ASTRONOVA, INC., 10-Q filed on 12/7/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 9 Months Ended
Oct. 29, 2022
Dec. 05, 2022
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Oct. 29, 2022  
Document Fiscal Year Focus 2022  
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  
Entity Shell Company false  
Trading Symbol ALOT  
Entity Small Business true  
Entity Emerging Growth Company false  
Title of 12(b) Security Common Stock  
Security Exchange Name NASDAQ  
Entity Incorporation, State or Country Code RI  
Entity File Number 0-13200  
Document Quarterly Report true  
Document Transition Report false  
Entity Tax Identification Number 05-0318215  
Entity Address, Address Line One 600 East Greenwich Avenue  
Entity Address, City or Town West Warwick  
Entity Address, State or Province RI  
Entity Address, Postal Zip Code 02893  
City Area Code 401  
Local Phone Number 828-4000  
Entity Common Stock, Shares Outstanding   7,349,507
v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 31, 2022
CURRENT ASSETS    
Cash and Cash Equivalents $ 4,496 $ 5,276
Accounts Receivable, net 21,919 17,124
Inventories, net 49,992 34,609
Employee Retention Credit Receivable   3,135
Prepaid Expenses and Other Current Assets 4,682 3,634
Total Current Assets 81,089 63,778
Property, Plant and Equipment, net 14,041 11,441
Intangible Assets, net 18,866 19,200
Goodwill 17,885 12,156
Deferred Tax Assets 5,567 5,591
Right of Use Assets 800 1,094
Other Assets 1,581 1,695
TOTAL ASSETS 139,829 114,955
CURRENT LIABILITIES    
Accounts Payable 9,644 8,590
Accrued Compensation 2,814 3,512
Other Liabilities and Accrued Expenses 4,006 4,113
Revolving Line of Credit 19,900  
Current Liability – Royalty Obligation 1,750 2,000
Current Portion of Long-Term Debt 1,800 1,000
Current Liability – Excess Royalty Payment Due 255 235
Income Taxes Payable 912 323
Deferred Revenue 362 262
Total Current Liabilities 41,443 20,035
NON CURRENT LIABILITIES    
Long-Term Debt, net of current portion 12,732 8,154
Royalty Obligation, net of current portion 3,298 4,361
Lease Liabilities, net of current portion 550 808
Income Taxes Payable 399 399
Deferred Tax Liabilities 79 186
TOTAL LIABILITIES 58,501 33,943
SHAREHOLDERS' EQUITY    
Common Stock 534 528
Additional Paid-in Capital 60,774 59,692
Retained Earnings 57,812 56,514
Treasury Stock, at Cost (34,227) (33,974)
Accumulated Other Comprehensive Loss, net of tax (3,565) (1,748)
TOTAL SHAREHOLDERS' EQUITY 81,328 81,012
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 139,829 $ 114,955
v3.22.2.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Oct. 29, 2022
Jan. 31, 2022
Statement of Financial Position [Abstract]    
Common Stock, Par Value $ 0.05 $ 0.05
Common Stock, Shares Authorized 13,000,000 13,000,000
Common Stock, Shares Issued 10,669,689 10,566,404
Treasury Stock, Shares 3,341,354 3,324,280
v3.22.2.2
Condensed Consolidated Statements of Income (Loss) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Income Statement [Abstract]        
Revenue $ 39,405,000 $ 28,857,000 $ 102,674,000 $ 87,780,000
Cost of Revenue 26,923,000 18,472,000 68,080,000 53,792,000
Gross Profit 12,482,000 10,385,000 34,594,000 33,988,000
Operating Expenses:        
Selling and Marketing 5,908,000 5,777,000 17,771,000 16,931,000
Research and Development 1,903,000 1,948,000 5,021,000 5,203,000
General and Administrative 3,325,000 2,364,000 8,456,000 7,372,000
Operating Expenses 11,136,000 10,089,000 31,248,000 29,506,000
Operating Income 1,346,000 296,000 3,346,000 4,482,000
Other Income (Expense), net:        
Extinguishment of Debt – PPP Loan 0 0 0 4,466,000
Loss on Disposal of Assets 0 (696,000) 0 (696,000)
Interest Expense (701,000) (135,000) (1,086,000) (526,000)
Loss on Foreign Currency Transactions (237,000) (117,000) (614,000) (231,000)
Other, net (17,000) 53,000 35,000 (11,000)
Other Income (Expense), net (955,000) (895,000) (1,665,000) 3,002,000
Income (Loss) Before Income Taxes 391,000 (599,000) 1,681,000 7,484,000
Income Tax Provision (Benefit) 102,000 (174,000) 383,000 297,000
Net Income (Loss) $ 289,000 $ (425,000) $ 1,298,000 $ 7,187,000
Net Income (Loss) per Common Share—Basic: $ 0.04 $ (0.06) $ 0.18 $ 1
Net Income (Loss) per Common Share—Diluted: $ 0.04 $ (0.06) $ 0.18 $ 0.98
Weighted Average Number of Common Shares Outstanding:        
Basic 7,324,089 7,234,045 7,299,277 7,196,066
Diluted 7,379,403 7,234,045 7,363,029 7,324,503
v3.22.2.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ 289 $ (425) $ 1,298 $ 7,187
Other Comprehensive Loss, Net of Taxes:        
Foreign Currency Translation Adjustments (497) (410) (1,864) (839)
Loss from Cash Flow Hedges Reclassified to Income Statement 16 16 47 47
Other Comprehensive Loss (481) (394) (1,817) (792)
Comprehensive Income (Loss) $ (192) $ (819) $ (519) $ 6,395
v3.22.2.2
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Jan. 31, 2021 $ 74,683 $ 521 $ 58,049 $ 50,085 $ (33,588) $ (384)
Beginning Balance, Shares at Jan. 31, 2021   10,425,094        
Share-Based Compensation 478   478      
Employee Option Exercises 52   52      
Employee Option Exercises, Shares   5,746        
Restricted Stock Awards Vested, net (208) $ 3 (3)   (208)  
Restricted Stock Awards Vested, net, Shares   48,299        
Net Income (Loss) 593     593    
Other Comprehensive Loss (65)         (65)
Ending Balance at May. 01, 2021 75,533 $ 524 58,576 50,678 (33,796) (449)
Ending Balance, Shares at May. 01, 2021   10,479,139        
Beginning Balance at Jan. 31, 2021 74,683 $ 521 58,049 50,085 (33,588) (384)
Beginning Balance, Shares at Jan. 31, 2021   10,425,094        
Net Income (Loss) 7,187          
Other Comprehensive Loss (792)          
Ending Balance at Oct. 30, 2021 82,182 $ 528 59,502 57,272 (33,944) (1,176)
Ending Balance, Shares at Oct. 30, 2021   10,556,891        
Beginning Balance at May. 01, 2021 75,533 $ 524 58,576 50,678 (33,796) (449)
Beginning Balance, Shares at May. 01, 2021   10,479,139        
Share-Based Compensation 469   469      
Employee Option Exercises 35   35      
Employee Option Exercises, Shares   3,211        
Restricted Stock Awards Vested, net (146) $ 4 (4)   (146)  
Restricted Stock Awards Vested, net, Shares   72,125        
Net Income (Loss) 7,019     7,019    
Other Comprehensive Loss (333)         (333)
Ending Balance at Jul. 31, 2021 82,577 $ 528 59,076 57,697 (33,942) (782)
Ending Balance, Shares at Jul. 31, 2021   10,554,475        
Share-Based Compensation 399   399      
Employee Option Exercises 27   27      
Employee Option Exercises, Shares   1,983        
Restricted Stock Awards Vested, net (2)       (2)  
Restricted Stock Awards Vested, net, Shares   433        
Net Income (Loss) (425)     (425)    
Other Comprehensive Loss (394)         (394)
Ending Balance at Oct. 30, 2021 82,182 $ 528 59,502 57,272 (33,944) (1,176)
Ending Balance, Shares at Oct. 30, 2021   10,556,891        
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, net (249) $ 3 (3)   (249)  
Restricted Stock Awards Vested, net, Shares   61,513        
Net Income (Loss) 425     425    
Other Comprehensive 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        
Employee Option Exercises, Shares 36,444          
Net Income (Loss) $ 1,298          
Other Comprehensive Loss (1,817)         (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, net   $ 1 (1)      
Restricted Stock Awards Vested, net, Shares   20,410        
Net Income (Loss) 584         584
Other Comprehensive 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, net (4) $ 0 0   (4)  
Restricted Stock Awards Vested, net, Shares   1,101        
Net Income (Loss) 289         289
Other Comprehensive 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        
v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Cash Flows from Operating Activities:    
Net Income $ 1,298 $ 7,187
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:    
Depreciation and Amortization 2,621 3,070
Amortization of Debt Issuance Costs 18 38
Share-Based Compensation 977 1,345
Loss on Disposal of Assets 0 696
Gain on Extinguishment of Debt 0 (4,466)
Changes in Assets and Liabilities, net of impact of acquisition:    
Accounts Receivable (1,874) 969
Other Receivable – Employee Retention Credit Receivable 3,135 (3,135)
Inventories (11,695) (1,804)
Income Taxes 142 (1,965)
Accounts Payable and Accrued Expenses (1,207) 2,914
Other (870) (1,001)
Net Cash Used Provided (Used) by Operating Activities (7,455) 3,848
Cash Flows from Investing Activities:    
Cash Paid for Astro Machine Acquisition, net of acquired cash (17,034)  
Additions to Property, Plant and Equipment (222) (1,507)
Net Cash Used for Investing Activities (17,256) (1,507)
Cash Flows from Financing Activities:    
Net Cash Proceeds from Employee Stock Option Plans 69 47
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan 42 67
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (253) (356)
Net Borrowings under Revolving Credit Facility 19,900  
Payment of Minimum Guarantee Royalty Obligation (1,500) (1,500)
Proceeds from Long-Term Debt Borrowings 6,000 10,000
Payoff of Long-Term Debt 0 (12,576)
Principal Payments of Long-Term Debt (625) (563)
Payment of Debt Issuance Costs (15) 0
Net Cash Provided (Used) by for Financing Activities 23,618 (4,881)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 313 (172)
Net Decrease in Cash and Cash Equivalents (780) (2,712)
Cash and Cash Equivalents, Beginning of Period 5,276 11,439
Cash and Cash Equivalents, End of Period 4,496 8,727
Supplemental Disclosures of Cash Flow Information:    
Cash Paid During the Period for Interest 440 268
Cash Paid During the Period for Income Taxes, Net of Refunds $ 265 $ 2,243
v3.22.2.2
Business and Basis of Presentation
 9 Months Ended
Oct. 29, 2022
Business and Basis Of Presentation [Abstract]  
Business and Basis of Presentation
Note 1 – Business and Basis of Presentation
Overview
Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging, and transportation industries.
Our business consists of two segments, Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the QuickLabel
®
, TrojanLabel
®
, and GetLabels
™
brand names. The T&M segment consists of our line of aerospace products, including flight deck printers, networking hardware, and related accessories as well as test and measurement data acquisition systems sold under the AstroNova
®
brand name.
PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding, and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers,
direct-to-package
printers, high-volume presses, and specialty original equipment manufacturer (“OEM”) printing systems, as well as a wide range of label, tag and flexible packaging material substrates and other supplies, including ink and toner, allowing customers to mark, track, protect and enhance the appearance of their products. In the T&M segment, we have a long history of using our technologies to provide networking systems and high-resolution light-weight flight deck and cabin printers, as well as airborne networking hardware for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats. On August 4, 2022, we completed the acquisition of Astro Machine, an Elk Grove Village, Illinois-based manufacturer of printing equipment, including labelers, tabbers, conveyors, and envelope feeders for aggregate consideration of $17.1 million. Astro Machine is reported as part of our Product Identification segment beginning with the third quarter of fiscal 2023. Refer to Note 3, “Acquisition,” in our condensed consolidated financial statements included elsewhere in this report for further details.
Our PI products are sold by direct field salespersons as well as independent dealers and representatives, while our T&M products are sold predominantly through direct sales and manufacturers’ representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in PI products. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Singapore, and the United Kingdom staffed by our own employees and dedicated third-party contractors. Additionally, we utilize over 200 independent dealers and representatives selling and marketing our products in over 60 countries.
Unless otherwise indicated, references to “AstroNova”, “we,” “our,” and “us” in this Quarterly Report on
Form 10-Q
refer to AstroNova, Inc. and its consolidated subsidiaries.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with our Annual Report on Form
10-K
for the fiscal year ended January 31, 2022.
The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information, in the context of the unknown future impacts of the continuing
COVID-19
pandemic, using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition, the allowances for doubtful accounts, inventory valuation, income taxes, impairment of long-lived assets and goodwill, share-based compensation, warranty reserves reserves and the purchase price accounting associated with the acquisition of Astro Machine as further discussed in Note 3 “Acquisition”. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters, including our expectations at the time regarding the duration, scope, and severity of the
COVID-19
pandemic. Although conditions have improved in the U.S. in recent months, on October 13, 2022, the US Secretary of Health and Human Services extended the
COVID-19
public health emergency declaration through at least January 11, 2023. 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.
v3.22.2.2
Summary of Significant Accounting Policies Update
 9 Months Ended
Oct. 29, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Update
Note 2 – Summary of Significant Accounting Policies Update
The accounting policies used in preparing the condensed consolidated financial statements in this Form
10-Q
are the same as those used in preparing our consolidated financial statements included in our Annual Report on Form
10-K
for the fiscal year ended January 31, 2022.
Recently Adopted Accounting Pronouncements
No new accounting pronouncements, issued or effective during the first nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
v3.22.2.2
Acquisition
 9 Months Ended
Oct. 29, 2022
Business Combinations [Abstract]  
Acquisition
Note 3 - Acquisition
On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Elk Grove Village, Illinois-based manufacturer of printing equipment, including labelers, 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 is a business combination and will be accounted for using the acquisition method of accounting prescribed by ASC Topic 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 will be allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair value based on widely accepted valuation techniques in accordance with ASC Topic 820, Fair Value Measurements, at the acquisition date. Any excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed will be recorded as goodwill. 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. 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. We expect to complete the final fair value determination of the assets acquired and liabilities assumed as soon as practicable within the measurement period and in any event not later than one year from the acquisition date.
Total acquisition-related costs to date of
$0.7 
million are included in the general and administrative expenses in our consolidated statement of income for the nine months ended October 29, 2022.

