Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 30, 2022 | Jun. 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | 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, State or Province | RI | |
Entity Address, Postal Zip Code | 02893 | |
City Area Code | 401 | |
Local Phone Number | 828-4000 | |
Entity Common Stock, Shares Outstanding | 7,318,463 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 5,754 | $ 5,276 |
Accounts Receivable, net | 18,444 | 17,124 |
Inventories, net | 36,859 | 34,609 |
Employee Retention Credit Receivable | 3,135 | |
Prepaid Expenses and Other Current Assets | 4,333 | 3,634 |
Total Current Assets | 65,390 | 63,778 |
Property, Plant and Equipment, net | 10,978 | 11,441 |
Intangible Assets, net | 18,737 | 19,200 |
Goodwill | 11,719 | 12,156 |
Deferred Tax Assets | 5,585 | 5,591 |
Right of Use Assets | 976 | 1,094 |
Other Assets | 1,791 | 1,695 |
TOTAL ASSETS | 115,176 | 114,955 |
CURRENT LIABILITIES | ||
Accounts Payable | 6,952 | 8,590 |
Accrued Compensation | 2,665 | 3,512 |
Other Liabilities and Accrued Expenses | 3,613 | 4,113 |
Revolving Line of Credit | 3,000 | |
Current Liability – Royalty Obligation | 2,000 | 2,000 |
Current Portion of Long-Term Debt | 1,000 | 1,000 |
Current Liability – Excess Royalty Payment Due | 311 | 235 |
Income Taxes Payable | 1,637 | 323 |
Deferred Revenue | 222 | 262 |
Total Current Liabilities | 21,400 | 20,035 |
NON CURRENT LIABILITIES | ||
Long-Term Debt, net of current portion | 7,910 | 8,154 |
Royalty Obligation, net of current portion | 3,923 | 4,361 |
Lease Liabilities, net of current portion | 708 | 808 |
Other Long-Term Liabilities | 399 | 399 |
Deferred Tax Liabilities | 140 | 186 |
TOTAL LIABILITIES | 34,480 | 33,943 |
SHAREHOLDERS' EQUITY | ||
Common Stock | 532 | 528 |
Additional Paid-in Capital | 60,113 | 59,692 |
Retained Earnings | 56,939 | 56,514 |
Treasury Stock, at Cost | (34,223) | (33,974) |
Accumulated Other Comprehensive Loss, net of tax | (2,665) | (1,748) |
TOTAL SHAREHOLDERS' EQUITY | 80,696 | 81,012 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 115,176 | $ 114,955 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2022 | Jan. 31, 2022 |
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 | 10,639,081 | 10,566,404 |
Treasury Stock, Shares | 3,341,030 | 3,324,280 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 31,010 | $ 29,078 |
Cost of Revenue | 20,281 | 18,190 |
Gross Profit | 10,729 | 10,888 |
Operating Expenses: | ||
Selling and Marketing | 5,883 | 6,092 |
Research and Development | 1,522 | 1,717 |
General and Administrative | 2,560 | 2,344 |
Operating Expenses | 9,965 | 10,153 |
Operating Income | 764 | 735 |
Other Income (Expense), net: | ||
Other Expense, net | 279 | 369 |
Income Before Income Taxes | 485 | 366 |
Income Tax Provision (Benefit) | 60 | (227) |
Net Income | $ 425 | $ 593 |
Net Income per Common Share—Basic: | $ 0.06 | $ 0.08 |
Net Income per Common Share—Diluted: | $ 0.06 | $ 0.08 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic | 7,298,051 | 7,144,697 |
Diluted | 7,395,764 | 7,265,329 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 425 | $ 593 |
Other Comprehensive Loss, Net of Taxes: | ||
Foreign Currency Translation Adjustments | (933) | (81) |
Loss from Cash Flow Hedges Reclassified to Income Statement | 16 | 16 |
Other Comprehensive Loss | (917) | (65) |
Comprehensive Income (Loss) | $ (492) | $ 528 |
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, 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 | 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 Income 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 | |||||
Beginning Balance at Jan. 31, 2022 | 81,012 | $ 528 | 59,692 | 56,514 | (33,974) | (1,748) |
Beginning Balance, Shares at Jan. 31, 2022 | 10,566,404 | |||||
Share-Based Compensation | 337 | 337 | ||||
Employee Option Exercises | $ 88 | 87 | ||||
Employee Option Exercises, Shares | 11,444 | 11,164 | ||||
Restricted Stock Awards Vested, net | $ (249) | $ 3 | (3) | (249) | ||
Restricted Stock Awards Vested, net, Shares | 61,513 | |||||
Net Income | 425 | 425 | ||||
Other Comprehensive Income Loss | (917) | (917) | ||||
Ending Balance at Apr. 30, 2022 | $ 80,696 | $ 532 | $ 60,113 | $ 56,939 | $ (34,223) | $ (2,665) |
Ending Balance, Shares at Apr. 30, 2022 | 10,639,081 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 425 | $ 593 |
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: | ||
Depreciation and Amortization | 912 | 1,425 |
Amortization of Debt Issuance Costs | 7 | 25 |
Share-Based Compensation | 337 | 478 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | (1,489) | 2,165 |
Other Receivable – Employee Retention Credit Receivable | 3,135 | |
Inventories | (2,650) | 568 |
Income Taxes | 502 | (387) |
Accounts Payable and Accrued Expenses | (2,843) | (552) |
Other | 50 | (406) |
Net Cash Provided (Used) by Operating Activities | (1,614) | 3,909 |
Cash Flows from Investing Activities: | ||
Additions to Property, Plant and Equipment | (50) | (544) |
Net Cash Used for Investing Activities | (50) | (544) |
Cash Flows from Financing Activities: | ||
Net Cash Proceeds from Employee Stock Option Plans | 69 | 34 |
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan | 19 | 18 |
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | (249) | (208) |
Borrowings under Revolving Credit Facility | 3,000 | 0 |
Payment of Minimum Guarantee Royalty Obligation | (500) | (500) |
Proceeds from Long-Term Debt – PPP Loan | 10,000 | |
Proceeds from Long-Term Debt Borrowings | 0 | |
Payoff of Long-Term Debt | (12,576) | |
Principal Payments on Long-Term Debt | (250) | (187) |
Net Cash Provided by (Used) for Financing Activities | 2,089 | (3,419) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 53 | 29 |
Net Increase (Decrease) in Cash and Cash Equivalents | 478 | (25) |
