ASTRONOVA, INC., 10-Q filed on 12/12/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Nov. 02, 2024
Dec. 06, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Nov. 02, 2024  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Registrant Name AstroNova, Inc.  
Entity Central Index Key 0000008146  
Current Fiscal Year End Date --01-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Trading Symbol ALOT  
Entity Shell Company false  
Entity Small Business true  
Entity Emerging Growth Company false  
Title of 12(b) Security Common Stock  
Security Exchange Name NASDAQ  
Entity Incorporation, State or Country Code RI  
Entity File Number 0-13200  
Document Quarterly Report true  
Document Transition Report false  
Entity Tax Identification Number 05-0318215  
Entity Address, Address Line One 600 East Greenwich Avenue  
Entity Address, City or Town West Warwick  
Entity Address, Postal Zip Code 02893  
Entity Address, State or Province RI  
City Area Code 401  
Local Phone Number 828-4000  
Entity Common Stock, Shares Outstanding   7,528,838
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Nov. 02, 2024
Jan. 31, 2024
CURRENT ASSETS    
Cash and Cash Equivalents $ 4,432 $ 4,527
Accounts Receivable, net 25,156 23,056
Inventories, net 48,560 46,371
Prepaid Expenses and Other Current Assets 5,239 2,720
Total Current Assets 83,387 76,674
Property, Plant and Equipment, net 18,366 14,185
Identifiable Intangibles, net 24,514 18,836
Goodwill 25,337 14,633
Deferred Tax Assets, net 11,187 6,882
Right of Use Asset 1,946 603
Other Assets 1,725 1,438
TOTAL ASSETS 166,462 133,251
CURRENT LIABILITIES    
Accounts Payable 7,933 8,068
Accrued Compensation 3,304 2,923
Other Accrued Expenses 3,676 2,706
Revolving Line of Credit 20,215 8,900
Current Portion of Long-Term Debt 6,328 2,842
Short-Term Debt 1,334  
Current Liability—Royalty Obligation 1,450 1,700
Current Liability—Excess Royalty Payment Due 864 935
Income Taxes Payable 0 349
Deferred Revenue 378 1,338
Total Current Liabilities 45,482 29,761
NON-CURRENT LIABILITIES    
Long-Term Debt, net of current portion 21,072 10,050
Royalty Obligation, net of current portion 1,511 2,093
Lease Liabilities, net of current portion 1,681 415
Grant deferred revenue 1,412 0
Income Taxes Payable 551 551
Deferred Tax Liabilities 2,580 99
TOTAL LIABILITIES 74,289 42,969
SHAREHOLDERS' EQUITY    
Preferred Stock, $10 Par Value, Authorized 100,000 shares, None Issued
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 10,921,780 and 10,812,137 shares at November 2, 2024 and January 31, 2024, respectively 546 541
Additional Paid-in Capital 63,949 62,684
Retained Earnings 64,979 63,869
Treasury Stock, at Cost, 3,393,442 and 3,368,763 shares at November 2, 2024 and January 31, 2024, respectively (35,025) (34,593)
Accumulated Other Comprehensive Loss, net of tax (2,276) (2,219)
TOTAL SHAREHOLDERS' EQUITY 92,173 90,282
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 166,462 $ 133,251
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Nov. 02, 2024
Jan. 31, 2024
Statement of Financial Position [Abstract]    
Preferred Stock, Par Value $ 10 $ 10
Preferred Stock, Shares Authorized 100,000 100,000
Preferred Stock, Shares Issued 0 0
Common Stock, Par Value $ 0.05 $ 0.05
Common Stock, Shares Authorized 13,000,000 13,000,000
Common Stock, Shares Issued 10,921,780 10,812,137
Treasury Stock, Shares 3,393,442 3,368,763
v3.24.3
Condensed Consolidated Statements of Income - USD ($)
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Income Statement [Abstract]        
Revenue $ 40,422,000 $ 37,549,000 $ 113,922,000 $ 108,493,000
Cost of Revenue 26,708,000 22,770,000 73,909,000 71,618,000
Gross Profit 13,714,000 14,779,000 40,013,000 36,875,000
Operating Expenses:        
Selling and Marketing 6,752,000 5,744,000 19,140,000 18,451,000
Research and Development 1,843,000 1,683,000 4,859,000 5,028,000
General and Administrative 3,855,000 2,734,000 12,343,000 8,514,000
Operating Expenses 12,450,000 10,161,000 36,342,000 31,993,000
Operating Income 1,264,000 4,618,000 3,671,000 4,882,000
Interest Expense 944,000 630,000 2,363,000 1,919,000
Other (Income)/Expense, net 46,000 287,000 337,000 242,000
Income Before Income Taxes 274,000 3,701,000 971,000 2,721,000
Income Tax Provision (Benefit) 34,000 949,000 (139,000) 738,000
Net Income $ 240,000 $ 2,752,000 $ 1,110,000 $ 1,983,000
Net Income per Common Share-Basic $ 0.03 $ 0.37 $ 0.15 $ 0.27
Net Income per Common Share-Diluted $ 0.03 $ 0.37 $ 0.15 $ 0.27
Weighted Average Number of Common Shares Outstanding—Basic 7,524,468 7,428,202 7,500,844 7,406,985
Weighted Average Number of Common Shares Outstanding—Diluted 7,579,883 7,484,992 7,604,771 7,477,348
v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ 240 $ 2,752 $ 1,110 $ 1,983
Other Comprehensive Income, net of taxes:        
Foreign Currency Translation Adjustments (203) (598) (57) (324)
Other Comprehensive Income (Loss) (203) (598) (57) (324)
Comprehensive Income $ 37 $ 2,154 $ 1,053 $ 1,659
v3.24.3
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Jan. 31, 2023 $ 84,367 $ 534 $ 61,131 $ 59,175 $ (34,235) $ (2,238)
Beginning Balance, Shares at Jan. 31, 2023   10,676,851        
Share-Based Compensation 356   356      
Employee Option Exercises 43   43      
Employee Option Exercises, Shares   4,094        
Restricted Stock Awards Vested (350) $ 4 (4)   (350)  
Restricted Stock Awards Vested, Shares   99,989        
Net Income (Loss) 848     848    
Foreign Currency Translation Adjustment 210         210
Ending Balance at Apr. 29, 2023 85,474 $ 538 61,526 60,023 (34,585) (2,028)
Ending Balance, Shares at Apr. 29, 2023   10,780,934        
Beginning Balance at Jan. 31, 2023 84,367 $ 534 61,131 59,175 (34,235) (2,238)
Beginning Balance, Shares at Jan. 31, 2023   10,676,851        
Net Income (Loss) 1,983          
Foreign Currency Translation Adjustment (324)          
Ending Balance at Oct. 28, 2023 86,888 $ 540 62,340 61,158 (34,588) (2,562)
Ending Balance, Shares at Oct. 28, 2023   10,801,253        
Beginning Balance at Apr. 29, 2023 85,474 $ 538 61,526 60,023 (34,585) (2,028)
Beginning Balance, Shares at Apr. 29, 2023   10,780,934        
Share-Based Compensation 398   398      
Employee Option Exercises 82 $ 1 81      
Employee Option Exercises, Shares   7,429        
Restricted Stock Awards Vested   $ 1 (1)      
Restricted Stock Awards Vested, Shares   4,516        
Net Income (Loss) (1,617)     (1,617)    
Foreign Currency Translation Adjustment 64         64
Ending Balance at Jul. 29, 2023 84,401 $ 540 62,004 58,406 (34,585) (1,964)
Ending Balance, Shares at Jul. 29, 2023   10,792,879        
Share-Based Compensation 311   311      
Employee Option Exercises 25   25      
Employee Option Exercises, Shares   2,391        
Restricted Stock Awards Vested (3)       (3)  
Restricted Stock Awards Vested, Shares   5,983        
Net Income (Loss) 2,752     2,752    
Foreign Currency Translation Adjustment (598)         (598)
Ending Balance at Oct. 28, 2023 86,888 $ 540 62,340 61,158 (34,588) (2,562)
Ending Balance, Shares at Oct. 28, 2023   10,801,253        
Beginning Balance at Jan. 31, 2024 90,282 $ 541 62,684 63,869 (34,593) (2,219)
Beginning Balance, Shares at Jan. 31, 2024   10,812,137        
Share-Based Compensation 325   325      
Employee Option Exercises 48   48      
Employee Option Exercises, Shares   5,055        
Restricted Stock Awards Vested (432) $ 4 (4)   (432)  
Restricted Stock Awards Vested, Shares   78,077        
Net Income (Loss) 1,181     1,181    
Foreign Currency Translation Adjustment (197)         (197)
Ending Balance at Apr. 27, 2024 91,207 $ 545 63,053 65,050 (35,025) (2,416)
Ending Balance, Shares at Apr. 27, 2024   10,895,269        
Beginning Balance at Jan. 31, 2024 $ 90,282 $ 541 62,684 63,869 (34,593) (2,219)
Beginning Balance, Shares at Jan. 31, 2024   10,812,137        
Employee Option Exercises, Shares 65,900          
Net Income (Loss) $ 1,110          
Foreign Currency Translation Adjustment (57)          
Ending Balance at Nov. 02, 2024 92,173 $ 546 63,949 64,979 (35,025) (2,276)
Ending Balance, Shares at Nov. 02, 2024   10,921,780        
Beginning Balance at Apr. 27, 2024 91,207 $ 545 63,053 65,050 (35,025) (2,416)
Beginning Balance, Shares at Apr. 27, 2024   10,895,269        
Share-Based Compensation 481   481      
Employee Option Exercises 30 $ 1 29      
Employee Option Exercises, Shares   14,433        
Restricted Stock Awards Vested, Shares   4,312        
Net Income (Loss) (311)     (311)    
Foreign Currency Translation Adjustment 343         343
Ending Balance at Aug. 03, 2024 91,750 $ 546 63,563 64,739 (35,025) (2,073)
Ending Balance, Shares at Aug. 03, 2024   10,914,014        
Share-Based Compensation 353   353      
Employee Option Exercises 33   33      
Employee Option Exercises, Shares   2,846        
Restricted Stock Awards Vested, Shares   4,920        
Net Income (Loss) 240     240    
Foreign Currency Translation Adjustment (203)         (203)
Ending Balance at Nov. 02, 2024 $ 92,173 $ 546 $ 63,949 $ 64,979 $ (35,025) $ (2,276)
Ending Balance, Shares at Nov. 02, 2024   10,921,780        
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Cash Flows from Operating Activities:    
Net Income (Loss) $ 1,110 $ 1,983
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:    
Depreciation and Amortization 3,514 3,158
Amortization of Debt Issuance Costs 22 17
Share-Based Compensation 1,159 1,065
Restructuring, non-cash   2,040
Changes in Assets and Liabilities, net of impact of acquisition:    
Accounts Receivable 1,619 (563)
Inventories 1,380 2,111
Income Taxes (1,534) (531)
Accounts Payable and Accrued Expenses (2,371) (2,036)
Deferred Revenue (1,080) (1,121)
Other (1,495) (221)
Net Cash Provided by Operating Activities 2,324 5,902
Cash Flows from Investing Activities:    
Purchases of Property, Plant and Equipment (1,086) (1,279)
Cash Paid for MTEX Acquisition, net of cash acquired (19,109) 0
Net Cash Used for Investing Activities (20,195) (1,279)
Cash Flows from Financing Activities:    
Net Cash Proceeds from Employee Stock Option Plans 13 71
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan 98 79
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (432) (353)
Net Borrowings under Revolving Credit Facility, net 10,774 0
Repayment under Revolving Credit Facility, net 0 (1,000)
Proceeds from Long-Term Debt Borrowings 15,078 0
Payment of Minimum Guarantee Royalty Obligation (1,247) (1,350)
Principal Payments of Long-Term Debt (6,706) (1,425)
Payment of Debt Issuance Costs (37) 0
Net Cash Provided by (Used for) Financing Activities 17,541 (3,978)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 235 236
Net (Decrease) Increase in Cash and Cash Equivalents (95) 881
Cash and Cash Equivalents, Beginning of Period 4,527 3,946
Cash and Cash Equivalents, End of Period 4,432 4,827
Supplemental Disclosures of Cash Flow Information:    
Cash Paid During the Period for Interest 1,891 1,695
Cash Paid During the Period for Income Taxes, net of refunds 1,503 1,285
Non-Cash Transactions:    
Operating Lease Obtained in Exchange for Operating Lease Liabilities $ 1,581 $ 0
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Aug. 03, 2024
Apr. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Nov. 02, 2024
Oct. 28, 2023
Pay vs Performance Disclosure                
Net Income (Loss) $ 240 $ (311) $ 1,181 $ 2,752 $ (1,617) $ 848 $ 1,110 $ 1,983
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Nov. 02, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Business and Basis of Presentation
 9 Months Ended
Nov. 02, 2024
Business and Basis Of Presentation [Abstract]  
Business and Basis of Presentation

Note 1 – Business and Basis of Presentation

Overview

Headquartered in West Warwick, Rhode Island, AstroNova, Inc. leverages its expertise in data visualization technologies to design, develop, manufacture and distribute a broad range of specialty printers and data acquisition and analysis systems. Our products are employed around the world in a wide range of applications in the aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation industries.

Our business consists of two segments, Product Identification (“PI”) and Test & Measurement (“T&M”). The PI segment includes specialty printing systems and related supplies sold under the QuickLabel®, TrojanLabel® and GetLabels™ brand names. The T&M segment consists of our line of aerospace products, including flight deck printers, networking hardware, and related accessories as well as T&M data acquisition systems sold under the AstroNova® brand name.

On May 4, 2024, we entered into an agreement to acquire MTEX New Solution, S.A., (“MTEX”), a Portugal-based manufacturer of digital printing equipment that addresses a wide variety of markets and applications including textiles, packaging, labeling, apparel, footwear and more. We reported MTEX as a part of our PI segment as of May 6, 2024, the closing date of this acquisition. Refer to Note 3, “Acquisition” for further details.

PI products sold under the QuickLabel, TrojanLabel and GetLabels brands are used in brand owner and commercial applications to provide product packaging, marketing, tracking, branding, and labeling solutions to a wide array of industries. The PI segment offers a variety of digital color label tabletop printers and light commercial label printers, direct-to-package printers, high-volume presses, and specialty original equipment manufacturer (“OEM”) printing systems, as well as a wide range of label, tag and other supplies, including ink and toner, allowing customers to mark, track, protect and enhance the appearance of their products. PI products sold under the Astro Machine brand also include a variety of label printers, envelope and packaging printing, and related processing and handling equipment.

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

Our PI products are sold by direct field salespersons, OEMs and independent dealers and representatives, while our T&M products are sold predominantly through direct sales and independent representatives. In the United States, we have factory-trained direct field salespeople located throughout the country specializing in PI products. We also have direct field sales or service centers in Canada, China, Denmark, France, Germany, Malaysia, Mexico, Portugal, Singapore, and the United Kingdom staffed by our own employees and dedicated third party contractors. Additionally, we utilize over 100 independent dealers and representatives selling and marketing our products in over 60 countries.

