ASTRONOVA, INC., 10-Q filed on 12/9/2021
Quarterly Report
v3.21.2
Cover Page - shares
9 Months Ended
Oct. 30, 2021
Dec. 03, 2021
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Oct. 30, 2021  
Document Fiscal Year Focus 2021  
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 Non-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   7,256,418
v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 30, 2021
Jan. 31, 2021
CURRENT ASSETS    
Cash and Cash Equivalents $ 8,727 $ 11,439
Accounts Receivable, net 16,351 17,415
Inventories, net 31,661 30,060
Prepaid Expenses and Other Current Assets 6,451 1,807
Total Current Assets 63,190 60,721
Property, Plant and Equipment, net 11,674 12,011
Intangible Assets, net 19,637 21,502
Goodwill 12,415 12,806
Deferred Tax Assets 5,942 5,941
Right of Use Assets 1,106 1,389
Other Assets 1,658 1,103
TOTAL ASSETS 115,622 115,473
CURRENT LIABILITIES    
Accounts Payable 6,866 5,734
Accrued Compensation 4,370 2,852
Other Liabilities and Accrued Expenses 3,835 3,939
Current Liability – Royalty Obligation 2,000 2,000
Current Portion of Long-Term Debt 938 5,326
Current Liability – Excess Royalty Payment Due 220 177
Deferred Revenue 284 285
Income Taxes Payable   655
Total Current Liabilities 18,513 20,968
NON CURRENT LIABILITIES    
Long-Term Debt, net of current portion 8,397 7,109
Royalty Obligation, net of current portion 4,811 6,161
Long-Term Debt – PPP Loan   4,422
Lease Liabilities, net of current portion 826 1,065
Other Long-Term Liabilities 557 681
Deferred Tax Liabilities 336 384
TOTAL LIABILITIES 33,440 40,790
SHAREHOLDERS' EQUITY    
Common Stock 528 521
Additional Paid-in Capital 59,502 58,049
Retained Earnings 57,272 50,085
Treasury Stock, at Cost (33,944) (33,588)
Accumulated Other Comprehensive Loss, net of tax (1,176) (384)
TOTAL SHAREHOLDERS' EQUITY 82,182 74,683
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 115,622 $ 115,473
v3.21.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Oct. 30, 2021
Jan. 31, 2021
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 10,556,891 10,425,094
Treasury Stock, Shares 3,322,115 3,297,058
v3.21.2
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Income Statement [Abstract]        
Revenue $ 28,857 $ 28,017 $ 87,780 $ 86,595
Cost of Revenue 18,472 18,282 53,792 56,218
Gross Profit 10,385 9,735 33,988 30,377
Operating Expenses:        
Selling and Marketing 5,777 5,553 16,931 17,033
Research and Development 1,948 1,412 5,203 4,845
General and Administrative 2,364 2,353 7,372 7,214
Operating Expenses 10,089 9,318 29,506 29,092
Operating Income 296 417 4,482 1,285
Other Income (Expense), net:        
Extinguishment of Debt – PPP Loan 0   4,466  
Loss on Disposal of Assets (696) 0 (696) 0
Interest Expense (135) (286) (526) (776)
Gain (Loss) on Foreign Currency Transactions (117) (85) (231) 314
Other, net 53 (66) (11) 3
Other Income (Expense), net (895) (437) 3,002 (459)
Income (Loss) Before Income Taxes (599) (20) 7,484 826
Income Tax Provision (Benefit) (174) (32) 297 379
Net Income (Loss) $ (425) $ 12 $ 7,187 $ 447
Net Income (Loss) per Common Share—Basic: $ (0.06) $ 0.00 $ 1.00 $ 0.06
Net Income (Loss) per Common Share—Diluted: $ (0.06) $ 0.00 $ 0.98 $ 0.06
Weighted Average Number of Common Shares Outstanding:        
Basic 7,234,045 7,120,286 7,196,066 7,099,505
Diluted 7,234,045 7,185,485 7,324,503 7,137,478
v3.21.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ (425) $ 12 $ 7,187 $ 447
Other Comprehensive Income (Loss), Net of Taxes:        
Foreign Currency Translation Adjustments (410) (157) (839) 53
Change in Value of Derivatives Designated as Cash Flow Hedge   15   (255)
Loss from Cash Flow Hedges Reclassified to Income Statement 16 0 47 193
Cross-Currency Interest Rate Swap Termination   0   45
Other Comprehensive Income (Loss) (394) (142) (792) 36
Comprehensive Income (Loss) $ (819) $ (130) $ 6,395 $ 483
v3.21.2
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, 2020 $ 71,375 $ 517 $ 56,130 $ 49,298 $ (33,477) $ (1,093)
Beginning Balance, Shares at Jan. 31, 2020   10,343,610        
Share-Based Compensation 495   495      
Employee Option Exercises 32   32      
Employee Option Exercises, Shares   4,456        
Restricted Stock Awards Vested, net (54) $ 1 (1)   (54)  
Restricted Stock Awards Vested, net, Shares   23,638        
Common Stock - cash dividend (497)     (497)    
Net Income 432     432    
Other Comprehensive Income Loss (221)         (221)
Ending Balance at May. 02, 2020 71,562 $ 518 56,656 49,233 (33,531) (1,314)
Ending Balance, Shares at May. 02, 2020   10,371,704        
Beginning Balance at Jan. 31, 2020 71,375 $ 517 56,130 49,298 (33,477) (1,093)
Beginning Balance, Shares at Jan. 31, 2020   10,343,610        
Net Income 447          
Other Comprehensive Income Loss 36          
Ending Balance at Oct. 31, 2020 73,038 $ 521 57,894 49,248 (33,568) (1,057)
Ending Balance, Shares at Oct. 31, 2020   10,416,724        
Beginning Balance at May. 02, 2020 71,562 $ 518 56,656 49,233 (33,531) (1,314)
Beginning Balance, Shares at May. 02, 2020   10,371,704        
Share-Based Compensation 601   601      
Employee Option Exercises 29   29      
Employee Option Exercises, Shares   4,874        
Restricted Stock Awards Vested, net (37) $ 2 (2)   (37)  
Restricted Stock Awards Vested, net, Shares   35,676        
Net Income 3     3    
Other Comprehensive Income Loss 399         399
Ending Balance at Aug. 01, 2020 72,557 $ 520 57,284 49,236 (33,568) (915)
Ending Balance, Shares at Aug. 01, 2020   10,412,254        
Share-Based Compensation 591   591      
Employee Option Exercises 20 $ 1 19      
Employee Option Exercises, Shares   4,037        
Restricted Stock Awards Vested, net, Shares   433        
Net Income 12     12    
Other Comprehensive Income Loss (142)         (142)
Ending Balance at Oct. 31, 2020 73,038 $ 521 57,894 49,248 (33,568) (1,057)
Ending Balance, Shares at Oct. 31, 2020   10,416,724        
Beginning Balance at Jan. 31, 2021 74,683 $ 521 58,049 50,085 (33,588) (384)
Beginning Balance, Shares at Jan. 31, 2021   10,425,094        
Share-Based Compensation 478   478      
Employee Option Exercises 52   52      
Employee Option Exercises, Shares   5,746        
Restricted Stock Awards Vested, net (208) $ 3 (3)   (208)  
Restricted Stock Awards Vested, net, Shares   48,299        
Net Income 593     593    
Other Comprehensive Income Loss (65)         (65)
Ending Balance at May. 01, 2021 75,533 $ 524 58,576 50,678 (33,796) (449)
Ending Balance, Shares at May. 01, 2021   10,479,139        
Beginning Balance at Jan. 31, 2021 $ 74,683 $ 521 58,049 50,085 (33,588) (384)
Beginning Balance, Shares at Jan. 31, 2021   10,425,094        
Employee Option Exercises, Shares 4,925          
Net Income $ 7,187          
Other Comprehensive Income Loss (792)         (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 7,019     7,019    
Other Comprehensive Income 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 (425)     (425)    
Other Comprehensive Income 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        
v3.21.2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical)
3 Months Ended
May 02, 2020
$ / shares
Statement of Stockholders' Equity [Abstract]  
Cash dividend per share $ 0.07
v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Cash Flows from Operating Activities:    
Net Income $ 7,187 $ 447
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation and Amortization 3,070 4,571
Amortization of Debt Issuance Costs 38 48
Share-Based Compensation 1,345 1,687
Loss on Disposal of Assets 696 0
Gain on Extinguishment of Debt (4,466)  
Changes in Assets and Liabilities:    
Accounts Receivable 969 4,248
Other Receivable – Employee Retention Credit Receivable (3,135)  
Inventories (1,804) 3,252
Income Taxes (1,965) 115
Accounts Payable and Accrued Expenses 2,914 (1,488)
Other (1,001) (1,213)
Net Cash Provided by Operating Activities 3,848 11,667
Cash Flows from Investing Activities:    
Additions to Property, Plant and Equipment (1,507) (2,102)
Net Cash Used for Investing Activities (1,507) (2,102)
Cash Flows from Financing Activities:    
Net Cash Proceeds from Employee Stock Option Plans 47 6
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan 67 75
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (356) (91)
Borrowings under Revolving Credit Facility   5,000
Repayment under Revolving Credit Facility   (11,500)
Payment of Minimum Guarantee Royalty Obligation (1,500) (1,500)
Proceeds from Long-Term Debt – PPP Loan   4,422
Proceeds from Long-Term Debt Borrowings 10,000 15,232
Payoff of Long-Term Debt (12,576) (11,732)
Principal Payments of Long-Term Debt (563) (2,906)
Payment of Debt Issuance Costs   (89)
Dividends Paid   (497)
Net Cash Used for Financing Activities (4,881) (3,580)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (172) (631)
Net Increase (Decrease) in Cash and Cash Equivalents (2,712) 5,354
Cash and Cash Equivalents, Beginning of Period 11,439 4,249
Cash and Cash Equivalents, End of Period 8,727 9,603
Supplemental Disclosures of Cash Flow Information:    
Cash Paid During the Period for Interest 268 517
Cash Paid During the Period for Income Taxes, Net of Refunds $ 2,243 $ 250
v3.21.2
Business and Basis of Presentation
9 Months Ended
Oct. 30, 2021
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 includes our line of aerospace flight deck printers and 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, 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, that allow 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 for the aerospace market. In addition, the T&M segment includes data acquisition recorders, sold under the AstroNova brand, to enable our customers to acquire and record visual and electronic signal data from local and networked data streams and sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats.
Our Product Identification products are sold by direct field salespersons as well as independent dealers and representatives, while our Test & Measurement 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 Product Identification 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, 2021.
The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information, in context of the unknown future impacts of 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, accrued expenses, self-insurance liability accrual, useful lives of sales contract costs and intangibles, and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters, including our expectations at the time regarding the duration, scope and severity of the
COVID-19
pandemic. Consequently, actual results could differ from those estimates.
Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year.
Certain amounts in the prior year financial statements have been reclassified to conform to the current year’s presentation.
 
Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
v3.21.2
Summary of Significant Accounting Policies Update
9 Months Ended
Oct. 30, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Update
Note 2 – Summary of Significant Accounting Policies Update
The accounting polices used in preparing the condensed consolidated financial statements in this Form
10-Q
are the same as those used in preparing our consolidated financial statements included in our Annual Report on Form
10-K
for the fiscal year ended January 31, 2021.
Recently Adopted Accounting Pronouncements
Income Taxes
In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”)
2019-12,
“Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU
2019-12
is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We adopted ASU
2019-12
for the period beginning February 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements and accompanying disclosures.
No other new accounting pronouncements, issued or effective during the nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
v3.21.2
Revenue Recognition
9 Months Ended
Oct. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 3 – Revenue Recognition
We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems and airborne printers used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements.
Revenues disaggregated by primary geographic markets and major product types are as follows:
Primary geographical markets:
 
    
Three Months Ended
    
Nine Months Ended
 
(In thousands)   
October 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
United States
   $ 17,280      $ 16,788      $ 51,154      $ 54,442  
Europe
     7,163        7,081        23,588        20,845  
Canada
     1,724        1,273        4,761        4,154  
Asia
     1,473        1,209        4,523        3,050  
Central and South America
     814        1,233        2,569        3,101  
Other
     403        433        1,185        1,003  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Revenue
   $ 28,857      $ 28,017      $ 87,780      $ 86,595  
    
 
 
    
 
 
    
 
 
    
 
 
 
Major product types:
 
    
Three Months Ended
    
Nine Months Ended
 
(In thousands)   
October 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
Hardware
   $ 7,622      $ 7,667      $ 23,147      $ 25,021  
Supplies
     18,055        17,996        54,944        54,254  
Service and Other
     3,180        2,354        9,689        7,320  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Revenue
   $ 28,857      $ 28,017      $ 87,780      $ 86,595  
    
 
 
    
 
 
    
 
 
    
 
 
 
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 $284,000 and $285,000 
at October 30, 2021 and January 31, 2021, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The decrease in the deferred revenue balance during the nine months ended October 30, 2021 is primarily due
$254,000
of revenue recognized during the period that was included in the deferred revenue balance at January 31, 2021, offset by cash payments received in advance of satisfying performance obligations in the current period.
Contract Costs
We recognize an asset for the incremental costs of obtaining a contract with a
 
customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. In the second quarter of the current year, we extended the remaining useful life of these deferred costs from 6 years to 20 years and changed the amortization method from units sold to the straight-line method. We believe these changes, based on the life of the aircraft under the applicable sales contracts, appropriately reflects a more systematic and rational approach. This change is being treated as a change in accounting estimate that is
a
ffected by a change in accounting principle. The impact on net income was immaterial for the
nine-month
 period ended October 30, 2021. The balance of these contract assets at January 31, 2021 was $0.9 million and in the second quarter of the current year, we incurred an additional $0.4 million in contract costs which will be amortized over 20 years. We amortized $43,000 of direct costs for the nine months ended October 30, 2021, and the balance of deferred incremental direct costs net of accumulated amortization at October 30, 2021 was $1.3 million of which $0.1 million is reported in other current assets and $1.2 million is reported in other assets in the accompanying condensed consolidated balance sheet.
v3.21.2
Net Income Per Common Share
9 Months Ended
Oct. 30, 2021
Earnings Per Share [Abstract]  
Net Income Per Common Share
Note 4 – Net Income Per Common Share
Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
 
  
October 30,

2021
 
  
October 31,

2020
 
  
October 30,

2021
 
  
October 31,

2020
 
Weighted Average Common Shares Outstanding – Basic
     7,234,045        7,120,286        7,196,066        7,099,505  
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units
            65,199        128,437        37,973  
    
 
 
    
 
 
    
 
 
    
 
 
 
Weighted Average Common Shares Outstanding – Diluted
     7,234,045        7,185,485        7,324,503        7,137,478  
    
 
 
    
 
 
    
 
 
    
 
 
 
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 EPS 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. For the three and nine months ended October 31, 2020, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 689,157 and 892,868
,
respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect.
v3.21.2
Intangible Assets
9 Months Ended
Oct. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 5 – Intangible Assets
Intangible assets are as follows:
 
 
  
October 30, 2021
 
  
January 31, 2021
 
(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     $ (2,457   $ —       $ 643     $ 3,100     $ (2,284   $ —       $ 816  
RITEC:
                                                               
Customer Contract Relationships
    2,830       (1,540     —         1,290       2,830       (1,423     —         1,407  
TrojanLabel:
                                                               
Existing Technology
    2,327       (1,680     151       798       2,327       (1,405     196       1,118  
Distributor Relations
    937       (473     62       526       937       (396     89       630  
Honeywell:
                                                               
Customer Contract Relationships
    27,243       (10,863     —         16,380       27,243       (9,712     —         17,531  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Intangible Assets, net
  $ 36,437     $ (17,013 )   $ 213     $ 19,637     $ 36,437     $ (15,220   $ 285     $ 21,502  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
In the second quarter of the current year, we extended the remaining useful life of the customer contract relationship intangibles for Honeywell International, Inc. (“Honeywell”) from 6 years to 20 years and for the RITEC intangibles we changed the amortization method which was based on revenue with a remaining life of 4 years to the straight-line method with a
20-year
remaining life. We believe these changes, based on the life of the aircraft related to these intangibles, appropriately reflects a more systematic and rational approach to distributing the cost of these intangibles over their useful lives. The change in the amortization of the Honeywell customer contract relationship intangibles is being treated as a change in accounting estimate and the change in the amortization of the RITEC customer contract relationship intangibles is being treated as a change in accounting estimate that is effected by a change in accounting principle. The changes in amortization resulted in a $1.2 million decrease in amortization expense and a $1.2 
million, increase to net income for
the nine-month period ended October 30, 2021. 
There were no impairments to intangible assets during the periods ended October 30, 2021 and October 31, 2020. With respect to the acquired intangibles included in the table above, amortization expense of $0.4 million and $1.0 million has been included in the condensed consolidated statements of income for the three months ended October 30, 2021 and October 31, 2020, respectively. Amortization expense of $1.8 million and $3.1 
million related to the above acquired intangibles has been included in the accompanying condensed consolidated statement of income for the nine months ended October 30, 2021 and October 31, 2020, respectively. 
 
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
  
Remaining
2022
    
2023
    
2024
    
2025
    
2026
 
Estimated amortization expense
   $ 401      $ 1,637      $ 1,699      $ 1,009      $ 1,009  
v3.21.2
Inventories
9 Months Ended
Oct. 30, 2021
Inventory Disclosure [Abstract]  
Inventories
Note 6 – Inventories
Inventories are stated at the lower of cost
(first-in,
first-out)
or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
(In thousands)
  
October 30, 2021
    
January 31, 2021
 
Materials and Supplies
   $ 21,526      $ 20,265  
Work-In-Process
     2,061        2,076  
Finished Goods
     16,928        16,371  
    
 
 
    
 
 
 
       40,515        38,712  
Inventory Reserve
     (8,854      (8,652
    
 
 
    
 
 
 
     $ 31,661      $ 30,060  
    
 
 
    
 
 
 
v3.21.2
Property, Plant and Equipment
9 Months Ended
Oct. 30, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Note 7—Property, Plant and Equipment
Property, plant and equipment consists of the following:
 
    
October 30,
    
January 31,
 
    
2021
    
2021
 
(In thousands)              
Land and Land Improvement
   $ 1,004      $ 1,004  
Buildings and Leasehold Improvements
     12,635        12,642  
Machinery and Equipment
     23,305        23,346  
Computer Equipment and Software
     13,680        13,847  
    
 
 
    
 
 
 
Gross Property, Plant and Equipment
     50,624        50,839  
Accumulated Depreciation
     (38,950      (38,828
    
 
 
    
 
 
 
Net Property Plant and Equipment
   $ 11,674      $ 12,011  
    
 
 
    
 
 
 
