ASTRONOVA, INC., 10-Q filed on 6/11/2019
Quarterly Report
v3.19.2
Document and Entity Information - shares
3 Months Ended
May 04, 2019
Jun. 05, 2019
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date May 04, 2019  
Document Fiscal Year Focus 2020  
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 Filer Category Accelerated Filer  
Trading Symbol ALOT  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding   7,008,028
v3.19.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
May 04, 2019
Jan. 31, 2019
CURRENT ASSETS    
Cash and Cash Equivalents $ 5,769 $ 7,534
Accounts Receivable, net 21,970 23,486
Inventories, net 32,043 30,161
Prepaid Expenses and Other Current Assets 1,198 1,427
Total Current Assets 60,980 62,608
Property, Plant and Equipment, net 10,462 10,380
Intangible Assets, net 28,561 29,674
Goodwill 12,136 12,329
Deferred Tax Assets, net 2,927 2,928
Right of Use Assets 1,876  
Other Assets 997 1,064
TOTAL ASSETS 117,939 118,983
CURRENT LIABILITIES    
Accounts Payable 5,818 5,956
Accrued Compensation 2,767 5,023
Other Liabilities and Accrued Expenses 2,848 2,911
Current Portion of Long-Term Debt 4,932 5,208
Current Liability – Royalty Obligation 2,000 1,875
Revolving Credit Facility 1,500 1,500
Current Liability – Excess Royalty Payment Due 1,301 1,265
Income Taxes Payable 810 554
Deferred Revenue 350 373
Total Current Liabilities 22,326 24,665
NON CURRENT LIABILITIES    
Long-Term Debt, net of current portion 11,583 12,870
Royalty Obligation, net of current portion 9,440 9,916
Lease Liabilities, net of current portion 1,472  
Deferred Tax Liabilities 15 40
Other Long-Term Liabilities 1,489 1,717
TOTAL LIABILITIES 46,325 49,208
SHAREHOLDERS' EQUITY    
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,256,071 shares and 10,218,559 shares at May 4, 2019 and January 31, 2019, respectively 513 511
Additional Paid-in Capital 54,474 53,568
Retained Earnings 50,722 49,511
Treasury Stock, at Cost, 3,265,494 and 3,261,672 shares at May 4, 2019 and January 31, 2019, respectively (33,077) (32,997)
Accumulated Other Comprehensive Loss, net of tax (1,018) (818)
TOTAL SHAREHOLDERS' EQUITY 71,614 69,775
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 117,939 $ 118,983
v3.19.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
May 04, 2019
Jan. 31, 2019
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 10,256,071 10,218,559
Treasury Stock, Shares 3,265,494 3,261,672
v3.19.2
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Income Statement [Abstract]    
Revenue $ 36,181 $ 31,487
Cost of Revenue 21,942 19,377
Gross Profit 14,239 12,110
Operating Expenses:    
Selling and Marketing 6,765 6,500
Research and Development 2,007 1,692
General and Administrative 2,999 2,653
Operating Expenses 11,771 10,845
Operating Income, net 2,468 1,265
Other Income (Expense):    
Other Expense (368) (270)
Income before Income Taxes 2,100 995
Income Tax Provision 400 181
Net Income $ 1,700 $ 814
Net Income Per Common Share—Basic $ 0.24 $ 0.12
Net Income Per Common Share—Diluted $ 0.23 $ 0.12
Weighted Average Number of Common Shares Outstanding-Basic 6,971 6,788
Weighted Average Number of Common Shares Outstanding-Diluted 7,248 6,916
v3.19.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Statement of Comprehensive Income [Abstract]    
Net Income $ 1,700 $ 814
Other Comprehensive Loss, net of taxes:    
Foreign Currency Translation Adjustments (172) (269)
Change in Value of Derivatives Designated as Cash Flow Hedges 116 300
Gain from Cash Flow Hedges Reclassified to Income Statement (144) (200)
Realized Loss on Securities Available for Sale Reclassified to Income Statement   6
Other Comprehensive Loss (200) (163)
Comprehensive Income $ 1,500 $ 651
v3.19.2
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, 2018 $ 63,647 $ 500 $ 50,016 $ 45,700 $ (32,397) $ (172)
Beginning Balance, Shares at Jan. 31, 2018   9,996,120        
Share-Based Compensation 363   363      
Employee Option Exercises 489 $ 3 574   (88)  
Employee Option Exercises, Shares   53,010        
Restricted Stock Awards Vested, net (40) $ 1 (1)   (40)  
Restricted Stock Awards Vested, net, Shares   16,981        
Common Stock – Cash Dividend—$0.07 per share (480)     (480)    
Net Income 814     814    
Other Comprehensive Loss (163)         (163)
Ending Balance at Apr. 28, 2018 64,630 $ 504 50,952 46,034 (32,525) (335)
Ending Balance, Shares at Apr. 28, 2018   10,066,111        
Beginning Balance at Jan. 31, 2019 69,775 $ 511 53,568 49,511 (32,997) (818)
Beginning Balance, Shares at Jan. 31, 2019   10,218,559        
Share-Based Compensation 601   601      
Employee Option Exercises $ 296 $ 1 306   (11)  
Employee Option Exercises, Shares 26,530 27,990        
Restricted Stock Awards Vested, net $ (69) $ 1 (1)   (69)  
Restricted Stock Awards Vested, net, Shares   9,522        
Common Stock – Cash Dividend—$0.07 per share (489)     (489)    
Net Income 1,700     1,700    
Other Comprehensive Loss (200)         (200)
Ending Balance at May. 04, 2019 $ 71,614 $ 513 $ 54,474 $ 50,722 $ (33,077) $ (1,018)
Ending Balance, Shares at May. 04, 2019   10,256,071        
v3.19.2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares
3 Months Ended
May 04, 2019
Apr. 28, 2018
Statement of Stockholders' Equity [Abstract]    
Cash dividend per share $ 0.07 $ 0.07
v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Cash Flows from Operating Activities:    
Net Income $ 1,700 $ 814
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:    
Depreciation and Amortization 1,584 1,543
Amortization of Debt Issuance Costs 13 13
Share-Based Compensation 601 363
Deferred Income Tax Provision   (33)
Changes in Assets and Liabilities:    
Accounts Receivable 1,439 (3,029)
Inventories (2,001) (199)
Income Taxes 263 297
Accounts Payable and Accrued Expenses (2,796) (1,260)
Other 184 (120)
Net Cash Provided (Used) by Operating Activities 987 (1,611)
Cash Flows from Investing Activities:    
Proceeds from Sales/Maturities of Securities Available for Sale   1,511
Honeywell Asset Purchase and License Agreement—TSA Agreement Payment   (400)
Additions to Property, Plant and Equipment (586) (541)
Net Cash Provided (Used) by Investing Activities (586) 570
Cash Flows from Financing Activities:    
Net Cash Proceeds from Common Shares Issued Under Employee Benefit Plans and Employee Stock Option Plans, Net of Payment of Minimum Tax Withholdings 227 449
Payment of Minimum Guarantee Royalty Obligation (375) (500)
Principal Payments of Long-Term Debt (1,578) (1,776)
Dividends Paid (489) (480)
Net Cash Provided (Used) by Financing Activities (2,215) (2,307)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 49 9
Net Decrease in Cash and Cash Equivalents (1,765) (3,339)
Cash and Cash Equivalents, Beginning of Period 7,534 10,177
Cash and Cash Equivalents, End of Period 5,769 6,838
Supplemental Disclosures of Cash Flow Information:    
Cash Paid During the Period for Interest 110 199
Cash Paid During the Period for Income Taxes, Net of Refunds 142 86
Schedule of Non-Cash Financing Activities:    
Value of Shares Received in Satisfaction of Option Exercise Price $ 11 $ 88
v3.19.2
Business and Basis of Presentation
3 Months Ended
May 04, 2019
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
. In the United States, the Company has factory-trained direct field salespeople located in major cities from coast to coast. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, India, Malaysia, Mexico, Singapore, Spain and the United Kingdom staffed by our own employees and dedicated third-party contractors. Additionally, we utilize over 150 independent dealers and representatives selling and marketing our products in over 50 countries.
The business consists of two segments, Product Identification (PI) and Test & Measurement (T&M). The Product Identification segment offers a variety of hardware and software products and associated supplies that allow customers to mark, track and enhance the appearance of their products. PI includes specialty printing systems and supplies sold under the QuickLabel
®
, TrojanLabel
®
 and GetLabels
 brand names. PI products are used in industrial and commercial product packaging, branding and labeling applications to print custom labels, packaging materials and corresponding visual content in-house digitally. The Test & Measurement segment includes systems sold under the AstroNova
®
 brand name as well as the Company’s line of aerospace flight deck printers. Products sold under the AstroNova brand 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. In the aerospace market, the Company has a long history of using its data visualization technologies to provide networking systems and high-resolution light-weight flight deck and cabin printers.
Unless otherwise indicated, references to “AstroNova,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to AstroNova, Inc. and its consolidated subsidiaries.
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 the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2019.
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. Some of the more significant estimates relate to revenue recognition, the allowances for doubtful accounts, inventory valuation, income taxes, impairment of long-lived assets and goodwill, share-based compensation, accrued expenses, lease accounting and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates.
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 the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
v3.19.2
Summary of Significant Accounting Policies Update
3 Months Ended
May 04, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Update
Note 2 – Summary of Significant Accounting Policies Update
The accounting polices used in preparing the condensed consolidated financial statements in this Form 10-Q are the same as those used in preparing the Consolidated Financial Statements for the year ended January 31, 2019, except for the change resulting from the adoption of Accounting Standard Update (“ASU”) 2016-02, “Leases (“Topic 842”), as provided below.
Leases
On February 1, 2019, we adopted ASU 2016-02 using the modified retrospective transition method, which requires that we recognize leases differently pre- and post-adoption. See “
Recently Adopted Accounting Pronouncements
—Leases” below for more information.
The Company determines whether an arrangement contains a lease at the inception of a contract. Our lease agreements cover various office facilities and are considered operating leases. Operating Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement of the lease based on the present value of the future minimum lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of future payments. Operating lease ROU assets include any lease pre-payments made and exclude lease incentives and initial direct costs incurred when appropriate. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. Lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on our condensed consolidated statement of income. Operating leases are included in Right of Use assets, Other Liabilities and Accrued Expenses, and Lease Liabilities on our condensed consolidated balance sheets.
For our lease agreements with lease and non-lease components, we generally account for each component separately.
Recently Adopted Accounting Pronouncements
Leases
In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 and its subsequent amendments supersede previous guidance related to accounting for leases and are intended to increase transparency and comparability among organizations by requiring lessees to recognize assets and liabilities in the balance sheet for operating leases with lease terms greater than twelve months. The updates also require improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases.
The Company adopted this guidance effective February 1, 2019 and elected the non-comparative transition option which does not require restatement for comparative purposes. Also upon adoption, the Company elected the package of practical expedients, which, include not reassessing 1) whether any expired or existing contracts contain leases, 2) lease classifications of expired or existing leases, and 3) initial direct costs, if any, for existing leases.
Adoption of the new standard resulted in the recording of ROU assets and lease liabilities of $2.0 million as of February 1, 2019.
Recent Accounting Standards Not Yet Adopted
Internal-Use Software
In August 2018, the FASB issued ASU 2018-15, “Intangibles
Goodwill and Other
Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 reduces complexity for the accounting for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (Q1 fiscal 2021 for AstroNova), with early adoption permitted. Implementation should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements.
Fair Value Measurement
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This ASU is effective for annual periods beginning after December 15, 2019 including interim periods within those fiscal years (Q1 fiscal 2021 for AstroNova), with early adoption permitted. The provisions of ASU 2018-13 relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The remaining provisions should be applied retrospectively to all periods presented upon their effective date. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements and related disclosures.
N
o other 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.
v3.19.2
Revenue Recognition
3 Months Ended
May 04, 2019
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 4,