Unless otherwise indicated, references to “AstroNova,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to AstroNova, Inc. and its consolidated subsidiaries.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended January 31, 2024.

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes, including those that require consideration of forecasted financial information using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition, allowances for doubtful accounts, inventory valuation, income taxes, valuation of long-lived assets, intangible assets and goodwill, share-based compensation, contingent consideration liability and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates.

Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year.

Certain amounts in the prior year’s financial statements have been reclassified to conform to the current year’s presentation.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.

v3.24.3
Summary of Significant Accounting Policies Update
 9 Months Ended
Nov. 02, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Update

Note 2 – Summary of Significant Accounting Policies Update

The accounting policies used in preparing the condensed consolidated financial statements in this Form 10-Q are the same as those used in preparing our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024.

Recent Accounting Pronouncements Not Yet Adopted

On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports on Form 10-K including, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; material climate-related targets or goals and their financial impact; and qualitative and quantitative disclosures regarding greenhouse gas emissions. The final rules follow a phase-in timeline and would begin to apply prospectively to our fiscal year beginning February 1, 2027. In April 2024, the SEC voluntarily stayed the effectiveness of the rules pending completion of judicial review of the consolidated challenges to the final rules. We are currently monitoring the legal challenges and evaluating the potential impact of these rules on our consolidated financial statements and disclosures.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2026. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by ASU 2023-07 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025, and for interim periods beginning with our first quarter of fiscal 2026. We are currently evaluating the new disclosure requirements of ASU 2023-07 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures.

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

v3.24.3
Acquisition
 9 Months Ended
Nov. 02, 2024
Business Combinations [Abstract]  
Acquisition

Note 3 – Acquisition

We account for our business combinations using the acquisition method as prescribed by Accounting Standard Codification 805, “Business Combinations” ("ASC 805"). ASC 805 requires the purchase price of the acquisition to be allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair value as of the acquisition date as determined by widely accepted valuation techniques in accordance with ASC 820, “Fair Value Measurement.” Any excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed will be recorded as goodwill. ASC 805 establishes a measurement period to provide companies with a reasonable amount of time to obtain the information necessary to identify and measure various items in a

business combination and cannot extend beyond one year from the acquisition date. If the initial accounting for the business combination has not been completed by the end of the reporting period in which the business combination occurs, provisional amounts are reported to present information about facts and circumstances that existed as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of the tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill, to the extent such information was not available to us at the acquisition date to determine such amounts. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income. We expect to complete the final fair value determination of the assets acquired and liabilities assumed as soon as practicable within the measurement period and in any event not later than one year from the acquisition closing date.

Accounting for business combinations requires us to make significant estimates and assumptions at the acquisition date. Significant assumptions relevant to the determination of the fair value of the tangible and intangible assets acquired and liabilities assumed include, but are not limited to, expected future cash flows, discount rates, royalty rates, and other assumptions. Such estimates are inherently uncertain and may be subject to refinement.

All acquisition-related costs, other than the costs to issue debt or equity securities, are expensed in the period in which they are incurred. Changes in the fair value of contingent consideration arrangements that are not measurement period adjustments are recognized in earnings in the period of the change. The results of operations of the acquired entity, including revenues and earnings, are included in our financial statements from the closing date of the acquisition.

MTEX

Background

On May 4, 2024, AstroNova, along with its wholly-owned Portugal Subsidiary, AstroNova Portugal, Unipessoal, Lda (the “Purchaser”) entered into a Share Purchase Agreement (the “Purchase Agreement”) with Effort Premier Solutions Lda., a private limited company incorporated under the laws of Portugal (the “Seller”) and Elói Serafim Alves Ferreira, as the “Second Guarantor”.

In accordance with the terms and subject to the conditions set forth in the Purchase Agreement, the Purchaser acquired from the Seller, 100% of the issued and outstanding share capital of MTEX. The closing date for the acquisition was May 6, 2024. This transaction is a business combination and accounted for using the acquisition method as prescribed by ASC 805.

The purchase price for this acquisition consists of EUR 17,268,345 (approximately $18.7 million) paid by the Purchaser to the Seller on the closing date, and up to an additional EUR 731,655 (approximately $0.8 million) retained by the Purchaser to secure certain indemnification obligations of the Seller to be released by the Purchaser subject to resolution of such obligations. The Seller may be entitled to additional contingent consideration if specified revenue targets are achieved by MTEX as set forth in the Purchase Agreement for the three calendar year periods ending after the closing date. The contingent consideration consists of potential earn-out payments to the seller of EUR 1.0 million (approximately $1.1 million) if the specified revenue target is achieved in the full fiscal year of 2025, an additional EUR 1.5 million (approximately $1.6 million) if the specified revenue target is achieved in full fiscal year 2026, and an additional EUR 1.5 million (approximately $1.6 million) if the specified earnings targets are achieved in full fiscal year 2027, with a maximum of EUR 4.0 million (approximately $4.4 million) if all of the specified earnings targets are achieved over the three-year period.

Also on May 4, 2024, the Purchaser, the Seller, the Second Guarantor and MTEX entered into a Transitional Management Agreement (the “Transitional Management Agreement”) pursuant to which the Second Guarantor will serve as MTEX’s Chief Executive Officer for a term of three years following the closing date. Under the terms of the Transitional Management Agreement, the Second Guarantor will receive a salary and grant of restricted stock units and will be entitled to participate in our incentive compensation programs on the same terms as our executive officers. The Transitional Management Agreement includes customary non-competition and confidentiality provisions.

Upon the closing of the transaction, MTEX became a wholly owned indirect subsidiary of AstroNova, Inc.

Purchase Price Allocation

A summary of the fair value of the consideration transferred as of the acquisition closing date is presented in the table below:

(In thousands)

 

Preliminary Estimate

 

 

Measurement Period Adjustment

 

 

Revised Estimate

 

Cash Paid at Closing

 

$

18,732

 

 

$

(1

)

 

$

18,731

 

Holdback Amount (a)

 

 

742

 

 

 

—

 

 

 

742

 

Fair Value of the Earnout

 

 

1,619

 

 

 

(1,619

)

 

 

—

 

Total Purchase Price

 

$

21,093

 

 

$

(1,620

)

 

$

19,473

 

 

a)
The holdback amount is expected to be paid out in full over the next two years.

The approach to valuing the initial contingent consideration relating to the earn-out requires the use of unobservable factors such as projected revenues over the term of the earn-out periods, discounted for the period over which the initial contingent consideration is measured, and relevant volatility rates. Based upon these assumptions, the earn-out contingent consideration was valued using an option pricing model, which resulted in the estimated fair value being reduced to zero as of the acquisition closing date.

The following table sets forth the preliminary purchase price allocation of the MTEX acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of May 6, 2024:

 

(In thousands)

 

Preliminary Estimate

 

 

Measurement Period Adjustment

 

 

Revised Estimate

 

Cash

 

$

364

 

 

$

—

 

 

$

364

 

Accounts Receivable

 

 

3,989

 

 

 

(240

)

 

 

3,749

 

Inventory

 

 

3,807

 

 

 

(173

)

 

 

3,634

 

Prepaid Expenses and Other Current Assets

 

 

301

 

 

 

—

 

 

 

301

 

Property, Plant and Equipment

 

 

4,802

 

 

 

—

 

 

 

4,802

 

Other Long-Term Assets

 

 

5,154

 

 

 

332

 

 

 

5,486

 

Identifiable Intangible Assets

 

 

9,556

 

 

 

(2,017

)

 

 

7,539

 

Goodwill

 

 

10,629

 

 

 

95

 

 

 

10,724

 

Accounts Payable and Other Current Liabilities

 

 

(4,225

)

 

 

—

 

 

 

(4,225

)

Debt Assumed

 

 

(7,918

)

 

 

—

 

 

 

(7,918

)

Other Long-Term Liabilities

 

 

(5,366

)

 

 

383

 

 

 

(4,983

)

Total Purchase Price

 

$

21,093

 

 

$

(1,620

)

 

$

19,473

 

Although we have made a few adjustments to the opening balance sheet in the third quarter of the current year as we continue to finalize our due diligence and accounting for this acquisition, the amounts above remain provisional and are based on information that is currently available. Management believes the information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but is waiting to complete their financial due diligence necessary to finalize those fair values. Therefore, the provisional measurements of fair value reflected continue to be subject to changes that could be significant. Management anticipates there will be changes to the price allocation as further information is collected and analyzed and pending the final completion of certain appraisals and valuation report. We expect to complete the final fair value determination of the assets acquired and liabilities assumed, resolutions of working capital, and any other purchase price adjustments identified as soon as practicable within the measurement period and, in any event, not later than one year from the acquisition closing date.

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

(In thousands)

 

Fair
Value

 

 

Measurement Period Adjustment

 

 

Revised Estimate

 

 

Useful Life
(years)

 

Customer Relations

 

$

8,786

 

 

$

(6,183

)

 

$

2,603

 

 

 

10

 

Internally Developed Technology

 

 

488

 

 

 

4,231

 

 

 

4,719

 

 

 

6

 

Trademarks/Tradenames

 

 

282

 

 

 

(65

)

 

 

217

 

 

 

3

 

Total

 

$

9,556

 

 

$

(2,017

)

 

$

7,539

 

 

 

 

The customer relations intangible asset represents the relationships that will be maintained with certain historical customers of MTEX. The trademark/tradename intangible assets reflect the industry reputation of the MTEX name and the registered trademarks held by MTEX for the use of several marks and logos. The internally developed technology intangible asset represents software used to collect a wide range of data on each piece of equipment and the ability to monitor customer ink usage and troubleshoot issues with customers.

The fair value of the customer relations intangible asset acquired was estimated by applying the income approach using the Multi-Period Excess Earning Method. This fair value measurement is based on significant inputs that are not observable in the market and therefore represents a Level 3 measurement as defined in ASC 820, “Fair Value Measurement”. The fair value determined under this approach is a function of (i) future revenues expected to be generated by these assets and the profitability of the assets, (ii) identification of the contribution of other tangible and intangible assets to the cash flows generated by these asset to apply an appropriate capital charge against the cash flow, and (iii) a discount rate of 15.5% used to calculate the present value of the stream of anticipated cash flows. The fair value of the trademark intangible asset acquired was estimated by applying the income approach using the “relief-from-royalty” method. The value under the relief-from-royalty method is a function of (i) the concluded royalty rate of 0.75%, (ii) projected revenues generated by product sales under the asset being valued, and (iii) a discount rate of 15.5%. The fair value of the internally developed technology intangible asset acquired was estimated by applying the cost approach, which takes into consideration the internal development costs of the technology and a hypothetical developer’s profit margin to build the software, the opportunity costs the buyer avoids by not having to reproduce this asset and any duplicative or unproductive efforts, as well as functional obsolescence of the technology.

Goodwill of $10.7 million, which is not deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from MTEX. The goodwill recognized under ASC 805 is attributable to the expected earnings potential of the business, synergies which are expected to enhance and expand our overall product portfolio, opportunities in new and existing markets, and MTEX's assembled workforce. The carrying amount of the goodwill was allocated to the PI segment.

During the third quarter of the current year, we incurred an additional $0.3 million of acquisition-related costs resulting in total acquisition-related costs of $0.9 million as of November 2, 2024. These costs were included in general and administrative expenses in our condensed consolidated statements of income for the three and nine months ended November 2, 2024.

The amounts of revenue and earnings before taxes attributable to MTEX and included in our consolidated statements of income for the three and nine months ended November 2, 2024 were as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

November 2, 2024

 

 

November 2, 2024

 

Revenue

 

$

1,738

 

 

$

2,506

 

Gross Profit

 

 

234

 

 

 

166

 

Operating Expenses:

 

 

 

 

 

 

   Selling Expenses

 

 

839

 

 

 

1,755

 

   Research and Development Expenses

 

 

209

 

 

 

111

 

   General and Administrative Expenses

 

 

273

 

 

 

783

 

      Total Operating Expenses

 

$

1,321

 

 

$

2,649

 

Operating Loss

 

 

(1,087

)

 

 

(2,483

)

Other Expenses

 

 

(336

)

 

 

(693

)

Earnings (Loss) before Taxes

 

$

(1,423

)

 

$

(3,176

)

MTEX results are reported as part of the PI segment. Pro forma results as if the acquisition was closed on February 1, 2024 are not provided, as disclosure of such amounts was impractical to determine.
v3.24.3
Revenue Recognition
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 4 – Revenue Recognition

We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems, and airborne printers and networking hardware used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements.

Revenues disaggregated by primary geographic markets and major product types are as follows:

Primary geographical markets:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

United States

 

$

23,493

 

 

$

20,953

 

 

$

66,834

 

 

$

61,773

 

Europe

 

 

10,330

 

 

 

11,292

 

 

 

29,522

 

 

 

31,088

 

Canada

 

 

2,118

 

 

 

2,311

 

 

 

6,617

 

 

 

6,480

 

Asia

 

 

2,601

 

 

 

1,670

 

 

 

5,867

 

 

 

4,920

 

Central and South America

 

 

1,454

 

 

 

995

 

 

 

3,988

 

 

 

3,220

 

Other

 

 

426

 

 

 

328

 

 

 

1,094

 

 

 

1,012

 

Total Revenue

 

$

40,422

 

 

$

37,549

 

 

$

113,922

 

 

$

108,493

 

Major product types:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

Hardware

 

$

11,622

 

 

$

12,865

 

 

$

32,856

 

 

$

35,800

 

Supplies

 

 

20,908

 

 

 

19,973

 

 

 

61,885

 

 

 

58,744

 

Service and Other

 

 

7,892

 

 

 

4,711

 

 

 

19,181

 

 

 

13,949

 

Total Revenue

 

$

40,422

 

 

$

37,549

 

 

$

113,922

 

 

$

108,493

 

In December 2022, we entered into an amended contract with one of our T&M customers that provided for a total payment of $3.25 million to us as a result of our claims allowable under French law relating to additional component costs we have incurred and will continue to incur in order to supply aerospace printers under the contract for the period beginning in April 2022 and continuing through fiscal 2025. Revenue from this arrangement will be recognized in proportion to the total estimated shipments through the end of the contract period. As of January 31, 2024, we recognized $2.4 million in revenue and the $0.8 million balance was recorded as deferred revenue. During the nine months ended November 2, 2024, we recognized an additional $0.8 million which is included in revenue in the condensed consolidated statement of income for the respective period presented, and there is no balance in deferred revenue at November 2, 2024.

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 $378,000 and $530,000 at November 2, 2024 and January 31, 2024, 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 November 2, 2024 is due to revenue recognized during the current period, including $266,000 of revenue recognized that was included in the deferred revenue balance at January 31, 2024, partially offset by cash payments received in advance of satisfying performance obligations.