Cash and Cash Equivalents, Beginning of Period | 5,276 | 11,439 |
Cash and Cash Equivalents, End of Period | 5,754 | 11,414 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash Paid During the Period for Interest | 53 | 115 |
Cash Paid (Received) During the Period for Income Taxes, Net of Refunds | $ (440) | $ 131 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Apr. 30, 2022 | |
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 range of specialty printers and data acquisition and analysis systems. Our products are employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation industries. 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 ® ® ™ ® 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, direct-to-package Our PI products are sold by direct field salespersons as well as independent dealers and representatives, while our T&M 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 PI 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 |
Apr. 30, 2022 | |
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 No new accounting pronouncements, issued or effective during the first 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 |
Apr. 30, 2022 | |
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 and networking hardware 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) April 30, 2022 May 1, 2021 United States $ 19,651 $ 16,693 Europe 7,419 8,599 Canada 1,854 1,546 Asia 937 1,085 Central and South America 888 760 Other 261 395 Total Revenue $ 31,010 $ 29,078 Major product types: Three Months Ended (In thousands) April 30, 2022 May 1, 2021 Hardware $ 9,301 $ 7,647 Supplies 17,944 18,211 Service and Other 3,765 3,220 Total Revenue $ 31,010 $ 29,078 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 $222,000 and $262,000 at April 30, 2022 and January 31, 2022, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The decrease in the deferred revenue balance during the three months ended April 30, 2022 is primarily due to 116,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2022, which was partially offset by the cash payments received in advance of satisfying performance obligations in the current period. 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 over the remaining useful life of these contracts, which we currently estimate to be approximate ly 19 years as of April 30, 2022. The balance of these contract assets at January 31, 2022 was $1.3 million, and in the first quarter of the current year, we incurred an additional $0.1 million in contract costs that will be amortized over 19 years. We amortized $7,000 of direct costs during the three months ended April 30, 2022. The balance of deferred incremental direct costs net of accumulated amortization at April 30, 2022 was $1.4 million, of which $0.1 million is reported in other current assets and $1.3 million 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 |
Apr. 30, 2022 | |
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. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows: Three Months Ended April 30, 2022 May 1, 2021 Weighted Average Common Shares Outstanding – Basic 7,298,051 7,144,697 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 97,713 120,632 Weighted Average Common Shares Outstanding – Diluted 7,395,764 7,265,329 For the three months ended April 30, 2022 and May 1, 2021, the diluted per share amounts do not reflect common equivalent shares outstanding of 310,588 and 622,020, respectively, because of their anti-dilutive effect. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 5 – Intangible Assets Intangible assets are as follows: April 30, 2022 January 31, 2022 (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 $ (2,580 ) $ — $ 520 $ 3,100 $ (2,515 ) $ — $ 585 RITEC: Customer Contract Relationships 2,830 (1,573 ) — 1,257 2,830 (1,557 ) — 1,273 TrojanLabel: Existing Technology 2,327 (1,489 ) (272 ) 566 2,327 (1,767 ) 127 687 Distributor Relations 937 (419 ) (84 ) 434 937 (498 ) 46 485 Honeywell: Customer Contract Relationships 27,243 (11,283 ) — 15,960 27,243 (11,073 ) — 16,170 Intangible Assets, net $ 36,437 $ (17,344 ) $ (356 ) $ 18,737 $ 36,437 $ (17,410 ) $ 173 $ 19,200 There were no impairments to intangible assets during the periods ended April 30, 2022 and May 1, 2021. With respect to the acquired intangibles included in the table above, amortization expense of $0.4 million and $1.0 million has been included in the condensed consolidated statements of income for the three months ended April 30, 2022 and May 1, 2021, respectively. Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2023 2024 2025 2026 2027 Estimated amortization expense $ 1,303 $ 1,657 $ 1,000 $ 1,000 $ 1,000 |
Inventories
Inventories | 3 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 – Inventories Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows: (In thousands) April 30, 2022 January 31, 2022 Materials and Supplies $ 25,385 $ 22,709 Work-In-Process 818 1,489 Finished Goods 20,536 19,718 46,739 43,916 Inventory Reserve (9,880 ) (9,307 ) $ 36,859 $ 34,609 |
Credit Agreement and Long-Term
