Cover Page
Cover Page - shares | 3 Months Ended | |
May 01, 2021 | Jun. 08, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 1, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | AstroNova, Inc. | |
Entity Central Index Key | 0000008146 | |
Current Fiscal Year End Date | --01-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Trading Symbol | ALOT | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | RI | |
Entity File Number | 0-13200 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Tax Identification Number | 05-0318215 | |
Entity Address, Address Line One | 600 East Greenwich Avenue | |
Entity Address, City or Town | West Warwick | |
Entity Address, Postal Zip Code | 02893 | |
Entity Address, State or Province | RI | |
City Area Code | 401 | |
Local Phone Number | 828-4000 | |
Entity Common Stock, Shares Outstanding | 7,231,068 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 01, 2021 | Jan. 31, 2021 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 11,414 | $ 11,439 |
Accounts Receivable, net | 15,249 | 17,415 |
Inventories, net | 29,474 | 30,060 |
Prepaid Expenses and Other Current Assets | 2,072 | 1,807 |
Total Current Assets | 58,209 | 60,721 |
Property, Plant and Equipment, net | 12,124 | 12,011 |
Intangible Assets, net | 20,496 | 21,502 |
Goodwill | 12,730 | 12,806 |
Deferred Tax Assets | 5,944 | 5,941 |
Right of Use Assets | 1,302 | 1,389 |
Other Assets | 1,251 | 1,103 |
TOTAL ASSETS | 112,056 | 115,473 |
CURRENT LIABILITIES | ||
Accounts Payable | 5,639 | 5,734 |
Accrued Compensation | 2,951 | 2,852 |
Other Liabilities and Accrued Expenses | 3,448 | 3,939 |
Current Liability – Royalty Obligation | 2,000 | 2,000 |
Current Portion of Long-Term Debt | 813 | 5,326 |
Current Liability – Excess Royalty Payment Due | 200 | 177 |
Deferred Revenue | 330 | 285 |
Income Taxes Payable | 260 | 655 |
Total Current Liabilities | 15,441 | 20,968 |
NON CURRENT LIABILITIES | ||
Long-Term Debt, net of current portion | 8,884 | 7,109 |
Royalty Obligation, net of current portion | 5,711 | 6,161 |
Long-Term Debt – PPP Loan | 4,422 | 4,422 |
Lease Liabilities, net of current portion | 983 | 1,065 |
Other Long-Term Liabilities | 680 | 681 |
Deferred Tax Liabilities | 402 | 384 |
TOTAL LIABILITIES | 36,523 | 40,790 |
SHAREHOLDERS' EQUITY | ||
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,479,139 shares and 10,425,094 shares at May 1, 2021 and January 31, 2021, respectively | 524 | 521 |
Additional Paid-in Capital | 58,576 | 58,049 |
Retained Earnings | 50,678 | 50,085 |
Treasury Stock, at Cost, 3,312,687 and 3,297,058 shares at May 1, 2021 and January 31, 2021, respectively | (33,796) | (33,588) |
Accumulated Other Comprehensive Loss, net of tax | (449) | (384) |
TOTAL SHAREHOLDERS' EQUITY | 75,533 | 74,683 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 112,056 | $ 115,473 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (parenthetical) - $ / shares | May 01, 2021 | Jan. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.05 | $ 0.05 |
Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
Common Stock, Shares Issued | 10,479,139 | 10,425,094 |
Treasury Stock, Shares | 3,312,687 | 3,297,058 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 29,078,000 | $ 30,919,000 |
Cost of Revenue | 18,190,000 | 20,064,000 |
Gross Profit | 10,888,000 | 10,855,000 |
Operating Expenses: | ||
Selling and Marketing | 6,092,000 | 5,925,000 |
Research and Development | 1,717,000 | 1,940,000 |
General and Administrative | 2,344,000 | 2,327,000 |
Operating Expenses | 10,153,000 | 10,192,000 |
Operating Income | 735,000 | 663,000 |
Other Expense, net | 369,000 | 349,000 |
Income Before Income Taxes | 366,000 | 314,000 |
Income Tax Benefit | (227,000) | (118,000) |
Net Income | $ 593,000 | $ 432,000 |
Net Income per Common Share—Basic: | $ 0.08 | $ 0.06 |
Net Income per Common Share—Diluted: | $ 0.08 | $ 0.06 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic | 7,144,697 | 7,073,278 |
Diluted | 7,265,329 | 7,104,643 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 593 | $ 432 |
Other Comprehensive Loss, Net of Taxes: | ||
Foreign Currency Translation Adjustments | (81) | (142) |
Change in Value of Derivatives Designated as Cash Flow Hedge | (46) | |
Loss (Gain) from Cash Flow Hedges Reclassified to Income Statement | 16 | (33) |
Other Comprehensive Loss | (65) | (221) |
Comprehensive Income | $ 528 | $ 211 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Jan. 31, 2020 | $ 71,375 | $ 517 | $ 56,130 | $ 49,298 | $ (33,477) | $ (1,093) |
Beginning Balance, Shares at Jan. 31, 2020 | 10,343,610 | |||||
Share-Based Compensation | 495 | 495 | ||||
Employee Option Exercises | 32 | 32 | ||||
Employee Option Exercises, Shares | 4,456 | |||||
Restricted Stock Awards Vested, net | (54) | $ 1 | (1) | (54) | ||
Restricted Stock Awards Vested, net, Shares | 23,638 | |||||
Common Stock - cash dividend | (497) | (497) | ||||
Net Income | 432 | 432 | ||||
Other Comprehensive Loss | (221) | (221) | ||||
Ending Balance at May. 02, 2020 | 71,562 | $ 518 | 56,656 | 49,233 | (33,531) | (1,314) |
Ending Balance, Shares at May. 02, 2020 | 10,371,704 | |||||
Beginning Balance at Jan. 31, 2021 | 74,683 | $ 521 | 58,049 | 50,085 | (33,588) | (384) |
Beginning Balance, Shares at Jan. 31, 2021 | 10,425,094 | |||||
Share-Based Compensation | 478 | 478 | ||||
Employee Option Exercises | $ 52 | 52 | ||||
Employee Option Exercises, Shares | 3,775 | 5,746 | ||||
Restricted Stock Awards Vested, net | $ (208) | $ 3 | (3) | (208) | ||
Restricted Stock Awards Vested, net, Shares | 48,299 | |||||
Net Income | 593 | 593 | ||||
Other Comprehensive Loss | (65) | (65) | ||||
Ending Balance at May. 01, 2021 | $ 75,533 | $ 524 | $ 58,576 | $ 50,678 | $ (33,796) | $ (449) |
Ending Balance, Shares at May. 01, 2021 | 10,479,139 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | 3 Months Ended |
May 02, 2020$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividend per share | $ 0.07 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 593 | $ 432 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||
Depreciation and Amortization | 1,425 | 1,568 |
Amortization of Debt Issuance Costs | 25 | 12 |
Share-Based Compensation | 478 | 495 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 2,165 | 1,220 |
Inventories | 568 | 1,237 |
Income Taxes | (387) | (90) |
Accounts Payable and Accrued Expenses | (552) | (1,140) |
Other | (406) | (314) |
Net Cash Provided by Operating Activities | 3,909 | 3,420 |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (544) | (626) |
Net Cash Used for Investing Activities | (544) | (626) |
Cash Flows from Financing Activities: | ||
Net Cash Proceeds from Employee Stock Option Plans | 34 | 6 |
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan | 18 | 26 |
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | (208) | (54) |
Borrowings under Revolving Credit Facility | 5,000 | |
Payment of Minimum Guarantee Royalty Obligation | (500) | (500) |
Proceeds from Long-Term Debt Borrowings | 10,000 | |
Payoff of Long-Term Debt | (12,576) | |
Principal Payments on Long-Term Debt | (187) | |
Dividends Paid | (497) | |
Net Cash Provided by (Used) for Financing Activities | (3,419) | 3,981 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 29 | 67 |
Net Increase (Decrease) in Cash and Cash Equivalents | (25) | 6,842 |
Cash and Cash Equivalents, Beginning of Period | 11,439 | 4,249 |
