ASTRONOVA, INC., 10-Q filed on 6/8/2022
Quarterly Report
v3.22.1
Cover Page - shares
 3 Months Ended
Apr. 30, 2022
Jun. 06, 2022
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Apr. 30, 2022  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Entity Registrant Name AstroNova, Inc.  
Entity Central Index Key 0000008146  
Current Fiscal Year End Date --01-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Shell Company false  
Trading Symbol ALOT  
Entity Small Business true  
Entity Emerging Growth Company false  
Title of 12(b) Security Common Stock  
Security Exchange Name NASDAQ  
Entity Incorporation, State or Country Code RI  
Entity File Number 0-13200  
Document Quarterly Report true  
Document Transition Report false  
Entity Tax Identification Number 05-0318215  
Entity Address, Address Line One 600 East Greenwich Avenue  
Entity Address, City or Town West Warwick  
Entity Address, State or Province RI  
Entity Address, Postal Zip Code 02893  
City Area Code 401  
Local Phone Number 828-4000  
Entity Common Stock, Shares Outstanding   7,318,463
v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 31, 2022
CURRENT ASSETS    
Cash and Cash Equivalents $ 5,754 $ 5,276
Accounts Receivable, net 18,444 17,124
Inventories, net 36,859 34,609
Employee Retention Credit Receivable   3,135
Prepaid Expenses and Other Current Assets 4,333 3,634
Total Current Assets 65,390 63,778
Property, Plant and Equipment, net 10,978 11,441
Intangible Assets, net 18,737 19,200
Goodwill 11,719 12,156
Deferred Tax Assets 5,585 5,591
Right of Use Assets 976 1,094
Other Assets 1,791 1,695
TOTAL ASSETS 115,176 114,955
CURRENT LIABILITIES    
Accounts Payable 6,952 8,590
Accrued Compensation 2,665 3,512
Other Liabilities and Accrued Expenses 3,613 4,113
Revolving Line of Credit 3,000  
Current Liability – Royalty Obligation 2,000 2,000
Current Portion of Long-Term Debt 1,000 1,000
Current Liability – Excess Royalty Payment Due 311 235
Income Taxes Payable 1,637 323
Deferred Revenue 222 262
Total Current Liabilities 21,400 20,035
NON CURRENT LIABILITIES    
Long-Term Debt, net of current portion 7,910 8,154
Royalty Obligation, net of current portion 3,923 4,361
Lease Liabilities, net of current portion 708 808
Other Long-Term Liabilities 399 399
Deferred Tax Liabilities 140 186
TOTAL LIABILITIES 34,480 33,943
SHAREHOLDERS' EQUITY    
Common Stock 532 528
Additional Paid-in Capital 60,113 59,692
Retained Earnings 56,939 56,514
Treasury Stock, at Cost (34,223) (33,974)
Accumulated Other Comprehensive Loss, net of tax (2,665) (1,748)
TOTAL SHAREHOLDERS' EQUITY 80,696 81,012
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 115,176 $ 114,955
v3.22.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Apr. 30, 2022
Jan. 31, 2022
Statement of Financial Position [Abstract]    
Common Stock, Par Value $ 0.05 $ 0.05
Common Stock, Shares Authorized 13,000,000 13,000,000
Common Stock, Shares Issued 10,639,081 10,566,404
Treasury Stock, Shares 3,341,030 3,324,280
v3.22.1
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Income Statement [Abstract]    
Revenue $ 31,010 $ 29,078
Cost of Revenue 20,281 18,190
Gross Profit 10,729 10,888
Operating Expenses:    
Selling and Marketing 5,883 6,092
Research and Development 1,522 1,717
General and Administrative 2,560 2,344
Operating Expenses 9,965 10,153
Operating Income 764 735
Other Income (Expense), net:    
Other Expense, net 279 369
Income Before Income Taxes 485 366
Income Tax Provision (Benefit) 60 (227)
Net Income $ 425 $ 593
Net Income per Common Share—Basic: $ 0.06 $ 0.08
Net Income per Common Share—Diluted: $ 0.06 $ 0.08
Weighted Average Number of Common Shares Outstanding:    
Basic 7,298,051 7,144,697
Diluted 7,395,764 7,265,329
v3.22.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Statement of Comprehensive Income [Abstract]    
Net Income $ 425 $ 593
Other Comprehensive Loss, Net of Taxes:    
Foreign Currency Translation Adjustments (933) (81)
Loss from Cash Flow Hedges Reclassified to Income Statement 16 16
Other Comprehensive Loss (917) (65)
Comprehensive Income (Loss) $ (492) $ 528
v3.22.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Jan. 31, 2021 $ 74,683 $ 521 $ 58,049 $ 50,085 $ (33,588) $ (384)
Beginning Balance, Shares at Jan. 31, 2021   10,425,094        
Share-Based Compensation 478   478      
Employee Option Exercises 52   52      
Employee Option Exercises, Shares   5,746        
Restricted Stock Awards Vested, net (208) $ 3 (3)   (208)  
Restricted Stock Awards Vested, net, Shares   48,299        
Net Income 593     593    
Other Comprehensive Income Loss (65)         (65)
Ending Balance at May. 01, 2021 75,533 $ 524 58,576 50,678 (33,796) (449)
Ending Balance, Shares at May. 01, 2021   10,479,139        
Beginning Balance at Jan. 31, 2022 81,012 $ 528 59,692 56,514 (33,974) (1,748)
Beginning Balance, Shares at Jan. 31, 2022   10,566,404        
Share-Based Compensation 337   337      
Employee Option Exercises $ 88   87      
Employee Option Exercises, Shares 11,444 11,164        
Restricted Stock Awards Vested, net $ (249) $ 3 (3)   (249)  
Restricted Stock Awards Vested, net, Shares   61,513        
Net Income 425     425    
Other Comprehensive Income Loss (917)         (917)
Ending Balance at Apr. 30, 2022 $ 80,696 $ 532 $ 60,113 $ 56,939 $ (34,223) $ (2,665)
Ending Balance, Shares at Apr. 30, 2022   10,639,081        
v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Cash Flows from Operating Activities:    
Net Income $ 425 $ 593
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:    
Depreciation and Amortization 912 1,425
Amortization of Debt Issuance Costs 7 25
Share-Based Compensation 337 478
Changes in Assets and Liabilities:    
Accounts Receivable (1,489) 2,165
Other Receivable – Employee Retention Credit Receivable 3,135  
Inventories (2,650) 568
Income Taxes 502 (387)
Accounts Payable and Accrued Expenses (2,843) (552)
Other 50 (406)
Net Cash Provided (Used) by Operating Activities (1,614) 3,909
Cash Flows from Investing Activities:    
Additions to Property, Plant and Equipment (50) (544)
Net Cash Used for Investing Activities (50) (544)
Cash Flows from Financing Activities:    
Net Cash Proceeds from Employee Stock Option Plans 69 34
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan 19 18
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (249) (208)
Borrowings under Revolving Credit Facility 3,000 0
Payment of Minimum Guarantee Royalty Obligation (500) (500)
Proceeds from Long-Term Debt – PPP Loan   10,000
Proceeds from Long-Term Debt Borrowings 0  
Payoff of Long-Term Debt   (12,576)
Principal Payments on Long-Term Debt (250) (187)
Net Cash Provided by (Used) for Financing Activities 2,089 (3,419)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 53 29
Net Increase (Decrease) in Cash and Cash Equivalents 478 (25)
Cash and Cash Equivalents, Beginning of Period 5,276 11,439
Cash and Cash Equivalents, End of Period 5,754 11,414
Supplemental Disclosures of Cash Flow Information:    
Cash Paid During the Period for Interest 53 115
Cash Paid (Received) During the Period for Income Taxes, Net of Refunds $ (440) $ 131
v3.22.1
Business and Basis of Presentation
 3 Months Ended
Apr. 30, 2022
Business and Basis Of Presentation [Abstract]  
Business and Basis of Presentation
Note 1 – Business and Basis of Presentation
Overview
Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation industries.
Our business consists of two segments,
Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the QuickLabel
®
, TrojanLabel
®
and GetLabels
™
brand names. The T&M segment consists of our line of aerospace products, including flight deck printers, networking hardware, and related accessories as well as test and measurement data acquisition systems sold under the AstroNova
®
brand name.
PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers,
direct-to-package
printers, high-volume presses and specialty original equipment manufacturer (“OEM”) printing systems, as well as a wide range of label, tag and flexible packaging material substrates and other supplies, including ink and toner, allowing customers to mark, track, protect and enhance the appearance of their products. In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution light-weight flight deck and cabin printers as well as airborne networking hardware for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats.
Our PI products are sold by direct field salespersons as well as independent dealers and representatives, while our T&M products are sold predominantly through direct sales and manufacturers’ representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in PI products. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Singapore, and the United Kingdom staffed by our own employees and dedicated third party contractors. Additionally, we utilize over 200 independent dealers and representatives selling and marketing our products in over 60 countries.
Unless otherwise indicated, references to “AstroNova”, “we,” “our,” and “us” in this Quarterly Report on
Form 10-Q
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 our Annual Report on Form
10-K
for the fiscal year ended January 31, 2022.
The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information, in context of the unknown future impacts of
COVID-19
using information that is reasonably available to us at this time. 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, 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, including our expectations at the time regarding the duration, scope and severity of the
COVID-19
pandemic. 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 AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
v3.22.1
Summary of Significant Accounting Policies Update
 3 Months Ended
Apr. 30, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Update
Note 2 – Summary of Significant Accounting Policies Update
The accounting policies used in preparing the condensed consolidated financial statements in this Form
10-Q
are the same as those used in preparing our consolidated financial statements included in our Annual Report on Form
10-K
for the fiscal year ended January 31, 2022.
Recently Adopted Accounting Pronouncements
No new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
v3.22.1
Revenue Recognition
 3 Months Ended
Apr. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 3 – Revenue Recognition
We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems and airborne printers and networking hardware used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements.
Revenues disaggregated by primary geographic markets and major product types are as follows:
Primary geographical markets:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
United States
    $ 19,651      $ 16,693  
Europe
      7,419        8,599  
Canada
      1,854        1,546  
Asia
      937        1,085  
Central and South America
      888        760  
Other
      261        395  
    