Contract Costs

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized over the remaining useful life of these contracts, which we currently estimate to be approximately 17 years as of November 2, 2024. The balance of these contract assets at January 31, 2024 was $1.3 million. We also recognize an asset for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. In fiscal 2025, we incurred $0.3 million of costs to fulfill a contract which will be amortized over approximately 17 years. During the three and nine months ended November 2, 2024, we amortized contract costs of $23,000 and $65,000, respectively. The balance of deferred incremental direct costs net of accumulated amortization at November 2, 2024 was $1.5 million, of which $0.1 million is reported in other current assets, and $1.4 million is reported in other assets in the accompanying condensed consolidated balance sheet.

v3.24.3
Net Income Per Common Share
 9 Months Ended
Nov. 02, 2024
Earnings Per Share [Abstract]  
Net Income Per Common Share

Note 5 – Net Income Per Common Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

 

Weighted Average Common Shares Outstanding – Basic

 

 

7,524,468

 

 

 

7,428,202

 

 

 

7,500,844

 

 

 

7,406,985

 

 

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

 

 

55,415

 

 

 

56,790

 

 

 

103,927

 

 

 

70,363

 

 

Weighted Average Common Shares Outstanding – Diluted

 

 

7,579,883

 

 

 

7,484,992

 

 

 

7,604,771

 

 

 

7,477,348

 

 

For the three and nine months ended November 2, 2024, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 312,819 and 232,748, respectively. For the three and nine months ended October 28, 2023, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 505,293 and 390,326, respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect.

v3.24.3
Intangible Assets
 9 Months Ended
Nov. 02, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 6 – Intangible Assets

Intangible assets are as follows:

 

 

November 2, 2024

 

 

January 31, 2024

 

(In thousands)

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Currency
Translation
Adjustment

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Currency
Translation
Adjustment

 

 

Net
Carrying
Amount

 

RITEC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
       Relationships

 

$

2,830

 

 

$

(1,738

)

 

$

—

 

 

$

1,092

 

 

$

2,830

 

 

$

(1,689

)

 

$

—

 

 

$

1,141

 

TrojanLabel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Distributor Relations

 

937

 

 

 

(752

)

 

 

25

 

 

 

210

 

 

937

 

 

 

(686

)

 

 

30

 

 

 

281

 

Honeywell:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
       Relationships

 

 

27,773

 

 

 

(13,445

)

 

 

—

 

 

 

14,328

 

 

 

27,773

 

 

 

(12,795

)

 

 

—

 

 

 

14,978

 

Astro Machine:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
      Relationships

 

 

3,060

 

 

 

(1,377

)

 

 

—

 

 

 

1,683

 

 

 

3,060

 

 

 

(918

)

 

 

—

 

 

 

2,142

 

   Trademarks

 

420

 

 

 

(189

)

 

 

—

 

 

 

231

 

 

420

 

 

 

(126

)

 

 

—

 

 

 

294

 

MTEX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
      Relationships

 

 

2,603

 

 

 

(131

)

 

 

(2

)

 

 

2,470

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

   Internally Developed Technology

 

 

4,719

 

 

 

(396

)

 

 

(3

)

 

 

4,320

 

 

 

 

 

 

 

 

 

 

 

 

 

   Trademarks

 

 

217

 

 

 

(36

)

 

 

(1

)

 

 

180

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Intangible Assets, net

 

$

42,559

 

 

$

(18,064

)

 

$

19

 

 

$

24,514

 

 

$

35,020

 

 

$

(16,214

)

 

$

30

 

 

$

18,836

 

There were no impairments to intangible assets during the nine months ended November 2, 2024 and October 28, 2023.

With respect to the acquired intangible assets included in the table above, amortization expense of $0.7 million and $0.6 million has been included in the condensed consolidated statements of income for the three months ended November 2, 2024, and October 28, 2023, respectively. Amortization expense of $1.9 million and $1.8 million related to the above-acquired intangible assets has been included in the accompanying condensed consolidated statements of income for the nine months ended November 2, 2024 and October 28, 2023, respectively.

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

 

(In thousands)

 

Remaining
2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

Estimated amortization expense

 

$

712

 

 

$

2,848

 

 

$

2,848

 

 

$

2,848

 

 

$

2,352

 
v3.24.3
Inventories
 9 Months Ended
Nov. 02, 2024
Inventory Disclosure [Abstract]  
Inventories

Note 7 – Inventories

Inventories are stated at the lower of cost (standard and average methods) or net realizable value and include material, labor and manufacturing overhead. The components of inventories are as follows:

 

(In thousands)

 

November 2, 2024

 

 

January 31, 2024

 

Materials and Supplies

 

$

36,189

 

 

$

39,078

 

Work-In-Process

 

 

1,788

 

 

 

1,054

 

Finished Goods

 

 

20,559

 

 

 

15,645

 

 

 

58,536

 

 

 

55,777

 

Inventory Reserve

 

 

(9,976

)

 

 

(9,406

)

 

$

48,560

 

 

$

46,371

 
v3.24.3
Property, Plant and Equipment
 9 Months Ended
Nov. 02, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 8 – Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

(In thousands)

 

November 2, 2024

 

 

January 31, 2024

 

Land and Land Improvements

 

$

2,304

 

 

$

2,304

 

Buildings and Leasehold Improvements

 

 

15,391

 

 

 

14,381

 

Machinery and Equipment

 

 

37,076

 

 

 

26,123

 

Computer Equipment and Software

 

 

14,529

 

 

 

14,238

 

Gross Property, Plant and Equipment

 

 

69,300

 

 

 

57,046

 

Accumulated Depreciation

 

 

(50,934

)

 

 

(42,861

)

Net Property Plant and Equipment

 

$

18,366

 

 

$

14,185

 

Depreciation expense on property, plant and equipment was $0.6 million and $1.6 million for the three and nine months ended November 2, 2024, respectively. Depreciation expense on property, plant and equipment was $0.4 million and $1.3 million for the three and nine months ended October 28, 2023, respectively.

v3.24.3
Credit Agreement and Long-Term Debt
 9 Months Ended
Nov. 02, 2024
Debt Disclosure [Abstract]  
Credit Agreement and Long-Term Debt

Note 9 – Credit Agreement and Long-Term Debt

In connection with our purchase of MTEX, on May 6, 2024, we entered a Third Amendment to Amended and Restated Credit Agreement (the “Amendment”) with Bank of America, N.A., as lender (the “Lender”). The Amendment amended the Amended and Restated Credit Agreement dated as of July 30, 2020, as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of March 24, 2021, the LIBOR Transition Amendment, dated as of December 14, 2021, the Second Amendment to Amended and Restated Credit Agreement dated as of August 4, 2022, and the Joinder Agreement relating to our subsidiary Astro Machine Corporation (“Astro Machine”) dated as of August 26, 2022 (as so amended, the “Existing Credit Agreement”; the Existing Credit Agreement as amended by the Amendment, the “Amended Credit Agreement”), between AstroNova, Inc. as the borrower, Astro Machine as a guarantor, and the Lender.

The Amended Credit Agreement provides for (i) a new term loan to AstroNova, Inc. in the principal amount of EUR 14.0 million (the “Term A-2 Loan”), which term loan is in addition to the existing term loan (the “Existing Term Loan”) outstanding under the Existing Credit Agreement in the principal amount of approximately $12.3 million as of the effective date of the Amendment, and (ii) an increase in the aggregate principal amount of the revolving credit facility available to AstroNova, Inc. from $25.0 million to $30.0 million until January 31, 2025, upon and after which the aggregate principal amount of the revolving credit facility will reduce to $25.0 million. At the closing of the Amendment, we borrowed the entire EUR 14.0 million Term A-2 Loan, EUR 3.0 million under the revolving credit facility and a US dollar amount under the revolving credit facility that was converted to Euros to satisfy the entire purchase price payable on the closing date pursuant to the Purchase Agreement. The revolving credit facility may otherwise be used for general corporate purposes.

The Amended Credit Agreement requires that the Term A-2 Loan be paid in quarterly installments on the last day of each of our fiscal quarters through April 30, 2027 in the principal amount of EUR 583,333 each, and the entire then-remaining principal balance of the Term A-2 Loan is required to be paid on August 4, 2027. The Amended Credit Agreement requires that the remaining balance of the Existing Term Loan be paid in quarterly installments on the last day of each of our fiscal quarters through April 30, 2027 in the principal amount of $675,000 each, and the entire then remaining principal balance of the term loan is required to be paid on August 4, 2027. We may voluntarily prepay the Term A-2 Term Loan or the Existing Term Loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than August 4, 2027, and any outstanding revolving loans thereunder will be due and payable in full, and the revolving credit facility will terminate, on such date. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty.

The Term A-2 Loan bears interest at a rate per annum equal to the EURIBOR rate as defined in the Amended Credit Agreement, plus a margin that varies within a range of 1.60% to 2.50% based on our consolidated leverage ratio. The Existing Term Loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the Term SOFR rate as defined in the Amended Credit Agreement (or, in the case of revolving credit loans denominated in Euros or another currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60% to 2.50% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate, (iii) the Term SOFR Rate plus 1.00%, or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.50% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.35% based on our consolidated leverage ratio.

The loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from net cash proceeds from certain dispositions of property, certain issuances of equity, certain issuances of additional debt and certain extraordinary receipts.

Amounts repaid under the revolving credit facility may be reborrowed, subject to our continued compliance with the Amended Credit Agreement. No amount of the Term A-2 Loan or the Existing 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, certain of the provisions of which were modified by the Amendment; the minimum consolidated asset coverage ratio under the Existing Credit Agreement was eliminated by the Amendment. The primary non-financial covenants limit our and our subsidiaries’ ability to incur future indebtedness, to place liens on assets, to pay dividends or distributions on our or our subsidiaries’ capital stock, to repurchase or acquire our or our subsidiaries’ capital stock, to conduct mergers or acquisitions, to sell assets, to alter our or our subsidiaries’ capital structure, to make investments and loans, to change the nature of our or our subsidiaries’ business, and to prepay subordinated indebtedness, in each case subject to certain exceptions and thresholds as set forth in the Amended Credit Agreement, certain of which provisions were modified by the Amendment. As of November 2, 2024, we believe we are in compliance with all of the covenants in the Amended Credit Agreement.

The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control.

Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests we hold in ANI Scandinavia ApS, AstroNova GmbH, AstroNova SAS and the Purchaser), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island, and are guaranteed by, and secured by substantially all of the personal property assets of Astro Machine.

Equipment Financing

In January 2024, we entered into a secured equipment loan facility agreement with Banc of America Leasing & Capital, LLC and borrowed a principal amount of $0.8 million thereunder for the purpose of financing our purchase of production equipment. This loan matures on January 23, 2029 and bears interest at a fixed rate of 7.06%. Under this loan agreement, equal monthly payments including principal and interest of $16,296 commenced on February 23, 2024, and will continue through the maturity of the equipment loan facility on January 23, 2029.

Assumed Financing Obligations of MTEX

In connection with our acquisition of MTEX, on the May 6, 2024 closing date of this acquisition we assumed certain existing financing obligations of MTEX that remain outstanding as of November 2, 2024. The long-term debt obligations of MTEX that remain outstanding include a term loan (the “MTEX Term Loan”) pursuant to an agreement dated December 22, 2023 (the “MTEX Term Loan Agreement”) between MTEX and Caixa Central de Crédito Agricola Mutuo. The MTEX Term Loan, which provides for a term loan in the principal amount of EUR 1.5 million ($1.6 million) and bears interest at a fixed rate of 6.022% per annum, requires monthly principal and interest payments totaling EUR 17,402 ($18,795) commencing in October 2024 and continuing through maturity on December 21, 2033.

MTEX has also received government assistance in the form of interest-free loans from government agencies located in Portugal (the “MTEX Government Grant Term Loans”). The MTEX Government Grant Term Loans are to be repaid to the applicable government agencies and are classified as long-term debt. The current balance of the MTEX Government Grants Term Loans as of November 2, 2024 is EUR 1.0 million ($1.1 million). The MTEX Government Grant Term Loans provide interest-free financing so long as monthly principal payments are made. In the event that MTEX and the applicable government agency renegotiate the payment dates, interest will be calculated according to a rate determined by the government agency as of the date of renegotiation and added to the outstanding principal payments. The MTEX Government Grant Term Loans mature between December 2024 and January 2027.

Additionally, we assumed short-term financing obligations of MTEX that remain outstanding as of November 2, 2024, including letters of credit, maturing term loans, and financing arrangements for working capital classified as debt.

Summary of Outstanding Debt

Revolving Credit Facility

At November 2, 2024, we had an outstanding balance of $20.1 million under our revolving credit facility. The balance outstanding under the revolving credit facility bore interest at a weighted average annual rate of 7.30% and 8.38%, and we incurred $327,000 and $713,000 for interest on this obligation, during the three and nine months ended November 2, 2024, respectively. Additionally, during the three and nine months ended November 2, 2024, we incurred $9,000 and $34,000, respectively, of commitment fees on the undrawn portion of our revolving credit facility. The balance outstanding under the revolving line of credit bore interest at a weighted average rate of 7.94% and 7.60%, respectively, for the three and nine months ended October 28, 2023, and we incurred $311,000 and $936,000, respectively, for interest on this obligation during the three and nine months ended October 28, 2023. Additionally, during the nine months ended October 28, 2023, we incurred $23,000 of commitment fees on the undrawn portion of our revolving credit facility. Both the interest expense and commitment fees are included as interest expense in the accompanying condensed consolidated statements of income for all periods presented. At November 2, 2024, there was $9.9 million remaining available for borrowing under our revolving credit facility. Additionally, MTEX has a EUR 0.5 million ($0.5 million) available line of credit with Caixa Central de Crédito Agricola Mutuo. This credit line was established in December 2023 and is renewable every six months. There was EUR 0.1 million ($0.1 million) outstanding on this line of credit as of November 2, 2024.

Long-Term Debt

Long-term debt in the accompanying condensed consolidated balance sheets is as follows:

 

(In thousands)

 

November 2,
2024

 

 

January 31,
2024

 

USD Term Loan (7.22% as of November 2, 2024 and 7.56% as
of January 31, 2024); maturity date of August 4, 2027

 

$

10,125

 

 

$

12,150

 

Euro Term Loan (5.58% as of November 2, 2024);
maturity date of August 4, 2027

 

 

13,902

 

 

 

—

 

MTEX Euro Term Loan (6.022% Fixed Rate as of November 2, 2024);
maturity date of December 21, 2033

 

 

1,614

 

 

 

—

 

MTEX Euro Government Grant Term Loan (0% as of November 2, 2024);
maturity dates December 2024 - January 2027

 

 

1,136

 

 

 

—

 

Equipment Loan (7.06% Fixed Rate); maturity date of January 23, 2029

 

 

716

 

 

 

822

 

    Total Debt

 

 

27,493

 

 

 

12,972

 

    Less: Debt Issuance Costs, net of accumulated amortization

 

 

93

 

 

 

80

 

             Current Portion of Debt

 

 

6,328

 

 

 

2,842

 

Long-Term Debt

 

$

21,072

 

 

$

10,050

 

During the three and nine months ended November 2, 2024, we recognized interest expense on term debt of $460,000 and $1,201,000, respectively, and during the three and nine months ended October 28, 2023, we recognized interest expense on debt of $254,000 and $768,000, respectively, which is recognized in the accompanying condensed consolidated statements of income for all periods presented.