The preliminary allocation of the purchase price as of October 29, 2022, is as follows:
 
(In thousands)
  
 
 
Cash
  
$
91
 
Accounts Receivable
  
 
3,393
 
Inventory
  
 
4,557
 
Property, Plant and Equipment
  
 
3,867
 
Identifiable Intangible Assets
  
 
1,000
 
Goodwill
  
 
6,567
 
Accounts Payable and Other Current Liabilities
  
 
(2,350
) 
 
  
 
 
 
Total Purchase Price
  
$
17,125
 
 
  
 
 
 
The amounts above are provisional and are based on information that is currently available. Management believes the information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but is waiting for additional information necessary to finalize those fair values. Therefore, the provisional measurements of fair value reflected are subject to change and such changes could be significanct. Management anticipates changes to the value of inventory, property, plant and equipment, deferred taxes and identifiable intangible assets as additional information is collected and analyzed and pending the completion of certain appraisals and a valuation report and expects to finalize the valuation and complete the purchase price allocation as soon as practicable but no later than one year from the acquisition.
The following table reflects the preliminary fair value of the acquired identifiable intangible asset and related estimated useful lives:
 
(In thousands)
  
Fair
Value
 
  
Useful Life
(Years)
 
Customer Relations
    $ 1,000        7  
The Customer Relations intangible asset represents the relationships that will be maintained with certain historical customers of Astro Machine. This amount was estimated by our management based upon information known as of the date of filing and is subject to change pending completion of the formal valuation report.
Beginning August 4, 2022, the results of operations for Astro Machine have been included in our statement of income for the three and nine months ended October 29, 2022, and are reported as part of the Product Identification segment.
v3.22.2.2
Revenue Recognition
 9 Months Ended
Oct. 29, 2022
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 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
United States
    $ 26,806      $ 17,280      $ 65,501      $ 51,154  
Europe
      7,341        7,163        22,642        23,588  
Canada
      2,253        1,724        6,333        4,761  
Asia
      1,392        1,473        4,118        4,523  
Central and South America
      1,311        814        3,222        2,569  
Other
      302        403        858        1,185  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
    $ 39,405      $ 28,857      $ 102,674      $ 87,780  
    
 
 
     
 
 
     
 
 
     
 
 
  
Major product types:
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
Hardware
    $ 11,947      $ 7,622      $ 29,885      $ 23,147  
Supplies
      22,945        18,055        60,055        54,944  
Service and Other
      4,513        3,180        12,734        9,689  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
    $ 39,405      $ 28,857      $ 102,674      $ 87,780  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
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 $362,000 and $262,000 at October 29, 2022, and January 31, 2022, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The increase in the deferred revenue balance during the nine months ended October 29, 2022, is due to cash payments received in advance of satisfying performance obligations in the current period, offset by $226,000 of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2022.
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 19 years as of October 29, 2022. The balance of these contract assets at January 31, 2022, was $1.3 million, and in the first quarter of the current year, we incurred an additional $0.1 million in contract costs that will be amortized over 19 years. During the three and nine months ended October 29, 2022, we amortized contract costs of $19,000 and $56,000, respectively. The balance of deferred incremental direct costs net of accumulated amortization at October 29, 2022, was $1.4 million, of which $0.1 million is reported in other current assets and $1.3 million is reported in other assets in the accompanying condensed consolidated balance sheet.
v3.22.2.2
Net Income Per Common Share
 9 Months Ended
Oct. 29, 2022
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 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
Weighted Average Common Shares Outstanding – Basic
      7,324,089        7,234,045        7,299,277        7,196,066  
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units
      55,314        —          63,752        128,437  
    
 
 
     
 
 
     
 
 
     
 
 
  
Weighted Average Common Shares Outstanding – Diluted
      7,379,403        7,234,045        7,363,029        7,324,503  
    
 
 
     
 
 
     
 
 
     
 
 
  
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. For the three months ended October 30, 2021, the Company had weighted average common stock equivalent shares outstanding of 144,955 that could potentially dilute earnings per share in future periods that were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive given the net loss during the period. For the three and nine months ended October 30, 2021, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 189,827 and 362,935
,
respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect.
v3.22.2.2
Intangible Assets
 9 Months Ended
Oct. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 6 – Intangible Assets
Intangible assets are as follows:
 
 
  
October 29, 2022
 
  
January 31, 2022
 
(In thousands)
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
 
Currency
Translation
Adjustment
 
 
Net
Carrying
Amount
 
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
 
Currency
Translation
Adjustment
 
  
Net
Carrying
Amount
 
Miltope:
  
  
 
 
  
  
 
  
Customer Contract Relationships
    $ 3,100      $ (2,711 )    $ —     $ 389      $ 3,100      $ (2,515 )    $ —        $ 585  
RITEC:
                                                                     
Customer Contract Relationships
      2,830        (1,606 )      —         1,224        2,830        (1,557 )      —          1,273  
TrojanLabel:
                                                                     
Existing Technology
      2,327        (2,004 )      59       382        2,327        (1,767 )      127        687  
Distributor Relations
      937        (565 )      (6 )      366        937        (498 )      46        485  
Honeywell:
                                                                     
Customer Contract Relationships
      27,243        (11,702 )      —         15,541        27,243        (11,073 )      —          16,170  
Astro Machine:
                                                                   
