ASTRONOVA, INC., 10-Q filed on 12/6/2023
Quarterly Report
v3.23.3
Cover Page - shares
 9 Months Ended
Oct. 28, 2023
Dec. 01, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Oct. 28, 2023  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
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  
Trading Symbol ALOT  
Entity Shell Company false  
Entity Small Business true  
Entity Emerging Growth Company false  
Title of 12(b) Security Common Stock  
Security Exchange Name NASDAQ  
Entity Incorporation, State or Country Code RI  
Entity File Number 0-13200  
Document Quarterly Report true  
Document Transition Report false  
Entity Tax Identification Number 05-0318215  
Entity Address, Address Line One 600 East Greenwich Avenue  
Entity Address, City or Town West Warwick  
Entity Address, Postal Zip Code 02893  
Entity Address, State or Province RI  
City Area Code 401  
Local Phone Number 828-4000  
Entity Common Stock, Shares Outstanding   7,432,799
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 31, 2023
CURRENT ASSETS    
Cash and Cash Equivalents $ 4,827 $ 3,946
Accounts Receivable, net 21,999 21,598
Inventories, net 47,005 51,324
Prepaid Expenses and Other Current Assets 3,056 2,894
Total Current Assets 76,887 79,762
Property, Plant and Equipment, net 14,252 14,288
Identifiable Intangibles, net 19,420 21,232
Goodwill 14,440 14,658
Deferred Tax Assets, net 6,903 6,907
Right of Use Asset 650 794
Other Assets 1,651 1,566
TOTAL ASSETS 134,203 139,207
CURRENT LIABILITIES    
Accounts Payable 4,893 8,479
Accrued Compensation 3,256 2,750
Other Accrued Expenses 4,410 3,308
Revolving Line of Credit 14,900 15,900
Current Portion of Long-Term Debt 2,700 2,100
Current Liability—Royalty Obligation 1,500 1,725
Current Liability—Excess Royalty Payment Due 542 562
Income Taxes Payable 56 786
Deferred Revenue 1,441 1,888
Total Current Liabilities 33,698 37,498
NON-CURRENT LIABILITIES    
Long-Term Debt, net of current portion 10,039 12,040
Royalty Obligation, net of current portion 2,476 3,415
Lease Liabilities, net of current portion 459 555
Income Taxes Payable 491 491
Deferred Revenue   674
Deferred Tax Liabilities 152 167
TOTAL LIABILITIES 47,315 54,840
SHAREHOLDERS' EQUITY    
Preferred Stock, $10 Par Value, Authorized 100,000 shares, None Issued
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,801,253 and 10,676,851 shares at October 28, 2023 and January 31, 2023, respectively 540 534
Additional Paid-in Capital 62,340 61,131
Retained Earnings 61,158 59,175
Treasury Stock, at Cost, 3,368,454 and 3,342,032 shares at October 28, 2023 and January 31, 2023, respectively (34,588) (34,235)
Accumulated Other Comprehensive Loss, net of tax (2,562) (2,238)
TOTAL SHAREHOLDERS' EQUITY 86,888 84,367
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 134,203 $ 139,207
v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Oct. 28, 2023
Jan. 31, 2023
Statement of Financial Position [Abstract]    
Preferred Stock, Par Value $ 10 $ 10
Preferred Stock, Shares Authorized 100,000 100,000
Preferred Stock, Shares Issued 0 0
Common Stock, Par Value $ 0.05 $ 0.05
Common Stock, Shares Authorized 13,000,000 13,000,000
Common Stock, Shares Issued 10,801,253 10,676,851
Treasury Stock, Shares 3,368,454 3,342,032
v3.23.3
Condensed Consolidated Statements of Income - USD ($)
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Income Statement [Abstract]        
Revenue $ 37,549,000 $ 39,405,000 $ 108,493,000 $ 102,674,000
Cost of Revenue 22,770,000 26,923,000 71,618,000 68,080,000
Gross Profit 14,779,000 12,482,000 36,875,000 34,594,000
Operating Expenses:        
Selling and Marketing 5,744,000 5,908,000 18,451,000 17,771,000
Research and Development 1,683,000 1,903,000 5,028,000 5,021,000
General and Administrative 2,734,000 3,325,000 8,514,000 8,456,000
Operating Expenses 10,161,000 11,136,000 31,993,000 31,248,000
Operating Income 4,618,000 1,346,000 4,882,000 3,346,000
Other Income (Expense), net:        
Interest Expense (630,000) (701,000) (1,919,000) (1,086,000)
Loss on Foreign Currency Transactions (279,000) (237,000) (291,000) (614,000)
Other, net (8,000) (17,000) 49,000 35,000
Other Income (Expense), net (917,000) (955,000) (2,161,000) (1,665,000)
Income Before Income Taxes 3,701,000 391,000 2,721,000 1,681,000
Income Tax Provision 949,000 102,000 738,000 383,000
Net Income $ 2,752,000 $ 289,000 $ 1,983,000 $ 1,298,000
Net Income per Common Share-Basic $ 0.37 $ 0.04 $ 0.27 $ 0.18
Net Income per Common Share-Diluted $ 0.37 $ 0.04 $ 0.27 $ 0.18
Weighted Average Number of Common Shares Outstanding—Basic 7,428,202 7,324,089 7,406,985 7,299,277
Weighted Average Number of Common Shares Outstanding—Diluted 7,484,992 7,379,403 7,477,348 7,363,029
v3.23.3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Statement of Comprehensive Income [Abstract]        
Net Income $ 2,752 $ 289 $ 1,983 $ 1,298
Other Comprehensive Income (Loss), net of taxes:        
Foreign Currency Translation Adjustments (598) (497) (324) (1,864)
Loss from Cash Flow Hedges Reclassified to Income Statement   16   47
Other Comprehensive Income (Loss) (598) (481) (324) (1,817)
Comprehensive Income (Loss) $ 2,154 $ (192) $ 1,659 $ (519)
v3.23.3
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, 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 $ 1 87      
Employee Option Exercises, Shares   11,164        
Restricted Stock Awards Vested (249) $ 3 (3)   (249)  
Restricted Stock Awards Vested, Shares   61,513        
Net Income (Loss) 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        
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        
Net Income (Loss) 1,298          
Other Comprehensive Income (Loss) (1,817)          
Ending Balance at Oct. 29, 2022 81,328 $ 534 60,774 57,812 (34,227) (3,565)
Ending Balance, Shares at Oct. 29, 2022   10,669,689        
Beginning Balance at Apr. 30, 2022 80,696 $ 532 60,113 56,939 (34,223) (2,665)
Beginning Balance, Shares at Apr. 30, 2022   10,639,081        
Share-Based Compensation 235   235      
Restricted Stock Awards Vested   $ 1 (1)      
Restricted Stock Awards Vested, Shares   20,410        
Net Income (Loss) 584     584    
Other Comprehensive Income (Loss) (419)         (419)
Ending Balance at Jul. 30, 2022 81,096 $ 533 60,347 57,523 (34,223) (3,084)
Ending Balance, Shares at Jul. 30, 2022   10,659,491        
Share-Based Compensation 405   405      
Employee Option Exercises 23 $ 1 22      
Employee Option Exercises, Shares   9,097        
Restricted Stock Awards Vested (4)       (4)  
Restricted Stock Awards Vested, Shares   1,101        
Net Income (Loss) 289     289    
Other Comprehensive Income (Loss) (481)         (481)
Ending Balance at Oct. 29, 2022 81,328 $ 534 60,774 57,812 (34,227) (3,565)
Ending Balance, Shares at Oct. 29, 2022   10,669,689        
Beginning Balance at Jan. 31, 2023 84,367 $ 534 61,131 59,175 (34,235) (2,238)
Beginning Balance, Shares at Jan. 31, 2023   10,676,851        
Share-Based Compensation 356   356      
Employee Option Exercises 43   43      
Employee Option Exercises, Shares   4,094        
Restricted Stock Awards Vested (350) $ 4 (4)   (350)  
Restricted Stock Awards Vested, Shares   99,989        
Net Income (Loss) 848     848    
Other Comprehensive Income (Loss) 210         210
Ending Balance at Apr. 29, 2023 85,474 $ 538 61,526 60,023 (34,585) (2,028)
Ending Balance, Shares at Apr. 29, 2023   10,780,934        
Beginning Balance at Jan. 31, 2023 $ 84,367 $ 534 61,131 59,175 (34,235) (2,238)
Beginning Balance, Shares at Jan. 31, 2023   10,676,851        
Employee Option Exercises, Shares 6,700          
Net Income (Loss) $ 1,983          
Other Comprehensive Income (Loss) (324)          
Ending Balance at Oct. 28, 2023 86,888 $ 540 62,340 61,158 (34,588) (2,562)
Ending Balance, Shares at Oct. 28, 2023   10,801,253        
Beginning Balance at Apr. 29, 2023 85,474 $ 538 61,526 60,023 (34,585) (2,028)
Beginning Balance, Shares at Apr. 29, 2023   10,780,934        
Share-Based Compensation 398   398      
Employee Option Exercises 82 $ 1 81      
Employee Option Exercises, Shares   7,429        
Restricted Stock Awards Vested   $ 1 (1)      
Restricted Stock Awards Vested, Shares   4,516        
Net Income (Loss) (1,617)     (1,617)    
Other Comprehensive Income (Loss) 64         64
Ending Balance at Jul. 29, 2023 84,401 $ 540 62,004 58,406 (34,585) (1,964)
Ending Balance, Shares at Jul. 29, 2023   10,792,879        
Share-Based Compensation 311   311      
Employee Option Exercises 25   25      
Employee Option Exercises, Shares   2,391        
Restricted Stock Awards Vested (3)       (3)  
Restricted Stock Awards Vested, Shares   5,983        
Net Income (Loss) 2,752     2,752    
Other Comprehensive Income (Loss) (598)         (598)
Ending Balance at Oct. 28, 2023 $ 86,888 $ 540 $ 62,340 $ 61,158 $ (34,588) $ (2,562)
Ending Balance, Shares at Oct. 28, 2023   10,801,253        
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Cash Flows from Operating Activities:    
Net Income $ 1,983 $ 1,298
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:    
Depreciation and Amortization 3,158 2,621
Amortization of Debt Issuance Costs 17 18
Share-Based Compensation 1,065 977
Restructuring, non-cash 2,040  
Changes in Assets and Liabilities:    
Accounts Receivable (563) (1,874)
Other Receivable – Employee Retention Credit Receivable   3,135
Inventories 2,111 (11,695)
Income Taxes (531) 142
Accounts Payable and Accrued Expenses (2,036) (1,240)
Deferred Revenue (1,121) 110
Other (221) (947)
Net Cash (Used for) Provided by Operating Activities 5,902 (7,455)
Cash Flows from Investing Activities:    
Cash Paid for Astro Machine Acquisition, net of acquired cash   (17,034)
Purchases of Property, Plant and Equipment (1,279) (222)
Net Cash Used for Investing Activities (1,279) (17,256)
Cash Flows from Financing Activities:    
Net Cash Proceeds from Employee Stock Option Plans 71 69
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan 79 42
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (353) (253)
Borrowings under Revolving Credit Facility   19,900
Repayment under Revolving Credit Facility (1,000)  
Proceeds from Long-Term Debt Borrowings   6,000
Payment of Minimum Guarantee Royalty Obligation (1,350) (1,500)
Principal Payments of Long-Term Debt (1,425) (625)
Payment of Debt Issuance Costs   (15)
Net Cash Provided by (Used) for Financing Activities (3,978) 23,618
Effect of Exchange Rate Changes on Cash and Cash Equivalents 236 313
Net Increase (Decrease) in Cash and Cash Equivalents 881 (780)
Cash and Cash Equivalents, Beginning of Period 3,946 5,276
Cash and Cash Equivalents, End of Period 4,827 4,496
Supplemental Disclosures of Cash Flow Information:    
Cash Paid During the Period for Interest 1,695 440
Cash Paid During the Period for Income Taxes, net of refunds $ 1,285 $ 265
v3.23.3
Business and Basis of Presentation
 9 Months Ended
Oct. 28, 2023
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 T&M data acquisition systems sold under the AstroNova® brand name.