The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of November 2, 2024 is as follows:

 

(In thousands)

 

 

 

Fiscal 2025, remainder

 

$

1,599

 

Fiscal 2026

 

 

6,251

 

Fiscal 2027

 

 

5,713

 

Fiscal 2028

 

 

12,607

 

Fiscal 2029

 

 

1,323

 

 

$

27,493

 
v3.24.3
Financial Instruments and Risk Management
 9 Months Ended
Nov. 02, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments and Risk Management

Note 10 – Financial Instruments and Risk Management

Net Investment Hedges

For a net investment hedge, we formally assess, both at inception and on a quarterly basis thereafter, whether the designated derivative or nonderivative instrument is highly effective as an economic hedge of foreign exchange risk associated with the hedged net investment. The change in the fair value of a derivative instrument or the change in the carrying value of a nonderivative instrument that is designated and highly effective as a net investment hedge is recorded in the cumulative translation adjustment component of Accumulated Other Comprehensive Income (“AOCI”), offsetting the translation adjustment of the net investment being hedged.

If a net investment hedging relationship ceases to be highly effective, we discontinue hedge accounting, and any future change in the fair value of the derivative hedging instrument or future change in the carrying value of the nonderivative hedging instrument is recorded in the “other expenses” in the condensed consolidated statements of income, which is where the gain or loss on the sale or substantial liquidation of the underlying net investment would be recorded. However, any deferred gains or losses previously recorded in the cumulative translation adjustment component of AOCI will remain in AOCI until the hedged net investment is sold or substantially liquidated, at which time the cumulative deferred gains or losses are recorded in the “other expenses” line in the condensed consolidated statements of income.

We use foreign currency-denominated debt to partially hedge our net investment in our operations in Portugal against adverse movements in exchange rates. On August 3, 2024, a portion of the Euro-denominated debt has been designated and is effective as an economic hedge of part of the net investment in our Portuguese operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the Euro-denominated debt are included in the foreign currency translation adjustments in the condensed consolidated statement of comprehensive income for the three and nine months ended November 2, 2024, and within the accumulated other comprehensive items in the shareholder’s equity section of the condensed consolidated balance sheet as of November 2, 2024 as follows:
 

(In thousands)

 

Amount of Foreign Currency Translation Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative

 

Financial Instruments Designated as Net Investment Hedge

 

November 2,
2024

 

 

January 31,
2024

 

     Euro Denominated Debt

 

$

(67

)

 

$

—

 
v3.24.3
Royalty Obligation
 9 Months Ended
Nov. 02, 2024
Royalty Obligation Disclosure [Abstract]  
Royalty Obligation

Note 11 – Royalty Obligation

In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, the product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue.

The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments. As of November 2, 2024, we had paid an aggregate of $12.6 million of the guaranteed minimum royalty obligation. At November 2, 2024, the current portion of the outstanding guaranteed minimum royalty obligation of $1.3 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $1.0 million is reported as a long-term liability on our condensed consolidated balance sheet. For the three and nine months ended November 2, 2024, we incurred $0.6 million and $1.9 million, respectively, in excess royalty expense which is included in cost of revenue in our consolidated statements of income for all periods presented. A total of $2.2 million in excess royalties was paid through the third quarter of the current fiscal year, and there are $0.6 million in excess royalty payables due as a result of this agreement for the quarter ended November 2, 2024.

In fiscal 2023, we entered into an Asset Purchase and License Agreement with Honeywell International Inc. (the “New HW Agreement”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s flight deck printers for the Boeing 787 aircraft. The New HW Agreement provides for royalty payments to Honeywell based on gross revenues from the sales of the printers, paper and repair services of the licensed products in perpetuity. The royalty rates vary based on the year in which they are paid or earned and as products are sold or as services are provided and range from single-digit to mid-double-digit percentages of gross revenue. The New HW Agreement includes a provision for guaranteed minimum royalty payments to be paid in the event that the royalties earned by Honeywell do not meet the minimum for the preceding calendar year as follows: $100,000 in 2024, $200,000 in 2025, $233,000 in each of 2026 and 2027, and $234,000 in 2028.

As of January 31, 2024, the total outstanding royalty obligation under the New HW Agreement was $0.6 million, including $0.2 million recorded as a current liability in the accompanying condensed consolidated balance sheet. During the first nine months of fiscal 2025, we incurred and paid $0.1 million in royalty expense. As of November 2, 2024, the total outstanding royalty obligation on the New HW Agreement is $0.9 million, including $0.5 million recorded as a current liability in the accompanying condensed consolidated balance sheet.
v3.24.3
Leases
 9 Months Ended
Nov. 02, 2024
Leases [Abstract]  
Leases

Note 12 – Leases

We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to ten 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

 

November 2,
2024

 

 

January 31,
2024

 

Lease Assets

 

Right of Use Assets

 

$

1,946

 

 

$

603

 

Lease Liabilities – Current

 

Other Accrued Expenses

 

$

347

 

 

$

233

 

Lease Liabilities – Long Term

 

Lease Liabilities

 

$

1,681

 

 

$

415

 

Lease cost information is as follows:

 

 

 

 

Three Months
Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

November 2,
2024

 

 

October 28,
2023

 

Operating Lease Costs

 

General and Administrative Expense

 

$

196

 

 

$

103

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

November 2,
2024

 

 

October 28,
2023

 

Operating Lease Costs

 

General and Administrative Expense

 

$

465

 

 

$

362

 

Maturities of operating lease liabilities are as follows:

 

(In thousands)

 

November 2,
2024

 

Fiscal 2025, remaining

 

$

123

 

Fiscal 2026

 

 

454

 

Fiscal 2027

 

 

410

 

Fiscal 2028

 

 

350

 

Fiscal 2029

 

 

254

 

Thereafter

 

 

922

 

Total Lease Payments

 

 

2,513

 

Less: Imputed Interest

 

 

(485

)

Total Lease Liabilities

 

$

2,028

 

As of November 2, 2024, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 7.1 years and 5.93%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term.

Supplemental cash flow information related to leases is as follows:

 

 

Three Months
Ended

 

(In thousands)

 

November 2,
2024

 

 

October 28,
2023

 

Cash paid for operating lease liabilities

 

$

81

 

 

$

91

 

 

Nine Months
Ended

 

(In thousands)

 

November 2,
2024

 

 

October 28,
2023

 

Cash paid for operating lease liabilities

 

$

255

 

 

$

268

 

 

 

 

 

 

 

 
v3.24.3
Government Grants
 9 Months Ended
Nov. 02, 2024
Government Grants [Abstract]  
Government Grants

Note 13 – Government Grants

Our recently acquired subsidiary, MTEX, receives grants from its local government in Portugal to support its operations and various capital projects. We account for these government grants by analogy to International Accounting Standards 20, “Accounting for Government Grants and Disclosure of Government Assistance”, which follows a grant accounting model. Under this accounting framework, government assistance is recognized when it is probable we will receive assistance and comply with the conditions attached to the assistance. Operational related assistance is recorded on a systematic basis over the periods in which the related cost or expenditures have occurred and is presented as a reduction in the expense for which it is intended to defray. Capital related assistance is recorded as long-term deferred revenue and is recognized in cost of revenue as an offset against depreciation expense over the applicable asset's useful life.

The grant programs have execution periods ending in May 2025 through November 2026. The government agencies may verify compliance with the conditions established in the contracts during the investment phase and upon completion and are entitled to propose adjustments and require reimbursement if the contracts do not meet the specifications. Historically, no significant corrections or returns have occurred. As of November 2, 2024, there are no contingencies associated with the government grants.

The capital related government contracts between the Portuguese government and MTEX are defined on a grant-by-grant basis, with partial reimbursement of the assets acquired in connection with these grants. We have $1.4 million of deferred revenue for capital related government grants which is included in the accompanying condensed consolidated balance sheet as of November 2, 2024, and we have recognized $0.1 million of grant revenue, included in cost of revenue as an offset to depreciation expense in the condensed consolidated statement of income for the nine months ended November 2, 2024.

Under the operational related assistance grants, MTEX commits to research and development projects that the Portuguese government partially reimburses. We have recognized $0.3 million of grant revenue for our operational related assistance grants which is offset against the expenditures recognized for those grants and is included in selling and marketing expense in the accompanying condensed consolidated statement of income for the nine months ended November 2, 2024.

v3.24.3
Accumulated Other Comprehensive Loss
 9 Months Ended
Nov. 02, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss

Note 14 – Accumulated Other Comprehensive Loss

The changes in the balance of accumulated other comprehensive loss by component are as follows:
 

(In thousands)

 

Foreign
Currency
Translation
Adjustments

 

Balance at January 31, 2024

 

$

(2,219

)

Other Comprehensive Loss

 

 

(57

)

Balance at November 2, 2024

 

$

(2,276

)

The amounts presented above in other comprehensive loss are net of taxes except for translation adjustments associated with our German and Danish subsidiaries. The foreign cumulative translation adjustment includes translation adjustments and net investment hedges. See Note 10, "Financial Instruments and Risk Management" for additional disclosures about the net investment hedge.
v3.24.3
Share-Based Compensation
 9 Months Ended
Nov. 02, 2024
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”). At the June 6, 2023 annual meeting of shareholders, the 2018 Plan was amended to increase the number of shares of our common stock available for issuance by 600,000, bringing the total number of shares available for issuance under the 2018 Plan from 950,000 to 1,550,000. Under the 2018 Plan, we may also issue an additional number of shares equal to the number of shares subject to outstanding awards under our prior 2015 Equity Incentive Plan that are forfeited, canceled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 132,996 unvested RSUs;125,627 unvested PSUs; and options to purchase an aggregate of 130,500 shares outstanding as of November 2, 2024.

In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of November 2, 2024, options to purchase an aggregate of 181,649 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 112,600 shares were outstanding under the 2015 Plan.

We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director’s annual compensation amount by the fair market value of our stock on such day. On June 11, 2024, the director’s annual compensation amount was adjusted to be $72,800. All RSAs granted under this Program vest immediately.

Share-based compensation expense was recognized as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

Stock Options

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Restricted Stock Awards and Restricted Stock Units

 

 

344

 

 

 

302

 

 

 

1,133

 

 

 

1,045

 

Employee Stock Purchase Plan

 

 

9

 

 

 

9

 

 

 

26

 

 

 

20

 

Total

 

$

353

 

 

$

311

 

 

$

1,159

 

 

$

1,065

 

Stock Options

Aggregated information regarding stock option activity for the nine months ended November 2, 2024, is summarized below:

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

Outstanding at January 31, 2024

 

 

523,349

 

 

$

15.26

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

(65,900

)

 

 

13.86

 

Forfeited

 

 

(27,700

)

 

 

14.91

 

Canceled

 

 

(5,000

)

 

 

13.80

 

Outstanding at November 2, 2024

 

 

424,749

 

 

$

15.51

 

 

Set forth below is a summary of options outstanding at November 2, 2024:

 

Outstanding

 

 

Exercisable

 

Range of
Exercise prices

 

Number
of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual Life

 

 

Number
of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual Life

 

$10.01-15.00

 

 

218,274

 

 

$

13.71

 

 

 

1.9

 

 

 

218,274

 

 

$

13.71

 

 

 

1.9

 

$15.01-20.00

 

 

206,475

 

 

$

17.42

 

 

 

3.0

 

 

 

206,475

 

 

$

17.42

 

 

 

3.0

 

 

 

424,749

 

 

$

15.51

 

 

 

2.4

 

 

 

424,749

 

 

$

15.51

 

 

 

2.4

 

 

There were no stock options granted in fiscal 2024, or during the first nine months of fiscal 2025, and as of November 2, 2024, there was no unrecognized compensation expense related to stock options.

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

Aggregated information regarding RSU, PSU and RSA activity for the nine months ended November 2, 2024, is summarized below:

 

 

RSUs, PSUs & RSAs

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 31, 2024

 

 

300,705

 

 

$

12.90

 

Granted

 

 

91,208

 

 

 

17.03

 

Vested

 

 

(87,309

)

 

 

13.85

 

Forfeited

 

 

(45,981

)

 

 

12.64

 

Outstanding at November 2, 2024

 

 

258,623

 

 

$

14.08

 

As of November 2, 2024, there was approximately $1.6 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 1.1 years.

Employee Stock Purchase Plan (ESPP)

Our ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 40,000 shares were initially reserved for issuance under the ESPP. During the nine months ended November 2, 2024, there were 7,788 shares purchased under the ESPP and there are 17,270 shares remaining available for purchase under the ESPP as of November 2, 2024.
v3.24.3
Income Taxes
 9 Months Ended
Nov. 02, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 16– Income Taxes

Our effective tax rates are as follows:

 

 

Third Quarter

 

 

First Three Quarters

 

Fiscal 2025

 

 

12.4

%

 

 

(14.3

)%

Fiscal 2024

 

 

25.6

%

 

 

27.1

%

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 November 2, 2024, we recognized an income tax expense of $34,000. The effective tax rate in this period was directly impacted by the return to provision associated with our fiscal 2024 federal tax return which resulted in a $157,000 decrease to tax expense and a tax benefit of $56,000 related to the foreign return to provision differences. During the three months ended October 28, 2023, we recognized an income tax expense of $949,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings.

During the nine months ended November 2, 2024, we recognized an income tax benefit of $139,000. The effective tax rate in this period was directly impacted by a $281,000 tax benefit related to a previous unrecorded reduction in our future income tax payable balance that should have been discretely recognized in the fourth quarter of fiscal year 2024, netted with the tax expense related to amending our fiscal year 2023 federal tax return and the current quarter tax benefit related to the return to provision associated with our fiscal year 2024 federal tax return. Additional impacts on the effective tax rate include a $218,000 tax benefit related to foreign return to provision differences and an $88,000 tax benefit arising from windfall tax benefits related to our stock. During the nine months ended October 28, 2023, we recognized an income tax expense of $738,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $77,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position, a $49,000 tax benefit arising from windfall tax benefits related to our stock, and an $18,000 tax expense related to foreign return to provision differences.
v3.24.3
Segment Information
 9 Months Ended
Nov. 02, 2024
Segment Reporting [Abstract]  
Segment Information

Note 17 – Segment Information

We report two segments: PI and T&M. We evaluate segment performance based on the segment profit before general and administrative expenses.