Credit Agreement and Long-Term Debt | 3 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Credit Agreement and Long-Term Debt | Note 7 – Credit Agreement and Long-Term 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 $2.6 million in principal amount of the term loan outstanding 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 requires that the term loan be paid in quarterly installments on the last day of each of our fiscal quarters with the final payment due on September 30, 2025. We may voluntarily prepay the term loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than September 30, 2025, at which time any outstanding revolving loans will be due and payable in full, and the revolving credit facility will terminate. We may reduce or terminate the revolving line of credit at any time, subject to certain 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. On December 14, 2021, we and the Lender entered into a LIBOR Transition Amendment (the “LIBOR Amendment”) with regard to the Amended Credit Agreement. The LIBOR Amendment, among other things, (i) changes the rate under the Amended Credit Agreement for borrowings denominated in U.S. Dollars from a LIBOR-based rate to a BSBY (Bloomberg Short-Term Bank Yield Index)-based rate, subject to certain adjustments, (ii) changes the rate under the Amended Credit Agreement for borrowings denominated in British Pounds Sterling from a LIBOR-based rate to a SONIA (Sterling Overnight Index Average)-based rate, subject to certain adjustments, (iii) changes the rate under the Amended Credit Agreement for borrowings denominated in Euros from a LIBOR-based rate to a EURIBOR (Euro Interbank Offered Rate)-based rate, subject to certain adjustments, and (iv) updates certain other provisions of the Amended Credit Agreement regarding successor interest rates to LIBOR. The interest rates under the Amended Credit Agreement, giving effect to the LIBOR Amendment, are as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the BSBY Rate as defined in the LIBOR Amendment (or in the case of revolving credit loans denominated in a Pounds Sterling, Euros or another currency other than U.S. Dollars, the SONIA Rate as defined in the LIBOR Amendment, EURIOBOR Rate as defined in the LIBOR Amendment, or the applicable quoted rate, respectively), 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 BSBY Rate, SONIA Rate, EURIBOR Rate or other applicable quoted 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. Summary of Outstanding Debt During the first quarter of the current year, we borrowed $3.0 million on our revolving line of credit. The balance outstanding under the revolving line of credit bore interest at a weighted average annual rate of 4.26% and we incurred $23,000 for interest on this obligation during the quarter ended April 30, 2022. Additionally, during the quarter ended April 30, 2022, we incurred $10,000 of commitment fees on the undrawn portion of our revolving credit facility. Both the interest expense and commitment fees are included as interest expense in the accompanying condensed consolidated income statement for the quarter ended April 30, 2022. At April 30, 2022, there is $19.5 million remaining available for borrowing under the revolving line of credit. Long-term debt in the accompanying condensed consolidated balance sheets is as follows: (In thousands) April 30, 2022 January 31, 2022 USD Term Loan (2.35% as of April 30, 2022 and January 31, 2022); maturity date of September 30, 2025 $ 9,000 $ 9,250 Debt Issuance Costs, net of accumulated amortization (90 ) (96 ) Current Portion of Term Loans (1,000 ) (1,000 ) Long-Term Debt $ 7,910 $ 8,154 During the three months ended April 30, 2022 and May 1, 2021, we recognized $53,000 and $115,000 of interest expense, respectively, which was included in other 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 April 30, 2022 is as follows: (In thousands) Fiscal 2023, remainder $ 750 Fiscal 2024 1,000 Fiscal 2025 1,250 Fiscal 2026 6,000 $ 9,000 |
Employee Retention Credit
Employee Retention Credit | 3 Months Ended |
Apr. 30, 2022 | |
Employee Retention Credit Disclosure [Abstract] | |
Employee Retention Credit | Note 8—Employee Retention Credit The Coronavirus Aid, Relief and Economic Securities Act (the “CARES Act”) provides for an employee retention credit (“ERC”) that is a refundable tax credit against certain employer taxes. On December 27, 2020, Congress enacted the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which amended and extended ERC availability under Section 2301 of the CARES Act. Before the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we were ineligible for the ERC because we received a Paycheck Protection Program Loan. Following enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we and other businesses that received loans under that program became retroactively eligible for the ERC. As a result of the foregoing legislation, we were eligible to claim a refundable tax credit against the employer share of Social Security taxes equal to seventy percent (70%) of the qualified wages that we paid to our employees between December 31, 2020 and June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021 for a maximum ERC per employee of $7,000 per calendar quarter in 2021. We evaluated our eligibility for the ERC in the second quarter of calendar year 2021. In order to qualify for the ERC, we needed to experience a 20 % reduction in gross receipts from either (1) the same quarter in calendar year 2019 or (2) the immediately preceding quarter to the corresponding calendar quarter in 2019. We determined that we qualified for the employee retention credit under the first scenario for wages paid in calendar year 2020 and the first calendar quarter of 2021. In the second quarter of fiscal 2022, we amended certain payroll tax filings and applied for a refund of for-profit We recorded a $3.1 million receivable in the second quarter of fiscal 2022 for the ERC receivable. This amount was received on March 22, 2022. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 3 Months Ended |
Apr. 30, 2022 | |