 
 
     
 
 
  
Total Revenue
    $ 31,010      $ 29,078  
    
 
 
     
 
 
  
Major product types:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
Hardware
    $ 9,301      $ 7,647  
Supplies
      17,944        18,211  
Service and Other
      3,765        3,220  
    
 
 
     
 
 
  
Total Revenue
    $ 31,010      $ 29,078  
    
 
 
     
 
 
  
Contract Assets and Liabilities
We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time.
Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $222,000 and $262,000
 at April 30, 2022 and January 31, 2022, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The decrease in the deferred revenue balance during the three months ended April 30, 2022 is primarily due to
 
$
116,000
of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2022, which was partially offset by the cash payments received in advance of satisfying performance obligations in the current period.
 
Contract Costs
We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized over the remaining useful life of these contracts, which we currently estimate to be approximate
ly 19 
years as of April 30, 2022. The balance of these contract assets at January 31, 2022 was
$1.3 
million, and in the first quarter of the current year, we incurred an additional
$0.1 
million in contract costs that will be amortized over 
19 years. We amortized $7,000
of direct costs during the three months ended April 30, 2022. The balance of deferred incremental direct costs net of accumulated amortization at April 30, 2022 was 
$1.4 million, of which $0.1 million is reported in other current assets and $1.3 million is reported in other assets in the accompanying condensed consolidated balance sheet.
v3.22.1
Net Income Per Common Share
 3 Months Ended
Apr. 30, 2022
Earnings Per Share [Abstract]  
Net Income Per Common Share
Note 4 – Net Income Per Common Share
Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:

 
 
  
Three Months Ended
 
 
  
April 30,

2022
 
  
May 1,

2021
 
Weighted Average Common Shares Outstanding – Basic
      7,298,051        7,144,697  
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units
      97,713        120,632  
    
 
 
     
 
 
  
Weighted Average Common Shares Outstanding – Diluted
      7,395,764        7,265,329  
    
 
 
     
 
 
  
For the three months ended April 30, 2022 and May 1, 2021, the diluted per share amounts do not reflect common equivalent shares outstanding of 310,588 and 622,020, respectively, because of their anti-dilutive effect.
v3.22.1
Intangible Assets
 3 Months Ended
Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 5 – Intangible Assets
Intangible assets are as follows:
 
 
  
April 30, 2022
 
  
January 31, 2022
 
(In thousands)
  
Gross

Carrying

Amount
 
  
Accumulated

Amortization
 
 
Currency

Translation

Adjustment
 
 
Net

Carrying

Amount
 
  
Gross

Carrying

Amount
 
  
Accumulated

Amortization
 
 
Currency

Translation

Adjustment
 
  
Net

Carrying

Amount
 
Miltope:
  
      
  
      
 
      
 
      
  
      
  
      
 
      
  
      
Customer Contract Relationships
    $ 3,100      $ (2,580 )    $ —       $ 520      $ 3,100      $ (2,515 )    $ —        $ 585  
RITEC:
                                                                     
Customer Contract Relationships
      2,830        (1,573 )      —         1,257        2,830        (1,557 )      —          1,273  
TrojanLabel:
                                                                     
Existing Technology
      2,327        (1,489 )      (272 )      566        2,327        (1,767 )      127        687  
Distributor Relations
      937        (419 )      (84 )      434        937        (498 )      46        485  
Honeywell:
                                                                     
Customer Contract Relationships
      27,243        (11,283 )      —         15,960        27,243        (11,073 )      —          16,170  
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Intangible Assets, net
    $ 36,437      $ (17,344 )    $ (356 )    $ 18,737      $ 36,437      $ (17,410 )    $ 173      $ 19,200  
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
There were no impairments to intangible assets during the periods ended April 30, 2022 and May 1, 2021.
With respect to the acquired intangibles included in the table above, amortization expense of $0.4 million and $1.0 million has been included in the condensed consolidated statements of income for the three months ended April 30, 2022 and May 1, 2021, respectively.
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
  
Remaining

2023
 
  
2024
 
  
2025
 
  
2026
 
  
2027
 
Estimated amortization expense
    $ 1,303      $ 1,657      $ 1,000      $ 1,000      $ 1,000  
v3.22.1
Inventories
 3 Months Ended
Apr. 30, 2022
Inventory Disclosure [Abstract]  
Inventories
Note 6 – Inventories
Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
 
(In thousands)
  
April 30, 2022
 
  
January 31, 2022
 
Materials and Supplies
    $ 25,385      $ 22,709  
Work-In-Process
      818        1,489  
Finished Goods
      20,536        19,718  
    
 
 
     
 
 
  
       46,739        43,916  
Inventory Reserve
      (9,880 )       (9,307 ) 
    
 
 
     
 
 
  
     $ 36,859      $ 34,609  
    
 
 
     
 
 
  
v3.22.1
Credit Agreement and Long-Term Debt
 3 Months Ended
Apr. 30, 2022
Debt Disclosure [Abstract]  
Credit Agreement and Long-Term Debt
Note 7 – Credit Agreement and Long-Term Debt
On March 24, 2021, we entered into a First Amendment to Credit Agreement (the “Amendment”) to our Amended & Restated Credit Agreement (the “A&R Credit Agreement,” as amended by the Amendment; the “Amended Credit Agreement”) with Bank of America, N.A., as lender (the “Lender”), and our subsidiaries, ANI ApS and TrojanLabel. The A&R Credit Agreement, which we entered into on July, 30, 2020, amended and restated the Credit Agreement dated as of February 28, 2017 (the “Prior Credit Agreement”) by and among us, ANI ApS, TrojanLabel and the Lender. Immediately prior to the closing of the Amendment, we repaid $2.6 million in principal amount of the term loan outstanding under the A&R Credit Agreement.
 