Summarized below are the Revenue and Segment Operating Profit for each reporting segment:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Revenue

 

 

Segment Operating Profit

 

 

Revenue

 

 

Segment Operating Profit

 

(In thousands)

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

PI

 

$

26,317

 

 

$

26,543

 

 

$

1,868

 

 

$

4,794

 

 

$

76,667

 

 

$

77,416

 

 

$

7,208

 

 

$

6,848

 

T&M

 

 

14,105

 

 

 

11,006

 

 

 

3,251

 

 

 

2,558

 

 

 

37,255

 

 

 

31,077

 

 

 

8,806

 

 

 

6,548

 

Total

 

$

40,422

 

 

$

37,549

 

 

 

5,119

 

 

 

7,352

 

 

$

113,922

 

 

$

108,493

 

 

 

16,014

 

 

 

13,396

 

General and Administrative Expenses

 

 

 

 

 

 

 

 

3,855

 

 

 

2,734

 

 

 

 

 

 

 

 

 

12,343

 

 

 

8,514

 

Operating Income

 

 

 

 

 

 

 

 

1,264

 

 

 

4,618

 

 

 

 

 

 

 

 

 

3,671

 

 

 

4,882

 

Interest Expense

 

 

 

 

 

 

 

 

944

 

 

 

630

 

 

 

 

 

 

 

 

 

2,363

 

 

 

1,919

 

Other (Income)/Expense, net

 

 

 

 

 

 

 

 

46

 

 

 

287

 

 

 

 

 

 

 

 

 

337

 

 

 

242

 

Income Before Income Taxes

 

 

 

 

 

 

 

 

274

 

 

 

3,701

 

 

 

 

 

 

 

 

 

971

 

 

 

2,721

 

Income Tax Provision (Benefit)

 

 

 

 

 

 

 

 

34

 

 

 

949

 

 

 

 

 

 

 

 

 

(139

)

 

 

738

 

Net Income

 

 

 

 

 

 

 

$

240

 

 

$

2,752

 

 

 

 

 

 

 

 

$

1,110

 

 

$

1,983

 
v3.24.3
Fair Value
 9 Months Ended
Nov. 02, 2024
Fair Value Disclosures [Abstract]  
Fair Value

Note 18 – Fair Value

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

We are currently performing the analysis needed to finalize the determination of the fair values and useful lives of the intangible assets we acquired as part of our acquisition of MTEX and the final purchase price for that acquisition, including the fair value of the contingent consideration. The fair value of the contingent consideration involves significant inputs not observable in the market and is therefore considered a Level 3 measurement. Refer to Note 3, “Acquisition,” for a discussion of fair value as it relates to our acquisition of MTEX.

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:

 

 

November 2, 2024

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

27,451

 

 

$

27,451

 

 

$

27,493

 

 

 

January 31, 2024

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

13,026

 

 

$

13,026

 

 

$

12,972

 

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.

v3.24.3
Restructuring
 9 Months Ended
Nov. 02, 2024
Restructuring and Related Activities [Abstract]  
Restructuring

Note 19 - Restructuring

On July 26, 2023, we adopted a restructuring plan for our Product Identification segment. As part of the restructuring plan, we transitioned a portion of the printer manufacturing within our Product Identification segment from our facilities in Rhode Island to our Astro Machine, Inc. facility located in Illinois. In addition, we ceased selling certain of our older, lower-margin or low-volume Product Identification segment products. As part of the restructuring plan, we consolidated certain of our international Product Identification sales and distribution facilities, streamlined our channel partner network, and also made targeted reductions to our workforce. As of January 31, 2024, we completed this plan.

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

 




(in thousands)

 

Restructuring
 Costs

 

 

Amounts paid in quarter ended
 July 29, 2023

 

 

Amounts paid in quarter ended
October 28, 2023

 

 

Restructuring
 Liability

 

Severance and Employee Related Costs

 

$

611

 

 

$

(40

)

 

$

(320

)

 

$

251

 

Inventory Write-Off

 

 

1,991

 

 

 

—

 

 

 

—

 

 

 

—

 

Facility Exit and Other Restructuring Costs

 

49

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

2,651

 

 

$

(40

)

 

$

(320

)

 

$

251

 

The restructuring liability was included in other accrued expenses in the condensed consolidated balance sheet as of October 28, 2023, and was paid by the end of fiscal 2024.

The following table summarizes restructuring costs included in the accompanying condensed consolidated statement of income for the nine months ended October 28, 2023:

 

 

 

 

 

(in thousands)

 

 

 

Cost of Revenue

 

$

2,096

 

Operating Expenses:

 

 

 

Selling & Marketing

 

443

 

Research & Development

 

29

 

General & Administrative

 

83

 

Total

 

$

2,651

 

Product Retrofit Program

In connection with our fiscal 2024 restructuring plan, we identified the need to address quality and reliability issues in certain models of our PI printers as a result of faulty ink provided by one of our larger suppliers. In order to remedy these issues and maintain solid customer relationships, during the second quarter of fiscal 2024, we initiated a program to retrofit all of the printers sold to our customers that were affected by the faulty ink.

Upon initiating this program, we identified approximately 150 printers sold to our customers that were affected by the faulty ink. We began to work with our customers to either repair or replace the affected printers and did this on a gradual basis beginning in the second quarter of fiscal 2024 through March 2024. The initial estimated costs associated with this program at July 29, 2023 were $0.9 million, which included the cost of parts, labor and travel. Those costs were recognized and recorded in the second quarter of fiscal 2024 and are included in cost of revenue in the accompanying consolidated statement of income for the three and nine months ended October 28, 2023.

This program was concluded by the end of fiscal 2024 and there was no balance in the related liability for this program at January 31, 2024.
v3.24.3
Summary of Significant Accounting Policies Update (Policies)
 9 Months Ended
Nov. 02, 2024
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of AstroNova, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports on Form 10-K including, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; material climate-related targets or goals and their financial impact; and qualitative and quantitative disclosures regarding greenhouse gas emissions. The final rules follow a phase-in timeline and would begin to apply prospectively to our fiscal year beginning February 1, 2027. In April 2024, the SEC voluntarily stayed the effectiveness of the rules pending completion of judicial review of the consolidated challenges to the final rules. We are currently monitoring the legal challenges and evaluating the potential impact of these rules on our consolidated financial statements and disclosures.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2026. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by ASU 2023-07 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2025, and for interim periods beginning with our first quarter of fiscal 2026. We are currently evaluating the new disclosure requirements of ASU 2023-07 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures.

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

v3.24.3
Acquisition (Tables)
 9 Months Ended
Nov. 02, 2024
Business Combinations [Abstract]  
Schedule of Fair Value of the Consideration Transferred as of the Acquisition Closing Date

A summary of the fair value of the consideration transferred as of the acquisition closing date is presented in the table below:

(In thousands)

 

Preliminary Estimate

 

 

Measurement Period Adjustment

 

 

Revised Estimate

 

Cash Paid at Closing

 

$

18,732

 

 

$

(1

)

 

$

18,731

 

Holdback Amount (a)

 

 

742

 

 

 

—

 

 

 

742

 

Fair Value of the Earnout

 

 

1,619

 

 

 

(1,619

)

 

 

—

 

Total Purchase Price

 

$

21,093

 

 

$

(1,620

)

 

$

19,473

 

 

a)
The holdback amount is expected to be paid out in full over the next two years.
Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value

The following table sets forth the preliminary purchase price allocation of the MTEX acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of May 6, 2024:

 

(In thousands)

 

Preliminary Estimate

 

 

Measurement Period Adjustment

 

 

Revised Estimate

 

Cash

 

$

364

 

 

$

—

 

 

$

364

 

Accounts Receivable

 

 

3,989

 

 

 

(240

)

 

 

3,749

 

Inventory

 

 

3,807

 

 

 

(173

)

 

 

3,634

 

Prepaid Expenses and Other Current Assets

 

 

301

 

 

 

—

 

 

 

301

 

Property, Plant and Equipment

 

 

4,802

 

 

 

—

 

 

 

4,802

 

Other Long-Term Assets

 

 

5,154

 

 

 

332

 

 

 

5,486

 

Identifiable Intangible Assets

 

 

9,556

 

 

 

(2,017

)

 

 

7,539

 

Goodwill

 

 

10,629

 

 

 

95

 

 

 

10,724

 

Accounts Payable and Other Current Liabilities

 

 

(4,225

)

 

 

—

 

 

 

(4,225

)

Debt Assumed

 

 

(7,918

)

 

 

—

 

 

 

(7,918

)

Other Long-Term Liabilities

 

 

(5,366

)

 

 

383

 

 

 

(4,983

)

Total Purchase Price

 

$

21,093

 

 

$

(1,620

)

 

$

19,473

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

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

(In thousands)

 

Fair
Value

 

 

Measurement Period Adjustment

 

 

Revised Estimate

 

 

Useful Life
(years)

 

Customer Relations

 

$

8,786

 

 

$

(6,183

)

 

$

2,603

 

 

 

10

 

Internally Developed Technology

 

 

488

 

 

 

4,231

 

 

 

4,719

 

 

 

6

 

Trademarks/Tradenames

 

 

282

 

 

 

(65

)

 

 

217

 

 

 

3

 

Total

 

$

9,556

 

 

$

(2,017

)

 

$

7,539

 

 

 

 
Summary of Revenue and Earnings Before Taxes

The amounts of revenue and earnings before taxes attributable to MTEX and included in our consolidated statements of income for the three and nine months ended November 2, 2024 were as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

November 2, 2024

 

 

November 2, 2024

 

Revenue

 

$

1,738

 

 

$

2,506

 

Gross Profit

 

 

234

 

 

 

166

 

Operating Expenses:

 

 

 

 

 

 

   Selling Expenses

 

 

839

 

 

 

1,755

 

   Research and Development Expenses

 

 

209

 

 

 

111

 

   General and Administrative Expenses

 

 

273

 

 

 

783

 

      Total Operating Expenses

 

$

1,321

 

 

$

2,649

 

Operating Loss

 

 

(1,087

)

 

 

(2,483

)

Other Expenses

 

 

(336

)

 

 

(693

)

Earnings (Loss) before Taxes

 

$

(1,423

)

 

$

(3,176

)
v3.24.3
Revenue Recognition (Tables)
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type

Revenues disaggregated by primary geographic markets and major product types are as follows:

Primary geographical markets:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

United States

 

$

23,493

 

 

$

20,953

 

 

$

66,834

 

 

$

61,773

 

Europe

 

 

10,330

 

 

 

11,292

 

 

 

29,522

 

 

 

31,088

 

Canada

 

 

2,118

 

 

 

2,311

 

 

 

6,617

 

 

 

6,480

 

Asia

 

 

2,601

 

 

 

1,670

 

 

 

5,867

 

 

 

4,920

 

Central and South America

 

 

1,454

 

 

 

995

 

 

 

3,988

 

 

 

3,220

 

Other

 

 

426

 

 

 

328

 

 

 

1,094

 

 

 

1,012

 

Total Revenue

 

$

40,422

 

 

$

37,549

 

 

$

113,922

 

 

$

108,493

 

Major product types:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

Hardware

 

$

11,622

 

 

$

12,865

 

 

$

32,856

 

 

$

35,800

 

Supplies

 

 

20,908

 

 

 

19,973

 

 

 

61,885

 

 

 

58,744

 

Service and Other

 

 

7,892

 

 

 

4,711

 

 

 

19,181

 

 

 

13,949

 

Total Revenue

 

$

40,422

 

 

$

37,549

 

 

$

113,922

 

 

$

108,493

 
v3.24.3
Net Income Per Common Share (Tables)
 9 Months Ended
Nov. 02, 2024
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

 

 

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

 

Weighted Average Common Shares Outstanding – Basic

 

 

7,524,468

 

 

 

7,428,202

 

 

 

7,500,844

 

 

 

7,406,985

 

 

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

 

 

55,415

 

 

 

56,790

 

 

 

103,927

 

 

 

70,363

 

 

Weighted Average Common Shares Outstanding – Diluted

 

 

7,579,883

 

 

 

7,484,992

 

 

 

7,604,771

 

 

 

7,477,348

 

 
v3.24.3
Intangible Assets (Tables)
 9 Months Ended
Nov. 02, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives

Intangible assets are as follows:

 

 

November 2, 2024

 

 

January 31, 2024

 

(In thousands)

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Currency
Translation
Adjustment

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Currency
Translation
Adjustment

 

 

Net
Carrying
Amount

 

RITEC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
       Relationships

 

$

2,830

 

 

$

(1,738

)

 

$

—

 

 

$

1,092

 

 

$

2,830

 

 

$

(1,689

)

 

$

—

 

 

$

1,141

 

TrojanLabel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Distributor Relations

 

937

 

 

 

(752

)

 

 

25

 

 

 

210

 

 

937

 

 

 

(686

)

 

 

30

 

 

 

281

 

Honeywell:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
       Relationships

 

 

27,773

 

 

 

(13,445

)

 

 

—

 

 

 

14,328

 

 

 

27,773

 

 

 

(12,795

)

 

 

—

 

 

 

14,978

 

Astro Machine:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
      Relationships

 

 

3,060

 

 

 

(1,377

)

 

 

—

 

 

 

1,683

 

 

 

3,060

 

 

 

(918

)

 

 

—

 

 

 

2,142

 

   Trademarks

 

420

 

 

 

(189

)

 

 

—

 

 

 

231

 

 

420

 

 

 

(126

)

 

 

—

 

 

 

294

 

MTEX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Customer Contract
      Relationships

 

 

2,603

 

 

 

(131

)

 

 

(2

)

 

 

2,470

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

   Internally Developed Technology

 

 

4,719

 

 

 

(396

)

 

 

(3

)

 

 

4,320

 

 

 

 

 

 

 

 

 

 

 

 

 

   Trademarks

 

 

217

 

 

 

(36

)

 

 

(1

)

 

 

180

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Intangible Assets, net

 

$

42,559

 

 

$

(18,064

)

 

$

19

 

 

$

24,514

 

 

$

35,020

 

 

$

(16,214

)

 

$

30

 

 

$

18,836

 
Summary of Estimated Amortization Expense

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

 

(In thousands)

 

Remaining
2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

Estimated amortization expense

 

$

712

 

 

$

2,848

 

 

$

2,848

 

 

$

2,848

 

 

$

2,352

 
v3.24.3
Inventories (Tables)
 9 Months Ended
Nov. 02, 2024
Inventory Disclosure [Abstract]  
Components of Inventories The components of inventories are as follows:

 

(In thousands)

 

November 2, 2024

 

 

January 31, 2024

 

Materials and Supplies

 

$

36,189

 

 

$

39,078

 

Work-In-Process

 

 

1,788

 

 

 

1,054

 

Finished Goods

 

 

20,559

 

 

 

15,645

 

 

 

58,536

 

 

 

55,777

 

Inventory Reserve

 

 

(9,976

)

 

 

(9,406

)

 

$

48,560

 

 

$

46,371

 
v3.24.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Nov. 02, 2024
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

(In thousands)

 

November 2, 2024

 

 

January 31, 2024

 

Land and Land Improvements

 

$

2,304

 

 

$

2,304

 

Buildings and Leasehold Improvements

 

 

15,391

 

 

 

14,381

 

Machinery and Equipment

 

 

37,076

 

 

 

26,123

 

Computer Equipment and Software

 