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 effectively modified our exposure to interest rate risk by effectively converting our floating-rate term-loan debt to fixed-rate debt, thus reducing the impact of interest-rate changes on future interest expense. This swap involved the receipt of floating rate amounts in U.S. Dollars in exchange for fixed rate payments in U.S. dollars over the life of the term loan. 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. The termination of the swaps was contracted immediately prior to the end of the second quarter of fiscal 2021 at a cash cost of approximately $0.7 million which was settled in the third quarter of fiscal 2021. Upon termination, the remaining balance of $58,000 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 and the $0.2 million balance remaining in accumulated other comprehensive loss related to the interest rate swap 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 April 30, 2022 and May 1, 2021: 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) April 30, 2022 May 1, 2021 April 30, 2022 May 1, 2021 Swap contracts $ — $ — Other Expense $ (20 ) $ (20 ) At April 30, 2022, we expect to reclassify approximately $39,000 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 |
Royalty Obligation
Royalty Obligation | 3 Months Ended |
Apr. 30, 2022 | |
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 |
Leases
Leases | 3 Months Ended |
Apr. 30, 2022 | |
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 one Balance sheet and other information related to our leases is as follows: Operating Leases (In thousands) Balance Sheet Classification April 30, 2022 January 31, 2022 Lease Assets Right of Use Assets $ 976 $ 1,094 Lease Liabilities – Current Other Liabilities and Accrued Expenses 311 327 Lease Liabilities – Long Term Lease Liabilities 708 $ 808 Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification April 30, 2022 May 1, 2021 Operating Lease Costs General and Administrative Expense $ 113 $ 136 Maturities of operating lease liabilities are as follows: (In thousands) April 30, 2022 2023, remaining $ 234 2024 297 2025 195 2026 150 2027 145 Thereafter 89 Total Lease Payments 1,110 Less: Imputed Interest (91 ) Total Lease Liabilities $ 1,019 As of April 30, 2022, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 4.5 years and 3.85%, 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) April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 83 $ 92 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 30, 2022 | |
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, 2022 $ (1,701 ) $ (47 ) $ (1,748 ) Other Comprehensive Loss before reclassification (933 ) — (933 ) Amounts reclassified from AOCL to Earnings — 16 16 Other Comprehensive Income (Loss) (933 ) 16 (917 ) Balance at April 30, 2022 $ (2,634 ) $ (31 ) $ (2,665 ) 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 |
Apr. 30, 2022 | |
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 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 April 30, 2022, options to purchase an aggregate of 285,074 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 136,575 shares were outstanding under the 2015 Plan. We also have a Non-Employee non-employee re-election Share-based compensation expense was recognized as follows: Three Months Ended (In thousands) April 30, 2022 May 1, 2021 Stock Options $ 6 $ 105 Restricted Stock Awards and Restricted Stock Units 328 370 Employee Stock Purchase Plan 3 3 Total $ 337 $ 478 Stock Options Aggregated information regarding stock option activity for the three months ended April 30, 2022 is summarized below: Number of Options Weighted Average Exercise Price Outstanding at January 31, 202 2 598,043 $ 14.67 Granted — — Exercised (11,444 ) 9.51 Forfeited (2,050 ) 16.66 Canceled (2,400 ) 8.09 Outstanding at April 30, 2022 582,149 $ 14.79 Set forth below is a summary of options outstanding at April 30, 2022: Outstanding Exercisable Range of Exercise prices Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Number of Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life $5.00-10.00 25,000 $ 7.91 0.4 25,000 $ 7.91 0.4 $10.01-15.00 341,849 $ 13.62 3.6 342,349 $ 13.62 3.6 $15.01-20.00 215,300 $ 17.46 5.6 209,200 $ 17.43 5.6 582,149 $ 14.79 4.2 576,549 $ 14.75 4.2 There were no stock Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) Aggregated information regarding RSU and RSA activity for the three months ended April 30, 2022 is summarized below: RSAs & RSUs Weighted Average Grant Date Fair Value Outstanding at January 31, 2022 199,342 $ 12.63 Granted 141,837 12.84 Vested (61,513 ) 12.78 Forfeited (1,100 ) 11.77 Outstanding at April 30, 2022 278,566 $ 12.71 As of April 30, 2022, there was approximately $2.4 million of unrecognized compensation expense related to RSUs and RSAs , 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 April 30, 2022 and May 1, 2021, there were 1,550 and 1,813 shares, respectively, purchased under this plan. As of April 30, 2022, 732 shares remain available for purchase under our Employee Stock Purchase Plan. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 – Income Taxes Our effective tax rates are as follows: First Quarter Ended Fiscal 2023 12.4 % Fiscal 2022 (62.0 )% 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 April 30, 2022, we recognized an income tax expense tax benefit arising from windfall tax benefits related to the Company’s stock. |
Segment Information
Segment Information | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 – Segment Information We report two segments: Product Identification and Test & Measurement . We evaluate segment performance based on the segment profit before corporate expenses. Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) April 30, May 1, April 30, May 1, Product Identification $ 21,724 $ 23,098 $ 1,413 $ 2,729 T&M 9,286 5,980 1,911 350 Total $ 31,010 $ 29,078 3,324 3,079 Corporate Expenses 2,560 2,344 Operating Income 764 735 Other Expense, Net 279 369 Income Before Income Taxes 485 366 Income Tax Provision (Benefit) 60 (227 ) Net Income $ 425 $ 593 |
Fair Value
Fair Value | 3 Months Ended |
Apr. 30, 2022 | |