Cash and Cash Equivalents, End of Period | 11,414 | 11,091 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash Paid During the Period for Interest | 115 | 124 |
Cash Paid During the Period for Income Taxes, Net of Refunds | $ 131 | $ 128 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
May 01, 2021 | |
Business and Basis Of Presentation [Abstract] | |
Business and Basis of Presentation | Note 1 – Business and Basis of Presentation Overview Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad r a Our business consists of two segments, Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the QuickLabel®, TrojanLabel® and GetLabels™ brand names. The T&M segment includes our line of aerospace printers and test and measurement data acquisition systems sold under the AstroNova® brand name. PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers, high-volume presses and specialty original equipment manufacturer (“OEM”) printing systems, as well as a wide range of label, tag and flexible packaging material substrates and other supplies, including ink and toner, allowing customers to mark, track, protect and enhance the appearance of their products. In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution light-weight flight deck and cabin printers for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats. Our Product Identification products are sold by direct field salespersons as well as independent dealers and representatives, while our Test & Measurement products are sold predominantly through direct sales and manufacturers’ representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in Product Identification products. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Singapore, and the United Kingdom staffed by our own employees and dedicated third party contractors. Additionally, we utilize over 200 independent dealers and representatives selling and marketing our products in over 60 countries. Unless otherwise indicated, references to “AstroNova”, “we,” “our,” and “us” in this Quarterly Report on Form 10-Q Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with our Annual Report on Form 10-K The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information, in context of the unknown future impacts of COVID-19 COVID-19 Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year. Certain amounts in the prior year financial statements have been reclassified to conform to the current year’s presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Update | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Update | Note 2 – Summary of Significant Accounting Policies Update The accounting policies used in preparing the condensed consolidated financial statements in this Form 10-Q 10-K Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued an ASU 2019-12, 2019-12 2019-12 No other new accounting pronouncements, issued or effective during the three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
May 01, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems and airborne printers used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets: Three Months Ended (In thousands) May 1, May 2, United States $ 16,693 $ Europe 8,599 7,450 Canada 1,546 1,428 Asia 1,085 1,009 Central and South America 760 954 Other 395 289 Total Revenue $ 29,078 $ 30,919 Major product types: Three Months Ended (In thousands) May 1, May 2, Hardware $ 7,647 $ 8,914 Supplies 18,211 19,118 Service and Other 3,220 2,887 Total Revenue $ 29,078 $ 30,919 Contract Assets and Liabilities We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $330,000 and $285,000 at May 1, 2021 and January 31, 2021, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The increase in the deferred revenue balance during the three months ended May 1, 2021 is primarily due to cash payments received in advance of satisfying performance obligations in the current period, offset by $ of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2021. Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized based on the forecasted number of units sold over the remaining benefit term, which we currently estimate to be approximately 5 years. The balance of these contract assets at January 31, 2021 was $917,000. We amortized $9,000 of direct costs for the three months ended May 1, 2021 and the balance of deferred incremental direct costs net of accumulated amortization at May 1, 2021 was $908,000, of which $74,000 is reported in other current assets and $834,000 is reported in other assets in the accompanying condensed consolidated balance sheet. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 4 – Net Income Per Common Share Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. Three Months Ended May 1, May 2, Weighted Average Common Shares Outstanding – Basic 7,144,697 7,073,278 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 120,632 31,365 Weighted Average Common Shares Outstanding – Diluted 7,265,329 7,104,643 For the three months ended May 1, 2021 and May 2, 2020, the diluted per share amounts do not reflect common equivalent shares outstanding of 622,020 and 865,157, respectively, because of their anti-dilutive effect. |
Intangible Assets
Intangible Assets | 3 Months Ended |
May 01, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 5 – Intangible Assets Intangible assets are as follows: May 1, 2021 January 31, 2021 (In thousands) Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Miltope: Customer Contract Relationships $ 3,100 $ (2,342 ) $ — $ 758 $ 3,100 $ (2,284) $ — $ 816 RITEC: Customer Contract Relationships 2,830 (1,507 ) — 1,323 2,830 (1,423 ) — 1,407 TrojanLabel: Existing Technology 2,327 (1,497 ) 186 1,016 2,327 (1,405 ) 196 1,118 Distributor Relations 937 (422 ) 84 599 937 (396 ) 89 630 Honeywell: Customer Contract Relationships 27,243 (10,443 ) — 16,800 27,243 (9,712 ) — 17,531 Intangible Assets, net $ $ ) $ 270 $ 20,496 $ 34,437 $ (15,220 ) $ 285 $ 21,502 There were With respect to the acquired intangibles included in the table above, amortization expense of $1.0 million has been included in the condensed consolidated statements of income for each of the three months ended May 1, 2021 and May 2, 2020. Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2023 2024 2025 2026 Estimated amortization expense $ 2,968 $ 3,976 $ 4,075 $ 3,420 $ 3,026 |
Inventories
Inventories | 3 Months Ended |
May 01, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 – Inventories Inventories are stated at the lower of cost (first-in, first-out) (In thousands) May 1, 2021 January 31, 2021 Materials and Supplies $ 19,553 $ 20,265 Work-In-Process 1,989 2,076 Finished Goods 16,641 16,371 38,183 38,712 Inventory Reserve (8,709 ) (8,652 ) $ 29,474 $ 30,060 |
Credit Agreement and Debt
Credit Agreement and Debt | 3 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
