Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.19.2
Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Apr. 01, 2018
Current assets:    
Cash and cash equivalents $ 143,000 $ 215,000
Accounts receivable (net of allowances of $407 at March 31, 2019 and $565 at April 1, 2018):    
Due from factor 17,250,000 15,447,000
Other 522,000 3,051,000
Inventories 19,534,000 19,788,000
Prepaid expenses 1,230,000 1,253,000
Total current assets 38,679,000 39,754,000
Property, plant and equipment - at cost:    
Vehicles 323,000 268,000
Leasehold improvements 282,000 272,000
Machinery and equipment 4,269,000 4,010,000
Furniture and fixtures 799,000 799,000
Property, plant and equipment - gross 5,673,000 5,349,000
Less accumulated depreciation 3,751,000 3,571,000
Property, plant and equipment - net 1,922,000 1,778,000
Finite-lived intangible assets - at cost:    
Tradename and trademarks 3,667,000 3,667,000
Customer relationships 7,374,000 7,374,000
Other finite-lived intangible assets 3,159,000 3,159,000
Finite-lived intangible assets gross 14,200,000 14,200,000
Less accumulated amortization 7,768,000 6,928,000
Finite-lived intangible assets - net 6,432,000 7,272,000
Goodwill 7,125,000 7,125,000
Deferred income taxes 524,000 532,000
Other 97,000 120,000
Total Assets 54,779,000 56,581,000
Current liabilities:    
Accounts payable 4,201,000 3,766,000
Accrued wages and benefits 1,819,000 842,000
Accrued royalties 398,000 793,000
Dividends payable 810,000 807,000
Income taxes payable 76,000 40,000
Other accrued liabilities 407,000 540,000
Total current liabilities 7,711,000 6,788,000
Non-current liabilities:    
Long-term debt 4,486,000 9,458,000
Reserve for unrecognized tax liabilities 1,194,000 1,017,000
Total non-current liabilities 5,680,000 10,475,000
Shareholders' equity:    
Common stock - $0.01 par value per share; Authorized 40,000,000 shares at March 31, 2019 and April 1, 2018; Issued 12,546,789 shares at March 31, 2019 and 12,493,789 shares at April 1, 2018 125,000 125,000
Additional paid-in capital 53,251,000 52,874,000
Treasury stock - at cost - 2,424,231 shares at March 31, 2019 and 2,408,025 shares at April 1, 2018 (12,326,000) (12,231,000)
Retained Earnings (Accumulated Deficit) 338,000 (1,450,000)
Total shareholders' equity 41,388,000 39,318,000
Total Liabilities and Shareholders' Equity $ 54,779,000 $ 56,581,000