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: April 30, 2022 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 9,005 $ 9,005 $ 9,000 January 31, 2022 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 9,255 $ 9,255 $ 9,250 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 |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements No new accounting pronouncements, issued or effective during the first 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 |
Apr. 30, 2022 | |
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) April 30, 2022 May 1, 2021 United States $ 19,651 $ 16,693 Europe 7,419 8,599 Canada 1,854 1,546 Asia 937 1,085 Central and South America 888 760 Other 261 395 Total Revenue $ 31,010 $ 29,078 Major product types: Three Months Ended (In thousands) April 30, 2022 May 1, 2021 Hardware $ 9,301 $ 7,647 Supplies 17,944 18,211 Service and Other 3,765 3,220 Total Revenue $ 31,010 $ 29,078 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 May 1, 2021 Weighted Average Common Shares Outstanding – Basic 7,298,051 7,144,697 Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 97,713 120,632 Weighted Average Common Shares Outstanding – Diluted 7,395,764 7,265,329 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows: April 30, 2022 January 31, 2022 (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 $ (2,580 ) $ — $ 520 $ 3,100 $ (2,515 ) $ — $ 585 RITEC: Customer Contract Relationships 2,830 (1,573 ) — 1,257 2,830 (1,557 ) — 1,273 TrojanLabel: Existing Technology 2,327 (1,489 ) (272 ) 566 2,327 (1,767 ) 127 687 Distributor Relations 937 (419 ) (84 ) 434 937 (498 ) 46 485 Honeywell: Customer Contract Relationships 27,243 (11,283 ) — 15,960 27,243 (11,073 ) — 16,170 Intangible Assets, net $ 36,437 $ (17,344 ) $ (356 ) $ 18,737 $ 36,437 $ (17,410 ) $ 173 $ 19,200 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows: (In thousands) Remaining 2023 2024 2025 2026 2027 Estimated amortization expense $ 1,303 $ 1,657 $ 1,000 $ 1,000 $ 1,000 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows: (In thousands) April 30, 2022 January 31, 2022 Materials and Supplies $ 25,385 $ 22,709 Work-In-Process 818 1,489 Finished Goods 20,536 19,718 46,739 43,916 Inventory Reserve (9,880 ) (9,307 ) $ 36,859 $ 34,609 |
Credit Agreement and Long-Ter_2
Credit Agreement and Long-Term Debt (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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) April 30, 2022 January 31, 2022 USD Term Loan (2.35% as of April 30, 2022 and January 31, 2022); maturity date of September 30, 2025 $ 9,000 $ 9,250 Debt Issuance Costs, net of accumulated amortization (90 ) (96 ) Current Portion of Term Loans (1,000 ) (1,000 ) Long-Term Debt $ 7,910 $ 8,154 |
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 April 30, 2022 is as follows: (In thousands) Fiscal 2023, remainder $ 750 Fiscal 2024 1,000 Fiscal 2025 1,250 Fiscal 2026 6,000 $ 9,000 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 and May 1, 2021: 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) April 30, 2022 May 1, 2021 April 30, 2022 May 1, 2021 Swap contracts $ — $ — Other Expense $ (20 ) $ (20 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 January 31, 2022 Lease Assets Right of Use Assets $ 976 $ 1,094 Lease Liabilities – Current Other Liabilities and Accrued Expenses 311 327 Lease Liabilities – Long Term Lease Liabilities 708 $ 808 |
Schedule Lease Cost Information | Lease cost information is as follows: Three Months Ended Operating Leases (In thousands) Statement of Income Classification April 30, 2022 May 1, 2021 Operating Lease Costs General and Administrative Expense $ 113 $ 136 |
Schedule of Maturities Of Lease Liabilities | Maturities of operating lease liabilities are as follows: (In thousands) April 30, 2022 2023, remaining $ 234 2024 297 2025 195 2026 150 2027 145 Thereafter 89 Total Lease Payments 1,110 Less: Imputed Interest (91 ) Total Lease Liabilities $ 1,019 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows: Three Months Ended (In thousands) April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 83 $ 92 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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, 2022 $ (1,701 ) $ (47 ) $ (1,748 ) Other Comprehensive Loss before reclassification (933 ) — (933 ) Amounts reclassified from AOCL to Earnings — 16 16 Other Comprehensive Income (Loss) (933 ) 16 (917 ) Balance at April 30, 2022 $ (2,634 ) $ (31 ) $ (2,665 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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) April 30, 2022 May 1, 2021 Stock Options $ 6 $ 105 Restricted Stock Awards and Restricted Stock Units 328 370 Employee Stock Purchase Plan 3 3 Total $ 337 $ 478 |
Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock option activity for the three months ended April 30, 2022 is summarized below: Number of Options Weighted Average Exercise Price Outstanding at January 31, 202 2 598,043 $ 14.67 Granted — — Exercised (11,444 ) 9.51 Forfeited (2,050 ) 16.66 Canceled (2,400 ) 8.09 Outstanding at April 30, 2022 582,149 $ 14.79 |
Summary of Options Outstanding | Set forth below is a summary of options outstanding at April 30, 2022: Outstanding Exercisable Range of Exercise prices Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Number of Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life $5.00-10.00 25,000 $ 7.91 0.4 25,000 $ 7.91 0.4 $10.01-15.00 341,849 $ 13.62 3.6 342,349 $ 13.62 3.6 $15.01-20.00 215,300 $ 17.46 5.6 209,200 $ 17.43 5.6 582,149 $ 14.79 4.2 576,549 $ 14.75 4.2 |
Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSU and RSA activity for the three months ended April 30, 2022 is summarized below: RSAs & RSUs Weighted Average Grant Date Fair Value Outstanding at January 31, 2022 199,342 $ 12.63 Granted 141,837 12.84 Vested (61,513 ) 12.78 Forfeited (1,100 ) 11.77 Outstanding at April 30, 2022 278,566 $ 12.71 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Projected Effective Tax Rate for Periods | Our effective tax rates are as follows: First Quarter Ended Fiscal 2023 12.4 % Fiscal 2022 (62.0 )% |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment | Summarized below are the Revenue and Segment Operating Profit for each reporting segment: Three Months Ended Revenue Segment Operating Profit (In thousands) April 30, May 1, April 30, May 1, Product Identification $ 21,724 $ 23,098 $ 1,413 $ 2,729 T&M 9,286 5,980 1,911 350 Total $ 31,010 $ 29,078 3,324 3,079 Corporate Expenses 2,560 2,344 Operating Income 764 735 Other Expense, Net 279 369 Income Before Income Taxes 485 366 Income Tax Provision (Benefit) 60 (227 ) Net Income $ 425 $ 593 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured 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: April 30, 2022 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 9,005 $ 9,005 $ 9,000 January 31, 2022 Fair Value Measurement (In thousands) Level 1 Level 2 Level 3 Total Carrying Value Long-Term debt and related current maturities $ — $ — $ 9,255 $ 9,255 $ 9,250 |
Business and Basis of Present_2
Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Apr. 30, 2022Segment | |
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 | |
Apr. 30, 2022 | May 01, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 31,010 | $ 29,078 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 19,651 | 16,693 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 7,419 | 8,599 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,854 | 1,546 |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 937 | 1,085 |
Central and South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 888 | 760 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 261 | $ 395 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 31,010 | $ 29,078 |
Hardware [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 9,301 | 7,647 |
Supplies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 17,944 | 18,211 |
Service and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 3,765 | $ 3,220 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Apr. 30, 2022 | May 01, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Contract liabilities and extended warranties | $ 222,000 | $ 262,000 | ||
Contract with customer liability revenue recognized including additions | 116,000 | |||
Contract assets balance | 1,300,000 | $ 1,300,000 | ||
Additional contract costs | 100,000 | |||
Amortization of incremental direct costs | 7,000 | |||
Deferred incremental direct contract costs reported in other current assets | 100,000 | |||
Capitalized contract cost net long term and short term | $ 1,400,000 | |||
Capitalized contract costs additional amounts incurred amortization period | 19 years | 19 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 | |
Apr. 30, 2022 | May 01, 2021 | |
Weighted Average Common Shares Outstanding – Basic | 7,298,051 | 7,144,697 |
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units | 97,713 | 120,632 |
Weighted Average Common Shares Outstanding – Diluted | 7,395,764 | 7,265,329 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Number of common equivalent shares | 310,588 | 622,020 |
Intangible Assets - Fair Value
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,437 | $ 36,437 |
Accumulated Amortization | (17,344) | (17,410) |
Currency Translation Adjustment | (356) | 173 |
Net Carrying Amount | 18,737 | 19,200 |
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 | (11,283) | (11,073) |
Net Carrying Amount | 15,960 | 16,170 |
Customer Contract Relationships [Member] | Miltope [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,100 | 3,100 |
Accumulated Amortization | (2,580) | (2,515) |
Net Carrying Amount | 520 | 585 |
Customer Contract Relationships [Member] | RITEC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,830 | 2,830 |
Accumulated Amortization | (1,573) | (1,557) |
Net Carrying Amount | 1,257 | 1,273 |
Existing Technology [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,327 | 2,327 |
Accumulated Amortization | (1,489) | (1,767) |
Currency Translation Adjustment | (272) | 127 |
Net Carrying Amount | 566 | 687 |
Distributor Relations [Member] | TrojanLabel ApS [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 937 | 937 |
Accumulated Amortization | (419) | (498) |
Currency Translation Adjustment | (84) | 46 |
Net Carrying Amount | $ 434 | $ 485 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Intangible Assets [Line Items] | ||
Impairments of intangible assets | $ 0 | $ 0 |
Amortization expense | $ 400 | $ 1,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | Apr. 30, 2022USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2023 | $ 1,303 |
2024 | 1,657 |
2025 | 1,000 |
2026 | 1,000 |
2027 | $ 1,000 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Materials and Supplies | $ 25,385 | $ 22,709 |
Work-In-Process | 818 | 1,489 |
Finished Goods | 20,536 | 19,718 |
Inventory, Gross | 46,739 | 43,916 |
Inventory Reserve | (9,880) | (9,307) |
Inventories | $ 36,859 | $ 34,609 |
Credit Agreement and Long-Ter_3
Credit Agreement and Long-Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt Issuance Costs, net of accumulated amortization | $ (90) | $ (96) |
Current Portion of Term Loans | (1,000) | (1,000) |
Long-Term Debt | 7,910 | 8,154 |
Term Loan Due September 30, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
USD Term Loan | $ 9,000 | $ 9,250 |
Credit Agreement and Long-Ter_4
Credit Agreement and Long-Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) - Term Loan Due September 30, 2025 [Member] | 3 Months Ended |
Apr. 30, 2022 | |
Debt Instrument [Line Items] | |