Credit Agreement and Debt | Note 7 – Credit Agreement and Debt On March 24, 2021, we entered into a First Amendment to Credit Agreement (the “Amendment”) to our Amended & Restated Credit Agreement (the “A&R Credit Agreement,” as amended by the Amendment; the “Amended Credit Agreement”) with Bank of America, N.A., as lender (the “Lender”), and our subsidiaries, ANI ApS and TrojanLabel. The A&R Credit Agreement, which we entered into on July, 30, 2020, amended and restated the Credit Agreement dated as of February 28, 2017 (the “Prior Credit Agreement”) by and among us, ANI ApS, TrojanLabel and the Lender. Immediately prior to the closing of the Amendment, we repaid $ million in principal amount of the term loan outstanding under the A&R Credit Agreement, resulting in an outstanding balance of the term loan of $ million and amount drawn and outstanding under the revolving credit facility under the A&R Credit Agreement. The Amended Credit Agreement provides for (i) a term loan in the principal amount of $10.0 million, and (ii) a $22.5 million revolving credit facility available for general corporate purposes. At the closing of the Amendment, we borrowed the entire $10.0 million term loan which was used to refinance, in full, the outstanding term loan under the A&R Credit Agreement. Under the Amended Credit Agreement, revolving credit loans may continue to be borrowed, at our option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Kroner. The Amended Credit Agreement r e thresholds and conditions, without premium or penalty. The Amended Credit Agreement includes an uncommitted accordion provision under which the term loan and/or revolving credit facility commitments may be increased in an aggregate principal amount not exceeding $10.0 million, subject to obtaining the agreement of the Lender and the satisfaction of certain other conditions. The interest rates under the A&R Credit Agreement were modified in the Amended Credit Agreement as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the LIBOR Rate as defined in the Amended Credit Agreement (or in the case of revolving credit loans denominated in a currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60% to 2.30% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate, (iii) the LIBOR Rate plus 1.00% or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.30% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.30% based on our consolidated leverage ratio. As under the A&R Credit Agreement, the loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from (a) net cash proceeds from certain dispositions of property, (b) net cash proceeds from certain issuances of equity, (c) net cash proceeds from certain issuances of additional debt and (d) net cash proceeds from certain extraordinary receipts. Amounts repaid under the revolving credit facility may be reborrowed, subject to continued compliance with the Amended Credit Agreement. No amount of the term loan that is repaid may be reborrowed. We must comply with various customary financial and non-financial non-financial The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control. Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests held in ANI ApS, in our wholly-owned German subsidiary AstroNova GmbH, and in our wholly-owned French subsidiary AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island. Long-Term Debt Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) May 1, 2021 January 31, 2021 USD Term Loan (2.60% as of May 1, 2021); maturity date of September 30, 2025 $ 9,813 $ — USD Term Loan (4.65% as of January 31, 2021) maturity date of June 15, 2022 — 12,576 $ 9,813 $ 12,576 Debt Issuance Costs, net of accumulated amortization (116 ) (141 ) Current Portion of Term Loans (813 ) (5,326 ) Long-Term Debt $ 8,884 $ 7,109 During the three months ended May 1, 2021 and May 2, 2020, we recognized $115,000 and $79,000 of interest expense, respectively, which was included in other income (expense) in the accompanying condensed consolidated income statement. The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of May 1, 2021 is as follows: (In thousands) Fiscal 2022, remainder $ 563 Fiscal 2023 1,000 Fiscal 2024 1,000 Fiscal 2025 1,250 Fiscal 2026 6,000 $ 9,813 |
Paycheck Protection Program Loa
Paycheck Protection Program Loan | 3 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
Paycheck Protection Program Loan | Note 8 – Paycheck Protection Program Loan On May 6, 2020, we entered into a loan agreement with, and executed a promissory note in favor of Greenwood Credit Union (“Greenwood”) pursuant to which we borrowed $4.4 million (the “PPP Loan”) from Greenwood pursuant to the Paycheck Protection Program (“PPP”) administered by the United States Small Business Administration (the “SBA”) and authorized by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020 (the “PPP Flexibility Act”) which was enacted on June 5, 2020. The PPP Loan, which will mature on May 6, 2022, is unsecured and bears interest at a rate of 1.0% per annum, accruing from the loan date, and is payable monthly. No payments are due on the PPP Loan until the date on which the SBA determines the amount of the PPP Loan that is eligible for forgiveness, so long as we apply for forgiveness within the ten months from the end of the twenty-four week period following the date of loan disbursement, but interest will continue to accrue during the deferral period. We have accrued interest for the PPP Loan in the amount of $11,000, which is included in other expense in the accompanying condensed consolidated statements of income for the three month period ended May 1, 2021. A total of $44,000 of interest has been accrued on the PPP Loan and is included in other liabilities and accrued expenses in the accompanying condensed consolidated balance sheet as of May 1, 2021. The PPP Loan may be prepaid at any time without penalty. The loan agreement and promissory note include customary provisions for a loan of this type, including prohibitions on our payment of dividends or repurchase of shares of our stock while the PPP Loan remains outstanding. The loan agreement and promissory note also include events of default relating to, among other things, payment defaults, breaches of the provisions of the loan agreement or the promissory note, and cross-defaults on other loans. Subject to the limitations and conditions set forth in the CARES Act, the PPP Flexibility Act, and the regulations and guidance provided by the SBA with respect to the PPP, a portion of the PPP Loan may be forgiven in an amount up to the amount of the PPP Loan proceeds that we spent on payroll, rent, utilities and interest on certain debt during the twenty-four-week period following incurrence of the PPP Loan. Interest accrued on the forgiven portion of the principal amount of the PPP Loan is also forgiven. The amount of the PPP Loan to be forgiven in respect of rent, utilities and interest on certain debt will be capped at 40% of the forgiven amount, with the remaining forgiven amount allocated to payroll costs. We have fully utilized the PPP Loan proceeds for qualifying expenses during fiscal year 2021 and in the first quarter of this current year we have applied for forgiveness of the PPP Loan (including all associated accrued interest) in accordance with the terms of the CARES Act, as amended by the PPP Flexibility Act. Whether our application for forgiveness will be granted and in what amount is subject to approval by the SBA and may also be subject to further requirements in any regulations and guidelines the SBA may adopt. The PPP Loan is classified as long-term debt in the condensed consolidated balance sheet until the forgiveness determination has been made by the SBA. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 3 Months Ended |