 
Customer Relationships
      1,000        (36 )      —          964                                   
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Intangible Assets, net
    $ 37,437      $ (18,625 )    $ 53     $ 18,866      $ 36,437      $ (17,410 )    $ 173      $ 19,200  
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
There were no impairments to intangible assets during the periods ended October 29, 2022, and October 30, 2021. With respect to the acquired intangibles included in the table above, amortization expense of $0.4 
million has been included in the condensed consolidated statements of income for each of the three month periods ended October 29, 2022, and October 30, 2021. Amortization expense
of $1.2 
million related to the above-acquired intangibles has been included in the accompanying condensed consolidated statement of income for each of the nine month periods ended October 29, 2022, and October 30, 2021.
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
  
Remaining
2023
 
  
2024
 
  
2025
 
  
2026
 
  
2027
 
Estimated amortization expense
    $ 429      $ 1,778      $ 1,138      $ 1,138      $ 1,138  
v3.22.2.2
Inventories
 9 Months Ended
Oct. 29, 2022
Inventory Disclosure [Abstract]  
Inventories
Note 7 – Inventories
Inventories are stated at the lower of cost (standard and average methods) and net realizable value and include material, labor, and manufacturing overhead. The components of inventories are as follows:
 
(In thousands)
  
October 29,

2022
 
  
January 31, 2022
 
Materials and Supplies
    $ 35,109      $ 22,709  
Work-In-Process
      1,214        1,489  
Finished Goods
      23,785        19,718  
    
 
 
     
 
 
  
       60,108        43,916  
Inventory Reserve
      (10,116 )       (9,307 ) 
    
 
 
     
 
 
  
     $ 49,992      $ 34,609  
    
 
 
     
 
 
  
 
v3.22.2.2
Credit Agreement and Debt
 9 Months Ended
Oct. 29, 2022
Debt Disclosure [Abstract]  
Credit Agreement and Debt
Note 8 – Credit Agreement and Debt
In connection with the purchase of Astro Machine, on August 4, 2022, we entered into a Second Amendment to 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 the Company 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 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 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 29, 2022, we believe we are 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
Revolving Credit Facility
During the first nine months of the current year, we borrowed a net of $19.9 million on our revolving line of credit. The balance outstanding under the revolving line of credit bore interest at a weighted average rate of 7.32% and 5.74%
for the three and nine months ended October 29, 2022, respectively, and we incurred
$341,000 and $409,000
for interest on this obligation during the three and nine months ended October 29, 2022, respectively. Additionally, during the nine months ended October 29, 2022, we incurred
 $25,000 of commitment fees on the undrawn portion of our revolving credit facility. At October 30, 2021, there was no balance outstanding on the revolving line of credit, and no interest was incurred for the three and nine months ended October 30, 2021. We incurred $38,000 of commitment fees on the undrawn portion of our revolving credit facility for the nine months ended October 30, 2021. Both the interest expense and commitment fees are included as interest expense in the accompanying condensed consolidated income statement for all periods presented. At October 29, 2022, there is $5.1 million remaining available for borrowing under
our
revolving line of credit.
Long-Term Debt
Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
 
(In thousands)
  
October 29, 2022
 
  
January 31, 2022
 
USD Term Loan (7.75% as of October 29, 2022); maturity date of August 4, 2027
    $ 14,625      $ —    
USD Term Loan (2.35% as of January 31, 2022); maturity date of September 30, 2025
      —          9,250  
    
 
 
     
 
 
  
       14,625        9,250  
Debt Issuance Costs, net of accumulated amortization
      (93 )       (96 ) 
Current Portion of Term Loans
      (1,800 )       (1,000 ) 
    
 
 
     
 
 
  
Long-Term Debt
    $ 12,732      $ 8,154  
    
 
 
     
 
 
  
D
u
ring the three and nine months ended October 29, 2022, we recognized $266,000 and $384,000, respectively, of interest expense on debt. During the three and nine months ended October 30, 2021, we recognized $50,000 and $230,000, respectively, of interest expense on debt. Interest expense is included in the accompanying condensed consolidated income statement for all periods presented.
The sch
e
dule of required principal payments re
m
aining during the next five years on long-term debt outstanding
as
of October 29, 2022, is
as
follows:
 
(In thousands)
       
Fiscal 2023, remainder
    $ 375  
Fiscal 2024
      2,100  
Fiscal 2025
      2,700  
Fiscal 2026
      2,700  
Fiscal 2027
      2,700  
Fiscal 2028 and beyond
      4,050  
  
 
 
  
   $ 14,625  
  
 
 
  
v3.22.2.2
Paycheck Protection Program Loan
 9 Months Ended
Oct. 29, 2022
Debt Disclosure [Abstract]  
Paycheck Protection Program Loan
Note 9 – Paycheck Protection Program Loan
On May 6, 2020, we entered into a loan agreement with, and executed a promissory note in favor of Greenwood Credit Union (“Greenwood”) pursuant to which we borrowed $4.4 million (the “PPP Loan”) from Greenwood pursuant to the Paycheck Protection Program (“PPP”) administered by the United States Small Business Administration (the “SBA”) and authorized by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
 
The PPP Loan, which would have been set to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum accruing from the loan date and would have been payable monthly. No payments were due on the PPP Loan until the date on which the lender determined the amount of the PPP Loan that was eligible for forgiveness.
On June 15, 2021, Greenwood notified us that the SBA approved our application for forgiveness of the entire $4.4 million principal balance of our PPP Loan and all accrued interest thereon. As a result, we recorded a $4.5 million gain on extinguishment of debt in the accompanying condensed consolidated income statement for the nine months ended October 30, 2021.
v3.22.2.2
Derivative Financial Instruments and Risk Management
 9 Months Ended
Oct. 29, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Risk Management
Note 10 – Derivative Financial Instruments and Risk Management
In 2017, we entered into a cross-currency interest rate swap and an interest rate swap to manage the interest rate risk.
On July 30, 2020, we terminated these two swaps. The terms of the A&R Credit Agreement caused those swaps to cease to be effective hedges of the underlying exposures. The termination of the swaps was contracted immediately prior to the end of the second quarter of fiscal 2021 at a cash cost of approximately
 $
0.7
 
million which was settled in the third quarter of fiscal 2021. Upon termination, the remaining balance of
 $
58,000
in accumulated other comprehensive loss related to the cross-currency interest rate swap was reclassified into earnings as the forecasted foreign currency interest payments will not occur.
The $
0.2
 
million remaining balance in accumulated other comprehensive loss related to the interest rate swap is being amortized into earnings through the original term of the hedge relationship as the underlying floating interest rate debt still exists.
At October 29, 2022, we have fully reclassified all of the net losses on the frozen OCI balance from accumulated other comprehensive loss to earnings associated with the terminated interest rate swap due to the payment of variable interest associated with the floating interest rate debt.
The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three and nine months ended October 29, 2022 and October 30, 2021:
 
 
  
Three Months Ended
 
 
  
Amount of Gain (Loss)
Recognized in OCI
on Derivative
 
  
Location of
Gain (Loss)
Reclassified
from Accumulated
OCI into
Income
 
  
Amount of Gain (Loss)
Reclassified from
Accumulated OCI
into Income
 
Cash Flow Hedge
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
 
October 30,
2021
 
Swap contracts
    $  —        $ —          Other Expense      $ (19 )    $ (20 ) 
    
 
 
     
 
 
              
 
 
    
 
 
  
 
 
  
Nine Months Ended
 
 
  
Amount of Gain (Loss)
Recognized in OCI
on Derivative
 
  
Location of
Gain (Loss)
Reclassified
from Accumulated
OCI into Income
 
  
Amount of Gain (Loss)
Reclassified from
Accumulated OCI
into Income
 
Cash Flow Hedge
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
 
October 30,
2021
 
Swap contracts
    $ —        $ —          Other Expense      $ (59 )    $ (60 ) 
    
 
 
     
 
 
              
 
 
    
 
 
  
v3.22.2.2
Employee Retention Credit
 9 Months Ended
Oct. 29, 2022
Employee Retention Credit Disclosure [Abstract]  
Employee Retention Credit
Note 11 – Employee Retention Credit
The CARES Act provides an employee retention credit (“ERC”) that was a refundable tax credit against certain employer taxes. On December 27, 2020, Congress enacted the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which amended and extended ERC availability under Section 2301 of the CARES Act. Before the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we were ineligible for the ERC because we received the PPP Loan. Following the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we and other businesses that received loans under that program became retroactively eligible for the ERC.
As a result of the foregoing legislation, we became eligible to claim a refundable tax credit against the employer’s share of Social Security taxes equal to seventy percent (
70
%) of the qualified wages that we paid to our employees between December 31, 2020 and June 30, 2021. Qualified wages were limited to $10,000 per employee per calendar quarter in 2021 for a maximum ERC per employee of $7,000 per calendar quarter in 2021.
We evaluated our eligibility for the ERC in the second quarter of calendar year 2021. In order to qualify for the ERC, we needed to experience a 20% reduction in gross receipts from either (1) the same quarter in calendar year 2019 or (2) the immediately preceding quarter to the corresponding calendar quarter in 2019. We determined that we qualified for the employee retention credit under the first scenario for wages paid in calendar year 2020 and the first calendar quarter of 2021. In the second quarter of fiscal 2022, we amended certain payroll tax filings and applied for a refund of $3.1 million. Since there is no US GAAP guidance for
for-profit
business entities that receive government assistance that is not in the form of a loan, an income tax credit or revenue from a contract with a customer, we determined the appropriate accounting treatment by analogy to other guidance. We accounted for the employee retention credit by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, of International Financial Reporting Standards (IFRS). Under an IAS 20 analogy, a business entity would recognize the credit on a systematic basis over the periods in which the entity recognizes the payroll expenses for which the grant (i.e., tax credit) is intended to compensate when there is reasonable assurance (i.e., it is probable) that the entity will comply with any conditions attached to the grant and the grant (i.e., tax credit) will be received.
We recorded a $3.1 million receivable in the second quarter of fiscal 2022 for the ERC receivable and recognized a reduction in employer payroll taxes which was allocated to the financial statement captions from which the employee’s taxes were originally incurred. As a result, we recorded a reduction in expenses of $1.7 million in cost of revenue, $0.8 million in selling and marketing, $0.3 million in research and development and $0.3 million in general and administrative in the accompanying condensed consolidated income statement for the nine month period ended October 30, 2021. On March 22, 2022, we received payment of the $3.1 million ERC.
 