 

14,529

 

 

 

14,238

 

Gross Property, Plant and Equipment

 

 

69,300

 

 

 

57,046

 

Accumulated Depreciation

 

 

(50,934

)

 

 

(42,861

)

Net Property Plant and Equipment

 

$

18,366

 

 

$

14,185

 
v3.24.3
Credit Agreement and Long-Term Debt (Tables)
 9 Months Ended
Nov. 02, 2024
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)

 

November 2,
2024

 

 

January 31,
2024

 

USD Term Loan (7.22% as of November 2, 2024 and 7.56% as
of January 31, 2024); maturity date of August 4, 2027

 

$

10,125

 

 

$

12,150

 

Euro Term Loan (5.58% as of November 2, 2024);
maturity date of August 4, 2027

 

 

13,902

 

 

 

—

 

MTEX Euro Term Loan (6.022% Fixed Rate as of November 2, 2024);
maturity date of December 21, 2033

 

 

1,614

 

 

 

—

 

MTEX Euro Government Grant Term Loan (0% as of November 2, 2024);
maturity dates December 2024 - January 2027

 

 

1,136

 

 

 

—

 

Equipment Loan (7.06% Fixed Rate); maturity date of January 23, 2029

 

 

716

 

 

 

822

 

    Total Debt

 

 

27,493

 

 

 

12,972

 

    Less: Debt Issuance Costs, net of accumulated amortization

 

 

93

 

 

 

80

 

             Current Portion of Debt

 

 

6,328

 

 

 

2,842

 

Long-Term Debt

 

$

21,072

 

 

$

10,050

 
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 November 2, 2024 is as follows:

 

(In thousands)

 

 

 

Fiscal 2025, remainder

 

$

1,599

 

Fiscal 2026

 

 

6,251

 

Fiscal 2027

 

 

5,713

 

Fiscal 2028

 

 

12,607

 

Fiscal 2029

 

 

1,323

 

 

$

27,493

 
v3.24.3
Financial Instruments and Risk Management (Tables)
 9 Months Ended
Nov. 02, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Investment Hedges

(In thousands)

 

Amount of Foreign Currency Translation Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative

 

Financial Instruments Designated as Net Investment Hedge

 

November 2,
2024

 

 

January 31,
2024

 

     Euro Denominated Debt

 

$

(67

)

 

$

—

 
v3.24.3
Leases (Tables)
 9 Months Ended
Nov. 02, 2024
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

 

November 2,
2024

 

 

January 31,
2024

 

Lease Assets

 

Right of Use Assets

 

$

1,946

 

 

$

603

 

Lease Liabilities – Current

 

Other Accrued Expenses

 

$

347

 

 

$

233

 

Lease Liabilities – Long Term

 

Lease Liabilities

 

$

1,681

 

 

$

415

 
Schedule Lease Cost Information

Lease cost information is as follows:

 

 

 

 

Three Months
Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

November 2,
2024

 

 

October 28,
2023

 

Operating Lease Costs

 

General and Administrative Expense

 

$

196

 

 

$

103

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

Operating Leases (In thousands)

 

Statement of Income Classification

 

November 2,
2024

 

 

October 28,
2023

 

Operating Lease Costs

 

General and Administrative Expense

 

$

465

 

 

$

362

 
Schedule of Maturities Of Lease Liabilities

Maturities of operating lease liabilities are as follows:

 

(In thousands)

 

November 2,
2024

 

Fiscal 2025, remaining

 

$

123

 

Fiscal 2026

 

 

454

 

Fiscal 2027

 

 

410

 

Fiscal 2028

 

 

350

 

Fiscal 2029

 

 

254

 

Thereafter

 

 

922

 

Total Lease Payments

 

 

2,513

 

Less: Imputed Interest

 

 

(485

)

Total Lease Liabilities

 

$

2,028

 
Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases is as follows:

 

 

Three Months
Ended

 

(In thousands)

 

November 2,
2024

 

 

October 28,
2023

 

Cash paid for operating lease liabilities

 

$

81

 

 

$

91

 

 

Nine Months
Ended

 

(In thousands)

 

November 2,
2024

 

 

October 28,
2023

 

Cash paid for operating lease liabilities

 

$

255

 

 

$

268

 

 

 

 

 

 

 

 
v3.24.3
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Nov. 02, 2024
Equity [Abstract]  
Changes in Balance of Accumulated Other Comprehensive Loss

The changes in the balance of accumulated other comprehensive loss by component are as follows:
 

(In thousands)

 

Foreign
Currency
Translation
Adjustments

 

Balance at January 31, 2024

 

$

(2,219

)

Other Comprehensive Loss

 

 

(57

)

Balance at November 2, 2024

 

$

(2,276

)
v3.24.3
Share-Based Compensation (Tables)
 9 Months Ended
Nov. 02, 2024
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)

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

Stock Options

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Restricted Stock Awards and Restricted Stock Units

 

 

344

 

 

 

302

 

 

 

1,133

 

 

 

1,045

 

Employee Stock Purchase Plan

 

 

9

 

 

 

9

 

 

 

26

 

 

 

20

 

Total

 

$

353

 

 

$

311

 

 

$

1,159

 

 

$

1,065

 
Aggregated Information Regarding Stock Option Activity

Aggregated information regarding stock option activity for the nine months ended November 2, 2024, is summarized below:

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

Outstanding at January 31, 2024

 

 

523,349

 

 

$

15.26

 

Granted

 

 

—

 

 

 

—

 

Exercised

 

 

(65,900

)

 

 

13.86

 

Forfeited

 

 

(27,700

)

 

 

14.91

 

Canceled

 

 

(5,000

)

 

 

13.80

 

Outstanding at November 2, 2024

 

 

424,749

 

 

$

15.51

 
Summary of Options Outstanding

Set forth below is a summary of options outstanding at November 2, 2024:

 

Outstanding

 

 

Exercisable

 

Range of
Exercise prices

 

Number
of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual Life

 

 

Number
of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual Life

 

$10.01-15.00

 

 

218,274

 

 

$

13.71

 

 

 

1.9

 

 

 

218,274

 

 

$

13.71

 

 

 

1.9

 

$15.01-20.00

 

 

206,475

 

 

$

17.42

 

 

 

3.0

 

 

 

206,475

 

 

$

17.42

 

 

 

3.0

 

 

 

424,749

 

 

$

15.51

 

 

 

2.4

 

 

 

424,749

 

 

$

15.51

 

 

 

2.4

 

 
Aggregated Information Regarding RSU, PSU and RSA Activity

Aggregated information regarding RSU, PSU and RSA activity for the nine months ended November 2, 2024, is summarized below:

 

 

RSUs, PSUs & RSAs

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 31, 2024

 

 

300,705

 

 

$

12.90

 

Granted

 

 

91,208

 

 

 

17.03

 

Vested

 

 

(87,309

)

 

 

13.85

 

Forfeited

 

 

(45,981

)

 

 

12.64

 

Outstanding at November 2, 2024

 

 

258,623

 

 

$

14.08

 
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Nov. 02, 2024
Income Tax Disclosure [Abstract]  
Projected Effective Tax Rates

Our effective tax rates are as follows:

 

 

Third Quarter

 

 

First Three Quarters

 

Fiscal 2025

 

 

12.4

%

 

 

(14.3

)%

Fiscal 2024

 

 

25.6

%

 

 

27.1

%
v3.24.3
Segment Information (Tables)
 9 Months Ended
Nov. 02, 2024
Segment Reporting [Abstract]  
Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment Summarized below are the Revenue and Segment Operating Profit for each reporting segment:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Revenue

 

 

Segment Operating Profit

 

 

Revenue

 

 

Segment Operating Profit

 

(In thousands)

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

 

November 2,
2024

 

 

October 28,
2023

 

PI

 

$

26,317

 

 

$

26,543

 

 

$

1,868

 

 

$

4,794

 

 

$

76,667

 

 

$

77,416

 

 

$

7,208

 

 

$

6,848

 

T&M

 

 

14,105

 

 

 

11,006

 

 

 

3,251

 

 

 

2,558

 

 

 

37,255

 

 

 

31,077

 

 

 

8,806

 

 

 

6,548

 

Total

 

$

40,422

 

 

$

37,549

 

 

 

5,119

 

 

 

7,352

 

 

$

113,922

 

 

$

108,493

 

 

 

16,014

 

 

 

13,396

 

General and Administrative Expenses

 

 

 

 

 

 

 

 

3,855

 

 

 

2,734

 

 

 

 

 

 

 

 

 

12,343

 

 

 

8,514

 

Operating Income

 

 

 

 

 

 

 

 

1,264

 

 

 

4,618

 

 

 

 

 

 

 

 

 

3,671

 

 

 

4,882

 

Interest Expense

 

 

 

 

 

 

 

 

944

 

 

 

630

 

 

 

 

 

 

 

 

 

2,363

 

 

 

1,919

 

Other (Income)/Expense, net

 

 

 

 

 

 

 

 

46

 

 

 

287

 

 

 

 

 

 

 

 

 

337

 

 

 

242

 

Income Before Income Taxes

 

 

 

 

 

 

 

 

274

 

 

 

3,701

 

 

 

 

 

 

 

 

 

971

 

 

 

2,721

 

Income Tax Provision (Benefit)

 

 

 

 

 

 

 

 

34

 

 

 

949

 

 

 

 

 

 

 

 

 

(139

)

 

 

738

 

Net Income

 

 

 

 

 

 

 

$

240

 

 

$

2,752

 

 

 

 

 

 

 

 

$

1,110

 

 

$

1,983

 
v3.24.3
Fair Value (Tables)
 9 Months Ended
Nov. 02, 2024
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:

 

 

November 2, 2024

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

27,451

 

 

$

27,451

 

 

$

27,493

 

 

 

January 31, 2024

 

 

Fair Value Measurement

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Carrying Value

 

Long-Term debt and related current maturities

 

$

—

 

 

$

—

 

 

$

13,026

 

 

$

13,026

 

 

$

12,972

 
v3.24.3
Restructuring (Tables)
 9 Months Ended
Nov. 02, 2024
Restructuring and Related Activities [Abstract]  
Summary of Restructuring Cost and Liability by Type Below is a summary of the restructuring costs and liability by type as of October 28, 2023.

 




(in thousands)

 

Restructuring
 Costs

 

 

Amounts paid in quarter ended
 July 29, 2023

 

 

Amounts paid in quarter ended
October 28, 2023

 

 

Restructuring
 Liability

 

Severance and Employee Related Costs

 

$

611

 

 

$

(40

)

 

$

(320

)

 

$

251

 

Inventory Write-Off

 

 

1,991

 

 

 

—

 

 

 

—

 

 

 

—

 

Facility Exit and Other Restructuring Costs

 

49

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

2,651

 

 

$

(40

)

 

$

(320

)

 

$

251

 
Summarizes Restructuring Costs

The following table summarizes restructuring costs included in the accompanying condensed consolidated statement of income for the nine months ended October 28, 2023:

 

 

 

 

 

(in thousands)

 

 

 

Cost of Revenue

 

$

2,096

 

Operating Expenses:

 

 

 

Selling & Marketing

 

443

 

Research & Development

 

29

 

General & Administrative

 

83

 

Total

 