Debt instrument, description of variable rate basis | 2.35% as of April 30, 2022 and January 31, 2022); maturity date of September 30, 2025 |
Interest rate | 2.35% |
Debt instrument, maturity date | Sep. 30, 2025 |
Credit Agreement and Long-Ter_5
Credit Agreement and Long-Term Debt- Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands | Apr. 30, 2022USD ($) |
Debt Instrument [Line Items] | |
Fiscal 2023, reminder | $ 750 |
Fiscal 2024 | 1,000 |
Fiscal 2025 | 1,250 |
Fiscal 2026 | 6,000 |
Long-term Debt | $ 9,000 |
Credit Agreement and Long-Ter_6
Credit Agreement and Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 24, 2021 | Apr. 30, 2022 | May 01, 2021 |
Debt Instrument [Line Items] | |||
Revolving loan outstanding | $ 3,000 | ||
Interest Expense, Debt | $ 53,000 | $ 115,000 | |
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 | ||
Bank of America, N.A. [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt | $ 10,000 | ||
Term loan, principal amount | 10,000 | ||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 22,500 | ||
Debt, Weighted Average Interest Rate | 4.26% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 19,500 | ||
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Other Expense [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Debt | 23,000 | ||
Line of Credit Facility, Commitment Fee Amount | 10,000 | ||
Bank of America, N.A. [Member] | Maximum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt | 10,000 | ||
Term loan, principal amount | $ 10,000 |
Employee Retention Credit - Add
Employee Retention Credit - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Jun. 30, 2021 | Jul. 01, 2022 | Jan. 31, 2022 | |
Employee Retention Credit Disclosure [Line Items] | ||||
Erc Receivable | $ 3,100,000 | $ 3,135,000 | ||
Cares Act [Member] | ||||
Employee Retention Credit Disclosure [Line Items] | ||||
Percentage of refundable tax credit can be claimed of qualified wages | 70.00% | |||
Threshold qualified wages per employee per calendar quarter | $ 10,000 | |||
Maximum threshold employee retention credit per employee per calendar quarter | $ 7,000 | |||
Percentage of reduction of gross Receipts to qualify for employee retention credit | 20.00% | |||
Cares Act [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||
Employee Retention Credit Disclosure [Line Items] | ||||
Employee Retention Credit Receivable - cost of revenue | $ 3,100,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | Aug. 01, 2020 | |
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 | $ 39,000 | |
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 | |
Apr. 30, 2022 | May 01, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 0 | |
Location of Gain Reclassified from Accumulated OCI into Income (Expense) | Other Expense | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (20) | $ (20) |
Royalty Obligation - Additional
Royalty Obligation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Jan. 31, 2022 | Jan. 31, 2018 | |
Guaranteed Minimum Royalty Payment | $ 8,500 | ||
Royalty Obligation, Current | 2,000 | $ 2,000 | |
Royalty Obligation Non Current | 3,923 | 4,361 | |
Excess Royalties paid | 200 | ||
Accrued Royalties, Current, Excess Royalty Payment Due | $ 311 | $ 235 | |
Honeywell Asset Purchase and License Agreement [Member] | |||
Payment Term Period | 10 years | ||
Minimum Royalty Payment Obligation | $ 15,000 | ||
Fair Value Assumption Percentage Of Present Value Factor | 2.80% | ||
Royalty Obligation, Current | $ 2,000 | ||
Royalty Obligation Non Current | 3,900 | ||
Excess Royalty Payments | 300 | ||
Accrued Royalties, Current, Excess Royalty Payment Due | $ 300 |
Leases - Additional Information
Leases - Additional Information (Detail) | Apr. 30, 2022 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 3.85% |
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 | Apr. 30, 2022 | Jan. 31, 2022 |
Operating Leases [Abstract] | ||
Right of Use Assets | $ 976 | $ 1,094 |
Other Accrued Expenses | 311 | 327 |
Lease Liabilities | $ 708 | $ 808 |
Leases - Lease Cost Information
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
General and Administrative Expense [Member] | ||
Operating Lease Costs | $ 113 | $ 136 |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Detail) $ in Thousands | Apr. 30, 2022USD ($) |
Leases [Abstract] | |
2023, remaining | $ 234 |
2024 | 297 |
2025 | 195 |
2026 | 150 |
2027 | 145 |
Thereafter | 89 |
Total Lease Payments | 1,110 |
Less: Imputed Interest | (91) |
Total Lease Liabilities | $ 1,019 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows for operating leases | $ 83 | $ 92 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | $ 81,012 | $ 74,683 |
Other Comprehensive Loss | (917) | (65) |
Ending Balance | 80,696 | 75,533 |
Foreign Currency Translation Adjustments [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (1,701) | |
Other Comprehensive Loss before reclassification | (933) | |
Other Comprehensive Loss | (933) | |
Ending Balance | (2,634) | |
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (47) | |
Amounts reclassified from AOCL to Earnings | 16 | |
Other Comprehensive Loss | 16 | |
Ending Balance | (31) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (1,748) | (384) |
Other Comprehensive Loss before reclassification | (933) | |
Amounts reclassified from AOCL to Earnings | 16 | |
Other Comprehensive Loss | (917) | (65) |
Ending Balance | $ (2,665) | $ (449) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | Feb. 01, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 582,149 | 598,043 | ||
Number of options granted | 0 | 0 | 0 | |
Reservation of shares under Stock Purchase Plan | 247,500 | |||
Restricted Stock or Unit Expense | $ 328,000 | $ 370,000 | ||
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 | 1,550 | 1,813 | ||