Depreciation expense on property, plant and equipment was $0.4 million and $1.2 million for the three and nine months
ended October 30, 2021. Depreciation expense on property, plant and equipment was $1.5 million and $0.4 million for the three and nine months ended October 31, 2020. 
During the quarter ended October 30, 2021, we wrote-off our Oracle EnterpriseOne enterprise resource planning (“ERP”) system in anticipation of the full implementation of our new global ERP system which was effective at the beginning of the fourth quarter of the current year. The book value and related accumulated depreciation of the Oracle EnterpriseOne ERP system along with the balance of the related prepaid service and maintenance contracts have been removed from the accompanying condensed consolidated balance sheet at October 30, 2021 and we have recorded a net loss on the disposal of $
696,000,
which is included in other income (expense) in the accompanying condensed consolidated income statement for the three and nine months ended October 30, 2021.
v3.21.2
Credit Agreement and Debt
9 Months Ended
Oct. 30, 2021
Debt Disclosure [Abstract]  
Credit Agreement and Debt
Note 8 – Credit Agreement and Debt
Credit Agreement
On March 24, 2021, we entered into a First Amendment to Credit Agreement (the “Amendment”) to our Amended & Restated Credit Agreement (the “A&R Credit Agreement,” as amended by the Amendment; the “Amended Credit Agreement”) with Bank of America, N.A., as lender (the “Lender”), and our subsidiaries, ANI ApS and TrojanLabel. The A&R Credit Agreement, which we entered into on July, 30, 2020, amended and restated the Credit Agreement dated as of February 28, 2017 (the “Prior Credit Agreement”) by and among us, ANI ApS, TrojanLabel and the Lender. Immediately prior to the closing of the Amendment, we repaid $2.6 million in principal amount of the term loan outstanding under the A&R Credit Agreement, resulting in an outstanding balance of the term loan of $10.0 million and no amount drawn and outstanding under the revolving credit facility under the A&R Credit Agreement.
The Amended Credit Agreement provides for (i) a term loan in the principal amount of $10.0 million, and (ii) a $22.5 million revolving credit facility available for general corporate purposes. At the closing of the Amendment, we borrowed the entire $10.0 million term loan which was used to refinance, in full, the outstanding term loan under the A&R Credit Agreement. Under the Amended Credit Agreement, revolving credit loans may continue to be borrowed, at our option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Kroner.
At October 30, 2021, there is no balance outstanding on the revolving line of credit and the entire $22.5 million is available for borrowing. There was no
 interest incurred for the three- and nine-month period ended October 30, 2021 and $
22,000 and $188,000
 of interest was incurred on this obligation and included in interest expense in the accompanying condensed consolidated income statement for the three- and nine-month periods ended October 31, 2020, respectively. 
The Amended Credit Agreement requires that the term loan be paid as follows: 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 April 30, 2021 through January 31, 2022 is $187,500; 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 April 30, 2022 through January 31, 2023 is $250,000; 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 April 30, 2023 through January 31, 2025 is $312,500; 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 April 30, 2025 and July 31, 2025 is $500,000; and the entire remaining principal balance of the term loan is required to be paid on September 30, 2025. We may voluntarily prepay the term loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than September 30, 2025, at which time any outstanding revolving loans will be due and payable in full, and the revolving credit facility will terminate. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty.
 
The Amended Credit Agreement includes an uncommitted accordion provision under which the term loan and/or revolving credit facility commitments may be increased in an aggregate principal amount not exceeding $10.0 million, subject to obtaining the agreement of the Lender and the satisfaction of certain other conditions.
The interest rates under the A&R Credit Agreement were modified in the Amended Credit Agreement as follows: the term loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the LIBOR 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 2.30% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Lender’s publicly announced prime rate, (iii) the LIBOR Rate plus 1.00% or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.30% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.30% based on our consolidated leverage ratio. During the quarter ended October 30, 2021, we incurred $8,300 in commitment fees on the undrawn portion of our revolving credit facility, which is included in interest expense in the accompanying condensed consolidated income statement.
As under the A&R Credit Agreement, the loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from (a) net cash proceeds from certain dispositions of property, (b) net cash proceeds from certain issuances of equity, (c) net cash proceeds from certain issuances of additional debt and (d) net cash proceeds from certain extraordinary receipts.
Amounts repaid under the revolving credit facility may be reborrowed, subject to continued compliance with the Amended Credit Agreement. No amount of the term loan that is repaid may be reborrowed.
 
We must comply with various customary financial and
non-financial
covenants under the Amended Credit Agreement. The financial covenants under the Amended Credit Agreement consist of a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio. The primary
non-financial
covenants limit our and our subsidiaries’ ability to incur future indebtedness, to place liens on assets, to pay dividends or distributions on their capital stock, to repurchase or acquire their capital stock, to conduct mergers or acquisitions, to sell assets, to alter their capital structure, to make investments and loans, to change the nature of their business, and to prepay subordinated indebtedness, in each case subject to certain exceptions and thresholds as set forth in the Amended Credit Agreement, certain of which provisions were modified by the Amendment.
The Lender is entitled to accelerate repayment of the loans and to terminate its revolving
 
credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control.
Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests held in ANI ApS, in our wholly-owned German subsidiary AstroNova GmbH, and in our wholly-owned French subsidiary AstroNova SAS), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island.
Long-Term Debt
Long-term debt in the accompanying condensed consolidated balance sheets is as follows:
 
(In thousands)
  
October 30, 2021
 
  
January 31, 2021
 
USD Term Loan (2.35% as of October 30, 2021); maturity date of September 30, 2025
   $ 9,438      $ —    
USD Term Loan (4.65% as of January 31, 2021)
     —          12,576  
    
 
 
    
 
 
 
     $ 9,438      $ 12,576  
Debt Issuance Costs, net of accumulated amortization
     (103      (141
Current Portion of Term Loans
     (938      (5,326
    
 
 
    
 
 
 
Long-Term Debt
   $ 8,397      $ 7,109  
    
 
 
    
 
 
 
During the three and nine months ended October 30, 2021, we recognized $50,000 and $230,000 of interest expense on debt, respectively, which was included in interest expense in the accompanying condensed consolidated income statement. During the three and nine months ended October 31, 2020, we recognized $159,000 and $312,000 of interest expense on debt, respectively, which was included in interest expense in the accompanying condensed consolidated income statement.
The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of October 30, 2021 is as follows:
 
(In thousands)
      
Fiscal 2022, remainder
   $ 188  
Fiscal 2023
     1,000  
Fiscal 2024
     1,000  
Fiscal 2025
     1,250  
Fiscal 2026
     6,000  
    
 
 
 
     $ 9,438  
    
 
 
 
v3.21.2
Paycheck Protection Program Loan
9 Months Ended
Oct. 30, 2021
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”), enacted on March 27, 2020. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020, which was enacted on June 5, 2020. 
 
The PPP Loan, originally scheduled to mature on May 6, 2022, was unsecured and bore interest at a rate of 1.0% per annum, accruing from the loan date. No payments were due on the PPP Loan until the date on which the lender determined the amount of the PPP Loan that is eligible for forgiveness. The PPP Loan was classified as long-term debt – PPP Loan in the condensed consolidated balance sheet until forgiveness was made.
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, in the second quarter of fiscal 2022, we recorded a $4.5 million gain on extinguishment of debt, which is included in the accompanying condensed consolidated income statement for the nine months ended October 30, 2021.
v3.21.2
Derivative Financial Instruments and Risk Management
9 Months Ended
Oct. 30, 2021
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 to manage the interest rate risk and foreign currency exchange risk associated with the floating-rate foreign currency-denominated term loan borrowing by our Danish Subsidiary and an interest rate swap to manage the interest rate risk associated with our variable rate term loan borrowing. Both swaps were designated as cash flow hedges of floating-rate borrowings.
Our cross-currency interest rate swap agreement effectively modified our exposure to interest rate risk and foreign currency exchange rate risk by converting our floating-rate debt denominated in U.S. Dollars on our Danish subsidiary’s books to a fixed-rate debt denominated in Danish Kroner for the term of the loan, thus reducing the impact of interest-rate and foreign currency exchange rate changes on future interest expense and principal repayments. This swap involved the receipt of floating rate amounts in U.S. Dollars in exchange for fixed-rate interest payments in Danish Kroner, as well as exchanges of principal at the inception spot rate, over the life of the term loan.
The interest rate swap agreement effectively modified our exposure to interest rate risk by effectively converting our floating-rate term-loan debt to fixed-rate debt, thus reducing the impact of interest-rate changes on future interest expense. This swap involved the receipt of floating rate amounts in U.S. Dollars in exchange for fixed-rate payments in U.S. dollars over the life of the term loan.
As a direct result of the terms of the Lender’s conditions for entry into the A&R Credit Agreement, on July 30, 2020, we terminated these two swaps. The terms of the A&R Credit Agreement caused those swaps to cease to be effective hedges of the underlying exposures. The termination of the swaps was contracted immediately prior to the end of the second quarter of fiscal 2021 at a cash cost of approximately $0.7 million, which was settled in the third quarter of fiscal 2021. Upon termination, the remaining balance of $58,000 in accumulated other comprehensive loss related to the cross-currency interest rate swap was reclassified into earnings as the forecasted foreign currency interest payments will not occur. The $ 0.2 million balance remaining in accumulated other comprehensive loss related to the interest rate swap is being amortized into earnings through the original term of the hedge relationship, as the underlying floating interest rate debt still exists.
The following table presents the impact of our derivative instruments in our condensed consolidated financial statements for the three and nine months ended October 30, 2021 and October 31, 2020:
 
 
  
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 30,

2021
 
  
October 31,

2020
 
  
October 30,

2021
 
 
October 31,

2020
 
Swap contracts
   $ —        $      Other Income (Expense)   $ (20   $
(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 30,
2021
    
October 31,
2020
   
October 30,
2021
   
October 31,
2020
 
Swap contracts
   $ —        $ (340   Other Income (Expense)   $ (60   $ (268
    
 
 
    
 
 
       
 
 
   
 
 
 