2019
 
 
April 28,

2018
 
United States
 
$
21,992
 
 
$
19,233
 
Europe
 
 
7,875
 
 
 
7,834
 
Asia
 
 
3,450
 
 
 
1,439
 
Canada
 
 
1,516
 
 
 
1,445
 
Central and South America
 
 
888
 
 
 
1,054
 
Other
 
 
460
 
 
 
482
 
Total Revenue
 
$
36,181
 
 
$
31,487
 
Major product types:
 
 
 
Three Months Ended
 
(In thousands)
 
May 4,

2019
 
 
April 28,

2018
 
Hardware
 
$
12,918
 
 
$
11,977
 
Supplies
 
 
19,727
 
 
 
16,701
 
Service and Other
 
 
3,536
 
 
 
2,809
 
Total Revenue
 
$
36,181
 
 
$
31,487
 
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 and were $350,000 and $373,000 at May 4, 2019 and January 31, 2019, respectively, and are recorded as deferred revenue in the condensed consolidated balance sheet. The decrease in the deferred revenue balance during the three months ended May 4, 2019 is primarily due to approximately $205,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2019, offset by cash payments received in advance of satisfying performance obligations.
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 estimated benefit term, which was estimated to be approximately 10 years. The balance of these contract assets at January 31, 2019 was $903,000. In the first quarter of fiscal 2020, amortization of these incremental direct costs were $27,000 and the balance of deferred incremental direct costs net of accumulated amortization at May 4, 2019 was $875,000, of which $109,000 is reported in other current assets and $766,000 is reported in other assets in the accompanying condensed consolidated balance sheet. The remaining contract costs are expected to be amortized over the estimated remaining period of benefit, which we currently estimate to be approximately 7 years.
v3.19.2
Net Income Per Common Share
3 Months Ended
May 04, 2019
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
 
 
 
May 4,

2019
 
 
April 28,

2018
 
Weighted Average Common Shares Outstanding
Basic
 
 
6,970,914
 
 
 
6,787,926
 
Effect of Dilutive Options, Restricted Stock Units and Restricted Stock Awards
 
 
277,412
 
 
 
128,229
 
Weighted Average Common Shares Outstanding
Diluted
 
 
7,248,326
 
 
 
6,916,155
 
For the three months ended May 4, 2019 and April 28, 2018, the diluted per share amounts do not include common equivalent shares outstanding of 260,422 and 248,480
,
respectively, because their effect would have been anti-dilutive.
v3.19.2
Intangible Assets
3 Months Ended
May 04, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 5 - Intangible Assets
Intangible assets are as follows:
 
 
 
May 4, 2019
 
 
January 31, 2019
 
(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
 
 
$
(1,797
)
 
$
 
 
$
1,303
 
 
$
3,100
 
 
$
(1,723
)
 
$
 
 
$
1,377
 
RITEC:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer Contract Relationships
 
 
2,830
 
 
 
(813
)
 
 
 
 
 
2,017
 
 
 
2,830
 
 
 
(725
)
 
 
 
 
 
2,105
 
Non-Competition Agreement
 
 
950
 
 
 
(728
)
 
 
 
 
 
222
 
 
 
950
 
 
 
(681
)
 
 
 
 
 
269
 
TrojanLabel:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Existing Technology
 
 
2,327
 
 
 
(797
)
 
 
97
 
 
 
1,627
 
 
 
2,327
 
 
 
(711
)
 
 
140
 
 
 
1,756
 
Distributor Relations
 
 
937
 
 
 
(225
)
 
 
36
 
 
 
748
 
 
 
937
 
 
 
(200
)
 
 
56
 
 
 
793
 
Honeywell:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer Contract Relationships
 
 
27,243
 
 
 
(4,599
)
 
 
 
 
 
22,644
 
 
 
27,243
 
 
 
(3,869
)
 
 
 
 
 
23,374
 
Intangible Assets, net
 
$
37,387
 
 
$
(8,959
)
 
$
133
 
 
$
28,561
 
 
$
37,387
 
 
$
(7,909
)
 
$
196
 
 
$
29,674
 
There were no impairments to intangible assets during the periods ended May 4, 2019 and April 28, 2018. With respect to the acquired intangibles included in the table above, amortization expense of $1.1 million and $1.0 million has been included in the condensed consolidated statements of income for the periods ended May 4, 2019 and April 28, 2018, respectively.
 
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
 
Remaining

2020
 
 
2021
 
 
2022
 
 
2023
 
 
2024
 
Estimated amortization expense
 
$
3,153
 
 
$
4,074
 
 
$
3,987
 
 
$
3,982
 
 
$
3,978
 
v3.19.2
Inventories
3 Months Ended
May 04, 2019
Inventory Disclosure [Abstract]  
Inventories
Note 6 - Inventories
Inventories are stated at the lower of cost (first-in, first-out) and net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
 
(In thousands)
 
May 4, 2019
 
 
January 31, 2019
 
Materials and Supplies
 
$
19,035
 
 
$
17,517
 
Work-In-Process
 
 
1,750
 
 
 
1,633
 
Finished Goods
 
 
15,922
 
 
 
15,688
 
 
 
 
36,707
 
 
 
34,838
 
Inventory Reserve
 
 
(4,664
)
 
 
(4,677
)
 
 
$
32,043
 
 
$
30,161
 
v3.19.2
Revolving Line of Credit
3 Months Ended
May 04, 2019
Debt Disclosure [Abstract]  
Revolving Line of Credit
Note 7 - Revolving Line of Credit
The Company has a $10.0 million revolving line of credit under its existing Credit Agreement with Bank of America. Revolving credit loans may be borrowed, at the Company’s option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Krone. Amounts borrowed under the revolving credit facility bear interest at a rate
per annum
equal to, at the Company’s option, either (a) the LIBOR rate (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 1.0% to 1.5% based on the Company’s consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal funds’ rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate or (iii) the LIBOR rate plus 1.00%, plus a margin that varies within a range of 0.0% to 0.5% based on the Company’s consolidated leverage ratio.
During fiscal 2019, $3.0 million was drawn on the revolving credit facility, of which $1.5 million was repaid. At May 4, 2019, $1.5 million remains outstanding on the revolving line of credit. The outstanding balance bears interest at a weighted average annual rate of 5.75% and $19,000 of interest has been incurred on this obligation and included in other expense in the accompanying condensed consolidated income statement for the period ended May 4, 2019. As of May 4, 2019, there is $8.5 million available for borrowing under the revolving credit facility.
The Company is required to pay a commitment fee on the undrawn portion of the revolving credit facility at the rate of 0.25%
per annum
.
v3.19.2
Debt
3 Months Ended
May 04, 2019
Debt Disclosure [Abstract]  
Debt
Note 8 - Debt
Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
 
(In thousands)
 
May 4, 2019
 
 
January 31, 2019
 
USD Term Loan
(3.75% as of May 4, 2019 and 4.02% as of January 31, 2019); maturity date of November 30, 2022
 