v3.22.2.2
Royalty Obligation
 9 Months Ended
Oct. 29, 2022
Royalty Obligation Disclosure [Abstract]  
Royalty Obligation
Note 12 – Royalty Obligation
In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell to acquire an exclusive, perpetual, worldwide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper, and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, and product sold or service provided, and range from single-digit to
mid-double-digit
percentages of gross revenue.
The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments using a present value factor of 2.8%, which is based on the estimated
after-tax
cost of debt for similar companies. As of October 29, 2022, we had paid an aggregate of $9.0 million of the guaranteed minimum royalty obligation. At October 29, 2022, the current portion of the outstanding guaranteed minimum royalty obligation of $1.8 million is to be paid over the next twelve months and is reported as a current liability, and the remainder of $3.3 million is reported as a long-term liability on our condensed consolidated balance sheet. For the three and nine month periods ended October 29, 2022, we incurred $0.3 million and $0.9 million, respectively, in excess royalty expenses which are included in the cost of revenue in our condensed consolidated statements of income. A total of $0.9 million in excess royalties was paid during the current fiscal year, and there are $0.3 million in excess royalty payables due as a result of this agreement for the period ended October 29, 2022.
v3.22.2.2
Leases
 9 Months Ended
Oct. 29, 2022
Leases [Abstract]  
Leases
Note 13 – 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, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options.
Balance sheet and other information related to our leases is as follows:
 
Operating Leases
(In thousands)
  
Balance Sheet Classification
 
  
October 29,
2022
 
  
January 31,
2022
 
Lease Assets
      Right of Use Assets      $ 800      $ 1,094  
Lease Liabilities – Current
      Other Liabilities and Accrued Expenses        291        327  
Lease Liabilities – Long Term
      Lease Liabilities        550        808  
 
Lease cost information is as follows:
 
 
  
 
 
  
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  
       
           
Three Months Ended
     
Nine Months Ended
  
Operating Leases
(In thousands)
   
Statement of Income Classification
     
October 30,

2021
     
October 30,

2021
  
Operating Lease Costs
      General and Administrative Expense      $ 125      $ 386  
Maturities of operating lease liabilities are as follows:
 
(In thousands)
  
 
 
Fiscal 2023, remaining
    $ 74  
Fiscal 2024
      286  
Fiscal 2025
      186  
Fiscal 2026
      142  
Fiscal 2027
      137  
Thereafter
      85  
    
 
 
  
Total Lease Payments
      910  
Less: Imputed Interest
      (69 ) 
    
 
 
  
Total Lease Liabilities
    $ 841  
    
 
 
  
 
As of October 29, 2022, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 3.9 years and 3.86%, 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 29,
2022
 
  
October 29,
2022
 
Cash paid for amounts included in the measurement of lease liabilities:
  
  
Operating cash flows for operating leases
    $ 74      $ 237  
     
    
Three Months Ended
     
Nine Months Ended
  
(In thousands)
  
 
 
October 30,
2021
 
 
  
 
 
October 30,
2021
 
Cash paid for am
o
unts included in the measurement of lease liabilities:
                  
Operating cash flows for operating leases
    $ 85      $ 285  
v3.22.2.2
Accumulated Other Comprehensive Loss
 9 Months Ended
Oct. 29, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Loss
Note 14 – Accumulated Other Comprehensive Loss
The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
 
(In thousands)
  
Foreign Currency
Translation
Adjustments
 
  
Cash
Flow
Hedges
 
  
Total
 
Balance at January 31, 2022
    $ (1,701 )     $ (47 )     $ (1,748 ) 
Other Comprehensive Loss before reclassification
      (1,864 )       —          (1,864 ) 
Amounts reclassified from AOCL to Earnings
      —          47        47  
    
 
 
     
 
 
     
 
 
  
Other Comprehensive Income (Loss)
      (1,864 )       47        (1,817 ) 
    
 
 
     
 
 
     
 
 
  
Balance at October 29, 2022
    $ (3,565 )     $ —        $ (3,565 ) 
    
 
 
     
 
 
     
 
 
  
The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German, Danish and Shanghai subsidiaries.
v3.22.2.2
Share-Based Compensation
 9 Months Ended
Oct. 29, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Note 15 – 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, canceled, 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 128,262 unvested RSUs; 128,793 unvested PSUs; 21,172 unvested RSAs and options to purchase an aggregate of 135,500 shares outstanding as of October 29, 2022.
In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 or 2015 plans, but outstanding awards will continue to be governed by those plans. As of October 29, 2022, options to purchase an aggregate of 283,274 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 135,325 shares were outstanding under the 2015 Plan.
We also have a
Non-Employee
Director Annual Compensation Program (the “Program”), under which each of our
non-employee
directors automatically receives a grant of restricted stock on the date of their
re-election
to our board of directors. The number of whole shares granted is equal to the number calculated by dividing the stock component of the director compensation amount determined by the compensation committee for that year by the fair market value of our stock on that day. The value of the restricted stock award for fiscal 2023 is $65,000. Shares of restricted stock granted under the Program become vested on the first anniversary of the date of grant, conditioned upon the recipient’s continued service on our board of directors through that
date.
 
Share-based compensation expense was recognized as follows:
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
Stock Options
    $ —        $ 25      $ 7      $ 187  
Restricted Stock Awards and Restricted Stock Units
      401        369        963        1,147  
Employee Stock Purchase Plan
      4        4        7        11  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 405      $ 398      $ 977      $ 1,345  
    
 
 
     
 
 
     
 
 
     
 
 
  
Stock Options
Aggregated information regarding stock option activity for the nine months ended October 29, 2022 is summarized below:
 
 
  
Number of
Options
 
  
Weighted Average
Exercise Price
 
Outstanding at January 31, 2022
      598,043      $ 14.67  
Exercised
      (36,444 )       8.41  
Forfeited
      (5,100 )       15.38  
Expired
      (2,400 )       8.09  
    
 
 
     
 
 
  
Outstanding at October 29, 2022
      554,099      $ 15.10  
    
 
 
     
 
 
  
Set forth below is a summary of options outstanding at October 29, 2022:
 
Outstanding
 
 
Exercisable
 
Range of
Exercise prices
 
 
Number
of
Options
 
 
Weighted-
Average
Exercise
Price
 
 
Weighted-
Average
Remaining
Contractual Life
 
 
Number
of
Options
 
  
Weighted-
Average
Exercise
Price
 
  
Weighted
Average
Remaining
Contractual
Life
 
$
10.01-15.00
       339,549     $ 13.62       3.1       339,549      $ 13.62        3.1  
$
15.01-20.00
       214,550     $ 17.45       5.1       214,550      $ 17.45        5.1  
       
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
          554,099     $ 15.10       3.9       554,099      $ 15.10        3.9  
       
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
There were no stock options granted in either fiscal 2022 or during the nine months ended October 29, 2022, and as of October 29, 2022, there was no unrecognized compensation expense related to stock options.
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)
Aggregated information regarding RSU and RSA activity for the nine months ended October 29, 2022 is summarized below:
 
 
  
RSAs & RSUs
 
  
Weighted Average
Grant Date Fair Value
 
Outstanding at January 31, 2022
      220,980      $ 12.79  
Granted
      141,371        12.68  
Vested
      (83,024 )       13.41  
Forfeited
      (1,100 )       11.77  
    
 
 
     
 
 
  
Outstanding at October 29, 2022
      278,227      $ 12.55  
    
 
 
     
 
 
  
As of October 29, 2022, there was approximately $1.9 million of unrecognized compensation expense related to RSUs 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 this plan and 2,288 shares were purchased under the 2022 ESSP during the nine month period ended October 29, 2022. During the nine month periods ended October 29, 2022 and October 30, 2021, there were 1,550 and 5,684 shares, respectively, purchased under the Prior ESPP, and no additional purchases may be made under that plan. As of October 29, 2022, 37,712 shares remain available for purchase under the 2022 ESPP.
v3.22.2.2
Income Taxes
 9 Months Ended
Oct. 29, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
Note 16 – Income Taxes
Our effective tax rates for the period are as follows:
 
 
  
Three Months
Ended
 
 
Nine Months
Ended
 
Fiscal 2023
      26.0 %      22.8 % 
Fiscal 2022
      29.0 %      4.0 % 
We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted
pre-tax
income and facts known at that time. The estimated annual effective tax rate is applied to the
year-to-date
pre-tax
income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which they occur.
During the three months ended 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 three months ended October 30, 2021, we recognized an income tax benefit of approximately
 $174,000.
The effective tax rate in this period was directly impacted by a significant decrease in forecasted operating results for our fiscal 2022 as compared to operating results forecasted at the end of our third quarter of fiscal 2022.
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. During the nine months ended October 30, 2021, we recognized an income tax expense of approximately
 $297,000.
The effective tax rate in this period was directly impacted by a significant decrease in forecasted operating results for our fiscal 2022 as compared to operating results forecasted at the end of our third quarter of fiscal 2022
, a $1.1 million tax benefit from the forgiveness of the PPP Loan, a $0.1 
million tax benefit arising from a windfall tax benefit related to our stock, 
a $30,000
tax benefit related to return to provision adjustments from foreign tax returns filed in the year,
and a
$0.3 
million tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions. The PPP Loan forgiveness recognized was excluded from taxable income under Section 1106(i) of the CARES Act.
 