On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Illinois-based manufacturer of printing equipment, including label printers and related accessories, tabbers, conveyors, and envelope feeders. We reported Astro Machine as a part of our PI segment beginning in the third quarter of fiscal 2023.

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 and light commercial label 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. PI products sold under the Astro Machine brand also include a variety of label printers, envelope and packaging printing, and related processing and handling equipment.

In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution flight deck and cabin printers for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed, analyzed, 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 100 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, 2023.

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 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, valuation of long-lived assets, intangible 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 ongoing impact from 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’s 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.

v3.23.3
Summary of Significant Accounting Policies Update
 9 Months Ended
Oct. 28, 2023
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, 2023.

Recently Adopted Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative" ("ASU 2023-06"), which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the U.S. Securities and Exchange Commission’s (the "SEC") August 2018 final rule that updated and simplified disclosure requirements and is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. We are currently assessing potential impacts of ASU 2023-06 and do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements and disclosures.

No other new accounting pronouncements, issued or effective during the first nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements.

v3.23.3
Acquisitions
 9 Months Ended
Oct. 28, 2023
Business Combinations [Abstract]  
Acquisitions

Note 3 – Acquisitions

Astro Machine

On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Illinois-based manufacturer of printing equipment, including label printers, tabbers, conveyors, and envelope feeders, for aggregate consideration of $17.1 million.

The acquisition was accomplished pursuant to an Equity Interest Purchase Agreement dated as of August 4, 2022 (the “Purchase Agreement”) by and among us, GSND Holding Corporation (“GSND”), the parent company of Astro Machine, and Astro Machine. Pursuant to the Purchase Agreement, we purchased 100% of the issued and outstanding equity interests of Astro Machine from GSND for a purchase price of $15.6 million. The acquisition was funded using borrowings under our credit facility. We obtained a representation and warranty insurance policy and placed $300,000 of the purchase price into an escrow account, which pursuant to the terms and conditions of the Purchase Agreement, are our sole recourse for breaches of representations and warranties by GSND. Upon the closing of the transaction, Astro Machine became a wholly owned subsidiary of AstroNova, Inc.

Concurrently with the signing of the Purchase Agreement, our newly acquired subsidiary, Astro Machine, entered into a Purchase and Sale Agreement with Selak Real Estate Limited Partnership (“SRE”), pursuant to which Astro Machine purchased certain real property assets of SRE for a purchase price, paid in cash, of $1.5 million. These real estate assets are comprised of a 34,460 square foot industrial manufacturing building (including offices) on 1.26 acres of land, which is Astro Machine’s principal place of business.

This transaction was a business combination and accounted for using the acquisition method of accounting prescribed by ASC 805, “Business Combinations” (“ASC 805”), whereby the results of operations, including the revenues and earnings of Astro Machine, are included in our financial statements from the date of acquisition. The purchase price of Astro Machine was allocated to the tangible and intangible assets acquired and liabilities assumed and recognized at their fair value based on widely accepted valuation techniques in accordance with ASC 820, “Fair Value Measurement,” as of the acquisition date. The process for estimating fair values requires the use of significant estimates, assumptions and judgments, including determining the timing and estimates of future cash flows and developing appropriate discount rates. The excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed was recorded as goodwill. ASC 805 establishes a measurement period to provide companies with a reasonable amount of time to obtain the information necessary to identify and measure various items in a business combination and cannot extend beyond one year from the acquisition date.

The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of the date of acquisition:

 

(In thousands)

 

 

 

Cash

 

$

91

 

Accounts Receivable

 

 

3,393

 

Inventory

 

 

5,715

 

Property, Plant and Equipment

 

 

4,200

 

Identifiable Intangible Assets

 

 

3,480

 

Goodwill

 

 

2,730

 

Accounts Payable and Other Current Liabilities

 

 

(2,484

)

Total Purchase Price

 

$

17,125

 

 

The fair value of the intangible assets acquired was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and therefore represents a Level 3 measurement as defined in ASC 820, “Fair Value Measurement.” Key assumptions in estimating the fair value of the intangibles include (1) remaining useful life of the tradename/trademarks and customer relations (2) royalty rate of 0.75%, (3) customer attrition rate of 18.0%, (4) discount rate of 19.0% and (5) a range of revenue and net income projections for fiscal years 2023 through 2026.

The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives:

 

(In thousands)

 

Fair
Value

 

 

Useful Life
(years)

Customer Relations

 

$

3,060

 

 

5

Trademarks/Tradenames

 

420

 

 

5

Total

 

$

3,480

 

 

 

 

The Customer Relations intangible asset represents the relationships that will be maintained with certain historical customers of Astro Machine. The trademark/tradename intangible assets reflect the industry reputation of the Astro Machine name and the registered trademarks held by Astro Machine for the use of several marks and logos.

Goodwill of $2.7 million, which is not deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from Astro Machine. The goodwill recognized under ASC 805 is attributable to synergies which are expected to enhance and expand our overall product portfolio, opportunities in new and existing markets, future technologies that have yet to be determined and Astro Machine’s assembled workforce. The carrying amount of the goodwill was allocated to the PI segment.

Total acquisition-related costs of $0.7 million were included in general and administrative expense in our consolidated statement of income for the three and nine months ended October 28, 2023.

The amounts of revenue and earnings before taxes attributable to Astro Machine and included in our consolidated statement of income were as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

Revenue

 

$

4,703

 

 

$

6,575

 

 

$

13,830

 

 

$

12,515

 

Earnings before Taxes

 

$

1,199

 

 

$

1,055

 

 

$

2,594

 

 

$

1,571

 

 

Astro Machine results are reported as part of the PI segment. Proforma results are not provided, as disclosure of such amounts was impractical to determine as the acquired business had insufficient financial records and no audit history prior to the transaction.

Honeywell Asset Purchase and License Agreement

On June 30, 2022, we entered into an Asset Purchase and License Agreement with Honeywell International Inc. (“New HW Agreement”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s flight deck printers for the Boeing 787 aircraft. The New HW Agreement provides for royalty payments to Honeywell based on gross revenues from the sales of the printers, paper and repair services of the licensed products in perpetuity. The royalty rates vary based on the year in which they are paid or earned and as products are sold or as services are provided and range from single-digit to mid-double-digit percentages of gross revenue. The New HW Agreement includes a provision for guaranteed minimum royalty payments to be paid in the event that the royalties earned by Honeywell do not meet the minimum for the preceding calendar year as follows: $100,000 in 2024, $200,000 in 2025, $233,000 in 2026 and 2027, and $234,000 in 2028.

This transaction was evaluated under ASC 805, “Business Combinations,” and was accounted for as an asset acquisition.

The purchase price was allocated to the customer relationship intangible, which was the only asset acquired as a result of this transaction. This asset will be amortized over the useful life of the intangible. The minimum royalty payment obligation and related customer relationships intangible were recorded at the present value of the minimum royalty payments.

The acquired identifiable intangible asset is as follows:

 

(In thousands)

 

Fair
Value

 

 

Useful Life
(Years)

 

Customer Contract Relationships

 

$

530

 

 

 

20

 

 

The minimum royalty payment due was discounted based on the payment schedule and applicable discount rate, resulting in an outstanding royalty obligation of $0.5 million as of January 31, 2023, including $0.1 million recorded as a current liability. Additional royalties based on sales activity will be recorded in the period that the associated revenue is earned. During fiscal 2023, we incurred $0.1 million in excess royalty expense, which was paid in the first quarter of the current fiscal year. As of the end of the third quarter of the current year, we incurred an additional $0.2 million in royalties payable to Honeywell which was paid in the current fiscal year. As of October 28, 2023, the current outstanding royalty obligation is $0.5 million, including $0.1 million recorded as a current liability in the accompanying balance sheet.

v3.23.3
Revenue Recognition
 9 Months Ended
Oct. 28, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 4 – 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

 

 

Nine Months Ended

 

(In thousands)

 

October 28, 2023

 

 

October 29, 2022*

 

 

October 28, 2023

 

 

October 29, 2022*

 

United States

 

$

20,953

 

 

$

22,473

 

 

$

61,773

 

 

$

61,168

 

Europe

 

 

11,292

 

 

 

11,447

 

 

 

31,088

 

 

 

26,748

 

Canada

 

 

2,311

 

 

 

2,392

 

 

 

6,480

 

 

 

6,472

 

Asia

 

 

1,670

 

 

 

1,480

 

 

 

4,920

 

 

 

4,206

 

Central and South America

 

 

995

 

 

 

1,311

 

 

 

3,220

 

 

 

3,222

 

Other

 

 

328

 

 

 

302

 

 

 

1,012

 

 

 

858

 

Total Revenue

 

$

37,549

 

 

$

39,405

 

 

$

108,493

 

 

$

102,674

 

 

*Certain amounts have been reclassified to conform to the current year's presentation.

Major product types

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

October 28, 2023

 

 

October 29, 2022

 

 

October 28, 2023

 

 

October 29, 2022

 

Hardware

 

$

12,865

 

 

$

11,947

 

 

$

35,800

 

 

$

29,885

 

Supplies

 

 

19,973

 

 

 

22,945

 

 

 

58,744

 

 

 

60,055

 

Service and Other

 

 

4,711

 

 

 

4,513

 

 

 

13,949

 

 

 

12,734

 

Total Revenue

 

$

37,549

 

 

$

39,405

 

 

$

108,493

 

 

$

102,674

 

 

In December 2022, we entered into an amended contract with one of our T&M customers that provided for a total payment of $3.25 million to us as a result of our claims allowable under French law relating to additional component costs we have incurred and will continue to incur in order to supply aerospace printers under the contract for the period beginning in April 2022 and continuing through 2025. Revenue from this arrangement will be recognized in proportion to the total estimated shipments through the end of the contract period. As of January 31, 2023, we have recognized $1.1 million in revenue and the $2.15 million balance was recorded as deferred revenue. During the three and nine months ended October 28, 2023, we recognized an additional $0.4 million and $1.0 million, respectively, which is included in revenue in the condensed consolidated statement of income for the respective periods presented, and there is a balance of $1.1 million in the deferred revenue at October 28, 2023. The remaining revenue to be recognized will be based on our shipments of the printers during the remainder of fiscal year 2024 and during fiscal year 2025.