$
10,500
 
 
$
11,250
 
USD Term Loan
(3.75% as of May 4, 2019 and 4.02% as of January 31, 2019); maturity date of January 31, 2022
 
 
6,164
 
 
 
6,992
 
 
 
$
16,664
 
 
$
18,242
 
Debt Issuance Costs, net of accumulated amortization
 
 
(149
)
 
 
(164
)
Current Portion of Term Loans
 
 
(4,932
)
 
 
(5,208
)
Long-Term Debt
 
$
11,583
 
 
$
12,870
 
 
The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of May 4, 2019 is as follows:
 
(In thousands)
 
 
 
Fiscal 2020
 
$
3,630
 
Fiscal 2021
 
 
5,208
 
Fiscal 2022
 
 
5,576
 
Fiscal 2023
 
 
2,250
 
Fiscal 2024
 
 
 
 
 
$
16,664
 
v3.19.2
Derivative Financial Instruments and Risk Management
3 Months Ended
May 04, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Risk Management
Note 9 - Derivative Financial Instruments and Risk Management
The Company has 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 the variable rate term loan borrowing by the Company. Both swaps have been designated as cash flow hedges of floating-rate borrowings.
The cross-currency interest rate swap agreement utilized by the Company effectively modifies the Company’s exposure to interest rate risk and foreign currency exchange rate risk by converting the Company’s floating-rate debt denominated in U.S. Dollars on our Danish subsidiary’s books to a fixed-rate debt denominated in Danish Krone 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 involves the receipt of floating rate amounts in U.S. Dollars in exchange for fixed-rate interest payments in Danish Krone, as well as exchanges of principal at the inception spot rate, over the life of the term loan. As of May 4, 2019, the total notional amount of the Company’s cross-currency interest rate swap was $5.9 million.
The interest rate swap agreement utilized by the Company on its term loan effectively modifies the Company’s exposure to interest rate risk by converting the Company’s floating-rate debt to fixed-rate debt for the next five years, thus reducing the impact of interest-rate changes on future interest expense. This swap involves 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 of May 4, 2019, the total notional amount of the Company’s interest rate swap was $10.5 million.
The following table provides a summary of the fair values of the Company’s derivatives recorded in the condensed consolidated balance sheets:
 
Cash Flow Hedges
(In thousands)
 
Balance Sheet Classification
 
 
May 4,

2019
 
 
January 31,

2019
 
Cross-currency interest rate swap
 
Other Long-
Term Liabilities
 
 
$
400
 
 
$
600
 
Interest rate swap
 
Other Assets
 
 
$
49
 
 
$
85
 
 
The following table presents the impact of the derivative instruments in our condensed consolidated financial statements for the three months ended May 4, 2019 and April 28, 2018:
 
 
 
Amount of Gain
Recognized in OCI
on
Derivative
 
 
Location of Gain
Reclassified from
Accumulated OCI
 
 
Amount of Gain
Reclassified from
Accumulated OCI into
Income
 
Cash Flow Hedge
(In thousands)
 
May 4,
2019
 
 
April 28,
2018
 
 
into
Income
 
 
May 4,
2019
 
 
April 28,
2018
 
Swap contracts
 
$
149
 
 
$
383
 
 
 
Other Income (Expense)
 
 
$
185
 
 
$
256
 
At May 4, 2019, the Company expects to reclassify approximately $0.3 million of net gains on the swap contracts from accumulated other comprehensive loss to earnings during the next 12 months due to changes in foreign exchange rates and the payment of variable interest associated with the floating-rate debt.
v3.19.2
Royalty Obligation
3 Months Ended
May 04, 2019
Royalty Obligation Disclosure [Abstract]  
Royalty Obligation
Note 10 – Royalty Obligation
In fiscal 2018, AstroNova, Inc. 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 of $15.0 million 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 cost of debt for similar companies. As of May 4, 2019, the Company had paid
an aggregate of 
$2.0 million of the guaranteed minimum royalty obligation. At May 4, 2019, the current portion of the outstanding guaranteed minimum royalty obligation of $2.0 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $9.4 million is reported as a long-term liability on the Company’s condensed consolidated balance sheet. In addition to the guaranteed minimum royalty payments, the Company also incurred $0.6 million and $0.5 million, respectively, in excess royalty expense, which is included in cost of revenue in the Company’s consolidated statements of income for the three months ended May 4, 2019 and April 28, 2018, respectively. A total of $1.3 million of excess royalty is payable and reported as a current liability on the Company’s condensed consolidated balance sheet at May 4, 2019.
v3.19.2
Leases
3 Months Ended
May 04, 2019
Leases [Abstract]  
Leases
Note 11 – Leases
We lease certain facilities at various locations worldwide that are classified as operating leases. Our leases have remaining lease terms of 1 to 12 years, some of which include options to extend the lease term for periods up to 5 years, as well as options to terminate the lease within one year when it is reasonably certain the Company will exercise such options.
The company leases office space from an affiliate. The lease is classified as an operating lease and provides for annual rentals of approximately $64,000 and $66,000 in fiscal 2020 and 2021, respectively.
Balance sheet and other information related to our leases is as follows:
 
Operating Leases
(In thousands)
 
 
Balance Sheet Classification
 
 
May 4,

2019
 
Lease Assets
 
 
Right of Use Assets
 
 
$
 1,876
 
Lease Liabilities – Current
 
 
Other Liabilities and Accrued Expenses
 
 
 
411
 
Lease Liabilities – Long Term
 
 
Lease Liabilities
 
 
 
1,472
 
 
Lease cost information is as follows:
 
Operating Leases
(In thousands)
 
 
 
Statement of Income Classification
 
 
May 4,
2019
 
Operating Lease Costs
 
 General and Administrative Expense 
 
$92 
Maturities of operating lease liabilities are as follows:
 
(In thousands)
 
May 4,
2019
 
2020
 
$
293
 
2021
 
 
398
 
2022
 
 
332
 
2023
 
 
280
 
2024
 
 
266
 
Thereafter
 
 
578
 
Total Lease Payments
 
 
2,147
 
Less:
Imputed Interest
 
 
(264
)
Total Lease Liabilities
 
$
1,883
 
As of May 4, 2019, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 6.3 years and 4.02%, respectively. We calculated the weighted-average discount rates 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 for the three months ended May 4, 2019 is as follows:
 
(In thousands)
 
May 4,
2019
 
Cash paid for amounts included in the measurement of lease liabilities:
    
Operating cash flows for operating leases
 $100 
As previously disclosed in our fiscal year 2019 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum operating lease commitments that had initial or remaining non-cancelable lease terms in excess of one year at January 31, 2019 were as follows:
 
(In thousands)
   
2020
 $574 
2021
  520 
2022
  387 
2023
  294 
2024
  273 
Thereafter
  568 
  
 
 
 
  $2,616 
  
 
 
 
 
v3.19.2
Accumulated Other Comprehensive Loss
3 Months Ended
May 04, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Loss
Note 12 - Accumulated Other Comprehensive Loss
The changes in the balance of accumulated other comprehensive loss by component are as follows:
 
(In thousands)
 
Foreign Currency

Translation

Adjustments
 
 
Cash

Flow
Hedges
 
 
Total
 
Balance at January 31, 2019
 
$
(852
)
 
$
34
 
 
$
(818
)
Other Comprehensive Income (Loss) before reclassification
 
 
(172
)
 
 
116
 
 
 
(56
)
Amounts reclassified from AOCI to Earnings
 
 
 
 
 
(144
)
 
 
(144
)
Other Comprehensive Loss
 
 
(172
)
 
 
(28
)
 
 
(200
)
Balance at May 4, 2019
 
$
(1,024
)
 
$
6
 
 
$
(1,018
)
The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries.
v3.19.2
Share-Based Compensation
3 Months Ended
May 04, 2019
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 or performance-based restricted stock unit (RSUs) and, restricted stock awards (RSAs), with respect to up to
650,000
shares of the Company’s common stock, plus an additional number of shares equal to the number of shares subject to awards granted under previous equity incentive plans that are forfeited, cancelled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, reacquired by the Company at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of the Company’s common stock on the date of grant and expire after ten years. As of May 4,
 2019, 182,896 unvested shares of restricted stock and options to purchase an aggregate of 146,000 shares were outstanding under the 2018 Plan.
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”). Both the 2007 Plan
and the 2015 Plan have 
expired and no new awards may be issued under either, but outstanding awards will continue to be governed by
those respective Plans
. As of May 4, 2019, 1,007
unvested shares of restricted stock and options to purchase an aggregate of 
391,145
shares were outstanding under the 2007 Plan and 42,204 unvested shares of restricted stock and options to purchase an aggregate of 199,545 shares were outstanding under the 2015 Plan.
On January 31, 2019, the compensation committee of the Company’s board of directors adopted an Amended and Restated Non-Employee Director Annual Compensation Program (the “New Program”), which became effective as of February 1, 2019 and supersedes the prior program. Pursuant to the New Program, beginning with fiscal 2020, each non-employee director will automatically receive a grant of restricted stock on the date of their re-election to the Company’s board of directors. The number of whole shares to be granted will be equal to the number calculated by dividing the stock component of the director compensation amount determined by the compensation committee for that year by the fair market value of our stock on that day. The value of the restricted stock award for fiscal 2020 is $60,000. To account for the partial year beginning on February 1, 2019 and continuing through the 2019 annual meeting and thereby provide for the alignment of the timing of annual grants of restricted stock under the New Program with the election of directors at the annual meeting, on February 1, 2019, each non-employee director was granted shares of restricted stock with a fair market value of $18,000. Other than the shares granted on February 1, 2019, which will vest on June 1, 2019, shares of restricted stock granted under the New Program will become vested on the first anniversary of the date of grant, conditioned upon the recipient’s continued service on the Board through that date.
Share-based compensation expense was recognized as follows:
 
 
 
Three Months Ended
 
(In thousands)
 
May 4,

2019
 
 
April 28,

2018
 
Stock Options
 
$
212
 
 
$
156
 
Restricted Stock Awards and Restricted Stock Units
 
 
384
 
 
 
204
 
Employee Stock Purchase Plan
 
 
5
 
 
 
3
 
Total
 
$
601
 
 
$
363
 
Stock Options
There were no stock options granted during the three months ended May 4, 2019. The fair value of stock options granted during the three months ended April 28, 2018 were estimated using the following assumptions:
 
 
 
Three Months Ended
 
 
 
April 28,

2018
 
Risk Free Interest Rate
 
 
2.6
%
Expected Volatility
 
 
41.3
%
Expected Life (in years)
 
 
10.0
 
Dividend Yield
 
 
1.8
%
The weighted average fair value per share for options granted during the three months ended April 28, 2018
 was $6.80.
 