v3.22.2.2
Segment Information
 9 Months Ended
Oct. 29, 2022
Segment Reporting [Abstract]  
Segment Information
Note 17 – Segment Information
We report two segments: Product Identification (“PI”) and Test & Measurement (“T&M”). We evaluate segment performance based on the segment profit (loss) before corporate expenses.
Summarized below are the Revenue and Segment Operating Profit for each reporting
segment:
 
 
  
Three Months Ended
 
 
Nine Months Ended
 
 
  
Revenue
 
  
Segment Operating Profit

(Loss)
 
 
Revenue
 
  
Segment Operating Profit

(Loss)
 
(In thousands)
  
October 29,

2022
 
  
October 30,

2021
 
  
October 29,

2022
 
 
October 30,

2021
 
 
October 29,

2022
 
  
October 30,

2021
 
  
October 29,

2022
 
 
October 30,

2021
 
Product Identification
    $ 29,879      $ 21,928      $ 2,960     $ 1,818     $ 74,985      $ 68,519      $ 6,019      $ 8,952  
T&M
      9,526        6,929        1,711       842       27,689        19,261        5,783        2,902  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 39,405      $ 28,857        4,671       2,660     $ 102,674      $ 87,780        11,802        11,854  
    
 
 
     
 
 
                     
 
 
     
 
 
                    
Corporate Expenses
               3,325       2,364                8,456        7,372  
             
 
 
    
 
 
             
 
 
     
 
 
  
Operating Income
               1,346       296                3,346        4,482  
Other Income (Expense), Net
               (955 )      (895 )               (1,665 )      3,002  
             
 
 
    
 
 
             
 
 
     
 
 
  
Income (Loss) Before Income Taxes
               391       (599 )               1,681        7,484  
Income Tax Provision (Benefit)
               102       (174 )               383        297  
             
 
 
    
 
 
             
 
 
     
 
 
  
Net Income (Loss)
             $ 289     $ (425 )            $ 1,298      $ 7,187  
             
 
 
    
 
 
             
 
 
     
 
 
  
v3.22.2.2
Fair Value
 9 Months Ended
Oct. 29, 2022
Fair Value Disclosures [Abstract]  
Fair Value
Note 18 – 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 29, 2022
  
    
Fair Value Measurement
         
(In thousands)
   
Level 1
     
Level 2
     
Level 3
     
Total
     
Carrying
Value
  
Long-Term debt and related current maturities
    $ —      $ —      $ 14,667      $ 14,667      $ 14,625  
 
 
  
January 31, 2022
 
 
  
Fair Value Measurement
 
  
 
 
(In thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Carrying
Value
 
Long-Term debt and related current maturities
    $ —      $ —      $ 9,255      $ 9,255      $ 9,250  
The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3.
v3.22.2.2
Summary of Significant Accounting Policies Update (Policies)
 9 Months Ended
Oct. 29, 2022
Accounting Policies [Abstract]  
Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
No new accounting pronouncements, issued or effective during the first nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
v3.22.2.2
Acquisition (Tables)
 9 Months Ended
Oct. 29, 2022
Business Combinations [Abstract]  
Summary of Preliminary Allocation of the Purchase Price
The preliminary allocation of the purchase price as of October 29, 2022, is as follows:
 
(In thousands)
  
 
 
Cash
  
$
91
 
Accounts Receivable
  
 
3,393
 
Inventory
  
 
4,557
 
Property, Plant and Equipment
  
 
3,867
 
Identifiable Intangible Assets
  
 
1,000
 
Goodwill
  
 
6,567
 
Accounts Payable and Other Current Liabilities
  
 
(2,350
) 
 
  
 
 
 
Total Purchase Price
  
$
17,125
 
 
  
 
 
 
Summary of Preliminary Fair Value of the Acquired Identifiable Intangible Asset
The following table reflects the preliminary fair value of the acquired identifiable intangible asset and related estimated useful lives:
 
(In thousands)
  
Fair
Value
 
  
Useful Life
(Years)
 
Customer Relations
    $ 1,000        7  
v3.22.2.2
Revenue Recognition (Tables)
 9 Months Ended
Oct. 29, 2022
Revenue from Contract with Customer [Abstract]  
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type
Primary geographical markets:
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
United States
    $ 26,806      $ 17,280      $ 65,501      $ 51,154  
Europe
      7,341        7,163        22,642        23,588  
Canada
      2,253        1,724        6,333        4,761  
Asia
      1,392        1,473        4,118        4,523  
Central and South America
      1,311        814        3,222        2,569  
Other
      302        403        858        1,185  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
    $ 39,405      $ 28,857      $ 102,674      $ 87,780  
    
 
 
     
 
 
     
 
 
     
 
 
  
Major product types:
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
Hardware
    $ 11,947      $ 7,622      $ 29,885      $ 23,147  
Supplies
      22,945        18,055        60,055        54,944  
Service and Other
      4,513        3,180        12,734        9,689  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
    $ 39,405      $ 28,857      $ 102,674      $ 87,780  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.22.2.2
Net Income Per Common Share (Tables)
 9 Months Ended
Oct. 29, 2022
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Net Income Per Share A reconciliation of the shares used in calculating basic and diluted net income per share is as
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
 
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
Weighted Average Common Shares Outstanding – Basic
      7,324,089        7,234,045        7,299,277        7,196,066  
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units
      55,314        —          63,752        128,437  
    
 
 
     
 
 
     
 
 
     
 
 
  
Weighted Average Common Shares Outstanding – Diluted
      7,379,403        7,234,045        7,363,029        7,324,503  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.22.2.2
Intangible Assets (Tables)
 9 Months Ended
Oct. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives
Intangible assets are as follows:
 
 
  
October 29, 2022
 
  
January 31, 2022
 
(In thousands)
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
 
Currency
Translation
Adjustment
 
 
Net
Carrying
Amount
 
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
 
Currency
Translation
Adjustment
 
  
Net
Carrying
Amount
 
Miltope:
  
  
 
 
  
  
 
  
Customer Contract Relationships
    $ 3,100      $ (2,711 )    $ —     $ 389      $ 3,100      $ (2,515 )    $ —        $ 585  
RITEC:
                                                                     
Customer Contract Relationships
      2,830        (1,606 )      —         1,224        2,830        (1,557 )      —          1,273  
TrojanLabel:
                                                                     
Existing Technology
      2,327        (2,004 )      59       382        2,327        (1,767 )      127        687  
Distributor Relations
      937        (565 )      (6 )      366        937        (498 )      46        485  
Honeywell:
                                                                     
Customer Contract Relationships
      27,243        (11,702 )      —         15,541        27,243        (11,073 )      —          16,170  
Astro Machine:
                                                                   
 
Customer Relationships
      1,000        (36 )      —          964                                   
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Intangible Assets, net
    $ 37,437      $ (18,625 )    $ 53     $ 18,866      $ 36,437      $ (17,410 )    $ 173      $ 19,200  
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Summary of Estimated Amortization Expense
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
  
Remaining
2023
 
  
2024
 
  
2025
 
  
2026
 
  
2027
 
Estimated amortization expense
    $ 429      $ 1,778      $ 1,138      $ 1,138      $ 1,138  
v3.22.2.2
Inventories (Tables)
 9 Months Ended
Oct. 29, 2022
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories are stated at the lower of cost (standard and average methods) and net realizable value and include material, labor, and manufacturing overhead. The components of inventories are as follows:
 
(In thousands)
  
October 29,

2022
 
  
January 31, 2022
 
Materials and Supplies
    $ 35,109      $ 22,709  
Work-In-Process
      1,214        1,489  
Finished Goods
      23,785        19,718  
    
 
 
     
 
 
  
       60,108        43,916  
Inventory Reserve
      (10,116 )       (9,307 ) 
    
 
 
     
 
 
  
     $ 49,992      $ 34,609  
    
 
 
     
 
 
  
 
v3.22.2.2
Credit Agreement and Debt (Tables)
 9 Months Ended
Oct. 29, 2022
Debt Disclosure [Abstract]  
Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets
Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
 
(In thousands)
  
October 29, 2022
 
  
January 31, 2022
 
USD Term Loan (7.75% as of October 29, 2022); maturity date of August 4, 2027
    $ 14,625      $ —    
USD Term Loan (2.35% as of January 31, 2022); maturity date of September 30, 2025
      —          9,250  
    
 
 
     
 
 
  
       14,625        9,250  
Debt Issuance Costs, net of accumulated amortization
      (93 )       (96 ) 
Current Portion of Term Loans
      (1,800 )       (1,000 ) 
    
 
 
     
 
 
  
Long-Term Debt
    $ 12,732      $ 8,154  
    
 
 
     
 
 
  
Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding
The sch
e
dule of required principal payments re
m
aining during the next five years on long-term debt outstanding
as
of October 29, 2022, is
as
follows:
 
(In thousands)
       
Fiscal 2023, remainder
    $ 375  
Fiscal 2024
      2,100  
Fiscal 2025
      2,700  
Fiscal 2026
      2,700  
Fiscal 2027
      2,700  
Fiscal 2028 and beyond
      4,050  
  
 
 
  
   $ 14,625  
  
 
 
  
v3.22.2.2
Derivative Financial Instruments and Risk Management (Tables)
 9 Months Ended
Oct. 29, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements
The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three and nine months ended October 29, 2022 and October 30, 2021:
 
 
  
Three Months Ended
 
 
  
Amount of Gain (Loss)
Recognized in OCI
on Derivative
 
  
Location of
Gain (Loss)
Reclassified
from Accumulated
OCI into
Income
 
  
Amount of Gain (Loss)
Reclassified from
Accumulated OCI
into Income
 
Cash Flow Hedge
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
 
October 30,
2021
 
Swap contracts
    $  —        $ —          Other Expense      $ (19 )    $ (20 ) 
    
 
 
     
 
 
              
 
 
    
 
 
  
 
 
  
Nine Months Ended
 
 
  