May 01, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Risk Management | Note 9 – Derivative Financial Instruments and Risk Management In 2017, we entered into a cross-currency interest rate swap to manage the interest rate risk and foreign currency exchange risk associated with the floating-rate foreign currency-denominated term loan borrowing by our Danish Subsidiary and an interest rate swap to manage the interest rate risk associated with our variable rate term loan borrowing. Both swaps were designated as cash flow hedges of floating-rate borrowings. Our cross-currency interest rate swap agreement effectively modified our exposure to interest rate risk and foreign currency exchange rate risk by converting our floating-rate debt denominated in U.S. Dollars on our Danish subsidiary’s books to a fixed-rate debt denominated in Danish Kroner for the term of the loan, thus reducing the impact of interest-rate and foreign currency exchange rate changes on future interest expense and principal repayments. This swap involved the receipt of floating rate amounts in U.S. Dollars in exchange for fixed-rate interest payments in Danish Kroner, as well as exchanges of principal at the inception spot rate, over the life of the term loan. The interest rate swap agreement eff e As a direct result of the terms of the Lender’s conditions for entry into the A&R Credit Agreement, on July 30, 2020, we terminated these two swaps. The terms of the A&R Credit Agreement caused those swaps to cease to be effective hedges of the underlying exposures. $ million which was settled in the third quarter of fiscal 2021. Upon termination, the remaining balance of $ in accumulated other comprehensive loss related to the cross-currency interest rate swap was reclassified into earnings as the forecasted foreign currency interest payments will not occur. The remaining balance in accumulated other comprehensive loss related to the interest rate swap of $ million is being amortized into earnings through the original term of the hedge relationship as the underlying floating interest rate debt still exists. The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three months ended May 1, 2021 and May 2, 2020: Three Months Ended Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Cash Flow Hedge (In thousands) May 1, 2021 May 2, 2020 May 1, 2021 May 2, 2020 Swap contracts $ — $ (58 ) Other Expense $ (20 ) $ 43 At May 1, 2021, we expect to reclassify approximately $0.1 million of net losses on the frozen OCI balance associated with the terminated interest rate swap from accumulated other comprehensive loss to earnings during the next 12 months due to the payment of variable interest associated with the floating interest rate debt. |
Royalty Obligation
Royalty Obligation | 3 Months Ended |
May 01, 2021 | |
Royalty Obligation Disclosure [Abstract] | |
Royalty Obligation | Note 10 – Royalty Obligation In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, and product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue. The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments using a present value factor of 2.8%, which is based on the estimated after-tax million in excess royalties was paid in the first quarter of the current fiscal year and there are no excess royalty payables due as a result of this agreement for the period ended May 1, 2021. |
Leases
Leases | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Leases | Note 11 – Leases We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of 1 to 6 years, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options. Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification May 1, 2021 January 31, 2021 Lease Assets Right of Use Assets $ 1,302 $ 1,389 Lease Liabilities – Current Other Liabilities and Accrued Expenses 366 372 Lease Liabilities – Long Term Lease Liabilities 983 1,065 Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification May 1, May 2, Operating Lease Costs General and Administrative Expense $ 136 $ 120 Maturities of operating lease liabilities are as follows: (In thousands) May 1, 2021 2022, remaining $ 279 2023 317 2024 290 2025 182 2026 162 Thereafter 267 Total Lease Payments 1,497 Less: Imputed Interest (148 ) Total Lease Liabilities $ 1,349 As of May 1, 2021, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 5.0 years and 4.0%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Supplemental cash flow information related to leases is as follows: Three Months Ended (In thousands) May 1, May 2, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 92 $ 106 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
May 01, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12 – Accumulated Other Comprehensive Loss The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows: (In thousands) Foreign Currency Translation Adjustments Cash Flow Hedges Total Balance at January 31, 2021 $ (275 ) $ (109 ) $ (384 ) Other Comprehensive Loss before reclassification (81 ) — (81 ) Amounts reclassified from AOCL to Earnings — 16 16 Other Comprehensive Income (Loss) (81 ) 16 (65 ) Balance at May 1, 2021 $ (356) $ (93 ) $ (449 ) The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
May 01, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 13 – Share-Based Compensation We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options, non-qualified stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (“RSAs”). The 2018 Plan a Plan, there were unvested RSUs; 75,926 unvested PSUs; 48,000 unvested RSAs and options to purchase an aggregate of shares outstanding as of May 1, 2021. In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 or 2015 plans, but outstanding awards will continue to be governed by those plans. As of May 1, 2021, options to purchase an aggregate of 327,418 shares were outstanding under the 2007 Plan and 3,750 unvested RSUs and options to purchase an aggregate of shares We also have a Non-Employee non-employee re-election Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) May 1, May 2, Stock Options $ 105 $ 133 Restricted Stock Awards and Restricted Stock Units 370 357 Employee Stock Purchase Plan 3 5 Total $ 478 $ 495 Stock Options There were no stock options granted during the three months ended May 1, 2021 and May 2, 2020. Aggregated information regarding stock option activity for the three months ended May 1, 2021 is summarized below: Number of Weighted Average Outstanding at January 31, 2021 622,083 $ 14.63 Granted — — Exercised (3,775 ) 8.84 Forfeited (14,015 ) 14.96 Canceled — — Outstanding at May 1, 2021 604,293 $ 14.66 Set forth below is a summary of options outstanding at May 1, 2021: Outstanding Exercisable Range of Exercise prices Number Weighted- Weighted- Number Weighted- Weighted $5.00-10.00 37,244 $ 7.97 1.2 37,244 $ 7.97 1.2 $10.01-15.00 349,299 $ 13.62 4.6 337,299 $ 13.61 4.5 $15.01-20.00 217,750 $ 17.47 6.6 165,492 $ 17.21 6.4 604,293 $ 14.66 5.1 540,035 $ 14.32 4.9 As of May 1, 2021, there was approximately $0.1 million of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 0.7 years. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU and RSA activity for the three months ended May 1, 2021 is summarized below: RSAs & RSUs Weighted Average Outstanding at January 31, 2020 197,413 $ 9.96 Granted 124,096 14.26 Vested (48,299 ) 10.26 Forfeited — — Outstanding at May 1, 2021 273,210 $ 11.86 As of May 1, 2021, there was approximately $2.5 million of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 1.1 years. Employee Stock Purchase Plan We have an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 247,500 shares were reserved for issuance under this plan. During the three months ended May 1, 2021 and May 2, 2020, there were 1,813 and 3,755 shares, r e As of May 1, 2021, shares remain available for purchase under our Employee Stock Purchase Plan. |
Income Taxes