The Amended Credit Agreement provides for (i) a term loan in the principal amount of $10.0 million, and (ii) a $22.5 million revolving credit facility available for general corporate purposes. At the closing of the Amendment, we borrowed the entire $10.0 million term loan which was used to refinance, in full, the outstanding term loan under the A&R Credit Agreement. Under the Amended Credit Agreement, revolving credit loans may continue to be borrowed, at our option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Kroner.
The Amended Credit Agreement requires that the term loan be paid in quarterly installments on the last day of each of our fiscal quarters with the final payment due on September 30, 2025. We may voluntarily prepay the term loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than September 30, 2025, at which time any outstanding revolving loans will be due and payable in full, and the revolving credit facility will terminate. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty.
The Amended Credit Agreement includes an uncommitted accordion provision under which the term loan and/or revolving credit facility commitments may be increased in an aggregate principal amount not exceeding $10.0 million, subject to obtaining the agreement of the Lender and the satisfaction of certain other conditions.
On December 14, 2021, we and the Lender entered into a LIBOR Transition Amendment (the “LIBOR Amendment”) with regard to the Amended Credit Agreement. The LIBOR Amendment, among other things, (i) changes the rate under the Amended Credit Agreement for borrowings denominated in U.S. Dollars from a LIBOR-based rate to a BSBY (Bloomberg Short-Term Bank Yield Index)-based rate, subject to certain adjustments, (ii) changes the rate under the Amended Credit Agreement for borrowings denominated in British Pounds Sterling from a LIBOR-based rate to a SONIA (Sterling Overnight Index Average)-based rate, subject to certain adjustments, (iii) changes the rate under the Amended Credit Agreement for borrowings denominated in Euros from a LIBOR-based rate to a EURIBOR (Euro Interbank Offered Rate)-based rate, subject to certain adjustments, and (iv) updates certain other provisions of the Amended Credit Agreement regarding successor interest rates to LIBOR.
The interest rates under the Amended Credit Agreement, giving effect to the LIBOR Amendment, are as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the BSBY Rate as defined in the LIBOR Amendment (or in the case of revolving credit loans denominated in a Pounds Sterling, Euros or another currency other than U.S. Dollars, the SONIA Rate as defined in the LIBOR Amendment, EURIOBOR Rate as defined in the LIBOR Amendment, or the applicable quoted rate, respectively), plus a margin that varies within a range of 1.60% to 2.30% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate, (iii) the BSBY Rate, SONIA Rate, EURIBOR Rate or other applicable quoted rate plus 1.00% or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.30% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.30% based on our consolidated leverage ratio.

As under the A&R Credit Agreement, the loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from (a) net cash proceeds from certain dispositions of property, (b) net cash proceeds from certain issuances of equity, (c) net cash proceeds from certain issuances of additional debt and (d) net cash proceeds from certain extraordinary receipts.
Amounts repaid under the revolving credit facility may be reborrowed, subject to continued compliance with the Amended Credit Agreement. No amount of the term loan that is repaid may be reborrowed.
We must comply with various customary financial and
non-financial
covenants under the Amended Credit Agreement. The financial covenants under the Amended Credit Agreement consist of a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio. The primary
non-financial
covenants limit our and our subsidiaries’ ability to incur future indebtedness, to place liens on assets, to pay dividends or distributions on their capital stock, to repurchase or acquire their capital stock, to conduct mergers or acquisitions, to sell assets, to alter their capital structure, to make investments and loans, to change the nature of their business, and to prepay subordinated indebtedness, in each case subject to certain exceptions and thresholds as set forth in the Amended Credit Agreement, certain of which provisions were modified by the Amendment.
The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control.
Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests held in ANI ApS, in our wholly-owned German subsidiary AstroNova GmbH, and in our wholly-owned French subsidiary AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island.
Summary of Outstanding Debt
During the first quarter of the current year, we borrowed $3.0 million on our revolving line of credit. The balance outstanding under the revolving line of credit bore interest at a weighted average annual rate of 4.26% and we incurred $23,000 for interest on this obligation during the quarter ended April 30, 2022. Additionally, during the quarter ended April 30, 2022, we incurred $10,000 of commitment fees on the undrawn portion of our revolving credit facility. Both the interest expense and commitment fees are included as interest expense in the accompanying condensed consolidated income statement for the quarter ended April 30, 2022. At April 30, 2022, there is $19.5 million remaining available for borrowing under the revolving line of credit.
Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
 
(In thousands)
   
April 30, 2022
     
January 31, 2022
  
USD Term Loan (2.35% as of April 30, 2022 and January 31, 2022); maturity date of September 30, 2025
    $ 9,000      $ 9,250  
Debt Issuance Costs, net of accumulated amortization
      (90 )       (96 ) 
Current Portion of Term Loans
      (1,000 )       (1,000 ) 
    
 
 
     
 
 
  
Long-Term Debt
    $ 7,910      $ 8,154  
    
 
 
     
 
 
  
During the three months ended April 30, 2022 and May 1, 2021, we recognized $53,000 and $115,000 of interest expense, respectively, which was included in other expense in the accompanying condensed consolidated income statement.
The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of April 30, 2022 is as follows:
 
(In thousands)
       
Fiscal 2023, remainder
    $ 750  
Fiscal 2024
      1,000  
Fiscal 2025
      1,250  
Fiscal 2026
      6,000  
    
 
 
  
     $ 9,000  
    
 
 
  
v3.22.1
Employee Retention Credit
 3 Months Ended
Apr. 30, 2022
Employee Retention Credit Disclosure [Abstract]  
Employee Retention Credit
Note 8—Employee Retention Credit
The Coronavirus Aid, Relief and Economic Securities Act (the “CARES Act”) provides for an employee retention credit (“ERC”) that is a refundable tax credit against certain employer taxes. On December 27, 2020, Congress enacted the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which amended and extended ERC availability under Section 2301 of the CARES Act. Before the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we were ineligible for the ERC because we received a Paycheck Protection Program Loan. Following enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we and other businesses that received loans under that program became retroactively eligible for the ERC.
As a result of the foregoing legislation, we were eligible to claim a refundable tax credit against the employer share of Social Security taxes equal to seventy percent (70%) of the qualified wages that we paid to our employees between December 31, 2020 and June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021 for a maximum ERC per employee of $7,000 per calendar quarter in 2021.
We evaluated our eligibility for the ERC in the second quarter of calendar year 2021. In order to qualify for the ERC, we needed to experience a 20
% reduction in gross receipts from either (1) the same quarter in calendar year 2019 or (2) the immediately preceding quarter to the corresponding calendar quarter in 2019. We determined that we qualified for the employee retention credit
under the first scenario for wages paid in calendar year 2020 and the first calendar quarter of 2021. In the second quarter of fiscal 2022, we amended certain payroll tax filings and applied for a refund of
$3.1 million. Since there is no US GAAP guidance for
for-profit
business entities that receive government assistance that is not in the form of a loan, an income tax credit or revenue from a contract with a customer, we determined the appropriate accounting treatment by analogy to other guidance. We accounted for the employee retention credit by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, of International Financial Reporting Standards (IFRS). Under an IAS 20 analogy, a business entity would recognize the credit on a systematic basis over the periods in which the entity recognizes the payroll expenses for which the grant (i.e., tax credit) is intended to compensate when there is reasonable assurance (i.e., it is probable) that the entity will comply with any conditions attached to the grant and the grant (i.e., tax credit) will be received.
We recorded a $3.1 million receivable in the second quarter of fiscal 2022 for the ERC receivable. This amount was received on March 22, 2022.
v3.22.1
Derivative Financial Instruments and Risk Management
 3 Months Ended
Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Risk Management
Note 9 – Derivative Financial Instruments and Risk Management
In 2017, we entered into a cross-currency interest rate swap to manage the interest rate risk and foreign currency exchange risk associated with the floating-rate foreign currency-denominated term loan borrowing by our Danish Subsidiary and an interest rate swap to manage the interest rate risk associated with our variable rate term loan borrowing. Both swaps were designated as cash flow hedges of floating-rate borrowings.
Our cross-currency interest rate swap agreement effectively modified our exposure to interest rate risk and foreign currency exchange rate risk by converting our floating-rate debt denominated in U.S. Dollars on our Danish subsidiary’s books to a fixed-rate debt denominated in Danish Kroner for the term of the loan, thus reducing the impact of interest-rate and foreign currency exchange rate changes on future interest expense and principal repayments. This swap involved the receipt of floating rate amounts in U.S. Dollars in exchange for fixed-rate interest payments in Danish Kroner, as well as exchanges of principal at the inception spot rate, over the life of the term loan.
The interest rate swap agreement effectively modified our exposure to interest rate risk by effectively converting our floating-rate term-loan debt to fixed-rate debt, thus reducing the impact of interest-rate changes on future interest expense. This swap involved the receipt of floating rate amounts in U.S. Dollars in exchange for fixed rate payments in U.S. dollars over the life of the term loan.
As a direct result of the terms of the Lender’s conditions for entry into the A&R Credit Agreement, on July 30, 2020, we terminated these two swaps. The terms of the A&R Credit Agreement caused those swaps to cease to be effective hedges of the underlying exposures. The termination of the swaps was contracted immediately prior to the end of the second quarter of fiscal 2021 at a cash cost of approximately $0.7 million which was settled in the third quarter of fiscal 2021. Upon termination, the remaining balance of $58,000
in accumulated other comprehensive loss related to the cross-currency interest rate swap was reclassified into earnings as the forecasted foreign currency interest payments will not occur and the $0.2 million balance remaining in accumulated other comprehensive loss related to the interest rate swap is being amortized into earnings through the original term of the hedge relationship as the underlying floating interest rate debt still exists.
The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three months ended April 30, 2022 and May 1, 2021:
 
