Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 01, 2023 | Oct. 30, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000025895 | |
Entity Registrant Name | CROWN CRAFTS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 01, 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 South Burnside Avenue | |
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, par value $0.01 per share | |
Trading Symbol | CRWS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,240,719 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 01, 2023 | Apr. 02, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,851 | $ 1,742 |
Accounts receivable (net of allowances of $2,410 at October 1, 2023 and $1,474 at April 2, 2023): | ||
Due from factor | 17,091 | 20,740 |
Other | 3,215 | 2,068 |
Inventory, Net | 35,257 | 34,211 |
Prepaid expenses | 1,458 | 1,614 |
Total current assets | 58,872 | 60,375 |
Operating lease right of use assets | 15,733 | 17,305 |
Property, plant and equipment - at cost: | ||
Vehicles | 182 | 182 |
Leasehold improvements | 480 | 473 |
Machinery and equipment | 4,802 | 4,333 |
Furniture and fixtures | 476 | 408 |
Property, plant and equipment - gross | 5,940 | 5,396 |
Less accumulated depreciation | 4,109 | 3,677 |
Property, plant and equipment - net | 1,831 | 1,719 |
Finite-lived intangible assets - at cost: | ||
Customer relationships | 8,174 | 8,174 |
Other finite-lived intangible assets | 4,766 | 4,766 |
Finite-lived intangible assets - gross | 12,940 | 12,940 |
Less accumulated amortization | 9,766 | 9,467 |
Finite-lived intangible assets - net | 3,174 | 3,473 |
Goodwill | 7,875 | 7,912 |
Other | 197 | 188 |
Total Assets | 87,682 | 90,972 |
Current liabilities: | ||
Accounts payable | 7,490 | 7,548 |
Accrued wages and benefits | 1,062 | 1,087 |
Accrued royalties | 642 | 614 |
Dividends payable | 822 | 815 |
Operating lease liabilities, current | 3,096 | 2,427 |
Other accrued liabilities | 643 | 566 |
Total current liabilities | 13,755 | 13,057 |
Non-current liabilities: | ||
Long-term debt | 9,808 | 12,674 |
Deferred income taxes | 297 | 815 |
Operating lease liabilities, noncurrent | 13,306 | 14,889 |
Reserve for unrecognized tax liabilities | 363 | 323 |
Total non-current liabilities | 23,774 | 28,701 |
Shareholders' equity: | ||
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at October 1, 2023 and April 2, 2023; Issued 13,138,226 shares at October 1, 2023 and 13,051,814 shares at April 2, 2023 | 131 | 131 |
Additional paid-in capital | 57,509 | 57,126 |
Treasury stock - at cost - 2,897,507 shares at October 1, 2023 and April 2, 2023 | (15,821) | (15,821) |
Retained Earnings | 8,334 | 7,778 |
Total shareholders' equity | 50,153 | 49,214 |
Total Liabilities and Shareholders' Equity | $ 87,682 | $ 90,972 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Oct. 01, 2023 | Apr. 02, 2023 |
Allowance for doubtful accounts receivable | $ 2,410 | $ 1,474 |
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) | 13,138,226 | 13,051,814 |
Treasury stock, shares (in shares) | 2,897,507 | 2,897,507 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Net sales | $ 24,129 | $ 18,726 | $ 41,252 | $ 34,436 |
Cost of products sold | 17,533 | 13,280 | 29,914 | 23,837 |
Gross profit | 6,596 | 5,446 | 11,338 | 10,599 |
Marketing and administrative expenses | 4,036 | 2,736 | 8,082 | 6,149 |
Income from operations | 2,560 | 2,710 | 3,256 | 4,450 |
Other (expense) income: | ||||
Interest expense - net of interest income | (164) | 4 | (352) | 1 |
Gain on insurance proceeds received for damage to equipment | 0 | 0 | 0 | 34 |
Gain on sale of property, plant and equipment | 0 | 0 | 0 | 2 |
Other - net | (24) | (3) | (26) | 124 |
Income before income tax expense | 2,372 | 2,711 | 2,878 | 4,611 |
Income tax expense | 550 | 671 | 690 | 1,137 |
Net income | $ 1,822 | $ 2,040 | $ 2,188 | $ 3,474 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 10,199 | 10,094 | 10,177 | 10,085 |
Effect of dilutive securities (in shares) | 2 | 22 | 5 | 22 |
Diluted (in shares) | 10,201 | 10,116 | 10,182 | 10,107 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.18 | $ 0.2 | $ 0.21 | $ 0.34 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 |
Issuance of shares (in shares) | 66,896 | 0 | |||
Issuance of shares | $ 1 | $ 0 | 97 | 0 | 98 |
Stock-based compensation | $ 0 | $ 0 | 591 | 0 | 591 |
Acquisition of treasury stock (in shares) | 0 | (29,544) | |||
Acquisition of treasury stock | $ 0 | $ (189) | 0 | 0 | (189) |
Net income | 0 | 0 | 0 | 3,474 | 3,474 |
Dividend declared on common stock - $0.08 per share | $ 0 | $ 0 | 0 | (1,615) | (1,615) |
Balances (in shares) at Oct. 02, 2022 | 13,011,814 | (2,894,242) | |||
Balances at Oct. 02, 2022 | $ 130 | $ (15,803) | 56,613 | 7,220 | 48,160 |
Balances (in shares) at Jul. 03, 2022 | 12,959,918 | (2,890,165) | |||
Balances at Jul. 03, 2022 | $ 130 | $ (15,776) | 56,331 | 5,989 | 46,674 |
Issuance of shares (in shares) | 51,896 | 0 | |||
Issuance of shares | $ 0 | $ 0 | 24 | 0 | 24 |
Stock-based compensation | $ 0 | $ 0 | 258 | 0 | 258 |
Acquisition of treasury stock (in shares) | 0 | (4,077) | |||
Acquisition of treasury stock | $ 0 | $ (27) | 0 | 0 | (27) |
Net income | 0 | 0 | 0 | 2,040 | 2,040 |
Dividend declared on common stock - $0.08 per share | $ 0 | $ 0 | 0 | (809) | (809) |
Balances (in shares) at Oct. 02, 2022 | 13,011,814 | (2,894,242) | |||
Balances at Oct. 02, 2022 | $ 130 | $ (15,803) | 56,613 | 7,220 | 48,160 |