Income Taxes | 3 Months Ended |
May 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 – Income Taxes Our effective tax rates are as follows: First Quarter Fiscal 2022 (62.0 )% Fiscal 2021 (37.6 )% We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax year-to-date pre-tax During the three months ended May 1, 2021, we recognized an income tax benefit of approximately $227,000. The effective tax rate in this period was directly impacted by a $276,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $37,000 tax benefit arising from windfall tax benefits related to the Company’s stock. During the three months ended May 2, 2020, we recognized an income tax benefit of approximately $118,000. The effective tax rate in this period was directly impacted by a reduction in forecasted operating results for fiscal 2021 and a $78,000 tax benefit related to the reversal of previously uncertain tax positions due to the finalization of an IRS audit. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial reporting purposes. As of May 1, 2021, our cumulative unrecognized tax benefits totaled $221,000 compared to $384,000 as of January 31, 2021. Besides the expiration of the statute of limitations on a previously uncertain tax position, there were no |
Segment Information
Segment Information | 3 Months Ended |
May 01, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 – Segment Information We report two segments: Product Identification (“PI”) and Test & Measurement (“T&M”). We evaluate segment performance based on the segment profit (loss) before corporate expenses. Summarized below are the Revenue and Segment Operating Profit (Loss) for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) May 1, May 2, May 1, May 2, Product Identification $ 23,098 $ 22,380 $ 2,729 $ 3,146 T&M 5,980 8,539 350 (156 ) Total $ 29,078 $ 30,919 3,079 2,990 Corporate Expenses 2,344 2,327 Operating Income 735 663 Other Expense, Net 369 349 Income Before Income Taxes 366 314 Income Tax Benefit (227 ) (118 ) Net Income $ 593 $ 432 |
Fair Value
Fair Value | 3 Months Ended |
May 01, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 16 – Fair Value Assets and Liabilities Not Recorded at Fair Value Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below: May 1, 2021 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 9,821 $ 9,821 $ 9,813 January 31, 2021 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 12,586 $ 12,586 $ 12,576 The above table does not include the PPP loan, as the fair value of the PPP loan approximates its carrying value. The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Update (Policies) | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
Income Taxes | Income Taxes In December 2019, the FASB issued an ASU 2019-12, 2019-12 2019-12 No other new accounting pronouncements, issued or effective during the three months of the current year, have had or are expected to have a material impact on our consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
May 01, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type | Primary geographical markets: Three Months Ended (In thousands) May 1, May 2, United States $ 16,693 $ Europe 8,599 7,450 Canada 1,546 1,428 Asia 1,085 1,009 Central and South America 760 954 Other 395 289 Total Revenue $ 29,078 $ 30,919 Major product types: Three Months Ended (In thousands) May 1, May 2, Hardware $ 7,647 $ 8,914 Supplies 18,211 19,118 Service and Other 3,220 2,887 Total Revenue $ 29,078 $ 30,919 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Income Per Share | A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: Three Months Ended May 1, May 2, Weighted Average Common Shares Outstanding – Basic 7,144,697 7,073,278 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 120,632 31,365 Weighted Average Common Shares Outstanding – Diluted 7,265,329 7,104,643 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
May 01, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: May 1, 2021 January 31, 2021 (In thousands) Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Miltope: Customer Contract Relationships $ 3,100 $ (2,342 ) $ — $ 758 $ 3,100 $ (2,284) $ — $ 816 RITEC: Customer Contract Relationships 2,830 (1,507 ) — 1,323 2,830 (1,423 ) — 1,407 TrojanLabel: Existing Technology 2,327 (1,497 ) 186 1,016 2,327 (1,405 ) 196 1,118 Distributor Relations 937 (422 ) 84 599 937 (396 ) 89 630 Honeywell: Customer Contract Relationships 27,243 (10,443 ) — 16,800 27,243 (9,712 ) — 17,531 Intangible Assets, net $ $ ) $ 270 $ 20,496 $ 34,437 $ (15,220 ) $ 285 $ 21,502 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2023 2024 2025 2026 Estimated amortization expense $ 2,968 $ 3,976 $ 4,075 $ 3,420 $ 3,026 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
May 01, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: (In thousands) May 1, 2021 January 31, 2021 Materials and Supplies $ 19,553 $ 20,265 Work-In-Process 1,989 2,076 Finished Goods 16,641 16,371 38,183 38,712 Inventory Reserve (8,709 ) (8,652 ) $ 29,474 $ 30,060 |
Credit Agreement and Debt (Tabl
Credit Agreement and Debt (Tables) | 3 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets | Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) May 1, 2021 January 31, 2021 USD Term Loan (2.60% as of May 1, 2021); maturity date of September 30, 2025 $ 9,813 $ — USD Term Loan (4.65% as of January 31, 2021) maturity date of June 15, 2022 — 12,576 $ 9,813 $ 12,576 Debt Issuance Costs, net of accumulated amortization (116 ) (141 ) Current Portion of Term Loans (813 ) (5,326 ) Long-Term Debt $ 8,884 $ 7,109 |
Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding | The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of May 1, 2021 is as follows: (In thousands) Fiscal 2022, remainder $ 563 Fiscal 2023 1,000 Fiscal 2024 1,000 Fiscal 2025 1,250 Fiscal 2026 6,000 $ 9,813 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended |
May 01, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements | The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three months ended May 1, 2021 and May 2, 2020: Three Months Ended Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Cash Flow Hedge (In thousands) May 1, 2021 May 2, 2020 May 1, 2021 May 2, 2020 Swap contracts $ — $ (58 ) Other Expense $ (20 ) $ 43 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Schedule Of Balance Sheet And Other Information Related To Operating Leases | Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification May 1, 2021 January 31, 2021 Lease Assets Right of Use Assets $ 1,302 $ 1,389 Lease Liabilities – Current Other Liabilities and Accrued Expenses 366 372 Lease Liabilities – Long Term Lease Liabilities 983 1,065 |
Schedule Lease Cost Information | Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification May 1, May 2, Operating Lease Costs General and Administrative Expense $ 136 $ 120 |
Schedule of Maturities Of Lease Liabilities | Maturities of operating lease liabilities are as follows: (In thousands) May 1, 2021 2022, remaining $ 279 2023 317 2024 290 2025 182 2026 162 Thereafter 267 Total Lease Payments 1,497 Less: Imputed Interest (148 ) Total Lease Liabilities $ 1,349 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows: Three Months Ended (In thousands) May 1, May 2, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 92 $ 106 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
May 01, 2021 | |
Equity [Abstract] | |