 
  
Three Months Ended
 
 
  
Amount of Gain (Loss)

Recognized in OCI

on Derivative
 
  
Location of

Gain (Loss)

Reclassified

from Accumulated

OCI into

Income
 
  
Amount of Gain (Loss)

Reclassified from

Accumulated OCI

into Income
 
Cash Flow Hedge
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
  
April 30,

2022
 
 
May 1,

2021
 
Swap contracts
    $ —        $ —          Other Expense      $ (20 )    $
 (20
)
 
    
 
 
     
 
 
              
 
 
    
 
 
  
At April 30, 2022, we expect to reclassify approximately $39,000 of net losses on the frozen OCI balance associated with the terminated interest rate swap from accumulated other comprehensive loss to earnings during the next 12 months due to the payment of variable interest associated
with
the floating interest rate debt.

v3.22.1
Royalty Obligation
 3 Months Ended
Apr. 30, 2022
Royalty Obligation Disclosure [Abstract]  
Royalty Obligation
 
Note 10 – Royalty Obligation
In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of
 $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, and product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue.
The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments using a present value factor of 2.8%, which is based on the estimated
after-tax
cost of debt for similar companies. As of April 30, 2022, we had paid an aggregate of $8.5 million of the guaranteed minimum royalty obligation. At April 30, 2022, 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 $3.9 million is reported as a long-term liability on our condensed consolidated balance sheet. We incurred $0.3 million in excess royalty expense for the three-month period ended April 30, 2022, which is included in cost of revenue in our consolidated statements of income. A total of $0.2 million in excess royalties was paid in the first quarter of the current fiscal year and there are $0.3 million in excess royalty payables due as a result of this agreement for the quarter ended April 30, 2022.
v3.22.1
Leases
 3 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Leases
Note 11 – Leases
We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to six years.
Balance sheet and other information related to our leases is as follows:
 
Operating Leases
(In thousands)
  
Balance Sheet Classification
 
  
April 30,

2022
 
  
January 31,

2022
 
Lease Assets
   
 
 Right of Use Assets
 
    $ 976      $ 1,094  
Lease Liabilities – Current
   
 
 Other Liabilities and Accrued Expenses
 
      311        327  
Lease Liabilities – Long Term
   
 
 Lease Liabilities
 
      708      $ 808  
Lease cost information is as follows:
 
 
  
 
 
  
Three Months Ended
 
Operating Leases
(In thousands)
  
Statement of Income Classification
 
  
April 30,

2022
 
  
May 1,

2021
 
Operating Lease Costs
   
 
 General and Administrative Expense
 
    $ 113      $ 136  
Maturities of operating lease liabilities are as follows:
 
(In thousands)
  
April 30,

2022
 
2023, remaining
    $ 234  
2024
      297  
2025
      195  
2026
      150  
2027
      145  
Thereafter
      89  
    
 
 
  
Total Lease Payments
      1,110  
Less: Imputed Interest
      (91 ) 
    
 
 
  
Total Lease Liabilities
    $ 1,019  
 
 
 
 
    
 
 
  
As of April 30, 2022, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 4.5 years and 3.85%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term.
 
Supplemental cash flow information related to leases is as follows:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
Cash paid for amounts included in the measurement of lease liabilities:
  
  
Operating cash flows for operating leases
    $ 83      $ 92  
v3.22.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Apr. 30, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Loss
Note 12 – Accumulated Other Comprehensive Loss
The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
 
(In thousands)
  
Foreign Currency

Translation

Adjustments
 
  
Cash

Flow

Hedges
 
  
Total
 
Balance at January 31, 2022
    $ (1,701 )     $ (47 )     $ (1,748 ) 
Other Comprehensive Loss before reclassification
      (933 )      —          (933 )
Amounts reclassified from AOCL to Earnings
      —          16        16  
    
 
 
     
 
 
     
 
 
  
Other Comprehensive Income (Loss)
      (933 )       16        (917 )
    
 
 
     
 
 
     
 
 
  
Balance at April 30, 2022
    $ (2,634 )     $ (31 )    $ (2,665 )
    
 
 
     
 
 
     
 
 
  
The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries.
v3.22.1
Share-Based Compensation
 3 Months Ended
Apr. 30, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Note 13 – Share-Based Compensation
We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options,
non-qualified
stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (“RSAs”). The 2018 Plan authorizes the issuance of up to 950,000 shares of 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, that are reacquired by us 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 our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 129,363 unvested RSUs; 128,793 unvested PSUs; 20,410 unvested RSAs and options to purchase an aggregate of 135,500 shares outstanding as of April 30, 2022.
In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 or 2015 plans, but outstanding awards will continue to be governed by those plans. As of April 30, 2022, options to purchase an aggregate of 285,074 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 136,575 shares were outstanding under the 2015 Plan.
We also have a
Non-Employee
Director Annual Compensation Program (the “Program”), under which each of our
non-employee
directors automatically receives a grant of restricted stock on the date of their
re-election
to our board of directors. The number of whole shares granted is 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 2023 is approximately $62,000. Shares of restricted stock granted under the Program become vested on the first anniversary of the date of grant, conditioned upon the recipient’s continued service on our board of directors through that date.
Share-based compensation expense was recognized as follows:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
Stock Options
    $ 6      $ 105  
Restricted Stock Awards and Restricted Stock Units
      328        370  
Employee Stock Purchase Plan
      3        3  
    
 
 
     
 
 
  
Total
    $ 337      $ 478  
    
 
 
     
 
 
  
Stock Options
Aggregated information regarding stock option activity for the three months ended April 30, 2022 is summarized below:
 
 
  
Number of

Options
 
  
Weighted Average

Exercise Price
 
Outstanding at January 31, 202
2
      598,043      $ 14.67  
Granted
      —          —    
Exercised
      (11,444 )       9.51  
Forfeited
      (2,050 )       16.66  
Canceled
      (2,400 )       8.09  
    
 
 
     
 
 
  
Outstanding at April 30, 2022
      582,149      $ 14.79  
    
 
 
     
 
 
  
Set forth below is a summary of options outstanding at April 30, 2022:
 
Outstanding
 
  
Exercisable
 
Range of
Exercise prices
  
Number

of

Shares
 
  
Weighted-

Average

Exercise

Price
 
  
Weighted-

Average

Remaining

Contractual Life
 
  
Number

of

Shares
 
  
Weighted-

Average

Exercise

Price
 
  
Weighted

Average

Remaining

Contractual

Life
 
$5.00-10.00
      25,000      $ 7.91        0.4        25,000      $ 7.91        0.4  
$10.01-15.00
      341,849      $ 13.62        3.6        342,349      $ 13.62        3.6  
$15.01-20.00
      215,300      $ 17.46        5.6        209,200      $ 17.43        5.6  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
       582,149      $ 14.79        4.2        576,549      $ 14.75        4.2  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
There were no stock
 
options granted in fiscal 2022 or 2021, or in the first quarter of fiscal 2023, and as of April 30, 2022, there was no unrecognized compensation expense related to stock options.
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)
Aggregated information regarding RSU and RSA activity for the three months ended April 30, 2022 is summarized below:
 
 
  
RSAs & RSUs
 
  
Weighted Average

Grant Date Fair Value
 
Outstanding at January 31, 2022
      199,342      $ 12.63  
Granted
      141,837        12.84  
Vested
      (61,513 )       12.78  
Forfeited
      (1,100 )       11.77  
    
 
 
     
 
 
  
Outstanding at April 30, 2022
      278,566      $ 12.71  
    
 
 
     
 
 
  
As of April 30, 2022, there was approximately $2.4 million of unrecognized compensation expense related to RSUs and RSAs
,
which is expected to be recognized over a weighted average period of 1.2 years.
 