Balances (in shares) at Apr. 02, 2023 | 13,051,814 | (2,897,507) | |||
Balances at Apr. 02, 2023 | $ 131 | $ (15,821) | 57,126 | 7,778 | 49,214 |
Issuance of shares (in shares) | 86,412 | 0 | |||
Issuance of shares | $ 0 | $ 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 383 | 0 | 383 |
Net income | 0 | 0 | 0 | 2,188 | 2,188 |
Dividend declared on common stock - $0.08 per share | $ 0 | $ 0 | 0 | (1,632) | (1,632) |
Balances (in shares) at Oct. 01, 2023 | 13,138,226 | (2,897,507) | |||
Balances at Oct. 01, 2023 | $ 131 | $ (15,821) | 57,509 | 8,334 | 50,153 |
Balances (in shares) at Jul. 02, 2023 | 13,051,814 | (2,897,507) | |||
Balances at Jul. 02, 2023 | $ 131 | $ (15,821) | 57,317 | 7,332 | 48,959 |
Issuance of shares (in shares) | 86,412 | 0 | |||
Issuance of shares | $ 0 | $ 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 192 | 0 | 192 |
Net income | 0 | 0 | 0 | 1,822 | 1,822 |
Dividend declared on common stock - $0.08 per share | $ 0 | $ 0 | 0 | (820) | (820) |
Balances (in shares) at Oct. 01, 2023 | 13,138,226 | (2,897,507) | |||
Balances at Oct. 01, 2023 | $ 131 | $ (15,821) | $ 57,509 | $ 8,334 | $ 50,153 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Changes In Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Dividends declared, per share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Operating activities: | ||
Net income | $ 2,188 | $ 3,474 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 432 | 335 |
Amortization of intangibles | 299 | 241 |
Amortization of right of use assets | 2,074 | 884 |
Deferred income taxes | (518) | 247 |
Gain on insurance proceeds received for damage to equipment | 0 | (34) |
Gain on sale of property, plant and equipment | 0 | (2) |
Reserve for unrecognized tax liabilities | 40 | 74 |
Stock-based compensation | 383 | 591 |
Changes in assets and liabilities: | ||
Accounts receivable | 2,502 | 5,643 |
Inventories | (1,434) | (7,082) |
Prepaid expenses | 156 | (112) |
Other assets | (9) | 0 |
Lease liabilities | (1,417) | (969) |
Accounts payable | (126) | 370 |
Accrued liabilities | 80 | (1,002) |
Net cash provided by operating activities | 4,650 | 2,658 |
Cash used in investing activities: | ||
Capital expenditures for property, plant and equipment | (539) | (227) |
Insurance proceeds received for damage to equpment | 0 | 34 |
Proceeds from sale of property, plant and equipment | 0 | 2 |
Aggregate adjustment from the Manhattan and MTE acquisition | 488 | 0 |
Net cash used in investing activities | (51) | (191) |
Financing activities: | ||
Repayments under revolving line of credit | (35,947) | 0 |
Borrowings under revolving line of credit | 33,081 | 0 |
Purchase of treasury stock from related parties | 0 | (189) |
Issuance of common stock | 0 | 98 |
Dividends paid | (1,624) | (1,632) |
Net cash used in financing activities | (4,490) | (1,723) |
Net increase in cash and cash equivalents | 109 | 744 |
Cash and cash equivalents at beginning of period | 1,742 | 1,598 |
Cash and cash equivalents at end of period | 1,851 | 2,342 |
Supplemental cash flow information: | ||
Income taxes paid | 875 | 23 |
Interest paid | 448 | 5 |
Noncash activities: | ||
Property, plant and equipment purchased but unpaid | (5) | (25) |
Dividends declared but unpaid | $ (822) | $ (809) |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 Interim Financial Statements Basis of Presentation: not In the opinion of the Company’s management, the unaudited condensed consolidated financial statements contained herein include all adjustments necessary to present fairly the financial position of the Company as of October 1, 2023 three six October 1, 2023 not may March 31, 2024. April 2, 2023, 10 Fiscal Year: March 31. 2024” “2024” 52 March 31, 2024 2023” “2023” 52 April 2, 2023. 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 In October 2023, No. 2023 06, Disclosure Improvements Codification Amendments in Response to the SEC s Disclosure Update and Simplification Initiative August 2018, No. 33 10532, No. 2023 06 14 27 not not no not No. 2023 06 The Company has determined that all other ASUs issued which had become effective as of October 1, 2023, not |
Note 2 - Advertising Costs
Note 2 - Advertising Costs | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Advertising Costs [Text Block] | Note 2 Advertising Costs The Company’s advertising costs are primarily associated with cooperative advertising arrangements with certain of the Company’s customers and are recognized using the straight-line method based upon aggregate annual estimated amounts for these customers, with periodic adjustments to the actual amounts of authorized agreements. Advertising expense is included in marketing and administrative expenses in the accompanying unaudited condensed consolidated statements of income and amounted to $172,000 and $123,000 for the three October 1, 2023 October 2, 2022, six October 1, 2023 October 2, 2022, |
Note 3 - Segment and Related In
Note 3 - Segment and Related Information | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3 Segment and Related Information The Company operates primarily in one principal segment, infant, toddler and juvenile products. These products consist of infant and toddler bedding, blankets, accessories, bibs, toys and disposable products. Net sales of bedding, blankets and accessories and net sales of bibs, toys and disposable products for the three six October 1, 2023 October 2, 2022 Three-Month Periods Ended Six-Month Periods Ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Bedding, blankets and accessories $ 9,776 $ 9,503 $ 15,349 $ 17,001 Bibs, toys and disposable products 14,353 9,223 25,903 17,435 Total net sales $ 24,129 $ 18,726 $ 41,252 $ 34,436 |