Amount of Gain (Loss)
Recognized in OCI
on Derivative
 
  
Location of
Gain (Loss)
Reclassified
from Accumulated
OCI into Income
 
  
Amount of Gain (Loss)
Reclassified from
Accumulated OCI
into Income
 
Cash Flow Hedge
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
 
October 30,
2021
 
Swap contracts
    $ —        $ —          Other Expense      $ (59 )    $ (60 ) 
    
 
 
     
 
 
              
 
 
    
 
 
  
v3.22.2.2
Leases (Tables)
 9 Months Ended
Oct. 29, 2022
Leases [Abstract]  
Schedule Of Balance Sheet And Other Information Related To Operating Leases
Balance sheet and other information related to our leases is as follows:
 
Operating Leases
(In thousands)
  
Balance Sheet Classification
 
  
October 29,
2022
 
  
January 31,
2022
 
Lease Assets
      Right of Use Assets      $ 800      $ 1,094  
Lease Liabilities – Current
      Other Liabilities and Accrued Expenses        291        327  
Lease Liabilities – Long Term
      Lease Liabilities        550        808  
 
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 29,
2022
 
  
October 29,
2022
 
Operating Lease Costs
      General and Administrative Expense      $ 115      $ 350  
       
           
Three Months Ended
     
Nine Months Ended
  
Operating Leases
(In thousands)
   
Statement of Income Classification
     
October 30,

2021
     
October 30,

2021
  
Operating Lease Costs
      General and Administrative Expense      $ 125      $ 386  
Schedule of Maturities Of Lease Liabilities
Maturities of operating lease liabilities are as follows:
 
(In thousands)
  
 
 
Fiscal 2023, remaining
    $ 74  
Fiscal 2024
      286  
Fiscal 2025
      186  
Fiscal 2026
      142  
Fiscal 2027
      137  
Thereafter
      85  
    
 
 
  
Total Lease Payments
      910  
Less: Imputed Interest
      (69 ) 
    
 
 
  
Total Lease Liabilities
    $ 841  
    
 
 
  
 
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 29,
2022
 
  
October 29,
2022
 
Cash paid for amounts included in the measurement of lease liabilities:
  
  
Operating cash flows for operating leases
    $ 74      $ 237  
     
    
Three Months Ended
     
Nine Months Ended
  
(In thousands)
  
 
 
October 30,
2021
 
 
  
 
 
October 30,
2021
 
Cash paid for am
o
unts included in the measurement of lease liabilities:
                  
Operating cash flows for operating leases
    $ 85      $ 285  
v3.22.2.2
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Oct. 29, 2022
Equity [Abstract]  
Changes in Balance of Accumulated Other Comprehensive Loss
The changes in the balance of accumulated other comprehensive loss (“AOCL”) by component are as follows:
 
(In thousands)
  
Foreign Currency
Translation
Adjustments
 
  
Cash
Flow
Hedges
 
  
Total
 
Balance at January 31, 2022
    $ (1,701 )     $ (47 )     $ (1,748 ) 
Other Comprehensive Loss before reclassification
      (1,864 )       —          (1,864 ) 
Amounts reclassified from AOCL to Earnings
      —          47        47  
    
 
 
     
 
 
     
 
 
  
Other Comprehensive Income (Loss)
      (1,864 )       47        (1,817 ) 
    
 
 
     
 
 
     
 
 
  
Balance at October 29, 2022
    $ (3,565 )     $ —        $ (3,565 ) 
    
 
 
     
 
 
     
 
 
  
v3.22.2.2
Share-Based Compensation (Tables)
 9 Months Ended
Oct. 29, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation Expense
Share-based compensation expense was recognized as follows:
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
(In thousands)
  
October 29,
2022
 
  
October 30,
2021
 
  
October 29,
2022
 
  
October 30,
2021
 
Stock Options
    $ —        $ 25      $ 7      $ 187  
Restricted Stock Awards and Restricted Stock Units
      401        369        963        1,147  
Employee Stock Purchase Plan
      4        4        7        11  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 405      $ 398      $ 977      $ 1,345  
    
 
 
     
 
 
     
 
 
     
 
 
  
Aggregated Information Regarding Stock Options Granted
Aggregated information regarding stock option activity for the nine months ended October 29, 2022 is summarized below:
 
 
  
Number of
Options
 
  
Weighted Average
Exercise Price
 
Outstanding at January 31, 2022
      598,043      $ 14.67  
Exercised
      (36,444 )       8.41  
Forfeited
      (5,100 )       15.38  
Expired
      (2,400 )       8.09  
    
 
 
     
 
 
  
Outstanding at October 29, 2022
      554,099      $ 15.10  
    
 
 
     
 
 
  
Summary of Options Outstanding
Set forth below is a summary of options outstanding at October 29, 2022:
 
Outstanding
 
 
Exercisable
 
Range of
Exercise prices
 
 
Number
of
Options
 
 
Weighted-
Average
Exercise
Price
 
 
Weighted-
Average
Remaining
Contractual Life
 
 
Number
of
Options
 
  
Weighted-
Average
Exercise
Price
 
  
Weighted
Average
Remaining
Contractual
Life
 
$
10.01-15.00
       339,549     $ 13.62       3.1       339,549      $ 13.62        3.1  
$
15.01-20.00
       214,550     $ 17.45       5.1       214,550      $ 17.45        5.1  
       
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
          554,099     $ 15.10       3.9       554,099      $ 15.10        3.9  
       
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Aggregated Information Regarding RSUs and RSAs Granted
Aggregated information regarding RSU and RSA activity for the nine months ended October 29, 2022 is summarized below:
 
 
  
RSAs & RSUs
 
  
Weighted Average
Grant Date Fair Value
 
Outstanding at January 31, 2022
      220,980      $ 12.79  
Granted
      141,371        12.68  
Vested
      (83,024 )       13.41  
Forfeited
      (1,100 )       11.77  
    
 
 
     
 
 
  
Outstanding at October 29, 2022
      278,227      $ 12.55  
    
 
 
     
 
 
  
v3.22.2.2
Income Taxes (Tables)
 9 Months Ended
Oct. 29, 2022
Income Tax Disclosure [Abstract]  
Projected Effective Tax Rate for Periods
Our effective tax rates for the period are as follows:
 
 
  
Three Months
Ended
 
 
Nine Months
Ended
 
Fiscal 2023
      26.0 %      22.8 % 
Fiscal 2022
      29.0 %      4.0 % 
v3.22.2.2
Segment Information (Tables)
 9 Months Ended
Oct. 29, 2022
Segment Reporting [Abstract]  
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment
Summarized below are the Revenue and Segment Operating Profit for each reporting
segment:
 
 
  
Three Months Ended
 
 
Nine Months Ended
 
 
  
Revenue
 
  
Segment Operating Profit

(Loss)
 
 
Revenue
 
  
Segment Operating Profit

(Loss)
 
(In thousands)
  
October 29,

2022
 
  
October 30,

2021
 
  
October 29,

2022
 
 
October 30,

2021
 
 
October 29,

2022
 
  
October 30,

2021
 
  
October 29,

2022
 
 
October 30,

2021
 
Product Identification
    $ 29,879      $ 21,928      $ 2,960     $ 1,818     $ 74,985      $ 68,519      $ 6,019      $ 8,952  
T&M
      9,526        6,929        1,711       842       27,689        19,261        5,783        2,902  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 39,405      $ 28,857        4,671       2,660     $ 102,674      $ 87,780        11,802        11,854  
    
 
 
     
 
 
                     
 
 
     
 
 
                    
Corporate Expenses
               3,325       2,364                8,456        7,372  
             
 
 
    
 
 
             
 
 
     
 
 
  
Operating Income
               1,346       296                3,346        4,482  
Other Income (Expense), Net
               (955 )      (895 )               (1,665 )      3,002  
             
 
 
    
 
 
             
 
 
     
 
 
  
Income (Loss) Before Income Taxes
               391       (599 )               1,681        7,484  
Income Tax Provision (Benefit)
               102       (174 )               383        297  
             
 
 
    
 
 
             
 
 
     
 
 
  
Net Income (Loss)
             $ 289     $ (425 )            $ 1,298      $ 7,187  
             
 
 
    
 
 
             
 
 
     
 
 
  
v3.22.2.2
Fair Value (Tables)
 9 Months Ended
Oct. 29, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value
Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
 
    
October 29, 2022
  
    
Fair Value Measurement
         
(In thousands)
   
Level 1
     
Level 2
     
Level 3
     
Total
     
Carrying
Value
  
Long-Term debt and related current maturities
    $ —      $ —      $ 14,667      $ 14,667      $ 14,625  
 
 
  
January 31, 2022
 
 
  
Fair Value Measurement
 
  
 