Employee Stock Purchase Plan
We have an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 247,500 shares were reserved for issuance under this plan. During the three months ended April 30, 2022 and May 1, 2021, there were 1,550 and 1,813 shares, respectively, purchased under this plan. As of April 30, 2022, 732 shares remain available for purchase under our Employee Stock Purchase Plan.
v3.22.1
Income Taxes
 3 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
Note 14 – Income Taxes
Our effective tax rates are as follows:
 
 
  
First Quarter

Ended
 
Fiscal 2023
      12.4 % 
Fiscal 2022
      (62.0 )% 
We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted
pre-tax
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 April 30, 2022, we recognized an income tax
expense
of approximately $60,000. The effective tax rate in this period was directly impacted by a $38,000 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. During the three months ended May 1, 2021, we recognized an income tax benefit of approximately $227,000. The effective tax rate in this period was directly impacted by a $276,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $37,000
tax benefit arising from windfall tax benefits related to the
Company’s stock.

v3.22.1
Segment Information
 3 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
Segment Information
Note 15 – Segment Information
We report two segments: Product Identification and Test & Measurement . We evaluate segment performance based on the segment profit before corporate expenses.
Summarized below are the Revenue and Segment Operating Profit for each reporting segment:
 
 
  
Three Months Ended
 
 
  
Revenue
 
  
Segment Operating Profit
 
(In thousands)
  
April 30,
2022
 
  
May 1,
2021
 
  
April 30,
2022
 
  
May 1,
2021
 
Product Identification
    $ 21,724      $ 23,098      $ 1,413      $ 2,729  
T&M
      9,286        5,980        1,911        350  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 31,010      $ 29,078        3,324        3,079  
    
 
 
     
 
 
                    
Corporate Expenses
               2,560        2,344  
             
 
 
     
 
 
  
Operating Income
               764        735  
Other Expense, Net
               279        369  
             
 
 
     
 
 
  
Income Before Income Taxes
               485        366  
Income Tax Provision (Benefit)

               60        (227 )
             
 
 
     
 
 
  
Net Income
             $ 425      $ 593  
             
 
 
     
 
 
  
v3.22.1
Fair Value
 3 Months Ended
Apr. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value
Note 16 – Fair Value
Assets and Liabilities Not Recorded at Fair Value
Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
 
 
  
April 30, 2022
 
 
  
Fair Value Measurement
 
  
 
 
(In thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Carrying

Value
 
Long-Term debt and related current maturities
    $ —        $ —        $ 9,005      $ 9,005      $ 9,000  
 
 
  
January 31, 2022
 
 
  
Fair Value Measurement
 
  
 
 
(In thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Carrying

Value
 
Long-Term debt and related current maturities
    $ —        $ —        $ 9,255      $ 9,255      $ 9,250  
The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3.
v3.22.1
Summary of Significant Accounting Policies Update (Policies)
 3 Months Ended
Apr. 30, 2022
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
No new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
v3.22.1
Revenue Recognition (Tables)
 3 Months Ended
Apr. 30, 2022
Revenue from Contract with Customer [Abstract]  
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type
Primary geographical markets:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
United States
    $ 19,651      $ 16,693  
Europe
      7,419        8,599  
Canada
      1,854        1,546  
Asia
      937        1,085  
Central and South America
      888        760  
Other
      261        395  
    
 
 
     
 
 
  
Total Revenue
    $ 31,010      $ 29,078  
    
 
 
     
 
 
  
Major product types:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
Hardware
    $ 9,301      $ 7,647  
Supplies
      17,944        18,211  
Service and Other
      3,765        3,220  
    
 
 
     
 
 
  
Total Revenue
    $ 31,010      $ 29,078  
    
 
 
     
 
 
  
v3.22.1
Net Income Per Common Share (Tables)
 3 Months Ended
Apr. 30, 2022
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Net Income Per Share A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:
 
 
  
Three Months Ended
 
 
  
April 30,

2022
 
  
May 1,

2021
 
Weighted Average Common Shares Outstanding – Basic
      7,298,051        7,144,697  
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units
      97,713        120,632  
    
 
 
     
 
 
  
Weighted Average Common Shares Outstanding – Diluted
      7,395,764        7,265,329  
    
 
 
     
 
 
  
v3.22.1
Intangible Assets (Tables)
 3 Months Ended
Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives
Intangible assets are as follows:
 
 
  
April 30, 2022
 
  
January 31, 2022
 
(In thousands)
  
Gross

Carrying

Amount
 
  
Accumulated

Amortization
 
 
Currency

Translation

Adjustment
 
 
Net

Carrying

Amount
 
  
Gross

Carrying

Amount
 
  
Accumulated

Amortization
 
 
Currency

Translation

Adjustment
 
  
Net

Carrying

Amount
 
Miltope:
  
      
  
      
 
      
 
      
  
      
  
      
 
      
  
      
Customer Contract Relationships
    $ 3,100      $ (2,580 )    $ —       $ 520      $ 3,100      $ (2,515 )    $ —        $ 585  
RITEC:
                                                                     
Customer Contract Relationships
      2,830        (1,573 )      —         1,257        2,830        (1,557 )      —          1,273  
TrojanLabel:
                                                                     
Existing Technology
      2,327        (1,489 )      (272 )      566        2,327        (1,767 )      127        687  
Distributor Relations
      937        (419 )      (84 )      434        937        (498 )      46        485  
Honeywell:
                                                                     
Customer Contract Relationships
      27,243        (11,283 )      —         15,960        27,243        (11,073 )      —          16,170  
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Intangible Assets, net
    $ 36,437      $ (17,344 )    $ (356 )    $ 18,737      $ 36,437      $ (17,410 )    $ 173      $ 19,200  
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Summary of Estimated Amortization Expense
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
  
Remaining

2023
 
  
2024
 
  
2025
 
  
2026
 
  
2027
 
Estimated amortization expense
    $ 1,303      $ 1,657      $ 1,000      $ 1,000      $ 1,000  
v3.22.1
Inventories (Tables)
 3 Months Ended
Apr. 30, 2022
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
 
(In thousands)
  
April 30, 2022
 
  
January 31, 2022
 
Materials and Supplies
    $ 25,385      $ 22,709  
Work-In-Process
      818        1,489  
Finished Goods
      20,536        19,718  
    
 
 
     
 
 
  
       46,739        43,916  
Inventory Reserve
      (9,880 )       (9,307 ) 
    
 
 
     
 
 
  
     $ 36,859      $ 34,609  
    
 
 
     
 
 
  
v3.22.1
Credit Agreement and Long-Term Debt (Tables)
 3 Months Ended
Apr. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets
Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
 
(In thousands)
   
April 30, 2022
     
January 31, 2022
  
USD Term Loan (2.35% as of April 30, 2022 and January 31, 2022); maturity date of September 30, 2025
    $ 9,000      $ 9,250  
Debt Issuance Costs, net of accumulated amortization
      (90 )       (96 ) 
Current Portion of Term Loans
      (1,000 )       (1,000 ) 
    
 
 
     
 
 
  
Long-Term Debt
    $ 7,910      $ 8,154  
    
 
 
     
 
 
  
Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding
The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of April 30, 2022 is as follows:
 
(In thousands)
       
Fiscal 2023, remainder
    $ 750  
Fiscal 2024
      1,000  
Fiscal 2025
      1,250  
Fiscal 2026
      6,000  
    
 
 