As of October 30, 2021, we expect to reclassify approximately $0.1 million of net losses on the frozen OCI balance associated with the terminated interest rate swap from accumulated other comprehensive loss to earnings during the next 12 months due to the payment of variable interest associated with the floating interest rate debt.
v3.21.2
Employee Retention Credit
9 Months Ended
Oct. 30, 2021
Employee Retention Credit Disclosure [Abstract]  
Employee Retention Credit
Note 11 – Employee Retention Credit
The CARES Act provides an employee retention credit (“ERC”)
 
that is a refundable tax credit against certain employer taxes. On December 27, 2020, Congress enacted the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which amended and extended ERC availability under Section 2301 of the CARES Act. Before the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we were ineligible for the ERC because we received the PPP Loan. Following enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, we and other businesses that received loans under that program became retroactively eligible for the ERC.
As a result of the foregoing legislation, we are eligible to claim a refundable tax credit against the employer share of Social Security taxes equal to seventy percent (70%) of the qualified wages that we paid to our employees between December 31, 2020 and June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021 for a maximum ERC per employee of $7,000 per calendar quarter in 2021.
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, accordingly, we recognized the employee retention credit in the income statement captions from which the employee taxes were originally incurred and offset the receivable in prepaid expenses and other current assets.
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 the current year, we amended certain payroll tax filing
s
and applied for a refund of $3.1 
million. We recorded a receivable in the second quarter of the current year within prepaid expenses and other current assets in the condensed consolidated balance sheet. Such amount remains outstanding as of October 30, 2021.
In the second quarter of the current year, the $3.1 million of ERCs was recognized as a reduction in employer payroll taxes and 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 which is reflected in the accompanying condensed consolidated income statement for the
nine-month
period ended October 30, 2021.
v3.21.2
Royalty Obligation
9 Months Ended
Oct. 30, 2021
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, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, and product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue.
The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments using a present value factor of 2.8%, which is based on the estimated
after-tax
cost of debt for similar companies. As of October 30, 2021, we had paid an aggregate of $7.0 million of the guaranteed minimum royalty obligation. At October 30, 2021, the current portion of the outstanding guaranteed minimum royalty obligation of $2.0 million is to be paid over the next twelve months and is reported as a current liability, and the remainder of $4.8 million is reported as a long-term liability on our condensed consolidated balance sheet. We incurred $0.2
million in
 excess royalty expense for the
nine-month
period ended October 30, 2021, which is included in cost of revenue in our consolidated statements of income. A total of $0.2 million in excess royalties was paid in the current fiscal year, and there are $0.2 million in excess royalty payables due as a result of this agreement for the period ended October 30, 2021.
v3.21.2
Leases
9 Months Ended
Oct. 30, 2021
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 30,

2021
 
  
January 31,

2021
 
Lease Assets
   Right of Use Assets    $ 1,106      $ 1,389  
Lease Liabilities – Current
   Other Liabilities and Accrued Expenses      329        372  
Lease Liabilities – Long Term
   Lease Liabilities      826        1,065  
Lease cost information is as follows:
 
         
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  
 
         
Three Months Ended
    
Nine
 
Months Ended
 
Operating Leases
(In thousands)
  
Statement of Income Classification
  
October 31,
2020
    
October 31,
2020
 
Operating Lease Costs
   General and Administrative Expense    $ 120      $ 362  
Maturities of operating lease liabilities are as follows:
 
(In thousands)
  
October 31,
2021
 
2022, remaining
   $ 92  
2023
     309  
2024
     282  
2025
     176  
2026
     156  
Thereafter
     257  
    
 
 
 
Total Lease Payments
     1,272  
Less: Imputed Interest
     (117
    
 
 
 
Total Lease Liabilities
   $ 1,155  
    
 
 
 
As of October 30, 2021, the weighted-average remaining lease term and
 
weighted-average discount rate for our operating leases are 4.7 years and 4.0%, 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 30,
2021
    
October 30,
2021
 
Cash paid for amounts included in the measurement of lease liabilities:
                 
Operating cash flows for operating leases
   $ 85      $ 285  
 
    
  Three Months Ended    
    
Nine
 
Months Ended  
 
(In thousands)
  
October 31,
2020
    
October 31,
2020
 
Cash paid for amounts included in the measurement of lease liabilities:
                 
Operating cash flows for operating leases
   $ 102      $ 333  
v3.21.2
Accumulated Other Comprehensive Loss
9 Months Ended
Oct. 30, 2021
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, 2021
   $ (275    $ (109    $ (384
Other Comprehensive Loss before reclassification
     (839      —          (839
Amounts reclassified from AOCL to Earnings
     —          47        47  
    
 
 
    
 
 
    
 
 
 
Other Comprehensive Income (Loss)
     (839      47        (792
    
 
 
    
 
 
    
 
 
 
Balance at October 30, 2021
   $ (1,114    $ (62    $ (1,176
    
 
 
    
 
 
    
 
 
 
                
The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German, Danish and Shanghai subsidiaries.
v3.21.2
Share-Based Compensation
9 Months Ended
Oct. 30, 2021
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, cancelled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 132,503 unvested RSUs; 65,167 unvested PSUs; 20,410 unvested RSAs and options to purchase an aggregate of 135,500 shares outstanding as of October 30, 2021.
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 30, 2021, options to purchase an aggregate of 326,468 shares were outstanding under the 2007 Plan and 3,750 unvested shares of restricted stock and options to purchase an aggregate of 141,000 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 2022 is $60,000. 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 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
Stock Options
   $ 25      $ 126      $ 187      $ 390  
Restricted Stock Awards and Restricted Stock Units
     369        462        1,147        1,284  
Employee Stock Purchase Plan
     4        3        11        13  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 398      $ 591      $ 1,345      $ 1,687  
    
 
 
    
 
 
    
 
 
    
 
 
 
Stock Options
There were no stock options granted during the nine months ended October 30, 2021 and October 31, 2020.
Aggregated information regarding stock option activity for the nine months ended October 30, 2021 is summarized below:
 
    
Number of
Options
    
Weighted Average
Exercise Price
 
Outstanding at January 31, 2021
     622,083      $ 14.63  
Granted
     —          —    
Exercised
     (4,925 )      9.42  
Forfeited
     (14,190 )      15.00  
Canceled
     —          —    
    
 
 
    
 
 
 
Outstanding at October 30, 2021
     602,968      $ 14.66  
    
 
 
    
 
 
 
Set forth below is a summary of options outstanding at October 30, 2021:
 
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
 
$5.00-10.00
     36,711      $ 7.97        1.0        36,744      $ 7.97        1.0  
$10.01-15.00
     348,649      $ 13.62        4.1        336,649      $ 13.61        4.0  
$15.01-20.00
     217,575      $ 17.47        6.0        210,875      $ 17.44        6.1  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
       602,968      $ 14.66        4.6        584,268      $ 14.63        4.6  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
As of October 30, 2021, there was approximately $32,000 of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 0.4 years.
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)
Aggregated information regarding RSU and RSA activity for the six months ended October 30, 2021 is summarized below:
 
    
RSAs & RSUs
    
Weighted Average
Grant Date Fair Value
 
Outstanding at January 31, 2021
     197,413      $ 9.96  
Granted
     147,006        14.43  
Vested
     (121,689 )      10.30  
Forfeited

 
 
(900

)
 
 
14.26

 
    
 
 
    
 
 
 
Outstanding at October 30, 2021
     221,830      $ 12.73  
    
 
 
    
 
 
 
As of July 31, 2021, there was approximately $2.1 million of unrecognized compensation expense related to RSUs and RSAs which is expected to be recognized over a weighted average period of 0.9 year.
 
Employee Stock Purchase Plan
We have an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 247,500 shares were reserved for issuance under this plan. During the nine months ended October 30, 2021 and October 31, 2020, there were 5,684 and 12,098 shares, respectively, purchased under this plan. As of October 30, 2021, 4,690 shares remain available for purchase under our Employee Stock Purchase Plan.
v3.21.2
Income Taxes
9 Months Ended
Oct. 30, 2021
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 2022
     29.0     4.0
Fiscal 2021
     160.0     45.9
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 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 second quarter of fiscal 2022. During the three months ended October 31, 2020, we recognized an income tax benefit of approximately $32,000. The effective tax rate in this period was directly impacted by a significant decrease in forecasted operating results for our fiscal 2021 as compared to operating results forecasted at the end of our second quarter of fiscal 2021.
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 a significant decrease in forecasted operating results for our fiscal 2022 as compared to operating results forecasted at the end of our second quarter of fiscal 2022, a $1.1 million tax benefit from the forgiveness of the PPP
L
oan, a $0.1 million tax benefit arising from windfall tax expense 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
L
oan forgiveness recognized is excluded from taxable income under Section 1106(i) of the CARES Act. During the nine months ended October 31, 2020, we recognized an income tax expense of approximately $379,000. The effective tax rate in this period was directly impacted by a significant decrease in forecasted operating results for our fiscal 2021 as compared to operating results forecasted at the end of our second quarter of fiscal 2021, a $118,000 expense arising from shortfall tax expense related to our stock, a $79,000 expense related to return to provision adjustments from foreign tax returns filed in the year and a $78,000 tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions.
We maintain a valuation allowance on some of our deferred tax assets in certain jurisdictions. A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized.
Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial reporting purposes. As of October 30, 2021, our cumulative unrecognized tax benefits totaled $221,000 compared to $384,000
as of January 31, 2021. We established unrecognized tax benefits for certain positions taken on the fiscal year 2021 Canadian tax return. There were no other developments affecting unrecognized tax benefits during the quarter ended October 30, 2021.
v3.21.2
Segment Information
9 Months Ended
Oct. 30, 2021
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 30,
2021
    
October 31,
2020
    
October 30,
2021
   
October 31,
2020
   
October 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
Product Identification
   $ 21,928      $ 22,898      $ 1,818     $ 3,521     $ 68,519      $ 66,907      $ 8,952      $ 9,813  
T&M
     6,929        5,119        842       (751     19,261        19,688        2,902        (1,314
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 28,857      $ 28,017        2,660       2,770     $ 87,780      $ 86,595        11,854        8,499  
    