Note 4 - Licensing Agreements
Note 4 - Licensing Agreements | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Licensing Agreements [Text Block] | Note 4 Licensing Agreements The Company has entered into licensing agreements that provide for royalty payments based on a percentage of sales with certain minimum guaranteed amounts. These royalty amounts are accrued based upon historical sales rates adjusted for current sales trends by customers. Royalty expense is included in cost of products sold in the accompanying unaudited condensed consolidated statements of income and amounted to $1.5 million and $1.2 million for the three October 1, 2023 October 2, 2022, six October 1, 2023 October 2, 2022, |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 Income Taxes The Company files income tax returns in the many jurisdictions in which it operates, including the U.S., several U.S. states and the People’s Republic of China. The statute of limitations varies by jurisdiction; tax years open to examination or other adjustment as of October 1, 2023 April 2, 2023, April 3, 2022, March 28, 2021, March 29, 2020 March 31, 2019. In August 2020, April 2, 2017, April 1, 2018 March 31, 2019. May 30, 2023, May 31, 2023. April 2, 2023, April 2, 2023, April 2, 2023 April 2, 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 |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 6 Inventories As of October 1, 2023 April 2, 2023, |
Note 7 - Acquisition
Note 7 - Acquisition | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 7 Acquisition On March 17, 2023 ( September 29, 2023, 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 settlement of the Aggregate Adjustment decreased the acquisition cost to $16.9 million. The following table represents the Company’s preliminary allocation of this acquisition cost (in thousands) to the identifiable assets acquired and the liabilities assumed based on their respective estimated fair values as of the Closing 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 12,578 Prepaid expenses 350 Other assets 91 Operating lease right of use assets 1,009 Property, plant and equipment 194 Total tangible assets 18,604 Amortizable intangible assets: Tradename 300 Licensing relationships 200 Customer relationships 800 Total amortizable intangible assets 1,300 Goodwill 750 Total acquired assets 20,654 Liabilities assumed: Accounts payable 2,048 Accrued wages and benefits 370 Operating lease liabilities, current 226 Other accrued liabilities 308 Operating lease liabilities, noncurrent 783 Total liabilities assumed 3,735 Net acquisition cost $ 16,919 The Company expects to complete the acquisition cost allocation during the 12 may six October 1, 2023. Amount of goodwill recognized based upon the preliminary allocation of the acquisition cost $ 787,000 Adjustments made during the six-month period ended October 1, 2023: Settlement of the Aggregate Adjustment (488,000 ) Revaluation of inventory as of the Closing Date 387,000 Resolution of pre-acquisition accounts payable 64,000 Net adjustments made during the six-month period ended October 1, 2023 (37,000 ) Amount of goodwill recognized as of October 1, 2023 $ 750,000 The Manhattan Acquisition resulted in net sales of $4.8 million and $8.5 million of developmental toy, feeding and baby care products for the three six October 1, 2023, three six October 1, 2023, The Company has determined, on a pro forma basis, that the combined net sales and the combined net income of the Company and Manhattan, giving effect to the Manhattan Acquisition as if it had been completed on April 4, 2022, three October 2, 2022, six October 2, 2022. not may may |
Note 8 - Financing Arrangements
Note 8 - Financing Arrangements | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 Financing Arrangements Factoring Agreements: not may may three October 1, 2023 October 2, 2022, six October 1, 2023 October 2, 2022, Credit Facility: October 1, 2023 July 11, 2028, first October 1, 2023, As of October 1, 2023 April 2, 2023, October 1, 2023. Credit Concentration: October 1, 2023 April 2, 2023 |
Note 9 - Goodwill
Note 9 - Goodwill | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 9 Goodwill Goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in business combinations. For the purpose of presenting and measuring for the impairment of goodwill, the Company has two one October 1, 2023 April 2, 2023 The Company measures for impairment the goodwill within its reporting units annually as of the first not 50% first not not On April 3, 2023, not not |
Note 10 - Other Intangible Asse
Note 10 - Other Intangible Assets | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 10 Other Intangible Assets Other intangible assets as of October 1, 2023 April 2, 2023 October 1, 2023 April 2, 2023 three six October 1, 2023 October 2, 2022, Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended Six-Month Periods Ended October 1, April 2, October 1, April 2, October 1, October 2, October 1, October 2, 2023 2023 2023 2023 2023 2022 2023 2022 Tradename and trademarks $ 2,867 $ 2,867 $ 2,103 $ 2,025 $ 43 $ 35 $ 78 $ 70 Non-compete covenants 98 98 98 98 - - - - Patents 1,601 1,601 1,081 1,055 13 13 26 26 Customer relationships 8,174 8,174 6,474 6,289 92 73 185 145 Licensing relationships 200 200 10 - 5 - 10 - Total other intangible assets $ 12,940 $ 12,940 $ 9,766 $ 9,467 $ 153 $ 121 $ 299 $ 241 |