 
(In thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Carrying
Value
 
Long-Term debt and related current maturities
    $ —      $ —      $ 9,255      $ 9,255      $ 9,250  
The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3.
v3.22.2.2
Business and Basis of Presentation - Additional Information (Detail)
$ in Thousands
 9 Months Ended
Aug. 04, 2022
USD ($)
Oct. 29, 2022
USD ($)
Segment
Number of Operating Segments | Segment   2
Business Combination, Consideration Transferred   $ 17,034
Astro Machine LLC [Member]    
Business Combination, Consideration Transferred $ 17,100  
v3.22.2.2
Acquisition - Summary of Preliminary Allocation of the Purchase Price (Detail)
$ in Thousands
Oct. 29, 2022
USD ($)
Business Acquisition [Line Items]  
Cash $ 91
Accounts Receivable 3,393
Inventory 4,557
Property, Plant and Equipment 3,867
Identifiable Intangible Assets 1,000
Goodwill 6,567
Accounts Payable and Other Current Liabilities (2,350)
Total Purchase Price $ 17,125
v3.22.2.2
Acquisition - Summary of Preliminary Fair Value of the Acquired Identifiable Intangible Asset (Detail) - Customer Relationships [Member]
$ in Thousands
 9 Months Ended
Oct. 29, 2022
USD ($)
Acquired Indefinite-Lived Intangible Assets [Line Items]  
Fair Value $ 1,000
Useful Life (Years) 7 years
v3.22.2.2
Acquisition - Additional Information (Detail)
 9 Months Ended
Aug. 04, 2022
USD ($)
ft²
Oct. 29, 2022
USD ($)
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred   $ 17,034,000
Area of Land | ft² 34,460  
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 acres
Agreement With Astro Machine For Asset Acquisitions [Member] | General and Administrative Expense [Member]    
Business Acquisition [Line Items]    
Business Combination, Acquisition Related Costs   $ 700,000
v3.22.2.2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 31, 2021
Oct. 30, 2021
Disaggregation of Revenue [Line Items]          
Total Revenue $ 39,405 $ 28,857 $ 102,674 $ 87,780 $ 87,780
United States [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue 26,806 17,280 65,501   51,154
Europe [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue 7,341 7,163 22,642   23,588
Canada [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue 2,253 1,724 6,333   4,761
Asia [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue 1,392 1,473 4,118   4,523
Central and South America [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue 1,311 814 3,222   2,569
Other [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue $ 302 $ 403 $ 858   $ 1,185
v3.22.2.2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 31, 2021
Oct. 30, 2021
Disaggregation of Revenue [Line Items]          
Total Revenue $ 39,405 $ 28,857 $ 102,674 $ 87,780 $ 87,780
Hardware [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue 11,947 7,622 29,885   23,147
Supplies [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue 22,945 18,055 60,055   54,944
Service and Other [Member]          
Disaggregation of Revenue [Line Items]          
Total Revenue $ 4,513 $ 3,180 $ 12,734   $ 9,689
v3.22.2.2
Revenue Recognition - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 29, 2022
Jan. 31, 2022
Contract liabilities and extended warranties $ 362,000 $ 362,000 $ 262,000
Contract with customer liability revenue recognized including additions 226,000 226,000  
Contract assets balance 1,300,000 1,300,000 $ 1,300,000
Additional contract costs 100,000 100,000  
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 cost net long term and short term $ 1,400,000 $ 1,400,000  
Capitalized contract costs additional amounts incurred amortization period   19 years  
v3.22.2.2
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Weighted Average Common Shares Outstanding – Basic 7,324,089 7,234,045 7,299,277 7,196,066
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 55,314 0 63,752 128,437
Weighted Average Common Shares Outstanding – Diluted 7,379,403 7,234,045 7,363,029 7,324,503
v3.22.2.2
Net Income Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Number of common equivalent shares 540,407 189,827 602,510 362,935
Common Stock [Member]        
Number of common equivalent shares   144,955    
v3.22.2.2
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 37,437 $ 36,437
Accumulated Amortization (18,625) (17,410)
Currency Translation Adjustment 53 173
Net Carrying Amount 18,866 19,200
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 27,243 27,243
Accumulated Amortization (11,702) (11,073)
Net Carrying Amount 15,541 16,170
Customer Contract Relationships [Member] | Miltope [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,100 3,100
Accumulated Amortization (2,711) (2,515)
Net Carrying Amount 389 585
Customer Contract Relationships [Member] | RITEC [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,830 2,830
Accumulated Amortization (1,606) (1,557)
Net Carrying Amount 1,224 1,273
Existing Technology [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,327 2,327
Accumulated Amortization (2,004) (1,767)
Currency Translation Adjustment 59 127
Net Carrying Amount 382 687
Distributor Relations [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 937 937
Accumulated Amortization (565) (498)
Currency Translation Adjustment (6) 46
Net Carrying Amount 366 $ 485
Customer Relationships [Member] | Agreement With Astro Machine For Asset Acquisitions [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,000  
Accumulated Amortization (36)  
Net Carrying Amount $ 964  
v3.22.2.2
Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 31, 2021
Oct. 30, 2021
Intangible Assets [Line Items]          
Impairments of intangible assets     $ 0   $ 0
Amortization expense $ 400 $ 400 $ 1,200 $ 1,200  
v3.22.2.2
Intangible Assets - Summary of Estimated Amortization Expense (Detail)
$ in Thousands
Oct. 29, 2022
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
Remaining 2023 $ 429
2024 1,778
2025 1,138
2026 1,138
2027 $ 1,138
v3.22.2.2
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 31, 2022
Inventory Disclosure [Abstract]    
Materials and Supplies $ 35,109 $ 22,709
Work-In-Process 1,214 1,489
Finished Goods 23,785 19,718
Inventory, Gross 60,108 43,916
Inventory Reserve (10,116) (9,307)
Inventories $ 49,992 $ 34,609
v3.22.2.2
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 31, 2022
Debt Instrument [Line Items]    
USD Term Loan $ 14,625 $ 9,250
Debt Issuance Costs, net of accumulated amortization (93) (96)
Current Portion of Term Loans (1,800) (1,000)
Long-Term Debt 12,732 8,154
Term Loan Due September 30, 2025 [Member]    
Debt Instrument [Line Items]    
USD Term Loan 0 9,250
Term Loan Due August 4, 2027 [Member]    
Debt Instrument [Line Items]    
USD Term Loan $ 14,625 $ 0
v3.22.2.2
Credit Agreement and Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member]
$ in Thousands
Oct. 29, 2022
USD ($)
Debt Instrument [Line Items]  
Fiscal 2023, remainder $ 375
Fiscal 2024 2,100
Fiscal 2025 2,700
Fiscal 2026 2,700
Fiscal 2027 2,700
Fiscal 2028 and beyond 4,050
Long-term Debt $ 14,625
v3.22.2.2
Credit Agreement and Debt - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 42 Months Ended
Aug. 04, 2022
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2021
Jul. 31, 2023
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2021
Apr. 30, 2027
Debt Instrument [Line Items]                  
Revolving loan outstanding   $ 19,900   $ 0   $ 19,900   $ 0  
Interest Expense, Debt   266,000 $ 50,000     384,000 $ 230,000    
Proceeds from long term line of credit           $ 19,900      
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] | Additional Term Loan Availed [Member] | Second Amendment Credit Agreement [Member]                  
Debt Instrument [Line Items]                  
Principal amount of debt $ 6,000                
Bank of America, N.A. [Member] | Term Loan [Member] | Before Amendement To The Credit Agreement [Member]                  
Debt Instrument [Line Items]                  
Principal amount of debt   9,000       $ 9,000      
Bank of America, N.A. [Member] | Revolving Credit Facility [Member]                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Remaining Borrowing Capacity   $ 5,100       $ 5,100      
Long term debt weighted average interest rate over a period of time   7.32%       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                
Proceeds from long term line of credit $ 12,400         $ 6,000      
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Before Amendement To The Credit Agreement [Member]                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity   $ 22,500       22,500      
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Other Expense [Member]                  
Debt Instrument [Line Items]                  
Interest Expense, Debt   $ 341,000   $ 0   409,000   0  
Line of Credit Facility, Commitment Fee Amount           $ 25,000   $ 38,000  
v3.22.2.2
Paycheck Protection Program Loan - Additional information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
May 06, 2020
Extinguishment of Debt – PPP Loan $ 0 $ 0 $ 0 $ 4,466  
Paycheck Protection Program Loan [Member] | Green wood Credit Union [Member]          
Debt instrument face amount         $ 4,400
Loan, payment terms     The PPP Loan, which would have been set to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum accruing from the loan date    
Loan, maturity date     May 06, 2022    
Loan, interest rate 1.00%   1.00%    
Loan, payments due     $ 0    
Amount of PPP loan forgiven     4,400    
Extinguishment of Debt – PPP Loan     $ 4,500    
v3.22.2.2
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($)
 3 Months Ended
Jul. 30, 2020
Oct. 30, 2021
Cash Flow Hedging [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Cash paid termination of swaps   $ 700,000
Cross Currency Interest Rate Contract [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest Rate Swap Termination $ 200,000  
Cross Currency Interest Rate Contract [Member] | Cash Flow Hedging [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain Reclassified from Accumulated OCI into Income (Expense)   $ 58,000
v3.22.2.2
Derivative Financial Instruments and Risk Management - Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements (Detail) - Cash Flow Hedge [Member] - Cross Currency Interest Rate Contract [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in OCI on Derivative $ 0 $ 0 $ 0 $ 0
Location of Gain Reclassified from Accumulated OCI into Income (Expense) Other Expense   Other Expense  
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income $ (19) $ (20) $ (59) $ (60)
v3.22.2.2
Employee Retention Credit - Additional Information (Detail) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended 9 Months Ended
Mar. 22, 2022
Oct. 30, 2021
Jul. 31, 2021
Jun. 30, 2021
Oct. 29, 2022
Employee Retention Credit Disclosure [Line Items]          
Erc Receivables $ 3,100 $ 3,100      
Cost of Sales [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee retention credit receivables   1,700      
Selling and Marketing Expense [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - selling and marketing         $ 800
Research and Development Expense [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - research and development   $ 300      
General and Administrative Expense [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - general and administrative expenses         $ 300
Cares Act [Member]          
Employee Retention Credit Disclosure [Line Items]          