$

2,651

 
v3.24.3
Business and Basis of Presentation - Additional Information (Detail)
 9 Months Ended
Nov. 02, 2024
Segment
Number of Operating Segments 2
v3.24.3
Acquisition - Additional Information (Detail)
 3 Months Ended
May 06, 2024
USD ($)
May 06, 2024
EUR (€)
May 04, 2024
Nov. 02, 2024
USD ($)
May 06, 2024
EUR (€)
Jan. 31, 2024
USD ($)
Business Acquisition [Line Items]            
Goodwill       $ 25,337,000   $ 14,633,000
Measurement Input Royalty Rate [Member]            
Business Acquisition [Line Items]            
Fair Value Of Intangible Assets Measurement Input 0.0075       0.0075  
Measurement Input, Discount Rate [Member]            
Business Acquisition [Line Items]            
Fair Value Of Intangible Assets Measurement Input 0.155     0.155 0.155  
MTEX New Solutions, S.A. [Member]            
Business Acquisition [Line Items]            
Date of acquisition agreement     May 04, 2024      
Payments to Acquire Businesses, Gross 100.00%       100.00%  
Closing date of acquisition May 06, 2024 May 06, 2024        
Purchase price of acquisition $ 18,700,000 € 17,268,345        
Potential earn-out payments 0          
Goodwill       $ 10,700,000    
MTEX New Solutions, S.A. [Member] | Fiscal Year 2025            
Business Acquisition [Line Items]            
Potential earn-out payments 1,100,000       € 1,000,000  
MTEX New Solutions, S.A. [Member] | Fiscal Year 2026            
Business Acquisition [Line Items]            
Potential earn-out payments 1,600,000       1,500,000  
MTEX New Solutions, S.A. [Member] | Fiscal Year 2027            
Business Acquisition [Line Items]            
Potential earn-out payments 1,600,000       1,500,000  
MTEX New Solutions, S.A. [Member] | General and Administrative Expense [Member]            
Business Acquisition [Line Items]            
Business Combination, Acquisition Related Costs       900,000    
Business combination acquisition related costs additional expenses       $ 300,000    
MTEX New Solutions, S.A. [Member] | Maximum [Member]            
Business Acquisition [Line Items]            
Additional amount retained to secure indemnification obligations 800,000 € 731,655        
Potential earn-out payments $ 4,400,000       € 4,000,000  
v3.24.3
Acquisition - Schedule of Fair Value of the Consideration Transferred as of the Acquisition Closing Date (Details) - May 06, 2024 - MTEX New Solutions, S.A. [Member]
$ in Thousands
EUR (€)
USD ($)
Business Acquisition [Line Items]    
Cash Paid at Closing € 17,268,345 $ 18,700
Preliminary Estimate [Member]    
Business Acquisition [Line Items]    
Cash Paid at Closing   18,732
Holdback Amount   742
Fair Value of the Earnout   1,619
Total Purcahse Price   21,093
Measurement Period Adjustment [Member[    
Business Acquisition [Line Items]    
Cash Paid at Closing   (1)
Fair Value of the Earnout   (1,619)
Total Purcahse Price   (1,620)
Revised Estimate [Member]    
Business Acquisition [Line Items]    
Cash Paid at Closing   18,731
Holdback Amount   742
Total Purcahse Price   $ 19,473
v3.24.3
Acquisition - Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($)
$ in Thousands
Nov. 02, 2024
May 06, 2024
Jan. 31, 2024
Business Acquisition [Line Items]      
Goodwill $ 25,337   $ 14,633
MTEX New Solutions, S.A. [Member]      
Business Acquisition [Line Items]      
Goodwill $ 10,700    
MTEX New Solutions, S.A. [Member] | Preliminary Estimate [Member]      
Business Acquisition [Line Items]      
Cash   $ 364  
Accounts Receivable   3,989  
Inventory   3,807  
Prepaid Expenses and Other Current Assets   301  
Property, Plant and Equipment   4,802  
Other Long Term Assets   5,154  
Identifiable Intangible Assets   9,556  
Goodwill   10,629  
Accounts Payable and Other Current Liabilities   (4,225)  
Debt Assumed   (7,918)  
Other Long-Term Liabilities   (5,366)  
Total Purchase Price   21,093  
MTEX New Solutions, S.A. [Member] | Measurement Period Adjustment [Member[      
Business Acquisition [Line Items]      
Accounts Receivable   (240)  
Inventory   (173)  
Other Long Term Assets   332  
Identifiable Intangible Assets   (2,017)  
Goodwill   95  
Other Long-Term Liabilities   383  
Total Purchase Price   (1,620)  
MTEX New Solutions, S.A. [Member] | Revised Estimate [Member]      
Business Acquisition [Line Items]      
Cash   364  
Accounts Receivable   3,749  
Inventory   3,634  
Prepaid Expenses and Other Current Assets   301  
Property, Plant and Equipment   4,802  
Other Long Term Assets   5,486  
Identifiable Intangible Assets   7,539  
Goodwill   10,724  
Accounts Payable and Other Current Liabilities   (4,225)  
Debt Assumed   (7,918)  
Other Long-Term Liabilities   (4,983)  
Total Purchase Price   $ 19,473  
v3.24.3
Acquisition - Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail)
 3 Months Ended
Nov. 02, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 9,556
Measurement Period Adjustment (2,017)
Revised Estimate 7,539
Customer Relationships [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value 8,786
Measurement Period Adjustment (6,183)
Revised Estimate $ 2,603
Useful Life (Years) 10 years
Internally Developed Software [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 488
Measurement Period Adjustment 4,231
Revised Estimate $ 4,719
Useful Life (Years) 6 years
Trademarks and Trade Names [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 282
Measurement Period Adjustment (65)
Revised Estimate $ 217
Useful Life (Years) 3 years
v3.24.3
Acquisition - Summary of Revenue and Earnings Before Taxes (Detail) - MTEX New Solutions, S.A. [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Nov. 02, 2024
Business Acquisition Pro Forma Information [Line Items]    
Revenue $ 1,738 $ 2,506
Gross Profit 234 166
Operating Expenses:    
Selling Expenses 839 1,755
Research and Development Expenses 209 111
General and Administrative Expenses 273 783
Total Operating Expenses 1,321 2,649
Operating Loss (1,087) (2,483)
Other Expenses (336) (693)
Earnings (Loss) before Taxes $ (1,423) $ (3,176)
v3.24.3
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Disaggregation of Revenue [Line Items]        
Total Revenue $ 40,422 $ 37,549 $ 113,922 $ 108,493
United States [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 23,493 20,953 66,834 61,773
Europe [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 10,330 11,292 29,522 31,088
Canada [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 2,118 2,311 6,617 6,480
Asia [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 2,601 1,670 5,867 4,920
Central and South America [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 1,454 995 3,988 3,220
Other [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 426 $ 328 $ 1,094 $ 1,012
v3.24.3
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Disaggregation of Revenue [Line Items]        
Total Revenue $ 40,422 $ 37,549 $ 113,922 $ 108,493
Hardware [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 11,622 12,865 32,856 35,800
Supplies [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 20,908 19,973 61,885 58,744
Service and Other [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 7,892 $ 4,711 $ 19,181 $ 13,949
v3.24.3
Revenue Recognition - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 02, 2024
Nov. 02, 2024
Nov. 02, 2024
Jan. 31, 2024
Dec. 31, 2022
Contract liabilities and extended warranties $ 378,000 $ 378,000 $ 378,000 $ 530,000  
Revenue recognized     266,000    
Contract assets balance       1,300,000  
Capitalized contract costs incurred     300,000    
Deferred incremental direct costs net of accumulated amortization balance 1,500,000 1,500,000 1,500,000    
Amortization of incremental direct costs   23,000 65,000    
Deferred incremental direct contract costs reported in other current assets $ 100,000 100,000 $ 100,000    
Capitalized contract costs amounts incurred amortization period 17 years   17 years    
Aerospace Customer [Member]          
Deferred Revenue $ 0 0 $ 0 800,000  
Contract with customer liability         $ 3,250,000
Revenue recognized     800,000 $ 2,400,000  
Deferred incremental direct contract costs reported in other assets $ 1,400,000 $ 1,400,000 $ 1,400,000    
v3.24.3
Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Weighted Average Common Shares Outstanding – Basic 7,524,468 7,428,202 7,500,844 7,406,985
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units 55,415 56,790 103,927 70,363
Weighted Average Number of Common Shares Outstanding—Diluted 7,579,883 7,484,992 7,604,771 7,477,348
v3.24.3
Net Income Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Earnings Per Share [Abstract]        
Number of common equivalent shares 312,819 505,293 232,748 390,326
v3.24.3
Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
Nov. 02, 2024
Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 42,559 $ 35,020
Accumulated Amortization (18,064) (16,214)
Currency Translation Adjustment 19 30
Net Carrying Amount 24,514 18,836
Customer Contract Relationships [Member] | Honeywell Asset Purchase and License Agreement [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 27,773 27,773
Accumulated Amortization (13,445) (12,795)
Net Carrying Amount 14,328 14,978
Customer Contract Relationships [Member] | RITEC [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,830 2,830
Accumulated Amortization (1,738) (1,689)
Net Carrying Amount 1,092 1,141
Customer Contract Relationships [Member] | MTEX New Solutions, S.A. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,603  
Accumulated Amortization (131)  
Currency Translation Adjustment (2)  
Net Carrying Amount 2,470  
Customer Contract Relationships [Member] | Agreement With Astro Machine For Asset Acquisitions [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,060 3,060
Accumulated Amortization (1,377) (918)
Net Carrying Amount 1,683 2,142
Distributor Relations [Member] | TrojanLabel [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 937 937
Accumulated Amortization (752) (686)
Currency Translation Adjustment 25 30
Net Carrying Amount 210 281
Internally Developed Technology [Member] | MTEX New Solutions, S.A. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,719  
Accumulated Amortization (396)  
Currency Translation Adjustment (3)  
Net Carrying Amount 4,320  
Trademarks [Member] | MTEX New Solutions, S.A. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 217  
Accumulated Amortization (36)  
Currency Translation Adjustment (1)  
Net Carrying Amount 180  
Trademarks [Member] | Agreement With Astro Machine For Asset Acquisitions [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 420 420
Accumulated Amortization (189) (126)
Net Carrying Amount $ 231 $ 294
v3.24.3
Intangible Assets - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]        
Impairments of intangible assets     $ 0 $ 0
Amortization expense $ 700,000 $ 600,000 $ 1,900,000 $ 1,800,000
v3.24.3
Intangible Assets - Summary of Estimated Amortization Expense (Detail)
$ in Thousands
Nov. 02, 2024
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
Remaining 2025 $ 712
2026 2,848
2027 2,848
2028 2,848
2029 $ 2,352
v3.24.3
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Nov. 02, 2024
Jan. 31, 2024
Inventory Disclosure [Abstract]    
Materials and Supplies $ 36,189 $ 39,078
Work-In-Progress 1,788 1,054
Finished Goods 20,559 15,645
Inventory, Gross 58,536 55,777
Inventory Reserve (9,976) (9,406)
Inventories $ 48,560 $ 46,371
v3.24.3
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Nov. 02, 2024
Jan. 31, 2024
Property, Plant and Equipment [Abstract]    
Land and Land Improvements $ 2,304 $ 2,304
Buildings and Leasehold Improvements 15,391 14,381
Machinery and Equipment 37,076 26,123
Computer Equipment and Software 14,529 14,238
Gross Property, Plant and Equipment 69,300 57,046
Accumulated Depreciation (50,934) (42,861)
Net Property Plant and Equipment $ 18,366 $ 14,185
v3.24.3
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Property, Plant and Equipment [Abstract]        
Depreciation expense on property, plant and equipment $ 0.6 $ 0.4 $ 1.6 $ 1.3
v3.24.3
Credit Agreement and Long- Term Debt - Additional Information (Detail)
 1 Months Ended 3 Months Ended 9 Months Ended 30 Months Ended
Nov. 02, 2024
EUR (€)
May 06, 2024
EUR (€)
May 06, 2024
USD ($)
Jan. 31, 2024
USD ($)
Nov. 02, 2024
USD ($)
Oct. 28, 2023
USD ($)
Nov. 02, 2024
USD ($)
Oct. 28, 2023
USD ($)
Apr. 30, 2027
EUR (€)
Apr. 30, 2027
USD ($)
Feb. 01, 2025
USD ($)
Jan. 31, 2025
USD ($)
Nov. 02, 2024
USD ($)
May 06, 2024
USD ($)
Debt Instrument [Line Items]                            
Revolving loan outstanding                         $ 20,100,000  
Interest Expense, Debt         $ 460,000 $ 254,000 $ 1,201,000 $ 768,000            
Term Loan [Member]                            
Debt Instrument [Line Items]                            
Debt instrument, maturity date   Aug. 04, 2027 Aug. 04, 2027                      
Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Interest rate             0.50%              
Banc of America Leasing & Capital, LLC [Member] | Equipment Loan Agreement [Member]                            
Debt Instrument [Line Items]                            
Principal amount of debt       $ 800,000                    
Debt instrument, maturity date       Jan. 23, 2029                    
Interest rate       7.06%                    
Periodic payment of debt       $ 16,296                    
Date of first required payment       Feb. 23, 2024                    
Term A-2 Loan [Member]                            
Debt Instrument [Line Items]                            
Debt instrument, maturity date   Aug. 04, 2027 Aug. 04, 2027                      
MTEX Term Loan [Member]                            
Debt Instrument [Line Items]                            
Revolving loan outstanding € 100,000                       100,000  
MTEX Government Grants Term Loan [Member]                            
Debt Instrument [Line Items]                            
Current balance of government grants 1,000,000                       1,100,000  
Maturity period range, start             2024-12              
Maturity period range, end             2027-01              
SOFR [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Interest rate             1.00%              
Federal Funds Effective Swap Rate [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Interest rate             0.50%              
Minimum [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Commitment fee rate             0.15%              
Percentage added to variable rate             0.60%              
Minimum [Member] | EURIBOR Rate [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Interest rate             1.60%              
Minimum [Member] | SOFR [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Interest rate             1.60%              
Maximum [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Commitment fee rate             0.35%              
Percentage added to variable rate             1.50%              
Maximum [Member] | EURIBOR Rate [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Interest rate             2.50%              
Maximum [Member] | SOFR [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Interest rate             2.50%              
Bank of America, N.A. [Member] | Additional Term Loan Availed [Member]                            
Debt Instrument [Line Items]                            
Principal amount of debt | €   € 14,000,000                        
Bank of America, N.A. [Member] | Before Amendment To The Credit Agreement [Member]                            
Debt Instrument [Line Items]                            
Principal amount of debt                           $ 12,300,000
Bank of America, N.A. [Member] | Term Loan [Member] | Scenario Forecast [Member]                            
Debt Instrument [Line Items]                            
Debt Instrument, principal Periodic payment                   $ 675,000        
Bank of America, N.A. [Member] | Revolving Line of Credit [Member]                            
Debt Instrument [Line Items]                            
Available line of credit                         9,900,000  
Long term debt weighted average interest rate over a period of time         7.30% 7.94% 8.38% 7.60%            
Bank of America, N.A. [Member] | Revolving Line of Credit [Member] | Third Amendment Credit Agreement [Member]                            
Debt Instrument [Line Items]                            
Proceeds from long term line of credit | €   3,000,000                        
Bank of America, N.A. [Member] | Revolving Line of Credit [Member] | Third Amendment Credit Agreement [Member] | Scenario Forecast [Member]                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity                     $ 25,000,000 $ 30,000,000    
Bank of America, N.A. [Member] | Revolving Line of Credit [Member] | Before Amendment To The Credit Agreement [Member]                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity                           25,000,000
Bank of America, N.A. [Member] | Revolving Line of Credit [Member] | Other Expense [Member]                            
Debt Instrument [Line Items]                            
Interest Expense, Debt         $ 327,000 $ 311,000 $ 713,000 $ 936,000            
Line of Credit Facility, Commitment Fee Amount         $ 9,000   $ 34,000 $ 23,000            
Bank of America, N.A. [Member] | Term A-2 Loan [Member] | Scenario Forecast [Member]                            
Debt Instrument [Line Items]                            
Debt Instrument, principal Periodic payment | €                 € 583,333          
Bank of America, N.A. [Member] | Term A-2 Loan [Member] | Third Amendment Credit Agreement [Member]                            
Debt Instrument [Line Items]                            
Proceeds from long term line of credit | € 14,000,000                          
Caixa Central de Credito Agricola Mutuo [Member] | MTEX Term Loan [Member]                            
Debt Instrument [Line Items]                            
Principal amount of debt   1,500,000                       $ 1,600,000
Debt instrument principal and interest payments   € 17,402 $ 18,795                      
Line of Credit Facility, Current Borrowing Capacity € 500,000                       $ 500,000  