Note 11 - Leases
Note 11 - Leases | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 11 Leases The Company made cash payments related to its recognized operating leases of $993,000 and $488,000 during the three October 1, 2023 October 2, 2022, six October 1, 2023 October 2, 2022, three October 1, 2023 October 2, 2022, six October 1, 2023 October 2, 2022, October 1, 2023 April 2, 2023, During the three six October 1, 2023 October 2, 2022, Three-Month Periods Ended Six-Month Periods Ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Cost of products sold $ 940 $ 401 $ 1,880 $ 802 Marketing and administrative expenses 97 41 194 82 Total operating lease costs $ 1,037 $ 442 $ 2,074 $ 884 The maturities of the Company’s operating lease liabilities as of October 1, 2023 Fiscal Year 2024 $ 1,980 2025 4,027 2026 4,108 2027 4,086 2028 3,952 2029 663 Total undiscounted operating lease payments 18,816 Less imputed interest 2,414 Operating lease liabilities - net $ 16,402 |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 12 Stock-based Compensation The Company has three 2006 “2006 2014 “2014 2021 “2021 may no 2006 2014 October 1, 2023, 2021 may three October 1, 2023 October 2, 2022, six October 1, 2023 October 2, 2022, No October 1, 2023. Stock Options: six October 1, 2023 October 2, 2022: Six-Month Periods Ended October 1, 2023 October 2, 2022 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.32 735,500 $ 7.39 635,500 Granted 5.26 120,000 6.54 120,000 Exercised - - 4.92 (20,000 ) Expired 6.14 (10,000 ) - - Outstanding at End of Period 7.04 845,500 7.32 735,500 Exercisable at End of Period 7.41 665,500 7.42 499,000 As of October 1, 2023, no six October 1, 2023. three six October 2, 2022 not three six October 2, 2022. may three six October 2, 2022, Stock-based compensation is calculated according to FASB ASC Topic 718, Compensation Stock Compensation, six October 1, 2023 October 2, 2022, two Six-Month Periods Ended October 1, 2023 October 2, 2022 Number of options issued 120,000 120,000 Grant date June 21, 2023 June 7, 2022 Dividend yield 6.08 % 4.89 % Expected volatility 25.00 % 30.00 % Risk free interest rate 4.29 % 2.95 % Contractual term (years) 10.00 10.00 Expected term (years) 3.00 4.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 5.26 $ 6.54 Fair value per option $ 0.46 $ 0.90 During the three October 1, 2023 October 2, 2022, Three-Month Period Ended October 1, 2023 Three-Month Period Ended October 2, 2022 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2021 $ - $ - $ - $ - $ 15 $ 15 2022 - - - 10 16 26 2023 5 8 13 4 8 12 2024 3 3 6 - - - Total stock option compensation $ 8 $ 11 $ 19 $ 14 $ 39 $ 53 During the six October 1, 2023 October 2, 2022, Six-Month Period Ended October 1, 2023 Six-Month Period Ended October 2, 2022 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2021 $ - $ - $ - $ 3 $ 26 $ 29 2022 10 21 31 22 46 68 2023 12 17 29 6 10 16 2024 3 4 7 - - - Total stock option compensation $ 25 $ 42 $ 67 $ 31 $ 82 $ 113 As of October 1, 2023, Non-vested Stock Granted to Directors: Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 60,412 $4.85 August 15, 2023 One 46,896 6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 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 May 1, 2022, The non-vested stock granted on August 16, 2022 2001. February 21, 2023, In August 2023 August 2022, Non-vested Stock Granted to Employees: Number of Shares Fair Value per Share Grant Date Vesting Date 26,000 $4.77 August 14, 2023 August 14, 2024 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, Performance Award Shares: March 1, 2022, ten twenty March 1, 2027; ten twenty March 1, 2027. one third one third first one third second third During the three six October 1, 2023 October 2, 2022, Three-Month Periods Ended Six-Month Periods Ended Stock Granted in Fiscal Year October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 2021 $ - $ - $ - $ 67 2022 55 19 110 359 2023 49 134 137 52 2024 69 52 69 - Total stock grant compensation $ 173 $ 205 $ 316 $ 478 As of October 1, 2023, |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13 Subsequent Events The Company has evaluated all other events which have occurred between October 1, 2023 no |
Note 3 - Segment and Related _2
Note 3 - Segment and Related Information (Tables) | 6 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three-Month Periods Ended Six-Month Periods Ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Bedding, blankets and accessories $ 9,776 $ 9,503 $ 15,349 $ 17,001 Bibs, toys and disposable products 14,353 9,223 25,903 17,435 Total net sales $ 24,129 $ 18,726 $ 41,252 $ 34,436 |
Note 7 - Acquisition (Tables)
Note 7 - Acquisition (Tables) | 6 Months Ended |
Oct. 01, 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 12,578 Prepaid expenses 350 Other assets 91 Operating lease right of use assets 1,009 Property, plant and equipment 194 Total tangible assets 18,604 Amortizable intangible assets: Tradename 300 Licensing relationships 200 Customer relationships 800 Total amortizable intangible assets 1,300 Goodwill 750 Total acquired assets 20,654 Liabilities assumed: Accounts payable 2,048 Accrued wages and benefits 370 Operating lease liabilities, current 226 Other accrued liabilities 308 Operating lease liabilities, noncurrent 783 Total liabilities assumed 3,735 Net acquisition cost $ 16,919 |