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 $304,000 and $412,000 at October 28, 2023 and January 31, 2023, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The decrease in the deferred revenue balance during the nine months ended October 28, 2023 is due to revenue recognized during the current period, including $521,000 of revenue recognized that was included in the deferred revenue balance at January 31, 2023. The amount of revenue recognized for the period was partially 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 over the remaining useful life of these contracts, which we currently estimate to be approximately 18 years as of October 28, 2023. The balance of these contract assets at January 31, 2023 was $1.4 million. During the three and nine months ended October 28, 2023, we amortized contract costs of $19,000 and $56,000, respectively. The balance of deferred incremental direct costs net of accumulated amortization at October 28, 2023 was $1.3 million, of which $0.1 million is reported in other current assets and $1.2 million is reported in other assets in the accompanying condensed consolidated balance sheet.

v3.23.3
Net Income Per Common Share
 9 Months Ended
Oct. 28, 2023
Earnings Per Share [Abstract]  
Net Income Per Common Share

Note 5 – 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

 

 

Nine Months Ended

 

 

October 28, 2023

 

 

October 29, 2022

 

 

October 28, 2023

 

 

October 29, 2022

 

Weighted Average Common Shares Outstanding – Basic

 

 

7,428,202

 

 

 

7,324,089

 

 

 

7,406,985

 

 

 

7,299,277

 

Effect of Dilutive Options, Restricted Stock Awards and
   Restricted Stock Units

 

 

56,790

 

 

 

55,314

 

 

 

70,363

 

 

 

63,752

 

Weighted Average Common Shares Outstanding – Diluted

 

 

7,484,992

 

 

 

7,379,403

 

 

 

7,477,348

 

 

 

7,363,029

 

 

 

For the three and nine months ended October 28, 2023, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 505,293 and 390,326, respectively. For the three and nine months ended October 29, 2022, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 540,407 and 602,510, respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect.

v3.23.3
Intangible Assets
 9 Months Ended
Oct. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 6 – Intangible Assets

Intangible assets are as follows:

 

 

October 28, 2023

 

 

January 31, 2023

 

(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

 

 

$

(3,019

)

 

$

—

 

 

$

81

 

 

$

3,100

 

 

$

(2,777

)

 

$

—

 

 

$

323

 

RITEC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Contract
   Relationships

 

 

2,830

 

 

 

(1,672

)

 

 

—

 

 

 

1,158

 

 

 

2,830

 

 

 

(1,623

)

 

 

—

 

 

 

1,207

 

TrojanLabel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Existing Technology

 

 

2,327

 

 

 

(2,336

)

 

 

89

 

 

 

80

 

 

 

2,327

 

 

 

(2,087

)

 

94

 

 

334

 

Distributor Relations

 

937

 

 

 

(662

)

 

 

21

 

 

 

296

 

 

937

 

 

(588)

 

 

27

 

 

376

 

Honeywell:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Contract
   Relationships

 

 

27,773

 

 

 

(12,578

)

 

 

—

 

 

 

15,195

 

 

 

27,773

 

 

 

(11,913

)

 

 

—

 

 

 

15,860

 

Astro Machine:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Contract
   Relationships

 

 

3,060

 

 

 

(765

)

 

 

—

 

 

 

2,295

 

 

 

3,060

 

 

(306)

 

 

 

—

 

 

 

2,754

 

Trademarks

 

420

 

 

 

(105

)

 

 

—

 

 

 

315

 

 

420

 

 

(42)

 

 

 

—

 

 

378

 

Intangible Assets, net

 

$

40,447

 

 

$

(21,137

)

 

$

110

 

 

$

19,420

 

 

$

40,447

 

 

$

(19,336

)

 

$

121

 

 

$

21,232

 

 

There were no impairments to intangible assets during the periods ended October 28, 2023 and October 29, 2022.

With respect to the acquired intangibles included in the table above, amortization expense of $0.6 million and $0.4 million has been included in the condensed consolidated statements of income for each of the three months ended October 28, 2023, and October 29, 2022, respectively. Amortization expense of $1.8 million and $1.2 million related to the above-acquired intangibles has been included in the accompanying condensed consolidated statement of income for the nine months ended October 28, 2023 and October 29, 2022, respectively.

Estimated amortization expense for the next five fiscal years is as follows:

 

(In thousands)

 

Remaining
2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

Estimated amortization expense

 

$

595

 

 

$

1,722

 

 

$

1,722

 

 

$

1,722

 

 

$

1,281

 
v3.23.3
Inventories
 9 Months Ended
Oct. 28, 2023
Inventory Disclosure [Abstract]  
Inventories

Note 7 – 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)

 

October 28, 2023

 

 

January 31, 2023

 

Materials and Supplies

 

$

37,248

 

 

$

38,387

 

Work-In-Process

 

 

1,453

 

 

 

1,146

 

Finished Goods

 

 

17,415

 

 

 

23,221

 

 

 

56,116

 

 

 

62,754

 

Inventory Reserve

 

 

(9,111

)

 

 

(11,430

)

 

$

47,005

 

 

$

51,324

 
v3.23.3
Property, Plant and Equipment
 9 Months Ended
Oct. 28, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 8 – Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

(In thousands)

 

October 28, 2023

 

 

January 31, 2023

 

Land and Land Improvements

 

$

2,304

 

 

$

2,304

 

Buildings and Leasehold Improvements

 

 

14,372

 

 

 

14,158

 

Machinery and Equipment

 

 

25,838

 

 

 

24,960

 

Computer Equipment and Software

 

 

14,058

 

 

 

13,972

 

Gross Property, Plant and Equipment

 

 

56,572

 

 

 

55,394

 

Accumulated Depreciation

 

 

(42,320

)

 

 

(41,106

)

Net Property Plant and Equipment

 

$

14,252

 

 

$

14,288

 

 

Depreciation expense on property, plant and equipment was $0.4 million and $1.3 million for the three and nine months ended October 28, 2023, respectively. Depreciation expense on property, plant and equipment was $0.5 million and $1.0 million for the three and nine months ended October 29, 2022, respectively.

v3.23.3
Credit Agreement and Long-Term Debt
 9 Months Ended
Oct. 28, 2023
Debt Disclosure [Abstract]  
Credit Agreement and Long-Term Debt

Note 9 – Credit Agreement and Long-Term Debt

In connection with the purchase of Astro Machine, on August 4, 2022, we entered into a Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”) with Bank of America, N.A., as lender (the “Lender”). The Second Amendment amended the Amended and Restated Credit Agreement dated as of July 30, 2020, as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of March 24, 2021, and the LIBOR Transition Amendment, dated as of December 24, 2021 (the “Existing Credit Agreement,” and the Existing Credit Agreement as amended by the Second Amendment, the “Amended Credit Agreement”), between us and the Lender.

The Amended Credit Agreement provides for (i) a new term loan in the principal amount of $6.0 million, which term loan was in addition to the existing term loan outstanding under the Existing Credit Agreement in the principal amount of $9.0 million as of the effective date of the Second Amendment, and (ii) an increase in the aggregate principal amount of the revolving credit facility available thereunder from $22.5 million to $25.0 million. At the closing of the Second Amendment, we borrowed the entire $6.0 million term loan and $12.4 million under the revolving credit facility, and the proceeds of such borrowings were used in part to pay the purchase price payable under the Purchase Agreement and certain related transaction costs. The revolving credit facility may otherwise be used for corporate purposes.

The Amended Credit Agreement requires that the term loan be paid in quarterly installments on the last day of each of our fiscal quarters over the term of the Amended Credit Agreement on the following repayment schedule: the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2022 through July 31, 2023 is $375,000; and the principal amount of each quarterly installment required to be paid on the last day of each of our fiscal quarters ending on or about October 31, 2023 through April 30, 2027 is $675,000. The entire remaining principal balance of the term loan is required to be paid on August 4, 2027. 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 August 4, 2027, and any outstanding revolving loans thereunder will be due and payable in full, and the revolving credit facility will terminate, on such date. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty.

The interest rates under the Amended Credit Agreement 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 Amended Credit Agreement (or, in the case of revolving credit loans denominated in a currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60% to 2.50% 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 plus 1.00%, or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.50% 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 0.35% based on our consolidated leverage ratio. 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 our 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, a minimum consolidated fixed charge coverage ratio and a minimum consolidated asset 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 our or our subsidiaries’ capital stock, to repurchase or acquire our or our subsidiaries’ capital stock, to conduct mergers or acquisitions, to sell assets, to alter our or our subsidiaries’ capital structure, to make investments and loans, to change the nature of our or our subsidiaries’ 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 Second Amendment. As of October 28, 2023, we believe we are in compliance with all of the covenants in the Credit Agreement.

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 we hold in ANI ApS, AstroNova GmbH and AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island, and are guaranteed by, and secured by substantially all of the personal property assets of Astro Machine.

Summary of Outstanding Debt

At October 28, 2023, we had an outstanding balance of $14.9 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 7.94% and 7.60% and we incurred $311,000 and $936,000 for interest on this obligation during the three and nine months ended October 28, 2023, respectively. Additionally, during the nine months ended October 28, 2023, we incurred $23,000 of commitment fees on the undrawn portion of our revolving credit facility. The balance outstanding under the revolving line of credit bore interest at a weighted average rate of 7.32% and 5.74%, respectively, for the three and nine months ended October 29, 2022, and we incurred $341,000 and $409,000, respectively, for interest on this obligation during the three and nine months ended October 29, 2022. Additionally, during the nine months ended October 29, 2022, we incurred $38,000 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 statements of income for all periods presented. At October 28, 2023, there was $10.1 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)

 

October 28,
2023

 

 

January 31,
2023

 

USD Term Loan (7.69% as of October 28, 2023 and 6.78% as
of January 31, 2023); maturity date of August 4, 2027

 

$

12,825

 

 

$

14,250

 

Debt Issuance Costs, net of accumulated amortization

 

 

(86

)

 

 

(110

)

Current Portion of Term Loan

 

 

(2,700

)

 

 

(2,100

)

Long-Term Debt

 

$

10,039

 

 

$

12,040

 

 

During the three and nine months ended October 28, 2023, we recognized interest expense on debt of $254,000 and $768,000, respectively, and during the three and nine months ended October 29, 2022, we recognized $266,000 and $384,000, respectively, which is recognized in the accompanying condensed consolidated statements of income for all periods presented.