Changes in Balance of Accumulated Other Comprehensive Loss | The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows: (In thousands) Foreign Currency Translation Adjustments Cash Flow Hedges Total Balance at January 31, 2021 $ (275 ) $ (109 ) $ (384 ) Other Comprehensive Loss before reclassification (81 ) — (81 ) Amounts reclassified from AOCL to Earnings — 16 16 Other Comprehensive Income (Loss) (81 ) 16 (65 ) Balance at May 1, 2021 $ (356) $ (93 ) $ (449 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
May 01, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Expense | Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) May 1, May 2, Stock Options $ 105 $ 133 Restricted Stock Awards and Restricted Stock Units 370 357 Employee Stock Purchase Plan 3 5 Total $ 478 $ 495 |
Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock option activity for the three months ended May 1, 2021 is summarized below: Number of Weighted Average Outstanding at January 31, 2021 622,083 $ 14.63 Granted — — Exercised (3,775 ) 8.84 Forfeited (14,015 ) 14.96 Canceled — — Outstanding at May 1, 2021 604,293 $ 14.66 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at May 1, 2021: Outstanding Exercisable Range of Exercise prices Number Weighted- Weighted- Number Weighted- Weighted $5.00-10.00 37,244 $ 7.97 1.2 37,244 $ 7.97 1.2 $10.01-15.00 349,299 $ 13.62 4.6 337,299 $ 13.61 4.5 $15.01-20.00 217,750 $ 17.47 6.6 165,492 $ 17.21 6.4 604,293 $ 14.66 5.1 540,035 $ 14.32 4.9 |
Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSU and RSA activity for the three months ended May 1, 2021 is summarized below: RSAs & RSUs Weighted Average Outstanding at January 31, 2020 197,413 $ 9.96 Granted 124,096 14.26 Vested (48,299 ) 10.26 Forfeited — — Outstanding at May 1, 2021 273,210 $ 11.86 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
May 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Projected Effective Tax Rate for Periods | Our effective tax rates are as follows: First Quarter Fiscal 2022 (62.0 )% Fiscal 2021 (37.6 )% |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
May 01, 2021 | |
Segment Reporting [Abstract] | |
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit (Loss) for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) May 1, May 2, May 1, May 2, Product Identification $ 23,098 $ 22,380 $ 2,729 $ 3,146 T&M 5,980 8,539 350 (156 ) Total $ 29,078 $ 30,919 3,079 2,990 Corporate Expenses 2,344 2,327 Operating Income 735 663 Other Expense, Net 369 349 Income Before Income Taxes 366 314 Income Tax Benefit (227 ) (118 ) Net Income $ 593 $ 432 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
May 01, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value | Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below: May 1, 2021 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 9,821 $ 9,821 $ 9,813 January 31, 2021 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Long-Term debt and related current maturities $ — $ — $ 12,586 $ 12,586 $ 12,576 |
Business and Basis of Present_2
Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
May 01, 2021Segment | |
Number of Operating Segments | 2 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 29,078 | $ 30,919 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 16,693 | 19,789 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 8,599 | 7,450 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,546 | 1,428 |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,085 | 1,009 |
Central and South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 760 | 954 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 395 | $ 289 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 29,078 | $ 30,919 |
Hardware [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 7,647 | 8,914 |
Supplies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 18,211 | 19,118 |
Service and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 3,220 | $ 2,887 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | |
May 01, 2021 | Jan. 31, 2021 | |
Disaggregation of Revenue [Abstract] | ||
Contract liabilities and extended warranties | $ 330,000 | $ 285,000 |
Revenue recognized | 127,000 | |
Contract assets balance | 834,000 | $ 917,000 |
Amortization of incremental direct costs | 9,000 | |
Deferred incremental direct contract costs reported in other current assets | 74,000 | |
Deferred incremental direct costs net of accumulated amortization | $ 908,000 | |
Capitalized Contract Costs Benefitial Term | 5 years |
Net Income Per Common Share - R
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Weighted Average Common Shares Outstanding – Basic | 7,144,697 | 7,073,278 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 120,632 | 31,365 |
Weighted Average Common Shares Outstanding – Diluted | 7,265,329 | 7,104,643 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Number of common equivalent shares | 622,020 | 865,157 |
Intangible Assets - Fair Value
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,437 | $ 34,437 |
Accumulated Amortization | (16,211) | (15,220) |
Currency Translation Adjustment | 270 | 285 |
Net Carrying Amount | 20,496 | 21,502 |
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,243 | 27,243 |
Accumulated Amortization | (10,443) | (9,712) |
Net Carrying Amount | 16,800 | 17,531 |
Customer Contract Relationships [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | (2,342) | (2,284) |
Net Carrying Amount | 758 | 816 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | 2,830 |
Accumulated Amortization | (1,507) | (1,423) |
Net Carrying Amount | 1,323 | 1,407 |
Existing Technology [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,327 | 2,327 |
Accumulated Amortization | (1,497) | (1,405) |
Currency Translation Adjustment | 186 | 196 |
Net Carrying Amount | 1,016 | 1,118 |
Distributor Relations [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 937 | 937 |
Accumulated Amortization | (422) | (396) |
Currency Translation Adjustment | 84 | 89 |
Net Carrying Amount | $ 599 | $ 630 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||
Impairments of intangible assets | $ 0 | $ 0 |
Amortization expense | $ 1,000,000 | $ 1,000,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | May 01, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2022 | $ 2,968 |
2023 | 3,976 |
2024 | 4,075 |
2025 | 3,420 |
2026 | $ 3,026 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 19,553 | $ 20,265 |
Work-In-Process | 1,989 | 2,076 |
Finished Goods | 16,641 | 16,371 |
Inventory, Gross | 38,183 | 38,712 |
Inventory Reserve | (8,709) | (8,652) |
Inventories | $ 29,474 | $ 30,060 |
Credit Agreement and Debt - Sch
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 31, 2021 |
Debt Instrument [Line Items] | ||
USD Term Loan | $ 9,813 | $ 12,576 |
Debt Issuance Costs, net of accumulated amortization | (116) | (141) |
Current Portion of Term Loans | (813) | (5,326) |
Long-Term Debt | 8,884 | 7,109 |
Term Loan Due September 30, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 9,813 | |
Term Loan Due June 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 12,576 |
Credit Agreement and Debt - S_2
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
May 01, 2021 | Jan. 31, 2021 | |
Term Loan Due September 30, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 2.60% as of May 1, 2021); maturity date of September 30, 2025 | |
Interest rate | 2.60% | |
Debt instrument, maturity date | Sep. 30, 2025 | |