Business Combination, Segment Allocation [Table Text Block] | Amount of goodwill recognized based upon the preliminary allocation of the acquisition cost $ 787,000 Adjustments made during the six-month period ended October 1, 2023: Settlement of the Aggregate Adjustment (488,000 ) Revaluation of inventory as of the Closing Date 387,000 Resolution of pre-acquisition accounts payable 64,000 Net adjustments made during the six-month period ended October 1, 2023 (37,000 ) Amount of goodwill recognized as of October 1, 2023 $ 750,000 |
Note 10 - Other Intangible As_2
Note 10 - Other Intangible Assets (Tables) | 6 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortization Expense Gross Amount Accumulated Amortization Three-Month Periods Ended Six-Month Periods Ended October 1, April 2, October 1, April 2, October 1, October 2, October 1, October 2, 2023 2023 2023 2023 2023 2022 2023 2022 Tradename and trademarks $ 2,867 $ 2,867 $ 2,103 $ 2,025 $ 43 $ 35 $ 78 $ 70 Non-compete covenants 98 98 98 98 - - - - Patents 1,601 1,601 1,081 1,055 13 13 26 26 Customer relationships 8,174 8,174 6,474 6,289 92 73 185 145 Licensing relationships 200 200 10 - 5 - 10 - Total other intangible assets $ 12,940 $ 12,940 $ 9,766 $ 9,467 $ 153 $ 121 $ 299 $ 241 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 6 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three-Month Periods Ended Six-Month Periods Ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Cost of products sold $ 940 $ 401 $ 1,880 $ 802 Marketing and administrative expenses 97 41 194 82 Total operating lease costs $ 1,037 $ 442 $ 2,074 $ 884 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Year 2024 $ 1,980 2025 4,027 2026 4,108 2027 4,086 2028 3,952 2029 663 Total undiscounted operating lease payments 18,816 Less imputed interest 2,414 Operating lease liabilities - net $ 16,402 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 6 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Six-Month Periods Ended October 1, 2023 October 2, 2022 Weighted- Weighted- Average Number of Average Number of Exercise Options Exercise Options Price Outstanding Price Outstanding Outstanding at Beginning of Period $ 7.32 735,500 $ 7.39 635,500 Granted 5.26 120,000 6.54 120,000 Exercised - - 4.92 (20,000 ) Expired 6.14 (10,000 ) - - Outstanding at End of Period 7.04 845,500 7.32 735,500 Exercisable at End of Period 7.41 665,500 7.42 499,000 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six-Month Periods Ended October 1, 2023 October 2, 2022 Number of options issued 120,000 120,000 Grant date June 21, 2023 June 7, 2022 Dividend yield 6.08 % 4.89 % Expected volatility 25.00 % 30.00 % Risk free interest rate 4.29 % 2.95 % Contractual term (years) 10.00 10.00 Expected term (years) 3.00 4.00 Forfeiture rate 5.00 % 5.00 % Exercise price (grant-date closing price) per option $ 5.26 $ 6.54 Fair value per option $ 0.46 $ 0.90 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three-Month Period Ended October 1, 2023 Three-Month Period Ended October 2, 2022 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2021 $ - $ - $ - $ - $ 15 $ 15 2022 - - - 10 16 26 2023 5 8 13 4 8 12 2024 3 3 6 - - - Total stock option compensation $ 8 $ 11 $ 19 $ 14 $ 39 $ 53 Six-Month Period Ended October 1, 2023 Six-Month Period Ended October 2, 2022 Cost of Marketing & Cost of Marketing & Products Administrative Total Products Administrative Total Options Granted in Fiscal Year Sold Expenses Expense Sold Expenses Expense 2021 $ - $ - $ - $ 3 $ 26 $ 29 2022 10 21 31 22 46 68 2023 12 17 29 6 10 16 2024 3 4 7 - - - Total stock option compensation $ 25 $ 42 $ 67 $ 31 $ 82 $ 113 Three-Month Periods Ended Six-Month Periods Ended Stock Granted in Fiscal Year October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 2021 $ - $ - $ - $ 67 2022 55 19 110 359 2023 49 134 137 52 2024 69 52 69 - Total stock grant compensation $ 173 $ 205 $ 316 $ 478 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Fair Value per Share Grant Date Vesting Period (Years) 60,412 $4.85 August 15, 2023 One 46,896 6.65 August 16, 2022 One 40,165 7.47 August 11, 2021 One 41,452 5.79 August 12, 2020 Two Number of Shares Fair Value per Share Grant Date Vesting Date 26,000 $4.77 August 14, 2023 August 14, 2024 40,000 5.85 March 21, 2023 March 21, 2025 25,000 7.98 June 9, 2021 June 9, 2022 10,000 7.60 February 22, 2021 February 22, 2023 20,000 4.92 June 10, 2020 June 10, 2022 |
Note 2 - Advertising Costs (Det
Note 2 - Advertising Costs (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Advertising Expense | $ 172,000 | $ 123,000 | $ 364,000 | $ 247,000 |
Note 3 - Segment and Related _3
Note 3 - Segment and Related Information (Details Textual) | 3 Months Ended |
Oct. 01, 2023 | |
Number of Operating Segments | 1 |
Note 3 - Segment and Related _4
Note 3 - Segment and Related Information - Segment and Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Net sales | $ 24,129 | $ 18,726 | $ 41,252 | $ 34,436 |
Bedding, Blankets, And Accessories [Member] | ||||
Net sales | 9,776 | 9,503 | 15,349 | 17,001 |
Bibs, Bath, Developmental Toy, Feeding, Baby Care and Disposable Products [Member] | ||||