 
 
    
 
 
                    
 
 
    
 
 
                   
Corporate Expenses
              2,364       2,353                7,372        7,214  
             
 
 
   
 
 
            
 
 
    
 
 
 
Operating Income
              296       417                4,482        1,285  
Other Income (Expense), Net
              (895     (437              3,002        (459
             
 
 
   
 
 
            
 
 
    
 
 
 
Income (Loss) Before Income Taxes
              (599     (20              7,484        826  
Income Tax Provision (Benefit)
              (174     (32              297        379  
             
 
 
   
 
 
            
 
 
    
 
 
 
Net Income (Loss)
            $ (425   $ 12              $ 7,187      $ 447  
             
 
 
   
 
 
            
 
 
    
 
 
 
v3.21.2
Fair Value
9 Months Ended
Oct. 30, 2021
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 30, 2021
 
    
Fair Value Measurement
        
(In thousands)
  
Level 1
    
Level 2
    
Level 3
    
Total
    
Carrying
Value
 
Long-Term debt and related current maturities
   $ —        $ —        $ 9,443      $ 9,443      $ 9,438  
 
    
January 31, 2021
 
    
                Fair Value Measurement                
        
(In thousands)
  
Level 1
    
Level 2
    
Level 3
    
Total
    
Carrying
Value
 
Long-Term debt and related current maturities
   $ —        $ —        $ 12,586      $ 12,586      $ 12,576  
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.
v3.21.2
Summary of Significant Accounting Policies Update (Policies)
9 Months Ended
Oct. 30, 2021
Accounting Policies [Abstract]  
Income Taxes
Income Taxes
In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”)
2019-12,
“Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU
2019-12
is effective for fiscal years beginning after December 15, 2020. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We adopted ASU
2019-12
for the period beginning February 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements and accompanying disclosures.
No other new accounting pronouncements, issued or effective during the nine months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
v3.21.2
Revenue Recognition (Tables)
9 Months Ended
Oct. 30, 2021
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 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
United States
   $ 17,280      $ 16,788      $ 51,154      $ 54,442  
Europe
     7,163        7,081        23,588        20,845  
Canada
     1,724        1,273        4,761        4,154  
Asia
     1,473        1,209        4,523        3,050  
Central and South America
     814        1,233        2,569        3,101  
Other
     403        433        1,185        1,003  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Revenue
   $ 28,857      $ 28,017      $ 87,780      $ 86,595  
    
 
 
    
 
 
    
 
 
    
 
 
 
Major product types:
 
    
Three Months Ended
    
Nine Months Ended
 
(In thousands)   
October 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
Hardware
   $ 7,622      $ 7,667      $ 23,147      $ 25,021  
Supplies
     18,055        17,996        54,944        54,254  
Service and Other
     3,180        2,354        9,689        7,320  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Revenue
   $ 28,857      $ 28,017      $ 87,780      $ 86,595  
    
 
 
    
 
 
    
 
 
    
 
 
 
v3.21.2
Net Income Per Common Share (Tables)
9 Months Ended
Oct. 30, 2021
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Net Income Per Share A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:
 
  
Three Months Ended
 
  
Nine Months Ended
 
 
  
October 30,

2021
 
  
October 31,

2020
 
  
October 30,

2021
 
  
October 31,

2020
 
Weighted Average Common Shares Outstanding – Basic
     7,234,045        7,120,286        7,196,066        7,099,505  
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units
            65,199        128,437        37,973  
    
 
 
    
 
 
    
 
 
    
 
 
 
Weighted Average Common Shares Outstanding – Diluted
     7,234,045        7,185,485        7,324,503        7,137,478  
    
 
 
    
 
 
    
 
 
    
 
 
 
v3.21.2
Intangible Assets (Tables)
9 Months Ended
Oct. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives
Intangible assets are as follows:
 
 
  
October 30, 2021
 
  
January 31, 2021
 
(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     $ (2,457   $ —       $ 643     $ 3,100     $ (2,284   $ —       $ 816  
RITEC:
                                                               
Customer Contract Relationships
    2,830       (1,540     —         1,290       2,830       (1,423     —         1,407  
TrojanLabel:
                                                               
Existing Technology
    2,327       (1,680     151       798       2,327       (1,405     196       1,118  
Distributor Relations
    937       (473     62       526       937       (396     89       630  
Honeywell:
                                                               
Customer Contract Relationships
    27,243       (10,863     —         16,380       27,243       (9,712     —         17,531  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Intangible Assets, net
  $ 36,437     $ (17,013 )   $ 213     $ 19,637     $ 36,437     $ (15,220   $ 285     $ 21,502  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Summary of Estimated Amortization Expense
Estimated amortization expense for the next five fiscal years is as follows:
 
(In thousands)
  
Remaining
2022
    
2023
    
2024
    
2025
    
2026
 
Estimated amortization expense
   $ 401      $ 1,637      $ 1,699      $ 1,009      $ 1,009  
v3.21.2
Inventories (Tables)
9 Months Ended
Oct. 30, 2021
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories are stated at the lower of cost
(first-in,
first-out)
or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:
(In thousands)
  
October 30, 2021
    
January 31, 2021
 
Materials and Supplies
   $ 21,526      $ 20,265  
Work-In-Process
     2,061        2,076  
Finished Goods
     16,928        16,371  
    
 
 
    
 
 
 
       40,515        38,712  
Inventory Reserve
     (8,854      (8,652
    
 
 
    
 
 
 
     $ 31,661      $ 30,060  
    
 
 
    
 
 
 
v3.21.2
Property, Plant and Equipment (Tables)
9 Months Ended
Oct. 30, 2021
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant and equipment consists of the following:
 
    
October 30,
    
January 31,
 
    
2021
    
2021
 
(In thousands)              
Land and Land Improvement
   $ 1,004      $ 1,004  
Buildings and Leasehold Improvements
     12,635        12,642  
Machinery and Equipment
     23,305        23,346  
Computer Equipment and Software
     13,680        13,847  
    
 
 
    
 
 
 
Gross Property, Plant and Equipment
     50,624        50,839  
Accumulated Depreciation
     (38,950      (38,828
    
 
 
    
 
 
 
Net Property Plant and Equipment
   $ 11,674      $ 12,011  
    
 
 
    
 
 
 
v3.21.2
Credit Agreement and Debt (Tables)
9 Months Ended
Oct. 30, 2021
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 30, 2021
 
  
January 31, 2021
 
USD Term Loan (2.35% as of October 30, 2021); maturity date of September 30, 2025
   $ 9,438      $ —    
USD Term Loan (4.65% as of January 31, 2021)
     —          12,576  
    
 
 
    
 
 
 
     $ 9,438      $ 12,576  
Debt Issuance Costs, net of accumulated amortization
     (103      (141
Current Portion of Term Loans
     (938      (5,326
    
 
 
    
 
 
 
Long-Term Debt
   $ 8,397      $ 7,109  
    
 
 
    
 
 
 
Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding
The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of October 30, 2021 is as follows:
 
(In thousands)
      
Fiscal 2022, remainder
   $ 188  
Fiscal 2023
     1,000  
Fiscal 2024
     1,000  
Fiscal 2025
     1,250  
Fiscal 2026
     6,000  
    
 
 
 
     $ 9,438  
    
 
 
 
v3.21.2
Derivative Financial Instruments and Risk Management (Tables)
9 Months Ended
Oct. 30, 2021
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 30, 2021 and October 31, 2020:
 
 
  
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 30,

2021
 
  
October 31,

2020
 
  
October 30,

2021
 
 
October 31,

2020
 
Swap contracts
   $ —        $      Other Income (Expense)   $ (20   $
(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 30,
2021
    
October 31,
2020
   
October 30,
2021
   
October 31,
2020
 
Swap contracts
   $ —        $ (340   Other Income (Expense)   $ (60   $ (268
    
 
 
    
 
 
       
 
 
   
 
 
 
v3.21.2
Leases (Tables)
9 Months Ended
Oct. 30, 2021
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 30,

2021
 
  
January 31,

2021
 
Lease Assets
   Right of Use Assets    $ 1,106      $ 1,389  
Lease Liabilities – Current
   Other Liabilities and Accrued Expenses      329        372  
Lease Liabilities – Long Term
   Lease Liabilities      826        1,065  
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 30,
2021
    
October 30,
2021
 
Operating Lease Costs
   General and Administrative Expense    $ 125      $ 386  
 
         
Three Months Ended
    
Nine
 
Months Ended
 
Operating Leases
(In thousands)
  
Statement of Income Classification
  
October 31,
2020
    
October 31,
2020
 
Operating Lease Costs
   General and Administrative Expense    $ 120      $ 362  
Schedule of Maturities Of Lease Liabilities
Maturities of operating lease liabilities are as follows:
 
(In thousands)
  
October 31,
2021
 
2022, remaining
   $ 92  
2023
     309  
2024
     282  
2025
     176  
2026
     156  
Thereafter
     257  
    
 
 
 
Total Lease Payments
     1,272  
Less: Imputed Interest
     (117
    
 
 
 
Total Lease Liabilities
   $ 1,155  
    
 
 
 
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 30,
2021
    
October 30,
2021
 
Cash paid for amounts included in the measurement of lease liabilities:
                 
Operating cash flows for operating leases
   $ 85      $ 285  
 
    
  Three Months Ended    
    
Nine
 
Months Ended  
 
(In thousands)
  
October 31,
2020
    
October 31,
2020
 
Cash paid for amounts included in the measurement of lease liabilities:
                 