The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of October 28, 2023 is as follows:

 

(In thousands)

 

 

 

Fiscal 2024, remainder

 

$

675

 

Fiscal 2025

 

 

2,700

 

Fiscal 2026

 

 

2,700

 

Fiscal 2027

 

 

2,700

 

Fiscal 2028

 

 

4,050

 

 

$

12,825

 
v3.23.3
Royalty Obligation
 9 Months Ended
Oct. 28, 2023
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. As of October 28 2023, we had paid an aggregate of $10.8 million of the guaranteed minimum royalty obligation. At October 28, 2023, the current portion of the outstanding guaranteed minimum royalty obligation of $1.5 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $2.0 million is reported as a long-term liability on our condensed consolidated balance sheet. For the three and nine months ended October 28, 2023, we incurred $0.5 million and $1.4 million, respectively, in excess royalty expense which is included in cost of revenue in our consolidated statements of income. A total of $1.3 million in excess royalties was paid in the current fiscal year, and there are $0.5 million in excess royalty payables due as a result of this agreement for the quarter ended October 28, 2023.

In fiscal 2023, AstroNova, Inc. entered into a second Asset Purchase and License Agreement with Honeywell as further discussed in Note 3 “Acquisitions”.

v3.23.3
Leases
 9 Months Ended
Oct. 28, 2023
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

 

October 28,
2023

 

 

January 31,
2023

 

Lease Assets

 

Right of Use Assets

 

$

650

 

 

$

794

 

Lease Liabilities – Current

 

Other Liabilities and Accrued Expenses

 

$

254

 

 

$

275

 

Lease Liabilities – Long Term

 

Lease Liabilities

 

$

459

 

 

$

555

 

 

Lease cost information is as follows:

 

 

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

October 28,
2023

 

 

October 28,
2023

 

Operating Lease Costs

 

General and Administrative Expense

 

$

103

 

 

$

362

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

October 29,
2022

 

 

October 29,
2022

 

Operating Lease Costs

 

General and Administrative Expense

 

$

115

 

 

$

350

 

 

Maturities of operating lease liabilities are as follows:

 

(In thousands)

 

October 28,
2023

 

Fiscal 2024, remaining

 

$

86

 

Fiscal 2025

 

 

252

 

Fiscal 2026

 

 

193

 

Fiscal 2027

 

 

145

 

Fiscal 2028

 

 

89

 

Thereafter

 

 

—

 

Total Lease Payments

 

 

765

 

Less: Imputed Interest

 

 

(52

)

Total Lease Liabilities

 

$

713

 

 

As of October 28, 2023, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 3.2 years and 4.39%, 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

 

 

Nine Months
Ended

 

(In thousands)

 

October 28,
2023

 

 

October 28,
2023

 

Cash paid for amounts included in the measurement of lease
   liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

91

 

 

$

268

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

(In thousands)

 

October 29,
2022

 

 

October 29,
2022

 

Cash paid for amounts included in the measurement of lease
   liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

74

 

 

$

237

 

 
v3.23.3
Accumulated Other Comprehensive Loss
 9 Months Ended
Oct. 28, 2023
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

 

Balance at January 31, 2023

 

$

(2,238

)

Other Comprehensive Loss before reclassification

 

 

(324

)

Balance at October 28, 2023

 

$

(2,562

)

 

The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries.

v3.23.3
Share-Based Compensation
 9 Months Ended
Oct. 28, 2023
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 123,772 unvested RSUs; 188,633 unvested PSUs; and options to purchase an aggregate of 135,500 shares outstanding as of October 28, 2023.

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 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of October 28, 2023, options to purchase an aggregate of 263,749 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 129,000 shares were outstanding under the 2015 Plan.

We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director’s annual compensation amount by the fair market value of the Company’s stock on such day. On June 5, 2023, each director’s annual compensation amount was adjusted to be $70,000. All RSA’s granted under this Program vest immediately.

Share-based compensation expense was recognized as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

Stock Options

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

Restricted Stock Awards and Restricted Stock Units

 

 

302

 

 

 

401

 

 

 

1,045

 

 

 

963

 

Employee Stock Purchase Plan

 

 

9

 

 

 

4

 

 

 

20

 

 

 

7

 

Total

 

$

311

 

 

$

405

 

 

$

1,065

 

 

$

977

 

 

Stock Options

Aggregated information regarding stock option activity for the nine months ended October 28, 2023 is summarized below:

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

Outstanding at January 31, 2023

 

 

547,199

 

 

$

15.16

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

(6,700

)

 

 

10.57

 

Forfeited

 

 

(8,025

)

 

 

15.34

 

Canceled

 

 

(4,225

)

 

 

10.50

 

Outstanding at October 28, 2023

 

 

528,249

 

 

$

15.25

 

 

Set forth below is a summary of options outstanding at October 28, 2023:

 

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

 

$10.01-15.00

 

 

316,374

 

 

$

13.78

 

 

 

2.3

 

 

 

316,374

 

 

$

13.78

 

 

 

2.3

 

$15.01-20.00

 

 

211,875

 

 

$

17.44

 

 

 

4.1

 

 

 

211,875

 

 

$

17.44

 

 

 

4.1

 

 

 

528,249

 

 

$

15.25

 

 

 

3.0

 

 

 

528,249

 

 

$

15.25

 

 

 

3.0

 

 

There were no stock options granted in fiscal 2023, or during the first nine months of fiscal 2024, and as of October 28, 2023, there was no unrecognized compensation expense related to stock options.

Restricted Stock Units (RSUs), Performance-Based Stock Units (PSUs) and Restricted Stock Awards (RSAs)

Aggregated information regarding RSU, PSU and RSA activity for the nine months ended October 28, 2023 is summarized below:

 

 

RSUs, PSUs & RSAs

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 31, 2023

 

 

274,927

 

 

$

12.82

 

Granted

 

 

152,643

 

 

 

12.59

 

Vested

 

 

(110,488

)

 

 

12.18

 

Forfeited

 

 

(4,677

)

 

 

12.49

 

Outstanding at October 28, 2023

 

 

312,405

 

 

$

12.94

 

 

As of October 28, 2023, there was approximately $1.5 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 1.0 years.

Employee Stock Purchase Plan

On June 7, 2022, we adopted the AstroNova Inc. 2022 Employee Stock Purchase Plan (“2022 ESPP”) to replace our previous Employee Stock Purchase Plan (the “Prior ESPP”). The 2022 ESPP allows 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 40,000 shares were reserved for issuance under the 2022 ESPP and 5,045 shares were purchased under the 2022 ESPP during the year ended January 31, 2023. During the nine months ended October 28, 2023, there were 7,213 shares purchased under the 2022 ESPP. During the nine months ended October 29, 2022, there were 1,550 shares purchased under the Prior ESPP, and no additional purchases may be made under the Prior ESPP. There are 27,742 shares remaining available for purchase under the 2022 ESPP as of October 28, 2023.

v3.23.3
Income Taxes
 9 Months Ended
Oct. 28, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14 – Income Taxes

Our effective tax rates are as follows:

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

Fiscal 2024

 

 

25.6

%

 

 

27.1

%

Fiscal 2023

 

 

26.0

%

 

 

22.8

%

 

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 October 28, 2023, we recognized an income tax expense of $949,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings. During the three months ended October 29, 2022, we recognized an income tax expense of $102,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings and a $30,000 tax benefit arising from windfall tax benefit related to our stock.

During the nine months ended October 28, 2023, we recognized an income tax expense of $738,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $77,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position, a $49,000 tax benefit arising from windfall tax benefits related to the Company’s stock, and an $18,000 tax expense related to foreign return to provision differences. During the nine months ended October 29, 2022, we recognized an income tax expense of $383,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $38,000 tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions, a $51,000 tax benefit arising from a windfall tax benefit related to our stock, and a $13,000 tax expense relating to a revaluation of deferred taxes.

v3.23.3
Segment Information
 9 Months Ended
Oct. 28, 2023
Segment Reporting [Abstract]  
Segment Information

Note 15 – Segment Information

We report two segments: PI and T&M. 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

 

 

Nine Months Ended

 

 

Revenue

 

 

Segment Operating Profit

 

 

Revenue

 

 

Segment Operating Profit

 

(In thousands)

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

Product Identification

 

$

26,543

 

 

$

29,879

 

 

$

4,794

 

 

$

2,960

 

 

$

77,416

 

 

$

74,985

 

 

$

6,848

 

 

$

6,019

 

T&M

 

 

11,006

 

 

 

9,526

 

 

 

2,558

 

 

 

1,711

 

 

 

31,077

 

 

 

27,689

 

 

 

6,548

 

 

 

5,783

 

Total

 

$

37,549

 

 

$

39,405

 

 

 

7,352

 

 

 

4,671

 

 

$

108,493

 

 

$

102,674

 

 

 

13,396

 

 

 

11,802

 

Corporate Expenses

 

 

 

 

 

 

 

 

2,734

 

 

 

3,325

 

 

 

 

 

 

 

 

 

8,514

 

 

 

8,456

 

Operating Income

 

 

 

 

 

 

 

 

4,618

 

 

 

1,346

 

 

 

 

 

 

 

 

 

4,882

 

 

 

3,346

 

Other Income (Expense), net

 

 

 

 

 

 

 

 

(917

)

 

 

(955

)

 

 

 

 

 

 

 

 

(2,161

)

 

 

(1,665

)

Income Before
   Income Taxes

 

 

 

 

 

 

 

 

3,701

 

 

 

391

 

 

 

 

 

 

 

 

 

2,721

 

 

 

1,681

 

Income Tax Provision

 

 

 

 

 

 

 

 

949

 

 

 

102

 

 

 

 

 

 

 

 

 

738

 

 

 

383

 

Net Income

 

 

 

 

 

 

 

$

2,752

 

 

$

289

 

 

 

 

 

 

 

 

$

1,983

 

 

$

1,298

 

 
v3.23.3
Fair Value
 9 Months Ended
Oct. 28, 2023
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:

 

 

October 28, 2023

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

12,882

 

 

$

12,882

 

 

$

12,825

 

 

 

January 31, 2023

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

14,310

 

 

$

14,310

 

 

$

14,250

 

 

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.

v3.23.3
Restructuring
 9 Months Ended
Oct. 28, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

Note 17 - Restructuring

On July 26, 2023, we adopted a restructuring plan for our Product Identification segment that transitioned a portion of the printer manufacturing within our Product Identification segment from our facilities in Asia and Rhode Island to our Astro Machine, Inc. facility located in Illinois. Additionally, we ceased selling certain of our older, lower-margin or low-volume Product Identification segment products and made targeted reductions to our workforce. As part of the restructuring plan, we also intend to consolidate certain of our international Product Identification sales and distribution facilities and streamline our channel partner network. We expect to substantially complete this plan during fiscal year 2024.