Aggregated information regarding stock option activity for the three months ended May 4, 2019, is summarized below:
 
 
 
Number of

Options
 
 
Weighted Average

Exercise Price
 
Outstanding at January 31, 2019
 
 
771,145
 
 
$
14.30
 
Granted
 
 
 
 
 
 
Exercised
 
 
(26,530
)
 
 
10.92
 
Forfeited
 
 
(7,525
)
 
 
16.83
 
Canceled
 
 
(400
)
 
 
6.22
 
Outstanding at May 4, 2019
 
 
736,690
 
 
$
14.40
 
Set forth below is a summary of options outstanding at May 4, 2019:
 
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
 
 
64,181
 
 
$
7.94
 
 
 
2.7
 
 
 
64,181
 
 
$
7.94
 
 
 
2.8
 
$10.01-15.00
 
 
434,709
 
 
$
13.64
 
 
 
6.6
 
 
 
338,314
 
 
$
13.64
 
 
 
6.1
 
$15.01-20.00
 
 
237,800
 
 
$
17.54
 
 
 
8.6
 
 
 
51,700
 
 
$
15.70
 
 
 
7.5
 
 
 
 
736,690
 
 
$
14.40
 
 
 
6.9
 
 
 
454,195
 
 
$
13.07
 
 
 
5.8
 
As of May 4, 2019, there was approximately $1,232,000 of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 2.2 years.
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)
Aggregated information regarding RSU and RSA activity for the three months ended May 4, 2019 is summarized below:
 
 
RSAs & RSUs
 
 
Weighted Average

Grant Date Fair Value
 
Outstanding at January 31, 2019
 
 
133,667
 
 
$
13.99
 
Granted
 
 
101,962
 
 
 
19.50
 
Vested
 
 
(9,522
)
 
 
14.15
 
Forfeited
 
 
 
 
 
 
Outstanding at May 4, 2019
 
 
226,107
 
 
$
16.47
 
As of May 4, 2019, there was approximately $2,961,000 of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 2.2 years.
Employee Stock Purchase Plan
AstroNova has 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 4, 2019 and April 28, 2018, there were 1,571 and 1,216 shares, respectively, purchased under this plan. As of May 4, 2019, 32,282 shares remain available.
v3.19.2
Income Taxes
3 Months Ended
May 04, 2019
Income Tax Disclosure [Abstract]  
Income Taxes
Note 14 - Income Taxes
The Company’s effective tax rates for the period are as follows:
 
 
 
Three Months Ended
 
Fiscal 2020
 
 
19.0
%
Fiscal 2019
 
 
18.2
%
The Company determines its estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which they occur.
During the three months ended May 4, 2019, the Company recognized an income tax expense of approximately $400,000. The effective tax rate in this period was directly impacted by a $53,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $
97,000
tax benefit arising from windfall tax benefits related to the Company’s stock. During the three months ended April 28, 2018, the Company recognized an income tax expense of approximately $181,000. The effective tax rate in this period was directly impacted by a $78,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $
30,000
tax benefit arising from windfall tax benefits related to the Company’s stock.
The Company maintains a valuation allowance on some of its deferred tax assets in certain jurisdictions. A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized.
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 4, 2019, the Company’s cumulative unrecognized tax benefits totaled $592,000 compared to $618,000 as of January 31, 2019.
Besides the expiration of the statute of limitations on a previously uncertain tax position, there
were no other developments affecting unrecognized tax benefits during the quarter ended May 4, 2019.
v3.19.2
Segment Information
3 Months Ended
May 04, 2019
Segment Reporting [Abstract]  
Segment Information
Note 15 - Segment Information
AstroNova reports two segments: Product Identification and Test & Measurement (T&M). The Company evaluates 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)
 
May 4,

2019
 
 
April 28,

2018
 
 
May 4,

2019
 
 
April 28,

2018
 
Product Identification
 
$
23,591
 
 
$
19,953
 
 
$
2,886
 
 
$
1,661
 
T&M
 
 
12,590
 
 
 
11,534
 
 
 
2,581
 
 
 
2,257
 
Total
 
$
36,181
 
 
$
31,487
 
 
 
5,467
 
 
 
3,918
 
Corporate Expenses
 
 
 
 
 
 
 
 
 
 
2,999
 
 
 
2,653
 
Operating Income
 
 
 
 
 
 
 
 
 
 
2,468
 
 
 
1,265
 
Other Expense
 
 
 
 
 
 
 
 
 
 
(368
)
 
 
(270
)
Income Before Income Taxes
 
 
 
 
 
 
 
 
 
 
2,100
 
 
 
995
 
Income Tax Provision
 
 
 
 
 
 
 
 
 
 
400
 
 
 
181
 
Net Income
 
 
 
 
 
 
 
 
 
$
1,700
 
 
$
814
 
v3.19.2
Fair Value
3 Months Ended
May 04, 2019
Fair Value Disclosures [Abstract]  
Fair Value
Note 16 - Fair Value
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables provide a summary of the financial assets and liabilities that are measured at fair value as of May 4, 2019 and January 31, 2019:
 
Assets measured at fair value:
 
Fair value measurement at

May 4, 2019
 
 
Fair value measurement at

January 31, 2019
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Swap Contracts (included in Other Assets)
 
$
   —
 
 
$
49
 
 
$
  —
 
 
$
49
 
 
$
 
 
$
85
 
 
$
 
 
$
85
 
Total Assets
 
$
 
 
$
49
 
 
$
 
 
$
49
 
 
$
 
 
$
85
 
 
$
 
 
$
85
 
 
 
 
 
 
 
 
 
 
 
Liabilities measured at fair value:
 
Fair value measurement at

May 4, 2019
 
 
Fair value measurement at

January 31, 2019
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Swap Contracts (included in Other Long-Term Liabilities)
 
$
 
 
$
400
 
 
$
 
 
$
400
 
 
$
 
 
$
600
 
 
$
 
 
$
600
 
Earnout Liability (included in Other Long-Term Liabilities)
 
 
 
 
 
 
 
 
14
 
 
 
14
 
 
 
 
 
 
 
 
 
14
 
 
 
14
 
Total Liabilities
 
$
 
 
$
400
 
 
$
14
 
 
$
414
 
 
$
 
 
$
600
 
 
$
14
 
 
$
614
 
 
 
 
 
 
 
 
 
 
We use the market approach to measure fair value of our derivative instruments. Derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates and foreign exchange rates, and are classified as Level 2 because they are over-the-counter contracts with a bank counterparty that are not traded in an active market.
The fair value of the earnout liability incurred in connection with the Company’s acquisition of TrojanLabel was determined using the option approach methodology, which includes using significant inputs that are not observable in the market and therefore classified as Level 
3
. Key assumptions in estimating the fair value of the contingent consideration liability included
(1)
 the estimated earnout targets over the next seven years of $
0.5
 million-$
1.4
 million,
(2)
 the probability of success (achievement of the various contingent events) from
0.0
%-
0.9
% and
(3)
 a risk-adjusted discount rate of approximately
2.68
%-
4.9
% used to adjust the probability-weighted earnout payments to their present value. At each reporting period, the contingent consideration liability is recorded at its fair value with changes reflected in general and administrative expense in the condensed consolidated statements of operations. There was no change in the fair value of the earnout liability for the quarter ended May 
4
,
2019
.
Assets and Liabilities Not Recorded at Fair Value
The Company’s 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 4, 2019
 
 
 
Fair Value Measurement 
 
 
 
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Carrying

Value
 
Long-Term debt and related current maturities
 
$
 
 
$
 
 
$
17,040
 
 
$
17,040
 
 
$
16,664
 
 
 
 
 
 
 
 
 
 
 
 
 
 

January 31, 2019
 
 
 
Fair Value Measurement
 
 
 
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Carrying

Value
 
Long-Term debt and related current maturities
 
$
 
 
$
 
 
$
18,857
 
 
$
18,857
 
 
$
18,242
 
 
 
 
 
 
 
 
 
