) | 328 |
Income tax expense on current year income, State, Total | 345 | 522 |
Income tax expense on current year income, Foreign, Current | 10 | 11 |
Income tax expense on current year income, Foreign, Deferred | 0 | 0 |
Income tax expense on current year income, Foreign, Total | 10 | 11 |
Total income tax expense on current year income, Current | 1,931 | 747 |
Total income tax expense on current year income, Deferred | (205) | 1,726 |
Total income tax expense (benefit) on current year income | 1,726 | 2,473 |
Reserve for unrecognized tax benefits, Current | (7) | 59 |
Reserve for unrecognized tax benefits, Deferred | 0 | 0 |
Reserve for unrecognized tax benefits, Total | (7) | 59 |
Adjustment to prior year provision, Current | 51 | (41) |
Adjustment to prior year provision, Deferred | 0 | 0 |
Adjustment to prior year provision, Total | 51 | (41) |
Net excess tax benefit related to stock-based compensation | 6 | (83) |
Net excess tax benefit related to stock-based compensation | 0 | 0 |
Net excess tax benefit related to stock-based compensation | 6 | (83) |
Income tax expense - discrete items | 50 | (65) |
Income tax expense - discrete items | 0 | 0 |
Discrete items | 50 | (65) |
Total income tax expense, Current | 1,981 | 682 |
Deferred income taxes | (205) | 1,726 |
Total income tax expense (benefit) | 1,776 | 2,408 |
Net excess tax benefit related to stock-based compensation | $ 6 | $ (83) |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 02, 2023 | Apr. 03, 2022 |
Statement [Line Items] | ||
Employee wage and benefit accruals | $ 186 | $ 495 |
Accounts receivable and inventory reserves | 557 | 414 |
Operating lease liabilities | 4,286 | 654 |
Intangible assets | 224 | 322 |
State net operating loss carryforwards | 706 | 755 |
Accrued interest and penalty on unrecognized tax liabilities | 54 | 43 |
Stock-based compensation | 378 | 289 |
Total gross deferred tax assets | 6,391 | 2,972 |
Less valuation allowance | (706) | (755) |
Deferred tax assets after valuation allowance | 5,685 | 2,217 |
Prepaid expenses | (610) | (607) |
Operating lease right of use assets | (4,283) | (600) |
Intangible assets | (1,390) | (1,725) |
Property, plant and equipment | (217) | (305) |
Total deferred tax liabilities | (6,500) | (3,237) |
Net deferred income tax liabilities | $ (815) | $ (1,020) |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Balance at beginning of period | $ 739,000 | $ 630,000 |
Additions related to current year positions | 73,000 | 59,000 |
Additions related to prior year positions | 45,000 | 50,000 |
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 | 0 |
Reductions pursuant to judgements and settlements | (534,000) | 0 |
Balance at end of period | $ 323,000 | $ 739,000 |
Note 11 - Income Taxes - Reco_2
Note 11 - Income Taxes - Reconciliation of Federal Statutory Provision to the Provision for Financial Reporting Purposes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Federal statutory rate | 21% | 21% |
Tax expense at federal statutory rate | $ 1,560 | $ 2,588 |
State income taxes, net of Federal income tax benefit | 272 | 413 |
Tax credits | (135) | (136) |
Discrete items | 50 | (65) |
Tax effect of book income not includible for tax purposes | 0 | (486) |
Other - net, including foreign | 29 | 94 |
Income tax expense | $ 1,776 | $ 2,408 |
Note 12 - Shareholders' Equity
Note 12 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.32 | $ 0.67 |
Dividends, Common Stock | $ 3,233 | $ 6,748 |
Treasury Stock, Shares, Acquired (in shares) | 33,000 | 53,000 |
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 6.31 | $ 7.72 |
Special Cash Dividend [Member] | ||
Statement [Line Items] | ||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.35 |
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. 02, 2023 | Apr. 03, 2022 | |
Wal-Mart Stores, Inc. [Member] | ||
Statement [Line Items] | ||
Sales, percent | 51% | 52% |
Amazon.com, Inc. [Member] | ||
Statement [Line Items] | ||
Sales, percent | 20% | 21% |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Statement [Line Items] | ||
Royalty Expense | $ 5,200,000 | $ 6,000,000 |
Royalty Expense Due | 3,700,000 | |
Royalty Expense Due in Next Twelve Months | 2,700,000 | |
Royalty Expense Due in Two Years | 811,000 | |
Royalty Expense Due in Three Years | 121,000 | |
Royalty Expense Due in Four Years | 48,000 | |
Royalty Expense Due in Five Years | $ 48,000 |