 

As a result of the adoption and implementation of our Product Identification segment restructuring plan, in the second quarter of our fiscal year 2024 we recognized a pre-tax restructuring charge of $2.7 million, comprised primarily of non-cash charges related to inventory write-offs associated with product curtailment and discontinuation and facility exit related costs, and cash charges related to severance-related costs. Below is a summary of the restructuring costs and liability by type as of October 28, 2023.

 




(in thousands)

 

Restructuring
 Costs

 

 

Amounts paid in quarter ended
 July 29, 2023

 

 

Amounts paid in quarter ended
October 28, 2023

 

Restructuring
 Liability

 

Severance and Employee Related Costs

 

$

611

 

 

$

(40

)

 

$

(320

)

$

251

 

Inventory Write-Off

 

 

1,991

 

 

 

—

 

 

 

—

 

 

—

 

Facility Exit and Other Restructuring Costs

 

49

 

 

 

—

 

 

 

—

 

 

—

 

Total

 

$

2,651

 

 

$

(40

)

 

$

(320

)

$

251

 

 

The restructuring liability is included in other accrued expenses in the accompanying condensed consolidated balance sheet as of October 28, 2023, and the majority of the balance is expected to be paid by the end of our fiscal 2024.

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes restructuring costs included in the accompanying condensed consolidated statement of

income:

 

 

 

Nine Months Ended

 

(in thousands)

 

October 28, 2023

 

Cost of Revenue

 

$

2,096

 

Operating Expenses:

 

 

 

Selling & Marketing

 

443

 

Research & Development

 

29

 

General & Administrative

 

83

 

Total

 

$

2,651

 

 

 

Product Retrofit Program

In connection with our restructuring plan, we identified the need to address quality and reliability issues in certain models of our PI printers as a result of faulty ink provided by one of our larger suppliers. In order to remedy these issues and maintain solid customer relationships, during the second quarter of the current year we initiated a program to retrofit all of the printers sold to our customers that were affected by the faulty ink.

 

Upon initiating this program, we identified approximately 150 printers sold to our customers that were affected by the faulty ink. We are working with our customers to either repair or replace the affected printers and will do this on a gradual basis through March 2024. The estimated costs associated with this program are $0.9 million, which includes the cost of parts, labor and travel. Those costs were recognized and recorded in the second quarter of the current year and are included in cost of revenue in the accompanying consolidated statement of income for the nine month period ended October 28, 2023. The balance in the related liability, which is included in other accrued expenses in the accompanying condensed consolidated balance sheet at October 28, 2023, is as follows:

 

(in thousands)

 

 

Provision for Product Retrofit Program

$

852

 

Cost of Repairs and Replacements incurred through October 28, 2023

 

(387

)

Balance at October 28, 2023

$

465

 
v3.23.3
Summary of Significant Accounting Policies Update (Policies)
 9 Months Ended
Oct. 28, 2023
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

In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative" ("ASU 2023-06"), which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the U.S. Securities and Exchange Commission’s (the "SEC") August 2018 final rule that updated and simplified disclosure requirements and is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. We are currently assessing potential impacts of ASU 2023-06 and do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements and disclosures.

No other new accounting pronouncements, issued or effective during the first nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements.

v3.23.3
Acquisitions (Tables)
 9 Months Ended
Oct. 28, 2023
Business Combinations [Abstract]  
Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value

The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of the date of acquisition:

 

(In thousands)

 

 

 

Cash

 

$

91

 

Accounts Receivable

 

 

3,393

 

Inventory

 

 

5,715

 

Property, Plant and Equipment

 

 

4,200

 

Identifiable Intangible Assets

 

 

3,480

 

Goodwill

 

 

2,730

 

Accounts Payable and Other Current Liabilities

 

 

(2,484

)

Total Purchase Price

 

$

17,125

 
Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives

The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives:

 

(In thousands)

 

Fair
Value

 

 

Useful Life
(years)

Customer Relations

 

$

3,060

 

 

5

Trademarks/Tradenames

 

420

 

 

5

Total

 

$

3,480

 

 

 
Summary of Revenue and Earnings Before Taxes

The amounts of revenue and earnings before taxes attributable to Astro Machine and included in our consolidated statement of income were as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

Revenue

 

$

4,703

 

 

$

6,575

 

 

$

13,830

 

 

$

12,515

 

Earnings before Taxes

 

$

1,199

 

 

$

1,055

 

 

$

2,594

 

 

$

1,571

 
Summary of Acquired Identifiable Intangible Asset

The acquired identifiable intangible asset is as follows:

 

(In thousands)

 

Fair
Value

 

 

Useful Life
(Years)

 

Customer Contract Relationships

 

$

530

 

 

 

20

 
v3.23.3
Revenue Recognition (Tables)
 9 Months Ended
Oct. 28, 2023
Revenue from Contract with Customer [Abstract]  
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type

Primary geographical markets

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

October 28, 2023

 

 

October 29, 2022*

 

 

October 28, 2023

 

 

October 29, 2022*

 

United States

 

$

20,953

 

 

$

22,473

 

 

$

61,773

 

 

$

61,168

 

Europe

 

 

11,292

 

 

 

11,447

 

 

 

31,088

 

 

 

26,748

 

Canada

 

 

2,311

 

 

 

2,392

 

 

 

6,480

 

 

 

6,472

 

Asia

 

 

1,670

 

 

 

1,480

 

 

 

4,920

 

 

 

4,206

 

Central and South America

 

 

995

 

 

 

1,311

 

 

 

3,220

 

 

 

3,222

 

Other

 

 

328

 

 

 

302

 

 

 

1,012

 

 

 

858

 

Total Revenue

 

$

37,549

 

 

$

39,405

 

 

$

108,493

 

 

$

102,674

 

 

*Certain amounts have been reclassified to conform to the current year's presentation.

Major product types

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

October 28, 2023

 

 

October 29, 2022

 

 

October 28, 2023

 

 

October 29, 2022

 

Hardware

 

$

12,865

 

 

$

11,947

 

 

$

35,800

 

 

$

29,885

 

Supplies

 

 

19,973

 

 

 

22,945

 

 

 

58,744

 

 

 

60,055

 

Service and Other

 

 

4,711

 

 

 

4,513

 

 

 

13,949

 

 

 

12,734

 

Total Revenue

 

$

37,549

 

 

$

39,405

 

 

$

108,493

 

 

$

102,674

 

 
v3.23.3
Net Income Per Common Share (Tables)
 9 Months Ended
Oct. 28, 2023
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

 

 

Nine Months Ended

 

 

October 28, 2023

 

 

October 29, 2022

 

 

October 28, 2023

 

 

October 29, 2022

 

Weighted Average Common Shares Outstanding – Basic

 

 

7,428,202

 

 

 

7,324,089

 

 

 

7,406,985

 

 

 

7,299,277

 

Effect of Dilutive Options, Restricted Stock Awards and
   Restricted Stock Units

 

 

56,790

 

 

 

55,314

 

 

 

70,363

 

 

 

63,752

 

Weighted Average Common Shares Outstanding – Diluted

 

 

7,484,992

 

 

 

7,379,403

 

 

 

7,477,348

 

 

 

7,363,029

 
v3.23.3
Intangible Assets (Tables)
 9 Months Ended
Oct. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives

Intangible assets are as follows:

 

 

October 28, 2023

 

 

January 31, 2023

 

(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

 

 

$

(3,019

)

 

$

—

 

 

$

81

 

 

$

3,100

 

 

$

(2,777

)

 

$

—

 

 

$

323

 

RITEC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Contract
   Relationships

 

 

2,830

 

 

 

(1,672

)

 

 

—

 

 

 

1,158

 

 

 

2,830

 

 

 

(1,623

)

 

 

—

 

 

 

1,207

 

TrojanLabel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Existing Technology

 

 

2,327

 

 

 

(2,336

)

 

 

89

 

 

 

80

 

 

 

2,327

 

 

 

(2,087

)

 

94

 

 

334

 

Distributor Relations

 

937

 

 

 

(662

)

 

 

21

 

 

 

296

 

 

937

 

 

(588)

 

 

27

 

 

376

 

Honeywell:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Contract
   Relationships

 

 

27,773

 

 

 

(12,578

)

 

 

—

 

 

 

15,195

 

 

 

27,773

 

 

 

(11,913

)

 

 

—

 

 

 

15,860

 

Astro Machine:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Contract
   Relationships

 

 

3,060

 

 

 

(765

)

 

 

—

 

 

 

2,295

 

 

 

3,060

 

 

(306)

 

 

 

—

 

 

 

2,754

 

Trademarks

 

420

 

 

 

(105

)

 

 

—

 

 

 

315

 

 

420

 

 

(42)

 

 

 

—

 

 

378

 

Intangible Assets, net

 

$

40,447

 

 

$

(21,137

)

 

$

110

 

 

$

19,420

 

 

$

40,447

 

 

$

(19,336

)

 

$

121

 

 

$

21,232

 

 
Summary of Estimated Amortization Expense

Estimated amortization expense for the next five fiscal years is as follows:

 

(In thousands)

 

Remaining
2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

Estimated amortization expense

 

$

595

 

 

$

1,722

 

 

$

1,722

 

 

$

1,722

 

 

$

1,281

 
v3.23.3
Inventories (Tables)
 9 Months Ended
Oct. 28, 2023
Inventory Disclosure [Abstract]  
Components of Inventories The components of inventories are as follows:

 

(In thousands)

 

October 28, 2023

 

 

January 31, 2023

 

Materials and Supplies

 

$

37,248

 

 

$

38,387

 

Work-In-Process

 

 

1,453

 

 

 

1,146

 

Finished Goods

 

 

17,415

 

 

 

23,221

 

 

 

56,116

 

 

 

62,754

 

Inventory Reserve

 

 

(9,111

)

 

 

(11,430

)

 

$

47,005

 

 

$

51,324

 
v3.23.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Oct. 28, 2023
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

(In thousands)

 

October 28, 2023

 

 

January 31, 2023

 

Land and Land Improvements

 

$

2,304

 

 

$

2,304

 

Buildings and Leasehold Improvements

 

 

14,372

 

 

 

14,158

 

Machinery and Equipment

 

 

25,838

 

 

 

24,960

 

Computer Equipment and Software

 

 

14,058

 

 

 

13,972

 

Gross Property, Plant and Equipment

 

 

56,572

 

 

 

55,394

 

Accumulated Depreciation

 

 

(42,320

)

 

 

(41,106

)

Net Property Plant and Equipment

 

$

14,252

 

 

$

14,288

 
v3.23.3
Credit Agreement and Long-Term Debt (Tables)
 9 Months Ended
Oct. 28, 2023
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)

 

October 28,
2023

 

 

January 31,
2023

 

USD Term Loan (7.69% as of October 28, 2023 and 6.78% as
of January 31, 2023); maturity date of August 4, 2027

 

$

12,825

 

 

$

14,250

 

Debt Issuance Costs, net of accumulated amortization

 

 

(86

)

 

 

(110

)

Current Portion of Term Loan

 