 
The fair value of the Company’s 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.
v3.19.2
Summary of Significant Accounting Policies Update (Policies)
3 Months Ended
May 04, 2019
Accounting Policies [Abstract]  
Leases
Leases
On February 1, 2019, we adopted ASU 2016-02 using the modified retrospective transition method, which requires that we recognize leases differently pre- and post-adoption. See “
Recently Adopted Accounting Pronouncements
—Leases” below for more information.
The Company determines whether an arrangement contains a lease at the inception of a contract. Our lease agreements cover various office facilities and are considered operating leases. Operating Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement of the lease based on the present value of the future minimum lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of future payments. Operating lease ROU assets include any lease pre-payments made and exclude lease incentives and initial direct costs incurred when appropriate. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. Lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on our condensed consolidated statement of income. Operating leases are included in Right of Use assets, Other Liabilities and Accrued Expenses, and Lease Liabilities on our condensed consolidated balance sheets.
For our lease agreements with lease and non-lease components, we generally account for each component separately.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Leases
In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 and its subsequent amendments supersede previous guidance related to accounting for leases and are intended to increase transparency and comparability among organizations by requiring lessees to recognize assets and liabilities in the balance sheet for operating leases with lease terms greater than twelve months. The updates also require improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases.
The Company adopted this guidance effective February 1, 2019 and elected the non-comparative transition option which does not require restatement for comparative purposes. Also upon adoption, the Company elected the package of practical expedients, which, include not reassessing 1) whether any expired or existing contracts contain leases, 2) lease classifications of expired or existing leases, and 3) initial direct costs, if any, for existing leases.
Adoption of the new standard resulted in the recording of ROU assets and lease liabilities of $2.0 million as of February 1, 2019.
Recent Accounting Standards Not Yet Adopted
Internal-Use Software
In August 2018, the FASB issued ASU 2018-15, “Intangibles
Goodwill and Other
Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 reduces complexity for the accounting for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (Q1 fiscal 2021 for AstroNova), with early adoption permitted. Implementation should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements.
Fair Value Measurement
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This ASU is effective for annual periods beginning after December 15, 2019 including interim periods within those fiscal years (Q1 fiscal 2021 for AstroNova), with early adoption permitted. The provisions of ASU 2018-13 relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The remaining provisions should be applied retrospectively to all periods presented upon their effective date. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements and related disclosures.
N
o other 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.
v3.19.2
Revenue Recognition (Tables)
3 Months Ended
May 04, 2019
Revenue from Contract with Customer [Abstract]  
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type
Revenues disaggregated by primary geographic markets and major product types are as follows:
Primary geographical markets:
 
 
 
Three Months Ended
 
(In thousands)
 
May 4,

2019
 
 
April 28,

2018
 
United States
 
$
21,992
 
 
$
19,233
 
Europe
 
 
7,875
 
 
 
7,834
 
Asia
 
 
3,450
 
 
 
1,439
 
Canada
 
 
1,516
 
 
 
1,445
 
Central and South America
 
 
888
 
 
 
1,054
 
Other
 
 
460
 
 
 
482
 
Total Revenue
 
$
36,181
 
 
$
31,487
 
Major product types:
 
 
 
Three Months Ended
 
(In thousands)
 
May 4,

2019
 
 
April 28,

2018
 
Hardware
 
$
12,918
 
 
$
11,977
 
Supplies
 
 
19,727
 
 
 
16,701
 
Service and Other
 
 
3,536
 
 
 
2,809
 
Total Revenue
 
$
36,181
 
 
$
31,487
 
v3.19.2
Net Income Per Common Share (Tables)
3 Months Ended
May 04, 2019
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 4,

2019
 
 
April 28,

2018
 
Weighted Average Common Shares Outstanding
Basic
 
 
6,970,914
 
 
 
6,787,926
 
Effect of Dilutive Options, Restricted Stock Units and Restricted Stock Awards
 
 
277,412
 
 
 
128,229
 
Weighted Average Common Shares Outstanding
Diluted
 
 
7,248,326
 
 
 
6,916,155
 
v3.19.2
Intangible Assets (Tables)
3 Months Ended
May 04, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives
Intangible assets are as follows:
 
 
 
May 4, 2019
 
 
January 31, 2019
 
(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
 
 
$
(1,797
)
 
$
 
 
$
1,303
 
 
$
3,100
 
 
$
(1,723
)
 
$
 
 
$
1,377
 
RITEC:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer Contract Relationships
 
 
2,830
 
 
 
(813
)
 
 
 
 
 
2,017
 
 
 
2,830
 
 
 
(725
)
 
 
 
 
 
2,105
 
Non-Competition Agreement
 
 
950
 
 
 
(728
)
 
 
 
 
 
222
 
 
 
950
 
 
 
(681
)
 
 
 
 
 
269
 
TrojanLabel:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Existing Technology
 
 
2,327
 
 
 
(797
)
 
 
97
 
 
 
1,627
 
 
 
2,327
 
 
 
(711
)
 
 
140
 
 
 
1,756
 
Distributor Relations
 
 
937
 
 
 
(225
)
 
 
36
 
 
 
748
 
 
 
937
 
 
 
(200
)
 
 
56
 
 
 
793
 
Honeywell:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer Contract Relationships
 
 
27,243
 
 
 
(4,599
)
 
 
 
 
 
22,644
 
 
 
27,243
 
 
 
(3,869
)
 
 
 
 
 
23,374
 
Intangible Assets, net
 
$
37,387
 
 
$
(8,959
)
 
$
133
 
 
$
28,561
 
 
$
37,387
 
 
$
(7,909
)
 
$
196
 
 
$
29,674
 
Summary of Estimated Amortization Expense
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
 
Remaining

2020
 
 
2021
 
 
2022
 
 
2023
 
 
2024
 
Estimated amortization expense
 
$
3,153
 
 
$
4,074
 
 
$
3,987
 
 
$
3,982
 
 
$
3,978
 
v3.19.2
Inventories (Tables)
3 Months Ended
May 04, 2019
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories are stated at the lower of cost (first-in, first-out) and net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
 
(In thousands)
 
May 4, 2019
 
 
January 31, 2019
 
Materials and Supplies
 
$
19,035
 
 
$
17,517
 
Work-In-Process
 
 
1,750
 
 
 
1,633
 
Finished Goods
 
 
15,922
 
 
 
15,688
 
 
 
 
36,707
 
 
 
34,838
 
Inventory Reserve
 
 
(4,664
)
 
 
(4,677
)
 
 
$
32,043
 
 
$
30,161
 
v3.19.2
Debt (Tables)
3 Months Ended
May 04, 2019
Debt Disclosure [Abstract]  
Schedule of Short Term and 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 4, 2019
 
 
January 31, 2019
 
USD Term Loan
(3.75% as of May 4, 2019 and 4.02% as of January 31, 2019); maturity date of November 30, 2022
 
$
10,500
 
 
$
11,250
 
USD Term Loan
(3.75% as of May 4, 2019 and 4.02% as of January 31, 2019); maturity date of January 31, 2022
 
 
6,164
 
 
 
6,992
 
 
 
$
16,664
 
 
$
18,242
 
Debt Issuance Costs, net of accumulated amortization
 
 
(149
)
 
 
(164
)
Current Portion of Term Loans
 
 
(4,932
)
 
 
(5,208
)
Long-Term Debt
 
$
11,583
 
 
$
12,870
 
Schedule of Required Principal Payments Remaining on Short Term and Long Term Debt Outstanding
The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of May 4, 2019 is as follows:
 
(In thousands)
 
 
 
Fiscal 2020
 
$
3,630
 
Fiscal 2021
 
 
5,208
 
Fiscal 2022
 
 
5,576
 
Fiscal 2023
 
 
2,250
 
Fiscal 2024
 
 
 
 
 
$
16,664
 
v3.19.2
Derivative Financial Instruments and Risk Management (Tables)
3 Months Ended
May 04, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements
The following table provides a summary of the fair values of the Company’s derivatives recorded in the condensed consolidated balance sheets:
 
Cash Flow Hedges
(In thousands)
 
Balance Sheet Classification
 
 
May 4,

2019
 
 
January 31,

2019
 
Cross-currency interest rate swap
 
Other Long-
Term Liabilities
 
 
$
400
 
 
$
600
 
Interest rate swap
 
Other Assets
 
 
$
49
 
 
$
85
 
 
The following table presents the impact of the derivative instruments in our condensed consolidated financial statements for the three months ended May 4, 2019 and April 28, 2018:
 
 
 
Amount of Gain
Recognized in OCI
on
Derivative
 
 
Location of Gain
Reclassified from
Accumulated OCI
 
 
Amount of Gain
Reclassified from
Accumulated OCI into
Income
 
Cash Flow Hedge
(In thousands)
 
May 4,
2019
 
 
April 28,
2018
 
 
into
Income
 
 
May 4,
2019
 
 
April 28,
2018
 
Swap contracts
 
$
149
 
 
$
383
 
 
 
Other Income (Expense)
 
 
$
185
 
 
$
256
 
v3.19.2
Leases (Tables)
3 Months Ended
May 04, 2019
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 4,

2019
 
Lease Assets
 
 
Right of Use Assets
 
 
$
 1,876
 
Lease Liabilities – Current
 
 
Other Liabilities and Accrued Expenses
 
 
 
411
 
Lease Liabilities – Long Term
 
 
Lease Liabilities
 
 
 
1,472
 
Schedule Lease Cost Information
Lease cost information is as follows:
 
Operating Leases
(In thousands)
 
 
 