Shares available for grant under the Plan | 732 | |||
2007 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 285,074 | |||
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 | |||
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 2 months 12 days | |||
Unrecognized compensation expense related to RSUs and RSAs | $ 2,400,000 | |||
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 | 129,363 | |||
RSA [Member] | 2015 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 136,575 | |||
RSA [Member] | 2018 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of unvested shares | 20,410 | |||
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of unvested shares | 128,793 | |||
Restricted Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock or Unit Expense | $ 62,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Share-based Compensation [Abstract] | ||
Stock Options | $ 6 | $ 105 |
Restricted Stock Awards and Restricted Stock Units | 328 | 370 |
Employee Stock Purchase Plan | 3 | 3 |
Total | $ 337 | $ 478 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Feb. 01, 2023 | Jan. 31, 2022 | |
Share-based Compensation [Abstract] | |||
Beginning balance, Number of Options | 598,043 | ||
Granted, Number of Options | 0 | 0 | 0 |
Exercised, Number of Options | (11,444) | ||
Forfeited, Number of Options | (2,050) | ||
Canceled, Number of Options | (2,400) | ||
Ending balance, Number of Options | 582,149 | 598,043 | |
Beginning balance, Weighted-Average Exercise Price Per Share | $ 14.67 | ||
Granted, Weighted-Average Exercise Price Per Share | 0 | ||
Exercised, Weighted-Average Exercise Price Per Share | 9.51 | ||
Forfeited, Weighted-Average Exercise Price Per Share | 16.66 | ||
Cancelled, Weighted-Average Exercise Price Per Share | 8.09 | ||
Ending balance, Weighted-Average Exercise Price Per Share | $ 14.79 | $ 14.67 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares | 3 Months Ended | |
Apr. 30, 2022 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding, total | 582,149 | 598,043 |
Outstanding, Weighted Average Exercise Price | $ 14.79 | |
Exercisable, Weighted Average Exercise Price | $ 14.75 | |
Outstanding Remaining Contractual Life | 4 years 2 months 12 days | |
Number of shares exercisable, total | 576,549 | |
Exercisable Remaining Contractual Life | 4 years 2 months 12 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 | 25,000 | |
Outstanding, Weighted Average Exercise Price | $ 7.91 | |
Exercisable, Weighted Average Exercise Price | $ 7.91 | |
Outstanding Remaining Contractual Life | 4 months 24 days | |
Exercisable, Number of shares | 25,000 | |
Exercisable Remaining Contractual Life | 4 months 24 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 | 341,849 | |
Outstanding, Weighted Average Exercise Price | $ 13.62 | |
Exercisable, Weighted Average Exercise Price | $ 13.62 | |
Outstanding Remaining Contractual Life | 3 years 7 months 6 days | |
Exercisable, Number of shares | 342,349 | |
Exercisable Remaining Contractual Life | 3 years 7 months 6 days | |
$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 | 215,300 | |
Outstanding, Weighted Average Exercise Price | $ 17.46 | |
Exercisable, Weighted Average Exercise Price | $ 17.43 | |
Outstanding Remaining Contractual Life | 5 years 7 months 6 days | |
Exercisable, Number of shares | 209,200 | |
Exercisable Remaining Contractual Life | 5 years 7 months 6 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 |
Apr. 30, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 199,342 |
Granted, Restricted Stock Units and Restricted Stock Awards | shares | 141,837 |
Vested, Restricted Stock Units and Restricted Stock Awards | shares | (61,513) |
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares | (1,100) |
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares | 278,566 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 12.63 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 12.84 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 12.78 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 11.77 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 12.71 |
Income Taxes - Projected Effect
Income Taxes - Projected Effective Tax Rate for Periods (Detail) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates for income from continuing operations | 12.40% | (62.00%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Income tax expense (benefit) | $ 60,000 | $ (227,000) |
Tax benefit related to the reversal of previously uncertain tax positions | 38,000 | 276,000 |
Tax expense resulting from shortfall | $ 30,000 | $ 37,000 |
Segment Information - Net Sales
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 31,010 | $ 29,078 |
Corporate Expenses | 2,560 | 2,344 |
Operating Income | 764 | 735 |
Other Income (Expense), Net | 279 | 369 |
Income Before Income Taxes | 485 | 366 |
Income Tax Provision (Benefit) | 60 | (227) |
Net Income | 425 | 593 |
Product Identification [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 21,724 | 23,098 |
T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 9,286 | 5,980 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 3,324 | 3,079 |
Operating Segments [Member] | Product Identification [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 1,413 | 2,729 |
Operating Segments [Member] | T&M [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 1,911 | 350 |
Corporate Expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate Expenses | $ 2,560 | $ 2,344 |
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 | Apr. 30, 2022 | Jan. 31, 2022 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 9,005 | $ 9,255 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | 9,005 | 9,255 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term debt and related current maturities | $ 9,000 | $ 9,250 |