 

(2,700

)

 

 

(2,100

)

Long-Term Debt

 

$

10,039

 

 

$

12,040

 
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 October 28, 2023 is as follows:

 

(In thousands)

 

 

 

Fiscal 2024, remainder

 

$

675

 

Fiscal 2025

 

 

2,700

 

Fiscal 2026

 

 

2,700

 

Fiscal 2027

 

 

2,700

 

Fiscal 2028

 

 

4,050

 

 

$

12,825

 
v3.23.3
Leases (Tables)
 9 Months Ended
Oct. 28, 2023
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

 

October 28,
2023

 

 

January 31,
2023

 

Lease Assets

 

Right of Use Assets

 

$

650

 

 

$

794

 

Lease Liabilities – Current

 

Other Liabilities and Accrued Expenses

 

$

254

 

 

$

275

 

Lease Liabilities – Long Term

 

Lease Liabilities

 

$

459

 

 

$

555

 
Schedule Lease Cost Information

Lease cost information is as follows:

 

 

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

October 28,
2023

 

 

October 28,
2023

 

Operating Lease Costs

 

General and Administrative Expense

 

$

103

 

 

$

362

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

October 29,
2022

 

 

October 29,
2022

 

Operating Lease Costs

 

General and Administrative Expense

 

$

115

 

 

$

350

 
Schedule of Maturities Of Lease Liabilities

Maturities of operating lease liabilities are as follows:

 

(In thousands)

 

October 28,
2023

 

Fiscal 2024, remaining

 

$

86

 

Fiscal 2025

 

 

252

 

Fiscal 2026

 

 

193

 

Fiscal 2027

 

 

145

 

Fiscal 2028

 

 

89

 

Thereafter

 

 

—

 

Total Lease Payments

 

 

765

 

Less: Imputed Interest

 

 

(52

)

Total Lease Liabilities

 

$

713

 
Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases is as follows:

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

(In thousands)

 

October 28,
2023

 

 

October 28,
2023

 

Cash paid for amounts included in the measurement of lease
   liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

91

 

 

$

268

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

(In thousands)

 

October 29,
2022

 

 

October 29,
2022

 

Cash paid for amounts included in the measurement of lease
   liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

74

 

 

$

237

 

 
v3.23.3
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Oct. 28, 2023
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

 

Balance at January 31, 2023

 

$

(2,238

)

Other Comprehensive Loss before reclassification

 

 

(324

)

Balance at October 28, 2023

 

$

(2,562

)
v3.23.3
Share-Based Compensation (Tables)
 9 Months Ended
Oct. 28, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation Expense

Share-based compensation expense was recognized as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

Stock Options

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

Restricted Stock Awards and Restricted Stock Units

 

 

302

 

 

 

401

 

 

 

1,045

 

 

 

963

 

Employee Stock Purchase Plan

 

 

9

 

 

 

4

 

 

 

20

 

 

 

7

 

Total

 

$

311

 

 

$

405

 

 

$

1,065

 

 

$

977

 

 
Aggregated Information Regarding Stock Option Activity

Aggregated information regarding stock option activity for the nine months ended October 28, 2023 is summarized below:

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

Outstanding at January 31, 2023

 

 

547,199

 

 

$

15.16

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

(6,700

)

 

 

10.57

 

Forfeited

 

 

(8,025

)

 

 

15.34

 

Canceled

 

 

(4,225

)

 

 

10.50

 

Outstanding at October 28, 2023

 

 

528,249

 

 

$

15.25

 
Summary of Options Outstanding

Set forth below is a summary of options outstanding at October 28, 2023:

 

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

 

$10.01-15.00

 

 

316,374

 

 

$

13.78

 

 

 

2.3

 

 

 

316,374

 

 

$

13.78

 

 

 

2.3

 

$15.01-20.00

 

 

211,875

 

 

$

17.44

 

 

 

4.1

 

 

 

211,875

 

 

$

17.44

 

 

 

4.1

 

 

 

528,249

 

 

$

15.25

 

 

 

3.0

 

 

 

528,249

 

 

$

15.25

 

 

 

3.0

 
Aggregated Information Regarding RSU, PSU and RSA Activity

Aggregated information regarding RSU, PSU and RSA activity for the nine months ended October 28, 2023 is summarized below:

 

 

RSUs, PSUs & RSAs

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 31, 2023

 

 

274,927

 

 

$

12.82

 

Granted

 

 

152,643

 

 

 

12.59

 

Vested

 

 

(110,488

)

 

 

12.18

 

Forfeited

 

 

(4,677

)

 

 

12.49

 

Outstanding at October 28, 2023

 

 

312,405

 

 

$

12.94

 

 
v3.23.3
Income Taxes (Tables)
 9 Months Ended
Oct. 28, 2023
Income Tax Disclosure [Abstract]  
Projected Effective Tax Rates

Our effective tax rates are as follows:

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

Fiscal 2024

 

 

25.6

%

 

 

27.1

%

Fiscal 2023

 

 

26.0

%

 

 

22.8

%

 
v3.23.3
Segment Information (Tables)
 9 Months Ended
Oct. 28, 2023
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

 

 

Nine Months Ended

 

 

Revenue

 

 

Segment Operating Profit

 

 

Revenue

 

 

Segment Operating Profit

 

(In thousands)

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

 

October 28,
2023

 

 

October 29,
2022

 

Product Identification

 

$

26,543

 

 

$

29,879

 

 

$

4,794

 

 

$

2,960

 

 

$

77,416

 

 

$

74,985

 

 

$

6,848

 

 

$

6,019

 

T&M

 

 

11,006

 

 

 

9,526

 

 

 

2,558

 

 

 

1,711

 

 

 

31,077

 

 

 

27,689

 

 

 

6,548

 

 

 

5,783

 

Total

 

$

37,549

 

 

$

39,405

 

 

 

7,352

 

 

 

4,671

 

 

$

108,493

 

 

$

102,674

 

 

 

13,396

 

 

 

11,802

 

Corporate Expenses

 

 

 

 

 

 

 

 

2,734

 

 

 

3,325

 

 

 

 

 

 

 

 

 

8,514

 

 

 

8,456

 

Operating Income

 

 

 

 

 

 

 

 

4,618

 

 

 

1,346

 

 

 

 

 

 

 

 

 

4,882

 

 

 

3,346

 

Other Income (Expense), net

 

 

 

 

 

 

 

 

(917

)

 

 

(955

)

 

 

 

 

 

 

 

 

(2,161

)

 

 

(1,665

)

Income Before
   Income Taxes

 

 

 

 

 

 

 

 

3,701

 

 

 

391

 

 

 

 

 

 

 

 

 

2,721

 

 

 

1,681

 

Income Tax Provision

 

 

 

 

 

 

 

 

949

 

 

 

102

 

 

 

 

 

 

 

 

 

738

 

 

 

383

 

Net Income

 

 

 

 

 

 

 

$

2,752

 

 

$

289

 

 

 

 

 

 

 

 

$

1,983

 

 

$

1,298

 

 
v3.23.3
Fair Value (Tables)
 9 Months Ended
Oct. 28, 2023
Fair Value Disclosures [Abstract]  
Summary of Changes in Fair value of Level 3 Financial Liability

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:

 

 

October 28, 2023

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

12,882

 

 

$

12,882

 

 

$

12,825

 

 

 

January 31, 2023

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

14,310

 

 

$

14,310

 

 

$

14,250

 

 
v3.23.3
Restructuring (Tables)
 9 Months Ended
Oct. 28, 2023
Restructuring and Related Activities [Abstract]  
Summary of Restructuring Cost and Liability by Type Below is a summary of the restructuring costs and liability by type as of October 28, 2023.

 




(in thousands)

 

Restructuring
 Costs

 

 

Amounts paid in quarter ended
 July 29, 2023

 

 

Amounts paid in quarter ended
October 28, 2023

 

Restructuring
 Liability

 

Severance and Employee Related Costs

 

$

611

 

 

$

(40

)

 

$

(320

)

$

251

 

Inventory Write-Off

 

 

1,991

 

 

 

—

 

 

 

—

 

 

—

 

Facility Exit and Other Restructuring Costs

 

49

 

 

 

—

 

 

 

—

 

 

—

 

Total

 

$

2,651

 

 

$

(40

)

 

$

(320

)

$

251

 

 
Summarizes Restructuring Costs

The following table summarizes restructuring costs included in the accompanying condensed consolidated statement of

income:

 

 

 

Nine Months Ended

 

(in thousands)

 

October 28, 2023

 

Cost of Revenue

 

$

2,096

 

Operating Expenses:

 

 

 

Selling & Marketing

 

443

 

Research & Development

 

29

 

General & Administrative

 

83

 

Total

 

$

2,651

 

 

 
Schedule of Product Retrofit Program Liabilities The balance in the related liability, which is included in other accrued expenses in the accompanying condensed consolidated balance sheet at October 28, 2023, is as follows:

 

(in thousands)

 

 

Provision for Product Retrofit Program

$

852

 

Cost of Repairs and Replacements incurred through October 28, 2023

 

(387

)