Statement of Income Classification
 
 
May 4,
2019
 
Operating Lease Costs
 
 General and Administrative Expense 
 
$92 
Schedule of Maturities Of Lease Liabilities
Maturities of operating lease liabilities are as follows:
 
(In thousands)
 
May 4,
2019
 
2020
 
$
293
 
2021
 
 
398
 
2022
 
 
332
 
2023
 
 
280
 
2024
 
 
266
 
Thereafter
 
 
578
 
Total Lease Payments
 
 
2,147
 
Less:
Imputed Interest
 
 
(264
)
Total Lease Liabilities
 
$
1,883
 
Supplemental Cash Flow Information Related To Leases
Supplemental cash flow information related to leases for the three months ended May 4, 2019 is as follows:
 
(In thousands)
 
May 4,
2019
 
Cash paid for amounts included in the measurement of lease liabilities:
    
Operating cash flows for operating leases
 $100 
Schedule Of Future Minimum Rental Payments For Operating Leases
As previously disclosed in our fiscal year 2019 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum operating lease commitments that had initial or remaining non-cancelable lease terms in excess of one year at January 31, 2019 were as follows:
 
(In thousands)
   
2020
 $574 
2021
  520 
2022
  387 
2023
  294 
2024
  273 
Thereafter
  568 
  
 
 
 
  $2,616 
  
 
 
 
v3.19.2
Accumulated Other Comprehensive Loss (Tables)
3 Months Ended
May 04, 2019
Equity [Abstract]  
Changes in Balance of Accumulated Other Comprehensive Loss
The changes in the balance of accumulated other comprehensive loss by component are as follows:
 
(In thousands)
 
Foreign Currency

Translation

Adjustments
 
 
Cash

Flow
Hedges
 
 
Total
 
Balance at January 31, 2019
 
$
(852
)
 
$
34
 
 
$
(818
)
Other Comprehensive Income (Loss) before reclassification
 
 
(172
)
 
 
116
 
 
 
(56
)
Amounts reclassified from AOCI to Earnings
 
 
 
 
 
(144
)
 
 
(144
)
Other Comprehensive Loss
 
 
(172
)
 
 
(28
)
 
 
(200
)
Balance at May 4, 2019
 
$
(1,024
)
 
$
6
 
 
$
(1,018
)
v3.19.2
Share-Based Compensation (Tables)
3 Months Ended
May 04, 2019
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 4,

2019
 
 
April 28,

2018
 
Stock Options
 
$
212
 
 
$
156
 
Restricted Stock Awards and Restricted Stock Units
 
 
384
 
 
 
204
 
Employee Stock Purchase Plan
 
 
5
 
 
 
3
 
Total
 
$
601
 
 
$
363
 
Fair Value of Stock Options Granted
There were no stock options granted during the three months ended May 4, 2019. The fair value of stock options granted during the three months ended April 28, 2018 were estimated using the following assumptions:
 
 
 
Three Months Ended
 
 
 
April 28,

2018
 
Risk Free Interest Rate
 
 
2.6
%
Expected Volatility
 
 
41.3
%
Expected Life (in years)
 
 
10.0
 
Dividend Yield
 
 
1.8
%
Aggregated Information Regarding Stock Options Granted
Aggregated information regarding stock option activity for the three months ended May 4, 2019, is summarized below:
 
 
 
Number of

Options
 
 
Weighted Average

Exercise Price
 
Outstanding at January 31, 2019
 
 
771,145
 
 
$
14.30
 
Granted
 
 
 
 
 
 
Exercised
 
 
(26,530
)
 
 
10.92
 
Forfeited
 
 
(7,525
)
 
 
16.83
 
Canceled
 
 
(400
)
 
 
6.22
 
Outstanding at May 4, 2019
 
 
736,690
 
 
$
14.40
 
Summary of Options Outstanding
Set forth below is a summary of options outstanding at May 4, 2019:
 
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
 
 
64,181
 
 
$
7.94
 
 
 
2.7
 
 
 
64,181
 
 
$
7.94
 
 
 
2.8
 
$10.01-15.00
 
 
434,709
 
 
$
13.64
 
 
 
6.6
 
 
 
338,314
 
 
$
13.64
 
 
 
6.1
 
$15.01-20.00
 
 
237,800
 
 
$
17.54
 
 
 
8.6
 
 
 
51,700
 
 
$
15.70
 
 
 
7.5
 
 
 
 
736,690
 
 
$
14.40
 
 
 
6.9
 
 
 
454,195
 
 
$
13.07
 
 
 
5.8
 
Aggregated Information Regarding RSUs and RSAs Granted
Aggregated information regarding RSU and RSA activity for the three months ended May 4, 2019 is summarized below:
 
 
RSAs & RSUs
 
 
Weighted Average

Grant Date Fair Value
 
Outstanding at January 31, 2019
 
 
133,667
 
 
$
13.99
 
Granted
 
 
101,962
 
 
 
19.50
 
Vested
 
 
(9,522
)
 
 
14.15
 
Forfeited
 
 
 
 
 
 
Outstanding at May 4, 2019
 
 
226,107
 
 
$
16.47
 
v3.19.2
Income Taxes (Tables)
3 Months Ended
May 04, 2019
Income Tax Disclosure [Abstract]  
Projected Effective Tax Rate for Periods
The Company’s effective tax rates for the period are as follows:
 
 
 
Three Months Ended
 
Fiscal 2020
 
 
19.0
%
Fiscal 2019
 
 
18.2
%
v3.19.2
Segment Information (Tables)
3 Months Ended
May 04, 2019
Segment Reporting [Abstract]  
Net Sales and Segment Operating Profit 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)
 
May 4,

2019
 
 
April 28,

2018
 
 
May 4,

2019
 
 
April 28,

2018
 
Product Identification
 
$
23,591
 
 
$
19,953
 
 
$
2,886
 
 
$
1,661
 
T&M
 
 
12,590
 
 
 
11,534
 
 
 
2,581
 
 
 
2,257
 
Total
 
$
36,181
 
 
$
31,487
 
 
 
5,467
 
 
 
3,918
 
Corporate Expenses
 
 
 
 
 
 
 
 
 
 
2,999
 
 
 
2,653
 
Operating Income
 
 
 
 
 
 
 
 
 
 
2,468
 
 
 
1,265
 
Other Expense
 
 
 
 
 
 
 
 
 
 
(368
)
 
 
(270
)
Income Before Income Taxes
 
 
 
 
 
 
 
 
 
 
2,100
 
 
 
995
 
Income Tax Provision
 
 
 
 
 
 
 
 
 
 
400
 
 
 
181
 
Net Income
 
 
 
 
 
 
 
 
 
$
1,700
 
 
$
814
 
v3.19.2
Fair Value (Tables)
3 Months Ended
May 04, 2019
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value
The following tables provide a summary of the financial assets and liabilities that are measured at fair value as of May 4, 2019 and January 31, 2019:
 
Assets measured at fair value:
 
Fair value measurement at

May 4, 2019
 
 
Fair value measurement at

January 31, 2019
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Swap Contracts (included in Other Assets)
 
$
   —
 
 
$
49
 
 
$
  —
 
 
$
49
 
 
$
 
 
$
85
 
 
$
 
 
$
85
 
Total Assets
 
$
 
 
$
49
 
 
$
 
 
$
49
 
 
$
 
 
$
85
 
 
$
 
 
$
85
 
 
 
 
 
 
 
 
 
 
 
Liabilities measured at fair value:
 
Fair value measurement at

May 4, 2019
 
 
Fair value measurement at

January 31, 2019
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Swap Contracts (included in Other Long-Term Liabilities)
 
$
 
 
$
400
 
 
$
 
 
$
400
 
 
$
 
 
$
600
 
 
$
 
 
$
600
 
Earnout Liability (included in Other Long-Term Liabilities)
 
 
 
 
 
 
 
 
14
 
 
 
14
 
 
 
 
 
 
 
 
 
14
 
 
 
14
 
Total Liabilities
 
$
 
 
$
400
 
 
$
14
 
 
$
414
 
 
$
 
 
$
600
 
 
$
14
 
 
$
614
 
 
 
 
 
 
 
 
 
 
Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value
The Company’s 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 4, 2019
 
 
 
Fair Value Measurement 
 
 
 
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Carrying

Value
 
Long-Term debt and related current maturities
 
$
 
 
$
 
 
$
17,040
 
 
$
17,040
 
 
$
16,664
 
 
 
 
 
 
 
 
 
 
 
 
 
 

January 31, 2019
 
 
 
Fair Value Measurement
 
 
 
 
(In thousands)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Carrying

Value
 
Long-Term debt and related current maturities
 
$
 
 
$
 
 
$
18,857
 
 
$
18,857
 
 
$
18,242
 
 
 
 
 
 
 