Net sales | $ 14,353 | $ 9,223 | $ 25,903 | $ 17,435 |
Note 4 - Licensing Agreements (
Note 4 - Licensing Agreements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Cost of Goods and Services Sold | $ 17,533 | $ 13,280 | $ 29,914 | $ 23,837 |
Royalty [Member] | ||||
Cost of Goods and Services Sold | $ 1,500 | $ 1,200 | $ 2,500 | $ 2,300 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) | May 30, 2023 USD ($) |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ (442,000) |
Income Tax Examination, Increase (Decrease) in Interest Expense | $ (86,000) |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2023 | Apr. 02, 2023 |
Inventory, Net | $ 35,257 | $ 34,211 |
Note 7 - Acquisition (Details T
Note 7 - Acquisition (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 17, 2023 | Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Sep. 29, 2023 | Apr. 02, 2023 | Apr. 01, 2023 | |
Goodwill | $ 7,875,000 | $ 7,875,000 | $ 7,912,000 | |||||
Amortization of Intangible Assets | 153,000 | $ 121,000 | 299,000 | $ 241,000 | ||||
Manhattan Acquisition [Member] | ||||||||
Business Combination, Consideration Transferred | $ 17,000,000 | |||||||
Business Combination, Net Working Capital Adjustments | 13,750,000 | |||||||
Business Combination, Aggregate Adjustment of Purchase Price, Amount Received | $ 509,000 | |||||||
Business Combination, Aggregate Adjustment of Purchase Price, Amount Received, Interest Income | 21,000 | |||||||
Business Combination, Consideration Transferred, Including Net Working Capital Adjustment | 17,400,000 | |||||||
Business Combination, Aggregate Adjustment of Purchase Price, Acquisition Cost | $ 16,900,000 | |||||||
Goodwill | $ 750,000 | 750,000 | 750,000 | $ 787,000 | $ 787,000 | |||
Amortization of Intangible Assets | 33,000 | 58,000 | ||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 11 years | |||||||
Business Acquisition, Pro Forma Revenue | 25,800,000 | 48,500,000 | ||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 1,300,000 | $ 2,100,000 | ||||||
Manhattan Acquisition [Member] | Trade Names [Member] | ||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | |||||||
Manhattan Acquisition [Member] | Customer and Licensing Relationships [Member] | ||||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | |||||||
Manhattan Acquisition [Member] | Developmental Toy, Feeding and Baby Care Products [Member] | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 4,800,000 | $ 8,500,000 |
Note 7 - Acquisition - Estimate
Note 7 - Acquisition - Estimated Fair Value of Identifiable Net Assets (Details) - USD ($) | Oct. 01, 2023 | Apr. 02, 2023 | Apr. 01, 2023 | Mar. 17, 2023 |
Goodwill | $ 7,875,000 | $ 7,912,000 | ||
Manhattan Acquisition [Member] | ||||
Cash and cash equivalents | $ 1,270,000 | |||
Accounts receivable | 3,112,000 | |||
Inventories | 12,578,000 | |||
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 | 18,604,000 | |||
Amortizable intangible assets: | 1,300,000 | |||
Goodwill | $ 750,000 | $ 787,000 | $ 787,000 | 750,000 |
Total acquired assets | 20,654,000 | |||
Accounts payable | 2,048,000 | |||
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 | 3,735,000 | |||
Net acquisition cost | 16,919,000 | |||
Manhattan Acquisition [Member] | Trade Names [Member] | ||||
Amortizable intangible assets: | 300,000 | |||
Manhattan Acquisition [Member] | Licensing Agreements [Member] | ||||
Amortizable intangible assets: | 200,000 | |||
Manhattan Acquisition [Member] | Customer Relationships [Member] | ||||
Amortizable intangible assets: | $ 800,000 |
Note 7 - Acquisition - Goodwill
Note 7 - Acquisition - Goodwill Adjustments (Details) | 6 Months Ended |
Oct. 01, 2023 USD ($) | |
Amount of goodwill recognized as of October 1, 2023 | $ 7,875,000 |
Manhattan Acquisition [Member] | |
Amount of goodwill recognized based upon the preliminary allocation of the acquisition cost | 787,000 |
Settlement of the Aggregate Adjustment | (488,000) |
Revaluation of inventory as of the Closing Date | 387,000 |
Resolution of pre-acquisition accounts payable | 64,000 |
Net adjustments made during the six-month period ended October 1, 2023 | (37,000) |
Amount of goodwill recognized as of October 1, 2023 | $ 750,000 |
Note 8 - Financing Arrangemen_2
Note 8 - Financing Arrangements (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Jul. 02, 2023 | Apr. 02, 2023 | |
Selling, General and Administrative Expense | $ 4,036,000 | $ 2,736,000 | $ 8,082,000 | $ 6,149,000 | ||
Long-Term Line of Credit | 9,800,000 | 9,800,000 | $ 12,700,000 | |||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 20,200,000 | 20,200,000 | 20,000,000 | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 20,300,000 | 20,300,000 | 22,800,000 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 2,400,000 | 2,400,000 | 1,500,000 | |||
Receivable Due from Factor [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss, Current | 17,100,000 | 17,100,000 | $ 20,700,000 | |||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | $ 35,000,000 | ||||
Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||
Debt Instrument Basis Spread Below Variable Rate | 0.50% | |||||
Debt Instrument, Interest Received on Daily Negative Balances, Basis Spread Below Variable Rate | 2% | |||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 6.90% | 6.90% | ||||
Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | $ 1,500,000 | ||||
Factoring Agreements [Member] | ||||||