  
     $ 9,000  
    
 
 
  
v3.22.1
Derivative Financial Instruments and Risk Management (Tables)
 3 Months Ended
Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements
The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three months ended April 30, 2022 and May 1, 2021:
 
 
  
Three Months Ended
 
 
  
Amount of Gain (Loss)

Recognized in OCI

on Derivative
 
  
Location of

Gain (Loss)

Reclassified

from Accumulated

OCI into

Income
 
  
Amount of Gain (Loss)

Reclassified from

Accumulated OCI

into Income
 
Cash Flow Hedge
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
  
April 30,

2022
 
 
May 1,

2021
 
Swap contracts
    $ —        $ —          Other Expense      $ (20 )    $
 (20
)
 
    
 
 
     
 
 
              
 
 
    
 
 
  
v3.22.1
Leases (Tables)
 3 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Schedule Of Balance Sheet And Other Information Related To Operating Leases
Balance sheet and other information related to our leases is as follows:
 
Operating Leases
(In thousands)
  
Balance Sheet Classification
 
  
April 30,

2022
 
  
January 31,

2022
 
Lease Assets
   
 
 Right of Use Assets
 
    $ 976      $ 1,094  
Lease Liabilities – Current
   
 
 Other Liabilities and Accrued Expenses
 
      311        327  
Lease Liabilities – Long Term
   
 
 Lease Liabilities
 
      708      $ 808  
Schedule Lease Cost Information
Lease cost information is as follows:
 
 
  
 
 
  
Three Months Ended
 
Operating Leases
(In thousands)
  
Statement of Income Classification
 
  
April 30,

2022
 
  
May 1,

2021
 
Operating Lease Costs
   
 
 General and Administrative Expense
 
    $ 113      $ 136  
Schedule of Maturities Of Lease Liabilities
Maturities of operating lease liabilities are as follows:
 
(In thousands)
  
April 30,

2022
 
2023, remaining
    $ 234  
2024
      297  
2025
      195  
2026
      150  
2027
      145  
Thereafter
      89  
    
 
 
  
Total Lease Payments
      1,110  
Less: Imputed Interest
      (91 ) 
    
 
 
  
Total Lease Liabilities
    $ 1,019  
 
 
 
 
    
 
 
  
Supplemental Cash Flow Information Related To Leases
Supplemental cash flow information related to leases is as follows:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
Cash paid for amounts included in the measurement of lease liabilities:
  
  
Operating cash flows for operating leases
    $ 83      $ 92  
v3.22.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Apr. 30, 2022
Equity [Abstract]  
Changes in Balance of Accumulated Other Comprehensive Loss
The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
 
(In thousands)
  
Foreign Currency

Translation

Adjustments
 
  
Cash

Flow

Hedges
 
  
Total
 
Balance at January 31, 2022
    $ (1,701 )     $ (47 )     $ (1,748 ) 
Other Comprehensive Loss before reclassification
      (933 )      —          (933 )
Amounts reclassified from AOCL to Earnings
      —          16        16  
    
 
 
     
 
 
     
 
 
  
Other Comprehensive Income (Loss)
      (933 )       16        (917 )
    
 
 
     
 
 
     
 
 
  
Balance at April 30, 2022
    $ (2,634 )     $ (31 )    $ (2,665 )
    
 
 
     
 
 
     
 
 
  
v3.22.1
Share-Based Compensation (Tables)
 3 Months Ended
Apr. 30, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation Expense
Share-based compensation expense was recognized as follows:
 
 
  
Three Months Ended
 
(In thousands)
  
April 30,

2022
 
  
May 1,

2021
 
Stock Options
    $ 6      $ 105  
Restricted Stock Awards and Restricted Stock Units
      328        370  
Employee Stock Purchase Plan
      3        3  
    
 
 
     
 
 
  
Total
    $ 337      $ 478  
    
 
 
     
 
 
  
Aggregated Information Regarding Stock Options Granted
Aggregated information regarding stock option activity for the three months ended April 30, 2022 is summarized below:
 
 
  
Number of

Options
 
  
Weighted Average

Exercise Price
 
Outstanding at January 31, 202
2
      598,043      $ 14.67  
Granted
      —          —    
Exercised
      (11,444 )       9.51  
Forfeited
      (2,050 )       16.66  
Canceled
      (2,400 )       8.09  
    
 
 
     
 
 
  
Outstanding at April 30, 2022
      582,149      $ 14.79  
    
 
 
     
 
 
  
Summary of Options Outstanding
Set forth below is a summary of options outstanding at April 30, 2022:
 
Outstanding
 
  
Exercisable
 
Range of
Exercise prices
  
Number

of

Shares
 
  
Weighted-

Average

Exercise

Price
 
  
Weighted-

Average

Remaining

Contractual Life
 
  
Number

of

Shares
 
  
Weighted-

Average

Exercise

Price
 
  
Weighted

Average

Remaining

Contractual

Life
 
$5.00-10.00
      25,000      $ 7.91        0.4        25,000      $ 7.91        0.4  
$10.01-15.00
      341,849      $ 13.62        3.6        342,349      $ 13.62        3.6  
$15.01-20.00
      215,300      $ 17.46        5.6        209,200      $ 17.43        5.6  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
       582,149      $ 14.79        4.2        576,549      $ 14.75        4.2  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Aggregated Information Regarding RSUs and RSAs Granted
Aggregated information regarding RSU and RSA activity for the three months ended April 30, 2022 is summarized below:
 
 
  
RSAs & RSUs
 
  
Weighted Average

Grant Date Fair Value
 
Outstanding at January 31, 2022
      199,342      $ 12.63  
Granted
      141,837        12.84  
Vested
      (61,513 )       12.78  
Forfeited
      (1,100 )       11.77  
    
 
 
     
 
 
  
Outstanding at April 30, 2022
      278,566      $ 12.71  
    
 
 
     
 
 
  
v3.22.1
Income Taxes (Tables)
 3 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Projected Effective Tax Rate for Periods
Our effective tax rates are as follows:
 
 
  
First Quarter

Ended
 
Fiscal 2023
      12.4 % 
Fiscal 2022
      (62.0 )% 
v3.22.1
Segment Information (Tables)
 3 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment
Summarized below are the Revenue and Segment Operating Profit for each reporting segment:
 
 
  
Three Months Ended
 
 
  
Revenue
 
  
Segment Operating Profit
 
(In thousands)
  
April 30,
2022
 
  
May 1,
2021
 
  
April 30,
2022
 
  
May 1,
2021
 
Product Identification
    $ 21,724      $ 23,098      $ 1,413      $ 2,729  
T&M
      9,286        5,980        1,911        350  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 31,010      $ 29,078        3,324        3,079  
    
 
 
     
 
 
                    
Corporate Expenses
               2,560        2,344  
             
 
 
     
 
 
  
Operating Income
               764        735  
Other Expense, Net
               279        369  
             
 
 
     
 
 
  
Income Before Income Taxes
               485        366  
Income Tax Provision (Benefit)

               60        (227 )
             
 
 
     
 
 
  
Net Income
             $ 425      $ 593  
             
 
 
     
 
 
  
v3.22.1
Fair Value (Tables)
 3 Months Ended
Apr. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value
Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
 
 
  
April 30, 2022
 
 
  
Fair Value Measurement
 
  
 
 
(In thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Carrying

Value
 
Long-Term debt and related current maturities
    $ —        $ —        $ 9,005      $ 9,005      $ 9,000  
 
 
  
January 31, 2022
 
 
  
Fair Value Measurement
 
  
 