Term Loan Due June 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 4.65% as of January 31, 2021) maturity date of June 15, 2022 | |
Interest rate | 4.65% | |
Debt instrument, maturity date | Jun. 15, 2022 |
Credit Agreement and Debt - S_3
Credit Agreement and Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands | May 01, 2021USD ($) |
Debt Instrument [Line Items] | |
Fiscal 2022, remainder | $ 563 |
Fiscal 2023 | 1,000 |
Fiscal 2024 | 1,000 |
Fiscal 2025 | 1,250 |
Fiscal 2026 | 6,000 |
Long-term Debt | $ 9,813 |
Credit Agreement and Debt - Add
Credit Agreement and Debt - Additional Information (Detail) - USD ($) | Mar. 24, 2021 | Jul. 31, 2025 | Apr. 30, 2025 | May 01, 2021 | May 02, 2020 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2025 |
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 0 | |||||||
Interest Expense | $ 115,000 | $ 79,000 | ||||||
Principal payment terms | the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2021 through January 31, 2022 is $187,500; the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2022 through January 31, 2023 is $250,000; the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2023 through January 31, 2025 is $312,500; the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about April 30, 2025 and July 31, 2025 is $500,000; and the entire remaining principal balance of the term loan is required to be paid on September 30, 2025. | |||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Longterm Debt instrument, maturity date | Sep. 30, 2025 | |||||||
Debt Instrument, Frequency of Periodic Payment | quarterly installment | |||||||
Term Loan [Member] | Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, principal Periodic payment | $ 500,000 | $ 500,000 | $ 250,000 | $ 187,500 | $ 312,500 | |||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 0.50 | |||||||
LIBOR [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 1.00% | |||||||
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0.50% | |||||||
Minimum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee rate | 0.15% | |||||||
Percentage added to variable rate | 0.60% | |||||||
Minimum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 1.60% | |||||||
Maximum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee rate | 0.30% | |||||||
Percentage added to variable rate | 1.30% | |||||||
Maximum [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.30% | |||||||
Bank of America, N.A. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loans repaid | $ 2,600,000 | |||||||
Bank of America, N.A. [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt | $ 10,000,000 | |||||||
Term loan, principal amount | 10,000,000 | |||||||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 22,500,000 | |||||||
Bank of America, N.A. [Member] | Maximum [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt | 10,000,000 | |||||||
Term loan, principal amount | $ 10,000,000 |
Paycheck Protection Program L_2
Paycheck Protection Program Loan - Additional information (Detail) - USD ($) | May 01, 2021 | Jan. 31, 2021 | May 06, 2020 |
Long-Term Debt – PPP Loan | $ 4,422,000 | $ 4,422,000 | |
Paycheck Protection Program Loan [Member] | |||
Percent of loan to be forgiven | 40.00% | ||
Paycheck Protection Program Loan [Member] | Green wood Credit Union [Member] | |||
Debt instrument face amount | $ 4,400,000 | ||
Loan, payment terms | The PPP Loan, which will mature on May 6, 2022, is unsecured and bears interest at a rate of 1.0% per annum, accruing from the loan date, and is payable monthly. | ||
Loan, maturity date | May 6, 2022 | ||
Loan, interest rate | 1.00% | ||
Loan, payments due | $ 0 | ||
Long-Term Debt – PPP Loan | 44,000 | ||
Paycheck Protection Program Loan [Member] | Green wood Credit Union [Member] | Other Expense [Member] | |||
Loan, interest accrued | $ 11,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
May 01, 2021 | Aug. 01, 2020 | Jan. 31, 2021 | |
Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash paid termination of swaps | $ 700,000 | ||
Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain reclassify from Accumulated OCI into loss during next 12 months | $ 100,000 | ||
Interest Rate Swap Termination | $ 200,000 | ||
Cross Currency Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain Reclassified from Accumulated OCI into Income (Expense) | $ 58,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Risk Management - Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements (Detail) - Cash Flow Hedge [Member] - Cross Currency Interest Rate Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ (58) | |
Location of Gain Reclassified from Accumulated OCI into Income (Expense) | Other Expense | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (20) | $ 43 |
Royalty Obligation - Additional
Royalty Obligation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
May 01, 2021 | Jan. 31, 2021 | Jan. 31, 2018 | |
Guaranteed Minimum Royalty Payment | $ 6,000,000 | ||
Royalty Obligation, Current | 2,000,000 | $ 2,000,000 | |
Royalty Obligation Non Current | 5,711,000 | 6,161,000 | |
Accrued Royalties, Current, Excess Royalty Payment Due | $ 200,000 | $ 177,000 | |
Honeywell Asset Purchase and License Agreement [Member] | |||
Payment Term Period | 10 years | ||
Minimum Royalty Payment Obligations | $ 15,000,000 | ||
Fair Value Assumption Percentage Of Present Value Factor | 2.80% | ||
Royalty Obligation, Current | $ 2,000,000 | ||
Royalty Obligation Non Current | 5,700,000 | ||
Excess Royalty Payments | $ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
May 01, 2021 | |
Lessee, Operating Lease, Option to Extend | options to extend the lease term for periods of up to five years |
Operating Lease, Weighted Average Remaining Lease Term | 5 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% |
Maximum [Member] | |
Operating Lease Remaining Lease Term | 6 years |
Minimum [Member] | |
Operating Lease Remaining Lease Term | 1 year |
Leases - Schedule Of Balance Sh
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 31, 2021 |
Operating Leases [Abstract] | ||
Right of Use Assets | $ 1,302 | $ 1,389 |
Other Accrued Expenses | 366 | 372 |
Lease Liabilities | $ 983 | $ 1,065 |
Leases - Lease Cost Information
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
General and Administrative Expense [Member] | ||
Operating Lease Costs | $ 136 | $ 120 |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Detail) $ in Thousands | May 01, 2021USD ($) |
Leases [Abstract] | |
2022, remaining | $ 279 |
2023 | 317 |
2024 | 290 |
2025 | 182 |
2026 | 162 |
Thereafter | 267 |
Total Lease Payments | 1,497 |
Less: Imputed Interest | (148) |
Total Lease Liabilities | $ 1,349 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows for operating leases | $ 92 | $ 106 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | $ 74,683 | $ 71,375 |
Other Comprehensive Loss | (65) | (221) |
Ending Balance | 75,533 | 71,562 |
Foreign Currency Translation Adjustments [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (275) | |
Other Comprehensive Loss before reclassification | (81) | |
Other Comprehensive Loss | (81) | |
Ending Balance | (356) | |
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (109) | |
Amounts reclassified from AOCL to Earnings | 16 | |
Other Comprehensive Loss | 16 | |
Ending Balance | (93) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (384) | (1,093) |
Other Comprehensive Loss before reclassification | (81) | |
Amounts reclassified from AOCL to Earnings | 16 | |