 
 
 
v3.19.2
Business and Basis of Presentation - Additional Information (Detail)
3 Months Ended
May 04, 2019
Segment
Number of Operating Segments 2
v3.19.2
Summary of Significant Accounting Policies Update - Additional Information (Detail) - USD ($)
$ in Thousands
May 04, 2019
Feb. 01, 2019
Summary Of Significant Accounting Policies [Line Items]    
Operating lease, right-of-use asset $ 1,876 $ 2,000
v3.19.2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Disaggregation of Revenue [Line Items]    
Total Revenue $ 36,181 $ 31,487
United States [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 21,992 19,233
Europe [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 7,875 7,834
Asia [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 3,450 1,439
Canada [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 1,516 1,445
Central and South America [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 888 1,054
Other [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue $ 460 $ 482
v3.19.2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Disaggregation of Revenue [Line Items]    
Total Revenue $ 36,181 $ 31,487
Hardware [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 12,918 11,977
Supplies [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 19,727 16,701
Service and Other [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue $ 3,536 $ 2,809
v3.19.2
Revenue Recognition - Additional Information (Detail) - USD ($)
3 Months Ended
May 04, 2019
Jan. 31, 2019
Disaggregation of Revenue [Abstract]    
Contract liabilities and extended warranties $ 350,000 $ 373,000
Revenue recognized 205,000  
Contract assets balance 766,000 $ 903,000
Amortization of incremental direct costs 27,000  
Deferred incremental direct contract costs reported in other current assets $ 109,000  
Amortization period of contract costs 7 years  
Deferred incremental direct costs net of accumulated amortization $ 875,000  
Capitalized Contract Costs Benefitial Term 10 years  
v3.19.2
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares
3 Months Ended
May 04, 2019
Apr. 28, 2018
Weighted Average Common Shares Outstanding—Basic 6,971,000 6,788,000
Effect of Dilutive Options, Restricted Stock Units and Restricted Stock Awards 277,412 128,229
Weighted Average Common Shares Outstanding—Diluted 7,248,000 6,916,000
v3.19.2
Net Income Per Common Share - Additional Information (Detail) - shares
3 Months Ended
May 04, 2019
Apr. 28, 2018
Number of common equivalent shares 260,422 248,480
v3.19.2
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
May 04, 2019
Jan. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 37,387 $ 37,387
Accumulated Amortization (8,959) (7,909)
Currency Translation Adjustment 133 196
Net Carrying Amount 28,561 29,674
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 (4,599) (3,869)
Net Carrying Amount 22,644 23,374
Customer Contract Relationships [Member] | Miltope [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,100 3,100
Accumulated Amortization (1,797) (1,723)
Net Carrying Amount 1,303 1,377
Customer Contract Relationships [Member] | RITEC [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,830 2,830
Accumulated Amortization (813) (725)
Net Carrying Amount 2,017 2,105
Non-Competition Agreement [Member] | RITEC [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 950 950
Accumulated Amortization (728) (681)
Net Carrying Amount 222 269
Existing Technology [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,327 2,327
Accumulated Amortization (797) (711)
Currency Translation Adjustment 97 140
Net Carrying Amount 1,627 1,756
Distributor Relations [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 937 937
Accumulated Amortization (225) (200)
Currency Translation Adjustment 36 56
Net Carrying Amount $ 748 $ 793
v3.19.2
Intangible Assets - Additional Information (Detail) - USD ($)
3 Months Ended
May 04, 2019
Apr. 28, 2018
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]    
Impairments of intangible assets $ 0 $ 0
Amortization expense $ 1,100,000 $ 1,000,000
v3.19.2
Intangible Assets - Summary of Estimated Amortization Expense (Detail)
$ in Thousands
May 04, 2019
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2020 $ 3,153
2021 4,074
2022 3,987
2023 3,982
2024 $ 3,978
v3.19.2
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
May 04, 2019
Jan. 31, 2019
Inventory Disclosure [Abstract]    
Materials and Supplies $ 19,035 $ 17,517
Work-In-Process 1,750 1,633
Finished Goods 15,922 15,688
Inventory, Gross 36,707 34,838
Inventory Reserve (4,664) (4,677)
Inventories $ 32,043 $ 30,161
v3.19.2
Revolving Credit Facility - Additional Information (Detail) - USD ($)
3 Months Ended 12 Months Ended
May 04, 2019
Jan. 31, 2019
Line of Credit Facility [Line Items]    
Proceeds from borrowing under revolving credit facility   $ 3,000,000
Repayments on borrowings under revolving credit facility   1,500,000
Revolving credit facility $ 1,500,000 $ 1,500,000
Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Annual interest rate 5.75%  
Accrued interest expense $ 19,000  
Credit facility, remaining borrowing capacity $ 8,500,000  
Commitment fee rate 0.25%  
Revolving Credit Facility [Member] | LIBOR [Member]    
Line of Credit Facility [Line Items]    
Interest rate 1.00%  
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]    
Line of Credit Facility [Line Items]    
Interest rate 0.50%  
Revolving Credit Facility [Member] | Minimum [Member]    
Line of Credit Facility [Line Items]    
Percentage added to variable rate 0.00%  
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]    
Line of Credit Facility [Line Items]    
Interest rate 1.00%  
Revolving Credit Facility [Member] | Maximum [Member]    
Line of Credit Facility [Line Items]    
Percentage added to variable rate 0.50%  
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]    
Line of Credit Facility [Line Items]    
Interest rate 1.50%  
Second Amendment [Member] | Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Credit facility, maximum borrowing capacity $ 10,000,000  
v3.19.2
Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
May 04, 2019
Jan. 31, 2019
Debt Instrument [Line Items]    
USD Term Loan $ 16,664 $ 18,242
Debt Issuance Costs, net of accumulated amortization (149) (164)
Current Portion of Term Loans (4,932) (5,208)
Long-Term Debt 11,583 12,870
Term Loan Due November 30, 2022 [Member]    
Debt Instrument [Line Items]    
USD Term Loan 10,500 11,250
Term Loan Due January 31, 2022 [Member]    
Debt Instrument [Line Items]    
USD Term Loan $ 6,164 $ 6,992
v3.19.2
Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail)
3 Months Ended
May 04, 2019
Jan. 31, 2019
Term Loan Due November 30, 2022 [Member]    
Debt Instrument [Line Items]    
Debt instrument, maturity date Nov. 30, 2022  
Term Loan Due November 30, 2022 [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis (3.75% as of May 4, 2019 and 4.02% as of January 31, 2019); maturity date of November 30, 2022  
Interest rate 3.75% 4.02%
Term Loan Due January 31, 2022 [Member]    
Debt Instrument [Line Items]    
Debt instrument, maturity date Jan. 31, 2022  
Term Loan Due January 31, 2022 [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis (3.75% as of May 4, 2019 and 4.02% as of January 31, 2019); maturity date of January 31, 2022  
Interest rate 3.75% 4.02%
v3.19.2
Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member]
$ in Thousands
May 04, 2019
USD ($)
Debt Instrument [Line Items]  
Fiscal 2020 $ 3,630
Fiscal 2021 5,208
Fiscal 2022 5,576
Fiscal 2023 2,250
Fiscal 2024 0
Long term debt $ 16,664
v3.19.2
Derivative Financial Instruments and Risk Management - Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements (Detail) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Jan. 31, 2019
Cross Currency Interest Rate Swap [Member] | Other Long Term Liabilities [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Cross-currency interest rate swap $ 400   $ 600
Interest Rate Swap [Member] | Other Assets [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest rate swap 49   $ 85
Cash Flow Hedge [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain Recognized in OCI on Derivative $ 149 $ 383  
Location of Gain Reclassified from Accumulated OCI into Income Other Income (Expense)    
Amount of Gain Reclassified from Accumulated OCI into Income $ 185 $ 256  
v3.19.2
Derivative Financial Instruments and Risk Management - Additional Information (Detail)
3 Months Ended
May 04, 2019
USD ($)
Cross Currency Interest Rate Contract [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative notional amount $ 5,900,000
Maximum remaining maturity of foreign currency derivatives 5 years
Amount of gain reclassify from Accumulated OCI into loss during next 12 months $ 300,000
Interest Rate Contract [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative notional amount $ 10,500,000
v3.19.2
Royalty Obligation - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Jan. 31, 2019
Jan. 31, 2018
Guaranteed Minimum Royalty Payment $ 2,000      
Royalty Obligation, Current 2,000   $ 1,875  
Royalty Obligation Non Current 9,440   9,916  
Accrued Royalties, Current, Excess Royalty Payment Due $ 1,301   $ 1,265  
Honeywell Asset Purchase and License Agreement [Member]        
Payment Term Period 10 years      
Minimum Royalty Payment Obligations       $ 15,000
Fair Value Assumption Percentage Of Present Value Factor 2.80%      
Royalty Obligation, Current $ 2,000      
Royalty Obligation Non Current 9,400      
Excess Royalty Payments $ 600 $ 500    
v3.19.2
Leases - Additional Information (Detail) - USD ($)
3 Months Ended 12 Months Ended
May 04, 2019
Jan. 31, 2021
Dec. 31, 2020
Jan. 31, 2020
Lessee, Operating Lease, Option to Extend options to extend the lease term for periods up to 5 years      
Operating Lease, Payments $ 100,000   $ 0  
Operating Lease, Weighted Average Remaining Lease Term 6 years 3 months 18 days      
Operating Lease, Weighted Average Discount Rate, Percent 4.02%      
Maximum [Member]        
Operating Lease Remaining Lease Term 12 years      
Minimum [Member]        
Operating Lease Remaining Lease Term 1 year      
Scenario, Forecast [Member]        
Lease expense, related party   $ 66,000   $ 64,000
v3.19.2
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
May 04, 2019
Feb. 01, 2019
Operating Leases [Abstract]    
Right of Use Asset $ 1,876 $ 2,000
Other Liabilities and Accrued Expenses 411  
Operating Lease Liabilities $ 1,472  
v3.19.2
Leases - Lease Cost Information (Detail)
$ in Thousands
3 Months Ended
May 04, 2019
USD ($)
General and Administrative Expense [Member]  
Operating Lease Costs $ 92