Operating cash flows for operating leases
   $ 102      $ 333  
v3.21.2
Accumulated Other Comprehensive Loss (Tables)
9 Months Ended
Oct. 30, 2021
Equity [Abstract]  
Changes in Balance of Accumulated Other Comprehensive Loss
(In thousands)
  
Foreign Currency
Translation
Adjustments
    
Cash
Flow
Hedges
    
Total
 
Balance at January 31, 2021
   $ (275    $ (109    $ (384
Other Comprehensive Loss before reclassification
     (839      —          (839
Amounts reclassified from AOCL to Earnings
     —          47        47  
    
 
 
    
 
 
    
 
 
 
Other Comprehensive Income (Loss)
     (839      47        (792
    
 
 
    
 
 
    
 
 
 
Balance at October 30, 2021
   $ (1,114    $ (62    $ (1,176
    
 
 
    
 
 
    
 
 
 
v3.21.2
Share-Based Compensation (Tables)
9 Months Ended
Oct. 30, 2021
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 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
Stock Options
   $ 25      $ 126      $ 187      $ 390  
Restricted Stock Awards and Restricted Stock Units
     369        462        1,147        1,284  
Employee Stock Purchase Plan
     4        3        11        13  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 398      $ 591      $ 1,345      $ 1,687  
    
 
 
    
 
 
    
 
 
    
 
 
 
Aggregated Information Regarding Stock Options Granted
Stock Options
There were no stock options granted during the nine months ended October 30, 2021 and October 31, 2020.
Aggregated information regarding stock option activity for the nine months ended October 30, 2021 is summarized below:
 
    
Number of
Options
    
Weighted Average
Exercise Price
 
Outstanding at January 31, 2021
     622,083      $ 14.63  
Granted
     —          —    
Exercised
     (4,925 )      9.42  
Forfeited
     (14,190 )      15.00  
Canceled
     —          —    
    
 
 
    
 
 
 
Outstanding at October 30, 2021
     602,968      $ 14.66  
    
 
 
    
 
 
 
Summary of Options Outstanding
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
 
$5.00-10.00
     36,711      $ 7.97        1.0        36,744      $ 7.97        1.0  
$10.01-15.00
     348,649      $ 13.62        4.1        336,649      $ 13.61        4.0  
$15.01-20.00
     217,575      $ 17.47        6.0        210,875      $ 17.44        6.1  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
       602,968      $ 14.66        4.6        584,268      $ 14.63        4.6  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Fair Value of Stock Options Granted
    
RSAs & RSUs
    
Weighted Average
Grant Date Fair Value
 
Outstanding at January 31, 2021
     197,413      $ 9.96  
Granted
     147,006        14.43  
Vested
     (121,689 )      10.30  
Forfeited

 
 
(900

)
 
 
14.26

 
    
 
 
    
 
 
 
Outstanding at October 30, 2021
     221,830      $ 12.73  
    
 
 
    
 
 
 
v3.21.2
Income Taxes (Tables)
9 Months Ended
Oct. 30, 2021
Income Tax Disclosure [Abstract]  
Projected Effective Tax Rate for Periods
    
Three Months
Ended
   
Nine Months
Ended
 
Fiscal 2022
     29.0     4.0
Fiscal 2021
     160.0     45.9
v3.21.2
Segment Information (Tables)
9 Months Ended
Oct. 30, 2021
Segment Reporting [Abstract]  
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment
 
    
Three Months Ended
   
Nine Months Ended
 
    
Revenue
    
Segment Operating Profit
(Loss)
   
Revenue
    
Segment Operating Profit
(Loss)
 
(In thousands)
  
October 30,
2021
    
October 31,
2020
    
October 30,
2021
   
October 31,
2020
   
October 30,
2021
    
October 31,
2020
    
October 30,
2021
    
October 31,
2020
 
Product Identification
   $ 21,928      $ 22,898      $ 1,818     $ 3,521     $ 68,519      $ 66,907      $ 8,952      $ 9,813  
T&M
     6,929        5,119        842       (751     19,261        19,688        2,902        (1,314
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 28,857      $ 28,017        2,660       2,770     $ 87,780      $ 86,595        11,854        8,499  
    
 
 
    
 
 
                    
 
 
    
 
 
                   
Corporate Expenses
              2,364       2,353                7,372        7,214  
             
 
 
   
 
 
            
 
 
    
 
 
 
Operating Income
              296       417                4,482        1,285  
Other Income (Expense), Net
              (895     (437              3,002        (459
             
 
 
   
 
 
            
 
 
    
 
 
 
Income (Loss) Before Income Taxes
              (599     (20              7,484        826  
Income Tax Provision (Benefit)
              (174     (32              297        379  
             
 
 
   
 
 
            
 
 
    
 
 
 
Net Income (Loss)
            $ (425   $ 12              $ 7,187      $ 447  
             
 
 
   
 
 
            
 
 
    
 
 
 
v3.21.2
Fair Value (Tables)
9 Months Ended
Oct. 30, 2021
Fair Value Disclosures [Abstract]  
Summary of Changes in Fair value of Level 3 Financial Liability
Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
 
    
October 30, 2021
 
    
Fair Value Measurement
        
(In thousands)
  
Level 1
    
Level 2
    
Level 3
    
Total
    
Carrying
Value
 
Long-Term debt and related current maturities
   $ —        $ —        $ 9,443      $ 9,443      $ 9,438  
 
    
January 31, 2021
 
    
                Fair Value Measurement                
        
(In thousands)
  