Other Comprehensive Loss | (65) | (221) |
Ending Balance | $ (449) | $ (1,314) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | Jan. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 604,293 | 622,083 | |
Reservation of shares under Stock Purchase Plan | 247,500 | ||
Restricted Stock or Unit Expense | $ 370,000 | $ 357,000 | |
2015 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 3,750 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Stock Purchase Plan discount rate | 15.00% | ||
Shares purchase under Employee Stock Purchase Plan | 1,813 | 3,755 | |
Shares available for grant under the Plan | 8,561 | ||
2007 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 327,418 | ||
2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for grant under the Plan | 950,000 | ||
Number of shares outstanding | 135,500 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 0 | 0 | |
Unrecognized compensation expense related to options | $ 100,000 | ||
Unrecognized compensation expense to be recognized, Weighted average period | 8 months 12 days | ||
2014 Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense to be recognized, Weighted average period | 1 year 1 month 6 days | ||
Unrecognized compensation expense related to RSUs and RSAs | $ 2,500,000 | ||
2014 Restricted Stock Units (RSUs) [Member] | 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of unvested shares | 145,534 | ||
RSA [Member] | 2015 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 141,375 | ||
RSA [Member] | 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of unvested shares | 48,000 | ||
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of unvested shares | 75,926 | ||
Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock or Unit Expense | $ 60,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Share-based Compensation [Abstract] | ||
Stock Options | $ 105 | $ 133 |
Restricted Stock Awards and Restricted Stock Units | 370 | 357 |
Employee Stock Purchase Plan | 3 | 5 |
Total | $ 478 | $ 495 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Share-based Compensation [Abstract] | |
Beginning balance, Number of Options | shares | 622,083 |
Granted, Number of Options | shares | 0 |
Exercised, Number of Options | shares | (3,775) |
Forfeited, Number of Options | shares | (14,015) |
Canceled, Number of Options | shares | 0 |
Ending balance, Number of Options | shares | 604,293 |
Beginning balance, Weighted-Average Exercise Price Per Share | $ / shares | $ 14.63 |
Granted, Weighted-Average Exercise Price Per Share | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price Per Share | $ / shares | 8.84 |
Forfeited, Weighted-Average Exercise Price Per Share | $ / shares | 14.96 |
Cancelled, Weighted-Average Exercise Price Per Share | $ / shares | 0 |
Ending balance, Weighted-Average Exercise Price Per Share | $ / shares | $ 14.66 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 3 Months Ended | |
May 01, 2021 | Jan. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding, total | 604,293 | 622,083 |
Outstanding, Weighted Average Exercise Price | $ 14.66 | |
Exercisable, Weighted Average Exercise Price | $ 14.32 | |
Outstanding Remaining Contractual Life | 5 years 1 month 6 days | |
Number of shares exercisable, total | 540,035 | |
Exercisable Remaining Contractual Life | 4 years 10 months 24 days | |
$5.00 - $10.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $ 5 | |
Outstanding Range of Exercise prices, Upper Limit | $ 10 | |
Outstanding, Number of shares | 37,244 | |
Outstanding, Weighted Average Exercise Price | $ 7.97 | |
Exercisable, Weighted Average Exercise Price | $ 7.97 | |
Outstanding Remaining Contractual Life | 1 year 2 months 12 days | |
Exercisable, Number of shares | 37,244 | |
Exercisable Remaining Contractual Life | 1 year 2 months 12 days | |
$10.01 - $15.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $ 10.01 | |
Outstanding Range of Exercise prices, Upper Limit | $ 15 | |
Outstanding, Number of shares | 349,299 | |
Outstanding, Weighted Average Exercise Price | $ 13.62 | |
Exercisable, Weighted Average Exercise Price | $ 13.61 | |
Outstanding Remaining Contractual Life | 4 years 7 months 6 days | |
Exercisable, Number of shares | 337,299 | |
Exercisable Remaining Contractual Life | 4 years 6 months | |
$15.01 - $20.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Range of Exercise prices, Lower Limit | $ 15.01 | |
Outstanding Range of Exercise prices, Upper Limit | $ 20 | |
Outstanding, Number of shares | 217,750 | |
Outstanding, Weighted Average Exercise Price | $ 17.47 | |
Exercisable, Weighted Average Exercise Price | $ 17.21 | |
Outstanding Remaining Contractual Life | 6 years 7 months 6 days | |
Exercisable, Number of shares | 165,492 | |
Exercisable Remaining Contractual Life | 6 years 4 months 24 days |
Share-Based Compensation - Ag_2
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Award And Restricted Stock Unit [Member] | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 197,413 |
Granted, Restricted Stock Units and Restricted Stock Awards | shares | 124,096 |
Vested, Restricted Stock Units and Restricted Stock Awards | shares | (48,299) |
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares | 0 |
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 273,210 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 9.96 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 14.26 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 10.26 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 0 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 11.86 |
Income Taxes - Projected Effect
Income Taxes - Projected Effective Tax Rate for Periods (Detail) | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates for income from continuing operations | (62.00%) | (37.60%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | Jan. 31, 2021 | |
Income tax expense (benefit) | $ 227,000 | $ 118,000 | |
Changes to unrecognized tax benefits | 0 | ||
Cumulative unrecognized tax benefits | 221,000 | $ 384,000 | |
Tax benefit related to the reversal of previously uncertain tax positions | 276,000 | 118,000 | |
Tax expense resulting from shortfall | $ 37,000 | $ 78,000 |
Segment Information - Net Sales
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($) | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 29,078,000 | $ 30,919,000 |
Corporate Expenses | 2,344,000 | 2,327,000 |
Operating Income | 735,000 | 663,000 |
Other Expense, Net | 369,000 | 349,000 |
Income Before Income Taxes | 366,000 | 314,000 |
Income Tax Benefit | (227,000) | (118,000) |
Net Income | 593,000 | 432,000 |
Product Identification [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 23,098,000 | 22,380,000 |
T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 5,980,000 | 8,539,000 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 3,079,000 | 2,990,000 |
Operating Segments [Member] | Product Identification [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 2,729,000 | 3,146,000 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 350,000 | (156,000) |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate Expenses | $ 2,344,000 | $ 2,327,000 |
Fair Value - Schedule of Compan
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 31, 2021 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 9,821 | $ 12,586 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | 9,821 | 12,586 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 9,813 | $ 12,576 |