 
(In thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Carrying

Value
 
Long-Term debt and related current maturities
    $ —        $ —        $ 9,255      $ 9,255      $ 9,250  
v3.22.1
Business and Basis of Presentation - Additional Information (Detail)
 3 Months Ended
Apr. 30, 2022
Segment
Number of Operating Segments 2
v3.22.1
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Disaggregation of Revenue [Line Items]    
Total Revenue $ 31,010 $ 29,078
United States [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 19,651 16,693
Europe [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 7,419 8,599
Canada [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 1,854 1,546
Asia [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 937 1,085
Central and South America [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 888 760
Other [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue $ 261 $ 395
v3.22.1
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Disaggregation of Revenue [Line Items]    
Total Revenue $ 31,010 $ 29,078
Hardware [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 9,301 7,647
Supplies [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue 17,944 18,211
Service and Other [Member]    
Disaggregation of Revenue [Line Items]    
Total Revenue $ 3,765 $ 3,220
v3.22.1
Revenue Recognition - Additional Information (Detail) - USD ($)
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Jan. 31, 2022
Jan. 31, 2021
Contract liabilities and extended warranties $ 222,000     $ 262,000
Contract with customer liability revenue recognized including additions 116,000      
Contract assets balance 1,300,000   $ 1,300,000  
Additional contract costs 100,000      
Amortization of incremental direct costs 7,000      
Deferred incremental direct contract costs reported in other current assets 100,000      
Capitalized contract cost net long term and short term $ 1,400,000      
Capitalized contract costs additional amounts incurred amortization period 19 years 19 years    
v3.22.1
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Weighted Average Common Shares Outstanding – Basic 7,298,051 7,144,697
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 97,713 120,632
Weighted Average Common Shares Outstanding – Diluted 7,395,764 7,265,329
v3.22.1
Net Income Per Common Share - Additional Information (Detail) - shares
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Number of common equivalent shares 310,588 622,020
v3.22.1
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 36,437 $ 36,437
Accumulated Amortization (17,344) (17,410)
Currency Translation Adjustment (356) 173
Net Carrying Amount 18,737 19,200
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 27,243 27,243
Accumulated Amortization (11,283) (11,073)
Net Carrying Amount 15,960 16,170
Customer Contract Relationships [Member] | Miltope [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,100 3,100
Accumulated Amortization (2,580) (2,515)
Net Carrying Amount 520 585
Customer Contract Relationships [Member] | RITEC [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,830 2,830
Accumulated Amortization (1,573) (1,557)
Net Carrying Amount 1,257 1,273
Existing Technology [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,327 2,327
Accumulated Amortization (1,489) (1,767)
Currency Translation Adjustment (272) 127
Net Carrying Amount 566 687
Distributor Relations [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 937 937
Accumulated Amortization (419) (498)
Currency Translation Adjustment (84) 46
Net Carrying Amount $ 434 $ 485
v3.22.1
Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Intangible Assets [Line Items]    
Impairments of intangible assets $ 0 $ 0
Amortization expense $ 400 $ 1,000
v3.22.1
Intangible Assets - Summary of Estimated Amortization Expense (Detail)
$ in Thousands
Apr. 30, 2022
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
Remaining 2023 $ 1,303
2024 1,657
2025 1,000
2026 1,000
2027 $ 1,000
v3.22.1
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 31, 2022
Inventory Disclosure [Abstract]    
Materials and Supplies $ 25,385 $ 22,709
Work-In-Process 818 1,489
Finished Goods 20,536 19,718
Inventory, Gross 46,739 43,916
Inventory Reserve (9,880) (9,307)
Inventories $ 36,859 $ 34,609
v3.22.1
Credit Agreement and Long-Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 31, 2022
Debt Instrument [Line Items]    
Debt Issuance Costs, net of accumulated amortization $ (90) $ (96)
Current Portion of Term Loans (1,000) (1,000)
Long-Term Debt 7,910 8,154
Term Loan Due September 30, 2025 [Member]    
Debt Instrument [Line Items]    
USD Term Loan $ 9,000 $ 9,250
v3.22.1
Credit Agreement and Long-Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) - Term Loan Due September 30, 2025 [Member]
 3 Months Ended
Apr. 30, 2022
Debt Instrument [Line Items]  
Debt instrument, description of variable rate basis 2.35% as of April 30, 2022 and January 31, 2022); maturity date of September 30, 2025
Interest rate 2.35%
Debt instrument, maturity date Sep. 30, 2025
v3.22.1
Credit Agreement and Long-Term Debt- Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member]
$ in Thousands
Apr. 30, 2022
USD ($)
Debt Instrument [Line Items]  
Fiscal 2023, reminder $ 750
Fiscal 2024 1,000
Fiscal 2025 1,250
Fiscal 2026 6,000
Long-term Debt $ 9,000
v3.22.1
Credit Agreement and Long-Term Debt - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 24, 2021
Apr. 30, 2022
May 01, 2021
Debt Instrument [Line Items]      
Revolving loan outstanding   $ 3,000  
Interest Expense, Debt   $ 53,000 $ 115,000
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Variable interest rate   0.50  
LIBOR [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Interest rate   1.00%  
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Interest rate   0.50%  
Minimum [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Commitment fee rate   0.15%  
Percentage added to variable rate   0.60%  
Minimum [Member] | LIBOR [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Interest rate   1.60%  
Maximum [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Commitment fee rate   0.30%  
Percentage added to variable rate   1.30%  
Maximum [Member] | LIBOR [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Interest rate   2.30%  
Bank of America, N.A. [Member]      
Debt Instrument [Line Items]      
Term loans repaid $ 2,600    
Bank of America, N.A. [Member] | Term Loan [Member]      
Debt Instrument [Line Items]      
Principal amount of debt   $ 10,000  
Term loan, principal amount   10,000  
Bank of America, N.A. [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 22,500  
Debt, Weighted Average Interest Rate   4.26%  
Line of Credit Facility, Remaining Borrowing Capacity   $ 19,500  
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Other Expense [Member]      
Debt Instrument [Line Items]      
Interest Expense, Debt   23,000  
Line of Credit Facility, Commitment Fee Amount   10,000  
Bank of America, N.A. [Member] | Maximum [Member] | Term Loan [Member]      
Debt Instrument [Line Items]      
Principal amount of debt   10,000  
Term loan, principal amount   $ 10,000  
v3.22.1
Employee Retention Credit - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Apr. 30, 2022
Jun. 30, 2021
Jul. 01, 2022
Jan. 31, 2022
Employee Retention Credit Disclosure [Line Items]        
Erc Receivable     $ 3,100,000 $ 3,135,000
Cares Act [Member]        
Employee Retention Credit Disclosure [Line Items]        
Percentage of refundable tax credit can be claimed of qualified wages   70.00%    
Threshold qualified wages per employee per calendar quarter   $ 10,000    
Maximum threshold employee retention credit per employee per calendar quarter   $ 7,000    
Percentage of reduction of gross Receipts to qualify for employee retention credit 20.00%      
Cares Act [Member] | Prepaid Expenses and Other Current Assets [Member]        
Employee Retention Credit Disclosure [Line Items]        
Employee Retention Credit Receivable - cost of revenue $ 3,100,000      
v3.22.1
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($)
 3 Months Ended
Apr. 30, 2022
Aug. 01, 2020
Cash Flow Hedging [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Cash paid termination of swaps   $ 700,000
Cross Currency Interest Rate Contract [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain reclassify from Accumulated OCI into loss during next 12 months $ 39,000  
Interest Rate Swap Termination $ 200,000  
Cross Currency Interest Rate Contract [Member] | Cash Flow Hedging [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain Reclassified from Accumulated OCI into Income (Expense)   $ 58,000
v3.22.1
Derivative Financial Instruments and Risk Management - Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements (Detail) - Cash Flow Hedge [Member] - Cross Currency Interest Rate Contract [Member] - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in OCI on Derivative   $ 0
Location of Gain Reclassified from Accumulated OCI into Income (Expense) Other Expense  
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income $ (20) $ (20)
v3.22.1
Royalty Obligation - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
Jan. 31, 2022
Jan. 31, 2018
Guaranteed Minimum Royalty Payment $ 8,500    
Royalty Obligation, Current 2,000 $ 2,000  
Royalty Obligation Non Current 3,923 4,361  
Excess Royalties paid 200    
Accrued Royalties, Current, Excess Royalty Payment Due $ 311 $ 235  
Honeywell Asset Purchase and License Agreement [Member]      