Percentage of refundable tax credit can be claimed of qualified wages       70.00%  
Threshold qualified wages per employee per calendar quarter       $ 10,000  
Maximum threshold employee retention credit per employee per calendar quarter       $ 7,000  
Percentage of reduction of gross Receipts to qualify for employee retention credit     20.00%    
Cares Act [Member] | Prepaid Expenses and Other Current Assets [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee retention credit received $ 3,100        
v3.22.2.2
Royalty Obligation - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2018
Oct. 29, 2022
Oct. 29, 2022
Jan. 31, 2022
Royalty Obligation, Current   $ 1,750 $ 1,750 $ 2,000
Royalty Obligation Non Current   3,298 3,298 $ 4,361
Guaranteed Minimum Royalty Payment   9,000    
Excess Royaltie paid     900  
Honeywell Asset Purchase and License Agreement [Member]        
Payment Term Period 10 years      
Minimum Royalty Payment Obligation $ 15,000      
Fair Value Assumption Percentage Of Present Value Factor 2.80%      
Royalty Obligation, Current   1,800 1,800  
Royalty Obligation Non Current   3,300 3,300  
Accrued Royalties, Current, Excess Royalty Payment Due   300 300  
Excess Royalty Payments Incurred   $ 300 $ 900  
v3.22.2.2
Leases - Additional Information (Detail)
Oct. 29, 2022
Operating Lease, Weighted Average Remaining Lease Term 3 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent 3.86%
v3.22.2.2
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 31, 2022
Operating Leases [Abstract]    
Right of Use Assets $ 800 $ 1,094
Other Liabilities and Accrued Expenses 291 327
Lease Liabilities $ 550 $ 808
v3.22.2.2
Leases - Lease Cost Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
General and Administrative Expense [Member]        
Operating Lease Costs $ 115 $ 125 $ 350 $ 386
v3.22.2.2
Leases - Maturities of lease liabilities (Detail)
$ in Thousands
Oct. 29, 2022
USD ($)
Leases [Abstract]  
Fiscal 2023, remaining $ 74
Fiscal 2024 286
Fiscal 2025 186
Fiscal 2026 142
Fiscal 2027 137
Thereafter 85
Total Lease Payments 910
Less: Imputed Interest (69)
Total Lease Liabilities $ 841
v3.22.2.2
Leases - Supplemental cash flow information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities [Abstract]        
Operating cash flows for operating leases $ 74 $ 85 $ 237 $ 285
v3.22.2.2
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Oct. 29, 2022
Oct. 30, 2021
Schedule of Capitalization, Equity [Line Items]                  
Beginning Balance   $ 81,096 $ 80,696 $ 81,012 $ 82,577 $ 75,533 $ 74,683 $ 81,012 $ 74,683
Other Comprehensive Loss $ (481) (481) (419) (917) (394) (333) (65) (1,817) (792)
Ending Balance 81,328 81,328 81,096 80,696 82,182 82,577 75,533 81,328 82,182
Foreign Currency Translation Adjustments [Member]                  
Schedule of Capitalization, Equity [Line Items]                  
Beginning Balance       (1,701)       (1,701)  
Other Comprehensive Loss before reclassification               (1,864)  
Other Comprehensive Loss               (1,864)  
Ending Balance (3,565) (3,565)           (3,565)  
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member]                  
Schedule of Capitalization, Equity [Line Items]                  
Beginning Balance       (47)       (47)  
Amounts reclassified from AOCL to Earnings               47  
Other Comprehensive Loss               47  
Ending Balance 0 0           0  
Accumulated Other Comprehensive Income (Loss) [Member]                  
Schedule of Capitalization, Equity [Line Items]                  
Beginning Balance   (3,084) (2,665) (1,748) (782) (449) (384) (1,748) (384)
Other Comprehensive Loss before reclassification               (1,864)  
Amounts reclassified from AOCL to Earnings               47  
Other Comprehensive Loss   (481) (419) (917) (394) (333) (65) (1,817)  
Ending Balance $ (3,565) $ (3,565) $ (3,084) $ (2,665) $ (1,176) $ (782) $ (449) $ (3,565) $ (1,176)
v3.22.2.2
Share-Based Compensation - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Jan. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding 554,099   554,099   598,043
Number of options granted 0   0    
Reservation of shares under Stock Purchase Plan     40,000    
Restricted Stock or Unit Expense $ 401,000 $ 369,000 $ 963,000 $ 1,147,000  
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 283,274   283,274    
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     2,288    
Shares available for grant under the Plan 37,712   37,712    
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 5,684  
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 $ 1,900,000   $ 1,900,000    
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 128,262   128,262    
RSA [Member] | 2015 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding 135,325   135,325    
RSA [Member] | 2018 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of unvested shares 21,172   21,172    
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of unvested shares 128,793   128,793    
Restricted Stock Award [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted Stock or Unit Expense     $ 65,000    
v3.22.2.2
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Share-based Compensation [Abstract]        
Stock Options $ 0 $ 25 $ 7 $ 187
Restricted Stock Awards and Restricted Stock Units 401 369 963 1,147
Employee Stock Purchase Plan 4 4 7 11
Total $ 405 $ 398 $ 977 $ 1,345
v3.22.2.2
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail)
 9 Months Ended
Oct. 29, 2022
$ / shares
shares
Share-based Compensation [Abstract]  
Beginning balance, Number of Options | shares 598,043
Exercised, Number of Options | shares (36,444)
Forfeited, Number of Options | shares (5,100)
Expired, Number of Options | shares (2,400)
Ending balance, Number of Options | shares 554,099
Beginning balance, Weighted-Average Exercise Price Per Share | $ / shares $ 14.67
Exercised, Weighted-Average Exercise Price Per Share | $ / shares 8.41
Forfeited, Weighted-Average Exercise Price Per Share | $ / shares 15.38
Expired, Weighted-Average Exercise Price Per Share | $ / shares 8.09
Ending balance, Weighted-Average Exercise Price Per Share | $ / shares $ 15.1
v3.22.2.2
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares
 9 Months Ended
Oct. 29, 2022
Jan. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares outstanding, total 554,099 598,043
Outstanding, Weighted Average Exercise Price $ 15.1  
Exercisable, Weighted Average Exercise Price $ 15.1  
Outstanding Remaining Contractual Life 3 years 10 months 24 days  
Number of shares exercisable, total 554,099  
Exercisable Remaining Contractual Life 3 years 10 months 24 days  
$10.01 - $15.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 10.01  
Outstanding Range of Exercise prices, Upper Limit $ 15  
Outstanding, Number of shares 339,549  
Outstanding, Weighted Average Exercise Price $ 13.62  
Exercisable, Weighted Average Exercise Price $ 13.62  
Outstanding Remaining Contractual Life 3 years 1 month 6 days  
Exercisable, Number of shares 339,549  
Exercisable Remaining Contractual Life 3 years 1 month 6 days  
$15.01 - $20.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 15.01  
Outstanding Range of Exercise prices, Upper Limit $ 20  
Outstanding, Number of shares 214,550  
Outstanding, Weighted Average Exercise Price $ 17.45  
Exercisable, Weighted Average Exercise Price $ 17.45  
Outstanding Remaining Contractual Life 5 years 1 month 6 days  
Exercisable, Number of shares 214,550  
Exercisable Remaining Contractual Life 5 years 1 month 6 days  
v3.22.2.2
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Award And Restricted Stock Unit [Member]
 9 Months Ended
Oct. 29, 2022
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 220,980
Granted, Restricted Stock Units and Restricted Stock Awards | shares 141,371
Vested, Restricted Stock Units and Restricted Stock Awards | shares (83,024)
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares (1,100)
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 278,227
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.79
Granted, Weighted Average Grant Date Fair Value | $ / shares 12.68
Vested, Weighted Average Grant Date Fair Value | $ / shares 13.41
Forfeited, Weighted Average Grant Date Fair Value | $ / shares 11.77
Ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.55
v3.22.2.2
Income Taxes - Projected Effective Tax Rate for Periods (Detail)
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Income Tax Disclosure [Abstract]        
Effective tax rates for income from continuing operations 26.00% 29.00% 22.80% 4.00%
v3.22.2.2
Income Taxes - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 29, 2022
Oct. 31, 2021
Oct. 30, 2021
Income tax expense (benefit) $ 102,000 $ (174,000) $ 383,000 $ 383,000 $ 297,000 $ 297,000
Tax benefit related to the reversal of previously uncertain tax positions       13,000   30,000
Tax expense resulting from shortfall       300,000    
Tax expenses benefits resulting from provisional adjustments       51,000   100,000
Effective income tax reconciliation tax expense due to revaluation of deferred tax assets $ 30,000     $ 38,000    
Forgiveness Of Loan Under Paycheck Protection Programme [Member]            
Tax benefits resulting from forgiveness of debt           $ 1,100,000
v3.22.2.2
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Oct. 29, 2022
Oct. 29, 2022
Oct. 31, 2021
Oct. 30, 2021
Segment Reporting Information [Line Items]                      
Revenue $ 39,405,000       $ 28,857,000       $ 102,674,000 $ 87,780,000 $ 87,780,000
Corporate Expenses 3,325,000       2,364,000       8,456,000   7,372,000
Operating Income 1,346,000       296,000       3,346,000 4,482,000 4,482,000
Other Income (Expense), Net (955,000)       (895,000)       (1,665,000) 3,002,000 3,002,000
Income (Loss) Before Income Taxes 391,000       (599,000)       1,681,000 7,484,000 7,484,000
Income Tax Provision (Benefit) 102,000       (174,000)     $ 383,000 383,000 297,000 297,000
Net Income (Loss) 289,000 $ 289,000 $ 584,000 $ 425,000 (425,000) $ 7,019,000 $ 593,000   1,298,000 7,187,000 $ 7,187,000
Product Identification [Member]                      
Segment Reporting Information [Line Items]                      
Revenue 29,879,000       21,928,000       74,985,000 68,519,000  
T&M [Member]                      
Segment Reporting Information [Line Items]                      
Revenue 9,526,000       6,929,000       27,689,000 19,261,000  
Operating Segments [Member]                      
Segment Reporting Information [Line Items]                      
Operating Income 4,671,000       2,660,000       11,802,000 11,854,000  
Operating Segments [Member] | Product Identification [Member]                      
Segment Reporting Information [Line Items]                      
Operating Income 2,960,000       1,818,000       6,019,000 8,952,000  
Operating Segments [Member] | T&M [Member]                      
Segment Reporting Information [Line Items]                      
Operating Income 1,711,000       842,000       5,783,000 2,902,000  
Corporate Expenses [Member]                      
Segment Reporting Information [Line Items]                      
Corporate Expenses $ 3,325,000       $ 2,364,000       $ 8,456,000 $ 7,372,000  
v3.22.2.2
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 31, 2022
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 14,667 $ 9,255
Fair Value [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities 14,667 9,255
Carrying Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 14,625 $ 9,250