Long-Term Debt | $ 0 | |||||
Factoring Fees [Member] | ||||||
Selling, General and Administrative Expense | $ 92,000 | $ 79,000 | $ 159,000 | $ 147,000 |
Note 9 - Goodwill (Details Text
Note 9 - Goodwill (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2023 | Apr. 02, 2023 |
Goodwill, Gross | $ 30,800 | $ 30,800 |
Goodwill, Impaired, Accumulated Impairment Loss | 22,900 | 22,900 |
Goodwill | $ 7,875 | $ 7,912 |
Note 10 - Other Intangible As_3
Note 10 - Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Apr. 02, 2023 | |
Finite-lived intangible assets, gross amount | $ 12,940 | $ 12,940 | $ 12,940 | ||
Finite-lived intangible assets, accumulated amortization | 9,766 | 9,766 | 9,467 | ||
Amortization expense | 153 | $ 121 | 299 | $ 241 | |
Trademarks and Trade Names [Member] | |||||
Finite-lived intangible assets, gross amount | 2,867 | 2,867 | 2,867 | ||
Finite-lived intangible assets, accumulated amortization | 2,103 | 2,103 | 2,025 | ||
Amortization expense | 43 | 35 | 78 | 70 | |
Noncompete Agreements [Member] | |||||
Finite-lived intangible assets, gross amount | 98 | 98 | 98 | ||
Finite-lived intangible assets, accumulated amortization | 98 | 98 | 98 | ||
Amortization expense | 0 | 0 | 0 | 0 | |
Patents [Member] | |||||
Finite-lived intangible assets, gross amount | 1,601 | 1,601 | 1,601 | ||
Finite-lived intangible assets, accumulated amortization | 1,081 | 1,081 | 1,055 | ||
Amortization expense | 13 | 13 | 26 | 26 | |
Customer Relationships [Member] | |||||
Finite-lived intangible assets, gross amount | 8,174 | 8,174 | 8,174 | ||
Finite-lived intangible assets, accumulated amortization | 6,474 | 6,474 | 6,289 | ||
Amortization expense | 92 | 73 | 185 | 145 | |
Licensing Agreements [Member] | |||||
Finite-lived intangible assets, gross amount | 200 | 200 | 200 | ||
Finite-lived intangible assets, accumulated amortization | 10 | 10 | $ 0 | ||
Amortization expense | $ 5 | $ 0 | $ 10 | $ 0 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Apr. 02, 2023 | |
Operating Lease, Payments | $ 993,000 | $ 488,000 | $ 1,400,000 | $ 969,000 | |
Operating Lease, Right-of-Use Asset, Periodic Reduction | $ 249,000 | $ 20,000 | $ 503,000 | $ 43,000 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 6 months | 4 years 6 months | 5 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | 5.90% | 5.90% |
Note 11 - Leases - Classificati
Note 11 - Leases - Classification of Operating Lease Costs in Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Operating Lease Costs | $ 1,037 | $ 442 | $ 2,074 | $ 884 |
Cost of Sales [Member] | ||||
Operating Lease Costs | 940 | 401 | 1,880 | 802 |
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease Costs | $ 97 | $ 41 | $ 194 | $ 82 |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Oct. 01, 2023 USD ($) |
2024 | $ 1,980 |
2025 | 4,027 |
2026 | 4,108 |
2027 | 4,086 |
2028 | 3,952 |
2029 | 663 |
Total undiscounted operating lease payments | 18,816 |
Less imputed interest | 2,414 |
Operating lease liabilities - net | $ 16,402 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Feb. 21, 2023 | Aug. 16, 2022 | May 01, 2022 | Mar. 01, 2022 | Aug. 11, 2021 | Aug. 31, 2023 | Aug. 31, 2022 | Jun. 30, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 559,000 | 559,000 | ||||||||||
Share-Based Payment Arrangement, Expense | $ 192,000 | $ 258,000 | $ 383,000 | $ 591,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 8,000 | 0 | 28,000 | |||||||||
Proceeds from Stock Options Exercised | $ 0 | |||||||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | 2,000 | 10,000 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 9 months | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 662,000 | $ 662,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 0 | 0 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||
Share-Based Payment Arrangement, Expense | 19,000 | $ 53,000 | $ 67,000 | $ 113,000 | ||||||||
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 | $ 86,000 | $ 86,000 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 12 months 15 days | |||||||||||
Non-vested Stock Grants [Member] | Former Chairman, President and Chief Executive Officer [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,033 | |||||||||||
Non-vested Stock Grants [Member] | Non Employee Directors [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) | 8,033 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 50,000 | $ 168,000 | $ 331,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 35,172 | 52,856 | ||||||||||
Non-vested Stock Grants [Member] | Director [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,724 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) | 11,724 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 67,000 | |||||||||||
Non-vested Stock Grants [Member] | Employee [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 293,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 45,000 | |||||||||||
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 | $ 732,000 | |||||||||||
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 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Outstanding, Weighted-average exercise price, beginning balance (in dollars per share) | $ 7.32 | $ 7.39 |
Outstanding, Shares, beginning balance (in shares) | 735,500 | 635,500 |
Granted, Weighted-average exercise price (in dollars per share) | $ 5.26 | $ 6.54 |