Level 1
    
Level 2
    
Level 3
    
Total
    
Carrying
Value
 
Long-Term debt and related current maturities
   $ —        $ —        $ 12,586      $ 12,586      $ 12,576  
v3.21.2
Business and Basis of Presentation - Additional Information (Detail)
9 Months Ended
Oct. 30, 2021
Segment
Number of Operating Segments 2
v3.21.2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Disaggregation of Revenue [Line Items]        
Total Revenue $ 28,857 $ 28,017 $ 87,780 $ 86,595
United States [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 17,280 16,788 51,154 54,442
Europe [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 7,163 7,081 23,588 20,845
Canada [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 1,724 1,273 4,761 4,154
Asia [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 1,473 1,209 4,523 3,050
Central and South America [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 814 1,233 2,569 3,101
Other [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 403 $ 433 $ 1,185 $ 1,003
v3.21.2
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Disaggregation of Revenue [Line Items]        
Total Revenue $ 28,857 $ 28,017 $ 87,780 $ 86,595
Hardware [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 7,622 7,667 23,147 25,021
Supplies [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 18,055 17,996 54,944 54,254
Service and Other [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 3,180 $ 2,354 $ 9,689 $ 7,320
v3.21.2
Revenue Recognition - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended
Jul. 31, 2021
Oct. 30, 2021
Jan. 31, 2021
Contract liabilities and extended warranties   $ 284,000 $ 285,000
Revenue recognized   254,000  
Contract assets balance   1,200,000 $ 900,000
Additional contract costs   400,000  
Amortization of incremental direct costs   43,000  
Deferred incremental direct contract costs reported in other current assets   100,000  
Deferred incremental direct costs net of accumulated amortization   $ 1,300,000  
Capitalized contract costs additional amounts incurred amortization period 20 years 6 years  
Change in Accounting Method Accounted for as Change in Estimate [Member]      
Capitalized contract costs additional amounts incurred amortization period   20 years  
v3.21.2
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Weighted Average Common Shares Outstanding – Basic 7,234,045 7,120,286 7,196,066 7,099,505
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 0 65,199 128,437 37,973
Weighted Average Common Shares Outstanding – Diluted 7,234,045 7,185,485 7,324,503 7,137,478
v3.21.2
Net Income Per Common Share - Additional Information (Detail) - shares
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Number of common equivalent shares 189,827 689,157 362,935 892,868
Weighted average common stock equivalent shares outstanding 144,955      
v3.21.2
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
Oct. 30, 2021
Jan. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 36,437 $ 36,437
Accumulated Amortization (17,013) (15,220)
Currency Translation Adjustment 213 285
Net Carrying Amount 19,637 21,502
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 (10,863) (9,712)
Net Carrying Amount 16,380 17,531
Customer Contract Relationships [Member] | Miltope [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,100 3,100
Accumulated Amortization (2,457) (2,284)
Net Carrying Amount 643 816
Customer Contract Relationships [Member] | RITEC [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,830 2,830
Accumulated Amortization (1,540) (1,423)
Net Carrying Amount 1,290 1,407
Existing Technology [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,327 2,327
Accumulated Amortization (1,680) (1,405)
Currency Translation Adjustment 151 196
Net Carrying Amount 798 1,118
Distributor Relations [Member] | TrojanLabel ApS [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 937 937
Accumulated Amortization (473) (396)
Currency Translation Adjustment 62 89
Net Carrying Amount $ 526 $ 630
v3.21.2
Intangible Assets - Additional Information (Detail) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Intangible Assets [Line Items]            
Impairments of intangible assets         $ 0 $ 0
Amortization expense $ 400,000 $ 1,000,000.0 $ 1,800,000 $ 3,100,000    
Customer Contracts [Member] | RITEC [Member]            
Intangible Assets [Line Items]            
Finite lived intangible assets remaining useful Life         4 years  
Customer Contracts [Member] | Honeywell Asset Purchase and License Agreement [Member]            
Intangible Assets [Line Items]            
Finite lived intangible assets remaining useful Life         6 years  
Customer Contracts [Member] | Intangible Assets, Amortization Period [Member]            
Intangible Assets [Line Items]            
Decrease In amortization expense 1,200,000          
Increase in net income due to change of amortization method $ 1,200,000          
Customer Contracts [Member] | Intangible Assets, Amortization Period [Member] | RITEC [Member]            
Intangible Assets [Line Items]            
Finite lived intangible assets remaining useful Life         20 years  
Customer Contracts [Member] | Intangible Assets, Amortization Period [Member] | Honeywell Asset Purchase and License Agreement [Member]            
Intangible Assets [Line Items]            
Finite lived intangible assets remaining useful Life         20 years  
v3.21.2
Intangible Assets - Summary of Estimated Amortization Expense (Detail)
$ in Thousands
Oct. 30, 2021
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
Remaining 2022 $ 401
2023 1,637
2024 1,699
2025 1,009
2026 $ 1,009
v3.21.2
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Oct. 30, 2021
Jan. 31, 2021
Inventory Disclosure [Abstract]    
Materials and Supplies $ 21,526 $ 20,265
Work-In-Process 2,061 2,076
Finished Goods 16,928 16,371
Inventory, Gross 40,515 38,712
Inventory Reserve (8,854) (8,652)
Inventories $ 31,661 $ 30,060
v3.21.2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Oct. 30, 2021
Jan. 31, 2021
Land and Land Improvement $ 1,004 $ 1,004
Buildings and Leasehold Improvements 12,635 12,642
Machinery and Equipment 23,305 23,346
Computer Equipment and Software 13,680 13,847
Gross Property, Plant and Equipment 50,624 50,839
Accumulated Depreciation (38,950) (38,828)
Net Property Plant and Equipment $ 11,674 $ 12,011
v3.21.2
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Depreciation expense on property, plant and equipment $ 400 $ 1,500 $ 1,200 $ 400
Nonoperating Income (Expense) [Member]        
Capitalized Computer Software, Impairments $ 696   $ 696  
v3.21.2
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
Oct. 30, 2021
Jan. 31, 2021
Debt Instrument [Line Items]    
USD Term Loan $ 9,438 $ 12,576
Debt Issuance Costs, net of accumulated amortization (103) (141)
Current Portion of Term Loans (938) (5,326)
Long-Term Debt 8,397 7,109
Term Loan Due September 30, 2025 [Member]    
Debt Instrument [Line Items]    
USD Term Loan $ 9,438  
Term Loan Due January 31, 2021 [Member]    
Debt Instrument [Line Items]    
USD Term Loan   $ 12,576
v3.21.2
Credit Agreement and Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail)
9 Months Ended 12 Months Ended
Oct. 30, 2021
Jan. 31, 2021
Term Loan Due September 30, 2025 [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis 2.35% as of October 30, 2021); maturity date of September 30, 2025  
Interest rate 2.35%  
Debt instrument, maturity date Sep. 30, 2025  
Term Loan Due January 31, 2021 [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis   4.65% as of January 31, 2021
Interest rate   4.65%
v3.21.2
Credit Agreement and Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member]
$ in Thousands
Oct. 30, 2021
USD ($)
Debt Instrument [Line Items]  
Fiscal 2022, remainder $ 188
Fiscal 2023 1,000
Fiscal 2024 1,000
Fiscal 2025 1,250
Fiscal 2026 6,000
Long-term Debt $ 9,438
v3.21.2
Credit Agreement and Debt - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended 21 Months Ended
Mar. 24, 2021
Jul. 31, 2025
Apr. 30, 2025
Oct. 30, 2021
Oct. 31, 2020
Jan. 31, 2023
Jan. 31, 2022
Oct. 30, 2021
Oct. 31, 2020
Jan. 31, 2025
Debt Instrument [Line Items]                    
Revolving credit facility       $ 0       $ 0    
Interest Expense, Debt       $ 50,000 $ 159,000     $ 230,000 $ 312,000  
Principal payment terms               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 April 30, 2021 through January 31, 2022 is $187,500; 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 April 30, 2022 through January 31, 2023 is $250,000; 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 April 30, 2023 through January 31, 2025 is $312,500; 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 April 30, 2025 and July 31, 2025 is $500,000; and the entire remaining principal balance of the term loan is required to be paid on September 30, 2025.    
Term Loan [Member]                    
Debt Instrument [Line Items]                    
Longterm Debt instrument, maturity date       Sep. 30, 2025       Sep. 30, 2025    
Debt Instrument, Frequency of Periodic Payment               quarterly installment    
Term Loan [Member] | Forecast [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, principal Periodic payment   $ 500,000 $ 500,000     $ 250,000 $ 187,500     $ 312,500
Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Variable interest rate               0.50    
LIBOR [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Interest rate               1.00%    
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Interest rate               0.50%    
Minimum [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Commitment fee rate               0.15%    
Percentage added to variable rate               0.60%    
Minimum [Member] | LIBOR [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Interest rate               1.60%    
Maximum [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Commitment fee rate               0.30%    
Percentage added to variable rate               1.30%    
Maximum [Member] | LIBOR [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Interest rate               2.30%    
Bank of America, N.A. [Member]                    
Debt Instrument [Line Items]                    
Term loans repaid $ 2,600,000                  
Bank of America, N.A. [Member] | Term Loan [Member]                    
Debt Instrument [Line Items]                    
Principal amount of debt       $ 10,000,000.0       $ 10,000,000.0    
Term loan, principal amount       10,000,000.0       10,000,000.0    
Bank of America, N.A. [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Revolving credit facility       0       0    
Interest Expense, Debt       0            
Maximum borrowing capacity       22,500,000       22,500,000    
Line of credit remaining borrowing capacity       22,500,000       22,500,000    
Bank of America, N.A. [Member] | Revolving Credit Facility [Member] | Interest Expense [Member]                    
Debt Instrument [Line Items]                    
Interest Expense, Debt         $ 22,000     0 $ 188,000  
Commitement fees on the undrawn portion of the credit facility       8,300            
Payment of fees on the undrawn portion of the credit facility       8,300            
Bank of America, N.A. [Member] | Maximum [Member] | Term Loan [Member]                    
Debt Instrument [Line Items]                    
Principal amount of debt       10,000,000.0       10,000,000.0    
Term loan, principal amount       $ 10,000,000.0       $ 10,000,000.0    
v3.21.2
Paycheck Protection Program Loan - Additional information (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jun. 15, 2021
Oct. 30, 2021
Oct. 30, 2021
May 06, 2020
Extinguishment of Debt – PPP Loan   $ 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, originally scheduled 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  
v3.21.2
Derivative Financial Instruments and Risk Management - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended
Aug. 01, 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]    
Amount of gain reclassify from Accumulated OCI into loss during next 12 months   $ 100,000
Interest Rate Swap Termination 200,000  
Cross Currency Interest Rate Contract [Member] | Cash Flow Hedging [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain Reclassified from Accumulated OCI into Income (Expense) $ 58,000  
v3.21.2
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. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in OCI on Derivative   $ 0   $ (340)
Location of Gain Reclassified from Accumulated OCI into Income (Expense) Other Income (Expense)   Other Income (Expense)  
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income $ (20) $ (20) $ (60) $ (268)
v3.21.2
Employee Retention Credit - Additional Information (Detail) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 30, 2021
Jul. 31, 2021
Jun. 30, 2021
Oct. 30, 2021
Jan. 31, 2021
Cost of Sales [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - cost of revenue $ 1,700,000        
Selling and Marketing Expense [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - selling and marketing       $ 800,000  