v3.19.2
Leases - Maturities of lease liabilities (Detail)
$ in Thousands
May 04, 2019
USD ($)
Leases [Abstract]  
2020 $ 293
2021 398
2022 332
2023 280
2024 266
Thereafter 578
Total Lease Payments 2,147
Less: Imputed Interest (264)
Total Lease Liabilities $ 1,883
v3.19.2
Leases - Supplemental cash flow information (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
May 04, 2019
Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities [Abstract]    
Operating cash flows for operating leases $ 100 $ 0
v3.19.2
Leases - Future minimum operating lease commitments (Detail)
$ in Thousands
Jan. 31, 2019
USD ($)
2020 $ 574
2021 520
2022 387
2023 294
2024 273
Thereafter 568
Total $ 2,616
v3.19.2
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance $ 69,775 $ 63,647
Other Comprehensive Loss (200) (163)
Ending Balance 71,614 64,630
Foreign Currency Translation Adjustments [Member]    
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance (852)  
Other Comprehensive Income (Loss) before reclassification (172)  
Other Comprehensive Loss (172)  
Ending Balance (1,024)  
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member]    
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance 34  
Other Comprehensive Income (Loss) before reclassification 116  
Amounts reclassified from AOCI to Earnings (144)  
Other Comprehensive Loss (28)  
Ending Balance 6  
Accumulated Other Comprehensive Income (Loss) [Member]    
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance (818) (172)
Other Comprehensive Income (Loss) before reclassification (56)  
Amounts reclassified from AOCI to Earnings (144)  
Other Comprehensive Loss (200) (163)
Ending Balance $ (1,018) $ (335)
v3.19.2
Share-Based Compensation - Additional Information (Detail) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 01, 2019
Jan. 31, 2019
May 04, 2019
Apr. 28, 2018
Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding   771,145 736,690    
Options granted weighted-average fair value per share       $ 6.80  
Reservation of shares under Stock Purchase Plan     247,500    
Restricted Stock or Unit Expense     $ 384,000 $ 204,000  
2015 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding     42,204    
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     1,571 1,216  
Shares available for grant under the Plan     32,282    
2007 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding     391,145    
2018 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares authorized for grant under the Plan     650,000    
Number of shares outstanding     146,000    
Stock Options [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation expense related to options     $ 1,232,000    
Unrecognized compensation expense to be recognized, Weighted average period     2 years 2 months 12 days    
RSA [Member] | 2015 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding     199,545    
RSA [Member] | 2007 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding     1,007    
RSA [Member] | 2018 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of options granted 18,000 182,896      
Restricted Stock Award [Member] | Scenario, Forecast [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted Stock or Unit Expense         $ 60,000
Restricted Stock Award And Restricted Stock Unit [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of options granted     101,962    
Unrecognized compensation expense to be recognized, Weighted average period     2 years 2 months 12 days    
Unrecognized compensation expense related to RSUs and RSAs     $ 2,961,000    
v3.19.2
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Share-based Compensation [Abstract]    
Stock Options $ 212 $ 156
Restricted Stock Awards and Restricted Stock Units 384 204
Employee Stock Purchase Plan 5 3
Total $ 601 $ 363
v3.19.2
Share-Based Compensation - Fair Value of Stock Options Granted (Detail)
3 Months Ended
Apr. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Risk-Free Interest Rate 2.60%
Expected Volatility 41.30%
Expected Life (in years) 10 years
Dividend Yield 1.80%
v3.19.2
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail)
3 Months Ended
May 04, 2019
$ / shares
shares
Share-based Compensation [Abstract]  
Beginning balance, Number of Options | shares 771,145
Exercised, Number of Options | shares (26,530)
Forfeited, Number of Options | shares (7,525)
Canceled, Number of Options | shares (400)
Ending balance, Number of Options | shares 736,690
Beginning balance, Weighted-Average Exercise Price | $ / shares $ 14.30
Exercised, Weighted-Average Exercise Price | $ / shares 10.92
Forfeited, Weighted Average Exercise Price | $ / shares 16.83
Cancelled, Weighted-Average Exercise Price Per Share | $ / shares 6.22
Ending balance, Weighted-Average Exercise Price | $ / shares $ 14.40
v3.19.2
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares
3 Months Ended
May 04, 2019
Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares outstanding, total 736,690 771,145
Outstanding, Weighted Average Exercise Price $ 14.40  
Exercisable, Weighted Average Exercise Price $ 13.07  
Outstanding Remaining Contractual Life 6 years 10 months 24 days  
Number of shares exercisable, total 454,195  
Exercisable Remaining Contractual Life 5 years 9 months 18 days  
$5.00 - $10.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 5.00  
Outstanding Range of Exercise prices, Upper Limit $ 10.00  
Outstanding, Number of shares 64,181  
Outstanding, Weighted Average Exercise Price $ 7.94  
Exercisable, Weighted Average Exercise Price $ 7.94  
Outstanding Remaining Contractual Life 2 years 8 months 12 days  
Exercisable, Number of shares 64,181  
Exercisable Remaining Contractual Life 2 years 9 months 18 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 $ 15.00  
Outstanding, Number of shares 434,709  
Outstanding, Weighted Average Exercise Price $ 13.64  
Exercisable, Weighted Average Exercise Price $ 13.64  
Outstanding Remaining Contractual Life 6 years 7 months 6 days  
Exercisable, Number of shares 338,314  
Exercisable Remaining Contractual Life 6 years 1 month 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 $ 20.00  
Outstanding, Number of shares 237,800  
Outstanding, Weighted Average Exercise Price $ 17.54  
Exercisable, Weighted Average Exercise Price $ 15.70  
Outstanding Remaining Contractual Life 8 years 7 months 6 days  
Exercisable, Number of shares 51,700  
Exercisable Remaining Contractual Life 7 years 6 months  
v3.19.2
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Award And Restricted Stock Unit [Member]
3 Months Ended
May 04, 2019
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 133,667
Granted, Restricted Stock Units and Restricted Stock Awards | shares 101,962
Vested, Restricted Stock Units and Restricted Stock Awards | shares (9,522)
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 226,107
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 13.99
Granted, Weighted Average Grant Date Fair Value | $ / shares 19.50
Vested, Weighted Average Grant Date Fair Value | $ / shares 14.15
Ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 16.47
v3.19.2
Income Taxes - Projected Effective Tax Rate for Periods (Detail)
3 Months Ended
May 04, 2019
Apr. 28, 2018
Income Tax Disclosure [Abstract]    
Effective tax rates for income from continuing operations 19.00% 18.20%
v3.19.2
Income Taxes - Additional Information (Detail) - USD ($)
3 Months Ended
May 04, 2019
Apr. 28, 2018
Jan. 31, 2019
Income Tax Disclosure [Abstract]      
Income tax expense $ 400,000 $ 181,000  
Income tax benefit from windfall of stock 97,000 30,000  
Expiration of the statue of limitations on previously uncertain tax positions 53,000 $ 78,000  
Cumulative unrecognized tax benefits 592,000   $ 618,000
Changes to unrecognized tax benefits $ 0    
v3.19.2
Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2019
Apr. 28, 2018
Segment Reporting Information [Line Items]    
Revenue $ 36,181 $ 31,487
Corporate Expenses 2,999 2,653
Operating Income 2,468 1,265
Other Expense (368) (270)
Income before Income Taxes 2,100 995
Income Tax Provision 400 181
Net Income 1,700 814
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Operating Income 5,467 3,918
Operating Segments [Member] | Product Identification [Member]    
Segment Reporting Information [Line Items]    
Revenue 23,591 19,953
Operating Income 2,886 1,661
Operating Segments [Member] | T&M [Member]    
Segment Reporting Information [Line Items]    
Revenue 12,590 11,534
Operating Income $ 2,581 $ 2,257
v3.19.2
Fair Value - Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Thousands
May 04, 2019
Jan. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Swap Contracts (included in Other Assets) $ 49 $ 85
Total Assets 49 85
Swap Contracts (included in Other Long-Term Liabilities) 400 600
Earnout Liability (included in Other Long-Term Liabilities) 14 14
Total Liabilities 414 614
Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Swap Contracts (included in Other Assets) 49 85
Total Assets 49 85
Swap Contracts (included in Other Long-Term Liabilities) 400 600
Total Liabilities 400 600
Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Earnout Liability (included in Other Long-Term Liabilities) 14 14
Total Liabilities $ 14 $ 14
v3.19.2
Fair Value - Additional Information (Detail)
$ in Millions
3 Months Ended
May 04, 2019
USD ($)
yr
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]  
Fair value assumptions | yr 7
Measurement Input, Discount Rate [Member] | Minimum [Member]  
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]  
Fair value assumptions 0.0268
Measurement Input, Discount Rate [Member] | Maximum [Member]  
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]  
Fair value assumptions 0.049
Contingent Earn Out Liability [Member]  
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]  
Estimated earnout targets $ 0.5
Estimated earnout targets $ 1.4
Contingent Earn Out Liability [Member] | Minimum [Member]  
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]  
Probability of success 0.00%
Contingent Earn Out Liability [Member] | Maximum [Member]  
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]  
Probability of success 0.90%
v3.19.2
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 04, 2019
Jan. 31, 2019
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term Debt and Related Current Maturities $ 17,040 $ 18,857
Fair Value [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term Debt and Related Current Maturities 17,040 18,857
Carrying Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term Debt and Related Current Maturities $ 16,664 $ 18,242