Payment terms   requires monthly principal and interest payments totaling EUR 17,402 ($18,795) commencing in October 2024 and requires monthly principal and interest payments totaling EUR 17,402 ($18,795) commencing in October 2024 and                      
Credit line established month and year 2023-12                          
Renewable Period 6 months                          
Debt instrument, maturity date   Dec. 21, 2033 Dec. 21, 2033                      
Interest rate   6.022%                       6.022%
v3.24.3
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
Nov. 02, 2024
Jan. 31, 2024
Debt Instrument [Line Items]    
Total Debt $ 27,493 $ 12,972
Less: Debt Issuance Costs, net of accumulated amortization 93 80
Current Portion of Debt 6,328 2,842
Long-Term Debt 21,072 10,050
Term Loan Due August 4, 2027 [Member]    
Debt Instrument [Line Items]    
Total Debt 10,125 12,150
Term Loan Due August 4, 2027 [Member] | Euro [Member]    
Debt Instrument [Line Items]    
Total Debt 13,902  
MTEX Euro Term Loan Due December 21, 2033 [Member]    
Debt Instrument [Line Items]    
Total Debt 1,614  
MTEX Euro Government Grant Term Loan Due December 2024 - January 2027 [Member]    
Debt Instrument [Line Items]    
Total Debt 1,136  
Equipment Loan Due January 23, 2029 [Member]    
Debt Instrument [Line Items]    
Total Debt $ 716 $ 822
v3.24.3
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail)
 9 Months Ended 12 Months Ended
Nov. 02, 2024
Jan. 31, 2024
Term Loan Due August 4, 2027 [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis USD Term Loan (7.22% as of November 2, 2024 and 7.56% as of January 31, 2024); maturity date of August 4, 2027  
Interest rate 7.22% 7.56%
Debt instrument, maturity date Aug. 04, 2027 Aug. 04, 2027
Term Loan Due August 4, 2027 [Member] | Euro [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis Euro Term Loan (5.58% as of November 2, 2024); maturity date of August 4, 2027  
Interest rate 5.58%  
Debt instrument, maturity date Aug. 04, 2027  
MTEX Euro Term Loan Due December 21, 2033 [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis MTEX Euro Term Loan (6.022% Fixed Rate as of November 2, 2024); maturity date of December 21, 2033  
Interest rate 6.022%  
Debt instrument, maturity date Dec. 21, 2033  
MTEX Euro Government Grant Term Loan Due December 2024 - January 2027 [Member]    
Debt Instrument [Line Items]    
Debt instrument, description of variable rate basis MTEX Euro Government Grant Term Loan (0% as of November 2, 2024); maturity dates December 2024 - January 2027  
Interest rate 0.00%  
MTEX Euro Government Grant Term Loan Due December 2024 - January 2027 [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Debt instrument, maturity date Dec. 31, 2024  
MTEX Euro Government Grant Term Loan Due December 2024 - January 2027 [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, maturity date Jan. 31, 2027  
Equipment Loan Due January 23, 2029 [Member]    
Debt Instrument [Line Items]    
Interest rate 7.06%  
Debt instrument, maturity date Jan. 23, 2029  
v3.24.3
Credit Agreement and Long- Term Debt - Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member]
$ in Thousands
Nov. 02, 2024
USD ($)
Debt Instrument [Line Items]  
Fiscal 2025, remainder $ 1,599
Fiscal 2026 6,251
Fiscal 2027 5,713
Fiscal 2028 12,607
Fiscal 2029 1,323
Long-term Debt $ 27,493
v3.24.3
Financial Instruments and Risk Management - Schedule of Net Investment Hedges (Details) - Euro Denominated Debt [Member] - Designated as Hedging Instrument [Member] - Net Investment Hedge [Member]
 9 Months Ended
Nov. 02, 2024
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]  
Amount of Foreign Currency Translation Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative $ (67)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax
v3.24.3
Royalty Obligation - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2018
Nov. 02, 2024
Nov. 02, 2024
Jan. 31, 2024
Guaranteed Minimum Royalty Payments     $ 12,600,000  
Royalty Obligation, Current   $ 1,450,000 1,450,000 $ 1,700,000
Royalty Obligation Non Current   1,511,000 1,511,000 2,093,000
Accrued Royalties, Current, Excess Royalty Payment Due   864,000 864,000 935,000
Honeywell Asset Purchase and License Agreement [Member]        
Payment Term Period 10 years      
Minimum Royalty Payment Obligation $ 15,000,000      
Royalty Obligation, Current   1,300,000 1,300,000  
Royalty Obligation Non Current   1,000,000 1,000,000  
Excess Royalty Payments   600,000 1,900,000  
Accrued Royalties, Current, Excess Royalty Payment Due   2,200,000 2,200,000  
Accrued Royalties Current Excess Royalty Payments Due   600,000 600,000  
Royalty guarantee commitment amount due current   900,000 900,000 600,000
Royalty expense     500,000 $ 200,000
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Remainder of Fiscal Year [Member]        
Royalty guarantee commitement amount   100,000 100,000  
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due In Next Twelve Months [Member]        
Royalty guarantee commitement amount   200,000 200,000  
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Year Two [Member]        
Royalty guarantee commitement amount   233,000 233,000  
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Year Three [Member]        
Royalty guarantee commitement amount   233,000 233,000  
Honeywell Asset Purchase and License Agreement [Member] | Royalty Payments Due Year Four [Member]        
Royalty guarantee commitement amount   $ 234,000 234,000  
New Honeywell Asset Purchase and License Agreement [Member]        
Royalty expense     $ 100,000  
v3.24.3
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
Nov. 02, 2024
Jan. 31, 2024
Operating Leases [Abstract]    
Lease Assets $ 1,946 $ 603
Lease Liabilities - Current 347 233
Lease Liabilities - Long Term $ 1,681 $ 415
v3.24.3
Leases - Lease Cost Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
General and Administrative Expense [Member]        
Operating Lease Costs $ 196 $ 103 $ 465 $ 362
v3.24.3
Leases - Maturities of lease liabilities (Detail)
$ in Thousands
Nov. 02, 2024
USD ($)
Leases [Abstract]  
Fiscal 2025, remaining $ 123
Fiscal 2026 454
Fiscal 2027 410
Fiscal 2028 350
Fiscal 2029 254
Thereafter 922
Total Lease Payments 2,513
Less: Imputed Interest (485)
Total Lease Liabilities $ 2,028
v3.24.3
Leases - Additional Information (Detail)
Nov. 02, 2024
Leases [Abstract]  
Operating Lease, Weighted Average Remaining Lease Term 7 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent 5.93%
v3.24.3
Leases - Supplemental cash flow information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Cash paid for amounts included in the measurement of lease liabilities [Abstract]        
Cash paid for operating lease liabilities $ 81 $ 91 $ 255 $ 268
v3.24.3
Government Grants - Additional Information (Details) - USD ($)
 9 Months Ended
Nov. 02, 2024
Jan. 31, 2024
Government Grants [Abstract]    
Grant deferred revenue $ 1,412,000 $ 0
Grant revenue recognized included in depreciation expense 100,000  
Grant revenue recognized included in selling and marketing expense 300,000  
Contingencies associated with the government grants $ 0  
v3.24.3
Accumulated Other Comprehensive Loss - Changes in Balance of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Schedule of Capitalization, Equity [Line Items]        
Beginning Balance $ 91,750 $ 84,401 $ 90,282 $ 84,367
Other Comprehensive Loss (203) (598) (57) (324)
Ending Balance 92,173 $ 86,888 92,173 $ 86,888
Foreign Currency Translation Adjustments [Member]        
Schedule of Capitalization, Equity [Line Items]        
Beginning Balance     (2,219)  
Other Comprehensive Loss     (57)  
Ending Balance $ (2,276)   $ (2,276)  
v3.24.3
Share-Based Compensation - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 11, 2024
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Jan. 31, 2024
Jun. 06, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   424,749   424,749   523,349  
Number of options granted       0   0  
Annual compensation amount   $ 353,000 $ 311,000 $ 1,159,000 $ 1,065,000    
Reservation of shares under Stock Purchase Plan       40,000      
Employee Stock Purchase Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Employee Stock Purchase Plan discount rate       15.00%      
2007 Equity Incentive Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   181,649   181,649      
2018 Equity Incentive Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   130,500   130,500      
Shares available for grant under the Plan             600,000
2018 Equity Incentive Plan [Member] | Minimum [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares available for grant under the Plan             950,000
2018 Equity Incentive Plan [Member] | Maximum [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares available for grant under the Plan             1,550,000
2022 Employee Stock Purchase Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares available for grant under the Plan   17,270   17,270      
Prior Employee Stock Purchase Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares purchase under Employee Stock Purchase Plan       7,788      
Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unrecognized compensation expense related to options   $ 0   $ 0      
Restricted Stock Units (RSUs) [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unrecognized compensation expense to be recognized, Weighted average period       1 year 1 month 6 days      
Unrecognized compensation expense related to RSUs and RSAs   $ 1,600,000   $ 1,600,000      
Restricted Stock Units (RSUs) [Member] | 2018 Equity Incentive Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of unvested shares   132,996   132,996      
RSA [Member] | 2015 Equity Incentive Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   112,600   112,600      
Performance Based RSUs [Member] | 2018 Equity Incentive Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of unvested shares   125,627   125,627      
Restricted Stock Award [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Percentage of number of shares granted       25.00%      
Annual compensation amount $ 72,800            
v3.24.3
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Share-based Compensation [Abstract]        
Stock Options $ 0 $ 0 $ 0 $ 0
Restricted Stock Awards and Restricted Stock Units 344 302 1,133 1,045
Employee Stock Purchase Plan 9 9 26 20
Total $ 353 $ 311 $ 1,159 $ 1,065
v3.24.3
Share-Based Compensation - Aggregated Information Regarding Stock Option Activity (Detail) - $ / shares
 9 Months Ended 12 Months Ended
Nov. 02, 2024
Jan. 31, 2024
Share-based Compensation [Abstract]    
Beginning balance, Number of Options 523,349  
Granted, Number of Options 0 0
Exercised, Number of Options (65,900)  
Forfeited, Number of Options (27,700)  
Canceled, Number of Options (5,000)  
Ending balance, Number of Options 424,749 523,349
Beginning balance, Weighted-Average Exercise Price $ 15.26  
Granted, Weighted-Average Exercise Price 0  
Exercised, Weighted-Average Exercise Price 13.86  
Forfeited, Weighted-Average Exercise Price 14.91  
Cancelled, Weighted-Average Exercise Price 13.8  
Ending balance, Weighted-Average Exercise Price $ 15.51 $ 15.26
v3.24.3
Share-Based Compensation - Summary of Options Outstanding (Detail) - $ / shares
 9 Months Ended
Nov. 02, 2024
Jan. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares outstanding, total 424,749 523,349
Outstanding, Weighted Average Exercise Price $ 15.51  
Outstanding Remaining Contractual Life 2 years 4 months 24 days  
Number of shares exercisable, total 424,749  
Exercisable, Weighted Average Exercise Price $ 15.51  
Exercisable Remaining Contractual Life 2 years 4 months 24 days  
$10.01 - $15.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 10.01  
Outstanding Range of Exercise prices, Upper Limit $ 15  
Outstanding, Number of shares 218,274  
Outstanding, Weighted Average Exercise Price $ 13.71  
Outstanding Remaining Contractual Life 1 year 10 months 24 days  
Exercisable, Number of shares 218,274  
Exercisable, Weighted Average Exercise Price $ 13.71  
Exercisable Remaining Contractual Life 1 year 10 months 24 days  
$15.01 - $20.00 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding Range of Exercise prices, Lower Limit $ 15.01  
Outstanding Range of Exercise prices, Upper Limit $ 20  
Outstanding, Number of shares 206,475  
Outstanding, Weighted Average Exercise Price $ 17.42  
Outstanding Remaining Contractual Life 3 years  
Exercisable, Number of shares 206,475  
Exercisable, Weighted Average Exercise Price $ 17.42  
Exercisable Remaining Contractual Life 3 years  
v3.24.3
Share-Based Compensation - Aggregated Information Regarding RSU, PSU and RSA Activity (Detail) - Restricted Stock Award Preferred Stock Unit And Restricted Stock Unit [Member]
 9 Months Ended
Nov. 02, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 300,705
Granted, Restricted Stock Units and Restricted Stock Awards | shares 91,208
Vested, Restricted Stock Units and Restricted Stock Awards | shares (87,309)
Forfeited, Restricted Stock Units and Restricted Stock Awards | shares (45,981)
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards | shares 258,623
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 12.9
Granted, Weighted Average Grant Date Fair Value | $ / shares 17.03
Vested, Weighted Average Grant Date Fair Value | $ / shares 13.85
Forfeited, Weighted Average Grant Date Fair Value | $ / shares 12.64
Ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 14.08
v3.24.3
Income Taxes - Projected Effective Tax Rates (Detail)
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Income Tax Disclosure [Abstract]        
Effective tax rates for income from continuing operations 12.40% 25.60% (14.30%) 27.10%
v3.24.3
Income Taxes - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 34,000 $ 949,000 $ (139,000) $ 738,000
Tax expenses benefits resulting from provisional adjustments     (88,000) (49,000)
Effective income tax reconciliation tax benefit related to expiration of statute of limitations on previously uncertain tax positions       (77,000)
Return to provision associated with amended federal tax return resulted in decrease to tax expense (157,000)      
Effective income tax reconciliation benefit related to a previously unrecorded reduction in our future income tax payable balance     281,000  
Effective income tax reconciliation tax expense related to foreign return to provision differences $ (56,000)   $ (218,000) $ 18,000
v3.24.3
Segment Information - Net Sales and Segment Operating Profit (Loss) for Each Reporting Segment (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Aug. 03, 2024
Apr. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Nov. 02, 2024
Oct. 28, 2023
Segment Reporting Information [Line Items]                
Revenue $ 40,422,000     $ 37,549,000     $ 113,922,000 $ 108,493,000
General and Administrative Expenses 3,855,000     2,734,000     12,343,000 8,514,000
Operating Income 1,264,000     4,618,000     3,671,000 4,882,000
Interest Expense 944,000     630,000     2,363,000 1,919,000
Other (Income)/Expense, net 46,000     287,000     337,000 242,000
Income Before Income Taxes 274,000     3,701,000     971,000 2,721,000
Income Tax Provision (Benefit) 34,000     949,000     (139,000) 738,000
Net Income 240,000 $ (311,000) $ 1,181,000 2,752,000 $ (1,617,000) $ 848,000 1,110,000 1,983,000
PI [Member]                
Segment Reporting Information [Line Items]                
Revenue 26,317,000     26,543,000     76,667,000 77,416,000
T&M [Member]                
Segment Reporting Information [Line Items]                
Revenue 14,105,000     11,006,000     37,255,000 31,077,000
Operating Segments [Member]                
Segment Reporting Information [Line Items]                
Operating Income 5,119,000     7,352,000     16,014,000 13,396,000
Operating Segments [Member] | PI [Member]                
Segment Reporting Information [Line Items]                
Operating Income 1,868,000     4,794,000     7,208,000 6,848,000
Operating Segments [Member] | T&M [Member]                
Segment Reporting Information [Line Items]                
Operating Income 3,251,000     2,558,000     8,806,000 6,548,000
Corporate Expenses [Member]                
Segment Reporting Information [Line Items]                
General and Administrative Expenses $ 3,855,000     $ 2,734,000     $ 12,343,000 $ 8,514,000
v3.24.3
Fair Value - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($)
$ in Thousands
Nov. 02, 2024
Jan. 31, 2024
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 27,451 $ 13,026
Fair Value [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities 27,451 13,026
Carrying Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term debt and related current maturities $ 27,493 $ 12,972
v3.24.3
Restructuring - Additional Information (Detail)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 29, 2023
USD ($)
Nov. 02, 2024
Printer
Oct. 28, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]      
Pre-tax restructuring     $ 2,651
Product Retrofit Program [Member]      
Restructuring Cost and Reserve [Line Items]      
Number of printers sold to customers | Printer   150  
Expected restructuring expense $ 900    
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]   Cost of Revenue  
PI Segment Restructuring Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Pre-tax restructuring $ 2,700    
v3.24.3
Restructuring - Summary of Restructuring Cost and Liability by Type (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Jul. 29, 2023
Oct. 28, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     $ 2,651
Amounts paid $ (320) $ (40)  
Restructuring Liability 251   251
Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     611
Amounts paid (320) $ (40)  
Restructuring Liability $ 251   251
Inventory Write-Off [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     1,991
Facility Exit and Other Restructuring Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Costs     $ 49
v3.24.3
Restructuring - Summarizes Restructuring Costs (Detail)
$ in Thousands
 9 Months Ended
Oct. 28, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs $ 2,651
Cost of Revenue [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs 2,096
Selling & Marketing [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs 443
Research & Development [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs 29
General & Administrative [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Costs $ 83