Research and Development Expense [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - research and development       300,000  
General and Administrative Expense [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - general and administrative expenses       $ 300,000  
Prepaid Expenses and Other Current Assets [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee retention credit   $ 3,100,000      
Cares Act [Member]          
Employee Retention Credit Disclosure [Line Items]          
Percentage of refundable tax credit can be claimed of qualified wages     70.00%    
Threshold qualified wages per employee per calendar quarter     $ 10,000    
Maximum threshold employee retention credit per employee per calendar quarter     $ 7,000    
Percentage of reduction of gross Receipts to qualify for employee retention credit         20.00%
Cares Act [Member] | Prepaid Expenses and Other Current Assets [Member]          
Employee Retention Credit Disclosure [Line Items]          
Employee Retention Credit Receivable - cost of revenue   $ 3,100,000      
v3.21.2
Royalty Obligation - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 30, 2021
Jan. 31, 2021
Jan. 31, 2018
Guaranteed Minimum Royalty Payment   $ 7,000    
Royalty Obligation, Current $ 2,000 2,000 $ 2,000  
Royalty Obligation Non Current 4,811 4,811 6,161  
Accrued Royalties, Current, Excess Royalty Payment Due 220 $ 220 $ 177  
Honeywell Asset Purchase and License Agreement [Member]        
Payment Term Period   10 years    
Minimum Royalty Payment Obligation       $ 15,000
Fair Value Assumption Percentage Of Present Value Factor   2.80%    
Royalty Obligation, Current 2,000 $ 2,000    
Royalty Obligation Non Current 4,800 4,800    
Excess Royalty Payments 200 200    
Accrued Royalties, Current, Excess Royalty Payment Due $ 200 $ 200    
v3.21.2
Leases - Additional Information (Detail)
9 Months Ended
Oct. 30, 2021
Lessee, Operating Lease, Option to Extend options to extend the lease term for periods of up to five years
Operating Lease, Weighted Average Remaining Lease Term 4 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent 4.00%
Maximum [Member]  
Operating Lease Remaining Lease Term 6 years
Minimum [Member]  
Operating Lease Remaining Lease Term 1 year
v3.21.2
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
Oct. 30, 2021
Jan. 31, 2021
Operating Leases [Abstract]    
Right of Use Assets $ 1,106 $ 1,389
Other Accrued Expenses 329 372
Lease Liabilities $ 826 $ 1,065
v3.21.2
Leases - Lease Cost Information (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
General and Administrative Expense [Member]        
Operating Lease Costs $ 125 $ 120 $ 386 $ 362
v3.21.2
Leases - Maturities of lease liabilities (Detail)
$ in Thousands
Oct. 31, 2021
USD ($)
Leases [Abstract]  
2022, remaining $ 92
2023 309
2024 282
2025 176
2026 156
Thereafter 257
Total Lease Payments 1,272
Less: Imputed Interest (117)
Total Lease Liabilities $ 1,155
v3.21.2
Leases - Supplemental cash flow information (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities [Abstract]        
Operating cash flows for operating leases $ 85 $ 102 $ 285 $ 333
v3.21.2
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Oct. 31, 2020
Aug. 01, 2020
May 02, 2020
Oct. 30, 2021
Oct. 31, 2020
Schedule of Capitalization, Equity [Line Items]                
Beginning Balance $ 82,577 $ 75,533 $ 74,683 $ 72,557 $ 71,562 $ 71,375 $ 74,683 $ 71,375
Other Comprehensive Income (Loss) (394) (333) (65) (142) 399 (221) (792) 36
Ending Balance 82,182 82,577 75,533 73,038 72,557 71,562 82,182 73,038
Foreign Currency Translation Adjustments [Member]                
Schedule of Capitalization, Equity [Line Items]                
Beginning Balance     (275)       (275)  
Other Comprehensive Loss before reclassification             (839)  
Other Comprehensive Income (Loss)             (839)  
Ending Balance (1,114)           (1,114)  
Net Unrealized Gain/(Loss) on Cash Flow Hedges [Member]                
Schedule of Capitalization, Equity [Line Items]                
Beginning Balance     (109)       (109)  
Amounts reclassified from AOCL to Earnings             47  
Other Comprehensive Income (Loss)             47  
Ending Balance (62)           (62)  
Accumulated Other Comprehensive Income (Loss) [Member]                
Schedule of Capitalization, Equity [Line Items]                
Beginning Balance (782) (449) (384) (915) (1,314) (1,093) (384) (1,093)
Other Comprehensive Loss before reclassification             (839)  
Amounts reclassified from AOCL to Earnings             47  
Other Comprehensive Income (Loss) (394) (333) (65) (142) 399 (221) (792)  
Ending Balance $ (1,176) $ (782) $ (449) $ (1,057) $ (915) $ (1,314) $ (1,176) $ (1,057)
v3.21.2
Share-Based Compensation - Additional Information (Detail) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Jul. 31, 2021
Oct. 30, 2021
Oct. 31, 2020
Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares outstanding 602,968     602,968   622,083
Reservation of shares under Stock Purchase Plan       247,500    
Restricted Stock or Unit Expense $ 369,000 $ 462,000   $ 1,147,000 $ 1,284,000  
2015 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares outstanding 3,750     3,750    
Employee Stock Purchase Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Employee Stock Purchase Plan discount rate       15.00%    
Shares purchase under Employee Stock Purchase Plan       5,684 12,098  
Shares available for grant under the Plan 4,690     4,690    
2007 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares outstanding 326,468     326,468    
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    
Stock Options [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of options granted       0 0  
Unrecognized compensation expense related to options $ 32,000     $ 32,000    
Unrecognized compensation expense to be recognized, Weighted average period       4 months 24 days    
2014 Restricted Stock Units (RSUs) [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation expense to be recognized, Weighted average period     10 months 24 days      
Unrecognized compensation expense related to RSUs and RSAs     $ 2,100,000      
2014 Restricted Stock Units (RSUs) [Member] | 2018 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of unvested shares 132,503     132,503    
RSA [Member] | 2015 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares outstanding 141,000     141,000    
RSA [Member] | 2018 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of unvested shares 20,410     20,410    
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of unvested shares 65,167     65,167    
Restricted Stock Award [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Restricted Stock or Unit Expense       $ 60,000    
v3.21.2
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Share-based Compensation [Abstract]        
Stock Options $ 25 $ 126 $ 187 $ 390
Restricted Stock Awards and Restricted Stock Units 369 462 1,147 1,284
Employee Stock Purchase Plan 4 3 11 13
Total $ 398 $ 591 $ 1,345 $ 1,687
v3.21.2
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail)
9 Months Ended
Oct. 30, 2021
$ / shares
shares
Share-based Compensation [Abstract]  
Beginning balance, Number of Options | shares 622,083
Granted, Number of Options | shares 0
Exercised, Number of Options | shares (4,925)
Forfeited, Number of Options | shares (14,190)
Canceled, Number of Options | shares 0
Ending balance, Number of Options | shares 602,968
Beginning balance, Weighted-Average Exercise Price Per Share | $ / shares $ 14.63
Granted, Weighted-Average Exercise Price Per Share | $ / shares 0
Exercised, Weighted-Average Exercise Price Per Share | $ / shares 9.42
Forfeited, Weighted-Average Exercise Price Per Share | $ / shares 15.00
Cancelled, Weighted-Average Exercise Price Per Share | $ / shares 0
Ending balance, Weighted-Average Exercise Price Per Share | $ / shares $ 14.66
v3.21.2
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares
9 Months Ended
Oct. 30, 2021
Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares outstanding, total 602,968 622,083
Outstanding, Weighted Average Exercise Price $ 14.66  
Exercisable, Weighted Average Exercise Price $ 14.63  
Outstanding Remaining Contractual Life 4 days 14 hours  
Number of shares exercisable, total 584,268  
Exercisable Remaining Contractual Life 4 days 14 hours  
$5.00 - $10.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 5.00  
Outstanding Range of Exercise prices, Upper Limit $ 10.00  
Outstanding, Number of shares 36,711  
Outstanding, Weighted Average Exercise Price $ 7.97  
Exercisable, Weighted Average Exercise Price $ 7.97  
Outstanding Remaining Contractual Life 1 day  
Exercisable, Number of shares 36,744  
Exercisable Remaining Contractual Life 1 day  
$10.01 - $15.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 10.01  
Outstanding Range of Exercise prices, Upper Limit $ 15.00  
Outstanding, Number of shares 348,649  
Outstanding, Weighted Average Exercise Price $ 13.62  
Exercisable, Weighted Average Exercise Price $ 13.61  
Outstanding Remaining Contractual Life 4 days 2 hours  
Exercisable, Number of shares 336,649  
Exercisable Remaining Contractual Life 4 days  
$15.01 - $20.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 15.01  
Outstanding Range of Exercise prices, Upper Limit $ 20.00  
Outstanding, Number of shares 217,575  
Outstanding, Weighted Average Exercise Price $ 17.47  
Exercisable, Weighted Average Exercise Price $ 17.44  
Outstanding Remaining Contractual Life 6 days  
Exercisable, Number of shares 210,875  
Exercisable Remaining Contractual Life 6 days 2 hours  
v3.21.2
Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - Restricted Stock Award And Restricted Stock Unit [Member]
9 Months Ended
Oct. 30, 2021
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 197,413
Granted, Restricted Stock Units and Restricted Stock Awards | shares 147,006
Vested, Restricted Stock Units and Restricted Stock Awards | shares (121,689)
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares (900)
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 221,830
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 9.96
Granted, Weighted Average Grant Date Fair Value | $ / shares 14.43
Vested, Weighted Average Grant Date Fair Value | $ / shares 10.30
Forfeited, Weighted Average Grant Date Fair Value | $ / shares 14.26
Ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.73
v3.21.2
Income Taxes - Projected Effective Tax Rate for Periods (Detail)
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Income Tax Disclosure [Abstract]        
Effective tax rates for income from continuing operations 29.00% 160.00% 4.00% 45.90%
v3.21.2
Income Taxes - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 31, 2020
Oct. 30, 2021
Oct. 31, 2020
Jan. 31, 2021
Income tax expense (benefit) $ (174,000) $ (32,000) $ 297,000 $ 379,000  
Changes to unrecognized tax benefits 0        
Cumulative unrecognized tax benefits 221,000   221,000   $ 384,000
Tax expense resulting from shortfall 100,000   118,000    
Tax Adjustments, Settlements, and Unusual Provisions 30,000   $ 300,000 78,000  
Tax expenses benefits resulting from provisional adjustments       $ 79,000  
Forgiveness Of Loan Under Paycheck Protection Programme [Member]          
Tax benefits resulting from forgiveness of debt $ 1,100,000        
v3.21.2
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Oct. 31, 2020
Aug. 01, 2020
May 02, 2020
Oct. 30, 2021
Oct. 31, 2020
Segment Reporting Information [Line Items]                
Revenue $ 28,857     $ 28,017     $ 87,780 $ 86,595
Corporate Expenses 2,364     2,353     7,372 7,214
Operating Income 296     417     4,482 1,285
Other Income (Expense), Net (895)     (437)     3,002 (459)
Income (Loss) Before Income Taxes (599)     (20)     7,484 826
Income Tax Provision (Benefit) (174)     (32)     297 379
Net Income (Loss) (425) $ 7,019 $ 593 12 $ 3 $ 432 7,187 447
Product Identification [Member]                
Segment Reporting Information [Line Items]                
Revenue 21,928     22,898     68,519 66,907
T&M [Member]                
Segment Reporting Information [Line Items]                
Revenue 6,929     5,119     19,261 19,688
Operating Segments [Member]                
Segment Reporting Information [Line Items]                
Operating Income 2,660     2,770     11,854 8,499
Operating Segments [Member] | Product Identification [Member]                
Segment Reporting Information [Line Items]                
Operating Income 1,818     3,521     8,952 9,813
Operating Segments [Member] | T&M [Member]                
Segment Reporting Information [Line Items]                
Operating Income 842     (751)     $ 2,902 $ (1,314)
Corporate Expenses [Member]                
Segment Reporting Information [Line Items]                
Corporate Expenses $ 2,364     $ 2,353        
v3.21.2
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. 30, 2021
Jan. 31, 2021
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 9,443 $ 12,586
Fair Value [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities 9,443 12,586
Carrying Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 9,438 $ 12,576