Balance at October 28, 2023

$

465

 
v3.23.3
Business and Basis of Presentation - Additional Information (Detail)
 9 Months Ended
Oct. 28, 2023
Segment
Number of Operating Segments 2
v3.23.3
Acquisitions - Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 31, 2023
Aug. 04, 2022
Business Acquisition [Line Items]      
Goodwill $ 14,440 $ 14,658  
Agreement With Astro Machine For Asset Acquisitions [Member]      
Business Acquisition [Line Items]      
Cash     $ 91
Accounts Receivable     3,393
Inventory     5,715
Property, Plant and Equipment     4,200
Identifiable Intangible Assets     3,480
Goodwill $ 2,700   2,730
Accounts Payable and Other Current Liabilities     (2,484)
Total Purchase Price     $ 17,125
v3.23.3
Acquisitions - Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail)
$ in Thousands
Aug. 04, 2022
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 3,480
Customer Relationships [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 3,060
Useful Life (Years) 5 years
Trademarks and Trade Names [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 420
Useful Life (Years) 5 years
v3.23.3
Acquisitions - Summary of Revenue and Earnings Before Taxes (Detail) - Agreement With Astro Machine For Asset Acquisitions [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Business Acquisition Pro Forma Information [Line Items]        
Revenue $ 4,703 $ 6,575 $ 13,830 $ 12,515
Earnings before Taxes $ 1,199 $ 1,055 $ 2,594 $ 1,571
v3.23.3
Acquisitions - Summary of Acquired Identifiable Intangible Asset (Detail) - Customer Contract Relationships [Member]
$ in Thousands
Oct. 28, 2023
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 530
Useful Life (Years) 20 years
v3.23.3
Acquisitions - Additional Information (Detail)
 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 04, 2022
USD ($)
ft²
Oct. 28, 2023
USD ($)
Oct. 28, 2023
USD ($)
Oct. 29, 2022
USD ($)
Jan. 31, 2023
USD ($)
Business Acquisition [Line Items]          
Business Combination, Consideration Transferred       $ 17,034,000  
Area of Land | ft² 34,460        
Goodwill   $ 14,440,000 $ 14,440,000   $ 14,658,000
Royalty expense     100,000   100,000
Royalty guarantee commitement amount         100,000
Royalty guarantee commitement due current and non current discounted value   500,000 500,000   $ 500,000
Royalty Payments Due In Next Twelve Months [Member]          
Business Acquisition [Line Items]          
Royalty guarantee commitement amount   100,000 100,000    
Royalty Payments Due Year Two [Member]          
Business Acquisition [Line Items]          
Royalty guarantee commitement amount   200,000 200,000    
Royalty Payments Due Year Three [Member]          
Business Acquisition [Line Items]          
Royalty guarantee commitement amount   233,000 233,000    
Royalty Payments Due Year Four [Member]          
Business Acquisition [Line Items]          
Royalty guarantee commitement amount   233,000 233,000    
Royalty Payments Due Year Five [Member]          
Business Acquisition [Line Items]          
Royalty guarantee commitement amount   234,000 $ 234,000    
Honeywell Asset Purchase and License Agreement [Member]          
Business Acquisition [Line Items]          
Additional royalty payments   200,000      
Measurement Input Royalty Rate [Member]          
Business Acquisition [Line Items]          
Fair Value Of Intangible Assets Measurement Input 0.0075        
Measurement Input Customer Attrition Rate [Member]          
Business Acquisition [Line Items]          
Fair Value Of Intangible Assets Measurement Input 0.18        
Measurement Input, Discount Rate [Member]          
Business Acquisition [Line Items]          
Fair Value Of Intangible Assets Measurement Input 0.19        
Agreement With Astro Machine For Asset Acquisitions [Member]          
Business Acquisition [Line Items]          
Purchase price of acquisition $ 15,600,000        
Business Combination, Consideration Transferred $ 17,100,000        
Payments to Acquire Businesses, Gross 100.00%        
Purchase price into an escrow account $ 300,000        
Payments to Acquire Additional Interest in Subsidiaries 1,500,000        
Number of Acres of land     1.26    
Goodwill $ 2,730,000 2,700,000 $ 2,700,000    
Agreement With Astro Machine For Asset Acquisitions [Member] | General and Administrative Expense [Member]          
Business Acquisition [Line Items]          
Business Combination, Acquisition Related Costs   $ 700,000 $ 700,000    
v3.23.3
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Disaggregation of Revenue [Line Items]        
Total Revenue $ 37,549 $ 39,405 $ 108,493 $ 102,674
United States [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 20,953 22,473 61,773 61,168
Europe [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 11,292 11,447 31,088 26,748
Canada [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 2,311 2,392 6,480 6,472
Asia [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 1,670 1,480 4,920 4,206
Central and South America [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 995 1,311 3,220 3,222
Other [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 328 $ 302 $ 1,012 $ 858
v3.23.3
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Disaggregation of Revenue [Line Items]        
Total Revenue $ 37,549 $ 39,405 $ 108,493 $ 102,674
Hardware [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 12,865 11,947 35,800 29,885
Supplies [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 19,973 22,945 58,744 60,055
Service and Other [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 4,711 $ 4,513 $ 13,949 $ 12,734
v3.23.3
Revenue Recognition - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 28, 2023
Oct. 28, 2023
Jan. 31, 2023
Dec. 31, 2022
Contract liabilities and extended warranties $ 304,000 $ 304,000 $ 412,000  
Revenue recognized 521,000 521,000    
Contract assets balance 1,300,000 1,300,000 1,400,000  
Amortization of incremental direct costs 19,000 56,000    
Deferred incremental direct contract costs reported in other current assets 100,000 $ 100,000    
Capitalized contract costs amounts incurred amortization period   18 years    
Aerospace Customer [Member]        
Deferred incremental direct contract costs reported in other current assets 1,200,000 $ 1,200,000    
Contract with customer liability       $ 3,250,000
Deferred Revenue 1,100,000 1,100,000 2,150,000  
Revenue recognized $ 400,000 $ 1,000,000 $ 1,100,000  
v3.23.3
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Weighted Average Common Shares Outstanding – Basic 7,428,202 7,324,089 7,406,985 7,299,277
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 56,790 55,314 70,363 63,752
Weighted Average Number of Common Shares Outstanding—Diluted 7,484,992 7,379,403 7,477,348 7,363,029
v3.23.3
Net Income Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Earnings Per Share [Abstract]        
Effect of potentially dilute earnings per share 56,790 55,314 70,363 63,752
Number of common equivalent shares 505,293 540,407 390,326 602,510
v3.23.3
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 40,447 $ 40,447
Accumulated Amortization (21,137) (19,336)
Currency Translation Adjustment 110 121
Net Carrying Amount 19,420 21,232
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 27,773 27,773
Accumulated Amortization (12,578) (11,913)
Net Carrying Amount 15,195 15,860
Customer Contract Relationships [Member] | Miltope [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,100 3,100
Accumulated Amortization (3,019) (2,777)
Net Carrying Amount 81 323
Customer Contract Relationships [Member] | RITEC [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,830 2,830
Accumulated Amortization (1,672) (1,623)
Net Carrying Amount 1,158 1,207
Customer Contract Relationships [Member] | Agreement With Astro Machine For Asset Acquisitions [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,060 3,060
Accumulated Amortization (765) (306)
Net Carrying Amount 2,295 2,754
Existing Technology [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,327 2,327
Accumulated Amortization (2,336) (2,087)
Currency Translation Adjustment 89 94
Net Carrying Amount 80 334
Distributor Relations [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 937 937
Accumulated Amortization (662) (588)
Currency Translation Adjustment 21 27
Net Carrying Amount 296 376
Trademarks [Member] | Agreement With Astro Machine For Asset Acquisitions [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 420 420
Accumulated Amortization (105) (42)
Net Carrying Amount $ 315 $ 378
v3.23.3
Intangible Assets - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Impairments of intangible assets     $ 0 $ 0
Amortization expense $ 600,000 $ 400,000 $ 1,800,000 $ 1,200,000
v3.23.3
Intangible Assets - Summary of Estimated Amortization Expense (Detail)
$ in Thousands
Oct. 28, 2023
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
Remaining 2024 $ 595
2025 1,722
2026 1,722
2027 1,722
2028 $ 1,281
v3.23.3
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 31, 2023
Inventory Disclosure [Abstract]    
Materials and Supplies $ 37,248 $ 38,387
Work-In-Progress 1,453 1,146
Finished Goods 17,415 23,221
Inventory, Gross 56,116 62,754
Inventory Reserve (9,111) (11,430)
Inventories $ 47,005 $ 51,324
v3.23.3
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 31, 2023
Property, Plant and Equipment [Abstract]    
Land and Land Improvements $ 2,304 $ 2,304
Buildings and Leasehold Improvements 14,372 14,158
Machinery and Equipment 25,838 24,960
Computer Equipment and Software 14,058 13,972
Gross Property, Plant and Equipment 56,572 55,394
Accumulated Depreciation (42,320) (41,106)
Net Property Plant and Equipment $ 14,252 $ 14,288
v3.23.3
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Property, Plant and Equipment [Abstract]        
Depreciation expense on property, plant and equipment $ 0.4 $ 0.5 $ 1.3 $ 1.0
v3.23.3
Credit Agreement and Long- Term Debt - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended 42 Months Ended
Aug. 04, 2022
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Jul. 31, 2023
Oct. 29, 2022
Apr. 30, 2027
Aug. 03, 2022
Debt Instrument [Line Items]                
Revolving loan outstanding   $ 14,900,000   $ 14,900,000        
Interest Expense, Debt   254,000 $ 266,000 $ 768,000   $ 384,000    
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       0.35%        
Percentage added to variable rate       1.50%        
Maximum [Member] | LIBOR [Member] | Revolving Credit Facility [Member]                
Debt Instrument [Line Items]                
Interest rate       2.50%        
Bank of America, N.A. [Member] | Term Loan [Member]                
Debt Instrument [Line Items]                
Debt Instrument, principal Periodic payment         $ 375,000   $ 675,000  
Bank of America, N.A. [Member] | Term Loan [Member] | Second Amendment Credit Agreement [Member]                
Debt Instrument [Line Items]                
Proceeds from long term line of credit $ 6,000,000              
Bank of America, N.A. [Member] | Term Loan [Member] | Additional Term Loan Availed [Member] | Second Amendment Credit Agreement [Member]                
Debt Instrument [Line Items]                
Principal amount of debt 6,000,000              
Bank of America, N.A. [Member] | Term Loan [Member] | Before Amendment To The Credit Agreement [Member]                
Debt Instrument [Line Items]                
Principal amount of debt 9,000,000              
Bank of America, N.A. [Member] | Revolving Credit Facility [Member]                
Debt Instrument [Line Items]                
Line of Credit Facility, Remaining Borrowing Capacity   $ 10,100,000   $ 10,100,000        
Long term debt weighted average interest rate over a period of time   7.94% 7.32% 7.60%   5.74%    
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Second Amendment Credit Agreement [Member]                
Debt Instrument [Line Items]                
Maximum borrowing capacity 25,000,000              
Proceeds from long term line of credit $ 12,400,000              
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Before Amendment To The Credit Agreement [Member]                
Debt Instrument [Line Items]                
Maximum borrowing capacity               $ 22,500,000
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Other Expense [Member]                
Debt Instrument [Line Items]                
Interest Expense, Debt   $ 311,000 $ 341,000 $ 936,000   $ 409,000    
Line of Credit Facility, Commitment Fee Amount       $ 23,000   $ 38,000    
v3.23.3
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 31, 2023
Debt Instrument [Line Items]    
Debt Issuance Costs, net of accumulated amortization $ (86) $ (110)
Current Portion of Term Loan (2,700) (2,100)
Long-Term Debt 10,039 12,040
Term Loan Due August 4, 2027 [Member]    
Debt Instrument [Line Items]    