Payment Term Period 10 years    
Minimum Royalty Payment Obligation     $ 15,000
Fair Value Assumption Percentage Of Present Value Factor 2.80%    
Royalty Obligation, Current $ 2,000    
Royalty Obligation Non Current 3,900    
Excess Royalty Payments 300    
Accrued Royalties, Current, Excess Royalty Payment Due $ 300    
v3.22.1
Leases - Additional Information (Detail)
Apr. 30, 2022
Operating Lease, Weighted Average Remaining Lease Term 4 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent 3.85%
Maximum [Member]  
Operating Lease Remaining Lease Term 6 years
Minimum [Member]  
Operating Lease Remaining Lease Term 1 year
v3.22.1
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 31, 2022
Operating Leases [Abstract]    
Right of Use Assets $ 976 $ 1,094
Other Accrued Expenses 311 327
Lease Liabilities $ 708 $ 808
v3.22.1
Leases - Lease Cost Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
General and Administrative Expense [Member]    
Operating Lease Costs $ 113 $ 136
v3.22.1
Leases - Maturities of lease liabilities (Detail)
$ in Thousands
Apr. 30, 2022
USD ($)
Leases [Abstract]  
2023, remaining $ 234
2024 297
2025 195
2026 150
2027 145
Thereafter 89
Total Lease Payments 1,110
Less: Imputed Interest (91)
Total Lease Liabilities $ 1,019
v3.22.1
Leases - Supplemental cash flow information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Cash paid for amounts included in the measurement of lease liabilities [Abstract]    
Operating cash flows for operating leases $ 83 $ 92
v3.22.1
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance $ 81,012 $ 74,683
Other Comprehensive Loss (917) (65)
Ending Balance 80,696 75,533
Foreign Currency Translation Adjustments [Member]    
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance (1,701)  
Other Comprehensive Loss before reclassification (933)  
Other Comprehensive Loss (933)  
Ending Balance (2,634)  
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member]    
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance (47)  
Amounts reclassified from AOCL to Earnings 16  
Other Comprehensive Loss 16  
Ending Balance (31)  
Accumulated Other Comprehensive Income (Loss) [Member]    
Schedule of Capitalization, Equity [Line Items]    
Beginning Balance (1,748) (384)
Other Comprehensive Loss before reclassification (933)  
Amounts reclassified from AOCL to Earnings 16  
Other Comprehensive Loss (917) (65)
Ending Balance $ (2,665) $ (449)
v3.22.1
Share-Based Compensation - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Apr. 30, 2022
May 01, 2021
Feb. 01, 2023
Jan. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares outstanding 582,149     598,043
Number of options granted 0   0 0
Reservation of shares under Stock Purchase Plan 247,500      
Restricted Stock or Unit Expense $ 328,000 $ 370,000    
Employee Stock Purchase Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee Stock Purchase Plan discount rate 15.00%      
Shares purchase under Employee Stock Purchase Plan 1,550 1,813    
Shares available for grant under the Plan 732      
2007 Equity Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares outstanding 285,074      
2018 Equity Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for grant under the Plan 950,000      
Number of shares outstanding 135,500      
2014 Restricted Stock Units (RSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation expense to be recognized, Weighted average period 1 year 2 months 12 days      
Unrecognized compensation expense related to RSUs and RSAs $ 2,400,000      
2014 Restricted Stock Units (RSUs) [Member] | 2018 Equity Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of unvested shares 129,363      
RSA [Member] | 2015 Equity Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares outstanding 136,575      
RSA [Member] | 2018 Equity Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of unvested shares 20,410      
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of unvested shares 128,793      
Restricted Stock Award [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted Stock or Unit Expense $ 62,000      
v3.22.1
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Share-based Compensation [Abstract]    
Stock Options $ 6 $ 105
Restricted Stock Awards and Restricted Stock Units 328 370
Employee Stock Purchase Plan 3 3
Total $ 337 $ 478
v3.22.1
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Apr. 30, 2022
Feb. 01, 2023
Jan. 31, 2022
Share-based Compensation [Abstract]      
Beginning balance, Number of Options 598,043    
Granted, Number of Options 0 0 0
Exercised, Number of Options (11,444)    
Forfeited, Number of Options (2,050)    
Canceled, Number of Options (2,400)    
Ending balance, Number of Options 582,149   598,043
Beginning balance, Weighted-Average Exercise Price Per Share $ 14.67    
Granted, Weighted-Average Exercise Price Per Share 0    
Exercised, Weighted-Average Exercise Price Per Share 9.51    
Forfeited, Weighted-Average Exercise Price Per Share 16.66    
Cancelled, Weighted-Average Exercise Price Per Share 8.09    
Ending balance, Weighted-Average Exercise Price Per Share $ 14.79   $ 14.67
v3.22.1
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares
 3 Months Ended
Apr. 30, 2022
Jan. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares outstanding, total 582,149 598,043
Outstanding, Weighted Average Exercise Price $ 14.79  
Exercisable, Weighted Average Exercise Price $ 14.75  
Outstanding Remaining Contractual Life 4 years 2 months 12 days  
Number of shares exercisable, total 576,549  
Exercisable Remaining Contractual Life 4 years 2 months 12 days  
$5.00 - $10.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 5  
Outstanding Range of Exercise prices, Upper Limit $ 10  
Outstanding, Number of shares 25,000  
Outstanding, Weighted Average Exercise Price $ 7.91  
Exercisable, Weighted Average Exercise Price $ 7.91  
Outstanding Remaining Contractual Life 4 months 24 days  
Exercisable, Number of shares 25,000  
Exercisable Remaining Contractual Life 4 months 24 days  
$10.01 - $15.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 10.01  
Outstanding Range of Exercise prices, Upper Limit $ 15  
Outstanding, Number of shares 341,849  
Outstanding, Weighted Average Exercise Price $ 13.62  
Exercisable, Weighted Average Exercise Price $ 13.62  
Outstanding Remaining Contractual Life 3 years 7 months 6 days  
Exercisable, Number of shares 342,349  
Exercisable Remaining Contractual Life 3 years 7 months 6 days  
$15.01 - $20.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 15.01  
Outstanding Range of Exercise prices, Upper Limit $ 20  
Outstanding, Number of shares 215,300  
Outstanding, Weighted Average Exercise Price $ 17.46  
Exercisable, Weighted Average Exercise Price $ 17.43  
Outstanding Remaining Contractual Life 5 years 7 months 6 days  
Exercisable, Number of shares 209,200  
Exercisable Remaining Contractual Life 5 years 7 months 6 days  
v3.22.1
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Award And Restricted Stock Unit [Member]
 3 Months Ended
Apr. 30, 2022
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 199,342
Granted, Restricted Stock Units and Restricted Stock Awards | shares 141,837
Vested, Restricted Stock Units and Restricted Stock Awards | shares (61,513)
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares (1,100)
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 278,566
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.63
Granted, Weighted Average Grant Date Fair Value | $ / shares 12.84
Vested, Weighted Average Grant Date Fair Value | $ / shares 12.78
Forfeited, Weighted Average Grant Date Fair Value | $ / shares 11.77
Ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.71
v3.22.1
Income Taxes - Projected Effective Tax Rate for Periods (Detail)
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Income Tax Disclosure [Abstract]    
Effective tax rates for income from continuing operations 12.40% (62.00%)
v3.22.1
Income Taxes - Additional Information (Detail) - USD ($)
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Income tax expense (benefit) $ 60,000 $ (227,000)
Tax benefit related to the reversal of previously uncertain tax positions 38,000 276,000
Tax expense resulting from shortfall $ 30,000 $ 37,000
v3.22.1
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Segment Reporting Information [Line Items]    
Revenue $ 31,010 $ 29,078
Corporate Expenses 2,560 2,344
Operating Income 764 735
Other Income (Expense), Net 279 369
Income Before Income Taxes 485 366
Income Tax Provision (Benefit) 60 (227)
Net Income 425 593
Product Identification [Member]    
Segment Reporting Information [Line Items]    
Revenue 21,724 23,098
T&M [Member]    
Segment Reporting Information [Line Items]    
Revenue 9,286 5,980
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Operating Income 3,324 3,079
Operating Segments [Member] | Product Identification [Member]    
Segment Reporting Information [Line Items]    
Operating Income 1,413 2,729
Operating Segments [Member] | T&M [Member]    
Segment Reporting Information [Line Items]    
Operating Income 1,911 350
Corporate Expenses [Member]    
Segment Reporting Information [Line Items]    
Corporate Expenses $ 2,560 $ 2,344
v3.22.1
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 31, 2022
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 9,005 $ 9,255
Fair Value [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities 9,005 9,255
Carrying Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 9,000 $ 9,250