Number of options issued (in shares) | 120,000 | 120,000 |
Exercised, Weighted-average exercise price (in dollars per share) | $ 0 | $ 4.92 |
Exercised, Shares (in shares) | 0 | (20,000) |
Expired, Weighted-average exercise price (in dollars per share) | $ 6.14 | $ 0 |
Expired, Shares (in shares) | (10,000) | 0 |
Outstanding, Weighted-average exercise price, ending balance (in dollars per share) | $ 7.04 | $ 7.32 |
Outstanding, Shares, ending balance (in shares) | 845,500 | 735,500 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 7.41 | $ 7.42 |
Exercisable, Shares (in shares) | 665,500 | 499,000 |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Estimated Fair Value of Stock Options Assumptions (Details) - $ / shares | 6 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Number of options issued (in shares) | 120,000 | 120,000 |
June 7, 2022 [Member] | ||
Number of options issued (in shares) | 120,000 | |
Grant date | Jun. 21, 2023 | |
Dividend yield | 6.08% | |
Expected volatility | 25% | |
Risk free interest rate | 4.29% | |
Contractual term (years) (Year) | 10 years | |
Expected term (years) (Year) | 3 years | |
Forfeiture rate | 5% | |
Exercise price (grant-date closing price) per option (in dollars per share) | $ 5.26 | |
Fair value per option (in dollars per share) | $ 0.46 | |
June 9, 2021 [Member] | ||
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) | $ 0.9 |
Note 12 - Stock-based Compens_6
Note 12 - Stock-based Compensation - Stock Option Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Allocated Share Based Compensation Expense | $ 192,000 | $ 258,000 | $ 383,000 | $ 591,000 |
Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 19,000 | 53,000 | 67,000 | 113,000 |
Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 15,000 | 0 | 29,000 |
Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 26,000 | 31,000 | 68,000 |
Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 13,000 | 12,000 | 29,000 | 16,000 |
Fiscal Year 2024 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 6,000 | 0 | 7,000 | 0 |
Cost of Sales [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 8,000 | 14,000 | 25,000 | 31,000 |
Cost of Sales [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 0 | 0 | 3,000 |
Cost of Sales [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 10,000 | 10,000 | 22,000 |
Cost of Sales [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 5,000 | 4,000 | 12,000 | 6,000 |
Cost of Sales [Member] | Fiscal Year 2024 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 3,000 | 0 | 3,000 | 0 |
Marketing and Administrative Expenses [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 11,000 | 39,000 | 42,000 | 82,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 15,000 | 0 | 26,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 16,000 | 21,000 | 46,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 8,000 | 8,000 | 17,000 | 10,000 |
Marketing and Administrative Expenses [Member] | Fiscal Year 2024 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Allocated Share Based Compensation Expense | 3,000 | 0 | 4,000 | 0 |
Selling, General and Administrative Expenses [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 173,000 | 205,000 | 316,000 | 478,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2021 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 0 | 0 | 0 | 67,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2022 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 55,000 | 19,000 | 110,000 | 359,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2023 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | 49,000 | 134,000 | 137,000 | 52,000 |
Selling, General and Administrative Expenses [Member] | Fiscal Year 2024 [Member] | Non-vested Stock Grants [Member] | ||||
Allocated Share Based Compensation Expense | $ 69,000 | $ 52,000 | $ 69,000 | $ 0 |
Note 12 - Stock-based Compens_7
Note 12 - Stock-based Compensation - Non-vested Stock to Directors and Employees (Details) - Non-vested Stock Grants [Member] | 6 Months Ended |
Oct. 01, 2023 $ / shares shares | |
August 14, 2023 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.77 |
Number of Shares (in shares) | shares | 26,000 |
March 21, 2023 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.85 |
Number of Shares (in shares) | shares | 40,000 |
June 9, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.98 |
Number of Shares (in shares) | shares | 25,000 |
February 22, 2021 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.6 |
Number of Shares (in shares) | shares | 10,000 |
June 10, 2020 [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.92 |
Number of Shares (in shares) | shares | 20,000 |
Non Employee Directors [Member] | August 15, 2023 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 4.85 |
Number of Shares (in shares) | shares | 60,412 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 16, 2022 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 6.65 |
Number of Shares (in shares) | shares | 46,896 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 11, 2021 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 7.47 |
Number of Shares (in shares) | shares | 40,165 |
Vesting Period (Year) | 1 year |
Non Employee Directors [Member] | August 12, 2020 [Member] | |
Fair Value Per Share (in dollars per share) | $ / shares | $ 5.79 |
Number of Shares (in shares) | shares | 41,452 |
Vesting Period (Year) | 2 years |