USD Term Loan $ 12,825 $ 14,250
v3.23.3
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) - Term Loan Due August 4, 2027 [Member]
 9 Months Ended 12 Months Ended
Oct. 28, 2023
Jan. 31, 2023
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis (7.69% as of October 28, 2023 and 6.78% as of January 31, 2023); maturity date of August 4, 2027  
Interest rate 7.69% 6.78%
Debt instrument, maturity date Aug. 04, 2027 Aug. 04, 2027
v3.23.3
Credit Agreement and Long- Term Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member]
$ in Thousands
Oct. 28, 2023
USD ($)
Debt Instrument [Line Items]  
Fiscal 2024, remainder $ 675
Fiscal 2025 2,700
Fiscal 2026 2,700
Fiscal 2027 2,700
Fiscal 2028 4,050
Long-term Debt $ 12,825
v3.23.3
Royalty Obligation - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2018
Oct. 28, 2023
Oct. 28, 2023
Jan. 31, 2023
Guaranteed Minimum Royalty Payments     $ 10,800  
Royalty Obligation, Current   $ 1,500 1,500 $ 1,725
Royalty Obligation Non Current   2,476 2,476 3,415
Accrued Royalties, Current, Excess Royalty Payment Due   542 542 $ 562
Honeywell Asset Purchase and License Agreement [Member]        
Payment Term Period 10 years      
Minimum Royalty Payment Obligation $ 15,000      
Royalty Obligation, Current   1,500 1,500  
Royalty Obligation Non Current   2,000 2,000  
Excess Royalty Payments   500 1,400  
Accrued Royalties, Current, Excess Royalty Payment Due   1,300 1,300  
Accrued Royalties Current Excess Royalty Payments Due   $ 500 $ 500  
v3.23.3
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 31, 2023
Operating Leases [Abstract]    
Lease Assets $ 650 $ 794
Lease Liabilities - Current 254 275
Lease Liabilities - Long Term $ 459 $ 555
v3.23.3
Leases - Lease Cost Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
General and Administrative Expense [Member]        
Operating Lease Costs $ 103 $ 115 $ 362 $ 350
v3.23.3
Leases - Maturities of lease liabilities (Detail)
$ in Thousands
Oct. 28, 2023
USD ($)
Leases [Abstract]  
Fiscal 2024, remaining $ 86
Fiscal 2025 252
Fiscal 2026 193
Fiscal 2027 145
Fiscal 2028 89
Thereafter 0
Total Lease Payments 765
Less: Imputed Interest (52)
Total Lease Liabilities $ 713
v3.23.3
Leases - Additional Information (Detail)
Oct. 28, 2023
Leases [Abstract]  
Operating Lease, Weighted Average Remaining Lease Term 3 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent 4.39%
v3.23.3
Leases - Supplemental cash flow information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Cash paid for amounts included in the measurement of lease liabilities [Abstract]        
Operating cash flows for operating leases $ 91 $ 74 $ 268 $ 237
v3.23.3
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail)
$ in Thousands
 9 Months Ended
Oct. 28, 2023
USD ($)
Schedule of Capitalization, Equity [Line Items]  
Beginning Balance $ 84,367
Ending Balance 86,888
Foreign Currency Translation Adjustments [Member]  
Schedule of Capitalization, Equity [Line Items]  
Beginning Balance (2,238)
Other Comprehensive Loss before reclassification (324)
Ending Balance $ (2,562)
v3.23.3
Share-Based Compensation - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 05, 2023
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares outstanding   528,249   528,249   547,199
Number of options granted       0   0
Annual compensation amount   $ 311,000 $ 405,000 $ 1,065,000 $ 977,000  
Reservation of shares under Stock Purchase Plan           40,000
Employee Stock Purchase Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Employee Stock Purchase Plan discount rate           15.00%
2007 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares outstanding   263,749   263,749    
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   950,000    
Number of shares outstanding   135,500   135,500    
2022 Employee Stock Purchase Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares purchase under Employee Stock Purchase Plan       7,213   5,045
Shares available for grant under the Plan   27,742   27,742    
Prior Employee Stock Purchase Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares purchase under Employee Stock Purchase Plan         1,550  
Stock Options [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation expense related to options   $ 0   $ 0    
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    
Unrecognized compensation expense related to RSUs and RSAs   $ 1,500,000   $ 1,500,000    
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   123,772   123,772    
RSA [Member] | 2015 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares outstanding   129,000   129,000    
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of unvested shares   188,633   188,633    
Restricted Stock Award [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of number of shares granted       25.00%    
Annual compensation amount $ 70,000          
v3.23.3
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Share-based Compensation [Abstract]        
Stock Options $ 0 $ 0 $ 0 $ 7
Restricted Stock Awards and Restricted Stock Units 302 401 1,045 963
Employee Stock Purchase Plan 9 4 20 7
Total $ 311 $ 405 $ 1,065 $ 977
v3.23.3
Share-Based Compensation - Aggregated Information Regarding Stock Option Activity (Detail) - $ / shares
 9 Months Ended 12 Months Ended
Oct. 28, 2023
Jan. 31, 2023
Share-based Compensation [Abstract]    
Beginning balance, Number of Options 547,199  
Granted, Number of Options 0 0
Exercised, Number of Options (6,700)  
Forfeited, Number of Options (8,025)  
Canceled, Number of Options (4,225)  
Ending balance, Number of Options 528,249 547,199
Beginning balance, Weighted-Average Exercise Price $ 15.16  
Granted, Weighted-Average Exercise Price 0  
Exercised, Weighted-Average Exercise Price 10.57  
Forfeited, Weighted-Average Exercise Price 15.34  
Cancelled, Weighted-Average Exercise Price 10.5  
Ending balance, Weighted-Average Exercise Price $ 15.25 $ 15.16
v3.23.3
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares
 9 Months Ended
Oct. 28, 2023
Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares outstanding, total 528,249 547,199
Outstanding, Weighted Average Exercise Price $ 15.25  
Outstanding Remaining Contractual Life 3 years  
Number of shares exercisable, total 528,249  
Exercisable, Weighted Average Exercise Price $ 15.25  
Exercisable Remaining Contractual Life 3 years  
$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 316,374  
Outstanding, Weighted Average Exercise Price $ 13.78  
Outstanding Remaining Contractual Life 2 years 3 months 18 days  
Exercisable, Number of shares 316,374  
Exercisable, Weighted Average Exercise Price $ 13.78  
Exercisable Remaining Contractual Life 2 years 3 months 18 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 211,875  
Outstanding, Weighted Average Exercise Price $ 17.44  
Outstanding Remaining Contractual Life 4 years 1 month 6 days  
Exercisable, Number of shares 211,875  
Exercisable, Weighted Average Exercise Price $ 17.44  
Exercisable Remaining Contractual Life 4 years 1 month 6 days  
v3.23.3
Share-Based Compensation - Aggregated Information Regarding RSU, PSU and RSA Activity (Detail) - Restricted Stock Award Preferred Stock Unit And Restricted Stock Unit [Member]
 9 Months Ended
Oct. 28, 2023
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 274,927
Granted, Restricted Stock Units and Restricted Stock Awards | shares 152,643
Vested, Restricted Stock Units and Restricted Stock Awards | shares (110,488)
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares (4,677)
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 312,405
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.82
Granted, Weighted Average Grant Date Fair Value | $ / shares 12.59
Vested, Weighted Average Grant Date Fair Value | $ / shares 12.18
Forfeited, Weighted Average Grant Date Fair Value | $ / shares 12.49
Ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.94
v3.23.3
Income Taxes - Projected Effective Tax Rates (Detail)
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Income Tax Disclosure [Abstract]        
Effective tax rates for income from continuing operations 25.60% 26.00% 27.10% 22.80%
v3.23.3
Income Taxes - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 949,000 $ 102,000 $ 738,000 $ 383,000
Tax expenses benefits resulting from provisional adjustments     (49,000) (51,000)
Effective income tax reconciliation tax benefit related to expiration of statute of limitations on previously uncertain tax positions     (77,000) (38,000)
Effective income tax reconciliation tax expense related to foreign return to provision differences     $ 18,000  
Effective income tax reconciliation tax expense due to revaluation of deferred tax assets   $ (30,000)   $ 13,000
v3.23.3
Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Oct. 28, 2023
Oct. 29, 2022
Segment Reporting Information [Line Items]                
Revenue $ 37,549,000     $ 39,405,000     $ 108,493,000 $ 102,674,000
Corporate Expenses 2,734,000     3,325,000     8,514,000 8,456,000
Operating Income 4,618,000     1,346,000     4,882,000 3,346,000
Other Income (Expense), net (917,000)     (955,000)     (2,161,000) (1,665,000)
Income Before Income Taxes 3,701,000     391,000     2,721,000 1,681,000
Income Tax Provision 949,000     102,000     738,000 383,000
Net Income 2,752,000 $ (1,617,000) $ 848,000 289,000 $ 584,000 $ 425,000 1,983,000 1,298,000
Product Identification [Member]                
Segment Reporting Information [Line Items]                
Revenue 26,543,000     29,879,000     77,416,000 74,985,000
T&M [Member]                
Segment Reporting Information [Line Items]                
Revenue 11,006,000     9,526,000     31,077,000 27,689,000
Operating Segments [Member]                
Segment Reporting Information [Line Items]                
Operating Income 7,352,000     4,671,000     13,396,000 11,802,000
Operating Segments [Member] | Product Identification [Member]                
Segment Reporting Information [Line Items]                
Operating Income 4,794,000     2,960,000     6,848,000 6,019,000
Operating Segments [Member] | T&M [Member]                
Segment Reporting Information [Line Items]                
Operating Income 2,558,000     1,711,000     6,548,000 5,783,000
Corporate Expenses [Member]                
Segment Reporting Information [Line Items]                
Corporate Expenses $ 2,734,000     $ 3,325,000     $ 8,514,000 $ 8,456,000
v3.23.3
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
Oct. 28, 2023
Jan. 31, 2023
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 12,882 $ 14,310
Fair Value [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities 12,882 14,310
Carrying Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 12,825 $ 14,250
v3.23.3
Restructuring - Additional Information (Detail)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 29, 2023
USD ($)
Oct. 28, 2023
USD ($)
Printer
Restructuring Cost and Reserve [Line Items]    
Pre-tax restructuring   $ 2,651
Product Retrofit Program [Member]    
Restructuring Cost and Reserve [Line Items]    
Number of printers sold to customers | Printer   150
Expected restructuring expense   $ 900
Severance and Related Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Pre-tax restructuring   $ 611
Product Identification Segment Restructuring Plan [Member]    
Restructuring Cost and Reserve [Line Items]    
Pre-tax restructuring $ 2,700  
v3.23.3
Restructuring - Summary of Restructuring Cost and Liability by Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Jul. 29, 2023
Oct. 28, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     $ 2,651
Amounts paid $ (320) $ (40)  
Restructuring Liability 251   251
Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     611
Amounts paid (320) $ (40)  
Restructuring Liability $ 251   251
Inventory Write-Off [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     1,991
Facility Exit and Other Restructuring Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     $ 49
v3.23.3
Restructuring - Summarizes Restructuring Costs (Detail)
$ in Thousands
 9 Months Ended
Oct. 28, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs $ 2,651
Cost of Revenue [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs 2,096
Selling & Marketing [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs 443
Research & Development [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs 29
General & Administrative [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs $ 83
v3.23.3
Restructuring - Schedule of Restructuring Balance Related Liabilities (Detail) - Product Retrofit Program [Member] - Other Accrued Expenses [Member] - USD ($)
$ in Thousands
Oct. 28, 2023
Jul. 29, 2023
Restructuring Cost and Reserve [Line Items]    
Provision for Product Retrofit Program   $ 852
Cost of Repairs and Replacements incurred $ (387)  
Balance at July 29, 2023 $ 465